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JUN
BUS. ADM.
2
<iJ4l
LIBRARY
ommerris'i"
REO, U. 8
DANA COMPANY, NEW
COPYRIGHTED IN 1941 9Y WILLIAM B.
vni
VUL.
YORK.
Issued Weekly 40 Oents a Copy—
1 R9
LJL.
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»
ENTERED AS
SECOND-CLASS MATTER JUNE 23, 1B79,
NEW YORK, MAY 31,
AT THE POST OFFICE AT NEW YORK, NEW YORK,
1941
BROOKLYN TRUST
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•
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YORK
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Hallgarten & Go,
Established 1850
PREFERRED
NEW YORK
STOCKS
'
London
Chicago'J
City of
Philadelphia
Bonds
Announcing
"Guide to
Railroad
Reorganization Securities"
The New and
Improved 1941 Issue
Containing all New Plans of Reorganiza¬
and all the changes in prior plans,
tion
together
system.
detailed
with
maps
of each
The
FIRST BOSTON
CORPORATION
Moncure Biddle & Co.
'
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Pflugfelder, BamptonExchange
& Rust
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New York
Telephone—DIgby 4-4933
Bell Teletype—NY 1-310
Riter & Co.
The
New York Trust
Members New York Stock
Members Chicago
Exchange
Stock Exchange
New York Curb Exchange
(Associate)
Company
48 Wall Street,
Capital Funds
.
OTIS & CO* 1
(Incorporated)
Established 1899
NewYork
CLEVELAND
$37,500,000
BROADWAY
St. Paul
Milwaukee
Rochester
Hartford
Easton
„
Chicago
&, CO-
AVENUE
STREET
AND 40TH
LAMBORN & CO., INC.
99 Wall Street, N. Y. C.
SUGAR
INVESTMENT SECURITIES
64 Wall
Street
NewYork
i,
PHILADELPHIA
BOSTON
New York
PHILADELPHIA
Morristown
IOO
MADISON
R. H. JOHNSON
CHICAGO
Export—Imports—Futures
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ROCKEFELLER
PLAZA
Canadian Securities
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61
BROADWAY
Member
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of the
HART SMITH & CO.
92 William St
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Leaden
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Bnsnes Aires
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Corporation
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NEW YORK
Torente
II
The Commercial &
This is not
an
Financial Chronicle
May 31, 1941
Offering Prospectus. The offer of these securities is made only by means of the Offering Prospectus.
though registered, are not approved or disapproved by the Securities and Exchange
Commission, which does not pass on the merits of any registered securities.
These issues,
American Viscose
Corporation
228,480 Shares 5% Cumulative Preferred Stock
I
{par value $100
.
share)
a
1,568,000 Shares Common Stock
♦
{par value $14
These securities do not represent new
financing
any
■
•
on
a
share)
\
the part of the Corporation; the Corporation will not receive
of the proceeds from the sale thereof.
.v'
The Preferred Stock is redeemable at the option of the Corporation, at any time, in whole
less than 30 days' notice, at $115 per share and accrued dividends.
In
in part,
or
upon
not
the opinion of counsel for the Underwriters, the Preferred and Common Stocks are exempt under
present
laws from Pennsylvania personal property taxes now
aggregating 8 mills, and the Preferred Stock
is
a
legal investment for life insurance companies in New York.
\V:jW.v".
■
"7' ;
■
;
The Corporation has agreed to make application for the listing of the Preferred and Common Stocks
on
The
\
following is merely
York Stock
Exchange.
more
detailed statements in the Offering Prospectus and the Registra¬
Statement, which also include important information not outlined
The Corporation, incorporated in Delaware in
engaged principally
rayon yarns, viscose rayon staple fiber and acetate rayon yarns.
materials in the United States and Canada and sells practically all
THE CORPORATION
in the United States and is
Corporation
owns
indicated herein.
or
pectus, which must be furnished to each purchaser, should be read prior to
The
v,
brief outline, prepared by the Corporation, of certain information contained in the
a
Offering Prospectus and is subject to the
tion
the New
any
The Offering Pros¬
purchase of these securities.
1922, is the largest producer of rayon
in the manufacture and sale of viscose
It obtains substantially all of its raw
of its products in the United States.
six manufacturing plants for the production of viscose
and
rayon
one
for
the manufacture of acetate rayon.
Such plants are located in Pennsylvania, Virginia and West Virginia.
Since 1938 the Corporation has been engaged in a program for the replacement of obsolete
equipment
and the modernization of production processes for the purposes of
and reducing its production costs.
yarn
This
program may
improving the quality of its viscose
be hampered by National Defense priorities.
Outstanding t
as
Authorized
CAPITALIZATION
Funded Debt
of
None
5% Cumulative Preferred Stock (par value $100
Common Stock
{par value $14
a
a
share)
251,940 shares
share)
May 12, 1941
None
250,693.05 shares
2,000,000 shares
1,720,442.5
shares
t Excluding 1,246.95 shares of Preferred Stock and 8,557.5 shares of Common Stock held in the Corporation's Treasury.
The following condensed summary of statements of profit and loss, reviewed by Price, Waterindependent public accountants, is taken from the Offering Prospectus and is
subject to the comments and notes therein.
EARNINGS
house & Co.,
Depreciation
Net sales
of yarn
Years
and
staple fiber
Net profits
operating
expenses
(1)
Other
Profit
charged in
or
Interest
loss from
marketable
marketable
deductions
securities
securities
(net) (2)
operations
on
on
sales of
income
or
Taxes
on
income
Net
or
profit
loss
1931
$4,911,862
$ 3,537,408
$1,719,280
30,743,035
4,132,149
695,870
1,895,436
'—I
1933
42,753,782
4,187,503
10,145,146
2,075,226
1,251,010
1934
37,918,991
3,798,871
6,835,063
2,086,136
190,816
702,093*
1935
47,338,238
3,860,446
5,473,299
1,872,674
283,490
14,460
1936
58,326,718
3,949,558
10,457,536
1,767,609
1937
53,269,371
4,110,025
10,296,421
1,711,908
38,245
1938
42,074,969
4,202,153
2,804,016*
1,119,447
111,866
300,275*
1939
54,261,387
4,299,970
3,393,209
948,159
236,554
30,642
551,400
4,057,164
1940
;
$41,837,915
1932
62,771,895
4,469,050
9,372,430
704,144
390,425
7,677
2,590,000
7,884,676
243,125
3 Mos
1940**
13,871,955
1,086,767
2,225,891
217,334
3 Mos
1941**
17,028,803
1,372,821
2,661,665
133,908
*
Denotes red figures.
(1)
$
111,704
—
—
$
26,793
$
589,191
$ 4,805,994
175,927
274,691
2,492,542
65,738
1,861,700
11,675,420
999,157
7,410,765
1,016,282
6,627,641
1,840,209*
1,940,959
8,943,977
19,671*
2,052,683
9,974,220
—
1,872,978*
1,064
620,000
2,067,414
6,801*
875,000
1,913,772
** To March SI.
The rates of depreciation used
were
generally reduced in 1932 and again in 1934.
{2) Including charges of $750,000 for settlement of damage claim in 1934 and of $1,445,445 for flood losses at Lewistown, Pennsylvania, in 19S6.
MAY 31,
Vol. 152
No. 3962
1941
Editorials
3386
The Financial Situation
The Government Promises
Peru.
__
3398
_______
_
_____
_
_
_
_
_ _ _
_
_
.3400
Comment and Review
The Business Man's Bookshelf
Week
the European
on
•_
*
__3403
..'.3390
3390
3395 & 3439
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
3403
Course of the Bond Market
—3404
Indications of Business Activity-..
Week
on
on
3388
the New York Stock Exchange
Week
the New York Curb Exchange—
__3438
/
News
Current Events and Discussions
3418
Bank and Trust Company
3438
3484
General
\Jr
Items
Corporation and Investment News
Dry Goods Trade...........
State and Municipal Department
-.3527
3528
-
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Fund Notices
3439 & 3441
3442
—3442
Dividends Declared
3442
Auction Sales
..3452
♦New York Stock Exchange—Bond Quotations.3452 & 3462
New York Curb Exchange—Stock Quotations
3468
♦New York Curb Exchange—Bond Quotations
3472
Other Exchanges—Stock and Bond Quotations
3474
Canadian Markets—Stock and Bond Quotations
3478
Over-the-Counter S; curities—Stock & Bond Quotations.3480
New York Stock
Exchange—Stock Quotations
Reports
3394
Foreign Bank Statements
3439
Course of Bank Clearings
■i \A-:
3418 & 3449
Federal Reserve Bank Statements.
General Corporation
3484
and Investment News
Commodities
The Commercial Markets and the
Crops..
Cotton
_
Breadstuff s
•
on
——-
Attention Is directed to the new column
incorporated in our tablet
bond quota¬
York Curb Exchange
bank eligibility and rating.
New York 8tock Exchange and New
tions pertaining to
3518
.3520
3524
25 Spruce Street, New York City, NY.
William D. Riggs, Business Manager.f
(Telephone State 0613).
Entered as srcond-claas matter
United Stateoand PoMeesloM, *18.00
of Canada,
South and Central America, Spain. M^
Cuba, $21.50 per year, $11.75 for 6 months: Great Britain, Continental Europe (except 8pain), Asia. Australia andAfrlca, $23.(W
$12.50 for 6 months.
Transient display advertising matter. 45 cents per agate line. Contract and card rates on request. N<^TE. On account
•f the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
<
Published Every
Saturday Morning by the William B. Dana Company,
Chairman of the Board and Editor: William Dana Seibert, President and Treasurer:
Other offices: Chicago—In charge of Fred H. Gray, Western Representative. 208 South La Salle Street
Edwards & Smith, 1 Drapers' Gardens, London, k.G.
Copyright 1941 by William B. Dana 1Company.
June 23,1879, at the poet office at New York, N. Y., under the Act of March 3,1879.
Subscriptions in
per year, $10.00 for 6 months: in Dominion
$19.60 per year, $10.75 for 6 months.
Herbert D. Seibert.
The Financial Situation
IF
A USEFUL
appraisal is to be reached of the
significance and the effectiveness of the Presi¬
1
policies of labor.
ably, to
dent's "fireside chat" on
Tuesday evening, which the
public had been assured would, but which
definitely
did not, eliminate the
uncertainty which has
been surrounding our foreign
to consider the address
in
''objectives."
light
of
its
Any
success that the address and the
proclamation
have had in reaching the first two of these
objec¬
tives is, of course, difficult to
appraise at this dis¬
If the
tance.
purpose
delivery of
supplies to Great Britain,
President and his
ing the World War and apparently succeeded in
doing
at
Act.
It
is
Like
now,
however, evident that the
President
for
not
was
such
any
step,
President
ready
casion to "do
to
the
except in
I
arming
are
listened
to
disputes."
armies, naval
the
fail
in¬
or
He
or
•lands
ances
program, or
to announce
mustering its
President's
speech last
morning, and I
it twice this
effort upon
These
hopes,
dashed
better
a
are
too,
as soon as
any
accompanying
Were
con¬
that
President
gave
assurance
be at
once or
coming)
In
conclude that the
other bit of
very
managed
not
this
to our
in ad¬
cated
adverse
an
are
particularly
as
tale
to
American
are not
of the
real
of
meaning in
physical might,
ready to
into action in
go
support of what is said. We
can
somewhat
tions
may, per¬
as
follows:
(1)
To
morale
of
the
perhaps, to discourage
any
or
result
"indifference"
of
which
with any
warnings,
more
would
collide
of the President's
they
will
now
carefully consid¬
ered and abandoned.
They
the
upon
only hope that should
Germany have had inten¬
in bold
a
has
terms
people who do not like
question of peace or
the virtually uncontolled
discretion of
the President—and would
not, no matter who
might at the moment hold that office.
to the
difficulties which the defense
program is encounter-
ing,
comes
be
"lethargy"
the
by strong words unless the
it
war to
may
their
delays and in¬
many
people from what has of late sometimes been de¬
as
of
type to be greatly troubled
determination of the
judgment upon many issues
Germany, Italy and Japan are being
resisted, and
perhaps in Latin America.
(3) To arouse the Ameri¬
scribed
file
people. They
is not, essential
Here the situation is
compli¬
have been harboring about seizure of
the Azores, the
Cape Verde Islands, Dakar, and other
similar points.
(2) To bolster morale throughout the
British
Empire, and elsewhere where the forces of
can
and
leaving the fundamental
which
"enemy"—specifically,
thought he
our
rather of
them than it is to the rank
branch.
There
at
effect
or
.
lative
strokes with
comparative assurance.
have
but it must not be for¬
as
normally, constitutionally and his¬
torically lie within the domain of the
legis¬
may, with certain reserva¬
haps, be catalogued
Germany,
unpreparedness, is proba¬
bly much better known to
apparent
to pass
which
skillfully
tions, be outlined
by the
President
an¬
altogether clear
defense.
,
preparedness,
deciding what is, and what
address,
but
serious
The real question arises
when
"showmanship,"
moment,
unto
of
gotten that the state of
corporal's guard could
terruptions in defense work.
designed for purposes which
are
recalcitrant behavior
should feel quite certain
a
will
num¬
is, of course, different.
the
we
or
fully studied by these offi¬
radio
a
ready to
although they, badly educated by the
pampering of recent years, are
apparently
not above
exacting a high price for their co¬
operation—even
essence
in
cials
than
much
Doubtless the outgivings of
the President are
very care¬
do so,
must
carefully publicized
vance, was in
Smith
United States think of
themselves
soon
known.
we
tion
are not
ready to
one
people behind the President"
in the defense of this
country, and it is not
unlikely that most of the wage earners in the
would not
event,
more
leave
reached
rulers
.
"stand like
rapidly forth¬
were
the
for
not
unions,
not
.
be found in the
country who
proclama¬
implementation,
which the
it
appear¬
Italy and Japan, the situa¬
May 28.
on
of labor
(largely meaningless
without
we
stand
all
bers of these peoples. As to
the
ready to defend America or we
are
ready to defend her, we
like one
people behind the
President.—Ex-Governor
tent of the address and the
tion
If
to
address
were
the
either
not.
have
footing.
are
to
President
only for
.
We
the
complete and too
reach any substantial
defense, only to repel attack."
reassertion, and I believe it!
place this titanic produc¬
administrative
resources
the purpose of
This is
decision to
a
and its
men
from
effective
find
that he said—and I
quote him: "I have said
many occasions that the United States is
possibly
is
too
air forces
the Ameri¬
on
ment
Cen¬
press,
of communication in these
then
anything in it that makes
change in that asserted policy.
In fact I
arma¬
disap¬
hope that the words of the
find
to
limits, he
be
radio and of all other sorts
our¬
of attack."
case
night and I read
something"
to
arming ourselves
fight in foreign lands, outside of
cas,
oc¬
our
will
sorship of the
again to this principle:
participate in foreign wars and
will not send
we
on
himself
"We will not
about the labor situation in
relation
Philadelphia,
We
war.
foreign
dedicated
hoped that the Presi¬
dent had selected this
in
are
within
pointed with results.
selves not for
any purpose of conquest
tervention in
forthright
yet ready for it. : Others
had
"We
foreign
else felt that the
or
Roosevelt,
least
probably
One People
Oct. 23, last, said:
not for
any
American people were not
tion
advisers harbored
hopes of reaching the peoples of the so-called dicta¬
torship countries, or even those of the conquered
lands, as President Wilson often undertook to do dur¬
the repeal of the Neu¬
trality
now
may
probable
rally support of the people of this
country
behind rather
explicitly formulated action, probably
of an aggressive
character, such, for example, as full
employment of our naval forces to ensure
its
early back-door entrance into the "shooting war"
progress'in so many parts of the world.
to
was
or
(4) Possibly, it may be even prob¬
the American people for an expected
in
long
policies, it is necessary
Many had supposed that its
prepare
strikes
and
other
The situation in bedeviled Britain is
again differ¬
ent.
Despite ultimate success in destroying the
mighty Bismarck, the people of the British
Isles, no
matter what their
all the
can
be
words
courage
encouragement that
no
question, of
and endurance, must need
they
course,
can
get.
Here there
about the President's
reaching the rank and file—assuming they took
or to read.
If they had been led to
the pains to listen
expect definite action, they
interventionists
pointed.
If
in this
they
were
doubtless,
as were many
country, rather deeply disap¬
persuaded by the President's
ardent words to
expect a great acceleration in the flow
of arms from this
country to Great Britain in the early
future,
we
fear that they must
presently find great
Volume
disappointment in the
have
we
course
and will not be making
for
and
tions
that
regardless of huge appropria-
It must be recalled, however,
promises.
much has been
so
German
and
them in really large quantities
time to come,
some
of actual events, since
large supplies of the sort in this country,
no
promised
in recent years
arms
so many
by
be quite
nations—-
people would
excusable if they had by this time become
somewhat
of aid.
victims of
so many
little delivered—that the British
so
skeptical of vaguely expressed assurances
The British
,
Government, of
and the like.
arms
that for the short term,
and
of
It knows, moreover,
that state of affairs,
matters, especially concerning the activity
Navy, it
our
respects
the President's words have
have little bearing upon
can
In other
is fully
course,
informed of the situation in this country as
supplies of
may
general public is
have
of which the
assurances
which could be far more
unaware,
President
important to it than anything that the
has at anytime
said in public.
armament
the
to
now
situation
involved than is
more
are
ordinarily understood.
in addition to all the rest,
the
First
home.
at
Here there
program.
factors
We have,
the question of technical
competence and alertness, and general coordination
at
the top.
Much
more
importance than is often
supposed is to be attached to this phase of the underIt is not merely a question of thorough un-
taking.
derstanding and appreciation of the changes that have
occurred in
making
war on
land,
sea
and in the air,
the
and resourcefulness in adapting our program to
needs thus arising.
All this is, of
it which
and
not
are
rumors
there may
course,
vital
a
in circulation concerning
altogether quieting. Such reports
necessity, and reports
are
however, quite likely to arise, and
are,
be little basis for them.
In
any event,
the
layman for the most part is almost wholly unable to
appraise these matters with assurance. The best he
can do is to trust those in charge—at
least until
clearly demonstrate their incompetency—and
events
But the layman, or at least many
know
hope for the best.
who
well
are
without technical military training,
enough that modern warfare of the sort the Ger-
mans
wage
intricate of
a mass
is fought with a vast quantity of the most
mechanisms, which must be produced
that
on
scale to insure reasonable prospects of success,
These business
more
know,
men
moreover,
probably
are
of it than even the militarist.
such mechanisms simply cannot be put into
acutely
aware
production in a hasty manner without grave risk of
finding that the products after they are
do what
they
are
intricate
made will not
designed to do.
Manufacturers of
the
automobiles, tractors,
or any
of
modern mechanisms of industry and
trade know from long experience
the trials and tribu-
lations that await those who must perfect any
such
sound designs are
completed.
They likewise are familiar with the rigid
requirements for mass production of these things,
devices, even after fundamentally
If all the armament devices, most
newly designed or are materially
older
as
of which
are
either
altered designs of
equipment, now on order with thousands of
American
factories, presently roll off assembly lines
scheduled,
a
record probably without precedent
If in addition they are found
will have been made.
to
meet
all the requirements for
which they
were
designed, something akin to a miracle will have come
to pass.
The American people must be prepared for
unforeseen difficulties arising from causes such as
these. If they are no more serious than is unavoidable in the circumstances, it must, of course, accept
them with patience and fortitude. If, however, it
presently proves that there have been blunders,
poor planning, inefficient administration—well, we
must for the present, at least, hope that no such defects appear.
1
,
^
With all this, of course, the President's recent
utterances do not deal at all. Perhaps it would be
unreasonable to expect them to do so. Quite possibly
the time has not yet arrived when a sound judgment
be reached regarding them. At many points,
military requirements enjoin secrecy. Yet
the public, or the more thoughtful elements among
the people, at least, are not entirely at ease concerning these questions. Far from it. We can only
hope there is no foundation for this uneasiness,
Meanwhile, it should not, we imagine, be impossible
to furnish sufficient information at many points to
can
moreover,
afford
At Home
Turn
3387
The Commercial & Financial Chronicle
|
152
a
that has
reasonable basis for appraisal of this program
now
been under
way
for
a
good many months,
that such questions are not germane to the kind of campaign the Administration is
apparently conducting, which certainly leads in the
direction of involvement. It is one thing to be
drawn into a deadly conflict for which we are reasonably prepared. It is quite another to make the
mistake so many others have made in the past few
years of permitting themselves to be involved in a
war for which they were pitifully unprepared.
If
the President and the others want to move those
citizens who are in the habit of "thinking things
through," as he is fond of saying, he must not neglect
these aspects Of his case.
In another respect the defense program is obviously
not progressing as it should. No amount of soothing
syrup from Washington apologists can obscure the
fact that the undertaking is, and has been for a long
while past, suffering from an exceptional degree and
persistence of interruptions growing out of labor
disputes of one sort or another. One of the main
objectives of the President's address, and the accompanying proclamation, presumably was to get this
situation in hand. Yet it would be difficult at this
moment to point to any specific remedy suggested
by him. He simply again demanded that such interruptions cease, adding that strife between capital and
capital also cease, as if such were now occurring,
On the whole, it was certainly not the sort of ringing
command to labor unions and their leaders which
most people would suppose most likely to be effective,
Whether it will prove really helpful in keeping the
wheels of industry turning at a time when all officialdom insists it is vital that they should turn continuously remains to be seen, as does the answer to the
question as to what the President is prepared to do
Let
no one suppose
in the event that this repetition
of his old plea is
ignored as others in the past have been. Here is a
situation which must be remedied. Until it is, it
must of necessity give the "enemy" more encouragement and our "allies" greater perturbation probably
than all the utterances of the so-called isolationists
and the others, whom, apparently, both the Administration and a large part of the population would
muzzle if they could. Unless we can get maximum
and continuous production in our industry, we can
neither wage war effectively nor provide the desired
aid for the others whom we want to help,
■ ■■
The Commercial & Financial Chronicle
3388
Shooting War?
Finally,
>•'.
:
the President really trying to
was
$108,000,000
prepare
the American people for "'shooting war"—full
convoy
occasioned still
of
of money
supplies to Great Britain, seizure of the Azores,
or the Cape Verde Islands, or some other
Dakar,
action
consideration of which is not yet disclosed?
If so,
did he succeed in doing so?
questions
difficult of
very
formation
as
convinced
thoughtful
that
should
we
their minds
There
zens
on
are
of this country
at this
war
comparatively
Of
easy.
has
already been made.
intelligent and quite patriotic citi¬
many
That aspect
is
reference
in this land of
step wise
a
women
He could not without satisfying
of the phases of the defense
pro¬
most
which
to
gram
answer
he did not.
course,
and
plunge head-first into this
the
moment,
If it is asked whether he
ours
if
even
we
who would not believe such
fully prepared for it.
were
of the matter remains semi-academic,
we are reasonably prepared to
wage
however, until
32;
war.
Yet in
one
cessful in
this
attaining this end.
That is to say, a great
who do not really think that
many
war
are
suc¬
becoming daily
more
should enter
we
reconciled to
saying of late has hastened the
degree
or
another without question.
he
can
the
start
pleases, and they
clined to believe that he is
zinced that he has what he
support for such
feel that the
becoming
act
of
a
are
more
in¬
adequate public
as
Some of them
appear to
it
position in which the whole world finds itself.
our
more,
and
week
to
$5,820,000,000.
dition statement of
tions up
$17,000,000 to $2,166,000,000.
banks to brokers and dealers
lateral
increased
ously because of dealer activities in connection
Treasury in Washington deposited $60,001,000 gold certificates with the 12 Federal Re¬
banks in the statement
matter of
bother to
the
week, this being a mere
utilizing gold which the Treasury did not
"cash" in previous weeks.
The holdings
regional
732,000.
banks
were
increased
were
up only $38,569,000 to $20,625,Federal Reserve notes in actual circulation
874,000.
increased
$75,623,000 to $6,460,010,000.
no
turning back.
the account variations
ber
bank
shooting
all be in
it, and whether we like it or
not, must bear
part of the burdens entailed
by the conduct of
our
war
until
victory is achieved.
Federal Reserve Bank
Statement
reserve
consisting of
balances
the weekly
another
expansion of currency in circulation.
sharp*
Other items
of the report are of
much of the
due to the
the
relatively little significance, and
change in the banking position thus is
currency increase.
circulating medium
a
gain of
mem¬
by $17,044,000 to $13,-
other
deposits by $44,158,000 to $686,292,000,
ratio improved to
91.3% from 91.2%.
The
reserve
counts
Dis¬
by the regional banks increased $1,958,000 to
$4,155,000.
Industrial advances
were
to
up
make
$9,000 to
such
ad¬
jumped $1,262,000 to $12,342,000.
The New York Stock Market
HOLIDAY influences were late, have kept trading
added this week to the
others which, of
many
to small
proportions
on
the New York stock market.
The
dealings in the four full sessions
new
ending
were even
more
the
was
of the
low
week
modest than has been
rule, and variations in prices
spondingly inconsequential.
Not in
a
were corre¬
single period
trading level of 500,000 shares
even
approached, and at times the 300,000-sliare figure
was
barely exceeded,
on
the New York Stock Ex¬
change.
The Memorial Day suspension yesterday
made possible a
long week-end for many traders and
investors, who began their holiday preparations
early in the week.
OFFICIALended May statistics for
banking 28 reveal
period
de¬
748,879,000; a drop of the Treasury general account
by $15,470,000 to $461,674,000; a drop of foreign de¬
posits by $1,155,000 to $1,240,046,000, and a drop of
the recent
We shall then
Total
posits with the regional banks fell $43,739,000, with
sense.
be
$20,316,-
of the demand for hand-to-hand
currency, and
of both the
can now
to
Other cash of the 12 banks declined, be¬
total reserves
benefit of the
That is to say, although Mr.
Smith does not
precisely draw this conclusion, that
the remainder of us are in
duty bound to leave such
questions to the President, who is now
hardly the
head of a
democracy in the traditional American
can
with
Treasury and other flotations.
Army and the Navy."
starts there
Loans by the
on
security col¬
$95,000,000 to $427,000,000, obvi¬
vances
What the outcome of all this will
be, no one
tell, but it is well to remember that once the
The con¬
member banks shows business loans of these institu¬
all
men
over
weekly reporting New York City
$8,163,000, while commitments
He has the
re¬
even
Meanwhile, effective de¬
mand continues for credit accommodation.
He is
Department of State, with first¬
parts of the world.
bank
of member banks'
reserves
hand information
gathered by our representatives in
advice and suggestions of the trained
member
requirements advanced
but
excess
An actual increase of
resulted in
legal requirements fell $40,000,000 in the statement
cause
more
through
balances,
non-
with the Federal Reserve banks
proportions
serve
con-
unpatriotic, or at least semiunpatriotic, longer to struggle against it.
We even
find such figures as ex-Governor Smith
assuring the
public that "the President of the United
States, of
all men in the
country, is in a position to know ex¬
actly what the facts are with respect to the present
advised
modest
any mo¬
struggle against this tendency is daily
renders
increase tended to depress the total of idle
also worked in this direction.
of
waiting only to be
regards
policy.
and
more
high at $22,573,000,000. The
a new
deposits
power now
shooting at
Monetary gold
further $8,000,000
up a
degree, while declines in Treasury and
member
one
hopeless, and, indeed, that the mere
declaring a state of "unlimited emergency"
somehow
country moved
funds, but the gold change offset this influence in
modest
serve
in
They know, of
that the President with all the
course,
within his reach
ment
process
The change
The
our
entry—and what Ihe President and the others have
been
ordinary require¬
part.
a
at $9,294,000,000.
use,
-
the President may have been
but
played
1941
another high record in the volume
and also attained
same
h,
sense
in
stocks of the
currency
are
the basis of in¬
answer on
yet at hand.
men
These, too,
recorded,
now
doubtless
also
ments
May 31,
modest
and
dealings
Joined
were war
to
this
influence
for
developments in Europe
political turns in Washington which did
not
stimulate any enthusiasm.
Day after day only the
smallest variations were noted in
equities, and net
results for the week were
Holiday demand for
tions.
entered into the increase of
of the
generally higher by frac¬
manufacturing stocks proved one
stronger groups, owing to fresh plans for still
Aviation
Volume
The Commercial & Financial Chronicle
152
Steel and motor
production of warplanes.
more
stocks
were
day, than
all but
mostly
little higher at the close, Thnrs-
a
Oil stocks were
Friday of last week.
on
motionless, and little
the railroad and
utility
naturally showed
more
matters of moment
be said for
more can
A few specialties
groups.
sizable variations, owing to
exerted upon
little effect
so
Petain Government in its note that neither the lat-
on
prices and trading by the world
In the first two sessions of the week
developments.
markets here in New York
on
Tuesday evening
would reveal momentous turns in President Roose-
velt's
The great naval and aerial
foreign policy.
battles of the
also tended to keep
wrar
securities
down,
volved
be clarified to
was
can
almost
an
tion to the
of
until
the
interest in
tremendous
some
in-
issues
Noteworthy
degree.
complete lack of stock market reac-
presidential declarations, in the dealings
The markets merely
Wednesday and Thursday.
held to their former
Listed bond
with the tone
course.
trading
United States
steady in all sessions.
to
colonies would be surrendered to Gerother Power had a desirable effect and
nor
many or any
broaden
trading
interest
to
a
degree,
Aviation shares were afforded a fillip in the White
House's request to Congress to provide $3,500,000,000 for additional aircraft. Prices in this group
about two points, while in the munitions shares
Savage Arms moved ahead 3% points. Aside from
United States Steel, which made a net gain of one
rose
point on the day, other steel shares showed frac¬
tional improvement. Rail issues, likewise, were better, with the general list irregularly higher at the
close.
>
similarly quiet this week,
was
ter's fleet
subdued in the ex- M served
were
pectation that the Fireside Chat
traders as to what the talk wTould cover in
view of the many important events occurring in
recent days, and on this score alone provided suf-
among
ficient grounds for restrictive buying. On the other
hand, the assurances given the United States by the
Perhaps the most significant commentary
was
American Smelting & Refining
Co. The impending address of the President on
Tuesday; night caused a great deal of guessing
the
only to the issues concerned.
stock market resides in the fact that
ran to one point in
3389
The effect of the President's talk and his
proclamation of an unlimited national emergency
proved negligible in so far as the market was con-
Foreign dollar
cerned and the list on Wednesday pursued its dull
and narrow trend without deviation. It was quite
evident that the trading fraternity had no illusions
concerning the nature of the address. At the start
of trading several prominent issues were backward
directly affected by the world
about making their appearance, and it was only
events, German and Italian bonds easing slightly,
after the rest of the list reflected steadiness that
they ventured forth. Included among the belated
sellers in the second hour were du Pont and Bethlehem Steel. Steel shares were mixed on the day,
while aviation stocks displayed mild gains. In fact,
of the 15 most active stocks, one-third were made up
of aviation shares. For the share list as a whole the
trend was mostly irregular and the closing mixed,
Treasury obligations
showed
tial
address.
small
Best
rated
corporate bonds hardly
Among the speculative railroad issues
advance
securities
were
observable.
was
more
Canadian
while
and
good fractional advances after the presiden-
varied at all.
a
well maintained,
were
and
issues
Australian
Latin American issues reflected
improved,
sporadic activity,
usually in the direction of better prices.
modity markets were active only
on
The com-
occasion, not-
withstanding the signature by President Roosevelt,
Tuesday,
Wheat declined
the parity loan bill.
on
for the week and
corn
The base metals
advanced.
merely maintained under the watchful eyes
were
of the control authorities.
Foreign exchange trad-
ing remained dull.
the
On
touched
117
New
new
stocks
new
low
On
levels.
Call loans
stocks
the
on
new
New
new
Exchange 27 stocks touched
levels and 82 stocks touched
mained
13
Exchange
high levels for the present week while
touched
York Curb
Stock
York
high
low levels.
the New York Stock
Exchange
re-
unchanged at 1%.
On the New York
Stock Exchange the sales on
Saturday were 160,260 shares; on Monday, 300,780
shares; on Tuesday, 385,790 shares; on Wednesday,
314,170 shares, and on Thursday, 344,000 shares.
On the New York
Curb Exchange the sales on
Saturday were 22,175 shares; on Monday, 55,595
shares; on Tuesday, 61,095 shares; on Wednesday,
47,775 shares, and on Thursday,. 58,885 shares.
Trading
on
last week was
the stock exchange on Saturday of
a colorless affair.
Being one of the
dullest sessions of the year, no
discernible
closed
was
and
after
moving
steady and mixed.
definite trend
aimlessly
the
was
list
On Monday the market
largely neglected in favor of the President's
scheduled
address
for Tuesday night.
An atmos-
phere of dulness overshadowed dealings, and prices,
without benefit of active support, were permitted to
seek their own levels.
and
the
no
The list in the main sold off,
large group reflected a better showing for
day.
United States Rubber common featured
closed 1% points lower.
the market's weakness and
while losses among copper
shares
were
noted and
On a small turnover in sales, stocks on Thursday
worked irregularly higher. Prices were mixed at
the opening and managed a greater part of the day
to make fractional progress. As the session ended
motor shares were mixed, while aviation, copper
and electric stocks presented a steady to firm appearance.
Railroad shares were inactive
showed no perceptible change.
Price changes
and
for
compariThursday last, with final
the week were small, as may be seen from a
son of closing prices on
quotations on Friday a week ago.
General Electric closed Thursday at 28% against
28% on Friday of last week; Consolidated Edison
Co. of New York at 17% against 17%; Columbia
Gas & Electric at 2% against 2%; Public Service
Corp of N. J. at 22% against 22%; International
Harvester at 49% against 47%; Sears, Roebuck &
Co. at 69 against 70%; Montgomery Ward & Co. at
33% against 33%; Woolworth at 26% against 27%,
and American Tel. & Tel. at 150% against 150.
Western Union closed Thursday at 23% against
22% on Friday of last week ; Allied Chemical & Dye
at 147% against 150%; E. I. du Pont de Nemours at
144% against 142%; National Cash Register at 11%
against 11%; National Dairy Products at 13%
against 13; National Biscuit at 15% against 15%;
Texas Gulf Sulphur at 33 ex-div. against 33%; Loft,
Inc., at 17% against 18%; Continental Can at 32%
against 32%; Eastman Kodak at 122% against 123;
Westinghouse Elec. & Mfg. at 86% against 88;
Standard Brands at 5% against 5%; Canada Dry
at 11 against 11%; Schenley Distillers at 10%
The Commercial & Financial Chronicle
£3390
against
'■tip!?'-
9%,
National
and
Distillers
against 19%.
In
19%
Goodyear Tire & Rubber
Thursday at 16% against 16%
Friday of
week; B. F. Goodrich at 12% against 12%, and
United States Rubber at 21% against 21%.
last
Railroad stocks
close oh
fers
London
on
foreign exchanges, cable trans¬
closed
$4.03% the close
on
Thursday at $4.04 against
Friday of last week.
improved their position this week.
European Stock Markets
Pennsylvania RR. closed Thursday at 24% against
23% on Friday of last week; Atchison Topeka &
Santa Fe at 27
spot
Thursday at 34%c., the
Friday of last week.
the matter of
In
on
1941
the close on Friday of last week, and
per ounce
silver in New York closed
•
the rubber group,
closed
at
May 31,
against 27; New York Central
iHEERFUL sessions
12% against 12%; Union Pacific at 78% ex-div.
were
the rule this week
stock markets in the leading European
at
on
financial
Military developments
centers.
were not entirely
Britain, owing to the rapid and
successful search for the German battleship Bismarck,
against 80; Southern Pacific at 11% against 11%;
Southern Ry. at 12% against
12%, and Northern
unfavorable to Great
Pacific at
which
sank
speech
on
Steel
week.
6% against 6%.
stocks
edged
slightly higher
the
present
United States Steel closed
under
British
attacks
foreign affairs
by
Tuesday.
President
heartened the London market to
The
Roosevelt
degree, while
a
Thursday at 53%
against 52% on Friday of last week; Crucible Steel
at 37%
against 37%; Bethlehem Steel at 69%
bonds and stamps in England for the period of the
against 69%, and Youngstown Sheet & Tube
"War
at 33
against 32%.
an¬
nounced subscriptions of £120,000,000 to war savings
Weapons Week" also stimulated dealings in
With the immediate war financ¬
ordinary securities.
In the motor
group,
General Motors closed Thurs¬
day at 37% against 37%
Chrysler at 55%
Friday of last week;
55%; Packard at 2%
on
against
ing problem out of the
way,
the London market
turned its attention to industrial stocks and special¬
ties
early this week.
Small advances
were
recorded,
against 2%, and Studebaker at 4% against 4%.
Among the oil stocks, Standard Oil of N. J. closed
and
Thursday at 37 against 36%
degree of caution began to prevail late in the week,
Friday of last week;
14% against 14%, and Atlantic
Shell Union Oil at
on
Refining at 21% against 22%.
Among the
copper
aviation
group,
Curtiss-Wright
closed
Thursday at 8% against 8 on Friday of last week;
Boeing Aircraft at 14% against 12%, and Douglas
Aircraft at 68 against 66.
operations for the week ending
estimated by American Iron and Steel
were
Institute at
week, 94.3%
last year.
ended
98.6% of capacity, against 99.9% last
a month ago, and 76.9% at this time
Production of electric power for the week
May 24
reported by Edison Electric In¬
was
however, owing to the increasingly unfavorable
some
man
sizable net gains for the week.
colonial issues
Grube
FRESH made by President Roosevelt this week at
declarations on American foreign policy
were
the
same
ergency"
of
time that
was
corresponding week of last year. The reporting
system for electric power was revised
through in¬
loadings of
May 24
were
Federally owned
revenue
power
systems.
freight for the week
ended
reported by the Association of Amer¬
ican Railroads at
866,017
cars, an increase
previous week of 4,740 cars, and
over
over
the
the similar
week of last
year
As
in
day
of last week.
July
corn
mar¬
Chicago closed
Thursday at 93%c. against 97%c. the close
on
Fri¬
at
Chicago closed
Thursday at 73%c. against 73%c. the close on Fri¬
day of last week. July oats at
Chicago closed Thurs¬
day at 36%c. against 35%c. the close on
Friday of
last week.
;:-7\
77/;
7 /■-.[. •
.
The spot
price for cotton here
in New York closed
Thursday at 13.53c. against 13.60c. the close on
Friday of last week.
The spot
price for rubber
closed Thursday at 22.25c.
against 23.37c. the close
on
Friday of last week.
Thursday at 12c., the close
In London the
at 23
7/16
on
closed
Friday of last week.
price of bar silver closed Thursday
pence
Domestic copper
per ounce as
against 23%
em¬
bringing gravely home to the American people the
arid do differ
widely
of events in Europe
course
the time being, however, it
obviously
are
not
Opinions
Plainly enough, much will depend
the further
of British
war.
to the significance of the
as
interventionist
ships
or
would
appear
as
the convoying
our
steps
the repeal of
neutrality laws
"fireside chat" of Tuesday evening,
a
For
that such
publicly advocated by the President.
warned that
upon
and Asia.
In his
Mr. Roosevelt
world dominated by the Nazi "shape of
things to come" will not be tolerated by the Americas.
by 178,537 cars.
idicating the course of the commodity
kets, the July option for wheat
state of "unlimited national
a
proclaimed/the actions having the effect
danger of military involvement in
measures.
the
some
two sessions, and here also
Foreign Policy
kwh. in
3,011,754,000 kwh., against 2,982,715,000
the preceding week and
2,588,821,000 kwh. in
of
one or
an
marks for the Rodder
The Amsterdam Bourse
Lignite Mining Co.
fairly active in
was
A favor¬
Berlin by flotation of
industrial loan of 60,000,000
can
clusion
re¬
So-called Ger¬
in best demand.
were
able impression was made in
stitute at
Car
A
the main trend of prices was toward better levels.
Trade and industrial
reports continue to reflect
the high rate of business activities
common since
late last year.
Steel
today
Roosevelt's address, the trend gained emphasis.
i ports of the action on Crete. The Berlin Boerse was
stocks, Anaconda Copper closed
quiet, but the small demand for securities resulted in
on Friday of last
week; American Smelting & Refining at 40% against
39, and Phelps Dodge at 28% against 28%.
the
in of the Bismarck and of Mr.
came
,
f
Thursday at 26% against 25%
In
news
as
pence
He
ern
the
saw
war
approaching the "brink of the West¬
Hemisphere," but also asserted flatly that the
Axis Powers cannot achieve their
objective of world
domination unless they first obtain control of the
seas.
the
The traditional American policy
of freedom of
reasserted, and every indication again
given of a full'intention to support Great Britain and
seas
was
other countries attacked by aggressors.
The lengthy
address ended with the disclosure of the unlimited
tional emergency
na¬
proclamation.
The proclamation
is, of
course, a
reflection of the
European war and constitutes a measure relating
directly to that conflict. The general understanding
is that such
a
step
can
be taken, under the law, only
when the Chief Executive believes
nent.
Huge
new
arrogations of
7y
o"--"
war
power
to be immi¬
for the Presi-
The Commercial & Financial Chronicle
Volume 152
dent
held
are
involved, although legal experts
feel that all powers
already
seem
to
available under the
were
deliver the
3391
goods will be taken."
"united and determined
-
In behalf of
people," the President
a
re¬
limited national emergency proclamation of
Sept. 8,
asserted "the ancient American doctrine of freedom
1939.
of the
seas;
velt
As
for the
reasons
^maintained that
belligerents
out the world
world-wide
objectives
of
existing democratic order, and a
domination
of
and economies,
peoples
through the destruction of all resistance
and in the air,"
sea
Axis
the
Indifference
on
land and
the part
the solidarity of the 21 American Repub¬
lics and the Dominion of
in the
vitality of
a
brief period it was believed
statement would be made
velt called
he has
the security of this Nation and of this
of the neutrality laws
hemisphere
we
should pass from peacetime authorizations of military
strength to such
a
basis
will enable
as
stantly and decisively with
encirclement
of
this
us
in-
to cope
attempt at hostile
any
hemisphere,
the establish-
or
ment of any
a
evening, but
special
on
on
press
The "fireside chat"
or
was
for amendments thereto.
studied with the greatest
throughout the world, and foreign reactions di¬
care
fered widely.
In Japan the speech
in his
proclamation Mr.
Roosevelt depicted the Axis aim as that of world
quest
the
subject to aggression.
he
"Control
or
portions of North and South America, and of the
island possessions of the United States,
the
ultimate
States, itself."
and
the
are
and therefore
continental
Standing in the
plan" of world domination
the British
the
safety of
way
United
of "Hitler's
the "epic resistance" of
"magnificent defense" of the
Chinese, Mr. Roosevelt declared.
But "inevitable
disaster" will face the "criminal leaders" and their
people if the Axis Powers fail to gain control of the
according to the President.
seas,
Battle of the
Turning to the
Atlantic, Mr. Roosevelt disclosed that
the present rate of Nazi sinkings of merchant ships
is
than three times the
more
yards to replace them, and
capacity of British ship¬
than twice the
com¬
bined British and American output of merchant
ships
Methods of answering this peril
today.
scribed
more
as
increased
de¬
were
shipbuilding and curtailed losses.
Reiterating that the United States is mustering its
men
and
resources
only for
purposes
Roosevelt added the caution that
on
this
hemisphere and
to wait until
mented.
they
are
ripen into attack
front yard," he
our
Accordingly, the
foretell
"It would be suicide
on us.
in
of defense, Mr.
no one can
when the acts of the dictators will
com¬
American naval patrol
has been extended in North and South Atlantic
was
patrol, he disclosed.
said to be
on
to
The country thus
guard against efforts to establish
Nazi bases closer to
our
hemisphere.
It is time for
realize, the President urged, that the safety of
American
homes has
safety of homes in
Brazil.
down
national
any
policy,
as,
or
or
our
Trinidad,
therefore,
was
or
laid
firstly, active resistance
attempt by Hitler to extend his
hemisphere
us
definite relationship to the
Nova Scotia,
by Mr. Roosevelt
against
this
The
a
others
equivalent.
who
attacked
by
power
to
Hitlerism
or
its
In the latter connection, Mr. Roosevelt
promised that "all additional
newly disclosed aids
Seapower and Airpower
ONE of the great questions of modern warfare it
airpower versus seapower, and is
of
that
that at least
appears
a
partial
answer
has been
supplied in the great battles in the Atlantic and the
Mediterranean, during the last 10 days.
air
has demonstrated
arm
force that
of naval
a
The
capacity and
necessarily will upset
tacticians, much in the
for land
a
newer
striking
calculations
many
that plans
manner
operations have had to be revised in the
light of the German aerial prowess. In cornering the
German
not
battleship Bismarck, the British air arm
only
also
vital for discovery of the vessel, but
was
played
a
major part in the final sinking of the
This operation, conducted far
great Nazi vessel.
offshore, apparently required close cooperation be¬
tween the British fleet and the aerial
it may be that airplanes are not yet
service, and
developed to the
point where, by themselves, • they could dispose of
such
a
threat
as
the Bismarck offered.
In the Mediterranean action around
the waters
are
Crete, where
the German aerial superior¬
narrow,
ity has made possible some of the most astounding
developments of all military history.
sive
The exten¬
parachute, glider and other landings of Ger¬
troops on Crete vie in importance with the
man
destructinve Nazi aerial attacks upon
units.
British fleet
Berlin
Revising their statements continually, the
authorities claimed the aerial sinking of
almost
the entire British
Mediterranean.
eastern
naval contingent in the
While denying
such
ex¬
travagant claims, the British Admiralty neverthe¬
less admitted the loss of at least three
measures necessary to
and
ships
further cruisers.
andria, Egypt,
British
sea
warships to the bottom, and the various
demonstration of airpower on
that cannot longer
lesson is
now
Reports from Alex¬
confirm that aerial bombing sent
actions add up to a
the
cruisers and
destroyers, along with damage to two battle¬
four
be denied
or
ignored.
The
especially instructive for the United States,
that
plans for
a
two-ocean Navy are beginning
to be executed.
to gain control of the seas, and,
are
expressed satisfaction,
any
to Great Britain.
Battle of the Atlantic
secondly, the extension of all possible aid to Britain
and
in
toward American intervention in
move
The British press
war.
re-
wa¬
ters, and more ships and airplanes steadily are being
added to the
the
con¬
added, "would jeopardize the immediate safety
of
further
a
see
victorious, said
occupation by
of the islands of the Atlantic,"
Nazi forces of any
of
were
President, the Nazis literally would parcel out
world, and the peoples of the Americas also would
the
be
If the German Fuehrer
.
considered
was
assuring, but Germany and Italy affected to
notwithstanding the lack of
as
some
Mr. Roose¬
intention at this time of asking for repeal
no
agents in* o
In his "fireside chat"
point.
conference for Wednesday
it
territory and society."
this
that occasion he merely asserted that
base for aggression against it, as well as to
repel the threat of predatory incursion by foreign
our
A
^
convoying of British merchant ships aroused keen
interest, and for
of the
States, the proclamation continued, would be
perilous, and "common prudence requires that for
on
United
Canada; and abiding faith
Constitutional Republic."
our
Failure of the President to clarify the problem of
but include "overthrow through¬
war,
of
the
confined to those avowed at the
are not
beginning of the
proclamation, Mr. Roose¬
,NE of the most absorbing developments of the
o
the
European war was unfolded this week when
great new German
battleship Bismarck slipped
The Commercial & Financial
3392
out of her home
ports and, after an encounter with
S. Hood was sunk,
British fleet units in which H. M.
beneath
settled
herself
the
of the Atlantic,
waves
400 miles west of the French port
some
The dash of the
of Brest.
35,000-ton German battleship, newly
Chronicle
May SI, 1941
plane of the Coastal Command.
The Prince Eugen
longer accompanied the giant German battleship,
no
Aircraft operating from the Ark Royal attacked the
Bismarck and two torpedoes struck the ship, which
In the
began to maneuver helplessly in circles.
completed, plainly is part of the enormous Battle
small hours of Tuesday morning the British destroy-
of the
ers
Atlantic, but may also enter into the maze
against the Bismarck, and fire was observed on the
single explanation that appears at all adequate
No
forecastle of the doomed ship, which came to a com-
advanced for the incursion of the
far has been
so
Zulu, Maori and Cossack sent torpedoes crashing
stretching clear to the Far East,
of world influences
vessel
the
into
waters
ably and amply controlled by
vastly preponderant British Navy.
In all proba-
bility, all the circumstances will not be known until
after the
The result of the mad dash is
ends.
war
plete halt.
Heavy British warships engaged the Bis-
marck after daylight, Tuesday, and at 11:01 a. m.
been given
With
she disappeared, the coup d'grace having
by torpedoes from the cruiser Dorsetshire.
the
Bismarck, the Germans lost their ablest naval
Admiral
Leutjens,
battle
rallied with
whose final message to Berlin was a greeting to Herr
superb skill and coordination, and in
matter almost of hours the
ship went down.
a
Attest-
commander,
Guenther
quite evident, however, for British naval forces were
Hitler and
assurance
an
that the ship would fight
Shore-based airplanes attacked
ing the great strength of the Bismarck was the sink-
to the last shell.
ing of the Hood, of 42,100 tons, in the first encounter
the British ships and sank the destroyer Mashona,
of
1,870 tons.
major naval units of Great Britain and Germany
in this
Each side claimed that
war.
It is at least possible, if not likely, that the Ger-
"unlucky hits"
sent the Bismarck circling around north of
by the enemy accounted for the sinking of their own
mans
ship, and each admitted that virtually the entire
Iceland and into the shipping lanes with a view to
complements met death in the encounters.
attacks
men
from
rescued
were
the
Hood
Three
about
and
100
from the Bismarck.
As disclosed in
so,
a
terse British
a
Admiralty state-
proceeding toward England.
on convoys
If
the voyage of the German battleship was doubly
failure, since
the Bismarck.
no
merchant ships were attacked by
The hunt for the ship, on the other
meut, Tuesday, the action began last week, when
hand, may have facilitated the submarine sinkings
aerial observers noted the presence
of British and allied merchantmen,
in
of the Bismarck
Bergen, Norway, along with the
cruiser, Prince
Eugen,
10,(>00
slipped out of Bergen, and
they had
ships in the waters
Greenland, and summoned aid,
armaments to match the 15-inch
no
The British battle cruiser
battleship Prince of AVales, each
new
on
especially
were
which the Ger-
numerous
in the week
Many of the sinkings announced at
ending.
Berlin,
of the Bismarck.
Hood and the
now
Africa.
between Iceland and
guns
ships
claimed
vast search promptly
a
Suffolk discovered the German
for
Both
tons.
mans
The British cruisers Norfolk and
organized.
was
German
new
the other hand, were from a convoy off
Since the sizable total of April sinkings was
announced by the British Admiralty, no
ficial information
as
further of-
to this aspect of the Battle
of the Atlantic has been made available from London.
In the
course
of his "Fireside Chat" on Tues-
day, however, President Roosevelt stated that the
carrying armament comparable to that of the Bis-
rate of sinking is three times the replacement rate
marck, engaged the German ship early last Satur-
of British shipyards, and twice the
day,
Greenland, according to London, and near
near
The Hood received a
Iceland, according to Berlin.
hit in the
British
magazine and blew
cruisers
battle
Wales sustained
was
noted in
that the Bismarck also suffered
German statements
degree.
some
did three
as
The Prince of
at Jutland.
slight damage, and it
the British report
to
much
up,
to the
were
the United States.
Britain
and
Aerial fighting between Great
Germany remained inconclusive this
week, with British fliers hammering the so-called
invasion ports of France and the Low
and industrial cities.
few raids
tial
apparently remained
both
in
London
in
world.
Loss of the Hood, promptly announced
and
1920, she
was
the world and
her
was
the
completed
was
regarded
was
as a
symbol of British
the British
concentrated upon the pur-
destruction of the
mighty Bismarck and
consort, the Prince Eugen.
For two
days, after the Hood went down, British
warships shadowed the Bismarck, the chase moving
■
swiftly
across
France.
An
the Atlantic toward
Early
on
the
Saturday night sent
crashing into
the
side
of the
an
and from Gibraltar
a
of
car-
aerial
Bismarck,
Sunday touch with the German ship
lost, owing to low visibility.
was
But from British ports
mighty armada steamed at top
speed for the area where the Bismarck
seen,
coast
airplane from the British aircraft
rier Victorious last
torpedo
was
last
and airplanes scouted the region continually,
Early last Monday the Bismarck again
550 miles of Land's
on
English ports.
Weather conditions
unfavorable for vast aerial
operations in this theater of war.
The Mediterranean
accounted the largest warship in
Navy immediately
and
around
echoed
All the avenging force of
seapower.
suit
Berlin,
Although the British ship
Countries,
German ports
German fliers made relatively
and ranging occasionally to the great
effect that the Bismarck had sustained inconsequen-
damage.
combined current
Britain and
merchant ship building rate of Great
End, by
an
was
sighted,
American-built air-
/^RETE remained the center, this week, of the vast
^ struggle between the Anglo-Greek allies and
the German-Italian Axis forces in the Mediterranean and the areas of Africa and the Near East
contiguous to that great body of water. The tide
of battle in the island of Crete favored the Germans
increasingly, as parachute troops continued to descend from the Nazi troop-carrving airplanes. It
was already apparent, last Wednesday, that the defense of the island wras a last-ditch affair, hopeless
but gallant.
Disclosures of defense arrangements
for Crete revealed, moreover, that heavy losses were
sustained by the British Navy. These matters were
somewhat overshadowed by the sensational sinking
of the Hood and Bismarck in the Atlantic, but they
probably will prove to be of far greater ultimate
significance. " As the struggle for Crete moved
toward its end, moreover, German and Italian forces
The Commercial & Financial Chronicle
Volume 152
resumed
with
western
desert
Libya.
renewed
vigor their
Halfaya Pass, in Egypt,
Germans
on
attack
in the
region between Egypt and Italian
taken by the
was
Wednesday, and all indications pointed
3393
able southern coast, but they
adequate.
were
admittedly in-
After the British fleet units returned to
Cairo, eye-witness accounts were made available
which indicated that German aerial attacks had
to a continued drive of the Axis forces toward the
resulted in the sinkings of the six ships which Lon-
great British naval base at Alexandria.
don admitted
naval hold upon
the Mediterranean thus
increasingly uncomfortable.
suffered
some
ships.
But the Axis forces
In the
of
course
having dropped bombs
on
on
Italian
Wednesday
the French Tunisian
That the defense of Crete
was
was
of the
for
island
the
the
In the
also
While the battles in Crete and northern Africa
developing, the British consolidated their gains
in the various regions of eastern Africa formerly
were
held by the Italians.
small Grecian
and
other surface
Late last week British authorities claimed
transfer of
squadrons were rushing to the assistance of the Iraq
poured
ever
Some Nazi forces apparently were landed
from
More of the scattered Fascist
Ethiopia surrendered early this week, and
ships.
of the
course
Germans
greater masses of parachute and glider troops into
action.
Canea
enormous
escaped capture by the Germans and had taken
refuge in the Egyptian city.
com-
some of the British effectives to more
active theaters of war was started. Early this week
the British commanders were able to report that the
Italian forces in eastern Africa had "ceased to
exist." Empire forces also made progress in the
struggle for Iraq, but the situation there remains
somewhat obscure. The pro-Nazi Premier, Ali Beg
Gailani, was reported as fleeing from the advancing
British troops, but it appears that German aerial
"rearguard"
indicated last Sunday, when Cairo dis-
patches stated that King George II had narrowly
battle
The German
contested gallantly
but fleetingly by British aerial squadrons.
forces in
hit.
variety
was
by a German aerial Blitzkrieg attack, just before
Reich forces moved into that town.
port of Sfax, where the French steamship Rabelais
was
Crete
British naval forces
reported
on
lost outright.
over
was reported on Thursday as having been devastated
aerial attack
an
were
were
mand of the air
the
on
Wednesday the sinking of several troop-
on
vessels, British fliers
as
made
was
heavy losses, both in Crete and
crossing from Sicily to Tripoli.
claimed
The British
French Syria
and more made a
damage to such small vessels, and between 5,000 and
forces.
8,000 German troops
base for German aerial operations and in flights
from nearby Palestine, some dispatches state, Brit-
as
British
were
claimed to have perished
warships appeared off the northern shore
of Crete and sank the
was more
by the High Command that
ish fliers engaged not only the Nazis but also some
French squadrons. Turkish authorities maintained
a discreet official silence as to these events, making
much of the British naval force in the eastern Medi-
it all the more likely that no effective opposition
terranean sank under attacks of the Nazi dive bomb-
will be offered by Ankara to the Axis plan of domi-
losses
were
statement
ships.
No admissions of such
by the Germans.
made
was
These
ers.
made
In Berlin the
claims, revised upward day after day.
nation in the Near East.
finally involved 11 of the 12 cruisers which Berlin
'
r
r ranee
said
were
maintained
by the British in the eastern
/COLLABORATION between France and Germany, as announced May 15 by Marshal Henri
cleared up the matter, Tuesday, in a disclosure that
Philippe Petain, remains a matter on which genuine
the great battle had taken place May 21 and 22.
In
clarification is awaited in Washington and elsethjs epic struggle the British Navy came to the aid
where. In response to representations made by our
of the embattled troops on Crete, and
probably ereState Department, written assurances were exated havoc among the sea-borne German contintended by the Vichy regime, Tuesday, to the effect
gents. But the British suffered serious naval losses
that the French Navy and French colonial possesin the sinking of the new cruisers Gloucester, 9,100
sions would not be surrendered to the Reich or to
tons, and Fiji, 8,000 tons, and the total destruction
any other Power. Ambassador Gaston Henry-Haye
of the York, 8,250 tons.
The destroyers Juno, Kashsupplied these assurances on instructions of his
mir and Kelly, each of 1,695 tons, went down under
Government, with the avowed purpose of removing
the German attack, and the destroyer Greyhound,
misgivings in the United States as to the scope of
1,335 tons, also sank. Damage was sustained morecollaboration and the degree to which American inover, by two British battleships and several adterests might be affected. The statements are much
ditional cruisers, according to Admiralty stateAn accordance with comments made at Vichy, late
Mediterranean, and
also
were
claimed.
a
number of destroyer sinkings
The British
Admiralty finally
last week, by Admiral
ments.
The
made
German
without
tained aerial
attack
upon
Crete obviously
regard to losses.
Heavy and
was
sus-
transportation of Nazi troops to Crete
continued day
that
and night, this week, and it
appears
light artillery and even some small tanks
were
transferred in this manner.
The main German force
centered at Malemi
near
of
airport,
the Cretan capital
Canea, but sizable contingents also were dropped
Candia
near
and
at
other
points.
but the weary
middle
Anglo-Greek
Suda
The choice for France, ac-
cording to the Admiral, is one of "life or death,"
and he asserted that Vichy has chosen "life," or a
"place in the organization of Europe."
Unfortunately, Admiral Darlan failed to indicate*
of the
to
against Great Britain.
what part the French African possessions might
play in the war, as areas of transit for Nazi troops
or bases of military operations conducted by the
Germans.
General Maxime Weygand, who commands the French forces in Africa which are loyal
to the Vichy Government, was reported on Monday
week.
The Germans
began
on
Bay, and British authorities admitted the seri-
threat
con-
troops were being overwhelmed by
Wednesday a march eastward from Malemi toward
ous
Francois Darlan, who is
ducting his difficult negotiations with German
authorities. In an address to the French people,
Admiral Darlan declared that the German Fuehrer,
Adolf Hitler, had not demanded the French fleet,
colonial territory, or a French declaration of war
day and night,
forces combated this aerial invasion
the
^
their hold
upon
the island.
British reinforcements were landed on the
Some
inhospit-
The Commercial & Financial Chronicle
3394
Japanese Dispositions
approving the elaboration of Vichy with Ber¬
as
lin.
Several
ship seizure incidents have
new
oc¬
curred, meanwhile, which may have some bearing
the
upon
Sheherazade
lantic last
seized
was
tests
on
the At¬
was
custody in the Caribbean, Tues¬
The French tanker was
Atlantic with
en
route across the
British navicert, and formal pro¬
a
against the capture of the ship were lodged
Seizure of the
at London.
the
by the British
tanker
week, and the freighter Winnipeg
taken into British
day.
French
The
attitude.
French
Winnipeg also aroused
Vichy regime.
VARIOUS international Japan regarding all-out
early decision by weather-vanes point to
an
participation in the
Italian
ing British and Dutch possessions in the Far East.
The
Japanese temptation to
of
domination
German-Italian Axis,
the
signs
ap¬
peared in recent days of the difficulties likely to be
encountered
by the conquerors in administering the
Perhaps the most significant in¬
subjugated lands.
cident
was
Italian
King, Victor Emmanuel, near Tirana, in Al¬
This incident, which occurred May 17, may
bania.
have involved
motoring with the King.
was
fired at the motor
of
the
the Albanian Premier, Shevket
also
Verlaci, who
assassination
attempted
an
went
car
Mihailoff,
week.
to confirm
dispatches
Italians
and
are
finding the newlv-
conquered populations in the Balkans anything but
tractable.
From Hungary and
Turkey, in particu¬
lar, reports have emanated of late concerning exten¬
sive and
growing guerilla warfare against the
occu¬
pying forces in Serbia and parts of Greece.
The
Raeder, Commander in Chief of the Ger¬
that
news agency,
any
convoying of merchant ships bound for
England would result in shooting and in
comments
obvious reference
in
were
Berlin-Tokio
war.
These
the Rome-
to
pact arrangements for Japanese
ticipation in the
par¬
in the event of attacks
war,
upon
member of the Axis by countries not previously
any
engaged.
Berlin obviously wants the Japanese to
abandon their technical
view to
seized
seized and executed early this
was
The German Government
easy one.
plain, last Sunday, when Grand Ad¬
Doinei, the leading Japanese
American
wares
neighboring countries, to the effect that
Germans
the
an
Navy, informed the Berlin correspondent of
Shots
This incident tended
from several
major obstacle, however, and the Tokio de¬
a
cision is not
wild, according to Rome
reports of last Saturday, and the assassin, Vasil
Laci
The American Pacific
bring effective forces to bear.
fleet is
miral Erich
now
at this moment
move
unquestionably is great, for England could hardly
man
IN MORE than one is under the vast Balkan penin¬
area of the complete military
which
the side of the German
war on
combination, with the probable aim of seiz¬
made its views
Balkan Countries
sula
May 31, 1941
neutrality.
Perhaps with
a
testing American sentiment, the Japanese
last
Sunday
$10,000,000 of American
some
held at
Haiphong, French IndoUJhina, because
goods could not be delivered to the Chinese au¬
the
thorities.
The Japanese calculations must take into
account not
to
seems
only the
treaty with Russia, which
new
Tokio
assure
against
newly-conquered East Asian
tinuing
war
in China.
attack
any
strength is known to be steadily
on
danger of
East, and there is
decision for
additions to
more
with
war
con¬
American naval and aerial
the Far
nese
upon
but also the
areas,
our
some
a
own
the increase, in
view to
a
Japa¬
forestalling still
forces.
attempted assassination of the Italian King suggests
that Albanians
troubles
and
are
Discount Rates of
equally determined to resist the
are
by
aggressor
reported
Rumania, with
available.
means
any
a
Economic
'HERE have been
the increase in Hungary
on
good deal of unrest prevalent.
banks.
Present
rates
Rate in
REFLECTING the many problems many have
that
plagued Anglo-Irish rleations for
Country
dispute
which
over
conscription in northern Ireland
ended, Tuesday, in
conscription would not
of the United
tion
conflict is
British admission that
a
be enforced in that
now
changes during the week in
the
at
foreign central
leading
Kingdom.
The outcome of the
interesting, in the larger
sense,
Date
centers
mainly
Rate in
vious
Effective
Rate
Argentina..
3X
Belgium
2
Jan.
5 1940
Dec.
1 1940
Country'
are
6
Canada,
..
2X
Mar.
1
193P
Holland
Colombia.
vakia
Mar. 11 1935
2
3
Oct.
4
India
3
Nov. 28 1935
3X
May 18 1936
Apr.
7 1936
3.65
_.
Dec.
16 1936
4~~
Italy
Japan..
July
18 1933
5
Java
3X
Morocco
5
Norway
Denmark
4X
Poland
4X
3.29
;
3
Lithuania..
3
Jan.
1
4
...
Jan.
2 1937
16 1940
1936
Rale
Hungary...
Czechoslo¬
Danzig
vious
Aug. 29 1939
4
.
Date
Effective
3
3
i...
Pre¬
Effect
May29
2X
5
Bulgaria.
Chile
por¬
Pre¬
Effect
May29
years
a
no
the discount rates of any of the
shown in the table which follows:
Ireland
is
Foreign Central Banks
22 1940
Jan.
14 1937
15 1939
6
July
6X
3
May 28 1935
May 13 1940
4X
...
Dec.
5
4
7
4X
4X
because of the
light it throws
upon
British chances
4
Oct.
Erie
3
June 30 1932
3X
Portugal...
4
Mar. 31
1941
4K
England
2
Oct.
3
Rumania
3
Sept.12 1940
3X
4X
Oct.
1
3X
May 15 1933
4X
4
Dec.
3 1934
4X
Spain
Mar. 29 1939
5
IK
Mar. 17 1941
2
Sweden
3X
May 17 1940
3
3 X
Apr.
6 1940
4
Switzerland
IX
Nov. 26 1936
2
6
Jan.
4 1937
7
Yugoslavia.
5
Feb
ex
._
Estonia
to
obtain
the
use
of ports
in Eire for
war
opera¬
Finland
...
France
From the Irish Free
tions.
State, opposition to
con¬
Germany
..
Greece
scription in Ulster
was
so
pronounced that Prime
*
26 1939
1935
....
..
South Africa
5
*4
17 1937
1 1935
5
Not officially confirmed.
Minister Winston Churchill abandoned the proposal
as
trouble ; than
"more
enough,
occasion
use
difficulties
trouble than
use
it
is
worth."
they
are
which
worth.
also
might
be
more
The British plan to
conscription in northern Ireland apparently be¬
came
known to
Foreign Money Rates
Obviously
of Irish ports in the war might well
Dublin authorities late last
IN LONDON open market discountagainst for1-32%
rates 1 short
bills
Thursday
1 1-32%,
on
on
were
Friday of
last
for three months'
bills,
as
week,
on
Friday of last week.
called
on
Thursday
for
a
for
as
week,
and
1 1-32%@1 1-16%
against 11-32%@1 1-16%
Mone}r
on
call at London
Monday by Prime Minister Eamon de Valera.
special session of the Dail Eireann
At that
opposition to the conscription
northern
Ireland.
program
Heeding the ominous
rum¬
was
1%.
Bank of England Statement
gathering leaders of all Irish parties regis¬
tered their
for
was
THE Bank's decrease infor thecirculation, the first
statement
week ended May 28
showed
note
a
blings, Mr. Churchill announced on Tuesday that
since
conscription in northern Ireland had been consid¬
lowered the record
the
middle
ered, but that it would not be enforced despite legal
£629,515,000.
rights.
with
a
of
February, of £198,000, which
high, established a week ago, to
The loss in note circulation, together
drop of £40,603 in gold holdings resulted in a
Volume
The Commercial <£ Financial Chronicle
152
3395 :
gain of £157,000 in
reserves.
Public deposits de¬
£7,525,000 while other deposits increased
£14,748,884. Other deposits include "bankers' ac¬
loans and renewals.
clined
continues
counts" and "other
maturities.
accounts," which gained £14,-
321,417 and £427,467 respectively.
of
reserves
a
week
to liabilities fell off to
The proportion
26.7% from 27.7%
compared with the record low, 5%,
ago,
April 16 and 23, and 13.6%
a year
£3,438,733.
advances, which lost £1,130,390 and securities, which
increased £4,569,123.
No change was made in the
2% discount rate. Following we show the different
items with comparisons for previous years:
BANK
OF
ENGLAND'S
May"* 28,
May
1941
29,
May
1940
31,
1939
June 2,
1,
rates
£
Circulation.
629,515,000 556,863,530 499,775,774 484,920, 920 475,552,639
32,333,000 36,115,208 38,340,139 24,867, 913
10,231,850
163,023,984 145,390,973 119,476,342 138,264, 956 146,800,147
Bankers' accounts. 110,904,447
94,908,501
82,391,149 102,802, 912 109,499,480
Other accounts...
52,119,537 50,482,472 37,085,193 35,462 044
37,300,667
Govt, securities..
125,202,838 148,902,838 118,966,164 109,676 164 102,822,412
Other securities
35,590,627 25,610,834 29,713,860 28,910, 271
25,485,180
Disct. & advances.
11,438,374
2,882,220
4,749,339
7,999,441
8,934, 151
Securities..
24,152,253
20,735,841
22,728,614 21,714,419
19,976, 120
Reserves notes & coin
52,330,000 24,780,770 26,943,215 42,326 562 46,537,402
.
.
Ruling
54@%% for all maturities.
are
Bankers'
Acceptances
THE market for prime bankers'The demand has
acceptances has
been
dull this week.
very
been good but
rates
prime bills
Dealers'
are very scarce.
reported by the Federal Reserve Bank of
as
New York for bills up to and including 90 days are
......
Public deposits
Other deposits
The bill-buy-.;
ing rate of the New York Reserve Bank is 34% for )
bills running from 1 to 90 days.
• '•
»
.
Discount Rates of the Federal Reserve Banks
...
Coin and bullion
Proportion of
1,845,562
1,644,300 226,718,989 327,247
,486
322,090,041
reserve
to liabilities
26.7%
Bank rate
Gold val. per fine oz.
13.6%
2%
2%
...
168s.
Bank of
168s
17.0%
2%
148s.
5d.
V
29.06%
'25.9%
2%
llj^d. 84s.
2%
■
84s.
llMd.
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
recent advances
on
Government obligations are shown
in the footnote to the table.
schedule of rates
of paper at
Germany Statement
now
The following is
the
in effect for the various classes
the different Reserve banks:
DISCOUNT RATES OP FEDERAL RESERVE BANKS
THE Bank's quarter-month statement dated
May 23 showed total notes in circulation at
14,046,310,000 marks,
drop of 377,074,000 marks
a
from the record total of
May 7.
exchange rose]331,000 marks to
a
Gold and foreign
total of 77,842,000
marks, while bills of exchange and checks fell off
-
to a total of 15,005,941,000
The ratio^of gold and foreign currency to
marks.
is
circulation
note
now
0.55%,
0.54% May 7 and|0.65% a
lost
with
Investments
obligations increased 313,616,000
and 224,685,000 marks, respectively. Below
maturing
marks
furnish the various items with comparisons for
previous years:
Previous
Date
"
Established
May 30
1
Boston.......................
New York....................
Sept.
1
*1X
*1X
IX
Cleveland..*....*.....*......
Richmond
Atlanta.
Chicago
Minneapolis ..... ....... ......
Kansas City
Dallas...... ......
San Francisco
Sept.
Sept.
Rate
1, 1939
Aug. 27,
IX
IX
IX
*1X
nx
nx
IX
Philadelphia
IX
1937
IX
2
4, 1937
•+:+':2V,+
May 11, 1935
2
Aug. 27, 1937
Aug. 21. 1937
Sept.
.
2
Aug. 21, 1937
"2 ' -•
,
2, 1937
2
Aug. 24, 1937
2
3, 1937
Aug. 31, 1937
'
2
3, 1937
2
Sept.
*
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
278,000 marks, while other assets and other
daily
we
compared
year ago.
"■
Rate in Effect
Federal Reserve Banks
St. Louis
467,549,000 marks
Sterling Exchange
BUSINESSthe sluggish trading sessions of many
in the foreign exchange market con¬
tinues
preceding months.
a
fractional
The free pound sterling has shown
hardening during the past few weeks
as
REICHSBANK'S COMPARATIVE STATEMENT
the result of modest inquiry for
Changes
for Week
Retchsmarks
A ssets—•
Gold and lorn, exch
May 23, 1941
Jieichsmarks
May 23, 1940 May 23, 1939
Retchsmarks
Retchsmarks
+ 331,000
77,121,000
77,842,000
76,925,000
—467,549,000 15,005,941,000 11595859,000 7,204,448,000
al45,551,000
484,763,000
188,647,000
322,679,000
22,593,000
28,986,000
-2*78,000
18,498,000
143,692.000 1,105,723,000
...
Bills of exch. & checks.
Silver and other coin..
Advances..**.*—...
Investments
1,426,808,000 1,813,318,000 1,535,438,000
+313,616,000
Other assets
supply which
—377,074,000 14,046,310,000 11767113,000 7,799,523,000
+ 224,685,000
2,280,665,000 1,637,938,000 1,103,375,000
3390,497,000
572,827,000
567,718,000
Oth. daily
matur.oblig
Other liabilities......
Propor, of gold & for'n
curr. to note circul'n
a
+0.01%
0.66%
0.55%
0.99%
Figures as of March 31, 1941.
London authorities have
NOTHINGJoccurredlthis week toYork the even
disturb
and listless
of the New
tenor
money mar¬
ket, rates in all departments merely being continued
cial paper were
sold
on
count
bills
0.069%,
count
idle.
Monday
a
due
average,
basis.
Bankers' bills arid commer¬
The Treasury in Washington
further issue of $100,000,000 dis¬
in
91
days, and awards
computed
Call loans
on
on an
were
at
annual bank dis¬
the New York Stock
Exchange held to 1% for all transactions, while time
loans
again
were
dwindling steadily.
com¬
prise the sterling area.
Free pound rates closely
approximate the official rate and there
every
evidence that the free pound
influence the market in any way.
seems
may
The
New York
range
$4.03 and $4.0334 last week.
cable
transfers
has been
$4.04, compared with
between
a range
to
for free
and
a range
The,
of
range
$4.0334 and
of between $4.0334
and $4.03% a week ago.
Official rates
tinue
quoted by the Bank of England
con¬
unchanged: New York, 4.0234-4.0334; Canada,
4.43-4.47
(Canadian
United States
official,
90.09c.@90.91c.
Zealand, 3.2280-3.2442.
American commercial bank
sterling continue at 4.02 buying and
1
4.04 selling.
In London
Italy,
or any
per
dollar); Australia, 3.2250-3.2280; New
rates for official
New York
Money Rates
to be
cease
sterling this week has been between $4.0334
1%% for maturities of 60 and 90
days, and 1 34% for four to six months.
a
The
com¬
between
Money Market
upon
brought sterling under
for
previousjtrading.
been
$4.03% for bankers' sight, compared with
New York
from
has
the pound
plete control in most parts of the world which
Liabilities—
Notes in circulation...
exchange is not quoted
on
Germany,
of the invaded European countries.
exchange is not quoted
on
In
the invaded
European countries, but German official marks are
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
pegged at 40.00 and registered marks are quoted at
at 13.50-15.00.
Italian lire are pegged in New York
ruling quotation all through the week for both new
at
was
:
months, 9-16% bid and J4% asked; for five and six
months, %% bid and 9-16% asked.
1937
1938
Paper continues in
34% bid and 7-16% asked; for bills running for four
COMPARATIVE STATEMENT
June
time money
good supply and the demand has been brisk.
Govern¬
ago.
for
The market for prime commercial paper
has been very active this week.
ment securities rose
£3,645,000 and other securities,
The latter consists of discounts and
market
90 days and 134% for four to six months'
to
up
The
Rates continued nominal at 134%
quiet.
5.2634-
The Commercial & Financial Chronicle
3396
Since
the
bringing 12 Latin American countries into
special sterling account area as a single unit, the
recorded here last
to
Total note circulation for^the week
£680,000,000.
ended
May
May 31, 1941
£629,713,000,
reached
21
the
ninth
weekly increase, but receded by £198,000
"Central American accounts," as
successive
week, the London control authorities have brought
during the week ended May 28.
still
the
practical elimination of free sterling
markets.
Free sterling may be expected to
nearer
from all
be available in
parts of the sterling area for
many
negligible.
The virtual elimination of most of what remained
of the market for unofficial
sterling
effected
was
as
August, 1940, when further steps to
restrict the use to which such pounds could be put
long
as
ago
and
announced
were
of
Bank
made for the
was
England to furnish through the Federal
"official sterling"
banks
Reserve
provision
at
fixed rate of
a
and $4.04 for sales.
$4.02 for purchases
What little
unofficial sterling remained after that date was and
continues to
be
dealt in around the official rate.
Special technical circumstances of the market
occasional
variations
rather sharp
in the
cause
with sometimes
rate,
fluctuations, but lately it has become
clearly apparent that official sterling prevails
more
throughout the market.
for which
gradually extended the long list of purposes
foreigners could not use exchange bought
in the open
The entire sterling area working
cooperation long ago finally reduced the open
in close
market
market.
nominal
to
official
Even trading in
proportions.
sterling has long since been purely nominal.
Trading between countries in the sterling
require foreign exchange.
not
for the
centrated
cial ,
area
on
con¬
The greatest satis¬
expressed in the steadiness and
even up¬
ward trend of British exports and imports despite
shipping hazards.
Sir Robert
Kindersley,
National
President
Sayings Committee
Britain's
of
announced
,
on
May 26
that London's War
Weapons Week, which ended
May 24, brought
in subscriptions
of
on
than
more
£120,000,000, fully £20,000,000 beyond the objec¬
Sir
tive.
Kingsley Wood,
Chancellor of the
chequer, pointed out that the
of
for everyone
either
16
tanks,
or
£21
of
investment
greater London.
for
sum
every
the
Ex¬
is the equivalent
living in
person
The amount also equals about $1
in the British Empire.
It would buy
battleships, 1,200 heavy bombers, 4,800
200 merchant ships. The point is of course
that th6 British citizenry have
all
financial
plans
and
responded eagerly to
regulations
of
the
authorities.
Sir
Kingsley Wood told the people at the beginning
of the
war
drive:
the index
March
over
any
was
was
month since the war;
The "Financial News" index of 30 industrial shares,
based
July 1, 1935
on
as
100,
was
69.4
on
May 24,
month earlier, with 67 last
year, with the low of 49.4 on June 26, 1940, and 77.5
at the beginning of the war.
This year's high mark
compared with 66.5
was
73.7
on
of 124.9
was
reached
on
Nov. 11,
The bond index, based on 1928 as 100, was
1936.
129.2
a
Jan. 17, the low was 66.5 on April 23,
and the record high
May 24, the year's highest level to date,
on
which compares
with the low record of 93.6
on
Sept.
30, 1931 and the high of 141.6 on Jan. 31, 1935.
The London money
market continues
Call
easy.
against bills is available at % % to 1%. Bill
are unchanged, with two- and three-months
"It is obvious that
we
rates
bills at 1
The
1-32%, four-months bills 1 3-32%, and sixbills
months
1%%.
Canadian
narrowly within
must
con¬
dollar
a range
continues
firm,
moving
of one-eighth cent.
Supple¬
menting the joint United States-Canadian Defense
Board, three-member boards were announced this
Canada for economic
and industrial collaboration to expedite the mobiliza¬
tion of resources for aid to Britain and for defense
week in the United States and
the
new
Acting as a joint board,
boards will immediately
hemisphere.
of the western
now
other features of London's trade, finan¬
and economic difficulties.
faction is
does
These factors account
stagnation of the market.
attention of the banking world is
The
April, 1940.
money
Following the example of London, British Empire
countries
commodity
In August, 1939, just before
98.1. The increase in April
less than 1-10%, the smallest in
132.2 in
the war,
time, but these amounts are so limited as to be
some
The British Board of Trade's index of
prices in April, made public on May 24, based on
the 1930 level as 100, was 150,9, compared with
economic planning
inventory the existing and potential resources of the
countries, their production, manufacturing
two
supplies, priorities, &c., and will co¬
exchange of raw materials and manu¬
factured products, and synchronize the production of
munitions and planes to eliminate duplication of
effort and attain maximum production and ship¬
ments.
The twin boards will also study ways of
easing the eventual transition from defense to peace¬
capacities,
ordinate the
It has not been made known whether
time activities.
Canada is to participate in the $7,000,000,000 leaselend program.
Canada has been a major purchaser
of United States
products, including planes and war
implements, paying cash.
As a
result of the April 20 conference between President
Roosevelt and Prime Minister Mackenzie King the
United States has agreed to
purchase between
and
munitions
$300,000,000 of Canadian raw
products needed in the United States
defense program.
Montreal funds ranged this week
between a discount of 12%% and a discount of 12%%
The amounts of gold imports and exports which
follow are taken from the weekly statement of the
United States Department of Commerce and cover
the week ended May 21.
$200,000,000
and
materials and
^
far less than
sume
wrong
but
do in times of peace.
and unpatriotic to try to
If
rate.
we
we
prices
consume
It is
at a greater
do, not only will distribution be unfair
will
be
forced
upward,
causing
much
hardship and gravely affecting the purchasing
powrer
of
our
tressed
over
London
with
to
circulation and
equahimity to
Imports
Ore and base bullion
—
-
Refined bullion and coin__
Total-
-
Detail of Refined Bullion and
be
much
a
are
less
dis¬
Bank of
looking forward
further increase in the fidu¬
*$1,487,752
11,490,398
Other British West Indies
—
Venezuela
AustraliaBritish Oceania
>
-
Nil
— —
80
2,775,896
3,535
4,134,818
269,891
$292,157, Nicaragua $342,063, Mexico $167,895,
Philippine Islands, $166,009.
Gold held under earmark at the Federal Reserve banks was increased
♦Chiefly
Canada
ciary issue, which was expanded by another £50,-
Venezuela $148,801,
000,000 in mid-April, lifting the Bank's issuing power
during the week ended May 21 by $109,482 to
——
»
$4,302,913
3,265
Colombia
Exports
$12,978,150
-
Coin Shipments—
Bermuda
seems
the marked expansion in the
England note
TO MAY 21, INCLUSIVE
Canada
currency."
Financial
GOLD IMPORTS AND EXPORTS MAY 15
$1,921,299,322.
Volume
The Commercial & Financial Chronicle
152
Referring to day-to-day rates sterling exchange on
Saturday last
$4.03%@$4.03%
was
for bankers'
On
sight and $4.03%@$4.03% for cable transfers.
Monday the
$4.03%@$4.03% for bankers'
range was
On
sight and $4.03%@$4.04 for cable transfers.
$4.03%@$4.03% and
cable transfers were $4.03%@$4.04.
On Wednes¬
day bankers' sight was $4.03%@$4.03% and cable
transfers were $4.03%@$4.04.
On Thursday the
Tuesday bankers' sight
range was
was
$4.03%@$4.03% for bankers' sight and
Friday, Decora¬
$4.03%@$4.04 for cable transfers.
tion
Day,
was
on
$4.04
cable
for
sight bills
are no
longer
European capitals is strongly colored by propa¬
gandist
all
Berlin's economic domination of
purposes.
The Italian
cents since
American
loss of about $675,000,000.
a
lira, which had been pegged at 5.05
Sept. 25, 1939, was moved back, without
explanation,
May 27 to its pre-war parity of
on
5.26% cents, the rate which had prevailed for about
10 years
prior to August, 1939, when it was allowed
gradually.
Exchange
is
the invaded European countries is
on
The German official mark
quoted in New York.
pegged at 40.00 and registered marks are quoted
ing
week
a
pegged in New York in
are
a
francs
ago.
nominal
Swedish kronor in limited trad¬
5.26%.
Swiss
steady around 23.86, against 23.86.
are
(commercial)
quoted
are
around 23.21%,
Exchange on Finland closed at
2.05 (nominal).
Spanish
nominally quoted at 9.25, against 9.25.
23.21%.
against
2.05
13.50-14.75,
against
13.50-15.00,
market at
Information emanating
changes in recent weeks.
$1,100,000,000 of German municipal
private investors took
Italian lire
EXCHANGE, financial, and show no conditions
economic important
in Continental
Europe
As the
1931.
country since
acquisitions, informed sources state,
has declined to about $89,000,000.
ago
at
,
Continental and Other Foreign Exchange
from
of
not
60-and 90-day bills
quoted.
total
this
in
government or industrial bonds held here 10 years
Commercial
transfers.
finished at $4.00;
the
Closing
$4.03% for demand arid
Thursday were
quotations
bonds
result of such
to decline
holiday in New York.
a
dollar
3397
(nominal),
pesetas are
against
European markets becomes increasingly evident,
particularly in the
of France.
case
The idea of close collaboration with Berlin
to have the enthusiastic
seem*
EXCHANGE on thedevelopments.
Latin American countries
presents
new
no
A
support of important French
bureau
to
imports and exports
control
occupied
and unoccupied zones.
Only last week General
Weygand in his speech before members of the French
established by
colony in Morocco said:
believed to have been hastened by
interests, political or business, in both the
"All Frenchmen concerned for the future of Con¬
tinental
France,
well
as
as
the Empire, should sub¬
unanimously to the principles of the policy of
scribe
decided
collaboration
French
Marshal
by
Petain."
and business leaders in France
publicists
apparently
upon
fully with the views of General
agree
According to Berlin dispatches of May 25 German
are
in
armies
a
following in the footsteps of German
drive
for
occupied territories.
German bank
the financial infiltration
of
This is shown in a tabulation of
participations in European countries
published by the leading Berlin banking magazine,
"Bank Archiv." Eighteen banks with German ma¬
as a
Creation of the bureau is
in Rio de Janeiro which resulted in a
the conferences
"financial under¬
standing" between Warren Lee Pierson, President
of
the
Export-Import
Brazilian Finance
Bank of Washington,
and
Minister Arthur de Souza Costa.
The bureau will finance trade deals and may advance
producers holding Brazilian products
unable to move because of war condi¬
The new department is authorized to issue
to
money
tions.
bonds and to engage
in internal and external credit
acquired or to
It is also empowered to rediscount
operations, guaranteed by "products
be
acquired."
trade papef
guaranteed by warehouse receipts.
announced that the Metals Reserve Co., a subsidiary
Corporation, has
of the Reconstruction Finance
tracted with Bolivian
far the result of the expansion
business in the
of German banking
occupied countries.
Relatively few of
originated before the present
confined mainly to Holland,
Rumania and Hungary.
Holland, Belgium and Ru¬
mania show the largest number of German banks and
branches.
Participation in local banks generally is
participations
when they
were
May 21
Federal Loan Administrator Jesse Jones on
tion, six branches and three agencies represent thus
war,
was
May 21
department of the Bank of Brazil, to work with its
exchange department.
jority interests, three banks with minority participa¬
"'these
on
which they are
Weygand.
bankers
Presidential decree
Government
con¬
producers, under a Bolivian
purchase
to
guarantee,
the
entire
of Bolivia for the next three
The price will be $21 per short ton and
$24,000,000 is expected to be involved in the
tungsten production
years.
about
contract.
The Bolivian Government is see king to
given preference compared with
provide for the country's defense and its economic
development, according to recent dispatches, by
collaborating in hemisphere defense plans and by
subsidiary banks.
inviting the investment of
the opening of nonThis policy is favored by the
Berlin banks, according to the "Bank Archiv," be¬
cause of the greater possibilities it offers in acquiring
control of local
Washington dispatch of May 26 states that
A
Germany
States
is
offering to
buy branches
of United
plants in the countries of Europe which it has
A New York bank of undisclosed identity
have consulted the State Department and
occupied.
is said to
the Treasury regarding an
sources
to
offer received from German
acquire such properties on a large scale.
the effect that
not unreasonable, or at least
Reports current in Washington are to
the
prices offered are
were
value
more
at
reasonable than the 30% or 35% of face
which Germany has been
Before the war
now
deposits.
buying its
own
United States capital for
and airports.
Britain took all Bolivia's tin, but
essential roads, railways,
the
country's
economy
is adjusted largely to the
and
and lead. It is
thought in informed Bolivian circles that economic
United
States, which takes about half its tin
antimony, and most of its tungsten
collaboration should take the
with
the
United
States
on
form of cooperating
war
materials and of
By a decree of May 15
airline was expropriated.
States credits, it is hoped, will be made
eliminating German influence .
the
German-operated
United
available to
and
provide the roads, railways, airports,
currency
stabilization
national safety and
essential
development.
to
Bolivian
The
unofficial
Argentine
closed at 23.85, against
peso
The Argentine official
Brazilian milreis closed at
Chilean exchange is nominally
5.15, against 5.15.
Peru is nominal at
quoted at 5.17, against 5.17.
The Mexican
15.75, against 15.75.
at
market
free
or
23.85.
is pegged at 29.78.
peso
peso
is quoted
EXCHANGE affected in the Eastern countries is
likely to be on the Far
future, certainly
near
far
as
the Chinese currencies, by agree¬
concerns
States
United
the
May 31, 1941
whim, was permitted to write
vantage or at his own
his
"LIAR" and "DEFAULTER" upon
and to wear that noble
including
tribunal
injured,
those irretrievably
existed
no
or
brow
own
badge in the sight of all men,
and
there
force equipped with authority
to wipe out the stain or to prevent or.
and power
compensate the injury.
From the beginning of recorded history this has
20.70, against 20.70.
so
Chronicle
The Commercial & Financial
3398
Lease-Lend
been
privilege dear
a
to
every
despot
and
ever
governments assumed the right of
coinage,
essentially is merely the right to stamp upon
since
which
Act
pieces of metal the values at which they should be
involving the supply to China of materials to the
recognized in exchanges for commodities, in settle¬
under
ments
value of
plies,
The lease-lend
nearly 8100,000,000.
of which
some
according to
a
already arriving in China
are
Chungking dispatch
May
of
27,
There is hardly
pertain chiefly to war materials.
prospect that financial support given to China
in the least reduce the high living cost which
any
can
natives
for
sup¬
in
sixfold since
Shanghai is said to have increased
1936.
promises to pay at future dates, and as
quently protected dishonest rulers in fraudulently
counters with weights, or values,
marking these
In the history of coinage,
greater than actual.
very
many
of the units of money were originally desig¬
nated
by their weights, as the pound sterling of
England was once a pound of silver of standard
Closing quotations for
23.46, against 23.46
kong closed at
of
ments
instrumentalities for the storage of value, it has fre¬
on
yen
checks yesterday
Friday of last week.
24.55,
against
5.50, against 5.50; Manila at
were
Hong¬
24.60; Shanghai at
49.95, against 49%;
fineness, and it is now the fact, although relatively
few
of the connection, that the difference
are aware
between the
continuing unit of weight and the coin
the derivative
perpetuating
designation
is under
Singapore at 47%, against 47%; Bombay at 30.31,
most circumstances an accurate measure of the
against 30.31; and Calcutta at 30.31, against 30.31.
mate
in the
principal European banks
dates of most recent statements,
of respective
as
reported to
by
us
(Friday); comparisons
special cable yesterday
shown for the
fine ounce)
per
are
corresponding dates in the previous
four years:
Hanks
of—
1941
*933,301
France y...
242,461,946
3,892,100
63,667,000
16,602,000
Italy
1939
1938
£
£
*831,523
242,450,820
3,355,500
63,667,000
*129,780,751
311,709,194
3,010,000
63,667,000
23,400,000
100,750.000
17,440,000
327,247,486
293,725,347
remarkable
2,527,250
63,667,000
25,232,000
123,400,000
97,714,000
132,857,000
97,714,000
132,857,000
Switzerland
84,758,000
74,372,000
41,994,000
33,777,000
29,082,000
6,505,000
82,161,000
41,994,000
6,505,000
98,865,000
Sweden....
25,232,000
94,172,000
102,500,000
83,591,000
25,735,000
6,555,000
6,540,000
6,549,000
6,667,000
6,667,000
8,222,000
7,442,000
which is
695,642,843
698,436,671
Nat. Belg'm
Denmark
Norway
..
...
Total week.
Pre v. week.
82,260,000
78,103,000
861,995,945 1,031.338,083 1,103,886,607
867,981,691 1,033,593,047 1,097,592,749
Note—The
war in Europe has made it impossible to obtain
up-to-date reports
of the countries shown in this tabulation.
Even before the present
war, regular reports were not obtainable from Spain and Italy, figures for which
from
are
many
as
of April 30,
1938, and March 20, 1940, respectively.
The last report from
France was reoelved June 7; Switzerland, Oct. 25; Belgium,
May 24; Netherlands,
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of
and Germany, as of May 30, 1941.
*
1940)
Pursuant to the Currency
and Bank Notes Act, 1939, the Bank of England
statements for March 1,1939, and since have carried the gold holdings of the Bank
at the market value current as of the statement
date, instead of the statutory price
which
was
formerly the basis of value.
On the market price basis (168s. per fine
ounce)
are
show English
we
1939 and since Include
,,deposits held abroad" and "reserves in foreign currencies,'
y
The Bank of France gold holdlngs'have been revalued several times in recent
years; on basis of latest valuation
(23.34
mg. gold 0.9 fine
equals
franc), InstitutedjjMarch 7, 1940, there are per British statutory pound about 349 francs; prior
to March 7,1940, there were about 296 francs
per pound, and as recently as Septem¬
ber, 1938, as few as 125 francs were equivalent to the statutory pound.
For details
of changes, see footnote to this table in issue of July
20, 1940.
Yet there
common
things that
sovereignty, handed down from the
remote
held to be
an
absolute
right of divine origin, is that the sovereign
may, at any time and without explanation if he
so
chooses, arbitrarily
dishonor
promises leaving those who
are
any
of
his
injured
repudiations without redress, without
publicly to complain.
many
or
which
ment
being called
own
of
And
highly benefi¬
as a
only peacable way to enforec
contractual
citizens
gov¬
any
suit at law
obligation,
otherwise, it follows that the Govern¬
chooses
as a
or
to
hold
defendant
any one
itself
can
else,
immune
from
commit, against its
any
dishonorable act
repudiation which might have been committed by
Tiberius
coin,
realm,
Caesar, Charles V, Louis XIY, Henry VIII,
other autocratic sovereign who ever clipped
any
robbed the religious institutions of his
or
executed
or
a
subject in order to confiscate
his wealth.
The United States
even
has, it is true, erected
a
special
court, the Court of Claims, in which it permits itself
nor
was
law and
taken from the government of
grounds actually arising under its
contracts, but since 1933 neither the Court of Claims,
strangest and most obnoxious preroga¬
days when the privilege of ruling
other form of
one
The Government Promises
tives of
any
imported into America,
not be sued except when it has ex¬
may
to be sued upon
One of the
were
was
pressly accorded its consent.
is the
a
tabulation,
as reported in
who believe what they are told and
consciously tolerate
George III, the far-reaching doctrine that the
holdings in the above in statutory pounds.
holdings of the Bank of Germany
preserved without limita¬
great democracy and among whom
a
many
not
ernment
or
Gold
seems
of impossibility,
verge
regularly told by its political leaders that
along with the
the Bank reported holdings of £1,845,562, equivalent, however, to only
about £933,301 at the statutory rate (84s. llJid. 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
*
paragraph foregoing, it
the absolute
to
government.
cent
unredressible
part of the system of a self-governing people
as
6,602,000
698,041,347
698,045,330
Netherlands
the public.
of the sovereign
commit
to
ulti¬
repe¬
his people is set forth in plain English,
that it should have been
tion
would
322.090,041
347,630,266
2,462,300
87,323,000
and
it has been in the
as
there
1937
£
.1940
£
England.,.
Germany x.
himself
dishonor
to
frauds upon
they live in
£
Spain
the nature of this power
When
THE following table indicates the/ amounts of gold
bullion (converted into pounds sterling at the
84s. 11 %d.
long and
a
titious series of barefaced frauds upon
Gold Bullion in European Banks
British statutory rate,
degradation achieved through
own
the
latter
Supreme Court of the United States, the
having appellate jurisdiction
when it is
over
the former
pleased to exercise it by certiorari, has
found any
way
to recompense any person who has
been
injured by refusal of the Government to main¬
tain
theofull integrity of its outstanding promises
to
pay.
Consider the history of this principle, as
by such
exemplified in the monetary history of this country,
the right
from its commencement under the Articles of Con¬
The autocrat, for his
own
ad¬
federation
agreed
upon
during the Revolutionary
Volume
The Commercial & Financial Chronicle
152
period, under the Constitution of 1787, and under
the
five
six successive New Deals
or
which, begin-
3399
platform, adopted at the national convention, by
which Mr. Roosevelt was named as the candidate,
ning in 1933, have made so much of that great and
binding the party and the President to maintenance
beneficient Constitution
of the fiscal and monetary system that has just been
mere
nullities of
presently
only historical and academic significance. The debts
described.
of the
rency at
the
Revolutionary period, those that incurred by
separate States for war purposes as well as those
that
Congress had authorized,
Government
which
over
sided and before the
to
came
Washington
of that
conditions of those
debt,
so
days and
under the
enormous
so
courageously and
honorably accepted, had been paid in coin
of equivalent value that
paper
pre-
Presidency of Andrew Jackson
end, in 1837, every dollar of the principal
an
interest
and
assumed by the
were
George
exchangeable for coin at
par.
lin Roosevelt took oath to
in
or
fully and freely
was
Indeed, when Frank-
suport and maintain the
Constitution and laws of the United States and be-
President,
on
March 4, 1933, it was categori-
cally true that
no
obligation of the Government
came
which had matured up
to that time and
which
on
opportunity to make payment had been afforded by
the
creditor
in
coin
obligee, had failed to be fully met
or
its
or
equivalent that could be
paper
changed for coin at the will of the holder.
had been brief and
ex-
There
temporary suspensions of specie
The pledge was to maintain a sound cur-
all hazards. The candidate appeared before the convention to proclaim that he adopted and
approved the entire platform, that it had become a
contract with all the voters and people of the Na-
tion, and that, if elected, he would not depart in
any detail or degree from that platform or from any
of its pledges. Nevertheless, in the first weeks of
the new presidency, Mr. Roosevelt abandoned the
gold standard by his own action and forthwith induced an intimidated and subservient Congress not
only to sanction what he had done but to authorize
bim, at his pleasure or discretion, to diminish the
gold content of the dollar by
as
much
as
one-half of
the then statutory content. Stated differently, he
obtained legislative authority to diminish all the
outstanding obligations of the United States by payhig the principal and interest of bonds with fixed
maturities and the promises without maturity dates
of currency in circulation, in gold of such valuation
as he might determine, within the limits of $20.67
an ounce and twice that valuation, or $41.34 an
payments under pressure of warfare or of extreme
ounce.
industrial
What lie actually did was to fix the valuation of
gold at $35.00' an ounce, but he retained statutory
power to increase the nominal valuation, which is
the actual valuation for the fiscal purposes of the
United States, to the full $41.34 per ounce. At the
close of business on May 22, 1941, according to the
statement issued two days later from the Treasury
Department, the monetary gold held by tlie United
States, if it is worth $35.00 an ounce, had an aggreg&te value of $22,568,896,200.50, a large increase
from $19,071,326,734.17 held on the corresponding
date hi 1940. The holding of last week would seem
to have been a small fraction under 644,825,606 troy
ounces, far the largest store of the metal ever
assembled under one ownership, at any time in
history. The holding of the corresponding date in
1940 must have been a fraction less than 544,895,050
ounces, or 99,930,556 ounces less.
The President
still retains power, which expires next month, as
the law now stands, for the additional raising of
the nominal gold value to $41.34. Let it be noted
how these different valuations affect the Treasury's
valuations of the present store of hoarded gold, and
the smaller store of a year ago.
depression, but
before 1933
more
than half
the last of these had been
century
a
completely
and
honorably cured by payment in accordance with
the
precise terms of the obligation,
further
bonds
been
in
fair
going
or
even
dealing by paying in gold certain
which, by their language, might
payable in
seem
to have
silver of somewhat lower value,
When President Roosevelt
was
first
inaugurated the
statutory value, and the real value in exchange and
for other purposes,
United
its
States,
gold content
cents
an
of the standard gold dollar of the
was
the equivalent of the weight of
upon a
valuation of gold of $20.67
and gold and
ounce,
paper were
freely
ex-
changeable, at that valuation, at all the mints of the
United States
sequence,
and, in practice and
as a
natural
at any bank in the United States.
con-
At that
time, the outstanding bonds of the United States
and all the paper
gold certificates, which constituted
important portion of its currency in circulation,
an
expressly pledged, under authority
of
an
Act of
Congress, payment in gold coin of the then existing
weight and fineness.
Silver certificates, also in cir-
considerable volume
dilation in
their value in
the stored silver "which
.
-
.
but
.
,
almost
as
derived1
money,
exchange scarcely in any extent from
they nominally represented
.l
exclusively
i?
,
from
the
,
declared
,.
public
May 22.1941
per ounce
policy which made them, always and continuously,
dollar for dollar for gold coin.
exchangeable
small volume of
A
actually unsecured currency, collo-
qui ally called "greenbacks," was also in circulation
and derived all its value and
exchangeability for gold.
of the United
lative
able
its
utility from identical
In fact, it
was
States, solemnly declared by its Legis-
Department and sanctioned by every conceiv-
pledge of honor and of good faith, to
obligations in gold valued at $20.67
and,
the policy
upon
demand, to give gold, at the
pay
ounce
same
valua-
tion, in exchange for any of its paper money.
repudiate
boasted
any
To
fraction of any of these frequently
pledges was dishonorable and ought to have
been inconceivable to any
The New
office
all
per
Deal, and the
honest
new
man or
President,
statesman,
came
into
pledged by a declaration in the Damocratic
of
May 22,1940
644,825,606
544,895,050
ounces
ounces
*22!568!896!200
At Valuation
*19071 326 734
26,657!o9o!s52
22,525mi',zm
*Valuation now claimed in pubIic statement8 of Governmental assets,
Upon the gold valuation which had been in force
41.34
since long before the Civil War, and, except for a
slight adjustment to meet the necessities of the
bimetallic system that was made long before the
Civil War, from the foundation of the Nation until
it was radically altered under Mr. Roosevelt's leadership, the payment of a $1,000 bond of the United
States required substantially 48.38 ounces of fine
gold, which the owner of the bond was entitled to
receive. With money and bonds both cheapened, as
they have been by Mr. Roosevelt, the holder of a
maturing bond of the same amount would now receive irredeemable paper promises to pay, nominally
representing 28.57 ounces of gold, which he could not
TAe Commercial & Financial Chronicle
3400
by
obtain except at the pleasure of the
any means
additional devalua-
If there should be an
President.
expiration, in June, next, of the con-
tion before the
tinuing power to debase the currency and credit
country, to a valuation of $41.34 per ounce,
of the
the
of
amount
nominally represented by
gold
a
$1,000 bond would become less than 24.19 ounces.
Two facts make this discussion of monetary history and fiscal
manipulation under the New Deal,
possibilities that now exist, highly signifiand important.
First, the Government of the
with the
cant
United States is at this moment in the market to
exchanging therefor its promises to pay, and, second,
recently asked Congress to
the President has very
extend his
tent
present power to diminish the gold con-
which, by
by 6ach dollar of the Federal funded debt.
such
measure
never
be
complacent fiction, is pretended
represented by every dollar of currency
still to be
and
a
to have been
ernment of the United
market
ditions of every
borrower, even the Gov-
States, to
go
into the public
at the
right to alter the
a
con-
obligation and the real amount and
of the interest and
value
it would
now,
Nothing could be
trying to sell its obligations and,
time, proclaiming
same
its
Granted
sought.
the extreme.
fatuous than for any
more
No
ought to pass and the extension ought
pernicious in
principal to be paid, at
pleasure and in its own unreviewable dis-
own
region is 1,400 miles long and from 25 to 40 miles
wide. A rainless desert, only about 40 miles of it
of the river valfertile tracts, this section—
though containing barely 11% of the total area— is
economically the most important of the country.
For not only are nine of the fifteen principal cities
—including Lima, the capital—located there, but
the chief export crops of cotton and sugar, as well
as the developed oil fields, which normally provide
the largest mineral export, are within its confines.
having been turned, by irrigation
leys, into cultivated
About 25% of the
additional sums,
borrow from its citizens immense
May 31, 1941
population live in this region,
The second great
topographical subdivision (one-
third of the total area) is the sierra or mountain
region, composed of two main chains, interspersed
here and there connected by
with plateaus, and
minor ranges. The Western chain running parallel
to the sea is the loftier, its highest peak, Huascaran,
includes many other huge
Seventy percent of the population live
in this region- Though it contains Cuzco (50,000
being 22,000 feet, but it
mountains.
inhabitants) and Arequipa (60,000), as well as three
people live in villages and
hamlets- The metal mineral wealth lies chiefly in
this section.
It has been estimated that between
1493 and 1937 silver and gold, alone, to an aggregate value of $2,000,000,000 had been extracted,
In the sierra the notable road building skills of
other cities, most of the
old and new Peru have found full scope.
The old
to
Incas overcame the natural obstacles most resource-
and moderately circum-
dollar, by the weight and fineness of its metallic
of suspension
They are said;
to have invented the spade.
In more recent times
the railway construction engineers performed craft
miracles. The highest standard-gauge railroad in
the world, running from Callao to Huancayo—a distance of 215 miles—climbs to 15,805 feet, 23 feet
higher than Mt. Blanc, the tallest peak of the Alps,
and 300 feet or so higher than our own Mounts
Whitney and Rainier.
Still more recently the roads built by the Peruvian
Government to develop the accessibility and potentialities of the hinterland, includes one which,,
within 90 miles of Callao attains an altitude of
16,127 feet. Incidentally, it may be noted that our
Department of Commerce reports that many of these
new highways parallel existing rail routes, and that
with the expansion of truck haulage there has been
a marked decline in the tonnage carried and the re¬
ceipts of the principal railways. In 1937 Peru had
2,624 miles of railway, 1219 miles owned by the Peruvian Corp., representing British investments, 579
by the state, 270 by private industries, built primarily to serve industrial needs, and the balance by
content, and it cannot be satisfied
small companies.
Nothing could be more wicked than
cretion.
solicit the funds of trusting
stanced citizens with such
few of them could
cise it in
any
even
Congress
time
was
of devaluation at all.
residue of
the
imagine to exist,
to exer-
or
possible contingency to their subse-
quent disadvantage.
the power
reserved power, which
a
unwise to grant
It exhibited
a
small
decency and common sense in restricting
during which it could be exercised, but
again to extend that time would be subservient and
despicable,
To
as
well
as
surely destructive in the long
it ought to be, to the public credit.
run, as
purchase the bonds of the Government, in order
to assist
effectively in financing extraordinary ex-
penditures through
come
a
period of exigency,
patriotic duty incumbent
a
who is
may
be-
citizen
upon every
financially able to render such assistance.
But there is
a
reciprocal duty resting
ernment itself which neither
Congress
has any
right to forget
make
definite and unbreakable
a
or
upon
nor
the Gov-
President
That duty is to
to ignore.
promise to
pay an
unalterable amount at each interest date and upon
maturity.
This duty involves and requires
a
plain,
certain, and unalterable definition of the standard
promise to exchinge
dollars for another
one
become
any
mere
obligation of the
same
payable.
character
Neither duty
complete unless the reciprocal duty is
recognized and performed.
The initiative is
prop-
1
of
482,258
a
population of
both in
among
over
square
miles—or
a
little
6,800,000, Peru ranks fifth
size and in the number of its
the Latin American States.
the country
is divided into three
The third great natural division of Peru and the
largest, with 56% of the total
or
area,
is the "selva"
jungle region forming the lowlands east of the
Andes, and containing a network of rivers—most of
them affluents of the Maranon and the Ucayali
tropical vegetation.
less than ten times that of the State of New York—
and
system
The greater part
^is region is covered with forests and dense
peru
area
own
ian frontier, to form the Amazon.
;
an
their
which join, several hundred miles west of the Brazil-
erly with the Government.
With
devising
bridges and road levelling apparatus.
obligation in irredeemable
which has become due and
can
by
fully,
inhabitants,
and wild growth
are
As in Brazil the timber wealth
are
coffee and cotton
varied and abundant-
plantations-
been found to exist, and
a
There
Placer gold has
start has been made in
developing the oil possibilities of the
area-
Owing
Topographically
to poor transportation communication with the rest
The coastal
of Peru, except via the Amazon and the Straits of
zones.
Volume
The Commercial
152
& Financial Chronicle
Magellan—a journey of over 8,000 miles—the vast
potential
of the region have remained
resources
still
largely unexploited, and much of the area is
Recently, however, the developing high-
unexplored.
system is tapping the "selva" in more than one
wav
place, and when the world atmosphere becomes less
hectie, this section is expected to develop rapidly,
It contains about
5% of the population and one
(population
city—the Amazonian port of Iquitos
25,000).
Peru
has, for the Western Hemisphere, an un-
The Spandiards
usually long cultural tradition.
failed, indeed, to perceive anything of
value in
the
enduring
interesting civilization established by
the Incas, and except
for
few ruins and relics of
a
archeological import, Indian handicraft and an account
two
or
by scholarly churchmen written in the
early stages of the Spanish conquest, few traces
very
remain of its
for
was
hub
impact
the country. However, Lima
on
nearly 200 years, beginning about 1542, the
of the
huge, powerful and highly centralized
viceroyalty established by the
all of
crown over
Spanish South America, including Panama but ex-
cepting Venezuela.
headquarters of the
the
As
Spanish rule it has been described
as
the "most dis-
tinguished and aristocratic colonial capital and the
chief
The Univer-
Spanish stronghold in America."
sity of San Marcos, founded in May, 1551, antedates
the
University of Mexico City by two
and is
years,
the oldest in the New World.
The
population
About
is
dominantly of Spanish descent.
arrivals
Italians
the
While
nomic field.
bankers
and
close
form
Of the
the
groups,
more
largest
business
relations
and
recent
European
men
with
have been said to have
Fascist
Italy, much the
regarded
are
eco-
prominent
well assimi-
as
loyal to the interests of their adopted
There
country.
scattered
of their most
some
greater part of them
la ted
three
and control important activities in the
group
had
of
composed
10% form the white population which is pre-
over
are
Peru.
also
some
2,000 Germans well
The bank with the
largest do-
mestic commercial business is the German bank in
The Germans have been active in retail
Lima.
especially hardware.
eluding
with less than 1,500 there, unless
our own,
the recent
naval,
army
and air missions sent to train
the Peruvian forces have
Americans—are
trade,
The other white nations—in-
not
greatly reinforced the local
strongly represented numeri-
cally though the developed mineral wealth and the
railroads
are
largely controlled by foreign owned
corporations.
The other two chief racial divisions of Peru
the
are
Indians, forming 00% of the population, and the
Indian half-breeds who compose most
ing 30%.
of the remain-
As Japan, like Peru, is situated
on
the
Pacific, the Japanese have long had relations with
Of late years
ber.
the relative trade
the
they have been seeking to regain
position which
impaired by
was
opening of the Panama Canal and the
conse-
quent easier communications between Europe and
Peru.
In recent years
Japanese in Peru,
other aliens there.
or
there have been
about 15,000
They
are very
more
regions, and
the towns and
Their
as
success
60,000
than all the
successful
farmers in the coastal
cities.
some
as
small
retailers in
in the latter
capacity, especially in the distribution of imported
Japanese manufactured cotton goods has, of recent
years,
made them unpopular with the Peruvian
chants and industrialists.
mer-
This culminated in the
3401
spring of 1040 in serious anti-Japanese riots, for
which the Peruvian Government felt obliged to apologize to Japan. It may be added that in his message to the National Congress last year the President of Peru, after the riots, reported that Japan
would voluntarily limit the Importations of the class
of goods which formed the chief basis of the trouble.
Peru is an interesting example of a South American oligarchical republic. Her Constitution maintains the republican form of government. There
can be no doubt that she aspires eventually to establish a real democracy under that form. Yet, as has
happened elsewhere in Latin America, practice has
indicated that the dominant element do not believe
that the time is ripe to try realistic experiments in
democracy. Democratic principles must remain in
their view an ideal or goal, always to be had in
mind, and some day, when the people are ready for
it, to be put into practice. In a dispatch to the
New York "Times" published two weeks ago Mr.
Harold Callender reported that conservative Peruvians have repeatedly told him that the first step
toward an understanding between the United States
and Peru was the realization that democracy in the
American sense had been and still was frowned upon
there by the ruling class. When some of the facts
are examined there is at least something to be said
tor that point of view- As we have seen the whites
form only 10% of the population- The most representative among that element have a high standard
of culture and intelligence. The Indians and many
of those of mixed race, on the other hand, had their
perceptions so dulled by the harsh treatment and
lack of opportunity under the old Spanish regime,
as well as by the difficulty of their struggle for
existence in the mountains and in the coastal desert,
that many of them are said not to have been aware
after the revolution of the 1820s that a new order
obtained, and continued to subject themselves to the
white man's dominion, as though he were still by
right their lord and master until comparatively recent times.
As far back as 1911 a good educational system,
with compulsory elementary school training, was
inaugurated, but especially among the Indians and
in the rural districts, not a great deal was accomplished in overcoming illiteracy. Peru was still, a
few years ago, in the 11th place among Latin American countries in the proportion of the elementary
school children to the total population. Of recent
years a great improvement in this respect has manitested itself. In 1920 there were 202,207 pupils in
the elementary schools. In 1939, the number was
478,000. As in Mexico and Guatemala an effort
the benefits of education through the rural Indian communities.
In the course of time these endeavors should pro¬
duce the ingredients of a better informed and better
balanced electorate than is possible at present.^ That
they are being undertaken goes far to acquit the
white ruling class of any charge of insincerity in its
claim that the time for establishing a democracy on
a broad basis has not yet arrived,
The revolt against the Leguia dictatorship was
led by the cholo-Indian half-breed—Colonel Sanchez
Cerro who to the scandal of many upper class Peruvians became President in 1931. Under his regime
there was much unrest, which began with the discontent over the heavy taxation increase of the national debt and general policies of the arrogant and
over
is being made to disseminate
The Commercial & Financial Chronicle
3402
sometimes cruel
Leguia dictatorship,
the world wide hard
Cerro
under
the
in
as
well
radical
known
movement
The latter has been described
Aprismo.
tionalistic union of the
class and
native
Peru's
as over
times, and which culminated
as
a
in its broad outlines is typical of
Her foreign trade is vital to her
Latin America.
prosperity, and "the republic is essentially
as
a
surplus
producer of raw materials for foreign markets and
na-
proletariat, peasants, middle
capitalists
economy
May 31, 1941
a consumer
of imported finished goods."
Agricul-
istic program
anti-imperial-
ture including the raising of live stock is the most
to bring about a democratic, semi-
even
important economic activity, as about 85% of the
Marxian, semi-Fascist regime.
on an
Perhaps
population
more accu-
are more
less directly dependent
upon
it
Peru, when the transportation
rately it may be regarded as a united front of labor
for their sustenance.
and intellectuals
problem is more nearly solved and the possibilities
of irrigation are developed, will be able to grow
pointed at securing
a
real democ-
and social justice for the Indian.
racy
tended to
active
all of Latin
cover
It
was
in-
America, but secured
support only in Peru, where it has had
almost anything she needs.
appeal.
Cerro
assassinated
was
vides became President.
of 1936
clared
was
void
not
1933-
in
General
Bena-
completed and the election
candidate, who appeared to be winning,
was
acres
of arable land
of the 29% million
actually under cultivation,
were
de-
and while progress has since been made it is prob-
able that the percentage lias not been greatly in-
Agricultural enterprises,
creased.
sup-
ported by Apra, an association claimed to be illegal
with few exceptions owned and
because of its international scope.
among
full powers to
three yearshad
Though not quite
been towards
nevertheless
a
Congress awarded
General Benavides for
the
dictator and ruled
Congress for the last few
years
additional
cured constitutional amendments which
may
to have
a
legalized his acts.
reform
and
agricultural product shipped abroad, constituting
on
se-
almost entirely
numerous
policies in dealing with the problems of labor
underprivileged, including compulsory sosecurity insurance, improvements in housing
for labor—by 1939 732 workmen's
dwellings had
meal
can
be had for five
care
or
six cents and
a
forms most of the
dictators, such
and
era! Benavides manifested
construction of
a
roadstead of Mollendo.
pleted
a
which
increased
He began and
road
was
com-
much smaller.
suitable
Highway. Several thousands
of
for
acres
by irrigation, made available for
productive purposes.
General Benavides did not
polls
on
run
the ground of their
for reelection in
"foreign affiliation."
Dr. Prado has
pledged himself to it program of reforms and construction work
very similar to that
initiated by his predecessor.
Mr. Callender
that the President is
more
an
reports
regarded in Peru "as the much
moderate heir of the dictator General Oscar
K. Benavides-"
His Government authorized in 1940
internal loan of ten million soles to be
used for
the construction of
and
The
successfully compete
can
and that of 1949 which
was
creased her purchases and Japan is reported
,
lowing
a
similar
as
fol-
course.
The second most important
90% of the production
areas near
not
More recently, however, England in-
crop
is sugar-
from
comes
About
the irrigated
Lima and three other cities of the coastal
region- About 80% of the
crop
is exported. During
the first eleven months of 1940 the exports exceeded
1939, but supported the candidacy of Dr. Manuel
Prado, a banker. The Apristas were excluded from
the
un-
experienced in disposing of the record 1939 crop
( 414,000 bales)
16,500 miles, including over
1,900 asphalted miles of the Peruvian section of the
of arid land
were,
prices,
in 1939
of reach and England—the best customer for long
staple cotton—reducing her requirements, difficulty
motor travel to about
Pan American
as
The balin normal times, is exported chiefly to Great
Britain, Germany, and Japan. With Germany out
open
virtually
system
Sometimes
cept Japan, take about 10% of the crop.
three year program of highway building
Peru's
the
A long staple
ance,
special interest in the
Bay to replace the
grown
of
in Peru with the products of any other country ex-
council
public works, completing important
sheltered port at Matarani
sections
and there about 90 cotton gins in the country.
improvements to the port of Callao, and carried well
along those which will provide southern Peru with
a
Cotton is
years commands high
crop.
local textile mills, which
Leguia, Gen-
as
irrigated
favorable weather conditions affect the quality of
the production. About 100,009 persons are employed
of the interests of the Indians.
As had previous
to 19.7%.
the
variety, which in good
sanitation, limitation of the hours of labor, night
schools for adults, popular restaurants where a
good
to take
rose
in
coastal region—in small holdings.
the
completed—hospitalization, public health
In 1938 the percentage dropped to
17.7%, and in 1939
cial
been
the average of recent years about 25% of the
total exports.
be said
While he obviously was
dictator, he developed and inaugurated
the inhabitants.
Peru's total exports.
by decree without
He
are,
normally supplied only about 40% to the value of
Cotton has been the leading
as Leguia
regime, he was
of his term.
moreover,
widely diffused
Notwithstanding its importance agriculture has
harsh
so
of his
end
an
a
the
was
that
reason
estimated that only 12%
was
The count at the election
by Congress for the
There is, therefore,
high degree of potential diversity in this primary
source of her wealth.
However, some years ago it
wide
a
highways, sanitation, irrigation
drainage works, workmen's houses, the expro-
those for the entire year 1939—this was, however,
due mainly to Chile who took about 49% of the sugar
exported.
In 1938 sugar contributed 7.3% in value
to Peru's exports and in 1939 10.8%.
Italy has been the chief
consumer
of Peru's coffee
exports, and with the loss of that market she must
depend mainly
being.
can
on
the United States for the time
We have undertaken under the Pan-Ameri-
coffee producers agreement to absorb a quota
which is the equivalent of about one-half of Peru's
export surplus.
Stock raising is
ity of the highlands.
an
important activ-
Peru is self-sufficient with
re-
spect to meats, and exports large quantities of wool,
priation and reconstruction of properties
damaged
May by the most destructive earth wake ex-
hides and skins.
perienced by Peru in 50 years, in addition to the
twenty million soles already appropriated for the
is
last purpose-
and
last
Peru in spite of her effort to become self-sufficient
a
relatively large importer of food stuffs. In 1938
the value of these imports
in 1939
32% million.
were
38% million soles,
Among her subsistence
Volume
crops, that of
wheat,
in the highland valleys,
grown
has not been sufficient for her
has
rice, which is
both large
grown on
holdings in the northern coastal valleys,
The other subsistence crops
in the
requirements and she
She has lately become almost
imported heavily.
self-sufficient in
and small
highland valleys
most of which are grown
corn,
are
potatoes, beans,
barley and quinua—a cereal similar to millet.
A
government monopoly sells the equivalent of the annual increase of guano,
found
the coastal islands,
on
the producshipped
mainly domestically, though in 1938
tion
was
so
large that 16,698 tons
were
abroad,
After
agriculture the most important factor of
Peru's
abroad.
mining,
is
economy
chiefly by
companies
large
Petroleum
carried
which is
owned
on
controlled
or
production—derived at present
coastal departments—
mainly from the northern
represented nearly half of Peru's mineral output in
1939.
Gold, silver,
mineral
uted
vanadium, lead and zinc
copper,
most of the
constituted
The bulk of the
balance.
In 1938 it contrib-
production is exported.
61.5% of the total exports, and in 1939 the per-
centage
Petroleum and its derivatives ag-
56.1.
was
A large
gregated 33.9% in 1938, and 29% in 1939.
part, if not all, of the drop was due to the difficulty
in
securing shipping
came
acute in
more
decline
Of
an
space
for crude oil, which be-
1940, causing the shipments to
nearly 30%.
special interest is the fact that
corporation
3403
The Commercial & Financial Chronicle
152
owns, not
altitude of 16,800
an
American
far from Cerro de Pasco, at
feet
of the largest vana-
one
dium mines in the world.
This mineral is
particu-
larly useful at the present time as it is an important alloy imparting useful properties to the prod-
net when combined with steel,
Second to Great Britain as a purchaser of Peru-
vian prod ucts in 1936 and 1937, the United States
has since then been in the first place by a considerable margin. We have also consistently continued
to sell Peru yearly in that period more jgoods than
any other country.
* , .
Peruvians have for years desired to become as
self-sufficient as possible with respect to their requirements of industrial products. The Government
has given much consideration and bent effort to that
end. Manufacturing is' still, however, in its very
early stages- As a factor in the economy of the
country it ranks far behind agriculture and mining,
Wisely the initial undertakings have been mainly
concerned with those products not requiring exceptional technical skill and the raw materials for
which can be found in the country, such as articles
of apparel, paper, cement, foodstuffs, and light
metal products. The textile industry has made special progress, both in volume and quality of production.
> j
While the Peruvian economy has been involved to
a certain extent in the dislocation resulting from
the war, it has not been on balance adversely affected. 1939 began somewhat unpromisingly, but
taking the year altogether it eventually turned out
to compare not too unfavorably with the recent
years of prosperity. The same may be said of 1940
in spite of the complete loss of important markets
on the Continent of Europe.
The Business Marls Bookshelf
tions, sample payroll forms and other devices designed to
translate the law into terms understandable by the lay
Wage and Hour Manual
Bureau
National
of
1120
Out of the
Affairs,
Inc.
employer.
bewildering variety of interpretations, opinions,
orders, rules and regulations which together comprise
wage
the so-called
Volume
which
Wage and Hour law has
entitled
"1941
come an
1, 100-page
Wage and Hour Manual," a book
large number of law-harrassed business executives
a guiding light in a wilderness of social
legislation.
This volume supersedes a 1940 edition and contains about
500 pages more than its predecessor.
It embraces, so far
as can be discovered, all documentary material on Govern¬
ment regulation of wages and hours—the laws, administra¬
tive regulations and interpretations, and decisions of the
courts.
More important,
the documents are arranged
intelligently, fully indexed and generously interspersed with
non-technical explantatory articles.
Supplementing the basic material are some 300 authori¬
tative answers to questions on the law's application to
are
a
certain to find
specific
charts illustrating the scope ©f various exemp¬
cases,
particular value to attorneys is a compilation of all
the Wage and Hour Law to March,
Some 120 opinions, with carefully written headnotes,
are presented either in text or in digest form.
Each chapter
also includes an analysis of court decisions on the particular
topic treated.
The volume is in three parts, the first containing 17 chap¬
ters which treat separately the overtime, minimum wage and
other provisions of the Fair
Labor Standards Act. In
Part II similar attention is given the Walsh-Healey Public
Contracts Act and miscellaneous Federal laws regulating
wages and hours.
State legislation is treated more briefly
in Part III with digests of wage, hour, child labor and
industrial homework regulations for each State.
The editors of the "Manual" have wisely devoted 50 pages
to an exhaustive topical index and table of cases which add
immeasurably to the value of the volume as a reference
source.
About the only question which it fails to answer
is how so many employers managed to avoid pitfalls of the
Of
Price $5.
pages.
court decisions under
1941.
law before the
book's appearance.
The Course of the Bond Market
There
has
been
levels this week;
to
a
new
no
change
price
erally
24ks, 1956-58, advanced
paper
of importance
The new Treasury
in
bond
High-grade railroad bonds have been virtually unchanged.
Kansas
Medium-grade
New
lower.
& Santa Fe 4s, 1995, lost 44 at 109, while
Terminal
City
as
4s,
1900,
were
unchanged
at
108.
well as speculative rail issues have been
York
Central 4s,
1998,
Reading A 44£s, 1997, declined 1% to
lost 44
at 62%,
and
81%.
Trading in utility bonds has been on a more or less routine
basis.
High
grades
firmed slightly, and offering of $80,-
000,000 Union Electric Co. of Missouri 3%c, 1971, was well
received.
Interest in
speculative issues has been light, and
price changes have been insignificant.
No
important changes occurred in the industrial section
of the list this week.
oils
Steel company issues have been gen¬
showed mixed fractional changes, and
obligations
company
Weakness occurred
high of 103, selling on a when-issued basis.
Atchison Topeka
steady,
showed
moderate
strength.
in the International Mercantile
Marine
point or better occurred
among low-grade issues, including the Marion Steam Shovel
(stamped) 6s, 1947, which gained 2 points at 974k, and the
Certain-teed Products 54&s, 1948, which were up 1 point
6s, 1941, and a few changes of a
at
85.
In the foreign bond
market Danish issues declined with
German Government loans have
issues changed fractionally.
Canadian and Australian bonds improved.
Among South
American loans Colombian 6s firmed up, and the Sao Paula
7% Coffee Loan gained a point.
Cuban 4%s continued in
fairly
been
substantial
lower,
losses,
while Norwegian
better demand.
Japanese remained firm.
Moody's computed bond prices and
are given
in the following tables:
bond yield averages
The Commercial & Financial Chronicle
3404
MOODY'S BOND YIELD AVERAGES f
MOODY'S BOND PBICES t
(Baaed on Individual Closing Prices)
(Baaed on Average Yields)
V. 8.
1941
Daily
Govt.
A perwet
Bonds
May 30..
Stock
Aaa
A,
Aa
Bad
Am.
Daily
rate *
1941
Corpo¬
Average
rate
Corporate by Groups ♦
Corporale hp Ratings •
Am.
Corpo¬
May 31. 1941
R. R.
■,
P. U.
Indus.
Corporate by Groups
Corporate by Ratings
P. U.
3.96
3.13
3.02
3.97
3.13
3.01
3.96
3.13
3.01
3.96
3.12
3.01
4.33
3.96
3.13
3.01
3.34
4.33
3.96
3.13
3.01
2.99
3.34
4.32
3.95
3.13
3.02
2.81
2.98
3.34
4.32
3.95
3.13
3.01
2.82
2.99
3.34
4.32
3.95
3.13
2.82
2.99
3.34
4.32
3.94
3.13
3.02
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
3.37
2.82
2.99
3.34
4.32
3.95
3.14
A
Aa
Exchan ge Clos ed
Baa
Exchan ge Clos ed
113.31
116.61
106.39
107.09
91.05
96.69
110.70
112.75
29
2.82
2.99
3.33
4.34
28— 118.48
106.39
116.61
113.31
106.92
91.19
96.54
110.70
112.93
28
3.37
2.82
2.99
3.34
4.33
27— 118.46
106.39
116.61
113.31
107.09
91.19
96.69
110.70
112.93
27
3.37
2.82
2.99
3.33
4.33
26-. 118.41
106.39
116.80
113.31
107.09
91.19
96.69
110.88
112.93
26
3.37
2.81
2.99
3.33
4.33
24.. 118.41
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
24-
3.37
2.81
2.98
3.34
23.. 118.35
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
23
3.37
2.81
2.98
22— 118.37
21- 118.33
106.39
116.80
113.31
106.92
91.34
96.85
110.70
112.76
22—
3.37
2.81
106.56
116.80
113.50
106.92
91.34
96.85
110.70
112.93
21———
3.36
20- 118.36
106.39
116.61
113.31
106.92
91.34
96.85
110.70
112.75
20
3.37
19- 118.43
106.39
116.61
113.31
106.92
91.34
97.00
110.70
112.75
19——
3.37
17— 118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
17
16.. 118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
16
15- 118.61
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
14— 118.61
13— 118.54
12.. 118.51
106.56
116.80
113.31
107.09
91.34
96.85
110.70
112.93
106.66
116.80
113.31
106.92
91.48
97.00
110.70
112.75
106.56
May 30
116.80
113.31
107.09
91.62
97.16
110.70
112.75
10— 118.51
»- 118.46
106.56
116.61
113.12
107.09
91.62
97.00
110.70
116.80
113.12
106.92
91.62
97.00
110.52
112.93
8- 118.49
106.56
116.80
113.12
106.92
91.62
97.00
110.70
7- 118.69
106.39
116.80
113.12
106.92
91.48
97.00
6.. 118.64
106.39
116.61
113.12
106.92
91.48
5— 118.66
108.39
116.61
113.12
106.92
118.64
106.56
117.00
113.12
2— 118.66
106.39
117.00
1-- 118.68
106.39
116.80
Apr. 26.. 118.62
106.21
116.61
112.75
106.56
18— 118.28
105.86
116.41
112.56
106.39
10.. 117.36
105.69
116.41
112.19
106.21
90.77
4— 117.55
106.04
116.80
112.37
106.21
106.04
3—
■
-
...
2.82
2.99
3.34
4.32
3.95
3.14
3.02
2.81
2.99
3.33
4.32
3.95
3.13
3.01
3.36
2.81
2.99
3.34
4.31
3.94
3.13
3.02
—
—
3.36
2.81
2.99
3.33
4.30
3.93
3.13
3.02
—
3.36
2.82
3.00
3.33
4.30
3.94
3.13
3.02
9
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
112.75
8
3.36
2.81
3.00
3.34
4.30
3.94
3.13
3.02
110.62
112.75
7
3.37
2.81
3.00
3.34
4.31
3.94
3.14
3.02
97.00
110.52
112.75
6——
3.37
2.82
3.00
3.34
4.31
3.94
3.14
3.02
91.34
96.85
110.52
112.56
5
3.37
2.82
3.00
3.34
4.32
3.95
3.14
3.03
106.92
91.48
97.00
110.52
112.75
3
3.36
2.80
3.00
3.34
4.31
3.94
3.14
3.02
112.93
106.74
91.34
96.85
110.52
112.75
2
3.37
2.80
3.01
3.35
4.32
3.95
3.14
3.02
113.12
106.74
91.34
96.85
110.62
112.56
1
3.37
2.81
3.00
3.35
4.32
3.95
3.14
3.03
91.19
96.69
110.34
112.19
3.38
2.82
3.05
90.91
96.54
110.15
112,00
18—
96.54
109.79
111.81
10——
91.48
97.00
109.97
112.19
4
■;
12
10
hi?-:
'
>.
''
116.41
112.19
91.05
96.54
109.79
111.81
117.00
112.93
106.56
90.77
96.54
110.15
112.75
21
117.40
113.31
106.56
90.48
96.54
109.97
113.31
14
7— 116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
Feb. 28— 116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
21— 116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.76
14.. 116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
7— 116.62
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
Jan. 31.. 117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
24- 117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
3.02
3.36
4.33
3.96
3.15
2.83
3.03
3.37
4.35
3.97
3.16
3.41
2.83
3.05
3.38
4.36
3.97
3.18
3.07
2.81
3.04
3.38
4.31
3.94
3.17
3.05
3.40
Mar. 28
106.21
106.21
—
3.40
3.39
Apr. 25—
14- 117.77
105.86
3.06
2.83
3.05
3.39
4.34
3.97
3.18
3.07
3.38
2.80
3.01
3.36
4.36
3.97
3.46
3.02
3.38
2.78
2.99
3.36
4.38
3.97
3.17
7
3.39
2.78
2.09
3.37
4.40
3.99
3.17
3.00
Feb. 28
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
21-
3.42
2.80
3.02
3.39
4.45
4.03
3.19
3.02
14
3.40
2.77
3.00
3.38
4.44
4.01
3.19
7
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
31—
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
113.50
24
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
....
"
.
3.02
3.37
3.36
13
-
21- 117.85
Mar.28- 117.80
3.02
14
15
/
112.75
106.56
3.37
-
R.
;-
29.. 118.71
i
Indus.
R.
Stock
Aaa
:■
■
Jan.
2.99
3.00
17- 118.06
106.66
118.20
113.89
106.56
90.48
96.69
110.15
113.89
17———
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
10- 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3- 118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
3
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
Hlgh 1941 119.05
106.74
118.60
114.85
107.09
91.62
97.31
110.70
114.66
High 1941
3.42
2.84
3.06
3.39
4.47
4.03
3.20
1941 115.89
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
Low
3.35
2.72
2.91
3.33
4.30
3.92
3.13
2.92
High 1940 119.63
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
High 1940
3.81
3.06
3.19
3.78
5.24
4.68
3.42
3.36
2.91
Low
Low 1940 113.02
3.08
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low 1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
112.37
110.16
99.68
79.49
86.51
105.69
107.09
May 29, 1940—
3.80
3.04
3.16
3.77
5.23
4.67
3.41
3,33
100.16
114.08
110.34
98.09
82.65
88.54
105.52
108.16
2 Years Ago—
May 29, 1939—
3.74
2.95
3.15
3.87
4.97
4.52
3.42
3.27
1
2 Yrs.Ago
May29'39 116.99
1941
99.20
1 Yr. Ago
May29'40 113.26
—
Year Ago—
♦These prices are computed from average yields on the basis ol one "typical" bond (3 H% coupon, maturing In 25 years) and do not purport to show either the
level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative
of yield averages, the latter being the true picture of the bond mar set.
average
movement
t The latest
THE
complete list of bonds used In computing these indexes was published In the Issue of July
STATE
OF
TRADE—COMMERCIAL
EPITOME
Thursday Night, May 29, 1941.
Business activity continues to expand despite the many
handicaps.
emergency
The
President's
declaration
is expected to step
of
an
production in
up
a
unlimited
most sub¬
stantial way, but to what extent it will curtail strikes and
remove this ever growing menace that is such a thorn in the
Administration's side, remains to be
continued favorable.
a new
high since 1930.
seen.
Business
news
Car loadings are expected to establish
Electrical output established
all-time peak for the season and retail trade
15 to 20% higher than a- year ago.
was
a new
estimated
Steel trade reviews reiterated the
necessity for priorities
impasse which exists in certain important products.
At the same time emphasis was placed on the ability of the
industry to fill all defense and urgent civilian needs if non¬
essential and speculative orders are eliminated.
The Gano Dunn report on capacity of the steel industry
was just announced.
It informed the President that there
to end the
is not sufficient skilled and semi-skilled labor in the United
♦States to produce and consume 120,400,000 tons of steel in
1942, an amount estimated
Research and Statistics.
as
required by the Bureau of
Electric output reached an all-time high of 3,011,754,000
kwh. in the week ended May 24, the Edison Electric In¬
stitute announced yesterday on the basis of a revised defini¬
tion of what constitutes the public power
supply.
The
latest total compares with a revised figure of 2,982,715,000
kwh. in the week ended May 17, and is 16.3% above the
1940
comparative of 2,588,821,000.
Class I railroad earnings in April amounted to $52,568,880,
before interest and rentals,
compared with $34,120,523 in
April, 1940, and $60,882,332 in April, 1930, The Association
of American Railroads reported today.
The April'earnings
were at an annual rate of
3.07% on the railroads' property
investment, compared with 2.01% in April, 1940, and 3.61
in April, 1930.
The United States is now producing better than 17,000
planes annually and will be up to a 30,000 yearly basis by
early fall, the magazine "Aviation" reports in the June issue.
In the first quarter of 1941 the domestic
output approximated
$225,000,000, while exports totaled $124,000,000.
Engineering construction awards for the short week caused
by the early closing for the Memorial Day holiday, total
$70,368,000, a decline of 10% from the total for the cor¬
responding 1940 week as reported by "Engineering NewsRecord."
-
A"
Xti
13,
1940,
page
160,
Private awards
are 60% greater than in the same week
but public construction is 32% lower. A decline
of 52% in Federal contracts is responsible for the drop in
public construction, as State and municipal work is 17%
last year,
above
a
year ago.
The Association of American Railroads
reported today that
866,017 cars of revenue freight were loaded during the week
ending last Saturday. This was an increase of six tenths of
1 %, compared with the preceding week; an increase of 26 %
compared with a year ago, and an increase of 38.9%, com¬
pared with 1939.
Loadings were the highest since the week
ended Nov. 8, 1930, when they totaled 881,517 cars.
The continued absence of material rainfall, together with
high temperatures, has intensified droughty conditions in
much of the area from the Mississippi Valley eastward.
Local showers provided temporary relief in the Northeast
and northern Ohio Valley, but drought-relieving rains were
entirely absent over the eastern half of the country where
May has been very dry following successive monthly de¬
ficiencies in precipitation since last fall.
According to Government advices, cultivated crops have
not as yet suffered materially, but some early truck, such as
strawberries and hay, pastures, and spring seeded grains
have been badly affected, especially from the central Ohio
Valley eastward.
In Illinois and Iowa conditions are very
spotted, with about half of each State in fairly good shape
and the other half dry, while most of Missouri and Arkansas
needing rain badly.
In the northern Great Plains strong
rapidly and more moisture is now needed
of this area, especially South Dakota.
On the
other hand heavy rains caused more or less flood damage in
the southern Great Plains where farm work is being retarded
by wetness, with dry, sunshiny weather badly needed.
From the Rocky Mountains westward conditions remain
are
winds dried the soil
in
much
favorable.
In the New York
City area it has been generally clear and
heavy showers towards the end of the week.
The weather on Thursday was mild and at times overcast
as temperatures
ranged between 61 and 78 degrees.
The
forecast is for partly cloudy and cooler weather tonight and
Friday with prevailing fresh to strong north to northeast
winds.
The lowest thermometer reading tonight both for
the city and suburbs is placed at 50 degrees.
The highest on
Friday is expected to touch about 70 degrees.
•
Overnight at Boston it was 52 to 70 degrees; Pittsburgh,
70 to 88; Portland, Me., 49 to 59; Chicago, 72 to 93; Cin¬
cinnati, 62 to 95; Cleveland, 71 to 91; Detroit, 68 to 92;
Milwaukee, 55 to 88; Charleston, 66 to 88; Savannah, 66
warm,
with
some
The Commercial
152
Volume
88; Springfield, 111., 70 to 91; Oklahoma City, 65 to
City, 48 to 71, and Seattle, 46 to 65.
to
Moody's Commodity Index Declines
86;
Salt Lake
Moody's
—♦
10 Countries Compiled
Motors
Cornell University
wheat
Corp.
prices, these organizations now are publishing
information only as individual country indexes.
The index is built upon 40 basic commodities and the
world
the
list
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price data are collected weekly by General Motors
Overseas Operations from sources described as "the most
responsible agencies available in each country, usually a
is the
for each country in so
same
The
newsprint, linseed oil, &c.)." Weights assigned in the index
to the different commodity groups are as follows;
Grains,
20; livestock and livestock products, 19; vegetable fats and
other foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneoeus, 18.
The indexes, which are based on prices expressed in the
current of each country, were reported May 26 as follows:
(August, 1939=100)
Mex¬
Argen-
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
Java
120
143
116
120
144
prices.
The movement of the index
ico
.
June
118
118
New
Zeal'd
Swe¬
Switz¬ United
States
erland
den
113
113
131
112
114
112
*
136
118
120
145
115
112
114
132
140
109
118
119
120
150
115
111
120
132
144
109
September..
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
November..
113
125
.124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
v-O
118
1941—
Totals 866,017 Cars
Loading of
24
freight for the week ended May
revenue
Association of American Railroads
May 29.
This was an increase of 178.537
totaled 866,017 cars, the
announced
on
26% above the corresponding week in 1940, and an
increase of 242,475 cars or 38.9% above the same week in
cars or
Loading of revenue freight for the week
1939.
was
an
increase of 4,740 cars above the
of May 24,
preceding week.
loading totaled 369,275 cars, an increase
Miscellaneous freight
cars
of 874
and an increase of 90,302 cars above the
above the preceding week,
corresponding week in 1940.
Loading of merchandise less than carload lot
a
cars
freight totaled 162,254 cars,
preceding week, but an increase of 13,345
decrease of 265 cars below the
above the corresponding week
in 1940;
amounted to 151,878 cars, an increase of
the preceding week,
and
4,424 cars above
increase of 34,927 cars above the
an
corresponding
week in 1940.
cars
grain products loading totaled 40,130 cars, an
increase of
above the ■
above the preceding week, and an increase of 10,698 cars
Live stock loading amounted to
10,429 cars a decrease of 2,507 cars from
week, and a decrease of
the preceding
77 cars from the corresponding
week in 1940.
Forest products
loading totaled 41,718 cars, an increase of 376 cars
the preceding week, and an
increase of 7,051 cars above the
above
corresponding
week in 1940.
144
171
120
121
113
119
147
171
120
123
114
119
154
176
122
>151
124
114
119
157
180
124
131
rl50
124
7115
120
156
180
125
preceding week,
125
116
120
157
180
126
in 1940.
*180
126
126
114
114
126
127
March
119
122
129
150
rll9
120
131
rl20
121
150
,
111
121
150
January
February
/
119
76,601 cars, a decrease pf 8 cars below the
Ore loading amounted to
preceding week, but
an
increase of 17,530 cars above thl corresponding week:
in 1940.
1941—
end.:
Weeks
Ended May 24
Freight Car Loadings'in^Week
Revenue
114
127
197.4
171.6-
Holiday.
corresponding week in 1940.
109
131
118
August
116
196.3
185.5
153.1
.171.8
149.3
Sat.
1,225
132
July.
118
follows:
Two weeks ago,
Mon.
Coal loading
\
120
196.3
May 23
Grain and
1940—
May.......
was as
May 16May 24
196.1 Month ago, April 30.
May 26...iiii-..196.3 Year ago, May 29
Tues.
May 27
195.6 1940 High—Dec. 31
Low—Aug. 16
Wed.
May 28
...195.3
Thurs. May 29
194.2 1941 High—May 21
Low—Feb. 17
Fri.
May 30
*
Fri.
far as possible.
commodities involved in¬
clude "a comprehensive list of several groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals, and a
list of other miscellaneous materials (rubber, hides, lumber,
department."
government
The
compared with 196.3 last week Friday.
as
principal individual changes were declines in rubber and
and Cornell University, which
prior to the European war had collaborated in the publica¬
tion of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
basis than before the war.
Instead of a composite index of
General
Commodity Index closed at 194.2 this
Daily
Thursday,
Commodity Price Indexes of
by General Motors and
3405
& Financial Chronicle
5..
Apr. 12..
Apr.
Apr!
19--
122
121
131
rl50
Apr.
26..
rl21
120
rl31
*151
127
116
120
7156
3-.
May 10.
May 17..
122
120
130
*150
127
116
120
156
121
120
rl32
*150
128
117
120
156
190
127
*121
120
134
*150
129
117
*120
155
190
above the
corresponding week,
amounted to 13,732 cars, an increase of 621 cars
Coke loading
and
an
increase of 4,761 cars above the
128
May
_
*
increases compared with the
All districts reported
126
*
r
Revised.
2,740,095
2,824,188
2,557,735
4 weeks of February
5 weeks of March
3.817,918
3,123,916
2.793,563
794,301
2,495,212
665,547
680,628
4 weeks of January
Commodity Price Average Shows Slight Gain in Week
Ended May 24, According to National Fertilizer
In the week ended May 24
tional Fertilizer Association.
this index advanced to 106.8 from 106.7 in the preceding
was 104.1 a month ago, and 97.2 a year ago, based
the 1935-1939 average as 100.
The Associations report
week; it
under date of May 26
continued
Trends in foodstuff prices were mixed
meats, butter, and flour more
as
follows:
during the week, with declines in
than sufficient to offet increases in less im¬
moderate recession in the group
immediately preceding two weeks
it is still at the highest point recorded in more than three years.
In the
farm product group price increases for cotton, hogs, and poultry offset
declines in grains and other livestock quotations.
The trend of industrial
prices was upward.
The average for aU commodities except farm products
and foods registered a marked rise.
Textile prices were generally higher,
with 14 items included in the group advancing and none declining.
An
commodities, the result
average,
was
chemical and drug price index was the result of an advance
A sharp increase in demand caused by the
defense program was responsible for an increase in the price of petroleum,
which, combined with higher gasoline quotations raised the fuel index to
the
price of glycerine.
the highest point
reached since last year.
included in the index advanced and 21
preceding week there were 44 advances and 13 declines, in the
During the week 41 price series
declined, in the
second preceding week there were
Compiled by the National Fertilizer
Association.
Latest
Per Cent
Foods.
—
—
Fate and oils
Month
year
Ago
Ago
Apr. 26,
May 25,
1941
1940
98.1
90.7
Farm
•;
products.....
— .....
Cotton..............—.
Grains....
Livestock
102.6
111.5
.....
111.1
97.9
------
18 major
122.0
103.5
98.4
-
-
15,534,508
--
13.378.462
12.136,538
railroads to
report
119.6
104.1
for the week ended
REVENUE
FREIGHT LOADED AND
RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded
on
Own
Weeks Ended
Lines
Received from Connections
Weeks Ended—
—
May 24 May 17 May 25 May 24 May 17 May 18
1941
1941
1940
1941
1941
1940
21,851
22,694
18.373
7,295
7,376
5,237
Baltimore & Ohio RR.
41,576
41,608
32,067
21,979
21,866
17,879
Chesapeake & Ohio Ry—
29.487
28,648
24.369
14,117
12,736
11,298
Chicago Burlington &
Qulncy RR
Pac. Ry
Chicago & North Western Ry__
17.091
16,475
12,792
9,298
7,036
Chicago Milw. St. Paul <fc
22,807
22,472
19,013
9,298
8,445
6,670
12,574
9,161
1,151
1,994
2,630
Atchison Topeka & Santa
Fe Ry-
9,281
23.634
22,651
18,349
Gulf Coast Lines
3,223
3,380
2,486
1,747
11,784
1,715
International Great Northern RR
1,929
2,176
1,564
2,990
3,024
4.310
4,552
3,665
3,477
3,419
14,802
14,965
12,247
11,455
11,075
8,670
52.472
51,436
41,113
49,735
48,880
38,979
Louis Ry...
6,765
6,137
5.461
13,574
12,212
23,942
88,079
24,045
19,820
6,149
6,072
4,464
87,672
63,827
57,029
55,186
RR.....
—
>.
89.8
8,528
8,511
6.388
10,122
9,944
34,297
33,892
27,140
11,489
11,403
8,099
6.039
5,906
4,855
11,378
10,811
8,044
7,402
Ry.......—-i.
Plttsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry.......—..........
6,637
5.858
6,484
408.234 403.857 319.387 260.173
Total
100.9
100.4
98.5
TOTAL LOADINGS AND
104.5
103.4
115.0
115.0
114.1
Textiles
128.3
(Number of Cars)
126.0
120.6
103.5
103.4
103.7
101.3
,
Weeks Ended—
104.4
-
7.1
Metals....................
6.1
Building materials
116.6
116.6
116.6
104.0
llllnols Central System
1.3
Chemicals and drugs
1C4.8
104.3
104.7
100.7
St, Louis-San
.3
Fertilizer materials
107.1
107.1
106.9
.3
Fertilizers.
101.1
101.1
101.2
101.4
.3
Farm machinery
99.3
99.3
99.7
May 17. 1941
28,681
28.493
23,020
37.423
36,345
15.478
28,590
15,813
81.917
80,316
63.118
105.1
100.5
Chicago Rock
Base period
106.8
106.7
97.2
1935-1939 average as
May 24, 1941, 83.2; May 17, 83.1; May 25,
changed Jan. 4 from 1926-1928 average to
Indexes on 1926-1928 base were:
1940,75.7.
104.1
Island & Pacific Ry.
—
Francisco R>
Total
In the
combined
May 25, 1940
Mag 24, 1941
113.5
103.4
All groups
251.434 197.811
RECEIPTS FROM CONNECTIONS
79.3
106.5
100.0
6,188
86.6
Miscellaneous commodities..
8.2
9,572
45,111
4,871
6,945
91.7
96.1
Fuels
.
'
of 408,234 cars of revenue
freight on their own lines, compared with 403,857 cars in
the preceding week and 319,387 cars in the seven days ended
May 25, 1940.
A comparative table follows:
83.7
121.4
,f
67.3
102.8
10.8
100.
-
68.0
120.8
102.9
17.3
*
623.542
May 24, 1941, loaded a total
Pere Marquette
Week.
101.1
-
Norfolk & Western Ry...
94.3
...—
Cottonseed oil...........
23.0
The first
-
Pennsylvania RR
May 17.
1941
1941
-
Missouri Pacific RR
(1935-1939=100*)
Preced'g
'M
N. Y. Chicago & St.
Week
Group
Total Index
25.3
...
612,888
866,017
24
Total
572.025
554,644
679,065
687,480
861,277
Week of May
2,288.730
2,282,866
2,976,655
2,225,188
New York Central Lines........
PRICE INDEX
May 24,
Each Group
2,488,879
837,149
-
Missouri-Kansas-Texas
43 advances and 9 declines.
WEEKLY WHOLESALE COMMODITY
Bears to the
3
Week of May 17
a
but with the exception of the
upturn in the
in
April
Week of May 10
Wholesale commodity prices last week were fractionally
higher, according to the price index compiled by The Na¬
portant
4 weeks of
Week of May
Association
on
.
1939
1940
1941
Preliminary,
corresponding weeks-
1939.
in 1949 and
— -...
------- -
-
-
,
following we undertake to show
11,508
also the loadings
roads and systems for the week ended May 17,
1941.
During this period 117 roads showed increases when
compared with the same week last year.
for separate
T7?e Commercial & Financial Chronicle
3406
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenue
from Connections
1939
1940
1941
1941
District—(Concl.)
Nashville Chattanooga & St. L.
515
583
524
1,924
Boston &
8,603
1,587
7,048
1,681
7,322
Arbor
-
Maine————
1,522
1,111
304
301
13,809
2,431
1,598
1,386
1,302
Chicago Indianapolis & Louisv.
10,473
2,090
16
22
17
1,419
5,957
9,640
1,350
4,682
1,311
4,829
8,969
8,633
288
275
376
151
1940
Delaware & Hudson
......
Delaware Lackawanna & West-
2,114
2,093
1,265
2,930
14,126
8,331
1,207
2,770
11,361
2,652
1,510
9,398
3,093
1,868
1,140
6,867
2,270
410
214
Detroit & Mackinac
Detroit Toledo & Ironton.
438
314
15,066
6,225
12,109
4,736
12,498
4.449
Lehigh & Hudson River...
Lehigh & New England—
Lehigh valley.
280
338
251
1,949
1,822
8,511
61
2,204
8,520
2,493
3,695
Detroit & Toledo Shore Line...
Maine Central
9,557
3,097
6,322
2,324
52,283
12,165
1,175
6,137
.......
Monongahela
—
Montour
New York Central Lines
N. Y. N. H. & Hartford
-
New York Ontario & Western..
2,660
4,452
1,933
40.056
59
2,896
10,622
8,877
245
—
Grand Trunk Western—
Erie....
3,219
1,076
2,526
382
1,513
6,574
9,312
20,801
8,706
17,904
5,819
19,641
1,153
5,201
4,829
14,476
452
357
665
594
173
149
134
933
675
121,816
100,717
86,130
88,218
68,108
Chicago & North Western
Chicago Great Western
22,651
2,707
11,784
3,422
2,737
21,766
17,779
2,491
18,356
3,238
14,413
15,548
2,452
& Pac
Chicago St. P. Minn. & Omaha
Duluth Missabe & Iron Ridge._
Duluth South Shore & Atlantic.
Elgin Jollet & Eastern........
Ft. Dodge Des Moines & South.
18,166
3,683
8,445
4,094
12,623
258
694
519
502
131
193
Great Northern
24,124
16,611
15,768
3,980
3,128
671
530
573
695
543
3,114
2,362
1,985
77
1,519
1,791
5,542
2,141
1,688
2,744
9,260
4,285
2,275
3,923
3,597
1,212
_
2,683
381
443
466
312
10,903
26,373
559
-
Piedmont Northern.
2,893
1,051
508
Southern
Norfolk
.
Richmond Fred. & Potomac...
Seaboard Air Line...
1,088
865
122
3,259
.....
Central Vermont
2,154
8,057
7,060
7,311
1.450
9,285
1,041
5,337
48
50
33,443
9,145
1,372
4,810
48,033
39,785
12,204
2,012
9,676
1,497
16,414
2,427
12,212
Southern System...----Tennessee
Central
.......
Southbound...
Winston-Salem
Total
District-
Northwestern
Chicago Milw. St. P.
479
350
440
1,750
8,445
6,637
6,070
4,316
5,375
10,010
5,937
Pittsburgh & Shawm ut
805
963
295
61
109
Pittsburgh Shawmut & North..
515
318
349
490
318
Spokane
1,152
991
698
642
619
62,2
5,906
5,522
5,165
4,586
5,220
3,217
10,811
1,019
8,072
3,955
145,609
133,581
200,168
157,265
9,038
6,825
3,215
119
808
778
482
450
7,537
10,752
5,849
8,997
4,369
3,245
180,044
4,037
22,531
1,549
Western
—
Lake Superior & Ishpeming....
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Louis.....
N. Y. Susquehanna & Western.
Pittsburgh & Lake Erie
N. Y. Chicago & St.
Pere Marquette..
Pittsburgh & West Virginia.—
Rutland.....
.......
Wabash
Wheeling & Lake Erie.
Total..
6,270
4,890
6,188
2,230
1,251
1,683
Green Bay &
672
513
411
998
845
Baltimore & Ohio————
41,608
31,062
28,450
2,769
21,866
2,285
17,280
International——~
Portland & Seattle
178
158
201
343
304
2,514
1,801
1,929
1,987
1,430
137,236
103,942
96,650
53,865
40,290
Santa Fe System.
22,694
3,344
18,741
19,078
2,913
7,376
2,871
5,560
2,622
Garfield
Chicago Burlington & Quincy..
Chicago & Illinois Midland....
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
680
566
465
103
84
16,475
13,324
1,415
11,045
1,976
9,298
7,224
821
688
2,888
13,153
1,996
10,653
2,320
724
610
613
2,994
2,032
1,708
9,915
3,012
1,702
3,375
8,612
2,487
1,413
2,698
Spokane
Total
6,807
5,228
267
314
338
4
2,019
Bessemer & Lake Erie.........
985
1,383
20
16
6.453
6,204
15,053
11,252
Cambria & Indiana
Central RR. of New Jersey....
7,890
2,124
<>,
:
-
Dlstrlct-
Central Western
Bingham &
647
551
59
60
Denver
230
206
42
37
Denver
97
94
168
21
21
Fort Worth & Denver
800
Long Island-
....
573
670
3,079
2,686
1,627
1,145
62,242
13,031
916
1,790
1,314
55,034
55,186
12,595
22,677
15,291
6,622
3,244
3,407
6,533
8,420
43,448
15,883
5,130
-
Penn-Reading Seashore Lines..
Pennsylvania System
87,672
16,156
19,833
...
Co..
Reading
Union (Pittsburgh)
....
4,260
Maryland.._.—
Western
6,555
190,733
141,052
119,724
138,033
106,655
338
151
27
1,100
1,229
1,042
972
1,868
1,081
2,026
1,642
1,679
1,828
1,413
927
1,198
431
402
1,534
1,205
104
842
731
807
420
7
14
13
0
(Pacific).....
28,190
24,330
-21,224
6,498
Western......
295
284
340
1,491
14,534
11,924
12,705
10,487
—
Northern
North Western
Peoria & Pekin
Pacific
Union
Southern Pacific
Union Pacific System
....
Virginian
28,648
24,045
5,094
23,657
20,165
12,736
18,417
15,522
3,316
6,072
3,670
1,847
192
0
3
4
1,474
1,538
2,957
2,486
118,872
97,183
94,626
63,761
50,333
1,053
57,787
...
Norfolk & Western
45,744
39,003
20,655
16,839
Total...
11,226
Total.
District—
Southwestern
213
154
132
291
328
Gulf Coast Lines....--
3,380
1,715
2,176
2,596
1,632
3,028
International-Great Northern..
1,707
3,024
1,222
2,136
Burlington-Rock Island..
Southern District—
Alabama Tennessee & Northern
356
263
179
217
184
Atl. & W. P.—W. RR. of Ala..
•\/ 847
702
632
1,769
1,434
Atlanta Birmingham & Coast..
786
668
553
873
803
Atlantic Coast Line
12,341
5,055
Louisiana & Arkansas—.
3,202
1,312
2,138
Litchfield & Madison
1,310
4,251
1,881
2,846
302
299
290
8,630
3,740
9,140
3,767
588
464
475
1,895
1,318
Columbus & Greenville
311
258
Durham & Southern
214
150
159
408
374
Florida East Coast
1,082
1,849
603
1,073
912
Gainsvllle Midland
42
23
27
86
94
1,171
1,103
889
1,962
1,610
......
Charleston & Western Carolina
Clinchfleld
Georgia
Georgia & Florida........
.....
...
Kansas City
369
286
233
633
471
3,795
23,015
19,500
,544
18,036
3,105
14,295
3,135
10,382
26,352
22,779
14,633
7,387
5,405
Macon Dublin & Savannah....
153
146
89
894
158
110
137
353
292
349
861
758
1,847
1,685
1,605
2,527
1,912
1,797
1,489
842
310
334
275
985
419
407
429
270
220
207
168
310
317
4,552
15,001
3,903
3,878
3,419
12,357
11,442
11,075
2,620
8,856
Missouri & Arkansas
Missouri-Kansas-Texas Lines..
Missouri Pacific..-.----
275
115
76
88
170
99
8,494
2,676
7,757
6,430
2,212
6,463
6,178
2,010
6,178
5,495
4,411
3,042
4,329
3,879
3,780
5,024
2,357
2,856
3,670
164
188
186
72
51
18
18
56
38
20
54,789
44,818
43,174
44,190
34,104
Quanah Acme & Pacific
St. Louis-San Franclsco.......
St. Louis Southwestern
3,960
696
Mississippi Central
— _.
Valley
Midland
292
1,823
205
2,384
2,376
& Gulf...;—
Southern
Kansas Oklahoma
6,446
4,550
Central of Georgia
0
4,526
1,122
8,156
224
Western Pacific
Chesapeake & Ohio..
117
437
V
1,592
Utah
Pocahontas District-
26
336
Terminal
Missouri-Illinois
Nevada
1,906
1,596
City
Illinois
Toledo Peoria &
Total.......
13,842
Southern
& Rio Grande Western.
& Salt Lake..
326
Valley
Ligonier
2,640
Colorado &
699
Cornwall
Cumberland & Pennsylvania...
6,177
9,643
9,995
Alton.
Buffalo Creek & Gauley
53
2,013
7,940
Atch. Top. &
Alleghany DistrictAkron Canton & Youngstown..
Gulf Mobile & Ohio
......
Illinois Central System
Louisville & Nashville.
xl
3,377
Note—Previous year's figures revised.
♦ Previous figures,
More
dwelling units
the United States
were
Texas & New Orleans....._—
& Pacific
Texas
Wichita Falls & Southern
Weatherford M. W. & N. W...
Total
Gulf Mobile & Northern only.
x
Dwelling Units Provided in Non-farm Areas of United
States During First Quarter Were Highest Since
1929, Reports Secretary of Labor Perkins
provided in non-farm
areas
of
A comparison of the number of dwelling units provided
during the first three months of 1941 and 1940 is shown in the
following table by population group:
OF DWELLING UNITS PROVIDED BY NEW
CONSTRUCTION IN NON-FARM AREAS OF THE
FIRST 3 MONTHS OF 1941 AND 1940
POPULATION GROUP AND TYPE OF DWELLING
NUMBER
ESTIMATED
HOUSEKEEPING
during the first three months of 1941 than
during the corresponding period
of
any
since
year
Secretary of Labor Frances Perkins reported
'Approximately 129,000 dwelling units were
on
*
I
Connections
1941
Southern
Bangor & Aroostook.—.—
Central Indiana.
from
1939
1940
1941
;
Total Loads Received
Freight Loaded
Railroads
1940
Eastern District—
Ann
MAY 17
Total Revenue
Total Loads Received
Freight Loaded
Railroads
May 31, 1941
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
UNITED STATES DURING THE
BY
1929,
May 24.
"represents
units
an
provided
increase of
during
valuations for these
the
"This," Miss Perkins added
30%
like
over
the 99,000 dwelling
period
of
dwelling units reached
a
Permit
1940.
Percentage change
Total urban...
500,000 and over
100,000 to 500,000—
50,000 to 100,000—
25,000to
50,000...
Bureau
10,000 to
25,000—
5,000 to
10,000—
2,500 to
5,000—
Labor.
Labor
Statistics
The non-farm
area
of
the
U.
S.
Department
of
of the United States is defined
by the Bureau of the Census as including all incorporated
places, and all unincorporated areas except farms."
Miss
Perkins further said:
Rural non-farm.......
22,115,
or
during the first quarter of the current
17% of the non-farm total, were in projects financed from
These included 14,600 units
designated for housing of defense
workers and families of officers and enlisted men.
The remaining 7,500
publicly financed units
were in non-defense United States
Housing Authority
During the corresponding period of 1940, 10,415 units, or ap¬
proximately 10% of the total number, were publicly financed.
All these
were in USHA projects.
projects.
All
new
city-size
groups, and the rural non-farm area
as
well, provided
dwelling units during the first quarter of the current
corresponding period of
1940.
These
increases
year
were
nounced in the smaller size cities and in the rural non-farm
One-family
quarter
1941
dwellings
non-farm
accounted
apartment houses for 14%.
approximately
pro¬
1940
66,113 52,063
7,106
11,736 10,205
14,851 11,448
6,455 6,257
6,410
9,031
11,056 8,167
7,487 5,677
5,497 3,899
37,199 21,709
1,830
2,204
1,288
5,143 16,315 18,677
1,011 10,696 12.054
1,345 2,636 3,867
89,534 75,883
24,262 23,270
19,691 16,660
8,734 8,134
10,451
7,598
12,435 9,478
8,032
6,406
5,929 4,337
39,160 23,439
—9.8
804
1,073
991
586
627
834
561
675
483
704
828
282
360
263
369
241
244
191
194
969
1,210
992
520
b Includes multi-family dwellings
areas.
80%
of
the
first
for 6%, and
dwelling units
19% in apartment houses.
in 1-family dwellings, 6%
in 2-family dwellings,
Freight Volume in April
38.3% Over 1940
for the year, the volume of
revenue
freight transported by motor truck in April in¬
creased 4.4% over March and 38.3% over the volume carried
in April, 1940, according to reports compiled and released
on
May 26 by the American Trucking Associations.
The
reports further disclosed:
Climbing
to
a
Comparable reports
in
42
tons
During the first quarter of 1940, 75% of the
new
and
for
more
Truck
than during
especially
total, 2-family dwellings accounted
were
1941
♦
public funds.
the
Dwellings b
6,353 17,307 19,197
Includes 1- and 2-family dwellings with stores,
a
1940
with stores.
Of the dwelling units provided
year,
Multi-family
128,694 99,322 103,312 73,772 8,075
+27.1
+ 29.6
+40.0
Total non-farm..
total of approxi¬
1941
1940
1941
1940
1941
mately $443,000,000, according to estimates prepared by the
of
Dwellings
(1940 Census)
new buildings in non-farm areas of the country during the
first quarter of 1941," she said.
2 -Family
Dwellings a
1 -Family
All Types
Population Group
provided in
States.
in
April,
April
as
were
tonnage
of
representing
138.90.
T. A. from 202 motor carriers
received by A.
reporting carriers transported an aggregate of 1,509,143
against
1,446,104
1940.
The A. T.
was
The
peak
new
in
tons
March and
1,111,604 tons in
*
A.
index figure,
the
100,
reporting
computed
carriers
stood at 143.24
for
on
the basis of the average monthly
the
for April.
three-year
period
1938-40
as
The index figure for March
The Commercial & Financial Chronicle
Volume 152
Slightly
78%
than
more
the
freight
reported by carriers of "general freight."
•was
increased
6.7%
March and 41.6%
over
Transporters of petroleum
•total
March, and
Movement
the
^
total
of
automobiles
new
decreased
and
19%
under
tonnage.
under
iron
The
and
volume
steel
was
of
commodities
25.5%
6% of
9.2%
over
attributable, in part, to strikes
J
4%% of the total
decrease of 7.8%
products reported about
these
March, but increased
of the;
compared
almost
but held
March,
showed
a
April of last year.
A little more than 4% of the total
tonnage reported was miscellaneous
commodities, including tobacco, milk, textile products, building materials,
coal, cement and household goods.
Tonnage in this class increased 18.4%
March and
over
87.1%
over
the volume hauled
over
in
third capitalized.
There
April, 1940.
beverage cost
Figures of Electric Output for Week Ended
May 24, 1941, Shows Gain of 16.3% Over Year Ago
Electric
Institute, in its current weekly re¬
port, estimated the production of electricity by the electric
light and power industry of the United States for the week
ended May 24, 1941, was
3,011,754,000 kwh.
The current
week's output is
16.3% above the revised output cf the cor¬
responding week of 1940, when the production totaled
2,588,821,000 kwh.
The revised output foi the week ended
May 17, 1941. was estimated to he 2,982,7i5,000 kwn.; an
of
17.0%
over
the like week
the
was
was one cent
a year ago.
Increases in
Week Ended
May 17, 1941
the 61%
it is still 7
the
among
England
21.0
Middle Atlantic
points below the average for the country and the
nine
Detroit
groups.
and
a
2% decrease in
rise with
"All
no
there
were
hotels reporting from that city
room
Chicago
March.
85% of the
in room rates:
had higher occupancy, but only 66% had
sales.
Increases in food and beverage sales over last year were not so
in
report
In New York City, Chicago, Texas and
signs of rate advances in
no
presents a good illustration of the backwardness
more
Coast
8 point rise in occupancy
an
rate, while the latter had a 5 point occupancy
room
change in the rate.
Others"
the Pacific
and
unsatisfactory rate conditions, the former had
February and the beverage increase
was
and "All Others"—-it was the
large as
only 1 point higher than the
in January and 4 points in February.
for any March since 1937,
groups—Washington, Philadelphia, Detroit
highest for this month in nine years or more.
TREND OF BUSINESS IN HOTELS IN MARCH, 1941, COMPARED
WITH
1940
22.1
13.7
14.1
21.3
_
Central Industrial
In Philadelphia a 10-point rise
in that city is the highest for many years, it must be
occupancy
noted that
lowest
MARCH,
New
I;,
March, 1940, borught no increase in the rate and while
Total occupancy for all groups was the highest
Week Ended
average
vr
sales continue to result chiefly from higher occupancy
room
food increase compared with 2 points
May 24, 1941
•'
+-•'
May issue of "The Horwath Hotel Accountant" also
discloses that hotel sales, occupancy and room rates in
March were about as much above those of the corresponding
month of last year as in the two pfeceding months.
Hotel
business is not increasing so rapidly as many other businesses
which sell direct to the public, and for the first quarter total
sales are up only 6%.
The review goes on to say:
and for several of the individual
.
The total
in the two preceding years, but the
''':
lower,
The
PERCENTAGE INCREASE FROM PREVIOUS YEAR
Major Geographic Regions
Expenditures for
unusual changes in the amounts of adver¬
same as
rather than upward adjustments in rates.
Revised
increase
were no
tising, administrative, and heat, light and power costs.
in occupancy over
The Edison
of sales.
maintenance and replacements averaged $98 a room for all of the hotels,
approximately two-thirds being charged to operating expenses and the other
April, 1940.
over
3407
activities brought the cost up to almost 40%
food cost per dollar sale
trucks, -constituting
The decline under March
of
month
the
in
almost 7%
acoounting for
manufacturing plants,
Haulers
transported
The volume in this category
April of the previous year.
increase of 4.9% in April as
an
increase of 10.8%
an
tonnage,
April, 1940.
over
products,
tonnage reported, showed
with
in
all
of
20.7
West Central..
8.4
19.9
4.5
Rate t
Occupancy
Decrease (—)
16.1
4.9
or
22.2
15.8
Room
Sales—Percentage of Increases (+
11.6
•Southern States
III"II
Rocky Mountain
IIIIIIIIIIIIIIIIII
Pacific Coast
FOR
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
1941
1940
+6
1941
1939
Detroit-
1937
1938
1940
+4
66
63
+1
+1
63
62
+ 1
Dec.
_.
+3
+1
+ 20
+ 29
+ 28
+ 32
61
51
0
+ 17
+ 10
+5
0
+ 20
81
73
+5
+9
69
70
+4
+3
+ 12
—2
+2
+3
4
11
2,831,052
2,985.304
2,558,180
Jan.
2,688,380
+ 11.0
2,329,057
2,142,112
2,163,915
Jan.
18
2,995,562
2,673,823
+12.0
2,342,328
2,156,468
25
2,979,610
2,660,962
+ 12.0
2,340,339
2,139,311
Feb.
1
2,977,501
2,632,555
+ 13.1
2,327,192
2,130,558
Feb.
8
2,972,566
+ 13.6
2,097,789
2,112,046
62
+2
+2
+1
69
64
0
+3
+ 10
+ 10
+ 14
72
71
+2
+6
..
.
+2
+5
+5
+4
+6
68
66
+2
+6
+6
+5
+6
68
65
+2
+5
+6
+5
+8
69
66
+2
+6
2,286,494
Jan.
.
70
+8
+6
...
+3
+ 10
+6
All others.....
Jan.
,
+8
.....
Texas.......
1940
+1
2,238,719
+ 10.7
2,278,249
Total......
2,277,509
Feb.
15
2,958,855
2,616,111
2,564,670
+15.4
2,314,859
2,297,117
Feb.
22
2,967,576
2,546,816
+ 16.5
2,269,061
2,071,639
1
2,982,203
2,568,328
+ 16.1
2,293,582
2,077,334
2,237,729
8-.--.
2,251,888
Conference
2,251,111
at
Mar.
2,986,470
2,553,109
+ 17.0
2,285,175
Mar. 15
2,964,817
2,550,000
+ 16.3
2,275,658
2,054,861
2,066,563
Mar. 22----.
2,963,579
2,508,321
+ 18.1
2,258,221
2,027,433
2,956,149
2,524,066
+ 17.1
2,272,424
2,937,585
2,493,690
+ 17.8
2,243,986
2,036,671
2,050,101
2,882,319
2,529,908
+ 13.9
2,234,908
2,016,227
2,218,615
19
2,873,710
2,265.216
2,010,121
2,229,866
2,926,445
2,914,882
2,528,868
2,499,060
+ 13.6
Apr. 26
not to scheduled rates.
2,183,704
Apr.
5
Apr.
Apr.
May
3
May 10
May
17
1,995,555
2,237,542
2,224,723
1,992,161
2,225,194
+ 18.3
2,238,826
+ 17.0
2,234,592
2,019,065
2,023,830
2,242,421
2,550,071
2,588,821
3,011,754
2,244,039
+ 16.4
2.515,515
2,982,715
+ 17.1
2,503,899
2,975,024
May 24
+ 16.3
2,277,749
2,030,754
1,936,597
2,251,995
2,176,399
2,056,509
2,266,759
2,051,006
2,082,232
2.074,014
2,260,771
May 31
2,477,689
June
7
2,598,812
2,186,394
2,328,756
June
14
2,664,853
2,340,571
June
21
2,362,436
June
28
2.653,788
2,659,825
July
2,218,798
2,395,857
2,249,305
2,287,420
2,285,362
5
2,425,229
2,145,033
1,937,486
2,139,281
July
12
2,154,099
2,358,438
19.
2,651,626
2,681,071
2,402,893
July
2,377,902
2,152,779
2,321,531
July
26
2,760,935
2,426,631
2,159,667
2
2.762,240
2,399,805
2,193,750
2,312,104
2,341,103
Aug.
Note—To
assist
those
organizations which
business indices, &c., the
tinued for
a
few weeks.
the output
use
report statement
in
data on the same basis
Based
on
as formerly released will be con¬
the old series, the figure for the current week was
2.837,783.000.
tute
weekly output figures reported by the Edison Electric Insti¬
upward by reason of
a
broader definition of what
the public supply of power for the United
This change has been
closer agreement
in
States
as
a
whole.
made to bring the data reported by the Institute in
with statistical reports of the Federal Power Commission
new
sales per occupied room and
* Rooms and restaurant only.
Board Reports Manufacturers Operating
98% of Capacity at Close of March
Manufacturers
operating at 98% of capacity at the
were
received by the Confer¬
companies. This compares
with average operating rates of 84% six months ago and 77 %
in March, 1940.
These figures, the Board explains, are
based on rated capacity and they do not necessarily mean
that manufacturers have reached a limit beyond which
ence
Board from
more
than 200
They do mean, however, that from
be obtained, as a general rule,
only by expansion in plant and equipment, the use of addi¬
tional
shifts, increased overtime, or some combination
thereof.
Of the 206 companies reporting their percentages
of rated capacities in operation in March, 1941, 94 were
already running at 100% or higher, whereas the other 112
companies had room for further expansion before reaching
full capacity.
The Board's announcement, issued May 24,
expansion is impossible.
now on
increased output can
The durable goods industries as
definition includes certain additional governmental and Indus¬
a
whole are already operating above
according to the Board.
Of 122 companies reporting on
March, 1941, operations, 64 were operating at 100% of rated capacity
rated capacity,
their
or
better, whereas 58
companies were still operating at less than 100%.
non-durable goods, however, still have leeway for
The manufacturers of
further
expansion
before reaching
March 31,25 companies were already
Washington.
The
1
added:
have been revised
constitutes
1
end of March, according to reports
Weekly Electric Power Output Report of the Edison Electric Institute Revised
The above
+6
t The term "rates" wherever used refers to the average
2,237,926
Mar, 29
+5
First quarter.......
2,236,074
2,225,581
2,238,281
2,242,433
2,225,539
Mar.
(—)
+ 13
....
Pacific Coast
from
+7
+6
or
+22
Chicago
Philadelphia
Washington
Cleveland
Change
Week Ended
Mar.,
1941
rant
New York City
(+)
Mar.,
ages
+8
Rooms Restau¬
17.0
16.3
of
age
Inc.
Bever¬
Pood
Total
Total *
Total United States
DATA
Percent¬
with 40 companies
100% of rated capacity, although on
running at 100% or better, as
compared
which were operating at less than 100%.
trial power generation as part of the public supply not heretofore reported.
The revised definitions
of all plants
Hotel
similarly increase figures
on
total generating capacity
contributing to such supply.
Operations in 1940 Were
Better Than 1939 and
1938, Reports Horwath & Horwath—First Quarter
Total Sales
Advanced
6%
'
Horwath
&
Horwath,
specialists
in hotel accounting,
recently made public its annual study of hotel operations in
1940, based on figures of 100 hotels located in 50 cities of
the United States.
Regarding the annual study, the firm
in its
monthly bulletin for May states that "the results in
somewhat better than those in 1939 and 1938, but
not as good as those in 1937 and 1936.
On the present fair
values of hotel properties (which are considerably below the
original cost) the group of 100 hotels earned 1.83%."
Further details were given as follows:
1940
were
The returns in the four prior
years
were:
1939, 0.41%, 1938, 0.67%,
1937, 2.33%, 1936, 1.85%.
The real estate taxes were
rate,
100 times.
earned 3.45 times in 1940 and the average
room
House profits were 42% of the room sales, cash payrolls
were
just under 34% of the total sales, but social security taxes, compensa¬
tion
insurance,
sickness
and
accident insurance,
and
employee
welfare
Upward Trend of Far Western Business Continued
April, Reports Bank of America (California)
Indicating the continuing upward
in
trend of Far Western
Bank of America's index for April advanced to
128% of the 1935-39 average, highest level since 1929 and
20% better than 1940, according to the bank's current
"Business Review."
"The backswing of the unemployment
business,
pendulum has been so swift and startling," the review says,
"that concern is already aroused that labor shortages will
be embarrassing by late fall or early 1942."
The bank's
announcement adds:
New orders awarded West Coast aircraft producers boosted backlogs
to over $1,500,000,000, with prospects that the figure will rise above
$2,000,000,000 shortly, and employment has risen from 37,000 in 1940
to nearly 110,000, says the review.
Plane output for the entire country
has risen from 450 a month a year ago to a record high of 1,427 in April,
and by October it should reach 2,600.
"Reports indicate this may be
further increased to the one-time unbelievable total of 50,000 planes per
year,
and that is by no means the limit of our
capabilities," the bank's
analysis declares.
In
the
dential
building world,
the review noted that an unusual spurt in
construction, plus large additions to
resi¬
shipbuilding facilities, caused
The Commercial
3408
Western
construction
91%
was
the
to
April.
The
:
their best April
trade the stores had
review
in
soar
April, 1940.
over
In retail
totals
says,
a
year
responsible,
alone
not
was
20% better than
as
in
total
of
,
decade.
a
(Corrected to May 12. 1941)
;
(Value in Thousands of Dollars—000 Omitted)
Easter,
sales since then have beea
because of improved purchasing
ago
May 31, 1941
Imports of Merchandise for Consumption
$76,000,000
,
over
Financial Chronicle
A
Manuf'd
power.
Crude
Crude
Foodstufft
and
Total
Materi¬
Food¬
<k Bev¬
Manu¬
Manu¬
Country
Imports
als
stuffs
erages
factures
factures
Geographic Division
Central
Heating Gas Appliances Shipped
in
Sub¬
stantially Greater Volume—First Quarter Ship¬
ments 86% Above 1940
65,169
Europe—
Finished
15,964
14,786
10,142
15,832
8,260
6,107
12,828
25.655
30.865
43,778
10,645
139,050
253,916
Northern North Amer.
107,184
Soutnern North Amer.
Shipments of central heating gas appliances in the first
quarter of 1941 aggregated 10,762 units, 86% more than the
5,780 units shipped in the same period of 1940, according
621
Semi-
82,309
South
America
•
22,610
34,252
2,316
67,259
44,548
4,440
21,746
1.047
17,865
189
545
47,137
1,260
26,216
17,501
153,603
15.345
9,095
Oceania.-.
Africa...
29,676
16,316
6,062
181
6,877
240
86,844
—
Asia
163
to
reports of 17 manufacturers to the Association of Gas
Appliance and Equipment Manufacturers.
Monthly ship¬
Total
SHIPMENTS
OF
CENTRAL
HEATING
AND
GAB
APPLIANCES*
296,112
94,429
70,145
147,276
33,054
27,220
256
2,987
Australia..
figures for the two periods show that the percentage
gain, year-to-year, exceeded 100% in both January and
February, but dropped to 57% in March.
694,806
Argentina
ment
14,801
13,125
2,473
1,252
2,259
18
...
Belgium
Belgian Congo.......
FURNACES)
I,;:"'
716
6,378
Bolivia
1,837
16
11,761
26,657
1,276
686
584
British East Africa...
m
21'+
-
118
128
2,001
5,241
7
418
1,862
40,095
Brazil
(BOILERS
296
a
»
232
3
9
......
776
692
209
5
2
h.
British India..
25,004
9,540
85.742
55,138
7
30
2.386
30,523
11,025
British Malaya
Canada
(As Reported to A. G. A. E. M. by 17 Manufacturers)
104,075
14,114
8,228
5,521
43,644
32,468
8,736
6,749
1,864
2
97
1,952
101
43
Percentage
'
1941
Increase
1940
Ceylon
Chile.
17,074
2,002
388
158
14,487
39
China..
16.494
5,896
802
539
5,046
4,211
40
141
29,497
230
526
<rr
Decrease
Colombia
January..
—■—
— _
¥c bru ary.'
M arch
-.
;.•> .r,v—.
_..
Total, first quarter
*
No
data
or
-
—
.
of
conversion
Cuba......--
+ 57.6
Curacao
+ 86.2
-
—
2,354
1,491
are included in
floor
5,145
1,779
1,382
24
1,041
267
780
Egypt
2.102
2,034
El Salvador..
1.675
26
789
8
2,659
51
S3
French Indo-Cnlna...
8,076
7,681
77
Germany, Czecho¬
slovakia, Poland...
1,637
10
furnaces,
this tabulation.
Finland
Merchandise
-—
Gold Coast
& Bev¬
Manu¬
5
6
39
40
10
74
49
1,541
erages
factures
Semi-
7,442
79,267
28,988
14,716
67,363
19,507
68.286
1,994
2,958
225
3,447
12,500
1,354
29,957
19,953
1,197
20
361
3,244
76,967
964
15,131
28
1,334
8,511
66,130
966,651
50,983
9,990
36,559
184,190
684,928
Oceania
Total.
Argentina
1,764
7,912
...
...
Cuba
Curacao
Conference
1,851
1,319
310
5,155
And
2
29
46
614
1,208
19,274
10,490
19,127
4,587
2,540
10
28,833
134,042
1
9
109
264
359
35
a
2
1
34
■
■
■
■■'■
16
-
+
mm
„
„
60
„
2.063
103
"131
1,007
25
4,098
47
13,813
1,930
2,216
788
183
811
1,498
146
172
241
1,259
152
275
1
59
582
178
1,025
5,353
a
38
861
504
'
1
285
70
7
548
1
52
107
3,024
14
22
173
7
10,213
8,867
135
27
1,082
102
29
899
154
50
6,429
7,307
13,111
189
32
8
1
2,425
111
v::';
714
6,889
.
5,808
■
a
4,410
4.783
19,652
2,572
3,203
7,627
20
756
1,971
217
13,902
45
452
2,469
1,552
6
10,235
13
335
353
1,762
887
398
6,848
3,345
14.101
18
141
668
296
1,653
12
2,711
189
191
14
a
212
199
a
17
217
1
,211
1,244
1,472
15,733
.
75
174
931
72
1,297
317
1,689
1
723
18
1,705
86
616
"
1,095
"l49
Board
Reports Shipments,
Inventories
Backlogs at Record High in April
Manufacturing industry backlogs are nearly five times
greater than those averaged during the years 1935 through
1939 and are over three and one-half times those
reported
according to a new series of indexes released
by the Division of Industrial Economics of The
Conference Board.
Manufacturers' inventories and ship¬
ments increased
substantially in April and new orders were
received by producers in about the same volume as in
February and March.
Since these new orders were con¬
a
year
May
ago,
28
siderably in
orders
'
1
172
85
71
11*503
21
460
4,689
The
value
184
612
1,613
21
132
320
1,149
63
429
1,213
3,972
durable
25
152
2,086
17
82
month
1,403
193
267
553
Mi9
12,265
13.102
12
566
346
1,049
4,922
21,844
......
114
5
Hongkong..
Iran (Persia)
6,464
788
2,275
12
Iraq
1,502
1
Ireland
1,314
271
30
a
32,185
4,671
1,258
29,236
592
"728
334
Netherlands
831
2
2
"
21,604
611
"87
"851
4,231
2,499
84
54
468
151
521
110
672
"462
"457
manufacturers'
1
1
1,918
5,780
2,720
88
3,508
10,777
6
167
953
23,668
269
4,565
403
3,063
2,170
41
1,149
341
823
15,810
3,771
10
783
384
26
2,741
6
6,456
2,482
"95
32
17,763
1,772
1,571
472
666
2,997
627
Thailand (Slam)
420
455
1,779
115
Trinidad and Tobago.
81
120
3,224
37
55
312
1,996
39,608
15,433
2,740
1,463
1,462
2,818
304
7
12
191
of
goods
durable
showed
16%
were
560
5,568
32
101
4.317
r;.;
rose
1,6%
in
April
to
new
a
change.
than
advanced
a
Total
year
22.5%
inventories
the
past
the
at
Inventories
ago.
during
held
year,
end
the
of
by producers
those
of
non¬
durable goods manufacturers,
only 5.2%.
The
and
inciease
electrical
in
inventories
was
greatest among
producers of automobile
equipment.
Moderate rises were reported in the building,,
machinery and machine tool, office equipment, and clothing industries.
The index
7,462
1,320
4,456
70,580
198,171
121
10
18
1,000
10,733
1,826
52
88
1,928
808
7,858
of
shipments advanced
declining during March.
April,
a
rise
/preceding
of
7%
of
to
The index
a
record
both
in
February,
durable
high level in April
(1935-39 equals 100)
during the month and
high point reached
producers
among
and
an
increase
1941.
after
stood at 177 in
of
3%
over
the
The advance took place
non-durable
goods,
but
the
non¬
durable
classification experienced the greater rise.
Among individual industries advances in shipments
with
and
for
33,163
10,983
2,975
little
higher
goods
the
largest increases occurring in the shoe,
metal-produce
seasonal
1,786
12
281,990
Less than $500.
v."
Shipments
.....
4,510
inventories
high.
The increase resulted from continued accumulation of stocks
by producers of durable goods, since stocks held by manufacturers of non¬
3,165
"73
of
v
Inventories
record
1,742
10
4,479
15,826
of shipments, the backlog of unfilled
sharply during the month.
The Board's
excess
advanced
announcement further stated:
12
a
58
1
1,670
358
1,633
Venezuela
6
12
1,635
Honduras...
Uruguay
249
•
-
3,428
6,709
2,431
ist Republics
United Kingdom
«
22,104
14.029
5,285
Turkey
-
'
2
if, 831
Union of South Agrlca
Union of 8ovlet Social¬
*
Less than 3500.
a
Guatemala
Switzerland
•
2
■v
'
Greece
...
25
-
13,386
slovakia, Poland.
Portugal
Spain
-
13,616
33
40
Germany, Czecho¬
Sweden
m
293
•.
..
«.
:
~
31,308
2,244
1.947
Peru
L'-
United Kingdom
26,059
1,706
Philippine Islands
'
Uruguay
21,548
4,097
Panama Canal Zone.
1,773
72
Union of South Agrlca
319
French Indo-Chlna...
Norway
Panama, Republic of
1,025
Union of Soviet Social¬
ist Republics-
6,512
France
Labrador.....
New Zealand
1,818
32
«
3,240
273
Finland
Netherlands Indies...
Newfoundland and
3,738
1,338
Thailand (Slam).,
1,375
11
.....
1,696
32
Trinidad and Tobago.
11,752
349
Mexico..
3,272
505
Turkey
""266
1,209
Kwantung..
33,194
«»:w
'
169
17,512
Italy..
Japan
43,717
642
117
El Salvador
Gold Coast
29
2.100
9
1,897
Egypt
953
48
6.594
""""13
V
Republic.
5,387
14
Venezuela..
3,833
Ecuador
299
3
10,462
26,579
Dominican
6,872
38
3.329
5,451
(Netherlands
West Indies)
6
7,282
38
2,555
12,500
....
15
132
2
107
10,594
Costa Rica
5,846
101
234
393
China
2,031
'
'
1,346
9
12,386
Colombia
974
725
'
37
23
Ceylon
Chile
20,434
1,418
691
189,129
British Malaya
Canada
224
121
•
2,069
2,116
29,748
British East Africa...
British India
59
619
2,932
675
Belgium
Brazil
30
217
145
8
300
15,224
Belgian Congo
Bolivia
32
8
25
-v;-.
22,793
2,024
....
315
86
30,010
16,733
Australia
1
670
693
Switzerland
106,086
......
Africa-........--.
98,880
1,799
806
Spain
135.901
94,423
America
Asia
2.178
Philippine Islands....
Portugal.
226,032
4,643
157,809
Southern North Amer
162
137
Sweden
1,725
19,212
3,021
13,043
South
108
112
......
12,388
37
59
1,106
Peru
Finished
2
498
Netherlands Indies...
Newfoundland and
factures
326,855
190,764
1,629
a
1,982
(Persia)
Mexico....
Manu¬
stuffs
548
3
Panama Canal Zone-
Food¬
71
1,057
a
3,166
New Zealand
Crude
246
22
Norway..
Panama, Republic of.
als
1,465
370
Netherlands.....
(Value in Thousands of Dollars—000
Omitted)
Crude
574
"486
25
Labrador
Materi¬
6
198
4.030
Iraq
States Merchandise
Total
15
1
584
:■
867
Honduras
(Corrected to May 12, 1941)
Northern North Amer
1.643
467
Kwantung
Exports
47
2,922
Iran
OF UNITED STATES FOREIGN TRADE WITH
GEOGRAPHIC
AND LEADING COUNTRIES BY
ECONOMIC CLASSES
FOR THE THREE MONTHS ENDED MARCH, 1941
Europe...
7
3,396
Hongkong..
DIVISIONS
and,
35
225
4,044
VALUE
Country
237
47
104
4,524
Italy
Japan
;
4,881
6
Guatemala
Ireland
Manuf'd
Foodstuffs
1
632 +4,.
Greece
Figures of the foreign trade of the United States for the
three months ended March,
1941, divided into several
economic classes and according to source and
destination,
were issued
May 23, 1941, by the Division of Foreign Trade
Statistics of the Bureau of Foreign and Domestic
Commerce.
They are presented in the tabulation below:
Geographic Division
14
V
Ecuador.
gas-fired
Imports and Exports for United States for Three Months
Ended March, 1941—Geographical Distribution
of
Exports of United
a
26
♦
Classes of
11,535
20
(Netherlands
France
Various
556
4, J 95
West Indies)...—
Dominican Republic.
5,780
burners,
domestic gas space heaters
Costa Rica
+ 106.4
2,250
10.762
—
gas
+ 103.6
1,578
-
3,546
. -
12,271
2,389
35,939
...
1,952
3.242
-
■
circulating heaters
-
,
shipments
on
3,974
--
v
23
industries.
Declines
were
were
clothing,
registered,
fairly general,,
textile, paper,
after
adjustment
factors, in shipments of iron and steel and rubber products.
New Orders
The
same
a
value
high level
year
index
were
of
ago,
rose
and
new
as
orders
in
weTe
received
during April remained at about the
February and March.
Ordc-rs were 87% higher than
far
in
excess
of
shipments.
The
Board's
adjusted-
by less than 1% dm-ing the month to 235.
Largest advances
by the machinery, shoe, paper and housefurni«hing indus-
reported
Volume
New
tries.
and
buying
orders
metal
steel,
in
all
automobile
for
products,
remained
remained heavy.
The
inflow
heavy
business
of new
unfilled
backlog of
orders.
ther
continued to build up the already
The Board's new index of unfilled
do not
of the
average 1935-39 level.
This represented an increase of 13% during the
month, and a rise of over 250% during the past year.
Largest backlogs
are reported in the
automobile equipment, iron and steel, metal product,
machinery, electrical equipment, non-ferrous metal and railroad equip¬
industries.
ment
The
•of
The
current
unfilled
of
level
orders
The number employed in April was
April,
industries
1935-39
monthly
for
lines and in the production of
non-durable
INDEXES OF INVENTORIES.
Percent.
'
",
March,
1940
in
expectations.
Change from
Mar., 1941 April, 1940
to
to
to
115.9
132.7
134.8
+ 1.6
146.2
142.7
119.3
+ 2.5
Non-durable goods
118.2
118.4
112.4
—0.2
a
average
+ 22.5
over
177.0
165.0
110.0
Durable goods
198.0
188.0
113.0
+ 7.0
+ 5.0
+5.2
+ 61.0
+ 75.0
Non-durable goods
153.0
138.0
106.0
+ 11.0
+ 44.0
235.0
234.0
126.0
+ 0.4
+ 87.0
475.0
422.0
134.0
+ 13.0
+ 254.0
Shipments
New orders
Unfllled orders.
„.....,
_
a
Bank debits
week
a
May 21
level
a
in
26%
Total
were
19%,
May 22,
1940
$468
4,050
$7,195
52,883
565
457
7,062
Cleveland.....................
770
626
9,031
7,062
Richmond.
405
327
4,924
3,958
346
281
4,152
3,402
•Chicago.. .....................
1,500
1,287
19,506
16,369
St. Loute;..^....—..............
335
279
3,879
Minneapolis ........
■Kansas City...................
192
200
2,303
331
300
3,799
in
month
April
$5,953
$585
..... .........
Atlanta.......—.....—-
\
230
288
.................
820
-San Francisco—
728'
,
48,376
^
6,606
3,200
2,273
3,l7l
3,417
2,732
10,275
8,804
$10,166
$9,233
$128,181
3,529
3,699
48,168
44,375
140 Other leading centers •
5,740
4,791
69,354
57,772
■+'i>+743+d
10,659
9,004
Total, 274 reporting centers
898
133 Other centers.
•
Centers for which bank debit figures are
$111,151
available back to 1919
on
the
Than in 1936-1937, According to Conference
Board Study
Tentative estimates
Economics
of the
prepared by the Division of Industrial
Conference Board indicate that despite
$4,500,000,000 in capital invested in
manufacturing since 1936-1937, the average rate of return
was only 4.09% in
1940, as compared with 5.24% in 1937
and 5.69% in 1936.
From 1925 to 1938 the average rate of
return was 3%.
The highest rate of return was 6.43% in
1929.
The highest rate of return in the Thirties was 5.69%
in 1936 when it compared favorably with the average of preincrease of almost
an
depression years. From 1931 to 1933, however, manufactur¬
ing corporations in the aggregate operated at a loss.
The
Board's announcement, issued May 26," further said:
namely food, liquor, and tobaaco, had net
the circumstance that the
liquor industry joined the group in 1932 may be partly responsible for this
unique showing.
The lumber industry, on the other hand, showed a net
loss, on the average, for the period as a whole.
For the textile industry the
average rate of return for the entire span of 14 years was less than 0.5%.
The lumber industry incurred a net loss of more than 8% of invested capital
in 1932, and in the same year the textile industry incurred at net loss of
Only one industrial group,
than 7% of its capital.
of return in the 14 years was above
corporations included:
Printing and
and processes (including motor vehicles,
machinery, and iron and-steel), 3.81%, chemicals and allied products,
3.07%.
The rate of return from printing and publishing was second in
stability and size only to the rate of return from the manufacture of food,
average
for all manufacturing
publishing, 4.08%, metal products
liquor, and tobacco.
In the group
of industries classified as metal products and processes the
high on the average but it was unstable, net losses were
rate of return was
incurred in
almost 6%
in
1931,
1932, and 1933, and in 1932 the net loss amounted to
of invested capital.
1937 was 7.67%,
'Thirties, just as in
was
the
due
to
an
gains for
industrial
The Department's
payroll
increase
18-year period (1923-40)
and
strikes
of
in
the
machinery
metals and
effect
group
average
for the
data
wage
were
two unusual factors when interpreting
month.
These factors are the
be given to
must
employment and
of
rate
wage
Strikes
increases.
in
the
of manufacturing industries served to depress
employment totals for March and caused an increase in the total for April
the cessation of the strikes.
On the other hand, the strike in the
with
months of March and April
the
for April.
The
establishments) who were on strike during
was approximately similar; thus the in¬
mining industry served to depress employment totals
number of workers (in reporting
can be attributed
to an increase in industrial
in the particular groups on strike from March to
April had a slightly different effect on payrolls, and was the cause of a
small part of the payrolls increase noted for the month.
in
crease
employment
The change
activity.
A
factor
second
which
contributed somewhat
to
the increase
in total
the large number of wage rate increases during the month.
Wage rate increases were reported by 131 of the 6,333 establishments.
Workers affected by the increases numbered 51,715, which is equal to 7.6%
of the total workers covered by April employment reports.
The weighted
payrolls
was
rate of wage increase for the 51,715 workers was
average
part of the payrolls increase, therefore, should
in
117.5 and
1941,
were
indexes
April,
the
The
been
of
22.4%
and
(1935-89
equals 100).
average
1939, and
are
38.3% higher, respectively, than the
5.8% and 14.4% higher, respectively,
1937.
for April,
employment and
payrolls
upward for each month since April,
approximately
ary,
are
April,
indexes
trend
137.5, respectively
15.2% and 26.5% higher, respectively, than the indexes
are
1940;
for
indexes
than
A small
all-reporting industry indexes of employment and payrolls for April,
These
for
8.8%.
be attributed to the increases
rates during the month.
wage
The
normal
seasonal
declines
for
all-reporting
industries has
1940, with the exception of the
from December, 1940, to Janu¬
1941.
; V-;
'
But for the metal group the rate of return
which was the highest for any industrial group in the
1929 the metal group showed a return
highest for any group for any year
and Weekly
Earnings in Manufacturing Industries in March
Secretary of Labor Perkins Reports Hourly
Advanced
to
New
High Levels—Defense
Greatly Affects Earnings and
of 9.66%, which
in the Twenties.
Program
Hours
Hourly and weekly earnings of workers in manufacturing
industries advanced to new high
■.
Industries in which the average rate
the
gains of
' • '
from 1925 to 1938, though
income every year
more
and
employment
mostly
are
the previous
for
effect
Capital Invested in Manufacturing Lower
in 1940
Return
The
April.
Consideration
<
coal
New York City
'
•
from March to
declines of
0.7% for employment and 0.5% for payrolls.
Employment increases from
March to April were recorded in eight of the previous 18 years and pay¬
rolls increases in 11 of the years; however, the relative increases were
never as large at during the current year.
• "
1940
4,029
,
activity and other non-seasonal factors.
announcement further explained:
Average percent changes in employment and payrolls
May 22,
Philadelphia...................
:
payrolls showed
where
of 6,333 reporting firms employed 689,490 wage earn¬
group
13 Weeks Ended
1941
equipment,
respectively.
IKirting employment data for the month, it was announced
Illinois Department of Labor.
The sample
the
New York.....................
Boston........................
Dallas—...
to April were at establishments producing metal
^oh May 20 by the
Federal
May 21,
in
The Sharpest increases
year ago.
Employment and payrolls were up 2.6% and 4.9%, respec¬
tively, from March to April in the combined 6,333 Illinois
manufacturing and non-manufacturing establishments re-
Federal Reserve District
1941
a
Employment and Payrolls
Reported from March to April
(In Millions of Dollars)
.
40% greater than
transportation
and
and
ers
May 21.
the Bank's
Further Increases in Illinois
FEDERAL RESERVE DISTRICTS
Week Ended
.
.■Jr
System.
8UMMARY BY
high of $31.08, or
new
a
Wage disbursements increased over 7%
1940.
above
activity from March
products
C: 27%
ing period a year ago, and at the other reporting centers
there was an increase of 20%.
These figures are as reported
Reserve
to
received a year ago.
employment in Delaware factories expanded 6% in April
The volume of
to
13 weeks ended May 21 amounted to $128,181,000,000, or 15% above the total reported for the corre¬
sponding period a year ago.
At banks in New York City
there was an increase of 9% compared with the correspond¬
May 26, 1941, by the Board of Governors of the
was
Regarding conditions in Delaware factories,
•debits during the
•on
April advanced
in
announcement said:
May 21, 1941, 10.1% Above
Ago
aggregated $10,166,000,000.
■■■-" ■"+
hour over the rate prevailing a year ago.
an
than
more
reported by banks in leading centers for
as
ended
week
the
Year
6%c.
weekly earnings
$5.00
the month and
Sank Debits for Week Ended
'■■■
'
number of employee-hours worked decreased fractionally, but
average
+ 16.3
,
the changes compared favorably with seasonal
.
increase of
an
was
The
textiles and leather products were smaller than
as
cases
high, averaging 78c. an hour, as against about 75 *£c. in March.
new
This
April, 1941 April, 1941
Durable goods
Wage payments at plants making
factory workers in Pennsylvania increased sharply in April
Earnings of
(Revised)
Inventories
goods such
March, but in most
April,
1941
April,
1941
.1
Unusually large gains in these
chemicals are attributable chiefly to expand¬
ing requirements for national defense.
100, are adjusted for seasonal change:
SHIPMENTS AND ORDERS. APRIL, 1941
average as
producing primary and structural iron and steel, transportation
equipment, and non-ferrous metal products.
the corresponding month of
These indexes, all based on the!
and
preceding month
the
for
1940, together with percentage changes
March to April was in the heavy
The greatest increase in activity from
following table gives The Conference Board's indexes of the value
inventories, shipments, new orders and unfilled orders
manufacturers'
for
20% larger than a year
and payrolls and the total of employee-hours worked
showed increases of .44% and SS%\ respectively.
Under
Mate of May 19 the Bank further explained:
relatively high,
is
in
ago,
in the non-durable goods industries.
even
2% fur¬
April to a 17-year high of over 1,060,000 workers,
and wage payments expanded 5% to a new peak of $30,310,000 a week, according to reports received by the Federal
Reserve Bank of Philadelphia from 2,427 firms.
These
gains exceeded seasonal expectations by substantial mar¬
gins. Working time also increased 2% from March to April.
>
■orders, based on reports from 17 industrial groups which normally
fill orders direct from stock, stood at the end of April at 475%
however,
Employment and Payrolls In¬
April—Gains Also Reported in
Factory employment in Pennsylvania increased
unchanged.
\
Factory
Delaware
moderately
by the Board's indexes either advanced
3409
creased Further in
lower than
were
Unfilled Orders
heavy
Pennsylvania
equipment, iron
in March, but
Orders received by the
electrical
equipment,
chemicals
and
industries
these
industries covered
other
or
The Commercial & Financial Chronicle
152
of Labor
levels in March, Secretary
Frances Perkins reported on May 17.
"The level
earnings, particularly in the defense industries, was
affected by overtime operations in many establishments,"
she said.
"Among the key defense manufacturing indus¬
of
tries, two held operations above 50 hours per week per wage
earner—machine tools (51.9) and machine tool accessories
(50.9).
Other defense
industries in
which overtime was
general included: screw machine products, 48.1 hours; fire¬
arms, 48.0 hours;
aircraft, 45.2 hours; instruments—pro¬
fessional, scientific and commercial, 44.8 hours; foundry
and machine shop products, 44.7 hours; brass, bronze and
copper
products,
44.4
hours;
electrical
machinery, 44.3
1
The Commercial & Financial Chronicle
3410
44.2
shipbuilding,
hours;
ammunition, 43.0
hours;
Several
March.
plants
aluminum-ware
reixirted
Fuel Oil and Gasoline
earlier advances in wholesale markets.
reduced
in
Incomes.
Estimated percent changes from March 15 to April 15, 1941, in the cost
reported a
earlier.
year
of
goods purchased by wage earners and lower-salaried workers in 20 large
cities of the United States, and for the large cities combined are presented
by groups of items in table 1.
costs, as of April 15,
1941
all
establishments
in
any
weekly earnings
over the year occurred
14.7%, while bituminous coal
marked
encing
in most of the
increases
hours
fell
gain
a
hours
in
1.1%.
interval.
In
in
\
the
the
retail
field
the
largest
percentage
(5.1)
gains
the
over
Cincinnati
2.2%
August, 1939, the month before the outbreak of
Europe."
The Secretary further stated:
of food
cost
from
mid-March
in
war
Costs of all groups of food
but steady advances since last November and
As
were
higher in
5% higher than last
>
compared with April,
1940. the
4M% higher, but price increases for
than this average.
the
are now
Thus
prices
sugar
eggs,
butter, lard and
level
foods
of
were
food
+ 1.6
+0.3
+0.1
+0.6
+0.5
••••
+0.2
+ 1.0
+2,1
+0.5
+0.1
c
+0.2
c
+0.8
+0.3
C'+
+ 1.5
■*7-0.6
+0.6
+0.3
+0.2
—0.2
c
+2.6
+0.2
+ 0.2
+ 0.7
+2.0
+0,1
+0.3
+2.9
c
+0.5
+ 1.9
+0.2
+0.1
+0.2
+0.4
m'j
+0.9
+0.9
-
....
+ 2.7
+0.5
+0.5
+ 1.3
+0.1
+0.8
Kansas City
Minneapolis
St. Louis..
+ 1.9
+0.1
+0.3
c
c
+0.4
+0,1
C
+0,8
+0.3
c
+0.2
+
c
.
South Atlantic:
Baltimore
+ 1.1
+0.1
+1.1
+ 0.1
c
+0.1
+2.4
c
+0.4
++<+:+
+0.4
+0.3
+ 1.8
+0.5
+0.6
c
+0.3
+0.4
+0.9
........
+ 2.4
+ 1.0
+0.8
Savannah
+ 2.1
+0.9
+0.7
+0.5
+0.1
East South Central:
v
Birmingham
West South Central:
Houston...
—0.1
c
Mountain:
Denver
+ 1.2
+ 3.7
—0.1
+0.7
+1.9
c
+ 1.1
+ 2.9
+0.2
+0.2
+ 1.0
-*
+ 2.2
c
+0.8
—0.1
+ 2.2
+0.2
+0.3
b+0.2
+0.3
C
c
C
■:
Pacific:
Los Angeles.
San Francisco
Seattle
,
a
Based
+ 1.0
.
a
data lor 51 cities,
on
,■
+0.8
'■
+0.1
+ 1.0
b Based on data for 34 cities,
+0.2
+0.5
+0.2
+0.6
c
+0.3
No change.
c
TABLE 2—INDEXES OF THE COST OF GOODS PURCHASED PURCHASED
BY
WAGE EARNERS
AND
LOWER-SALARIED WORKERS IN
20
CITIES OF THE UNITED
STATES, BY GROUPS OF ITEMS,
APRIL 15, 1941
(Average 1935-39=100)
Fuel,
All
Area and
Clothr
Items
City
Food
Elecr
Rent
in^
and
New
House¬
tricity
Miscel¬
furnish¬ laneous
Ice
ings
England:
Boston.
100.0
98.3
101.9
100.7
106.6
99.0
101.4
104.1
103.2
102.2
109.3
99.7
103.4
103.8
New York...........
102.3
101.6
102.1
102.7
103.5
96.7
Philadelphia
100.5
97.0
101.8
104.9
99.7
103.2
102.0-
Pittsburgh...........
102.2
101.1
102.3
105.8
104.0
104.2
100.1
102.5
100.3
104.1
101.1
...
Middle Atlantic:
Buffalo, i
■
„
*
i
mw
» .
Vv-
-
-
103.5
East North Central:
•
Chicago.,
100.5
100.5
109.3
Cincinnati
101.6
100.1
104.6
102.7
99.4
103.7
101.6
Cleveland
103.6
102.3
102.2
109.3
108.9
104.3
100.9
Detroit
103.4
101.3
102.6
109.7
98.3
103.1
103.1
102.8
103.2
West North Central:
100.1
97.4
prices
was
considerably greater
7% above last April, reflecting
April, 1941 prices for certain cuts
100.8
100.2
102.6
101.5
102.1
108.3
96.4
103.8
102.4
St. Louis.
101.9
101.4
103.1
101.5
102.8
98.5
102.6
101.5
..
100.1
South Atlantic:
Baltimore
102.6
101.5
101.8
107.1
100.7
104.2
Savannah
102.6
103.1
102.2
105.8
96.9
103.7
101.5
102.4
97.0
103.4
118.6
93.9
100.8
101.7
East South Central:
Birmingham
West South Central:
Houston
103.2
104.2
103.4
107.1
93.1
106.7
101.3
101.1
98.6
100.0
107.0
97.4
1C3.7
101.5
103.2
102.7
103.6
106.4
94.3
103.4
103.5
103.5
103.3
104.1
91.5
103.3
104.8
104.0
104.7
103.8
109.0
94.9
99.0
103.4
102.3
105.4
bl00.9
102.2
102.2
Mountain:
Denver—
Pacific:
Los Angeles
San Francisco,
...
i
Seattle..
103.0
were
uncertainty of shipping facilities.
of meats,
general
some
Miscel¬
furnish¬ laneous
ings
Ice
Minneapolis..-.
mid-April
mid-April, with particularly sharp increases for lard and butter, and such
staples as flour, sugar and eggs.
Prices for fresh fruits and vegetables were
up due to the supply situation.
Retail prices of foods have shown moderate
autumn.
THE
—O.l
+0.1
+ 1.1
Kansas City
to
occurred in all sections of the country, and later
reports from 18 cities for
the last two weeks in April indicate continued increases in
retail prices of
sugar.
+0.5
+ 1.9
+•1.3
—
LARGE
families in the larger cities of the
country to a point 2.2%
above the 1935-39 average and
3.7% above the level of
increase in the retail
+ 1.8
+2.6
groups.
April in the larger cities of the country, mainly because of
the sharp rise in food prices,
Secretary of Labor Perkins
reported on May 16.
Food costs rose by 2.2%, influenced
by earlier advances in wholesale markets with increased
Government buying for foreign and domestic
use, the policy
of the Department of Agriculture in
encouraging production
by higher purchase prices, and the prospect of higher crop
loan values, the report points out.
"Other sections of
the family budget were also affected
by advances in costs
varying from 0.2 to 0.6 of 1%," Miss Perkins said.
"The
recent increases bring the cost of
living of moderate-income
lard, bacon, butter and
OF
West North Central:
Cost of living increased 1% between mid-March and mid-
The
c
+ 1.7
+ 1.0
Detroit
year
Living Increased 1% Between March 15 and
April 15, Reports Secretary of Labor Perkins
Costs Advanced
+0.2
+0.1
+0.9
Cleveland
.
(7.5) and automotive
apparel
+
+2.3
+2.4
+0.8
Chicago
of
Food
15,
EARNERS
House¬
tricity
+0.8
_
Average: Large cities.
Cost
APRIL
CITIES
East North Central:
of
\
Average weekly earnings in wholesale trade amounted to $31.18, a rise
of 4.3% as compared with the
corresponding month of last year.
Retail
trade showed weekly earnings of $21.66, a rise of
4.1% during the same
occurred
TO
WAGE
Elec¬
Rent
ing
+ 1.3
Philadelphia.
Pittsburgh
Anthracite coal
mining showed a rise
19.2%—both industries experi¬
worked.
Quarrying and non-metallic
Food
+ 1.1
—..
New York—
non-
increased
Cloth¬
Items
Buffalo
industry and,
changes.
9.5%, and electric light and power companies
reported an advance in weekly earnings of 3.1% over the year.
Average
hourly earnings in the latter industry showed a rise of 4.0%, but
average
mining showed
15
BY
LARGE
BY GROUPS OF ITEMS
City
Boston
;
manufacturing industries surveyed.
of
20
Middle Atlantic:
particular
firms may have failed to report wage
some
IN
New England:
and
manufacturing
Increases in
PURCHASED
WORKERS
and
(7,014), glass (6,690), canning (6,483),
(4,496), steel 4,360), foundry and machine
(4,560), chemicals
furthermore,
GOODS
Fuel,
brass bronze and copper products (3,225).
These
figures should not be construed as representing the total number of wage
changes occurring during this period, in as much as. the survey does not
cover
MARCH
FROM
All
A rea and
(7,477), cotton goods
(4,328),
shops
OF
LOWER-SALARIED
UNITED STATES.
information.
These increases average 6.7% and affected
of the 6,826,322 wage earners covered.
Among the industries in
Substantial numbers of workers received pay raises were electrical
automobiles
COST
CHANGE
to
109,041
machinery
THE
IN
AND
Average hours worked
costs in the years 1935-3£
on average
,
1—PERCENTAGE
TABLE
employment
which
Table 2 presents estimated indexes of these
<
1941, based
100.
as
1940,
March,
along
upswing reversed declines in February and March in the New England
cities, where fuel oil is extensively used for heating by families with moderate
40.4, as compared with 40.0 in February, 1941,
a rise of 7.7%'over the year.
+
Wage increases were also a factor in the rise in factory workers' earn¬
ings.
General wage-rate increases from Feb. 15 to March 15 were
reported by 290 of the 33,900 manufacturing establishments which supplied
rose
earner
37.5
increased in mo6t cities
This
3.0% for the non-durable goods group and aver42.0 per week in durable goods, a rise of 10.0%
over the year, compared with 38.8 in non-durable goods, a rise of 5.0%.
As a result of these increases,
weekly earnings in the durable goods
industries of $33.50 were 17.3% above March, 1940, compared to weekly
earnings of $23.63 in non-durable goods, an increase of 8.5% over the year.
Average hourly earnings in manufacturing industries rose to 69.7c.,
representing a gain of 0.6% over February and 5.4% over March, 1940.
Weekly earnings of both full- and part-time wage earners averaged $29.11,
14.4% above the level
Prices of fuel oil
especially large increases
the North Atlantic seaboard, reflecting higher rates for shipping by tankers.
hours amounted to
wage
Houston.
in Detroit and
following
Thus prices of gasoline moved up
cities surveyed this month, with
in 13 of the 20
Secretary Perkins
compared with a gain of
or
'■:%■■■/.
Retail prices of gasoline and fuel oil rose during the month,
has had a greater effect on earnings and hours in
the durable than in the non-durable goods industries.
Hourly earnings in
durable
goods advanced
6.0% from March. 1940, to March, 1941, as
per
occurred, washing machine prices were also raised.
costs
The defense program
and
In Cin¬
cinnati and Pittsburgh, where the largest net advances in housefurnishing
further stated:
age
11 of the 20 cities surveyed.
Refrigerator prices were raised in
hours;
explosives, 40.5 hours; optical goods, 40.5 hours;
blast
furnaces, 40.1 hours, and smelting and refining—copper,
lead and zinc, 39.1 hours.
Aluminum manufacturing experi¬
enced a decline in hours from 42.0 in February to 38.0 in
schedules because of lack of material."
May 31, 1941
some
of the fresh
fruits
and vegetables
Average: Large cities..
a
Based
on
102.2
al00.6
data for 51 cities,
b Based
on
data for 34 cities.
ranged from 10 to 20% above April, 1940.
The Labor
Department's
"
'
announcement goes
to say:
on
Rent
'
For the principal large cities combined,
average rents rose 0.3% between
15 and April 15.
This average is based on all rents in the
March
ranges
paid by families of
new
wage
earners
they remained the
same.
In
defense activities have been
year,
the
and clerical workers
including homes of
and old tenants, homes for which rents
April rents averaged
case
changed, and those for which
Buffalo, Philadelphia and Baltimore, where
increasing
1%
or
more
rapidly since the first of the
very
above March rents.
recently, the increases in each of these cities
were
As has been
most
extreme
for dwellings renting for less than $30 per month.
,
to
Clothing \
•
'--'.V. A'1
Prices of clothing, which have been
rising since early in 1941, continued
advance between March and April.
Prices of overalls increased by
2.2% from mid-March to mid-April, and prices of work shirts
by 1.0%.
Higher prices were also reported for many other articles of
clothing,
ticularly in New York and Chicago and to
and
Birmingham.
a
par¬
lesser degree in Kansas
City
Small increases occurred in the prices
of men's
Housefurnishings
Furniture prices
sheet prices slightly
more
3% less than in the previous week; shipments were 2%
less;
business
new
the
National
than
housefurnishings
rose
were
wide¬
about 0.7 of 1%, on the
and rug prices
by
1%%.
greater,
according
Manufacturers
to
reports
Association
to
from
regional associations covering the operations of representa¬
tive
hardwood
and
softwood
mills.
Shipments
were
5%
about production; new orders 13% above production.
Com¬
pared with the corresponding week of 1910, production was
8% greater, shipments 9% greater, and new business 23%
The industry stood at 122% of the average of
production in the corresponding week of 1935-39 and 128%
greater.
of average 1935-39
shipments in the same
ciation further reported:
V
'
corresponding
1%,
0.5%
Lumber
Year-to-Date
Reported production
Futher increases in prices of many kinds of
average,
Lumber production during the week ended May 17, 1941,
was
and
children's shoes in several cities.
spread during the month.
Report of Lumber Movement, Week Ended May 17, 1941
and
new
weeks
orders
the
20
and
shipments
weeks
of
of
were
1941
were
for
the
1940;
20%
to
7%
20
shipments
above
new
The Asso¬
Comparisons
weeks
above' the
date
week.
of
1941
were
orders
business
production.
to
17%
of
was
date
was
above
the
1940
10%
15% above
the shipments,
period.
above
For
production
.
Volume
The Commercial & Financial Chronicle
152
compared with 21%
year
ago;
a
stocks was 39%
to gro6s
Unfilled orders
year ago.
stocks
gross
orders
14% less.
were
taxicabs.
^
Supply and Demand Comparisons
The ratio of unfilled
May 17, 1941,
on
62% greater than a
were
'
Softwoods and Hardwoods
Record for the current week ended May 17, 1941, for the previous
for
the
corresponding
week
of
a
year
include
those
commercial cars, trucks, and road
ambulances, funeral cars, fire
for
apparatus, street sweepers, station wagons, and buses, but
number of such
special purpose vehicles is very small
a negligible factor in any analysis for which the
figures may be used.
Canadian production figures are sup¬
plied by the Dominion Bureau of Statistics. .
;
Figures of automobile production in March, 1941, 1940
and hence
'
and
The figures for
tractors
the
-
3411
follows,
ago
week
thousand
in
board feet:
•
and
Hardwoods
Softwoods
1939, appeared in the May 3, 1941, issue of the "Chron¬
icle," page 2771.
.
.
.
■
Softwoods and Hardwoods
^
NUMBER OP VEHICLES (INCLUDING CHASSIS)
1941
Previous
1941
1941
Week
1940
Week
Week
1941
Week
(Revised)
Year and
,
Mills
382
Production
460
01
,
460
476
242,210
252,714
10,803
100%
253,013
233,209
104
12,295
114
265,009
243.737
11,333
105
285,311
231,442
•
Pas¬
(All
283,881
Passenger
Cars
Toted
Trucks,
Vehicles)
&c.
Comm'l
senger
Cars <fc
Cars
Total
'■!'
■
269,434
113
!r^wv.V;Month
262,098
273,978
Shipments
Orders-....-..—....
100%
Canada (Production)
United States (Factory Sales)
Trucks
1941—
January.._
February....i........
Weekly Statistics of Paperboard Industry
500,931
411,258
89,673
394,483
91,040
23,195
23,710
11,990
10,647
11,205
485,523
March
507,868
410,258
97,610
26,044
12,093
13,951
...
462,257
374,979
87,278
27,584
12,091
15,493
end. Apr.
1,956,579
1,590,978
365,601
100,533
46,821
53,712
69,382
17,213
12,579
4,634
April.
We
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 83% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time
operated.
These figures are advanced to equal
100%, so that they represent the total industry.
STATISTICAL
REPORTS—ORDERS,
PRODUCTION,
MILL
ACTIVITY
w.
Tot. 4
mos.
13,063
1940—
432,279
362,897
404,032
337,756
66,276
18,193
12,779
5,414
352,922
70,698
16,612
12,025
4,587
432,746
362,139
70,607
19,687
13,487
6,200
1,692,677
1,415,714
276,963
71,705
50,870
20,835
342,168
281,465
60,703
14,794
11,404
303,220
243,000
60,220
14,300
10,914
3,386
371,946
299,703
72,243
17,553
12,689
4,864
January
February
March
April..
......
Tot. 4 mos. end. Apr.
1939—
January....
February.
,
........
March...... .........
.
3,390
April.................
*■
-
\
Orders
Production
Received
Period
Unfilled
'Orders
Tons
273,409
63,966
16,891
12,791
4,100
1,354,709
1,097,577
257,132
63,538
47,798
15,740
Remaining
1940—Month
Percent of Activity
Cumulative
Current
Tons
Tons
'V:-
'v
337,375
Tot. 4 mos. end. Apr.
'
Januaryw-
528,155
679,739
167,240
72
February
420,639
453,518
137 631
70
71
429,334
449,221
69
456,942
193,411
70
70
682,490
624,184
247,644
76
72
608,005
544,221
509,781
236,693
*^■79 ftfjr
73
587.339
72
73
74
73
72
73
„
.
..
June
129,466
452,613
1941—Month
184,002
79
77
73
479,099
151,729
71
629,863
202,417
75
548,579
261,650
The
73
161,985
608,521
December
163,769
509,945
673,446
........
648,611
464,537
October
470,228
488,990
September
487,127
196,037
162,653
468,870
670,473
July
August-.....-....,
November.
,
the
::
May 27
mm
"
.
337,022
82
726,460
447,525
83
1...........
155,262
82
154,001
141,176
138,165
143,748
141,874
261,650
8...........
277,115
300,378
80
78
82
78
The
82
78
nal
147,263
146,578
337,022
84
79
;*;*
■
mm
:
,
Mar. 22
167,430
161,996
.........
77
'
322,605
.
a
79
6....*......
183,264
368.304
83
Apr. 12,..........
181,778
150,259
393,732
85
80
Apr. 19...
Apr. 26...........
160,769
134,853
415,485
78
80
166,338
147,582
165,583
147,188
447,525
83
80
170,436
161,295
148,381
149,884
466,064
84
80
472,782
84
80
168,875
152,410
489,915
85
81
Apr.
May 3.
May 10...........
May 17
May 24
431,859
Note—Unfilled orders of the prior week plus orders
not
84
80
-
received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
and other items made necessary adjust¬
reports, orders made for or filled from stock,
ments of unfilled orders.
—..
Dyer Index of Sugar Distribution Rises in April
preliminary April sugar distribution of 586,976 tons
as reported
by the Agricultural Adjustment Administration
was approximately 102.7% of a normal April distribution,
according to the new Index of Sugar Distribution prepared
by B. W. Dyer and Co., New York, sugar economists and
brokers.
The Dyer index is corrected for seasonal variation
and long-term trend.
The announcement issued by the
The
firm further says:
The April figure of
for March,
finers
were
April
102.7 compares with 99.9 in April, 1940, and 182.9
April deliveries held up well partly because some re¬
1941.
delayed in delivering orders placed during
was
the first
April,
as
against
a
March.
month during which invisibles declined this year.
The Dyer firm estimates
that invisibles decreased about 14,500 tons during
gain of about 635,000 tons
of the year.
during the first three months
parity price of wheat was $1.14 on April 15. The termi¬
rates for wheat will be announced in
and country loan
the marketing quota pro¬
Agricultural Adjustment Act:
(1) Exempts from quotas all com or wheat farms on which the acreage
planted to the commodity is 15 acres or less; (2) places the marketing
quota penalty at 50% of the basic loan rate offered cooperators; (3) makes
the entire crop on farms that have a marketing excess subject to an auto¬
Production in April
visions of the
actual pro¬
the farm less the normal or
production, whichever is smaller, of the acreage planted to the
commodity in excess of the farm acreage allotment.
defines the
Statistics for
manufacturers
cars
based on data received from 69
the United States, 20 making passenger
1941
in
are
and 63 making commercial cars,
trucks, or road tractors
manufacturers also making com¬
road tractors). It should be noted
(14 of the 20 passenger car
mercial cars, trucks, or
that those making
As
as
making commercial cars, trucks, or road tractors, respec¬
tively.
The figures
for passenger cars include those for
on
accordance
in
the loans that will
legislation,
previous
under
offered
with
the
be
resolution are dependent
referendum on marketing quotas in
is proclaimed.
Cotton and tobacco
approved quotas for the current crop
and no quotas will be proclaimed for either of the corn or
rice crops in 1941.
Wheat farmers will vote May 31 on
whether or not quotas will be applied to this year's crop.
In commenting on the new amendments to the AAA, Secre¬
tary of Agriculture Claude R.Wickard said:
Upon
approval in
eases
where
a
a
quota
farmers have already
by Congress and the President further strengthens a program
that, taking wheat as an example, has enabled farmers for three years to
maintain their return well above the world level, and that for 1941 can
wheat
farmers
As
larger
\
ment, and the higher
feels
he
program
"V: "
.
will find the wheat quota provisions
The combination of the quota, acreage allot¬
loan rate is most important now to the wheat farmer
more
the effects of a world at war.
With this
and
more
while
at
the
same
time holding adequate reserves
storage.
As
gram
the
remains
decision
at
I
farm
program
policy since
application of
1933,
the
pro¬
farmers' hands, and because of the importance of
call upon all farmers who would be affected by the quota
in
their
the
community polls on
May 31.
The signing of this legislation
.
fey President Roosevelt is
referred to elsewhere in our columns today.
of 1941
Announced
Allotment
The
'
'
been
has
vote
of a
in safe
he is better prepared to protect his income from the weight
surplus
big
they have received from any
income than
result of the legislation farmers
a
effective and workable.
more
as
a
in 14 years.
crop
both passenger cars and commercial cars,
trucks, or road tractors have been included in the number
shown as making passenger cars and in the number shown
commodity
the acreage of the
of
duction
and wheat marketing quota for a farm as the
corn
actual
to
Department of Commerce.
the excess has been. taken care of; and (4)
Government lien until
matic
assure
manufactured in the United
States, including complete units or vehicles reported as
assembled in foreign countries from parts made in the
United States, for April, 1941, consisted of 462,257 vehicles,
of which 374,979 were passenger cars and 87,278 commercial
cars,
trucks, or road tractors, as compared with 507,868
vehicles in March, 1941; 432,746 vehicles in April, 1940, and
337,375 vehicles in April, 1939.
These statistics comprise
data for the entire industry and were released May 27, 1941,
by Acting Director Vergil D. Reed, Bureau of the Census,
major changes- in
these
makes
This action
Factory sales of automobiles
The wheat loan, which will average 85% of
few days.
parity, cannot be offered if wheat growers reject marketing
quotas in their referendum May 31.
Loan rates for the
other basic crops will be announced later.
The Department
also states that the new legislation, S. J. Res. 60, likewise
1
Automobile
It is pointed out by the Department
May 31.
Week Ended—
Mar. 29..
It applies imme¬
for
that under
the new legislation 1941 commodity loan rates for wheat,
cotton, corn, rice and tobacco will average 85% of parity.
571.050
857,732
168,701
The new legislation
quota proclamation and the wheat quota referendum set
652,128
Mar. 15
Roosevelt.
President
diately to wheat as a result of the recent wheat marketing
....
1941—
by
affects all of the five basic commodities.
'
81
,
is being geared to comply with provisions of Sen¬
No. 60 (farm parity measure), signed
ate Joint Resolution
on
'
-
Department of Agriculture announced on May 27 that
Agricultural Adjustment Administration wheat
1941
program
73
of—
January
February
March............
April...
Mar.
Mar.
Program Being Geared to Comply
Parity
Legislation—Department
of
Agriculture Explains Changes in Marketing Quota
Provisions of Agricultural Act
'
70
520,907
...
Wheat
Farm
with
7i
;
......
M arch ±
April
May
AAA
1941
of—
v
Beet Sugar Quota For Processors
by Agriculture Department
Department of Agriculture announced on May 9 the
of the 1941 beet sugar quota of 1,589,100 short
allotment
tons, raw value, to
The
the 24 beet sugar processing companies.
announcement went on to say:
Sugar
1937 directs the Secretary of
of
Act
'
how
to
as
tions
were
quantity in recent years.
Tonnage ratio rose
1935 to 5.66% of total consumption in 1940.
used
improvement in general economic conditions and consumer
purchasing power, the United States Department of Agri¬
culture reported on May 16 in an analysis of the farm
situation.
Industrial production, recovering quickly from
expected to reach a new high level this month.
Gradual
improvement in employment, payrolls and consumer demand
for farm products should continue through the last half of
Inc
•Gunnison Sugars,
Holly Sugar Corp—--------Isabella Sugar Co—
Lake Shore Sugar
9,894
13,552
Co.--------
8,537
Layton Sugar Co
Los Alamitos Sugar Co
Menominee Sugar Co.
------
Java Sugar
4,514
7,817
Others-.--
the
12,088
26.097
157,668
for
Exports and Stocks Increase in March
able
amount
-
year ago.
It is estimated that the
about 1,930,000 short tons.
by April 15.
Estimated 23.6% Lower
Four months ago
probably take place.
Sugar
12.4%
Estimated
Production
Above Last Season
Cane sugar production in Egypt during the current 1940-41
is estimated at 172,000 long tons, raw value, as com¬
.season
pared with 153,000 tons last season, an
increase of 19,000
approximately 12.4%, according to advices received
by Lamborn & Co., New York, from Cairo.
Harvesting of
the crop usually commences in December and is terminated
in June.
The firm's announcement added:
tons,
or
controlled by one company under
regulation, is sufficient to supply its local requirements.
Last
depend
to
in
considerable measure
in
April of 1940.
farmers in April were smaller than those a year
marketings should increase further this month
farm
prices for meat aniamls is expected to only partially
effects of an increase in farm marketings and gains in prices
the effect of lower
as
offset
of
the
dairy products, grains, cotton, and other crops.
With respect to the situation for wheat and cotton, the
Department said:
Wheat
wheat
Domestic
The advance
was
for
1941
rate
"With
the present short crop
import
anything but war materials, further curtailment of consumption will
decreased considerably in the past year.
and the unwillingness of the Government to
Sugar consumption has
Cane
and
-
steadily worse during
estimates were about 185,000 tons
for the present crop have become
above the present figure.
Egyptian
continue
and
Income from
earlier.
production in Japan for the
1940-41 crop is 1,122,570 short tons, according to reports
received by B. W. Dyer & Co., New York, sugar economists
and brokers.
This is a decline of 345,714 tons or 23.6%
from the 1939-40 crop of 1,468,284 tons.
The announce¬
months.
will
increase
Government payments to
The latest estimate of sugar
the past few
of
extent
March
in
to explain:
price-supporting
but price controls over a number of industrial
a tendency
to hold the general advance in
character of Government controls, which thus far
undoubtedly have been a major factor in preventing a much greater rise
in prices of industrial commodities than has actually occurred.
Prices received by farmers rose seven points in April to 110% of the
1910-14
average.
This rise in prices was largely responsible for a
substantial increase in cash income for sales compared with income both
the
upon
and the large crop of 1,769,254 short tons resulted
in'a large increase in stocks.
The carryover on March 31 Is estimated at
708,840 tons, an increase of 447,099 tons, or 170.8% from the same date a
kl The dec-line in exports
Japanese Sugar Production
had
to a
The
31.08% from the previous year,
have
Prospective changes in supply and demand relationships are favor¬
continuation of the upward trend of the general level of prices.
check.
running from April 1, 1940, to March
936,350 short tons, a decline of 422,252 tons, or
will be near the planned crop of
Part of the recent general rise in prices
present and possible future Government
to
for farm products,
commodities
this being the
during the past month,
prices have increased
attributable
is
measures
Exports for the present crop year,
The prospects
for
in consumer buying power.
further gains
in
third consecutive month of gains.
basic
mills had started grinding
of
make way
to
necessary
Wholesale
further reports:
ment goes on
result
will
according to B. W. Dyer & Co., New York, sugar
and brokers.
The rise was accounted for by
increasing demand from Eastern consuming markets.
Less
than 9.000 tons went to points west of Suez.
The firm
economists
A few
be sufficient to prevent much, if any,
goods available for civilian use.
The
soon
volume
the
in
increase
the growing defense needs will
goods such as automobiles. Con¬
clothing, and other non-durable
items thus may be increased.
Increases in taxes eventually will restrict
the purchasing power of consumers, but this is not likely to have much
effect during the remainder of 1941.
In the meantime, widespread in¬
creases
in wage rates, longer working time, and increasing employment
year ago,
total production
will
products
weigh most heavily on durable consumer
sumer
buying power available for food,
exported 77,622 short tons of sugar during March,
increase of 25,645 tons or 49.3% from the same month a
31, 1941, amounted to
increasingly evident that export and defense requirements
is becoming
adjustments
Java
an
proportions,
industrial
further
1,589,100
Total
1940,
markets for some commodities.
It
0
----------
during
downward
sharply
exports,
of which are for export to Great Britain, have reached con¬
and will be an important price-affecting factor in
some
siderable
173,581
Utah-Idaho Sugar Co
agricultural
of
trend
gram,
7,901
7,340
Union Sugar Co
17,127
9,826
71,476
-
Michigan Sugar Co
The
apparently is being reversed in 1941, although a return to pie-war volume
is not in prospect.
Government purchases under the food-for-defense pro¬
Mt. Clemens Beet Growers' As¬
------
Co.-..--
the Department said, adding:
the year,
17,173
12,022 National Sugar Mfg. Co...J
38,147 Ohio Sugar Co
424,402 Paulding Sugar Co
7,086 Spreckels Sugar Co
231,720 Superior Sugar Refining Co.-1—
Garden City Co
Great Lakes Sugar Co
Great Western Sugar
Allotment
sociation--...-—
brought on by industrial strikes in April, is
relapse
the
Monitor Sugar, Division Robert
Gage Coal Co
products continues to respond to
demand for farm
The
(Short Tons, Raw Value)
Processor—
Products Continues
Farm
for
.
Allotment
Agriculture Reports Improved Demand
Department of
"
Amalgamated Sugar Co.. —119,366
American Crystal Sugar Co
186,218
Central Sugar Co
12,107
Franklin County Sugar Co
13.441
from practically nothing in
The proportion of plantfood
9.68%, in contrast
for by these two agencies was
1940 accounted
in
the 5.66% of gross tonnage.
to
were
Processor—
figures for the first four months
Distribution of fertilizer by Government
following are the allotments for 1941:
The
is in store for next year,
of 1941 are 9% over 1940.
agencies has been increasing in
likely that another tonnage increase
It seems
6ince tag sale
advised on March 26, following public hearings,
it was proposed to allot the area quota.
Objections and excep¬
then filed by many of the persons affected by the proposed
' ^
allotment.
and the Government agencies accounting
other 295,000 tons.
for the
beets grown on proportionate share
acreages (acreage allotments), and were then modified so as to bring the
inventories of the various companies into closer relationship with the normal
carryover
requirements of the Sugar Act.
Past marketings have been
measured by the average quantity of sugar marketed during the three
calendar years 1937, 1938 and 1939.
Processings of sugar beets produced
on
acreage allotments have been measured by the average amounts of the
processings from such beets for the largest three of the 1937, 1938, 1939
and 1940 crops.
The allotments give effect to a provision that no processor
may (as long as the quota for the area is less than 1,756,509 short tons)
market in 1941, sugar in excess of his Jan. 1, 1941, effective inventory,
unless such inventory was less than 75% of the processor's average market¬
ings.
The balances macle available by this provision' have been reallotted
to processors whose inventory carryover as of Jan. 1, 1941, was unusually
Interested persons
tons
234,000 tons of the increase
for
computed by giving 25% weight to past marketings,
75% weight to processing of sugar
large.
sold by commercial producers,
distributed by Tennessee Valley Authority, and 444,000 tons
distributed by Agricultural Adjustment Administration.
The increase over
1939 amounted to 520,000 tons, with the commercial industry accounting
27,000
marketing quota for any area if
to prevent disorderly marketing,
The allotments were
and
year's tonnage includes 7,839,000 tons
This
Agriculture to allot
he finds that such allotment is
necessary
to give all interested persons
an equitable opportunity
to market sugar, or for other causes.
The
the sugar
1941
May 31,
Chronicle
The Commercial & Financial
3412
"V'
the
prices
recently
reached
the
highest levels in
a
year.
speculative anticipation of a higher loan
with
associated
;
crop.
Cotton
':
■
improve¬
during the remainder of
this season.
Consumption in most foreign countries is low and the com¬
petitive position of American cotton has been further weakened by the
recent advance in prices to the highest level since July, 1937.
Domestic
consumption totaled 920,000 bales in April, making the total for. the first
nine months of the current season slightly under 7,000,000 bales, a gain
of about
1,000,000 bales over the same period a year earlier.
After
lagging behind production for five weeks, textile sales have again been
above production since late April.
This increases further the backlog of
unfilled orders which was already adequate to insure a high level of mill
activity well into next season.
Wholesale cloth prices have continued to
advance, and manufacturers' gross margins widened to 19.81c. in April
There
is
apparently
the
ment
in
from
18.17c.
little
export outlet
in
March
reason
to anticipate any substantial
for American
and
11.23c.
cotton
last August.
Egypt's home production, which is
Government
year's consumption amounted to 150,000 tons.
HInternational trade in sugar is also conducted.
Sugar in the form of
raws are imported from Java, refined locally, and re-exported to the Sudan,
During the year ended
Oct. 31, 1940, the imports totaled 86,000 long tons of raw sugar, while the
exports amounted to 101,000 tons of refined sugar.
Palestine, Iraq and other Near East
Commercial
An
all-time
record
lished by farmers
used
on
New
High
estab¬
Consumption
Hits
with 8,311,000 tons of commercial fertilizer
farms during the past crop year,
according to the
report made public on May 21 by The
National Fertilizer Association.
This is an increase of more
annual consumption
than
one-half
millions
tons
over
the
prior
year,
says
the
which continued as follows:
"Tonnage figures in themselves do not tell the complete story of plantfood consumption in this banner year, since there has been a significant
increase in the amount of plantfood contained in a ton of fertilizer," sai 1
Charles J. Brand,
Executive Secretary of the Association.
"This year's
tonnage figure was 16% above 1920, but the amount of plantfood contained
Association's
and
used
was
report,
64%
greater."
5% Gain Over 1939 and, with Exception of
Is Largest Since 1930
sents
1937,
destinations.
for fertilizer consumption was
Plantfood
Bureau of Agricultural Economics Estimates Farmers'
Gross Income in 1940 at $10,352,000,000—Repre¬
The gross income of farmers in
1940 is estimated by the
$10,352,000,000, or 5%
more than the $9,896,000,000 total in 1939, the Department
of Agriculture announced on May 26.
With the exception
of 1937, when the total was $10,606,000,000, gross farm in¬
come last year was the largest since 1930.
The gross income
estimates include:
Cash income from farm products sold
or
placed under loan in the calendar year; the quantities
of farm products retained for human consumption on farms
where grown, valued at average prices received by farmers;
and Government payments to farmers.
The Department's
announcement, issued May 26, further stated:
Bureau of Agricultural Economics at
Cash
more
to
income
from
complete data
$9,123,000,000
about
5%.
farm
on
marketings
in
1940, as revised
to incorporate
sales of livestock and livestock products, amounted
compared
with
$8,665,000,000
in
1939,
an
increase of
However, the value of products retained for home consumption
declined from
$1,231,000,000 in 1939 to $1,229,000,000 in 1940 as declines
Volume
in
the
poultry
of
fruits,
slightly
products
The Commercial & Financial Chronicle
152
value
than
more
retained
sugar
offset
home
for
forest
crops,
products,
increases
in
the
The
consumption.
oork
value
total
of
of
and
lard,
and
other
most
agricultural
con¬
servation, price parity, and Sugar Act payments declined from $807,000,000
in 1939 to $766,000,000 in 1940.
Gross farm
and
was
from
all
of
principal
any
in
crops
4% higher than in 1939.
increase
grains
income
group
1940 amounted to $3,966,000,000
Income from grains recorded the lavgest
of
While
crops.
income
from
nearly all
higher in 1940 than in
was
1939, the largest percentage increases
were in returns from corn,
oats, flax, and rice, as increased sales of these
products were accompanied by substantial advances in prices.
Income from
also
nuts
fruits,
cotton
higher
was
sugar crops,
and
cottonseed, vegetables, hay,. soybeans, and pea¬
1940 than in 1939, but income from tobacco,
in
legume and
seeds
grass
was
somewhat smaller.
Gross income from livestock and livestock products in 1940 totaled $5,-
620,000,000 and
was 6% higher than in 1939.
Income from all of the
principal livestock items except bogs and chickens shared in the increase,
the most pronounced increases occurring in the income from da'ry
with
products, cattle and calves, and wool.
home
consumption
of
hogs
in
1940
The marked
increase
in sales and
offset by
prices, and gross income was about 1.5% less than in 1939.
Sales
and home consumption of chickens in 1940 were
slightly less than in 1930
and gross income was down about 8%.
slightly
was
more
than
lower
Lower
prices of hogs and smaller farm consumption of chickens largely
the decline of 1% in the total value of livestock products con¬
account for
sumed on farms.
Although the amount of pork and lard used on farms
in 1940 was slightly larger than in
1939, the value of home consumption
dropped from $170,000,000 to $147,000,000 because of the marked decline
in hog prices.
The value of poultry and eggs consumed on farms declined
from
in
$241,000,000 in 1939
the
number
of
to
chickens.
$234,090,000 in 1940 because of the decline
The
which normally amounts to
products produced for home
value
more
of
than
dairy products used
one-fourth
consumption,
was
of
the
about
5%
farms,
on
value
of
higher
all
than
in 1939.
The
value
of
crops retained on farms for home consumption in 1940
$430,000,000 compared with $425,000,000 in 1939,
The value
gardens increased from $162,000,000 in 1939 to $173,000,000 in
1940, and the value of other vegetables and grains retained for home con¬
sumption was also higher than in 1939, but the value of fruits and
sugar
crops retained for home consumption was
slightly smaller.
amounted to
of
farm
Opposition to
and
Its
vances—Asks
Products—Olson
Hits
Crude
Ad¬
United States
Price
Investigation—r-Crude
Adjustments Made—OPM Seeks to Conserve
Steel
in
Oil
Fields—H.
F.
<
Sinclair
Opposes New
Texas Proration Law—Texas Pares June Allowable
—Daily
Average
Crude
Output
Off—Crude
In¬
ventories Lower-—World Crude Production
Dips in
April
Federal investigation of what lie termed "unwarranted"
increases in crude oil and gasoline
prices by West Coast
producers
was
asked of President Roosevelt and Leon Hen¬
derson, Director of the Office of Price Administration, by
Governor Albert Olson of California in telegrams sent to
Washington on May 28.
In reporting a 25% increase in
crude oil prices in California within a
month, Governor
Olson urged Mr. Henderson to set
prices of petroleum and
natural gas products at "reasonable
figures" pending an
investigation. On the same day that the Governor made his
protest to Washington, Union Oil of California, General
Petroleum and the Texas Co. announced that
they would
meet the Standard of California
increases, retroactive to
May 23.
Bhirther readjustment in crude oil prices in various
scattered fields in the United States were made
during the
week to bring the Nation's general price structure for crude
oils into
alignment.
Among the areas affected in the latest
price advances were central Michigan fields, Corning crude
and several fields in Arkansas.
Advances of from 5 to 7 cents
a
barrel in crude prices in
Michigan fields sent quotations to the highest levels
years, with Midland grade crude oil moving up to $1.44
as the price structure was brought into line with the
quotations after last week's advances there.
Also
on May 27 came a price of 7 cents a barrel in the
posting on
Corning grade crude oil by the Joseph Seep Purchasing
Agency of the South Penn Oil Co. to $1.31 a barrel.
a
barrel
Illinois
Standard Oil Co. of
Louisiana last weekend announced
a barrel in crude
postings in
increases of from 7 to 10 cents
effective
Louisiana,
of May 22.
Heavy Smackover
barrel, other fields being moved up
10 cents a barrel.
Magnolia Petroleum, affiliate of SoconyVacuum, lifted crude oil prices in Texas, New Mexico,
Oklahoma, Illinois, Louisana, and Arkansas by 10 cents a
barrel, effective as of May 21.
Talco crude, Texas, was lifted
as
_
crude
7
was
cents
lifted 7 cents
a
barrel.
a
Ashland
Oil
&
Transportation
lifted
Kentucky River production and Big Sandy River production
in Kentucky 10 cents a barrel, retroactive to May 21.
/
Representatives of the Interstate Oil Compact Commission
and officials of the oil control agencies of the various major
oil-producing States met in Washington on May 27 with
members of the Office of Production Management to discuss
the possibility of conserving approximately 20% of the steel
used in the producing branch of the oil industry, which would
amount to approximately 250,000 tons annually.
R. E.
McConnell, head of the production division conservation
unit of the OPM, pointed out that savings of steel are par¬
ticularly desirable at the present time in the oil industry in
view of the fact that several large pipeline projects currently
planned in the East will consume large amounts of steel.
While it is not possible to curtail use of steel in oil fields
sufficient to account for the total needed in the projected
pipeline construction, it was stressed that any saving at all
is important at the present time.
change in the proration laws of Texas at
voiced by Harry F. Sinclair, Chairman
in a statement
#
In response to
inquiries concerning his opinion, Mr. Sinclair said that he
thought the best solution offered at present was to extend
the current laws for two
years, with the addition of pro¬
visions covering the production of condensate.
The latter
product, he pointed out, was becoming of increasing im¬
portance and the crude market would be affected unless its
production
was not
prorated
on
the
same
basis
as
crude oil.
The Clark proration bill, now
pending in the Texas Senate
having passed in the House of Reperesentatives by a
large majority, and which has the active support of two of the
three current Texas Railroad
Commissioners, Mr. Sadler and
Mr. Culbertson, apparently was the reason for Mr. Sinclair's
after
The
statement.
measure
determined by the entire
rather than
provides that proration shall be
demand for oil from all pools,
on purchasers' nominations as to the
quantities
grades required from individual pools.
The recent
injunction obtained against the Commission by an oil com¬
pany which permits the company to produce all the oil it
needs to fill its order, which was characterized as a threat to
the entire proration structure of Texas in a statement
by
of certain
Commissioner Sadler was cited
by him as possible only
through the loopholes in the present proration
setup which
the Clark bill seeks to plug.
"Radical changes at this time," Mr. Sinclair said, "would
inevitably lead to litigation, and while the present law may
not be perfect in all
respects and may not suit everybody,
including myself, under all the circumstances, I think that
the industry had better bear the ills it has than to
fly others
that it knows not of.
Certainly, I am not in favor of trying
new yardsticks and new
methods, opening up an entirely
new series of problems which
experience indicates would have
to be fought through the courts and
might take years to
On practical grounds, there, and as a
measure
of expedience and preparedness in such times as these I
think the best thing that can be done is to extend the
present
law and work out in the future the
possibilities of improve¬
ment."
A
oil conservation bill, backed
new
by the three major
Illinois oil associations, was introduced in the Illinois Senate
this week, providing that regulatory
powers be vested in the
Department of Mines and Minerals, rather than in a new
commission as provided in the bill
previously introduced
under the sponsorship of Governor Green.
The bill is
backed by the Tri-State Petroleum
Association, Illinois Oil
and Farmers' Equity Association and the Illinois Petroleum
Marketers Association.
The removal of 50 tankers from the Gulf Coast-Atlantic
Coast trade, now in progress, brought about a reduction in
the June allowable for Texas ordered this week
by the Rail¬
The Commission in its State-wide
road Commission.
pro¬
order for next month cut the
quota 15,902 barrels
below the current allowable, setting the figure at 1,362,280
barrels daily.
This is 9,420 barrels below the June estimate
ration
of Texas market demand set
by the U. S. Bureau of Mines.
The Texas proration order for June provides for 21
production
days for all fields except those in the Panhandle, which are
permitted 26 production days.
The
Louisiana Conserva¬
tion Commission iset its June allowable at 319,500
barrels,
which is 824 barrels under the May figure and 200 barrels
less than the total recommended for the State
by the Bureau of Mines.
central
in 11
was
of the Board of the Consolidated Oil
Corp.,
made public in New York City in mid-week.
determine.
Petroleum
any
the present time
3413
In
accordance
with
during June
■
the
recommendations. of
Oklahoma
crude oil
producers and purchasers, the State Corporation
Commission on May 28 fixed the June quota at
415,000
barrels, up 5,000 barrels from May but still far below the
Bureau of Mines June estimate of 459,700 barrels for Okla¬
homa.
The
Producers
Conservation
set
the
June
Committee
of
California
Oil
allowable at
575,000 barrels, up
4,000 barrels from the current month.
Top well allowable
was
held at 142 barrels daily.
A. H. Bell was reelected
Chairman of the Committee with Lloyd Williamson as first
Vice-President; Richard Fenton as second Vice-President
and W. L. Hobro as Secretary.
With Louisiana the only major oil-producing State to show
a gain in output, the daily average flow of crude oil in theUnited States during the week ended May 24 was off 11,600
barrels to 3,772,850 barrels, comparing with a May allow¬
able of 3,799,700 barrels daily set by the Bureau of Mines.
The American Petroleum Institute report showed Louisiana
output up 4,500 barrels to a daily flow of 319,800 barrels.
Sharpest contraction in production was in California where
daily average output of crude oil dipped 10,600.
Other
States showing substantial declines included Illinois, Kansas,
Texas and Oklahoma.
Inventories of domestic and foreign crude oil held in the
a decline of 1,349,0000 barrels
during
United States showed
the week ended
May 17, the Bureau of Mines reported this
Holdings of American crude oil were off 1,360,000
barrels, which was partially offset by a jump of 11,000 barrels
in stocks of foreign crude oil.
Heavy crude oil stocks in
Califonria, not included in the "refinable" crude stocks,
totaled 11,597,000 barrels, off 52,000 barrels from the May 10
figure.
Dispatches from Harrisburg disclosed that a bill to
authorize Pennsylvania to enter the interstate compact "to
conserve gas and oil" was introduced in the State Senate on
week.
May 27 in what was described by its sponsors as a national
defense move. 1 New York State has passed an act joining
which would become effective when Pennsylvania
B. Wilson, who introduced
measure said, while Ohio and West Virginia are expected
May 26—Continental Oil Co.
the
join. The board of directors of the Bradford District of
Pennsylvania Oil Producers Association passed a resolu¬
tion earlier in the week seeking the introduction of such a
to
subnormal" points in its marketing area.
May 26—Standard Oil of New
Pennsylvania Legislature.
April world production of crude oil showed a decline from
the previous month, which had one more day for production,
and also was off 4% from the comparable period last year,
it was indicated in World Petroleum which put total world
flow at 176,711,543 barrels, against 178,800,000 barrels in
March and 183,856,000 barrels in April 1 year earlier.
Sharpest decline was shown in the United States, off from
116,046,000 last year to 111,806,000 this April.
Venezuela
and' the Soviet Union showed higher totals while Roumania
and Iraq were
tank
prices 1 cent a gallon in Virginia.
car
May 26—Midcontinent gasoline
May 27—Magnolia
gallon, excluding Staten Island.
County prices also were readjusted.
May 28—Standard of Ohio
A cent
methods of delivery,
Tide Water OIL..
x
Branded,
.09
y
-------- — - -
$2.55
Corning, Pa...--—
1.24
Illinois Basin
--------1.37
Mid-Cont't, Okla., 40 and above.. 1.25
Smackover, Had.v/-—
!
Illinois—
LIFTS
SUBNORMAL
York
area,
1.26
Pecos County, Texas
.95
Lance Creek, Wyo
,82
,lgnal Hill, 30.9 and over..1.20
GAS
PRICES
i BULK
WITH
MARKET
AD¬
HEN¬
STRONG-
SHARPLY IN PRICE—STANDARD
PRICES—GASOLINE WITHDRAWALS
GAS
DUE
CITY
AGREEMENT
TO
RECORD
REFINERY OPERATIONS
advanced in the metropolitan New
excluding Staten Island, by 4-10ths cent a gallon
Motor |uel
for
1.25
Kettleman Hills, 37.9 and over
REACHES
DERSON— MIDCONTINENT
OHIO
E ist Texas, Texas, 40 and over..._
YORK
PRODUCTS—NEW
LUBRICANTS ADVANCE
degrees are not shown)
Rodessa, Ark., 40 and above..,...81.20
prices
were
undivided dealer tank-wagon to 9.4 cents
by 6-10 hs cent a gallon
a
gallon, and
in commercial tank-wagon prices
gallon.
In southern Westchester, both classi¬
fications were lifted 4-10ths cent a gallon, while in sections of
Nassau County the rise in undivided dealer postings was
3-10ihs cent a gallon and 5-10ths cent a gallon for com¬
mercial tank-wagon prices.
Staten Island was advanced
to 8.9 cents a
May 24.
The May 28 increases placed New
York City prices
on a
parity with adjacent New Jersey territory prices and was
made in accordance with the agreement reached last week
representatives of oil companies and Leon Hender¬
son, Government price administrator,
whereby oil com¬
panies agreed to make price advances sufficiently only to
to bring local postings into line with the Gulf Coast price
structure.
Should price changes in New York send quota¬
tions above parity with those prevailing on the Gulf Coast,
then justification for such advances must be made to Mr.
Henderson's department.
Thus, consumers are protected
against abnormal price advances in gasoline and other re¬
fined petroleum products.
Further strength developed during the week in bulk gaso¬
line prices in the midcontinent area where quotations moved
up 34 cent a gallon on May 26 to 5% to 634 cents a gallon,
refinery.
North Texas refinery prices gained 34 cent a
gallon.
Gulf Coast prices on Tuesday moved higher in the
between
market reflection
first
of
the
recent
crude oil
advances,
gaining 34 to 34 cent a gallon with the new range being 5 54
to 6 cents a gallon.
Kerosene also moved fractionally higher
in the midcontinent market as did lubricating oils.
In
New York City, quotations for Pennsylvania bright stock and
neutrals reached a new high for the year in a sellers' market.
In what is probably the first of a wave of similar announce¬
ments, Standard Oil Co. of Ohio on May 28 announced a
general advance of 34 cent a gallon for all gasoline prices,
ail methods of delivery and service stations, throughout its
marketing area.
It disclosed the advance, which becomes
effective May 29, the company explained that it "reflects
of crude oils in all
areas
prices
from which the company receives
from storage during
can
the week ended May 24.
The Ameri¬
Petroleum Institute disclosed that stocks of finished,
unfinished and aviation gasoline were off only 56,000 ban els
of
residual
fuel
oil
were
off
213,000
barrels
but
holdings of gas oil and distillate gained 1,220,000 barrels.
Representative price changes follow:
N?w Orleans.8.05H-.0i»
Tulsa.
.04%-.04%
...
Terminal
Savannah, Bunker C-81.30
Phila, Bunker C__
81.35
—
i
-1.35
Gulf Coast---.
Halifax—....
--
S.85-.90
1.50
-
2.00
Diesel
Gas Oil, F.O.B. Refinery or
7 plus
Terminal
I
—
.$.03%-.03%
I Tulsa.
Chicago—
S.04I
28.30 D
N. Y. (Bayonne)—
S.053 I
Daily Average Crude Oil Production for Week Ended
May 24, 1941, Declines 11,600 Barrels
The American Petroleum Institute- estimates that the
daily
production for the week ended
crude oil
average
May 24, 1941,' was 3,772,850 barrels.
This was a loss of
11,600 barrels from the output of the previous week.
The
current week's figures were below
the 3,799,700 barrels
calculated by the United States Department of the Interior
to be the total of restrictions imposed by the various oilproducing States during May.
Daily average production
for the four weeks ended May 24, 1941, is estimated at
3,705,100 barrels.
The daily average output for the week
ended May 25, 1940, totaled 3,835,650 barrels.
Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in
United States ports, for the week ended
a
bond at principal
May 24, totaled 2,159,000 barrels,
daily average of 308,429 barrels, compared with a daily average of 216,000
week ended May 17, and
barrels for the
ended
weeks
bonded
in
or
May
24.
277,143 barrels daily for the four
These figures include all oil imported,
whether
domestic use, but it is impossible to make the separation
for
weekly statistics.
Receipts of California Oil at Atlantic Coast ports during the week ended
May 24, totaled 269,000 barrels, a daily average of 38,429 barrels.
Re
barrels, at Phil¬
adelphia, 201,000 barrels, Kerosene, at New York, 10.000 barrels.
Reports received from refining companies owning 86.2% of the 4,535,000
barrel estimated daily potential refining capacity of the United 8tates,
ceipcs were as
follows: Gasoline,
at New York, 58,000
indicate that the industry as a whole ran to stills, on a
basis, 3,867,000 barrels of crude oil daily
pipe lines
of the end of the week,
as
unfinished
gasoline.
Bureau of Mines'
during the week and that all
companies had in storage at refineries, bulk terminals,
in transit and in
94,811,000 barrels of finished and
The total amount of gasoline produced by all com¬
panies is estimated to have been 12,866,000 barrels during the week.
DAILY
AVERAGE
CRUDE OIL PRODUCTION
(Figures in Barrels)
a
B.
Four
of M.
Week
Change
Weeks
lated
Stale
Ended
from
Ended
Ended
Require¬
Allow¬
May 24,
Previous
May 24,
May 25,
ments
ables
1941
Week
1941
1940
Calcu¬
Week
(May)
Oklahoma
440,000
410,000
b414,700
Kansas
213,900
217,900
b216,950
Nebraska
76,450
99,400
North Texas
160,500
4,300
—2,050
150
78,600
73,100
98,550
"
+ 150
29,900
+ 1,100
+ 800
243,500
78,800
373,650
209,650
Texas
Southwest
417,200
210,300
30,000
;
East Central TexasEast
414,250
258,000
West Central Texas..
West Texas
—1,050
—1,250
b4,350
4,800
Panhandle Texas
Texas
276,050
Coastal Texas.
1,382,200 cl417 222 1,402,000
Total Texas
77,450
111,450
34,400
263,750
88,150
—50
356,300
396,450
—500
201,000
265,350
247,750
—750
248,700
—1,300 1,350,650 1,463.750
73,200
Coastal
Louisiana—
Total
Louisiana-
+ 400
72,400
246,600
North Louisiana
+ 4,100
240,500
69,750
234,400
304,150
320,300
320,324
319,800
+4,500
312,900
83,900
Arkansas
76,673
73,000
+ 300
72,650
71,550
28,900
8,750
435,850
22,900
Indiana
320,700
b20,7OO
—¥,000
323,600
23,900
Illinois
b28,000
336,100
Mississippi
+ 950
20,700
13,100
102,300
90,250
—100
94,950
Eastern (not incl. Illi¬
40,000
38,000
—400
91,100
38,050
Wyoming
90,900
82,950
+ 1,600
80,250
67,600
Montana
21,300
+ 100
19,000
Colorado
5,200
113,900
19,000
3,950
113,100
17,600
3,350
106,350
Michigan
New Mexico
—
114,000
Total East of Calif. 3,201,600
California
94,811,000 barrels.
Gasoline production alone was off
135,000 barrels but the record runs of crude oil to stills as
Stocks
05%-.06 %
<
Fuel OH, F.O.B. Refinery or
598,100 d571,000
at
refinery operations climbed 1.6 points sent the daily average
run up 62,000 barrels to a new high of 3,867,000 barrels.
.05251
C
nois and Indiana)
Record refinery operations—90.3% of capacity—was the
factor in the subnormal withdrawal of motor fuels
$.05%-.05
.05%-M
Tank Car, F.O.B. Refinery
i
N. Y. (Harbor)—
its crude oil."
main
.08
Shell Eastern..-
ySuper.
Baltimore---------
1
the advances which occurred last week and this in the
Gulf Coast--
Philadelphia
8.0525
(Bayonne)——— $.052 North Texas-———
.04
24—Ashland Oil lifted Kentucky crude 10 cents, as of May 21.
May 27—Joseph Seep Purchasing Agency lifted Corning crude oil 7
cents a barrel to $1.31.
'
•
:.
May 27—Central Michigan crude prices were lifted from 5 to 7 cents a
ba— I. with Midland crude goin«" to $1 .44.
May 2g—Texas General Petroleum and Union Oil of California met the
crude advances posted by Standard of California, retroactive to May 23.
Price* of Typical Crude pe • Barrel at Weil*
(All gravities whe_e A. P.I.
Other Cities—
Chicago
8.084
Kerosene, 41-43 Water White,
May
OF
Tank Car Lots, F.O.B. Refinery
Texas.,
Oklahoma
Bunker
VANCED—TRADE
advanced gasoline prices, ail grades and all
gallon, effective May 29.
New York—
$.085
Socony-Vac.
x
New York—
REFINED
a
U. S. Gasoline (Above 65 Octane),
New York—
24—Standard of Louisiana lifted heavy Smackover crude 7 cents
a barrel, other Louisiana fields 10 cents a barrel, effective as of May 22.
May 24—Magnolia Petrol cum lifted Texas, New Mexico, Oklahoma.
Illinois, Louisiana and Arkansas crude 10 cents a barrel.
Talco, Texas,
was advanced 7 cents, all boosts effective as of May 21.
—
fuel moved up K to M cent a gallon.
prices gained from 4r-10ths to 6-10ths
Southern Westchester and Nassau
May 27—Gulf Coast prices of motor
May 28—New York City gasoline
cent a
Price changes follow:
Eastern
prices advanced H cent a gallon.
Petroleum advanced tank wagon prices of gasoline
1 cent a gallon throughout Oklahoma.
all grades,
and kerosene,
off sharply.
May
Bradford, Pa
Jersey advanced Esso gasoline 1 cent a
gallon in West Virginia, 6-10th cents a gallon in Maryland and the District
of Columbia on posted gasoline prices, tank-wagon prices 5-10th cents and
the
law in the
advanced tank wagon prices of all grades of
gallon at all socalled "normal and
gasoline and kerosene 6-10th cents a
the past
takes similar action, Senator T.
1941
May 31,
The Commercial & Financial Chronicle
3414
Total United States 3,799.700
a
These
are
3,147,450
625,400
3.772.850
+250
3,800
+400
110,850
59,600
—1,000 3,081,300 3,224,450
623,800
611,200
—10,600
—11.600 3.705.100 3.835.650
Bureau of Mines calculations of the requirements of domestic crude oil
based upon certain premises outlined In its detailed forecast for the month of May.
As requirements may be supplied either from stocks, or from new production, con¬
templated withdrawals from crude oil inventories must be deducted from the Bu¬
reau'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 21.
Volume
The Commercial & Financial Chronicle
152
This is the net basic 31-day allowable as of May 1, but experience indicates that
it will increase as new wells are completed, and if any upward revisions are made.
c
Panhandle shutdown days are
For East Texas and the
May 10, 17, 24 and 31.
rest of the State
they are May 3, 4, 10, 11, 17, 18, 24, 25 and 31.
d Recommendation of Conservation Committee of California Oil Producers.
Note—The figures indicated above do not include any estimate of any
might have been surreptitiously produced.
new
GASOLINE AND GAS AND FUEL
Chairman of the Association's Committee on Federal
U.
V.
to SlUls
Capacity
ing
Po¬
C.
P.
P. c.
of Re¬
Avia¬
on
sidual
tion
ing
Fuel
Gaso¬
Dis-
Oil
line
tllla tes
ished
Ind.
.
and
Gaso¬
line
Re-
ated
Stocks b Stocks
Gas
port¬ Daily Oper¬ Natural
Aver.
of
a
Unfin¬
tial
Blended
of the school's
Stocks
ished &
fineries
ten¬
Rale
a
Produc'n ■i Fin¬
at Re¬
District
Stocks
Gasoline
and author of
numerous
publications
banking.
on
In addition,
J., of Georgetown University, Washington,
will address the banker-students on social trends.
one
Crude Runs
Legislation, will be
Wilcox, correspondent in the Nation's capital for the "American
Father Edmund J. Walsh, S.
A panel discussion of defense lending
(Figures in Thousands of Barrels of 42 Gallons Each)
Refin¬
3415
entitled "Banking and Government," to be given under the
direction of Dr. Paul F. Cadman, A. B. A. economist, and A. L. M. Wiggins,
Banker"
OIL, WEEK ENDED MAY 24, 1941
Daily
course
augmented with evening lectures by Mark Sullivan, Washington columnist,
oil which
CRUDE RUNS TO STILLS, PRODUCTION OF GASOLINE AND STOCKS
OF FINISHED AND UNFINISHED
A
S.
G.
are
by banks will also be conducted at
The participants of this panel dis¬
evening sessions.
cussion, all of whom
faculty members,
B.
William G.
are
F.
Price, Assistant Vice-President of the National City Bank of New York,
David O. Barry, Vice-President of the Lincoln-Alliance
Bank & Trust Co.,
Rochester, N. Y., and J. Harvie Wilkinson, Vice-President of the StatePlanters
Bank
&
Trust
Va.,
Richmond,
Co.,
who
Chairman of the
is
A. B. A.'s National Defense Loans Committee.
East Coast...
643 100.0
603
93.8
21,157
1,584
9,122
8,467 E. C'st
Appalachian..
156
91.0
123
86.6
466
2,957
379
743
90.2
634
94.6
2,414
17,700
2,883
635
470
Ind., 111., Ky.
3,479
Okla.,
Government.
Kans.,
Missouri.
The Graduate School's faculty this year includes
420
76.9
295
91.3
Inland Texas.
280
59.6
136
81.4
1,906
Inter'r
362
1,429
1,012
14,630
3,100
1,284
6,043
608
Texas Gulf...
8,179
2,342
1,101
..
three new members in
addition to Mr. Wiggins, who will lecture in the new course on
6,975 G. C'st
3,788
1,659
1,071
89.2
962 100.7
Louisiana G'lf
164
97.6
145
90.6
371
3,489
1,233
No. La. & Ark
101
51.5
46
88.5
127
473
321
507
Rocky Mtn..
California....
121
56.0
43
63.2
212
1,692
130
502
836
87.3
545
74.7
1,448
15,567
10,685
66,820
1,647
86.2
3,532
90.3
11,431
1,435
88,186
32,442
92,214
6,625
1,560
7,392
27,413 102,932
5,427
White,
other
newcomers
to
the
Banking and
B.
S.
G.
Superintendent of Banks of the
faculty are:
State of New York,
Mayo B. Shattuck, member of the law firm of Haussermann, Davison and
310
93,774
93,987
A.
three
7,082
660
William
The
Reported
Est. unrep'ted
335
v
Shattuck, Boston, Mass., and Otto C. Lorenz, consumer credit research
expert for the American Bankers Association.
Calif.
Dr.
O. C. Carmichael, Chancellor of
Vanderbilt University, will deliver
the commencement address to the school's graduates on
Portland
of April,
Statistics for Month
Cement
Friday, June 27.
1941
♦Est. tot. U.S.
May 24, '41
4,535
3,867
12,866 e94,811
33,102
May 17.'41
4,535
3,805
13,001
31,882
♦U.S.B.of M.
|i
May 24, '40
•
*
94,867
dl 1,386 101,557
c3,607
Estimated Bureau of Mines basis,
a
At refineries,
7,252
bulk terminals, in transit
and
pipe lines,
b Included in finished and unfinished gasoline total,
c May,
1940, daily average,
d This is a week's production based on the U. S. Bureau of
Mines
May,
barrels.
1940, daily average,
Manual of
e
Finished 87,234 bbls.; unfinished, 7,577,000
Banking Forms and Procedure Being Dis¬
by Bank Management Commission of
tributed
American Bankers Association
A manual of
simplified banking forms and procedure has
prepared by
peen
a
special committee of the Bank Manage¬
ment Commission of the American Bankers Association and
is
ready for distribution to the A. B. A/s membership, it was
announced on May 14 by J. Harvie Wilkinson Jr., VicePresident of the State-Planters Bank & Trust Co., Rich¬
mond, Va., who is Chairman of the Commission.
The
special committee which conducted the study is under the
Chairmanship of L. W. Bishop, Vice-President and Cashier
of the State-Planters Bank & Trust Co.
The manual, a
240-page book, has been designed to serve as a guide in
simplifying and modernizing bank forms and to produce
economies in bank operating procedure, the announcement
explains, adding:
The
Portland cement industry in
April, 1941, produced
12,196,000 barrels, shipped 14,132,000 barrels from the
mills, and had in stock at the end of the month 24,052,000
barrels, according to the Bureau of Mines, U. S. Department
of the Interior.
Production and shipments of Portland
cement in April, 1941, showed increases of 21.4 and 30.5%,
respectively, as compared with April, 1940. Portland cement
stocks at mills were 5.1% lower than a year ago.
The mill value of the shipments—25,355,000 barrels—in
the first quarter of 1941, is estimated as $37,341,000.
Ac¬
cording to the reports of producers the shipments totals for
the quarter include approximately 1,656,000 barrels of highearlv-strength Portland cement with an estimated mill value
of $3,045,000.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
April, 1940 and 156 plants at the close of April, 1941.
RATIO
OF PRODUCTION TO
CAPACITY
1941 Jan.,
Apr., 1940 Apr., 1941 Mar., 1941 Feb.,
The 12 months ended...
PRODUCTION,
69.3%
56.5%
47.5%
47.5%
The month
SHIPMENTS,
AND
49.8%
55.6%
;:
43.4%
54.4%
1941
42.4%
53.1%
STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS. IN APRIL, 1940 AND
1941
(In Thousands of Barrels)
Stocks at End
It Is a reference book of
operating and legal forms, a manual of operating
Production
District
of Month
Shipments
procedure for increasing efficiency and reducing working hours, and a guide
in bank
1940
operations for the training of employees.
The book contains
10 chapters, which are termed "operating
sections,"
dealing with paying and receiving, interior proof and transit, bookkeeping,
account
analysis, loans and discounts, collections, drafts, certification and
general
returns,
ledgers,
general
savings,
Each operating section is in outline
forms,
and
similar functions.
form, and describes operating procedure
step-by-step actions to be taken by the person performing the work.
in
with accompanying printing specifications, are illus¬
Operating forms,
trated.
the forms have been filled in to show typical
Wherever possible,
transactions and the forms
are
in one instance correlated and carried through
Eastern Pa., N. J. & Md
2,164
their ultimate position in the general
is
followed
ledger.
by comments enlarging on the material presented, and alter¬
native procedures and forms are compared
In
Each outline of procedure
and discussed.
5,029
1,057
1,351
1,879
1,965
3,599
2,880
778
2,009
2,107
869
605
872
1,178
1,056
Michigan..
378
628
557
■
719
1,281
937
1,223
1,340
1,830
2,883
1,544
1,825
3,069
1,437
749
644
800
893
3,193
2,986
1,771
1,796
707
837
Texas
713
798
699
779
775
Colo., Mont., Utah, Wyo. & IdaCalifornia... .. ...* i-t »».■.
196
250
273
313
425
576
1,091
1,389
1,090
1,656
1,482
1,205
Oregon and Washington........
499
347
556
305
478
687
705
762
827
23
24
25
24
0
13
10,043
Puerto Rico..
12,196
10,829
14,132
25,348
24,052
.....
PRODUCTION,
SHIPMENTS.
AND STOCKS OF FINISHED PORTLAND
CEMENT. BY MONTHS, IN 1940 AND 1941
(In Thousands of Barrels)
and less, and to serve as a guide in their oper¬
with deposits of $5,000,000
ations, because institutions of this size constitute over 90% of the banks in
Stocks at End of
There is, however, so much similarity in the fundamental
Production
Month
Month
Shipments
operations that most of the material in the manual is appli¬
nature of bank
cable to ail banks, regardless of size.
Economic changes of the past
few
years
1940
<
.
operating methods should receive more attention.
Recognition that net earnings may be increased by streamlining operating
result of this study,
As
procedures and forms.
a
this manual has been prepared which embodies the
Commission's findings and
recommendations, showing ways and means to
Association
a9,025
3,893
a7,984
1941
4,907
a7,456
a9,915
25,759
25,894
26,118
January.*........
February ....... ..
March* ...... * ...
10,043
May
12,633
12,490
10,829
13,206
13,223
12,290
13,442
14,018
21,549
19,921
18,008
20,353
11,195
14,741
15,776
10,372
8,192
130,292
130,315
August
.
October
12,725
Graduate
School
Open Resident Session June
16
of
a24,4l6
a25,307
a25,988
24,052
24,010
22,855
12,712
13,105
13,935
July
December
Bankers
1940
1941
6,205
5,041
7,918
modernize and develop bank operations.
Banking to
1940
April.............
Constant increase in
in relation to gross income stresses the fact that bank
methods led the Commission to study banking
1941
.
have decreased bank income and
vitally affecting net earnings.
expenses,
salaries and wages
American
4,504
1,287
Wis., ni., Ind. & Ky
Va., Tenn., Ala., Ga., La. & Fla.
East. Mo., Ia., Minn. & 8. Dak.
W, Mo., Neb., Kan., Okla. & Ark
This manual has been designed primarily to meet the needs of banks
increased
1941
2,969
647
describing the manual, the A. B. A.'s Bank Management
the United States.
1940
2,301
New York and Maine—
Total.
Commission set forth:
2,482
1941
1940
Ohio, western Pa. & W. Va..
-
to
1941
Total
a
a8.345
alO.596
12,196
7,716
14,132
25,348
......
24,758
a23,379
Revised.
j
The Graduate School of Banking, educational section of
the American Bankers
enter its seventh
Association for bank
officers,
sity on June 16 with a freshman class of at least 242 students,
a graduating class of 184, and a student body of more than
650, it is announced by Dr. Harold Stonier, director of the
Graduate School and A. B. A. Executive Manager.
The
two-week summer session,
which brings together bank
executives from all sections of the country who are enrolled
in the school for class room and seminar work, is part of a
three-year course leading to a banking diploma issued
jointly by the Association and Rutgers University, said an
announcement issued May 13, which added:
This year's
addition to the regular courses
the inter-relations of banking and government.
resident session will feature, in
of study, heavy
emphasis on
Weekly Coal Production Statistics
will
annual resident session at Rutgers Univer¬
weekly coal report of the Bituminous Coal
S. Department of the Interior, showed that
The current
Division, U.
production of soft coal increased sharply in the week ended
The total output is estimated at 10,100,000 net
tons, a gain of 700 tpns, or 7.4% over the preceding week.
This is in comparison with an average weekly output of
slightly over 11,000,000 tons for the high month of March.
Production in the corresponding week of 1940 amounted to
May 17.
7,818,000 tons.
The U. S. Bureau
,
.
'
of Mines reported that the estimated
production of Pennsylvania anthracite
May 17 was 872,000 tons, an increase
the preceding week.
Compared with
for the week ended
of 43,000 tons over
the output , in the
The Commercial &
3416
corresponding week of 1940 there was an increase of 41,(XX)
tons.
ESTIMATED
PRODUCTION OF SOFT COAL WITH
PRODUCTION OF CRUDE PETROLEUM
STATES
UNITED
COMPARABLE DATA ON
(In Thousands of Net Tons)
Financii I Chronicle
May 31,
which was also the contract
Quotations held at 5.85c., New York,
tons.
1941
Re fining Co., and at 5.70c.,
St. Louis,
■"
" 4'
Producers believe that apparent consumption of lead in this country
has moved up to the rate of 75,000 tons a month, which compares with
American Smelting &
basis of the
settling
47,000 tons a year ago.
Confusion over inventory
Calendar Year to Dalec
Week Ended
V
in numerous
May 17 May 10 May 18
: a;
:
..
.
*
-
" ' .'
V
•
•
.
1940
1941d
1940
1941
1941
1929
and
antimonial pig lead at present are
1.567
Zinc
Sales of the eommon
Crude Petroleum b—
84,908
6,143 116,004 120.031
6.017
6,062
of weekly output
the
production of lignite,
b Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal (Minerals Yearbook 1939, page 702.)
c Sum of 20 full weekB
ending May 17, 1941. and corresponding 20 weeks of 1940 and 1929.
d Subject
volved 6,947 tons,
PRODUCTION
AND
-
COKE
(In Net Tons)
against 9.100 tons in the week previous. Shipments for
The backlog increased to 99.138 tons.
In¬
quiry for zinc remains
well in excess of the supply. However, actual con¬
believed to be in balance. The quotations for
continued at 7)4c.t St. Louis.
Prime Western
The Priorities
Tin
V
May 17 May 10 May 18
1940
1941
1940
1941
1941
1929
c
c
Penna. Anthracite—
Total, Including colliery
872,000 829,000 831.000 19,177,000 18,546,000 27,822.000
a
Commercial productlonb 828,000 788,000 789,000 18,220,000 17,619,000 25,819.000
fuel
•
follows:
Straits tin for future arrival was as
Dally average..
674,900
3.717
2,414,400
5.719
1,958,300
16,596
22.300
126,600 112,900
21,100
18,817
United States total
++;. ++.:v:
.
of last week. Prices showed little
change, holding around 52Hc. for spot Straits.
London quotations were
easier, indicating that the market is so tightly controlled that only routine
business is possible under present conditions.
Tin-plate mills are operating at close to 86% of capacity.
Buying of tin was in good volume most
Beehive Coke—
a
the quantity of zinc to be
will amount to 22% of April production,
Division has announced that
the "pool" during June
approximately 15,000 tons.
zinc, the industry believes.
Calendar Year to Date
Week Ended
".>■
The quantity designated for May was 17%
of March production, while the original allocation, put into operation in
April, called for only 5%.
The steady upward revisions in the tonnages
required for the defense reserve point to eventual full priority status in
ANTHRACITE
OF PENNSYLVANIA
BEEHIVE
V
sumption and supply are
or
ESTIMATED
;
grades of zinc during the week ended May 24 in¬
the week totaled 6,476 tons.
set aside for
adjustment.
current
to
of historical comparison and statistical convenience
Includes for purposes
a
pig lead
involved in the order announced
''-J-v'".v'•.•
7,541 167,117 172,606 203,957
1,714
1,462
1,416
1,257
9.400
10,100
1.683
fuel
Daily average.-
Consumers,
OPM order also covers various
This is not the case, however, for only common
products.
recently.
Bituminous Coal a—
Total, including mine
Coal equivalent
control has not been cleared up.
instances, thought that the
lead
20,461
September
June
August
52.125
52.000
52.000
May 23
dredge coal, and coal shipped by truck from authorized
bExcludes colliery fuel,
c Adjusted to comparable periods in the
July
52.125
52.000
61.875
51.875
May 24...
May 26.........
May 27
May 28.
52.125
52.000
51.875
51.875
52.125
52.000
52.000
51.875
52.000
51.875
,51.800
51.750
52.125
52.000
52.000
51.875
Includes washery and
operations,
three years.
BY STATES
WEEKLY PRODUCTION OF COAL,
ESTIMATED
(In Thousands of Net Tons)
1
estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
(The current weekly
May 22
-
-
Chinese
tin,
99%
spot,
nominally as follows: May 22,
was
23d, 51.625c., 24, 51.500c., 26, 51.625c.,
Week Ended
State
May 10
1941
61
...........
3
3
269
38
18
5
50
66
81
9
136
168
4
f
?
PRICES OF METALS
51.625c.
27, 51.500c., 28, 51.625c
("E. & M. J."
QUOTATIONS)
Avge.
1923e
1929
1939
1940
4
..—
Alabama—...
May 11 May 13 May 11
Miay 3
1941
Alaska......
DAILY
May
>
51.900
ft
339
Straits
Electrolytic Copper
ft
398
A
Dom.,Refy. Exp., Refy.
Zinc
Lead
Tin
New York
New York
St. Louis
St. Louis
13
Colorado..
84
f
1
f
Illinois
832
f
677
329
883
1,292
Indiana..4—.
336
f
270
42
299
394
27
f
44
6
65
89
89
30
87
86
860
142
226
3
43
47
52.250
5.85
5.70
7.25
10.950
52.250
5.85
5.70
7.25
11.775
10.950
52.125
5.85
5.70
7.25
May 26
11.800
10.950
52 200
5.58
5.70
7.25
May 27
11.825
10.950
52.125
5.85
5.70
7.25
May 28
11.775
10.950
52.250
5.85
5.70
7.25
11.817
10.950
52.200
5.85
5.70
7.25
183
24
10.950
11.875
679
118
11.850
May 23
131
780
May 22..—_
May 24
Arkansas and Oklahoma——
.
.
—
Georgia and North
Carolina
Iowa.---.--;
Kansas and Missouri...
Kentucky—Eastern
—
83
......
352
ft
ft
14
12
37
36
49
20
49
42
16
Michigan
17
19
10
41
57
silver,
f
7
f
—
Montana
........-v. ....
..
31
*
2
15
14
ftl6
f
408
62
392
860
2,648
Ohio
Pennsylvania bituminous
.
1
1,882
90
2,669
3.578
20
104
121
21
22
65
74
30
■■
97
f
49
Tennessee
f
331
f
—-----
Utah
....—- — —
15
*
284
30
28
231
47
250
23
15
40
44
f
1,928
49
1,902
1,380
835
West Virginia—Southern.a.....
Northern.b
f
587
41
677
862
98
110
70
Wyoming
75
*
Other Western States.c
80
9
*
f
9,400
Total bituminous coal
5,200
V
7,818
.
*
ft3
g5
9,310
1,085
10,878
829
Total, all coal
Includes operations on
B. & O. in
1,058
909
1,483
1,207
1,932
10,229
Pennsylvania anthracite.d
the
15
36
2,225
Washington.
on
117
8
'...i..-v.:.
Virginia...
6,258
8,727
2,568
10,517
12,810
the N. & W.; C. & O.; Virginian; K. & M.; B. C. A G.;
Kanawha,
Mason and Clay
Counties,
b Rest
of
State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c
In¬
California. Idaho, Nevada and Oregon, d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average
weekly
rate for entire month,
f Estimate included in total,
ft Alaska, Georgia, North
cludes Arizona,
and
Carolina
South
Dakota
Average prices for calendar week ended May
included
with
other
Western
States.
than
* Less
1,000 tons.
34.750c.
The above
ftl4
558
North and South Dakota..
Texas
Average
24 are;
Domestic copper, f.o.b.
refinery, 11.829c.; export copper, f.o.b. refinery, 10;950c.; Straits tin, 52.250c.;
New York lead, 5.850c.; St. Louis lead, 5.700c.; St. Louis zinc, 7.250c.; and
20
Mew Mexico
and
f
242
*
*
109
757
......
Western
Maryland
a
11
quotations are "M. & M. M.'s" appraisal of the major United States
reported by producers and agencies.
They are reduced
cash, New York or St. Louis, as noted.
All prices are in cents
markets, based on sales
the
to
per
basis
of
pound.
■
.
;
sales for both prompt and future
only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is.
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
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.
A total of 0.05c. Is deducted from
f.a.s. basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
Copper, lead and zinc quotations are based on
deliveries; tin quotations are for prompt delivery
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: May 22, spot, £266%
three months, £2155%; May 23, spot, £266, three months,
£266%; May 26, spot, £264%, three months, £265%;
May 27, spot, £262%, three months, £264%; and May 28,
spot. £261%, three months, £263%.
♦
-V
Metals—Zinc "Pool"
V,
Non-Ferrous
I ""-','
Raised
Production—Lead
''Metal
Continues
Mineral
in
and
Markets"
its
to
22%
of
issue
—Four
of
May 29
reports that the declaration by President Roosevelt than an
unlimited national emergency exists was accepted in the
market for non-ferrous metals
as
pointing to even tighter
industry.
Zinc producers were ordered to set
aside 22% of production for the defense "pool."
Priorities
are
expected in copper to handle the growing demands.
Lead again was active, with producers limiting salesThere
were no important
price changes during the last week in
major items. The publication further reported:
controls
on
April Reported Below March
Above Year Ago
World Tin Production in
Active
Months"
Total
World production of tin in April, 1941, is estimated at
17,100 long tons, compared with 21,900 long tons in March,
1941, according to the current issue of the "Statistical Bulle¬
which is con¬
tin," published by the Tin Research Institute,
trolled by the International Tin Research & Development
Council, London.
Production for the first four months of
1941 was 73,800 tons against 67,000 tons in the first four
months of 1940.
The exports from the countries signatory
to the International Tin Agreement, and the position at the
end of April, 1941 are shown below in long tons of tin:
The copper industry is greatly concerned about the future supply situa¬
tion,
estimates
as
survey
on
defense
needs
of the position of the metal.
is heard most
are
being increased with
each
Sales in the domestic market
during the last week amounted to 13,927 tons, bringing the total for the
month so far to 74,052 tons. The large mine operators quoted
12c., Valley,
with custom smelters at 12?^c
Export
of 11c.,
copper
sold in fair volume throughout the week
f.a.s. New York.
In
some
instances
Correction—The request to survey
as
high
as
12c.
on
was
costs of producing copper
the
basis
Tariff Commission,
at
mines
a
private organization,
and not the
United
Tariff Commission.
The last-named Government organization is
undertaking to get information of that particular kind, Washington
States
not
advices state.
.■
French Indo-Chlna (estimated).
*
*
*
*
*
Bolivia
End April
April
721
#
1
130
130
130
—1,068
—14,493
Malaya
5.081
9,398
4,508
Netherland East Indies
3,852
4.619
4,576
+781
Nigeria
1,469
675
Nil
—1,279
Thailand
1.263
1,455
1.467
—4.564
The announcement in the matter further
United States deliveries totalled 13,955 tons
tons in
March, 1941.
said:
in April, 1941, against 16,092
For the first four months of 1941,
liveries totalled 55,002 tons compared with 33,479 tons
United States,de¬
in the corresponding
period of 1940.
Consumption of tin in the United Kingdom totalled 2,691 tons in March,
Lead
Consumers would have absorbed tonnages of lead well above the quantity
actually sold during the last week.
Producers again restricted offerings.
Sales of common lead for the seven-day period under review totaled 7,831
March
629
Belgian Congo
paid.
operating in Arizona, referred to in the issue of May 22, came from the
Arizona
February
new
Talk of full priority status for copper
everywhere in market circles.
1941 compared with 2,155 tons in February and 2,347 tons
World stocks of tin, including smelters'
in March, 1940.
stocks and carry-over decreased
by 1,079 tons during April, 1941 to 53,447 tons at the end of the month
Stocks at the end of April, 1940
amounted to 40,680 tons.
Volume
The Commercial
152
Steel Scrap
in
7252.3 in
for standard tin in London was 7270.0 per ton
The average cash price
7270.3 in the previous month and
1941, compared with
April,
May 27, 1941, $19.17
The average
V
•
■
One
One
>
,
1
heavy
melting steel
on No.
quotations at Pittsburgh, Philadelphia,
and Chicago.
(Based
Gross Ton
i-_.S19.17-j
month ago.19.17
year ago
18.17 L
The average price in April.
April, 1941, as against 52.13 cents in March.
a
One week ago
" v'"..;vV::T: . ;•
;
price for Straits tin in New York was 51.99 cents per lb. in
April, 1940.
3417
& Financial Chronicle
Low
High
1940, was 46,82 cents per lb.
10
9
7
$19.17
Apr.
30
16.04
Apr.
3
14.08
May 16
June
7
Jan.
1941
That such steel uses as are not essential to
ments for defense.
national welfare will be further restricted in the coming
obvious with each
more
of
the
within
a
were
be
will
which
and
bill
In addition to the
sidered at this time.
5
July
3
8.50
Dec. 25
Feb.
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
3
week, there are
run
from Texas
May 13
May 20
80.3%
Sept.
Sept.
Sept.
Sept.
June 24
86.5%
Oct.
1
74.2%
Oct.
14.
8
86.4%
Oct.
21
Oct.
July
Several hundred
on
mills.
"
that
97.1%
17
96.6%
.96.6%
Feb.
24
7
99.3%
14--.98.3%
96.0%
Apr. 21
Apr.
94.3%
28
94.6%
96.3%
—
Jan.
May
97.5%
3
Mar.
5...-.96.8%
12...-.99.2%
May 19
99.9%
May 26
98.6%
May
of the iron and steel
for civilian use becomes ever more of a problem, and
desire that Washington lay down rules
use.
borderline ones between direct defense
notified a maker of smokestacks
Many cases are
them.
Thus
a
maker of plates
delivery schedule would be
his
of
some
postponed for a year, original specifica¬
The smokestack manufacturer replied
industrial plants engaged largely in
September.
contracts
were
with other jobs of a
defense and
for
defense nature.
,
product, yet lefrigerators are needed for army cantonments, battleships
service
branches.
Moreover, it is reported that Washington
Civilian Supply will issue an order
galvanized pipe and galvanized wire
31 but before April 17, to
to March
made subsequent
were
expected that will permit steel companies to quote
shipping to a territory governed by
be established on the
America rather
another basing point.
Export prices probably will
basis of the quotations
of the Steel Export Association of
than domestic prices,
the former having been higher.
have been concerned with the iron and
Various meetings in Washington
situation both with respect to prices and
the available supply.
melting more scrap than they are receiving and
Some steel companies are
their situation will be serious within
another few weeks unless some way is
found to increase the flow of scrap.
There is still a great deal of confusion
regarding the recent scrap price order, which
will be clarified in severa
particulars.
THE
AGE"
"IRON
COMPOSITE PRICES
One month ago
2.261c.
2.261c.
rolled strips.
One year ago
2.261c.
85% ol the United States output.
'.V-'"-'"'"-'
HigH\
2.261c.
Jan.
2.261c.
Jan.
2.286c.
Jan.
.2.512c.
May
2.512c.
Mar.
.2.249c.
Dec.
2.062c.
Oct.
..2.118c.
Apr.
........1.953c.
Oct.
..1.915c.
Sept.
1.981c.
Jan.
2.192c.
Jan.
2.236c.
May
' 7 '■ Vi.-v"
1941
__
7
2
3
....
......
1938
1937
1936
1935..
1934
1933
1932...
1931.......
1930.
1929
— ...
17
9
28
1
24
3
6
13
7
28
These products represent
.:
"■ Low
2.261c. Jan.
2.211c.
2.236c.
2.211c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792c.
1.870c.
1.883c.
1.962c.
2.192c.
Apr.
May
Oct.
Jan.
Mar.
Jan.
Jan.
May
Mar.
Dec.
Dec.
•
7
16
16
18
4
10
8
2
2
15
29
9
Oct. 29
,
23.611
22.61 [
One month ago.-i-
One year ago
Philadelphia, Buffalo,
Valley,
Southern iron at Cincinnati.
1940
1939
1938
—
-"
1936..-
1935—-J..:
1934..
I...
1932
1931.......
1930....
—
—
$23.61
23.45
22.61
23.25
23.25
19.74
18.84
17.90
16.90
14.81
15.90
18.21
18.71
Mar.
Dec.
Sept.
June
Mar.
Nov.
Nov.
May
Dec.
Jan.
Jan.
Jan.
May
,
makers
of
by-product
foundry coke
and
changing costs.
with
with the statement made by Walter Tower,
at last week's spring
meeting, that there is enough capacity to take care of'British and Amer¬
ican armament needs and supply civilians on the scale of their consumption
generally
Steelmakers
of
President
averaged
of
of
Iron and Steel Institute,
the past 10 years.
galvanized standard
.
■
pipe has started to ration customers
of their 1939-40 takings, based on current production of his
of
basis
the
on
company.
agree
the American
over
maker
A
department produces at 70%
will get that percentage of their takings
Assuming that his galvanized pipe
capacity in
June, consumers
previous years.
small companies, such as platemakers, are
still out of the market,
pending ruling at Washington on exceptions to price freezing in their cases.
Scheduled automobile production for last week was 133,500 units, up
6,305
for
the
week,
comparing with
96,810 for the corresponding 1940
pc-riod.
Low
20
23
19
21
9
24
5
1
5
5
6
7
14
.-'Ov;.,.:
/■
who made no change on
Some
High
1941
■
that other producers raised quotations 50c. or 75c. per
ton, put into effect the major advance at the middle of the month, making
two sets of prices in several districts.
Makers of bolts, nuts and rivets
have readjusted quotations of certain
products to bring them into line
;
Ton
(Based on average for basic iron at Valley
..$23.61-!
furnace and foundry iron at Chicago,
May 27, 1941, $23.61 a Gross
One week ago......
is simpler.
May 1 at the time
"
Pig Iron
rationing
1941.
for
Certain
wire, rails, black pipe, sheets and hot
in
few plants using steel as raw
a
lack of
bought
Based on steel bars, beams, tank plates,
May 27, 1941, 2.261c. a Lb.
has
material have shut down because
supply, the Situation holds its own fairly well.
The volume of
orders continues to taper but is still greater than the production rate.
The inventory control ruling laid down by Washington,
providing for
reports by June 10, has uncovered some unfair distribution of steel, indi¬
cating again that with perfectly equitable distribution there is plenty of
steel to go around.
Because of the shortage of zinc one of the tightest
items is galvanized merchant pipe.
Yet inventory reports revealed one
distributor holding four months' supply, at the same time making inquiry
for three times that volume, which if honored would make over a year's
supply.
iv..V';:>
Zinc still appears the No, 1 raw material from standpoint of scarcity.
Some
note
that nickel supply becomes freer,
partly because of rigid
priority regulations and partly because of use of substitutes.
Moreover,
much nickel is easily dispensed with, particulai'ly for ornamental trim.
A large widely-integrated company notes that deliveries on many major
carbon steel items are further extended than for alloy steel, which is the
reverse
from a few months ago, reasons being closer control on alloy steel
and greater demand
in recent months for hulk products such as plates
for shipbuilding, shapes for industrial plants, and bars for general use.
The present conspicuous phase of defense buying is of bars for shell
rounds, about 600,000 tons now being in process of being purchased in
the Middle West.
Hot-rolled bars are usually sold out for the rest of the
year, though certain sizes and descriptions
of cold-finished can yet be
'*
Finished Steel
Odc week ago.;
steelmaker
Though
of
'
and
for distribution into the Tennessee Valley
Where buyers display priority ratings the problem of
35,000 refrigerators
Authority district.
construction of entirely new plants
order of April 17. It is expected that the
will be changed from March 31 to April 17,
platemaker
purchased
be
Some expansion of facilities
.
is now concentrating on supplying shipbuilders at all
Another case is refrigerators, which might seem purely a civilian
This
continuous sheet-strip
advocated by some Washington
-'v;'.-''
v-/:;"7
v"
•
f.o.b. their nearest basing point when
1929
96.9%
10
Feb.
having named next
tions
of new blast furnaces, open hearth furnaces
■
order
A ruling is also
1933...........
3
Feb.
Apr.
Apr.
99.2%
have expressed
steelmakers
govern
that his
A steel plant expansion program seems to be indicated,
of the
1937....
Feb.
96.0%
96.1%
Nov. 25.
the
thereby permitting price advances on
1939
95.7%
4
Nov. 11
Rationing of steel
taking 500,000 tons, would be
,
Roosevelt this week.
.
-
28
Nov.
Nov. 18
and civilian
this week amending the steel price
1940.
Jan.
89.5%
to
steel capacity by Gano Dunn probably will
The Office of Price Administration and
;
Jan.
90.5%
several
iron over a period
During the past week steel companies have inquired
authorities. "
■"'\
6...--97.2%
13
98.5%
20
96.5%
27
97.1%
99.4%
Mar. 24-..--99.8%
markets, on May 2(> stated:
of the Treasury
of steel, the British
though not of the "fantastic" proportions
•
1941—
"Steel" of Cleveland, in its summary
Plantation and Portland-Montreal
At least one of them
report
be advocated.
steel scrap
95.9%
Doc.
Jan.
94.4%
94.9%
5
costs.
by existing steel companies rather than
which
Mar. 31
30
98.8%
Mar. 17
other
for equipment for installation
nails
80.8%
7.. —-94.2%
Aug. 12
Aug.
Dec. 23
Dec.
Sept.
84.6%
15
86.8%
July 22.....88.2%
July 29
90.4%
16
Aug.
9
3
July
July
1941—
Mar. 10
2
Dec.
10
These two projects would take
presented to President
stand.
May 26 an¬
96.9%
96.0%
96.8%
Dec.
89.7%
26
91.3%
2
82.5%
9.—-91.9%
16
92.9%
23
92.5%
30
92.6%
June 17.....87.7%
mills, thereby displacing sheets.
effective date
on
1940—
Aug. 19
June
allocated to various mills
plate fabricated pipe, the plates to be furnished by
and blooming
Institute
one
June
the sudden influx of line pipe
Tex., to New York.
850,000 tons of pipe.
may
Steel
and
1940—
65.8%
70.0%
73.0%
76.9%
6
which were awarded last
two other large lines, one of 1,500 miles of 24-in. pipe to
to New Jersey, and the other of 1,600 miles of 20-in. pipe
Port Arthur,
The revised
91.3%
ago,
1940—
May
defense or
pipe lines, amounting to more than 150,000 tons,
from
Iron
American
month ago, and 76.9% one year ago.
of 1.3 points, or 1.3%, from the
preceding'week.
Weekly indicated rates of steel operations
since May 6, 1940, follow:
The others stand little chance of being con¬
defense rating.
a
Jan.
6.43
6
This represents a decrease
They aggregate close to 2,000,000 tons, of which about 1,000,000
take
tons
6.75
12
Jan.
week
that will take upward
In addition to this 1,000,000 tons
Coinciding with these developments is
inquiries.
8
Jan.
telegraphic reports which it liad received indi¬
cated that operating rate of steel companies having 96% of
the steel capacity of the industry will be 98.6% of capacity
for the week beginning May 26, compared with 99.9% one
300,000 to 400,000 tons of tin plate over a year.
of five months and
Aug.
8.50
The
rating, the lack of which has forced the curtail¬
240,000 tons of low phosphorus and Bessemer pig
want
12.25
3
29
Sept.29
11.33
15.00
17.58
May 27
closed last Saturday by the Secretary
Lease-Lend
short time.
9.50
is the British
1,000,000 tons of semi-finished and finished steel,
amounting to
which bids
under
Mar. 13
also to be allocated soon. Then there
of 4,000,000 tons, are
program,
13.00
Dec.
nounced that
pipe lines and shells.
thousand tons of shell rounds, initiating a program
on
Apr.
1929
months is becoming
building operations at two or three shops.
«ar
June
10.33
1930
be found are
Within the past
week more than 500,000 tons of plates and other products have been allo¬
cated for ships, including the latest addition of 123 units to the merchant
ship program.
Railroad requirements over the remainder of this year,
which have been estimated at upward of 500,000 tons, probably will ob¬
ment
Nov. 10
12.67
10
1933.
Among the large requirements for which rolling space must
tain the benefit of priority
12.92
Dec. 21
1931
passing week.
steel for ships, railroad equipment,
11.00
Mar. 30
1932
mill schedules, have brought about
on
Nov. 22
17.75
13.42
1934....
amounting to several million tons,
requirements
15.00
21.92
1935..
for which a
further con¬
gestion of steel orders, actual and prospective.
As much of this tonnage
calls for deliveries starting fairly soon, the inevitable result will be to push
aside commercial orders, many of which have already been delayed weeks
beyond the time of shipment originally promised.
Consumption of steel
for civilian uses is beginning to feel the effects of the mounting require
Defense
place must be found
Oct.
1937..........
Age" of May 29, reported that the steel situa¬
tion has arrived at an impasse from which the only way of
escape is by the prompt adoption of mandatory priorities,
especially on those products in which the demand far exceeds
the available supply.
That such action will be taken soon
at Washington there seems to be no doubt.
Products which
are likely
to be included in the first order under the new
priorities law are plates, shapes, bars and semi-finished steel.
The "Iron Age" further reports:
22.50
1938
The "Iron
Dec.
1936
Steel Supply Situation Has Reached An Impasse Which
Indicates Mandatory Priorities As Only Escape
21.83
1939
,
$22.00
1940
•+
..
.
$23.45
Jan.
2
22.61
Jan.
2
20.61
19.61
Sept. 12
July
6
20.25
Feb.
18.73
Aug. 11
17.83
May 14
16.90
Jan.
13.56
Jan.
16
27
3
13.56
Dec.
6
14.79
Dec.
15
15.90
Dec.
16
18.21
Dec.
17
Steel
of
ingot
% point.
points
and
to
production
reached par
last week,
Gains took place in six districts as
100%, through a gain
follows: Ynungstown, 2
97%; Cleveland and Pittsburgh, each up 1*4 points to 96%
gaining 1 point to 89 for Detroit, 96 for
100%. with three districts
eastern
Pennsylvania and 89 for Wheeling.
Cincinnati dropped 3% points
10 points to 90.
Unchanged were Chicago
at 102%. Buffalo at 93, Birmingham at 95, and St. Louis at 98.
"Steel's" three composite price groups for last week were unchanged:
iron and steel at $38.15, finished steel at $56.60,
and steelworks scrap
and New England lost
to
89,
at
$19.16.
The Commercial & Financial Chronicle
3418
Steel
ingot production for the week ended May 26 is
placed at 100% of theoretical capacity, according to the
"Wall Street Journal" of May 29. This compares with 99 H %
in the
The "Journal"
ago.
reported:
at a shade over 99 Y%, against 100% in the
week before and 94 Yt% two weeks ago.
Leading independents
credited
are
100%, compared with 99% in the preceding week and 98^%
two
53Y
—2
28Y
—3Y
28Y
83
—9Y
89 Y
+
3^
78
—16
Y
72
—
Y
44
—2
68
+1
68^
63 Y
+
1935
42
—1
38Y
—
59Y
+2
48
1934
1933
will be
+1
76
80Y
—7
71
of
entire
the
May 28. 1941
or
May 21,1941
Decrease
(- -)
May 29,1940
U. S. Govt, direct obligations
—288,000,000
2,179,000,000
5,000,000
TJ. 8. Govt, guaranteed
obligations.
$12,000,000
commitments, May 28)
+1,000,000
+2,000,000
4,000,000
The condition
weekly reporting member banks in 101 lead¬
statement of
shows the following principal changes for the week ended
May 21:
An increase of $35,000,000 in commercial, industrial, and agri¬
cultural loans, a decrease of $118,000,000 in holdings of obligations guar¬
cities
ing
anteed
by the United States Government, and increases of $308,000,000 in
balances with Federal Reserve banks and $419,000,000 in demand
reserve
deposits—adjusted.
.
.
Commercial, industrial, and agricultural loans increased $22,000,000 in
York City and $35,000,000 at all reporting member
New
brokers and
decreased
dealers
in
increased
securities
obligations guaranteed
of
$87,000,000 in
—1,000,0(K)
8,000,000
35,000,000
—7,000,000
+ 13,000,000
2,231,000,000
22,573,000,000
—6,000,000
+8,000,000
-280,000,000
Gold stock
banks.
reporting member
Demand
—59,000,000
—15,000,000
+ 84,000.000
—46,000,000
+1,009,000,000
+2,000,000
+ 17,000,000
Money In circulation..
9,294,000,000
Treasury cash
2,221,000,000
Treasury deposits with F. R. banks.
402,000,000
Non-member
deposits
and
other
F. R. accounts.....
2,212,000,000
+ 108,000,000
....
United
the
Holdings of "other
New York City and $61,000,000 at all
$37,000,000 in the Cleveland district,
in the Chicago district,
in the New
banks,
+
York district outside New York City,
district,
$419,000,000
and
all
at
$22,000,000
member
reporting
■
credited
Deposits
New York City,
$276,000,000 in
increased
deposits—adjusted
Philadelphia
Government
States
)
$56,000,000
the
Loans to
$26,000,000 in the Chjpago dis¬
to
domestic banks
decreased $13,000,000.
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended May 21, 1941, follows :
summary
+ 3,411.000,000
+126,000,000
+ 534,000,000
+1,609,000,000
+ 21,000,000
3,133,000,000
balances.....13,749,000,000
Treasury currency
by
York City,
New
banks.
$10,000,000.
trict, and $118,000,000 at all reporting member banks.
A
Other Reserve Bank credit
of
—5,000,000
Industrial advs.(not lncl
Total Reserve Bank credit
reporting member banks
body of
close of business May 21:
in
$
Bills discounted
—2
System for the week ended with the
$25,000,000
(+)
92 Y
83 Y
securities" increased $53,000,000 in
balances and related
ended May 28, 1941, follow:
reserve
Increase
—1Y
99 Y
Federal Reserve
Holdings
Changes in member bank
+3
—2
67 Y
^
+
75 Y
the
the week.
items during the week and year
51
40
—4 Y
79^
-
returns
The Week with the Federal Reserve Banks
The statement in full for the week ended May 28
found on pages 3450 and 3451.
~2Y
95
1928
1927
+ 1Y
—4
36 Y
—2
71
—2 Y
75
;<
41
—
^
42
+2<+
44Y
——
1931
+2
1932 not available.
During the week ended May 28 member bank reserve
balances increased $17,000,000.
Additions to member bank
reserves
rose
from decreases of $59,000,000 in Treasury
cash, $15,000,000 in Treasury deposits with Federal Reserve
banks and $46,000,000 in nonmember deposits and other
Federal Reserve accounts and increase of $8,000,000 in gold
stock and $2,(XX),000 in Treasury currency, offset in part
by an increase of $108,000,000 in money in circulation and a
decrease of $6,000,000 in Reserve bank credit.
Excess
reserves of member banks on May 28 were estimated to be
approximately $5,820,000,(XX), a decrease of $40,000,000 for
reserve
+5
48Y
approximate changes, in points, from the week immediately preceding:
Member bank
+2Y
28 Y
1929
The following table gives a comparison of the percentage of production
together with the
r
Y
1939
,
with the nearest corresponding week of previous years,
W
75M
+
1938
1930
weeks ago.
\
+4Y
42H
—
1936
f U. 8. Steel is estimated
with
77
+2 Y
76
99 Y
+
1937
previous week and 97% two weeks
further
+1
100
Y
^
+3
100
1940
Independents
Steel
U. S
Industry
1941
1941
May 31,
Increase
(+)
Decrease
or
(—)
Since
"
Assets—
May 22, 1940
May 14, 1941
May 21, 1941
$
$
$
Loans and Investments—total
27,798,000,000
+ 56,000,000
Loans—total
10,046,000,000
+ 93,000,000
+4,254,000,000
+1,484,000,000
5,639,000,000
360,000,000
+ 35,000,000
+ 1,000,000
+1,248,000,000
+33,000,000
455,000,000
+ 10,000,000
—89,000,000
447,000,000
1,237,000,000
+ 4,000.000
—27,000,000
+43,000,000
+ 14,000,000
+ 279,000,000
Commercial, Industrial and agri¬
cultural loans
Open market
paper
Loans to brokers and dealers in
Returns of Member Banks in
securities
New York City and
Reserve
System for the New York City member
Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
banks and also for the
MEMBER BANKS
IN CENTRAL RESERVE CITIES
Loans and Investments—total..
Loans—total
Commercial,
Industrial
2,577
2,615
809
795
2,149
1,658
105
427
89
332
582
25
350
40
25
30
163
Loans to brokers and dealers..
Other loans for purchasing or
carrying securities
Real estate loans
163
159
55
54
2,180
586
580
121
412
19
Treasury bills
Treasury notes
+298,000,000
7,780,000,000
+ 9,000,000
+1,267,000,000
3,019,000,000
3,761,000,000
—118,000,000
+630,000,000
+61,000,000
+398,000,000
+ 273,000,000
535,000,000
—19.000,000
+ 50.000,000
3,530,000,000
+ 46,000,000
+ 261,000,000
24,265,000,000
5,426,000,000
+ 419,000,000
—9,000,000
+ 4,064,000,000
+114,000,000
421,000,000
+2,000,000
—156,000,000
9,169,000,000
-13,000,000
658,000,000
-3,000,000
States Government
Other securities
21
21
17
32
i
Foreign banks
Borrowings
86
85
46
287
SEC
39
370
+ 683,0
0,000
—34,000,000
1,000,000
...
Adopts
First Detailed Registration Form
Company
Act—Designed
to
Management Investment Companies
Under
Cover
Investment
486
265
314
221
1,454
969
125
125
159
3,206
2,564
843
838
713
The Securities and Exchange Commission announced on
May 23 the adoption of the 'first detailed registration form
1,275
1,322
6,460
129
414
135
366
under
406
1,169
1,148
1,149
87
43
42
39
by
the
United States Government...
Other securities
Reserve with Fed. Res. banks..
Cash In vault
1,737
1,375
1,733
1,435
6,042
6,001
97
85
129
Balances with domestic banks..
116
105
96
314
283
308
Other assets—net
324
328
376
45
44
47
11,291
11,181
9,393
2,245
2,207
1,919
724
724
067
499
500
503
19
19
44
85
95
84
3,897
3,833
3,696
1,027
1,035
939
601
596
647
8
8
8
291
282
293
""l5
"~17
~"l6
1,515
1,519
1,498
269
268
254
Liabilities—
deposits—adjusted
Time deposits
U. 8. Government deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital accounts
Returns
Reserve
of
Member
Banks
of
the
Federal
System for the Preceding Week
explained above, the statement of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
covering the same week, instead of being held until the
and
the
rules.
face
amount
will
be
promulgated
in
the near
Prior to adoption, the Commission explained, drafts
of the form were circulated to all management investment
companies and the National Committee of Investment Com¬
panies, which represents a majority of the management in¬
vestment companies, for their comment and criticism
The
announcement
further
stated:
The
registration form will not only be available for registration of man¬
agement investment companies undeT the Investment Company Act of 1940,
but
it
is
contemplated
information,
that
it
be
certain
additional
investment
may
used,
with
for the registration of new issues of management
companies' securities under the Securities Act of 1933
under
the
The
ization,
Securities
form
Exchange Act of
feature of the form
of
the
and
management
is the extent to
companies'
Investment Company
Act
pany's registration statement
has
been obtained.
of
it
may
with respect to the
companies.
the
which
investment
any
and for registration
1934.
requires comprehensive information
operation
the
certificates
future.
statements
System respecting the
form
ing periodic payment plan certificates, and companies selling
cannot be
of Governors of the Federal Reserve
The
and open-end
type.
Forms to cover the other types of
investment companies, such as fixed trusts, companies sell¬
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
compiled.
In the following will be found the comments of the Board
Investment
Company Act of 1940 and certain
is specifically designed to cover
management investment companies, both of the closed-end
related
SEC
As
deposits—adjusted
U. S. Government deposits
Inter bank deposits:
503
guaranteed
Complete
+ 237,000,000
1,455
3,247
United States bonds
Demand
—3,000,000
United States bonds
Obligations guaranteed by United
27
65
443
113
+ 302,000.000
975,000,000
2,217,000,000
Liabilities—
32
114
—4,000,000
1,868,000,000
Treasury bills
Treasury notes....
Demand
448
Loans to banks.
Other loans..
Other loans
Time deposits
*
$
$
9,219
2,802
11,635
3,321
+ 44,000,000
40,000,000
Domestic banks....
2,166
92
Open market paper
►
$
and
agricultural loans
Obligations
11,759
3,442
Loans to banks
Chicago
May 28 May 21 May 29 May 28 May 21 May 29
.941
1941
1940
1941
1941
1940
$
Real estate loans
Balances with domestic banks
New York City
$
or
Cash in vault
(In Millions of Dollars)
Assets—
purchasing
Reserve with Fed. Reserve banks..11,433,000,000
REPbRTING
ASSETS AND LIABILITIES OF WEEKLY
for
carrying securities
Below is the statement of the Board of Governors of the
Federal
loans
Other
Chicago—Brokers' Loans
An
organ¬
important
requires specific and detailed
and
operating
policies.
change in the policies recited in
Under
a
com¬
be made only after stockholders' approval
Volume
The
The Commercial
152
also requires the
form
submission of detailed financial
information.
in condensed form, of certain
significant financial data, including a statement of the asset coverage and
asset
values of the
company's securities for the past five years, and
information as to the ratio of expenses to income and assets.
In
addition,
it
The form,
the
requires
which is known
300 management investment
from the
submission,
as
Form N-8B-1, was sent to
companies.
approximately
R.
I.), Catterfield & Lolnke (New York City), and Bond & Goodwin, Inc.
continue
Section
rules
relating to
the
form
Co.
2—Payment at Rate of $20 Per $27.50 Coupon
The German Consulate General in New York announced
May 2, that the June 2 coupons of the American tranche
Young Loan (German Government 5^2 % International
Loan of 1930) will be purchased in the same manner as those
of Dec. 2, 1940—the purchase price being $20 per $27.50
face amount of the coupon. The following is the announce¬
on
of the
ment of the Consulate General:
Young Loan (German Government 5H% International Loan of 1930),
Discussion:•
Coupons, maturing June 2,1941, of the American Tranche of the Young
those coupons of the same tranche
purchased in the same
which became due on Dec.
Holders of such bonds and coupons will therefore have the oppor¬
tunity to sell their coupons falling due on June 2, 1941,
Messrs. J. P. Morgan & Co.,
American offices of the
Line,
on or
against dollars at
Inc., New York, N. Y., or at any of the
Ham burg-American
German steamship company
after the date of maturity.
"The most disappointing
ductions," it is noted, "have been made both in and out of
This view is expressed in the May 26 issue of
"The Guaranty Survey," the company's monthly review of
business and financial conditions.
"The Survey" points
out that "Secretary Morgenthau told the Ways and Means
Committee last month that the Government continues to
Congress."
'as if we had no
defense program, as if we could superimpose
our huge rearmament effort upon Government as usual and
business as usual.
It would be folly to assume that we
can
continue to spend now as we did in normal times."
spend in non-defense and non-relief fields
emergency
"The
The purchase price will be $20.00
The Gash Office of Foreign
Credits at Budapest, Hungary,
May 2,, through its central paying agents in
New York, Schroder Trust Co., that it will pay ratably to
American holders of 17 Hungarian municipal, ecclesiastical
on
and private long-term bondea debts at
annum on the principal of such bonds,
the rate of 1 % % per
in redemption of the
relevant coupons.
The payment is equivalent to $8.75 per
coupon detached from a $1,000 bond. Coupons presented in
acceptance of this offer, which was first made in 1937, must
be transmitted to Schroder Trust Co., 48 Wall Street,
York City.
New
BWith respect to this offer, the Foreign Bondholders Pro¬
The Council continues to feel that this further
extension of the offer made
by the Cash Office in 1937 is the best that can be expected at this time,
foreign exchange
The Council therefore recom.
especially in view of the further deterioration of the
result of the war.
to the further
sympathetic consideration of the bond¬
holders, believing it to represent a genuine effort on the part of the Cash
Office to continue the service on these long-term bonded debts under in¬
creasingly difficult circumstances.
history, and both branches of
scope
Amendments to
Regulation Respecting
Financial Statements of Investment
Companies
Securities and Exchange Commission an¬
nounced the adoption of amendments to Article 1 of Regula¬
tion S-X making that regulation applicable to the form and
On May 23 the
financial
of
content
statements
filed
by
investment com¬
panies in registration statements and annual reports under
the Investment Company Act of 1940.
Various amendments
of Article 6 and the related rules of Article 12, which deal
specifically with the form and content of balance sheets,
income statements, and schedules for investment companies
also were adopted.
The Commission's explanation of this
action follows:
amendments
The
are
designed
to adapt
the present requirements
for
subject to the Investment Company Act of 1940, but
also are applicable to statements of investment companies filed under the
Securities Act of 1933 and the Securities Exchange Act of 1934.
It is
use
companies
by
contemplated, however, that further amendments or a general revision
of
the form and content of financial statements of in¬
result from study of the financial statements
filed as part of the registration statements of investment companies under
the Investment Company Act of 1940.
"
r
the requirements as to
companies
vestment
SEC
may
Over-the-Counter Manipulation
Rule
and Regulations of Securities
Repeals
Under General Rules
Act
Commission announced on
of Rule X-10B-4 of the General Rules
and Regulations under the Securities Exchange Act of 1934.
This was a rule codifying certain earlier opinioins of the
General Counsel to the effect that the anti-manipulation
The
Securities and Exchange
May 23
the repeal
principles of Section 9 (a) (2) of the Act are applicable to
the over-the-counter market.
The Commission's announce¬
ment
This
itis
explained:
action
opinion
is
taken
for
the reasons set
forth by the Commission in
published today in the matter of Barrett & Co.
Federal tax rates
the
the
sacrifices that must be made in meeting the
of the
national defense, "The
cost of
Survey," in discussing paying
Although some specific features of the Treasury's plan have been criti¬
no voice has been raised against its" main objective—an aggregate
cized,
$3,500,000,000 in Federal taxes.
of
increase
(Providence,
This ready acceptance of a
prospective financial burden of such magnitude is a reflection
people's determination to face the realities of the task that lies
them and their recognition of the economic problems that the vast
of the
before
project
necessarily involves.
That
increase
an
additional
an
$3,500,000,000 a year in Federal taxes,
of
direct
levy
on
business
including
amounting to more than $1,000,-
staggering financial burden is too obvious to
require emphasis.
Nevertheless, the prospect that two-thirds of next year's
huge defense expenditures may be met from current revenue and that a
determined effort will be made to raise as large a share as possible of the
000,000,
will
represent
a
by the sale of Government obligations to
remaining third
individual and
to the banks, is reassuring to those who
inherent in the usual methods of emergency
outlook would be even more encouraging, however, if the
investors, rather than
recognize
the
The
finance.
grave
perils
accompanied by signs of substantial retrenchment in nonexpenditure.
Perhaps the most encouraging aspect of the plan from the financial
plan
tax
were
military
standpoint is that it represents the first
determined effort to narrow the
that has persisted for a decade between Treasury receipts and expendi¬
tures.
This is true, of course, in a relative, not an absolute, sense.
A
gap
deficit of
prospective
Adopts
appropriation bill
Congress have approved mandatory crop
loans at 85% of parity prices, despite the fact that farm income increased;
last year and is expected to increase again this year.
And, although defense
officials are reported as expecting that unemployment will almost disappear
by next autumn, the President lias recommended relief appropriations of
$886,090,009 for the coming fiscal year, $109,000,000 below the budget
estimate and about $500,000,000 below this year's figure.
in
as
SEC
recently passed the largest agricultural
Senate has
the
corporate
tective Council, Inc., says:
mends this offer
indi¬
Yet no definite step toward A
reduction in non-defense costs has been taken.
On the contrary,
for rearmament, says :
mends Acceptance
as a
the part of the President has been
Observing that the drastic increases in
Hungary Further Extends Offer of Payment to Holders
of Various Bond Issues—Protective Council Recom¬
position of Hungary
Survey" further says:
A somewhat similar attitude on
proposed by the Treasury Department have confronted
American people with the first definite indication of
Young marks may be acquired according to the regulations in effect.
announced
.
.
cated from time to time by press reports.
$27.50 face amount of the coupon.
per
feature of the tax discussion of
weeks," according to the Guaranty Trust Co. of New
York, "is its failure to reveal any clear outlook for material
reductions in non-defense spending.
Demands for such re¬
substantial
falling due*on June 2, 1941, the following is communicated herewith:
2, 1940.
Non-
Expenditures Regarded by Guaranty Trust
Disappointing Feature of Federal Tax
.
Government 5M% International
Loan of 1930 {Young Loan)
the purchase of coupons of the American Tranche of
Purchase of Coupons of German
Loan, stamped "USA Domicile Oct. 1, 1935" will be
Reductions in
recent
also promulgated.
June 2 Coupons of American Tranche of Young Loan
to be Purchased in Same Manner as Those of Dec.
manner as
as,
■v';.:
,0;-
♦
Outlook for
Reveal
to
defense
are
the Securities Exchange Act of 1934 was
the
it always has been—a violation of the common law, of
of the Securities Act, and of Section 15 (c) (1) of the
X-15C1-2 thereunder.
be—as
(a)
'v.-Jvr-T: r
Commission, and Rule N-45A-1, providing for confidential treatment of one
exhibit.
A technical amendment to Rules X-13A-7 and X-15D-4 under
With reference to
to
17
Securities Exchange Act and Rule
Failure
>•»
stated:
The repeal of the Rule will in no way affect the present status of overthe-counter manipulation of an unliBted security.
Such manipulation will
Rule N-8B-2, adopting the form;
Rule N-8C-1, relating to the filing under the Investment Company Act of
copies of material already filed under other statutes administered by the
The
In its opinion in that case the Commission
(Boston).
Additional copies may be obtained
regional offices of the Commission,
3419
& Financial Chronicle
a
narrow
gap.
than $6,000,000,000 can hardly be
more
But in military emergencies large
described
deficits are recognized
inevitable; and the prospect of a deficit of $6,500,000,000 next year
does not compare unfavorably, in view of the magnitude of the expendi¬
tures to be met, with the aggregate deficit of nearly $22,600,000,000 for
as
the two
1918 and 1919 or with the annual deficits during the
which ranged from $2,000,000,000 to $5,000,000,000.
fiscal years
great depression,
National Bank Loans
10
in
Years,
Delano—Loans
on
April 4 Call Date Were Highest
Reports
and
Comptroller of Currency
Totaled $10,427,-
Discounts
466,000
Loans made by National
banks reached a 10-year high in
April of this year, it was announced on May 26 by Comp¬
troller of the Currency Preston Delano.
The returns from
the "call" for statement of condition as of April 4, 1941,
showed total loans and discounts of $10,427,466,000, the
Dec. 31,
banks in
and the
Virgin Islands.
Loans and discounts reported were $399,693,000 higher than reported by 5,150 active banks on
Dec. 31, 1940, the date of the previous call, and showed an
increase of $1,367,174,000 over the amount reported by the
5,184 active banks as of March 26, 1940, the date of the
corresponding call a year ago.
Further details concerning
the April 4 condition of National banks was reported by the
Comptroller as follows:
highest figure for any condition report date since
The April call covered 5,144 active National
the Continental United
States, Alaska, Hawaii
1931.
Investments
in
United
States
obligations,
direct and
fully guaranteed,
aggregating $10,595,990,000, were $843,385,000 more than in
and $1,624,724,000 more than the amount held a year ago.
The
December
direct and
indirect obligations held on April 4, 1941, were $8,482,114,000 and $2,113,876,000,
respectively.
Other bonds, stocks and securities held, totaled
$3,991,646,000, which included obligations of States and political sub¬
divisions
of $2,147,574,000, increased
$76,211,000 since December and
$175,474,000 in the year.
Cash of $610,586,000, balances with other
banks of
- :
banks, including cash items
of collection, of $6,013,133,000, and reserves with Federal Reserve
$7,620,089,000, a total of $14,243,808,000, decreased $876,259,000
in process
The Commercial & Financial Chronicle
3420
since December but showed
reported in March
The
total
The
by
deposits
31,
last year,
and
in
4,
aggregated
1941,
$4,291,213,000
on
$36,287,481,000,
total
the
comparison with
March 26, 1940.
of
deposits
exceeding
reported
as
of
1940, and March 26, 1940, respectively,
Deposits on the recent
deposits of individuals, partnerships,
call date consisted of demand and time
and corporations of
cal
subdivisions
and
of
certified
cash letters of credit, and travalers' checks outstand¬
rediscounts,
and
liabilities
other
for
borrowed
money,
amounting to $2,430,000, decreased $697,000 since December but increased
$636,000 in the year.
The unimpaired capital stock on April 4, 1941, was
$1,526,939,000, com¬
prising $189,025,000 of preferred stock and $1,337,914,000 of common stock.
dividends
trend
obligations issued by
5.
securities decreased
on
lower in 1940 than for
were
obligations issued
lower
$16,197,000,
and
downward
This
loans showed the largest proportionate decline.
on
and
Interest
4.
tive year
sixth
savings of
ing of $407,137,000, and deposits of domestic and foreign banks of $6,761,121,000.
Y'
payable,
charge-offs
$18,070,367,000 and $8,050,125,000, respectively, United
deposits of $462,215,000, deposits of States and politi¬
cashiers' checks,
Bills
1939.
and
$2,530,319,000, postal
States Government
May 31, 1941
and charge-offs on assets were $52,000,000 less in 1940
The decrease was apparent in all classes of assets, but losses
3. Total losses
than
$40,193,021,000,
were
31, 1940, and $35,736,657,000
April
on
'
:'rl.
April 4
on
Dec.
on
$435,057,000
Dec.
of
assets
$39,733,962,000
increase of $1,307,990,000 over the amount
an
the
reflects
or
for
any year
increased
guaranteed by the United
by States and other
the
fourth
consecu¬
of deposit insurance.
concentration
in
holdings of
States Government
political subdivisions,
and
which
yield
of return than do the obligations of industrial corporations.
rates
Interest
paid
deposits declined
time and savings
on
consecutive
Other
year.
in
however,
items,
expense
1940
the
for
increased
con¬
siderably.
and
Common
6.
preferred cash dividends
capital amounted to $237,000,000 in
in
all
For
1939.
capital
common
insured
showed
1940,
an
increase
declared and
for
interest paid
on
compared with $232,000,000
as
banks
commercial
the
the
rate
third
of
dividends
consecutive
on
year
and
9.0% in 1940.
Interest on capital notes • and debentures
dividends on preferred stock in 1940 averaged 3.8% of book value
only 2.9% of retirable value.
and
averaged
but
:
Surplus of $1,319,321,000,
of
$234,796,000,
December and
undivided profits of $491,310,000, and Teservee
of $2,045,427,000, increased $36,266,000 since
total
a
$132,909,000 since March of last
year.
The percentage of loans and discounts to total
28.74,
was
March
in
with
comparison
27.97
deposits
Dec.
on
31,
April 4, 1941,
and 28.32 on
on
1940,
1940.
26,
RFC
Authorized
9,069
Loans
Aggregating $4,372,897,049 from Feb. 19, 1938, to May 20, 1941—7,183
These
Loans
Business
and
Totaling
167
Were
$481,091,491
National
Were
Defense
to
Loans
Amounting to $1,678,732,504
The
Reconstruction Finance Corporation announced on
May 21 that since it resumed lending during February, 1938.
it lias authorized 9,069 loans aggregating 84.372.897.01S.U1:
7,183 of these loans, aggregating $481,091,491.04, were to
business
(exclusive of national defense loans), including
$25,732,447.99 later taken up by banks.
Banks participated
in these business loans to the extent of
ing
a
The
$79,281,611.31, mak¬
total of $534,640,654.36 loans to business.
Federal National Mortgage Association
bought
54,797 Federal Housing Authority insured mortgages aggre¬
$218,317,290.88 and has commitments to buy 1.002
aggregating $4,158,541.14.
It
has
large-scale
housing
loans
aggregating
14
$5,650,500.
FROM
FEB,
Loan
More than
a quarter of a billion dollars was lent
by the
building and loan associations throughout the
country during the first quarter this year, according to the
United States Savings and Loan League, Chicago.
Morton
Bodfish, Executive Vice-President of the League, said on
May 10 that the $267,932,000 lent from January through
March was $40,000,000 more than during the same period
the year before and constituted a record for any like period
since the figures began to be compiled six years ago.
The
League's announcement further said:
March,
19.
1938 TO
MAY 20,
a
heavy contributor to the quarter's expanded lending business,
28th
the
was
1941,
successive
month
in
which
the
savings,
building and
previous
It saw the lending of S105.162.000. of which 39.6%
year.
help people buy existing homes.
to
was
A spectacular rise of $11,500,000 from
February made its home purchase loans greater than any month"ssince May
Loans for this purpose
than those for
were
in proportionately greater demand
home construction, a circumstance attributed to the hurry
of the public to invest its money in something tangible, and possibly some¬
what to rising building costs.
Bodfish pointed out that the increases over the first quarter a year
Mr.
entirely in the categories of home purchase and home construction
ago were
loans, the volume for refinancing, modernization and repairs, and miscellan¬
purposes
being approximately the
same as
last
year.
INCLUSIVE
Month of March
No.
loan
associations' volume of loans had been greater than the same month of the
eous
AUTHORIZATIONS
'
Building and
Associations Reached New Record
mortgages
authorized
Loans by Savings,
Quarter
of last year.
has
gating
additional
First
savings,
—
of
YY Y''
•
of
Y'^YY
Purpose
Amount
First Quarter
'<:•
Loans to open banks..
Loans to aid in the reorganization or liquidation of closed
Estimated
Authorized
11
140
7,183
69,733,410.93
19,082,827.09
1,432,891.91
4,721,786.45
144,871,444.54
373,060.975.30
481,091,491.04
167
11
2
LoanB to Joint Stock Land banks.......
Loans to Federal National Mortgage Association.......
...
....
Loans to railroads
10
......
5
83
....._
Loans to business....
Loans for National Defense.
i.._.
Purchase of stock—National Defense..
1
16,831,129.23
39
Emergency Relief and Construction Act of 1932
Loans to the RFC Mortgage Company..
1
12,122,000
4.6
99,876,000
37.3
Refinancing
16,903.000
16.2
44,752,000
16.7
8,460,000
8.1
24,787,000
9.2
Other purposes
Total
*
10
285
79,647, 473.21
6,411, 108.16
8
1,167, 250.00
200,000, 000.00
175,000, 000.00
...
Loans to Rural Electrification Administration..........
2
2
Loans
on
1
Loans
on
an
Purchase of securities from PWA...
100, 000.00
123
250,931,
700.00
1
124,741 000.00
22
1,832 900.00
52,281 598.67
574
...
9,069
$267,932,000
by all associations in the United States.
York
Clearing
House
Association
In
resolution-
a
adopted
on
May 28, the Clearing House
$4,372,897,048.94
that
member banks remain open this year on Saturdays
during July and August.
It is expected that other com¬
mercial banks in the Metropolitan area, which are not mem¬
bers of the Clearing House, will follow the lead of the member
banks.
The following is the resolution adopted by the
Clearing House Committee:
RESOLVED,
that
the Clearing House
Committee recommends
member banks of the Association that in view
mercial
Income
Banks
Loans
from
Insured
of
Com¬
,
Income
v
1939—Gross
from
loans
the insured
of
the country increased by
commercial
banks
of
$42,000,000 in 1940 to total $769,-
000,000, highest since the inception of deposit insurance, the
Federal Deposit Insurance Corporation reported on May 19.
This
increase
is
not
take advantage of the Act
during the current
in the matter of permissive closing on
and
to an expansion in the
outstanding in these banks
discounts
open on such
days
year.
President Roosevelt's proclamation is given elsewhere in
these columns
today.
Subscriptions to Offering of $600,000,000 of 2 j-4%
Treasury Bonds of 1956-58 Total $8,268,000,000
Maturing 3 l/i% Bonds 95% Exchanged — 23^%
Bonds
Admitted
to
New York
Stock
Exchange
List
attributed chiefly
volume of loans
the
limited Emergency issued by the President of the United States, the banks
Increased
in
1940
by $42,000,000
Earnings Were Larger But Net
Earnings Declined by $6,000,000
^
Over
to
of the Proclamation of Un¬
Saturdays in the months of July and August, but remain
Reports
Recommends
Member Banks Remain Open on Saturdays During
Summer
do
FDIC
;
Committee of the New York Clearing House recommended
47,284, 290.46
Purchase of stock of Federal Home Loan banks....
Purchase of debentures of banks
....
$105,162,000
Made
New
212,250,000.00
7
Insurance company
and subscriptions for preferred stock of banks
32.2
4.5
39.6
380,642,160.00
5
Ix)ans to Secretary of Agriculture
preferred stock of
$86,395,000
4,765,000
127,000.00
213
....
Loans to drainage, levee and Irrigation districts....
Loans to public school districts
31.6
41,784,000
201-a,
Loans to public bodies under Section 5-d, as amended....
Commitments to Commodity Credit Corporation
Other loans for financing of agricultural commodities or
livestock
Total
$33,250,000
...
Repair and modernization
5,310,100.00
.>>'
....
Loans*
20,000,000.00
25,000,000.00
24
Loan to Export-Import Bank
Loans to mortgage loan companies....,
Loans for mining, milling or smelting of ores..^
Loan to self-liquidating project,
under Section
% Of
Total
Home purchase........
1,678,732,504.42
139
_
Estimated
$612,007.43
Construction.
banks...
Loans to building and loan associations....
Loans to insurance companies
% of
Loans*
Loans
The
a
result of the heightened defense industrial
activity.
Gross earnings were larger in 1940 than in
1939, reflecting
Treasury Department announced on May 27 the
subscription figures and the basis of allotment for the cash
offering last week of $600,000,000 of 2}^% Treasury bonds
chiefly the growth in income from loans.
of
as
Despite
the
increase
in
income
loans
on
and
in
gross
earnings, there was a decline of $6,000,000 in net earnings
as
compared with 1939.
Gross earnings increased
$28,000,000, while gross expenses increased $34,000,000 during
the
year.
The tabulation
and
dividends
of
of
1940 statements of
earnings, expenses
commercial banks disclosed the
insured
following additional facts:
1.
Net profits before dividends
1939
earnings,,
declined
2.
the
the
exception
The
year
in
of
This
were
$13,000,000 higher in
1936,
were
increase
greater
1939,
over
than
in
was
on
$32,000,000 in profits and recoveries
attributable
securities.
1939.
almost
entirely to
Recoveries
on
loans
.
on
the decrease
remained
''
'
■
.
the
.
of
lower
on
assets
assets
in
during
profits
same
in
other
any
face
a
decline of
was
than
1940
for
the
result of the fact that losses and charge-offs
considerably more than did recoveries.
recoveries
as
with
of deposit insurance.
year
net
and,
in
and
1940
1956-58.
Reports received from the Federal Reserve
subscriptions aggregate $8,268,000,000.
All subscriptions, the Treasury announced, were allotted
8% on a straight percentage basis, with adjustments, where
necessary, to the $100 denomination.
Nearly 95% of the 3M% Treasury bonds maturing Aug. 1,
1941, said the Treasury, were exchanged, about $788,000,000
for the bonds and $L000,000 for the %% Treasury Notes
of Series D-1943.
The maturing bonds are outstanding in
banks
show
amount
that
of $834,435,200.
Details
as
to
nounced
subscriptions and allotments will be an¬
received from the Federal
when final reports are
Reserve banks.
At the request
of the Federal Reserve Bank of New York,
fiscal agent of the United States, the Department of Stock
List of the New York Stock Exchange on May 28 authorized
the listing of the 2L£% Treasury bonds of 1956-58.
The
The Commercial
152
Volume
list and to dealings
A description of these 2lA% bonds was
bonds will be admitted to the Exchange
on
June 2, 1941.
given in these columns of May 24, page
offering was made.
3262, when the
decimals,
$260,380,000 Received to Offering of $100,of
91-Day
Treasury
Bills—$100,257,000
Accepted at Average Rate of 0.069%
000,000
Treasury
Treasury
announced on May 26.
Of this amount,
was accepted at an average price of approxi¬
offering
received at the Federal
up to 2 p.m. (EST)
were
thereof
May 26.
Reference to the offering appeared in our issue of
May 24, page 3262.
The following regarding the accepted
bids to the offering is from Secretary Morgenthau's an¬
nouncement:
Total applied for.
Total accepted, $100,257,000
$260,380,000
"
securities.
of the
Tenders from others must
face
trust
or
from incorporated banks and
recognized dealers in investment
be accompanied by payment of 10%
bills applied for, unless the tenders are
of payment by an incorporated
Immediately after the closing hour, tenders
will be opened at the Federal
which public announcement will be
Reserve Banks and branches, following
of the Treasury of the amount
Those submitting tenders
accepted bids.
bank
<
company.
made by the Secretary
and price range of
will be advised of the acceptance
expressly reserves the
in part, and his
shall be final.
Payment of accepted tenders at
the prices offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on June 4, 1941.
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption, as
such, and loss from the sale or other dispositoin of Treasury bills shall not,
have any special treatment, as such, under Federal tax Acts now or heroafter enacted.
The bills shall be subject to estate, inheritance, gift, or
other excise taxes, whether Federal or State, but shall be exempt from all
or
The Secretary of the Treasury
rejection thereof.
right to accept
or
reject
or
any
all tenders, in whole or
or interest thereof by
States, or by any local
authority.
For purposes of taxation the amount of discount at
Treasury bills are originally sold by the United States shall be con¬
now
State,
Low....
99.980 Equivalent rate approximately
0.079%
taxing
Average price
99.983 Equivalent rate approximately
0.069%
which
hereafter imposed on the
or
or any
principal
of the possessions of the United
sidered to be interest.
price was accepted)
.
Treasury Department Circular No. 418, as
prescribe
Treasury to
of Treasury
amount
accompanied by an express guaranty
any
100
(69% of the amount bid for at the low
'
companies and from responsible and
taxation
Range of accepted bids:
High
Federal Reserve Banks or branches on
therefor.
envelopes
application
and forwarded in the special
action in any such respect
•
The tenders to the
the printed forms
which will be supplied by
tendered to the offering on
May 23 of $100,000,000, or thereabouts, of 91-day
bills dated May 28 and maturing Aug. 27, 1941, the
Reserve banks and the branches
on
It Is urged that
Fractions may not be used.
99.925.
g.t
Tenders will be received without deposit
Tenders of
Department
$100,257,000
mately 0.069%.
e.
tenders be made
trust
A total of $260,380,000 was
3421;
& Financial Chronicle
Special 2% Depositary Bonds to
Agents—Will Provide Income
Necessary to Offset Cost of Service Ren¬
Issue
the
amended, and this notice,
the conditions of
Treasury
bills and govern
Sends
of the
terms
Greetings
3':U
their issue.
Banks and Financial
Banks
to
President
dered to Government
The Treasury Department announced on May 26 that
provision has been made for a special issue of bonds of the
United States, designated 2% Depositary bonds, which may
be subscribed for at par by depositaries and financial agents
of the Treasury.
The Treasury Department points out that
"depositaries and financial agents" are designated under the
provisions of Section 5153 of the Revised Statutes of 1873,
as amended; the Act of May 7, 1928; and the Act of June 19,
1922.
In making known proposed issuance of Depositary
bonds, the Treasury Department states:
The bonds will bear Interest at the rate
of 2% per annum, payable on a
semi-annual basis on June 1 and Dec. 1 each year
until the principal amount
The bonds will bear interest from the date payment
payable.
becomes
but may
be redeemed at the option of the United States or the depositaries and
financial agents, in whole or in part, at par and accrued interest, at any
time, upon not less than 30 nor more than 60 days' notice in writing given
therefor is received,
and will mature 12 years from such date,
by either party to the other.
The bonds will be issued in registered form only in the name
of the
financial
agents to which they are allotted, and they will not be transferable.
They
will be acceptable as collateral to secure deposits of Federal funds and may
Treasurer of the United
be obtained for
not
has
It
long
been
any
States iu trust for the depositaries and
other purpose.
the established policy of the
necessary
such
as
the
essential Government business,
and the furnishing of
for the transaction of some
acceptance
of
Treasury to limit the
and financial agencies to those which
designation of banks as depositaries
are
Government deposits
cash for Government payrolls.
It has also been the policy of the
with designated depositaries
Banks
are
Treasury for many yearn to maintain
balances to the credit of the Treasurer
States in direct proportion
United
to the
of the
service rendered by the banks.
required to pledge collateral security for
and, generally speaking, the only
all Federal deposits,
obligation which will have a fixed and
upon
President Roosevelt
uniform rate of yield to all depositary
fluctuation, and may be redeemed
and that the bonds will be sold to
will be required to provide an
offset the cost of the service rendered to
•
-.C- ' ■
of 91-Day Bills to
Used for Retiring Maturing
Issue—New Bills Will Be Dated June 4
Treasury Increases Weekly Offering
Be
offering of 91-day Treasury bills to the
or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
Tenders to
a new
of $200,000,000,
amount
May 30 by the Treasury Department.
This represents an
increase of $100,000,000 in the bill offering, which for the
past 10 weeks has
21 the Treasury
the
amounted to $100,030,000.
Since March
has been offering $100,000,030 in bills using
proceeds from the sale entirely to retire similar issue of
maturing bills. However, this present increase of $100,0 >0,000 does not represent a departure from this practice since
the bills maturing over the next few weeks totals over $200,000,000.
The total amount of bills maturing on June 4 is
The Treasury bills will be datea June 4 and will
Sept. 3, 1941, and on the maturity date the face
amount of the bills will be payable without interest.
Mr. Morgenthau in his announcement of the offering
further said:
/
ington.
mature on
They (the bills)
will be issued in bearer form only, and in denominations
$500,000, and $1,000,000 (maturity
multiple of $1,000, and the price
the basis of 100, with not more than three
$5,000, $10,000, $100,000,
Each tender must be for an even
offered must be
expressed on
Court of
letter read to exercises
held
the
exercises which
were
attended by
and John W. Davis, former
the Court of St. James.
The exercises were
Governor Lehman of New York,
Ambassador to
presided
over
by Chief Judge Irving Lehman of
the Court
Appeals.
.
'
In albany advices, May 28, special to the New York
"Times" of May 29, President Roosevelt's letter, which was
read by Chief Justice Lehman, was summarized as follows:
"In much of the rest of the world of 1941," he said, "the dispensation
of justice has been made into a hollow myth by the mighty arms of aggressors
and dictators."
The President said it is "of no little significance that the
people and Government of England through Sir Wilfrid Greene, master of
the rolls, as their representative, have joined with you in celebrating, in
the midst of almost universal destruction of temples of justice, the survival
of these citadels of modern civilized living."
»
\
'
The celebration of the 250th year of existence of the Supreme Court, the
President wrote, "in an age when the crash of events comes with lightning
speed, makes the court seem indeed to be an ancient institution.
It is in
that sense truly symbolic of the perpetual worth and everlasting strength of
of
,
and women of the
of dictators and those still living
determination that those institutions
for which they stand will survive throughout the earth."
democratic institutions.
entire
The democratic common men
world, those now under the heel
under free
institutions are united in
and the freedoms
Business Will Even¬
Defense Program or
Yield to Its Needs—Message to Purchasing Agents'
Convention—Speakers Include W. S. Knudsen,
President
Roosevelt
Says
Every
tually Have to Take Part in
Henderson
Leon
and Others
May 26 to the Annual Convention of the
National Association of Purchasing Agents, assembled in
Chicago, President Roosevelt declared that as the United
States turns its "production effort more and more to military
needs, every business will have either to take part in the
defense program or yield to the needs of national defense."
The text of the President's message, which was read by
In
a
message on
George E. Price, Jr., of
the Goodyear Tire ftad Rubber
President of the organization,
Co.,
follows:
part in adjusting our domestic
than the members of the National
Association of Purchasing Agents
As we turn our productive effort more
and more to military needs, every business will have either to take part in
the defense program or yield to the needs of national defense.
The purchasing agents of the United States can, through patriotic think¬
ing and prudent planning, do much to bring about the necessary industrial
Few
will have a more important
men
economy to
the needs of national defense
dislocation.
national good and make certain that
interfere with our over-all objective
of all the rights and liberties which we now possess.
transformation without undue
We must all
what we are
think in terms of the
doing does not in any way
—the maintenance
At the
received at the Federal Reserve banks,
and the branches thereof, up to 2 p. m. (EST) June 2, but
will not be received at the Treasury Department, Wash¬
Tenders will be
value).
speaker at
cipal
$200,284,000.
of $1,000,
a
Assembly Chamber in Albany, the President declared
that the Court was symbolic of "the perpetual worth and
everlasting strength of democratic institutions." Sir Wilfrid
Arthur Greene, master of rolls and head of the Supreme Court
of Judicature of the British Court of Appeal, was the prin¬
the Treasury would continue the policy of designa¬
depositary banks only in such amounts as
$200,000,000—To
In
the State of New York.
ting banks only at points where necessary
the Government.
joined with others on May 28 in com¬
in the
due notice.
income to the banks necessary to
250th Anni¬
Court
memorating the 250th anniversary of the Supreme
will not be subject to market
It was emphasized that
on
of New York State Supreme
income derived from such deposits is the
yield on Government securities purchased in the market for that purpose.
To meet this situation it was considered desirable to provide a type of
banks,
Roosevelt
versary
opening session of the meeting William S. Knudsen,
of the Office of Production Management,
Director General
reported that of the contracts let under the defense program
about 14,000 were prime contracts and between 50,000 and
60,000 are subcontracts. He added that "we ought to have
at least three times as many." Mr. Knudsen also said:
Material and mechanical ability to produce is the biggest thing in war¬
fare today.
We have both in America.
There is only one answer to our
problem here and that is that we all take our coats off and work.
speakers at the opening session included Col. George
Brady, Chief of the substitute and secondary materials
section of the Office of Price Administration and Civilian
Other
S.
The Commercial & Financial Chronicle
3422
part:
The point I wish to make is that the sooner we accept the fact for pur¬
of planning, that we face a long period of enormous production for
rationing and allocation of strategic
defense, with consequent shortage,
materials,
the
quickly will non-defense industries adjust themselves
more
the great task of maintaining maxi¬
to the new conditions and undertake
production
mum
needs
civilian
for
interference
without
output.
with
defense
;
■
The
purchasing agents were told on May 27 by Leon
Henderson, Administrator of the Office of Price Adminis¬
Supply, that "we should have an organ¬
ized program for civilian needs to help them get adjusted to
the dislocations that are caused by pre-exemption of defense
resources." He added:
will see in the next few months
a
industry for expansion programs, for conservation,
for standardization, for
simplification and for substitutes.
for
be pressure by the 80%
of
use
steel,
our
I believe that
which is engaged in civilian production
seed
our copper, as
might
corn, you
Mr. Roosevelt said that this peril
merchant ships today,"
could be answered by:
shipbuilding program,
First, by speeding up and increasing our own great
and second, by helping to cut down the losses on the
high
seas.
tremendous amount
of support by American
there will
the combined British and American output of
than twice
tration and Civilian
I believe that you
1941
complishing their objective of world domination, are "the
epic resistance of Britain, her colonies, and the great do¬
minions" and the "magnificent defense of China."
The President predicted that "if the Axis powers fail to
gain control of the seas, then they are certainly defeated,"
for "once they are limited to a continuing land war their
cruel forces of occupation will be unable to keep their heel on
the necks of the millions of innocent, oppressed peoples on
the Continent of Europe; and in the end their whole structure
will break into little pieces."
Mr. Roosevelt continued by stating that all freedom de¬
pends on "freedom of the seas." Pointing out that the
present rate of Nazi sinkings of merchant ships is "more
Supply, and Philip D. Reed, senior consultant to the director
priorities of the 0. P. M. Col. Brady discussed substitu¬
tion possibilities in industry while Mr. Reed warned against
stocking up on certain defense materials. Mr. Reed said in
of
poses
May 31,
for expansion
say,
of America's capacity to produce.
Reiterating his statement that the United States is muster¬
ing its men and resources only for purposes of defense, the
President explained that we must be realistic because the
"attack on the United States can begin with the domination
of any base which menaces our security."
Concerning the delivery of needed supplies to Britain,
which the President said is imperative, he stated that "this
can be done; it must be done, and it will be done."
In concluding
his speech the President appealed for
national unity, called for cooperation between capital and
'
President Roosevelt Says Advertising Can Play Leading
Role in Defense Program—Tells Federation Con¬
Aid in
Can
It
vention
Creating and Maintaining
Public Morale
President Roosevelt said
on May 26, in a
message to the
Advertising Federation of America
au Boston, that advertising ought to
play a leading part in
the preparedness program since "it can assist in
creating and
maintaining public morale."
The President also said that
advertising experts "can be of great aid to the Government."
The text of toe President's message follows:
annual convention of the
labor and mediation of industrial
Nation's security.
The text of the President's
Advertising has been responsible for
available to
our
citizens
the
of the
many
It has been
good
things which
force in making
a potent
products of American skill
and
ingenuity.
Without it many present-day necessities would still be luxuries.
That force needs
standards
customs,
of
be
to
now
living,
readjustments, but it should
As
in
applied toward
further
and
mean
the
My fellow Americans of all the Americas, my friends, I am speaking
tonight from the White House In the presence of the governing board of the
progress.
This
may
of
our
require
increased effort.
educational force alone, advertising ought to play a
leading part
an
the preparedness program.
public morale.
Those who
It
assist in creating and
can
expert in it
are
can
maintaining
Will
"Fireside
in
Actively Resist
Our future, our future independence is bound up with the future
The pressing problems that confront us are military and
We
afford
cannot
thinkers
be of great aid to the Govern¬
Chat"
Axis
Says
Powers'
United
Attempt
Control Seas—Reasserts Policy of Freedom of
Seas—Renews Pledge to Supply Material Support
to
Democracies
Capital
and
Labor
Warned
approach them from
to
Adolf Hitler
republics
never
considered the domination
European conquest
For our
necessary
First,
May 27, President Roosevelt announced that
a proclamation
declaring the existence of an
unlimited national emergency requiring the
"strengthening
of our defense to the extreme limit of our national
power and
authority." This pronouncement came at the close of a
45-minute
radio broadcast after the President,
speaking
Washington as the head of "a united and determined
people," said solemnly:
We reassert the ancient American doctrine of freedom
of the seas.
We reassert the solidarity of the 21 American
republics and the Dominion
of Canada in the preservation of the
independence of the
We in the Americas
where,
We
our
are
will decide for
American interests
placing
our armed forces in
We will not hesitate to
We reassert
as
a
use our
ourselves
attacked
are
whether,
or our
and
when,
and
security threatened.
With regard to the present national
policy, the President
said it involves these two
points:
First,
we
shall
Hemisphere,
wherever necessary, and with all our
by Hitler to extend his Nazi domination to the
or to threaten
attempt to gain control of the
keeping Ilitlerism
away
would be used
a
as
Secondly, irom
we
shall
Britain,
seas.
it.
We shall actively resist his every
We insist upon the vital
importance of
from any point in the world which could be used and
the point of view of strict naval and
military necessity
resisting Hitlerism
or
its
to
Britain
and
to
all
equivalent with force of
who,
arms.
with
Our
patrols
are helping now to insure
delivery of the needed supplies to Britain.
All additional measures
necessary to deliver the goods will be taken.
Any
and all further methods or combinations
of methods, which can or should be
utilized,
are
being devised by
our
military and naval technicians, who, with
me, will work out and put into effect
as
may
such
new
and additional safeguards
be needed.
At the start of his talk the President
outlined the various
steps taken by this country "for our own security and for the
kind of safe and civilized world in which
we wish to live."
He then pointed out what conditions
would be like under
Nazi "peace" terms,
adding that "we do not accept and will
not permit this Nazi
'shape of things to come.' "
After declaring that "the war is
approaching the brink of
the Western Hemisphere," the President said that
the two
factors, which are preventing the Axis powers from ac¬
that, unless
the Western Hemisphere
now,
of destruction.
have accordingly undertaken certain obviously
republics.
series of agreements with all the other
a
This further
solidified
hemisphere against
our
the
danger.
man
build
power to
highest traditions of
We instituted
up
Navy, and
have mustered
we
Army which is already worthy of the
new
a
military service.
our
policy of aid for the Democracies—the nations which have
a
This
policy had its origin in the first month of the
the Congress repeal of the
upon
trality law.
arms
when I urged
war,
embargo provisions in the old neu¬
In that message of September, 1939, I said, "I should like to
be able to offer the hope that the shadow over the world might swiftly pass.
I cannot.
may
The facts compel my stating, with candor, that darker periods
lie ahead."
In the subsequent months the shadows did deepen and
the
night
spread
Poland,
over
Denmark,
Norway,
lengthen.
Holland,
And
Belgium,
Luxemburg and France.
In June, 1940, Britain stood
along, faced by the
In
September,
same
machine of terror
Our Government rushed
to meet
arms
•
*
1940,
agreement
an
completed with Great Britain
was
for the trade of 50 destroyers for eight important off-shore bases.
And
Bill
in
and
March,
an
1941,
this
the Congress
year,
appropriation of $7,000,000,000 to
Lend-Lease
passed the
This law
implement it.
realistically provided for material aid "for the government of
any country
whose defense the President deems vital to the defease of the United States.'*
Our whole program of aid for the democracies has been based on hardheaded concern for
world in which
to
we
our
own
security and for the kind of safe and civilized
wish to live.
Every dollar of material that
keep the dictators away from
they
are
held off gives
us
our own
time to build
hemisphere.
more
guns
And
we
send helps
every
day that
and tanks and planes and
ships.
base of attack against the Americas.
give every possible assistance
are
end in
an
as
us
fought for the continuation of human liberties.
actively resist,
every attempt
weapons
We have added substantially to our splendid
our
our
abiding faith in the vitality of our constitutional Republic
perpetual home of freedom, of tolerance and of devotion to the word
Western
we
of Europe
And then, a year ago, we launched, and are successfully carrying out,
of God.
resources,
forcibly checked
Nazi
joined in concluding
her desperate needs.
armed forces to repel attack.
war
world
a
toward ultimate goals in all of
a step
unmistakably apparent to all of
which had overwhelmed her allies.
strategic military position.
European
a
the largest armament production program we have ever undertaken.
hemisphere.
We have pledged material support to the other
democracies of the world—
and we will fulfill that
pledge.
as
measures:
we
American
he had issued
from
defense
own
but
was
It is
will be within range of the
common
on
face is cold, hard fact.
Nazis always intended it should develop into
the advance of Hitlerism is
"fireside chat" to the Nation and to the American
a
we
naval problems.
of view of wishful
point
for world domination.
war
—
In
What
sentimentalists.
or
the
The first and fundamental fact is that what started
has developed, as the
to
Against Disputing
the
For now, as
independence of all of our sister republics.
the other continents.
Roosevelt
families,
their
and
each and every one of us and to the cause of freedom throughout the
world.
itself.
States
Minister
It is appropriate that I do this.
before, the unity of the American republics is of supreme importance
never
welfare.
President
Canadian
the
Republics in Washington.
ment.
I feel confident that the Advertising Federation of America realized all
these things and will be prepared to make its contribution to national
Union,
members of this board and the Ambassadorrs and Ministers of the American
to
maintenance
speech follows, according to
the Associated Press:
Pan-American
citizens of the United States enjoy.
disputes to prevent inter¬
production of materials essential to the
the
with
ference
We have made
no
pretense about our own self-interest in this aid.
Britain understands it—and
And
now—-after
battle line."
a
so
year—Britain still fights gallantly,
We have doubled and redoubled
ing month by month,
our
Great
does Nazi Germany.
our
on
a
"far-flung
vast production, increas¬
material supply of the tools of war for ourselves
and for Britain and for China—and eventually for all the democracies.
The supply of these tools will not fail—it will increase.
With
greatly
augmented
strength,
American republics now chart their
the
United
States
and
the
other
in the situation of today.
course
Your Government knows what terms Hitler, if victorious, would impose.
They
are,
indeed, the only terms
"negotiated"
will
which he
vast
over
territories
up puppet governments of its own
and
would
accept
a
so-called
Germany would literally parcel out the world
—hoisting the Swastika itself
setting
on
peace.
And under those terms,
and
populations, and
choosing, wholly subject to the
the policy of a conqueror.
To the people of the Americas, a triumphant Hitler
after the seizure of Austria, and
as
after the seizure of Czecho-Slovakia:
is the last territorial readjustment
would
say, as
he said
he said after Munich, and as he said
"I
am now
I will seek."
completely satisified.
And he would of
This
course
Volume
"All
add:
you
The Commercial
152
During the first World War
relations with
friendship and profitable trade
want is peace,
-we
Americas
Were any of us in the
so
and taxes for
American armament.
more
freedom of the seas is now
much greater use of
third, the
bombing airplane, which is capable of destroying merchant ships 700 or
800 miles from its nearest base, and fourth, the destruction of merchant
ships in those ports of the world that are accessible to bombing attack.
The Battle of the Atlantic now extends from the icy waters of the North
"peace."
They would oppose toil
And meanwhile, the dictatorships
organizing—to build a naval and air
tended to gain and hold and be master
of the Atlantic and the
I
nations
they
as
are now
already in
Latin-American
They plan then to strangle
The American laborer would have to compete with slave
land.
trade?
is
The
would
farmer
American
And the farmer would face obvious disaster
trade is essential to
ing
and
produce,
goods
The whole fabric
facturing,
mining
under such
a
conscription of our man power,
could spend on education, on
into
armaments,
even
Scotia,
The Nazi world
of the human
preaches the dignity of the human being, of the majesty
where moral standards are measured
world
a
by treachery and
Will our children, too, wander off, goose-
stepping in search of new gods ?
We do
come."
not permit, this Nazi "shape
accept, and will
not
It will
never
of things to
crisis with
be forced upon us, if we act in this present
the wisdom and the courage
which have distinguished our country in all the
crises of the past.
Today
possession of the greater part
Nazis have taken military
the
In Africa they have occupied Tripoli and
of Europe.
end
western
of the
Mediterranean
The
Spain and
only to French North Africa and the
Sea, but extends also
approaching the brink
is
war
or
other is the magnificent defense
of China, which will, I have reason to be¬
winning control of the seas by ships and
The Axis powers can never
aircraft.
achieve their objective of world domination
obtain control of the seas.
unless they first
The
And all of these, together prevent the Axis from
lieve, increase in strength.
That is their supreme purpose
Britain.
Western Hemisphere.
No spurious argument, no appeal to sentiment, no false pledges like those
given by Hitler at Munich can deceive the American people into believing
today, and to achieve it they must capture Great
They could then have the power to dictate to the
that
Axis partners would not, with
he and his
relentlessly
on
Britain defeated, close in
tainly defeated. Their dreams of world dominaiton
Both they and their
will then go by the board,
That
is
people know this—and they and their people are
why they are risking everything they
oppressed peoples on the Continent of
structure will break
into little pieces.
Nazi land effort, the greater
We do not forget
at
marked
But
be
The masters of Germany—those,
assassinated or escaped to free soil—have
and their children's children for slavery.
Austrians, Czechs, Poles,
Dutch, Belgians, Frenchmen, Greeks, southern Slavs—yes,
unconquered:
Italians and Germans who
those
prove to
peoples
a
themselves have been enslaved—will
powerful force in disrupting the Nazi system.
»
freedom to conquer
of the seas.
All of
American
history—North, Central and South American history—has
been inevitably tied up with those words, "freedom of the seas."
Since 1799, 142 years ago when our infant Navy made the West Indies
and the Caribbean and the Gulf of Mexico safe for American ships since
1804 and 1805, when we made all peaceful commerce safe from the depradations of the Barbary pirates, since the war of 1812, which was fought
for the preservation of sailors' rights, since 1867, when our sea power made
it possible for the Mexicans to expel the French Army of Louis Napoleon,
we have striven and fought in defense of freedom of the seas—for our own
Yes, all freedom—meaning freedom to live and not
and
subjugate
shipping,
nations to
for
use
other peoples—depends on freedom
the commerce of our sister
the highways of
republics, for the right of all
world trade—and for our own safety.
The
Bulgaria.
invasion of the Balkans and
the attack on the United States can begin
with the
south.
foretell tonight just when the acts of the dictators will ripen
can
which menaces our security—north or
this hemisphere and us.
on
But we know enough by now to
front yard.
hold
know what hit
be several thousand miles from
in a tank or a bombing plane, if you
Massachusetts.
knowledge of the sudden, strik¬
stupid to wait until a probable
enemy has gained a foothold from which to attack.
Old-fashioned common
sense calls for the use of a strategy which will prevent such an enemy from
ing force of modern war knows that it is
gaining a foothold in the first place.
Atlantic
that
patrol.
It is well known that the strength of the Atlantic Fleet has been
greatly increased during the past year, and is constantly being built up.
These ships and planes warn of the presence of attacking raiders, on the
seas, under the sea and above the sea.
The danger from these raiders is,
of course, greatly lessened if their location is definitely known.
And we are
thus being forewarned, we shall be on our guard against efforts to establish
We have,
accordingly, extended our patrol in North and South
We
waters.
steadily adding more and more ships and planes to
are
Nazi bases closer to our hemisphere.
The deadly
It does not make sense, for instance, to say,
in the defense of all the
"I will not fight for that defense
If
we
until the enemy has landed on our
of the Americas,
believe in the independence and integrity
be willing to fight to defend
must
we
simple self-preservation, to
"I believe
Western Hemisphere," and in the next breath to
facts of war compel nations, for
make stern choices.
It is time for us to realize
center of
them just as much as we would to
that the safety of American homes even
Our national policy
every
'
today, therefore, is this:
First, we shall actively resist
sources,
in the
relationship to the continued
Trinidad or Brazil.
j
this, our own country, has a definite
safety of homes in Nova Scotia or
wherever necessary, and with all our re¬
attempt by Hitler to extend
Western Hemisphere, or to
threaten it.
his Nazi domination to the
We shall actively resist his every
We insist upon the vital importance of
keeping Hitlerism away from any point in the world which could be used
or would be used as a base of attack against the Americas.
* |
attempt to gain
the danger.
been
people—spiritually
those
Norwegians,
even
silenced
these
Europe, and in the end, their whole
And let us remember the wider the
the silenced peoples.
who have not
least,
of Austria.
fight for the safety of our own homes.
started this war will suffer inevitable disaster.
have, conducting
desperate attempts to break through to the command of the ocean.
Once
they are limited to a continuing land war their cruel forces of occupation
will be unable to keep their heel on the necks of the millions of innocent,
afraid.
the conquest
Any one with an atlas and a reasonable
shores."
fail to gain control of the seas then they are cer¬
and the criminal leaders who
Boston,
say
this hemisphere of ours.
But if the Axis powers
And
Our Bunker Hill of tomorrow may
you.
'
but also to hold the Near East and Africa.
began with
with the occupation of Denmark.
the occupation of Albania and
fire until you see the whites of his eyes, you will never
your
of the Western Hemisphere itself.
,
with
When your enemy comes at you
occupation by Nazi forces of any of the
of the island of Britain
including the great industrial
I
realize that it would be suicide to wait until they are in our
islands of the Atlantic
would jeopardize the immediate safety of portions of North and South
America, and of the island possessions of the United States, and therefore
of the ultimate safety of the Continental United States itself.
Hitler's plan of world domination would be near its accomplishment
today were it not for two factors: One is the epic resistance of Britain, her
colonies and the great dominions, fighting not only to maintain the existence
Control
Labrador, Newfoundland, Nova
States,
the Suez Canal began with the
on
into attack
Brazil
They dominate shipping routes to
It is coming very close to home.
Nazi occupation of Iceland or
Nazis have conquered.
began
began
domination of any base
and from the South Atlantic.
The
Norway
on
Greece
on
Nobody
troop-carrying planes.
United
Czecho-Slovakia
on
North Africa.
to the Atlantic
of the New World—the Azores
Yes, these Cape Verde Islands are only seven hours distance from
or
attack
The attack
and Cape Verde Islands.
by bomber
determined
And that
North, East and Middle West.
attack
attack
They also have the armed power at any moment to occupy
Portugal, and that threat extends not
the Northern
yes,
The
But their plans
Ocean is the gateway to the farther East.
fortress of Dakar, and to the island outposts
danger to the Americas.
bring the war close to our continental shores,
Greenland would
fate of every nation that the
Libya and they are
threatening Egypt, the Suez Canal and the Near East.
do not stop there, for the Indian
shipping off the very shores of land which we are
occupied or controlled
of the Atlantic and our
own American
physical safety.
Under German domination they would
become bases for submarines, warships and airplanes raiding the waters
that lie immediately off our own coasts and attacking the shipping in the
South Atlantic.
They would provide a springboard for actual attack against
the integrity and the independence of Brazil and her neighboring republics.
I have said on many occasions that the United States is mustering its
men and its resources only for purposes of defense—only to repel attack.
I repeat that statement now.
But we must be realistic when we use the
word "attack,"/we have to relate it to the lighting speed of modern warfare
Some people seem to think that we are not attacked until bombs actually
drop in the streets of New York or San Francisco or New Orleans or Chicago.
But they are simply shutting their eyes to the lesson we must learn from the
and
good except Hitler, for the Nazis are as ruthless as
the Communists in the denial of God.
What place has religion, which
bribery and Fifth Columnists?
on
Equally, the Azores and the Cape Verde Islands, if
does not recognize any
soul, in
First, by speed¬
and second, by
by Germany, would directly endanger the freedom
right of worship would be threatened.
our
great shipbuilding program,
protect present an actual military
centers of the
night watch against the destruction of our cities.
Yes,
our own
because those places are stepping-stones to
housing, on public works, on
and, year in and year out, standing day
and increasing
up
bases in
Instead, we should be permanently pouring our
flood control, on health.
British and American out¬
this peril by two simultaneous measures:
many's heaviest attack is on that route.
and crippled
independence
it would curtail
be mangled
Yet to maintain even that crippled
system.
we
resources
all the
wall to keep
know it—business and manu¬
we
as
agriculture—all would
the capacity of British shipyards to
as
than twice the combined
by the presence in Western
Hemisphere waters of a Nazi battleship of great striking power.
You remember most of the supplies for Britain go by a northerly route,
which comes close to Greenland and the near-by Island of Iceland.
Ger¬
Nazi wall to keep us in.
of working life
and
would require permanent
the funds
It would not be an American
manufacture.
can
high
as
the full knowledge of the
of Nazi sinkings of merchant ships
danger has recently been heavily underlined
do not burn all the oil we can pump, we do not use
we
we
Nazi goods out, it would be a
more
can answer
Attacks
to
We do not eat all the food we can
economic life.
been actually within the waters
helping to cut down the losses on the high seas.
Freedom to
walls of isolation—would be futile.
our
than three times
more
We
complete regimentation.
Tariff walls—Chinese
the Azores
Greenland and Ice¬
put of merchant ships today.
without any foreign
for his products exactly what
get
Great numbers of these sinkings have
replace them, it is
What happens to all farm surpluses
Hitler wanted to give.
There have been sinkings in the South
carrying neutral flags.
British Government—the present rate
historical relics and collective bargaining a joke.
Farm income?
increasing
There have been sinkings even
The blunt truth is this—and I reveal this with
Trade unions would become
American worker and farmer would be gone.
submarines.
of the Western Hemisphere itself.
Wages and
living of the
The dignity and power and standard of
Throughout this huge area
of merchant ships in alarming and
sinkings
islands off the American coast, and between
and the
labor in the rest
Nonsense.
Minimum wages, maximum hours?
hours fixed by Hitler.
been
Atlantic, off West Africa and the Cape Yerde Islands, between
Canada.
the United States of America and the Dominion of
of the world.
of ships
They plan to treat the
treating the Balkans.
have
numbers by Nazi raiders or
I merely repeat what is
speculating about all this.
am not
the Nazi book of world conquest.
Pole to the frozen continent of the Antarctic.
there
with invasion, if necessary.
and the Nazis would back their fifth columns
heavily armed raiding cruiser or the hit-and-run battleship,
the
the enslaved peoples of their Old World conquests
system they are even now
First, the improved submarine, second, the
fourfold:
into a
force in¬
Pacific as well.
They would fasten an economic stranglehold upon our several nations.
Quislings would be found to subvert the governments in our republics:
would be forcing
the
problem is greater, because the attack on the
would then happen?
would be urging that
Those in the New World who were seeking profits
all that the dictatorships desired was
the
able to escort merchant ships by
and destroyers, and that type of convoy
In this second World War, however,
effective against submarines.
was
incredibly simple and forgetful as to
we were
of small cruisers and guiWaoats
use
In the New World."
accept those honeyed words, what
3423
& Financial Chronicle
control of the seas.
Secondly, from the point of view of strict
we
shall
give every
naval and military necessity,
possible assistance to Britain and to all who,
Britain, are resisting Hitlerism or
its equivalent with force of arms.
patrols are helping now to insure delivery
of the needed supplies to
with
Our
Britain.
Any
should be
utilized are being devised by our military and naval technicians, who, with
me, will work out and put into effect such new and additional safeguards as
All additional measures necessary to
and all further methods, or
be needed
may
I say
this
deliver the goods will be taken.
combination of methods which can or
can
the delivery of needed
supplies to Britain is imperative.
I say
it will be done.
nations—20 republics and
be done, it must be done, and
the Dominion of
Canada—I say this:
The United States does not merely propose these
purposes, but is actively engaged today in carrying them out.
And I say to them further:
You may disregard those few citizens of the
United States who contend that we are disunited and cannot act.
There are some timid ones among us who say that we must preserve
To
the
peace at
other
any
American
price—lest we lose our liberties
forever. To them I say this:
Never in the history
of the world has a nation lost its democracy by a
successful struggle to defend its democracy.
We must not be defeated by
preparing to resist. Our freedom
the fear of the very danger which we are
has shown its ability to survive war, but our
surrender.
"The only thing we
freedom would
never survive
have to fear is fear itself."
There is, of course, a small group of sincere, patriotic men and women
realities of inter¬
whose real passion for peace has shut their eyes to the ugly
national banditry and to the need to resist it at
embarrassed by the sinister support they are
in
democracy
and
It
no
all
that
enemies of democracy—all
and
I am
and
the arguments put
they
are
forward by these
their attempts to confuse and divide
destroy public confidence in our government—all
to
sure
Communists,
devoted to bigotry and racial and religious intolerance.
coincidence
mere
ail costs.
receiving from the enemies of
the Fascists,
midst—-the Bundists,
our
group
every
is
Chronicle
The Commercial & Financial
3424
our
people
their defeatest
May 31,
1941
Roosevelt stated that the freedom
policy could be limited by not permitting merchant
ships to enter combat zones in violation of the Neutrality
Act.
The President also explained that convoying in the
Act and the doctrine, Mr.
of the
seas
outmoded because of planes,
improved submarines and sea raiders. He added that the
system of patrols revealing the location of any belligerent
craft is becoming increasingly effective and is to our ad¬
first World War manner was
vantage.
In these
,
,
,
3273, the remarks of
Secretary of the Navy Knox and Secretary of War Stimson
calling for repeal of the Neutrality Act were noted.
columns May 24,
page
forebodings that Britain and democracy are already beaten—all their selfish
promises that we can "do business" with Hitier—ail of these are but echoes
of the words that have been poured out from the Axis bureaus of propaganda.
Those
same
divide them, to soften them up.
to
And invariably, those
same
National
all citizens that they take
I have
recently set
the machinery for civilian defense.
up
All will
everywhere.
women
It will depend
men
as
enlarging
today means
have opportunities and responsibilities
well
military, it
as
means
useful plant. It
every
merely fighting.
than
more
using
means
the
available
every
use
It
morale,
means
resource,
of a greater American
in discarding rumor and distorted statement.
sense
It
means
it
means
common
recognizing
what they are, racketeers and fifth columnists, the incendiary bombs
for
in this country at
All of
know that
us
We
years.
Nation
is
this moment.
have made very great social progress in recent
we
maintain that progress and strengthen it.
propose to
threatened
from
without, however,
it is
as
When the
today, the actual
production and transportation of the machinery of defense must not be
interrupted by disputes between capital and capital, labor and labor,
capital and labor.
or
The future of all free enterprise—of capital and labor
alike—is at stake.
This is
no
time for capital to make, or be allowed to retain, excess profits.
Articles of defense must have undisputed right of way in every
industrial
plant in the country.
A
nation-wide
machinery
for conciliation and
mediation
of industrial
disputes has been set up.
That machinery must be used promptly—and
without stoppage of work.
Collective bargaining will be retained, but the
American
and
impartial recommendations
and conciliation services
of
will be followed
our
govern¬
both by capital
by labor.
The
to
people expect that
mediation
ment
overwhelming
majority
of
that the tools of defense
see
serving
the
democratic
are
our
government is determined to
use
citizens
their
expect
government
built, and for the very purpose of pre¬
safeguards
of both
labor
and
management
this
all of its power to express the will of its
security.
of military strength to such a
predatory in¬
cursion by foreign agents into our territory and society."
He called unon citizens engaged in defense production,
workers and employers, State and local officials, and all
loyal citizens to give precedence to the Nation's needs to
the end that the country may be prepared for its defense.
This
latest
proclamation replaces the one issued on
Sept. 8, 1939, after the outbreak of the European war, when
the President declared a "limited" national emergency exist¬
ing.
At that time President Roosevelt proclaimed that "a
national emergency exists in connection with and to the
extent necessary for the proper observance, safeguarding
and enforcing of the neutrality of the United States and
the strengthening of our national defense within the limits
of peace-time authorizations."
That proclamation was given
brutality and the Christian ideal.
in
will enable us to repel the threat of
as
us can waver
for
of
text
the
moment in his courage or
And
his faith.
we
requires that its military, naval, air and civilian defenses be put oa
basis
of
readiness
directed toward
again be planted and allowed
to
By the President of the United States of America
to grow.
every person to
worship God in his
Whereas
way—freedom
own
from want—and freedom from terror.
Sept. 8, 1939, because of the outbreak of war in Europe a
on
proclamation
Magna Carta, the Declaration of Independence, the Constitution of the
limits
the
United
of
yet they were attained.
commencement,
military force,
a
we were weak when we established our independence,
successfully stood off tyrants, powerful in their day, who are now
lost in the dust of history.
we
Odds
meant
nothing to
then.
us
Shall
strength, hesitate to take every single
we
now,
measure
with
all
our
people,
I say solemnly:
of Canada in the preservation of the
independence of the hemisphere.
We have pledged material
support to the other democracies of the world—
and we will fulfill that
pledge.
We in the Americas
are
will
decide for ourselves
American interests
placing
and
as
a
attacked
are
our armed
or our
whether,
and when, and
security threatened.
forces in strategic
military positions.
of God.
without
stint,
consciousness
of
my
responsibilities
to
my
without
selfishness,
and
without
doubt
that
our
democracy will triumphantly survive.
I repeat the words of the
signers of the Declaration of Independence—
that little band of
patriots,
fighting long
but certain, as we
are
now,
ago
against overwhelming odds,
of ultimate victory:
"With
a
firm reliance
on
the protection of Divine Providence, we
mutually pledge to each other our
lives,
our
fortunes, and
into
our
of
on
Act
America,
that
prudence requires
common
the
for
In
States
Place
of
May 28 that he has
no
Change Is
Planned
Patrols
Are
in
Being
Convoys
a
press*
I
question
or
The President
to how the
as
United States proposes to reassert its doctrine of freedom of
seas.
Saying there: s conflict between the Neutrality
that
unlimited
an
national
emergency
confronts
air and civilian
put on the basis of readiness to repel any and all acts or
aggression directed toward any part of the Western Hemisphere.
which
that
requires
military,
its
call
all
upon
give precedence
naval,
citizens engaged in production for defense
of the Nation to the end that a system
the loyal
to
the
needs
to
of
government that makes private enterprise possible may survive.
call upon our loyal
differences
the
in
workmen
larger effort
well
as
as
employers to merge their lesser
insure the survival of the only kind
to
government which recognizes the rights of labor or of
I
call
the
civilian
defense
security against
in
order
for
call
defensive
use
all
the material
the United States
subversion and
effort
productive
and
internal
community
waste and
to assure our
to
put every
minimum
of
witness
the end that
of the
physical
resources
whereof
I
we
of
may
the Nation's needs first
in mind
mobilize and have ready for instant
all of the moral strength, and all
powers,
this Nation.
have
hereunto
set
my
hand
and
caused
the
seal
the United States of America to be affixed.
year
of
of
directed
all loyal citizens to place
upon
and in action to
of
agencies
foreign
maximum
frictions.
unnecessary
I
of
capital.
loyal State and local leaders and officials to cooperate with
upon
of
the
cur
City of Washington this twenty-seventh day of May, in the
Lord nineteen hundred
the United
States of America
and
the
forty-one, and of the
one
independence
hundred and sixty-fifth.
FRANKLIN D.
conference
asking for repeal
modification of the present
Neutrality Act.
made this statement in reply to a
the
society,
proclaim
(SEAL)
special
intention of
to such a basis as
be
Done at
No
Also
do
country,
In
Says
President Roosevelt disclosed at
on
States to the increasing
part of the United
and
military strength
territory and
our
this
sacred honor."
Roosevelt
Neutrality
Relied
the
on
perik us,
Now, therefore, 1, Franklin D. Roosevelt, President of the United States
of
President
and in the air
Y>:
will enable us
to cope instantly and decisively with any attempt at hostile encirclement
of this hemisphere, or the establishment of any base for aggression against
it, as well as to repel the threat of predatory incursion by foreign agents
I
profound
countrymen and to my country's cause, I have tonight issued a
proclamation
that an unlimited national
emergency exists and requires the strengthening
oi our defense to the extreme
limit of our national power and
authority.
p* The ^Nation will expect all individuals and all
groups to play their full
parts,
throughout the world of existing
of peoples and economies
overthrow
;
authorizations of
threats of
our
with
be
would
avowed at
those
to
world-wide domination
a
Whereas indifference
defenses
use our armed forcas to
repel attack.
abiding faith in the vitality of our constitutional Republic
perpetual home of freedom, of tolerance and of devotion to the word
^ Therefore,
and
the
its
the objectives of
that
plain
confined
not
are
-.y-
menace
We will not hesitate to
We reassert
:
time
challenge.
We reassert the ancient American doctrine of freedom
of the seas.
We reassert the solidarity of the 21 American
Republics and the Dominion
We
war
include
but
order,
makes
events
such
in
security of this Nation and of this hemisphere we should pass from peace¬
Our people and our government will not
hesitate to meet that
As the President of a united and determined
our
belligerents
democratic
of
succession
a
through the destruction of all resistance on land and sea
potential
necessary to maintain our
American liberties?
where
Whereas
authorizations."
peace-time
Axis
As
direct¬
defense within
issued declaring a limited national emergency and
was
ing measures "for the purpose of strengthening our national
impossible of attainment?
States, the Emancipation Proclamation and every other milestone
in human progress—all were ideals which seemed
impossible of attainment—-
but
PROCLAMATION
A
We will accept only a wrorld consecrated to freedom of
speech and ex¬
Is such a world
all acts or threats of aggression
Hemisphere:—
repel any and
part of the Western
any
will not accept a
world, like the post-war world of the 1920's, in which the seeds of Hitlerism
pression—freedom of
27
May
of
Proclaiming that an unlimited national emergency confronts this country,
the
a
We will not accept a Hitler-dominated world.
can
9, 1939, page 1561.
President's proclamation
issue of Sept.
our
The
which
We choose human freedom—which is the Christian ideal.
of
authorizations
peace-time
basis
follows:
human freedom—between pagan
one
air and civilian defenses be put
and all acts or threats
the basis of readiness to repel any
of aggression directed toward any part of the Western
Hemisphere." By this action the President is given many
new powers under emergency statutes and virtually puts the
Nation on a war basis.
In his proclamation Mr. Roosevelt
said that "common prudence requires that for the security
of this Nation and of this hemisphere we should pass from
Today the whole world is divided—divided between human slavery and
No
May 27 proclaimed that an "un¬
faces this country, requiring
on
emergency"
national
that the "military, naval,
people, and to prevent interference with the production of materials essential
to our Nation's
Roosevelt
President
limited
on
Defense
Western Hemisphere-
on
Given Extraordinary Powers
It will rapidly
the organized effort of
on
to fulfill.
civilian
Attempt
Hostile
Any
defense—take loyal part from this
forward.
organize, locality by locality.
and
Strength to Basis Able to Cope With
for Military
has the right to expect of
Your Government
part in the common work of our common
Peacetime Authorizations
Requires Passing from
words have
formed the advance guard of physical attack.
moment
Roosevelt Proclaims Existence of Unlimited
Emergency—Says Security of Country
President
words have been used before in other countries—to scare them,
ROOSEVELT.
By the President:
C'ORDELL
HULL, Secretary of State.
With regard to some of the specific powers given
to the
President, a Washington dispatch of May 27 to the New
"Xjork "Times" listed the following: '
The Commercial & Financial Chronicle
take
To
and
possession
facilities
transportation
of all
control
assume
the military forces.
to move
necessary
prohibit transactions in foreign exchange and suspend all trading on
securities exchanges for 90 days.
To
national
action"
"certain
the
in
take
suspend the provisions of laws prohibiting more
in
with
any
the
day by
one
United
To close any
expansion
engaged
persons
than eight hours of
work covered by contracts
on
States.
radio station
and
defense."
take it over for use of the Government
or
require priority for "communications essential to the national
to
To take
of
over
imports from
United States "contrary to the law and the practice of nations"; and
refuse clearance to vessels belonging to belligerent countries against
To
the
to
prohibit imports from countries which have restricted
which
discrimination
To
requisition
laws;
the
control
and
and
their
relieve
and
and
take
vessels
such
of
possession
crews.
Commission to set
Commerce
President
the
as
foreign
waters;
and
Interstate
priorities
(
documented under United States
and domestic shipping in our
vessels
of
movements
officers
require the
ences
charged.
merchant
territorial
continental
To
is
any
such prefer¬
up
designate.
may
Country's
President Roosevelt Calls for Action Against
Wide Undernourishment—In Message to Nutrition
Conference Asks for Program to Solve Problem
President
Roosevelt
Conference
for
called
Nutrition
National
the
upon
assembled
in
Washington on
May 26, to recommend an "immediate program of action''
to correct the country's nutrition problems.
Saying that
"total defense demands man-power," the President asserted
Defense,
that the
"widespread and serious" undernourishment in the
inefficient to produce "what we
need in our united drive for dynamic strength."
The Presi¬
United States makes people
dent's
letter,
read
the conference
at
by Paul
V. McNutt,
Federal Security Administrator
and Coordinator of Health,
Welfare and Related Defense Activities, follows, in part:
The conference has
nutrition
problems
problems
defense
recommendations for an immediate
During these days of stress the health
civilian population are inseparable.
Total
The full energy of every American is
demands
out
map
military and
the
of
to
This is vital.
of action.
program
significant responsibilities—to explore and define our
and
man-power.
'
necessary.
Medical
authorities
completely
recognize
that
efficiency
stamina
and
workers in
industry, the families of these workers, every man and woman in America,
must have nourishing food.
If people are under-nourished they cannot be
depend
efficient
in
producing
recent
kinds
food
of
united
V'
needed
drive
:
...
•
maximum
health
do
not
lack,
as
and
to the
as
vigor.
Yet
the foods which science considers essential.
lack,
not
the
means
producing
of
food in
Our task is to translate this advice in reality for
family.
American
shall
will
we
the conference
of
with
deep interest and
expec¬
tantly await its decisions.
sider
Roosevelt Establishes Wheat Import
Surplus
President
Roosevelt
on
May 28 issued
on
a
proclamation
wheat from Canada and other
This action was taken, the President explained
proclamation, because "wheat and wheat flour are
practically certain to be imported into the United States
under such conditions and in sufficient quantities as to tend
to render ineffective and materially interfere with the pro¬
undertaken with respect to wheat under the Soil Con¬
servation and Domestic Allotment Act, as amended, and to
substantially the amount of flour processed in the
produced in the United States."
The total amount of wheat imports for the next 12 months
is limited to 800,000 bushels, with Canada receiving nearly
reduce
United States from wheat
all of the quota.
The following with respect to the matter
reported in a Washington dispatch to the "Wall Street
Journal" of May 29.
^
•
was
Under the import quotas,
Canada is permitted to export to the United
795,000 bushels of wheat a year,
bushels will be distributed between
while imports of another 5,000
13 other countries.
Canada also will
send 3,815,000 pounds of wheat flour, semolina, crushed or
products, the proclamation stated
largest import allotment was given to Argentina, 2,000 bushels
cracked wheat, and similar wheat
The
next
of wheat and 14,000 pounds of wheat
The United Kingdom was
wheat products,
products being allowed that country.
given 100 bushels of wheat and 75,000 pounds of
while Cuba was allowed 12,000 pounds of wheat products.
France and Rumania were given allotments
The import quotas,
of 1,000 bushels of wheat each.
which go into effect today, were based on the total
Dec. 31, 1933, the procla¬
allotted not less than 50% of the
quantity of wheat imported from Jan. 1, 1929. to
mation
stated, and each country was
average
to
annual quantity exported.
The State Department disclosed on May 29 that it plans
call an international conference in Washington soon to
consider the wheat surplus problem.
This was
in the release of an exchange of notes between
made known
Canada and
the United States in connection with the President's procla¬
mation. According to the Associated Press the United States
note to the Canadian Government said in part:
In taking
the action referred to above,
one
the Government of the United
that the wheat problem, is, in fact, an international prob¬
in which the governments of Canada and the United States
States recognizee
lem and
Measure Providing for Gov¬
Farm Crops at 85% of
Basic
on
Understanding
"
signed on May 26 the legislation (in
the form of a resolution) providing mandatory Government
loans of 85% of parity on the five basic farm crops—cotton,
corn, wheat, rice and tobacco—but explained that he did so
on the understanding that "parity payments will oe limited
to the amount necessary to bring the basic commodities to
parity, but not beyond parity."
In hi statement the Presi¬
dent said that this effort to obtain farm prices nearer parity
reflects "the Government's objective of the last eight years"
and likewise reflects the fact, said the President, that "the
farmers did not have and have not as great a share of tne
national income as have other groups."
He also pointed
out that the farmers cooperating with the Government farm
program will now be able to receive "an 85% parity loan
plus a cash parity payment, plus a cash soil conservation
payment," but that the sum of these three should not exceed
parity.
To this end, the President further stated, he has
received assurance from Congressional leaders that this prin¬
ciple will be carried out in the pending Agriculture Depart¬
ment appropriation bill.
Final Congressional action on the parity bill was taken
on May 14 when the Senate, by a vote of 75 to 2, adopted a
conference report on the legislation, the House by a 275 to 63
vote had approved the report on May 13.
When the Senate
passed the original bill on March 27 it simply related to
corn and
wheat marketing quotas under the Agricultural
Adjustment Act, increasing penalties for those exceeding
those exceeding their quotas.
However, the House in pass¬
ing it on April
nig ii uu .n.pi JUL 29 dUUCU the \J\JUCi
added UiiO other WUJJO and c
crops CT/JJ.VI also provided
for 75% parity loans.
The Senate on May 6 voted for
ference on the
85% parity loans, thus necessitating a confei
measure.
The 85% loan plan is designed to give the farmer the same
purchasing power, in terms of non-farm products, that he
1909-1914—the
in
had
period when agriculture was
on
a
plane of economic equality with labor and industry.
The text of the President's statement follows:
technical provisions of existing law aimed
Most of this resolution covers
agricultural program.
There is no
of these amendments.
directs the Commodity Credit Corporation to
improvement in the operation of the
at
budgetary or other administrative objections to any
Section
10,
however,
make available loans to cooperators
tobacco at the rate
who grow cotton, corn, wheat, rice or
of 85% of the parity price for the commodity as of the
This
is
an
effort
obtain farm prices nearer parity.
to
have mutual interest.
as
other groups.
There is,
nevertheless, an obscurity or perhaps an omission in the language
of the resolution which I have
result in
a
It reflects the
It reflects the fact that
of the last eight years.
have and have not as great a share of the national
One effect of increasing the
his
States
future.
President Roosevelt
income
countries.
be permitted to
Loans
Parity—Approves Legislation on
that Prices Will not Exceed Parity
Quotas
Problem
imposing import quotas
gram
Roosevelt Signs
ernment
the farmers did not
—United States Plans to Call Conference to Con¬
in
President
Government's objective
*
President
States accordingly proposes to extend
beginning of the marketing year.
the work
follow
basis of the whole wheat surplus
./
■
United
of the
welcomes
of its willingness to
-
outstanding discoveries
for
dynamic
for
of Agriculture has estimated that many millions of men,
abundance and variety.
I
our
V,.
children do not get
and
women
every
in
United
The Department
We
need
forces,
of nutrition by whatever methods conducted, shows that here
States undernourishment is widespread and serious.
survey
the
in
we
scientists have made
years
and
amounts
every
what
armed
of our
men
'-vvV;-, J
strength.
In
Fighting
food.
proper
on
'
Government
Government
invitations for such discussions in Washington in the near
plants, dams, conduits and reservoirs for the purpose
power
international
an
on
Canadian
the
of
problem.
manufacture.
munitions
discussions
resume
that the Government of the United States
reason
indication
recent
The
credit.
of
To
To
labor
It is for this
the
.
3425.
sought to clarify before affixing my signature.
loan rate on the major crops will in many cases
lowering of existing or budgeted parity payments.
be obvious to all that
It should
the Government ought not now to change the existing
policy by giving to farmers a total remuneration greater than parity.
When this bill becomes law the co-operating farmer will be able to receive
an
85% parity loan plus a cash parity payment
payment.
plus a cash soil conservation
of these three exceed
Under no circumstances should the sum
'''■■<
parity.
Therefore,
have taken up
I
legislative leaders chiefly
letters stating
the construction of the law with certain
responsible for it and have received from them
broad intention is that
in effect that for the 1941 crop the
if necessary, be so curtailed as to avoid a price
above parity when added to the loan and the soil conservation payments.
I am therefore confident that in the pending appropriation bill this clear
parity payments should,
interpretation and intent will be
Furthermore,
Congress by the Secretary
I
carried out.
it is my belief that
in the omnibus bill submitted to the
of Agriculture minimum cotton and wheat allot¬
more
closely approximate current demand, cotton and rice
penalties should be
increased, all with the thought that wholly unmanage¬
ments
able
should
surpluses should not
accumulate in the hands of the Government.
free to dispose in an orderly manner of many
Finally, the CCC should be
commodities acquired under
I
the loan program.
approving this joint resolution on the
am
parity payments
distinct understanding that
will be limited to the amount necessary to
parity but not beyond parity.
bring the
basic commodities to
The
completion of Congressional action on this bill was
referred to
in
our
issue of May 17, page 3110.
with the President's injunction, the joint
conference committee on the 1941-42 Agricultural Depart¬
In accordance
ment
appropriation bill on May 28 agreed to limit the farm
parity fund to $212,000,000, instead
which the Senate had approved.
of the $450,000,000
President Roosevelt Asks Congress for $3,319,000,000
Additional Funds Mainly for Airplanes
President Roosevelt
asked Congress
on
in
May 27 for $3,319,-
appropriations, most of which would
be for more planes for the Army and Navy.
The request,
contained in a letter to Speaker of the House Ray burn, speci¬
fied that $2,790,000,000 would be for the Army and $529,000,000 for the Navy.
Of the Army total, $2,506,868,000
was for the Air Corps, while of the Navy amount. $482,000,000 in additional
The Commercial & Financial Chronicle
3426
046,000 would be for planes.
built with these funds
not
was
The number of planes to be
disclosed. It was indicated
that these supplemental estimates are to
provide for
con¬
tingencies which have arisen since the transmission of the
budgets for the present fiscal
and the 1942 fiscal
year
year.
President Roosevelt Sets Second Draft Registration for
July
;
21
Reaching
Men
1—Affects
Since Oct. 16
Years
Age
of
handling of special
President arranged by proclamation for
These
cases.
An
individual
outside
these
is required,
limits
States and the territories and island possessions,
however, to submit to
'
probable that the men to be
A selective service official said that it was
national lottery similar to the one
held last
year
after the first registration
16,500.000 in October.
local
According to present tentative plans, the new registrants in each
area
would be added at the bottom of the present list of men avail¬
able for service.
will be conducted by 6,500 local draft boards, which are
The registration
charged with responsibility for classifying men according to their avail¬
ability for
service considering such factors
essential to defense and the like.
tered in midsummer may be
as
dependency, employment
>
,
-
.
belief that many young men to be regis¬
Some authorities expressed the
,
,
Congress Agrees to $1,147,624,384 Treasury-Post
Appropriation Bill
The
conference
report
summoned to the Army within a few months
despite the fact that men registered last year will come ahead of them on
last year's registration included so
industries or the heads of
comparatively small percentage of this year's group
millions of men
many
families, whereas
will have such
a
reasons
employed in essential
May 23, thus completing congressional action. The compro¬
bill amounted to $1,147,624,384, which was $7,978,594
less than the budget estimates and $2,515,928 less than the
comparable appropriations for 1941.
Of the total amount,
$394,330,185 is for the Treasury Department and $843,294,199 for the Post Office.
When the Senate passed this
bill on May 7 the amount embodied therein was $4,762,136
above that approved by the House on Feb. 13.
In confer¬
ence the Senate receded to the extent of $3,532,248 and the
$1,229,888.
Senate passage of
issue of May 10, page 2955.
The adoption of the bill by the House was noted in these
columns Feb. 15, page 1065.
House agreed to increases of
the
bill
Senate
reported in
was
Puerto Rico and
of Hawaii,
Alaska, the District of Columbia commissioners and all
existing local draft boards and agents to handle the work of the second
Hr urged employers again to allow time off for registration.
registration.
Some of those
men
a
was
year
men
since the first group of 16,500,000
who have become 21
signed up oh Oct. 16 have already registered and volunteered for
of training.
our
Bill
Passes
A provision of the draft law allows voluntary service by
Government
Withholding
Cotton
Market
From
Stocks
The Senate on May 23 passed a bill providing for withhold¬
ing from the normal channels of trade and commerce cotton
of the 1940 and previous crops which is owned by the Gov¬
ernment or which is pledged as security for Government
loans. This bill, sponsored by Senator Smith, Democrat of
South Carolina, Chairman of the Senate Agriculture Com¬
mittee, now goes to the House, where it is expected to meet
opposition.
Representative Fulmer, Democrat of South
Carolina, who is Chairman of the House Agriculture Com¬
mittee, announced on May 28 that he would oppose the
legislation, predicting that his Committee would not ap¬
prove the Senate bill.
The following regarding the measure was reported in
Associated Press Washington advices of May 23:
The bill
would
direct the
from markets all cotton it
Commodity Credit Corporation to withhold
now owns.
would receive the difference
Growers with uncalled cotton loans
between market prices and the original loan
after deduction of warehouse and other costs.
in loan stocks and that
Senator Smith said less than 10,000,000 bales were
for deferment.
Roosevelt called upon the Governors of the States and
Mr.
Office De¬
mise
the local draft list.
This view is based on the fact that
the Treasury-Post
on
Office
partments appropriation bill for the 1942 fiscal year was
adopted by the House on May 22 and by the Senate on
Loan
registered would be rated according to priority for military service in a new
draft
533,635, of
$7,329,000.,
the two territories.
registration within five days after his entry into the continental United
of
increased the
inability of an individual to
cover
register because of "circumstances beyond his control" or because he is not
in the United States, Puerto Rico, or
The Senate, in passing the measure on April 29,
amount proposed in the House bill by $13,which the compromise
legislation includes
1998).
page
a
As in the first registration, the
the
passed the House on March 27 and provided for appropria¬
tions totaling $221,272,228 (noted in our issue of March 29,
s
proclamation issued May 26, President Roosevelt
designated July 1 as the second registration day under the
Selective Service Act, and directed all young men who have
reached 21 since Oct. 16 (when the first registration was
held) to register July 1 for possible military service.
The
President declared that the second registration was "required
in the interest of national defense," and defined those who
must register as all unregistered male citizens and aliens in
the United States, Hawaii, Puerto Rico and Alaska who
have attained their 21st birthday on or before July 1. It is
estimated that between 1,000,000 and 1,250,000 young men
will be affected by the second registration.
In advices from Washington, May 26, the Associated
Press had the following to say regarding the President's
proclamation calling for the second draft registration:
In
May 31, 1941
6,200,000 of these.
the Government now held title to more than
He
con¬
tended that threat of release of these loan stocks had depressed cotton prices.
Under the bill, the loan stocks could be used only for
national defense
and
staples.
or
purposes, for
provide certain grades
for exchange for other cotton to
This release would be conditioned
relief
upon
a
finding by the
Secretary of Agriculture that such action "will not interfere with the
distribution of cotton
or cotton
sale or
products in the normal channels of trade."
18 to 21.
The July 1 date was chosen, it was understood,
in order that men regis¬
House Passes Bill Giving RFC
tering then would have time to find out before Fall whether or not they
might expect to be called for duty.
Defense
This would permit them to plan ahead
Broad Powers to Expedite
Program—Borrowing Power Increased by
$1,500,000,000
for their Fall and winter work or educational schedules.
The House
President Roosevelt's proclamation
registration day as Oct. 16, last,
of Sept. 21, 1940, page 1651.
Congress Completes Action
was
setting the first draft
referred to in our issue
;
on
Bill Broadening Author¬
ity to Fix Priorities in Defense Production
Congressional action on the legislation giving the Govern¬
ment broad powers to impose priorities on American industry
in the interests of national defense was completed on May 23
and the
measure
was
then sent to the White House for the
President's signature.
conference report on
The Senate
on
May 23 adopted the
the measure by a vote of 35 to 25;
the report had been approved on May 22 by a voice vote of
the House.
When the House on May 8 originally passed
on May 28 by a vote of 217 to 114 approved
legislation authorizing the Reconstruction Finance Cor¬
poration to create corporations to expedite the national
defense program and increase the RFC's borrowing power by
$1,500,000,000.
This measure, which passed the Senate on
May 17, is now returned to that branch of Congress for action
the
Disaster Loan
Corporation and the Electric Home and Farm
Authority, both subsidiaries of the RFC, to Jan. 22, 1947,
and permits loans to foreign governments when American
securities are offered as collateral.
This latter provision is
designed to forestall liquidation of British holdings in the
United States at distress prices.
Attempts by the Repub¬
lican minority to make numerous changes in the bill were
defeated.
all
Senate passage
this
Administration-sponsored bill it contained a provision
which would have set up a separate legal unit outside the
Office of Production Management to administer priorities
and giving the Army and Navy Munitions Control Boara
veto power over priority decisions.
This controversial sec¬
tion, which was opposed by Administration officials and
OPM leaders, was eliminated by the Senate in passing its
version of the legislation by a voice vote on May 16.
The
Joint Conference Committee on May 21 agreed upon a
compromise bill with the omission of the provision setting up
a priorities division separate from the OPM and the Senate
and House approval of the conference report followed.
The
six purposes for the legislation were given in these columns
of May 10, page 2955 when House adoption was reported.
The measure would give the OPM authority to place
British aid orders, as well as those for the Army and Navy
ahead of non-defense production.
of
May 27,
Roosevelt
Signs
$228,601,828
for War Department Civil
Congressional action
for
the
pleted
civil
on
functions
on
Appropriation
Functions
the bill appropriating $228,601,828
of
the
War
Department was com¬
May 15 when the Senate and the House adopted
conference report adjusting differences between the House
and
Senate
measures.
President
Roosevelt
signed
a
the
bill
on
and harbor
May 23.
This bill, which provides for river
improvements, flood control and other projects,
of this
3268.
page
measure was
reported in
Power
Opposed
House
Fix
to
in
our issue
•'
House Passes Bill Extending for Two
Gold
Report
Content
of
Years President's
of
Dollar—Action
Republican
Members
of
Committee
By a vote of 226 to 138, the House on May 27 passed the
bill, extending for two years until June 30, 1943 the Presi¬
dent's power to fix the gold content of the dollar, and his
power over the $2,000,000,000 stabilization fund.
The
adoption of the bill by the House, followed the defeat by a
vote of 218 by 144, of a motion by Representative Andresen
(Republican) of Minnesota to recommit the bill to committee,
which would have had the effect of killing the measure.
In
United Press accounts from Washington May 27 it was stated:
The
overwhelming
Republican efforts
President
This bill also extends the life of the
House amendments.
on
Democratic
majority
to amend the measure.
beat
by various methods.
$35
The committee
once
a
a
long series
of
devalue the dollar further,
One would have forbidden
an ounce—the current
Passage climaxed
down
Several proposed amendments
would have eliminated the President's power to
him to pay more than
price—for foreign gold.
bitter fight within the House
adopted
a
Coinage Committee.
Republican motion to write the $35-an-ounce
maximum into the bill but the next day
reversed itself, in response to strong
Administration pressure, and struck out the
restriction.
According to the Associated Press advices from Washington
May 27 the closest call for administration forces on the
amendment offered by Representative Andresen and sup-
Volume
The Commeix.ial
152
ported by the solid Republican side, which would have
nulli¬
fied the President's power to cut the gold value of the dollar
further.
From these advices (Associated Press) we quote;
The amendment, defeated 131 to
ounce,
This
for¬
$35 an
116 on a teller vote, would have
of foreign gold at more than
bidden purchases by this government
the current price.
provision was approved once by the House Coinage
then countermanded after Secrecary Morgenthau
said this
Committee and
informed the committee
Mr. Morgenthau
because the dollar's value is expressed in terms of gold
completely cancel the devaluation authority.
that it would
true
was
of the dollar is reduced it means paying more
and when the gold content
dollars bo buy an ounce
U\
of gold.
:;
Supporting Andresen in this attempt, Representative
Wolcott (R., Mich.)
that increasing the
"only the President sticks to the theory"
declared that
price of gold increases commodity prices.
"In his stubborness and contrary to his
inaugural address of March 4,
Wolcott said, "he insists on following a plan
1939," Mr.
that has been
repudiated by every economist in the world."
McCormack of
Massachusetts, the Democratic leader, countered that power to devalue the
dollar was a necessary weapon in bargaining with nations whose currencies
are controlled.
They emphasized the administration had no plan to change
Administration
Representative
including
spokesmen,
also
Republicans
attempted
in general Treasury funds
to place
$1,800,000,000 of the stabilization money which
Morgenthau has said is
being used.
not
Before the minority side lost this issue
118 to 95 on a standing vote, their
spokesmen argued that $45,000,000 a year
in interest could be saved by
instead of borrowing.
by Secretary Morgen¬
market and
using this money to pay defense costs
Managers of the bill read to the House a statement
thau that
mere
existence of the fund was a "cap" on the money
interest rates.
helped the Government to obtain low
He said removal of
control in the hands of private interests.
the fund would place money
Regarding the debate on the bill in the House on May
26
the gold policy as
New Deal follies."
He charged that because of it the Nation had been "mulched of about
$7,000,000,000, most of which has gone to Great Britain," and that "the
Administration has the bear by the tail and doesn't know how to let go."
Representative August Andresen asserted that Russia and the Axis powers
profited most from the "foolhardy and expensive foreign gold buying pro¬
gram," and that "our Government is still financing Japan and other dic¬
Representative Hamilton Fish (R., N. Y.) described
gigantic failure and greatest folly of all the
A similar attack came from
Representative Chanucey W. Reed of Illinois,
ranking Republican on the House
Coinage Committee, who wrote a minority
defeat of the extension bill. Mr. Reed derided Administration
that it was not planned to exercise the President's devaluation
report urging
assurances
Administration supporters cited the plea
before the Coinage Committee that
although there were no plans presently to devalue the dollar, it would be a
mistake to deprive the President of existing authority at a time when
executives of all other nations were
said the President "has
the past five years" and urged
that he "be granted flexible powers for protection of the country against
possible trade wars which may follow the current stage of military belliger¬
ency."
i
>;v
good job with this authority during
the House Committee on
Coinage, Weights and Measures were filed in the House^on
May 19.
As to these reports we quote the following from
Washington advices May 19 to the New York "Times":
Two
reports on the bill from
the majority report, recommended
The first,
mitted to continue this power,
that Mr. Roosevelt be per¬
time
to protect the
saying that it would be "unwise at this
abandon the machinery of control
dollar
which we have built up
American economy."
and
The Stabilization Fund,
the majority report said, "has proved
its value
unparalleled crises in international trade and finance and is
a potent weapon of defense in our international economic relations."
The minority report, signed by the seven Republican members of the
committee, urged the House to limit the maximum price of foreign gold to
during years of
reduce the Stabilization Fund from $2,000,000,000 to
$1,800,000,000 to help defray expense
national defense by reducing "the amount of inflationary borrowing."
$35 an ounce and
Those who
signed the minority report were
Chauncey W. Reed of Illinois.
Richard P. Gale of Minnesota, E. Harold Cluett and
Hall of New York, Hugh D. Scott Jr. of Pennsylvania and
August Andresen,
Leonard
W.
William
H.
The
bill,
Stevenson of Wisconsin.
which continues
the President's power to reduce the dollar's
$41.34 an ounce for gold, was opposed by
devaluation of the dollar in January,
the present situation was not com¬
parable and that there were great dangers of inflation.
The majority report stated that it had been assured by Secretary Mor¬
gold content by paying up to
the
minority on the ground that while
1934, had no inflationary consequences,
genthau that there was no present desire or intent on the part of the Admin¬
istration to alter the gold content of the dollar.
The present price of gold
if $35 an ounce, or
15 5-21 grains of gold nine-tenths fine to the dollar, or
nearly 59% of its former
The majority
weight.
said that the stabilization fund was not
only intact but a
profit of more than $25,000,000 had been made as a result of its operations.
The fund was invaluable, it was said, in enabling the United States to aid
China and to implement
the good-neighbor policy at a time when the Latin-
American countries were
greatly in need of foreign-exchange resources.
Reynolds Tobacco Co.
urged that the present Act be retained with
which would remove inequities, while Mr,,
Williams went on record against abandoning the average
Board of R. J.
Mr. Fernald
certain changes,
earnings formula.
" '
.V"v'
■ *
'.
Among those appearing in opposition to the Treasury's
proposal on May 28 were Livingston Houston, Chairman of
.
May 3, page 2780, May
bill appeared in these columns
10, page 2952 and May 17, page 3111.
Committee Ends Tax Hearings—Work to Start
Week on Drafting
Legislation—Treasury's
Next
Plan
on
Excess
Profits Tax Opposed by Industry
.
Finance Committee of the National As¬
Swim, Vice-President ;
of the National Investors Corp.; Robert R. Young, Chair¬
man of the Board
of the Alleghany Corp.; and J. Robert1
Assistant
Myers,
Public hearings on the
proposed new tax measure designed
$3,500,000,000 in additional revenue were concluded
and Means Committee on May 28
and the group will begin drafting the legislation next week.
Representative Doughton, Democrat, of North Carolina,
Chairman of the House Committee, said on May 28 that the
task of drafting the tax measure might be completed in two
to raise
before the House Ways
Research of the National'
of
Director
Association of Broadcasters.
Concerning some of this testimony, a Washington dis¬
patch of May 28 to the New York "Journal of Commerce"
said:
• ;■
taxation of profits derived from
tax should not
be used
as a
that It was the view of the N. A.
be governed by the principel of
that the excess profits tax should
profits
reform.
remain unchanged, he proposed
the defense program and the excess
following modifications:
of excess profits to invested
credit rather than on flat dollar amounts
Application of the rates on the ration
1.
capital credit or to the earnings
as
M*
special
vehicle of business control or social
Urging that basic provision of the law
in the present law.
2.
Elimination of the present 5%
Allow the
use
reduction in the average earnings base.
in establishing base period
of any three out of four years
earnings and divided by three to
obtain the average.
establishing the invested capital base
4.
Include borrowed capital fully in
5.
Change the law in respect to the
and
daily computation of admissible
inadmissible assets.
6.
Change
the present arbitrary
factor in the relief
restriction on the use of the growth
formula.
Add to specific abnormalities to
7.
be relieved by appropriate treatment
frozen and restricted in foreign
the amount of credits of American taxpayers
countries.
It
,
the view of Mr. Young that
was
.
the Treasury's introduction of a
profits
enterprise."
limitation of return
on capital would "prove a blessing to monopoly by stifling new competition.
New enterprises must have a high return if they are to come into being and
limitation of return on capital to
tax purposes
determine excess income for excess
"threatens severely to restrict
He also argued
that instead of punishing monopoly a
expand."
United
States
Supreme
Court Upholds Right of
Nebraska and Florida to Bar Price-Fixing Com¬
binations
by Copyright
Owners—Legislation Chal¬
lenged by A. S. C. A. P.
|
•
"combinations in restraint
of trade" was upheld by the United States Supreme Court on
May 26, when, in a unanimous decision by Justice Black, it
ruled that Nebraska and Florida have the power to bar
combinations to fix prices bv copyright owners.
It was
pointed out by the Associated Press that the court did not
rule on the legality of the laws as a whole, but confined its
conclusions to the restraint phase. The legislation had been
challenged by the American Society of Composers, authors
and publishers—the ASCAP.
The Associated Press in its
Washington advices May 26 said:
right of States to regulate
The
The controversy over
C. A. P. to
attempt by A. S.
of music produced by
the legislation grew out of the
control prices charged for public playing
Anti-trust proceedings brought by the
Department against A. S. C. A. P. were settled recently by a
decree after controversy with broadcasting companies over renewal
of the
members
Justice
consent
organization.
fees.
the Supreme Court conclusions the United Press
reported the following from Washington May 26:
The Florida and Nebraska laws restricting A. S. C. A. P. are similar and
the issues presented the court were almost identical.
In parallel decisions
the Supreme Court asserted that it found nothing in the copyright laws
which "purports to grant to copyright owners the privileges of combining
As
to
in violation
of otherwise valid State or
"We have,
Groups
.
.
Government
the
of license
Previous references to the
House
substantial change be made in its
on
May 26 were Henry B.
testifying
Fernald, Chairman of the Tax Committee of the American
Mining Congress, and S. Clay Williams, Chairman of the
$200,000,000, using the difference of
of
Also
law should be tried over an entire
3.
assuming greater powers.
Harry Sauthoff (Prog., Wis.)
Representative
to
the present excess profits
calendar year before any
of Secretary of the Treasury
Henry Morgenthau Jr., who testified
a
before September.
Ways and Means Committee hearings this week were
confined to opposition to the Treasury's proposal for re¬
vising the excess profits tax law.
The Treasury's plan,
presented to the Committee on May 19 by John L. Sullivan,
Assistant Secretary of the Treasury, called for elimination
of the present formula of basing excess profits credits on
average earnings in the base period 1936-1939 and suggested
a maximum credit of 10% on current invested capital and
levying taxes ranging from 33% to 65%, as was noted in
our issue of May 27, page 3265.
On May 26 Claudius T. Murchison, President of the Cotton
Textile Institute, declared that "a national emergency far
more
desperate than we now confront will be needed to
justify the proposal made by the Treasury."
He added that
The
the
power.
done
will take place
ment
Mr. Houston told the Committee
countries through the program."
tator
place the time at six weeks.;
However, it is not expected that the legislation will reach
the floor of the House until mid-July and that final inact-
sociation of Manufacturers; H. Dudley
the United Press said:
"the most
weeks although other sources
structure.
the dollar's value, however.
The
3427
& Financial Chronicle
Federal law."
in fact, determined to the
contrary with relation to
other
privileges," the court said.
Justice Hugo L. Black wrote the opinion in the Florida A. S. C. A. P.
case—an opinion which approved a pattern for legislation which if adopted
copyright
generally by the States would require drastic reorganization of
of the society, which controls the rights to a major share
popular music.
"We are pointed to nothing either in the
laws
or
in the history
the functions
of America's
language of the copyright
of their enactment to indicate any
Congressional
The Commercial & Financial Chronicle
3428
to deprive the States, either in
purpose
whole or in part, of their long-
recognized power to regulate combinations in restraint of trade," Justice
Black said.
"It is enough for us to say
in this case that the phase of Florida's law
prohibiting activities of those unlawful combinations described in the 1937
Act does not contravene the copyright laws of the Federal Constitution."
referred to forbade copyright
The section of the Florida law
owners
in
"substantial" numbers to combine for the purpose of fixing fees for public
performance of their work.
The consent decree was
1216.
page
referred to in
our
Feb. 22 issue,
Red Cross for shipment to war refugee areas, for
to other countries
under the provisions of the
the
for
May 31, 1941
transfer
Lend-Lease Act, or for release upon
the market when this
is desirable.
^
$2,304,800 of Defense Savings Stamps Sold in First 17
Days—9,908
Banks and
Financial Institutions
Selling Bonds on May 20—Radio Broadcasts to
Begin July 2 in Support of Program
Treasury Department revealed on
The
'
May 25 that
a
6,140,123 Defense Savings Stamps of all denomina¬
tions was sold during the first 17 days of the National,
Defense Savings Program (May 1-17), bringing $2,304,800
into the Treasury.
As noted in our issue of May 24, page
3270, sales of Defense Savings Bonds during this same
period amounted to $257,646,000.
Treasury officials said
on May 25 that the most popular Defense Savings Stamp is
total of
Supreme Court Upholds Commission
By Former Secretary of Agri¬
culture Wallace in Kansas City Stock Yards Case-
United
States
Prescribed
Rates
Decision Ends
In
Litigation
States Supreme
United
decision the
6-to-l
a
Court
May 26 upheld the rates prescribed by Henry A. Wallace as
Secretary of Agriculture for live-stock commission men of
the Kansas City Stock Yards.
The effect of the decision,
which ends
Court
litigation, is, it is said, to require dis¬
11 years
tribution of
a
$586,000 fund, impounded in the District
sold during the first 17 days, it is re¬
vealed, with a value of $775,960.
Sales of all stamps, by
denominations, from May 1 to 17, were:
Denomination
pending settlement of the issues, to livestock producers
City merchants.
future rates at the Kansas
$1
It
was
Wallace's
A 1933 order was invalidated by the
predecessor.
High Court five years later on procedural grounds.
The Government contested certain rulings by the lower court which held
the Impounded
Wallace
was
Among these rulings was the assertion that Mr.
funds.
"impartial" arbiter of the issues, did not personally
not an
weigh the evidence and improperly excluded pertinent evidence.
lenged the right of the lower court to call Mr.
This week's decision
Reed took
no
written by Justice Frankfurter.
and Justice Stanley F.
A reference to the litigation appeared
May 4, 1940, page 2817.
part.
in these columns
was
Roberts dissented
Owen J.
Justice
It chal¬
Wallace to the witness stand,
and contended his conclusions were supported.
defended his procedure
Total
Officers
a
year ago,
J.
of
P.
Morgan & Co., Inc. Dispose of Pre¬
ferred Holdings in Morgan Stanley & Co.
All of the officers of J. P. Morgan &
Co., Inc., New York,
preferred stock on Jan. 13 in Morgan Stanley &
Co., investment bankers, have since disposed of their hold¬
ings, it was disclosed on May 23 at a hearing before the
Securities and Exchange Commission's trial examiner in
New York.
The hearing was held on the application of
J. P. Morgan & Co. for a study of its relationship to Morgan
Stanley & Co. to determine whether the former had met
SEC qualifications as trustee for security issues which Mor¬
gan Stanley & Co. might underwrite.
who held
of
C.
V.
More banks
on
The types
Bonds,
United
in
States
Housing Authority
Claude V.
Parsons, former Representative in Congress
from Illinois and first Assistant Administrator in the United
States Housing Authority, died on May 24 at his hotel in
Washington. He was 45 years old. Mr. Parsons had served
in the House of Representatives from 1930 to 1940 and since
early this year had been an executive of the USHA.
The
following statement of regret was issued by Nathan Straus,
Administrator of the USHA:
Our whole organization
affection of
and
In
announcement
an
executive of the
us
His death Is
all.
a
an
According to
Philip P. Campbell, former Republican Representative
Kansas, died on May 26 at Emergency Hospital,
Washington, following a long illness.
He was 79 years old.
Mr. Campbell served in the House of Representatives from
1903 to 1923 and since that time had practiced law in Wash¬
ington.
During his Congressional career, he rose to be
from
House
Rules
Committee and
served
as
tempore in the last three months of his term.
Countries
Under
Lease-Lend
Act
The United States
Department of Agriculture announced
on May 26 the purchase of the following food
supplies during
the week ended May 24:
Commodity—
Dried beans
Lard
Quantity
.39,373,600 lb.
_
American cheese.
Dry skim milk (spray)..
Dry skim milk (roller) *
_
Evaporated milk
Strawberries, fresh,
capped
6,020,000 lb.
3,344,0001b.
Canned fish
Canned tomatoes
New^York
and
Bonds
report issued by the Savings Banks Asso¬
121, or 90% of mutual
a
savings banks of the State of New York have been responsible
$5,135,237 of the Defense bonds ana stamps
during the first 10 days of May.
Sales of the Series "E"
bonds by the 121 reporting savings banks, the report showed,
totaled $3,8148470 during the 10-day period, with $2,345,220
having been sold during the week May 5th to 10th. Sales of
"F" and "G" bonds have totaled $1,280,396, while slightly
over $40,OCX) of Defense
stamps have been purchased through
the savings banks.
Defense
Savings Program Showing Good Results Ac¬
cording to B. M. Edwards, Assistant to Secretary
of
Treasury—Tells Buffalo Convention of New
1,605 cases
524,600 c^ses
120,000 lb.
408,000 lb.
10,000 cases
Commodity—
Eggs, shell
130,615 1b.
Eggs, frozen
746,840 1b.
Pork meat products—
Cured and frozen
Canned
Cornstarch
Apples, fresh
Cracked wheat
Dehydrated
The
cases
100,000 lb.
Oranges
un¬
Quantity
42,000
Eggs, dried
soup
900,0001b.
271,3501b.
18,500,000 lb.
128,224 bush.
46,200 boxes
3,100,000 lb.
100,000 lb.
Agriculture Department explained that these food
supplies can be used for domestic distribution to public aid
families and for free school lunches, to meet requirements
State
Bankers
Association|Sales
Bonds
of
25% Ahead of Expectations
Results of the first three weeks in the National defense
savings program have been surprisingly good, B. M. Ed¬
wards, Assistant to the Secretary of the Treasury, declared
on May 27 in
addressing the 48th annual convention of the
New
York
State
Bankers
Association
at
Buffalo.
Mr.
Edwards, who is President of the South Carolina National
Bank, Columbia, S. C., and who is serving as banking con¬
sultant to the defense savings staff, said that the results
will continue to grow in the volume of bonds and stamps
purchased and in the number of persons buying bonds, as
the
Department of Agriculture Reports Food Purchases
During Week Ended May 24—Supplies Available
Other
9,908
May 23
for the sale of
Are
to
on
ciation of the State of New York,
York
the
Total
issued
Savings Banks Association of State of
Assisting in Sale of Defense Savings
real loss to the housing
P. Campbell, Former Representative from
Kansas—Had Served in House 20 Years
pro
64
35
the Treasury
Department had made known that a series of 13 coast-tocoast weekly broadcasts in support of the National Defense
Savings program will be started Wednesday evening, July 2,
from 9 to 10 p.m., Eastern Daylight Saving Time, on the
Columbia Broadcasting System.
Death of P.
Speaker
1,0451
Savings and loan ass'ns
movement.
Chairman of
4,066 fCredit unions
4,257 {Miscellaneous
441 f
banks
State
He had proved his great merit as an administrator and had won
the respect
of banks qualified to act as sales agencies for Defense Savings
banks..
has been deeply shocked to learn of the death
In the last few months he had been
Parsons.
As of April 30, 4,875
of May 20, is as follows:
as
Mutual savings banks
Representative from
Official
Been
being added to the list each day.
are
May 2. 8,430 on May 7, and 9,417 on May 15.
Stamps
Parsons, Former
Illinois—Had
USHA.
474,500.00
banks and other financial institutions were qualified to act as selling outlets,
6,905
+>
of Mr.
$2,304,800.00
477,269.00
Secretary of the Treasury Morgenthau announced'on
May 26 that the number of banks and other financial insti¬
tutions selling Defense Savings Bonds increased by 4,875
between May 1 and May 20 to 9,908.
The increase in
selling outlets was considered indicative of the eagerness of
the banking fraternity to offer its cooperation in the National
Defense Savings program, the announcement said, adding:
National
Death
-
the Court's fourth decision in the case, which was opened in 1930
Mr.
under
$5
$163,746.50
775,960.00
413,324.50
6,140,123
25 cents
50 cents
City Stock Yards, said United Press advices from Washing¬
ton May 26, from which we also quote:
_
^
1,637,465
3,103,840
826,649
477,269
94,900
10 cents..
who dealt with the Kansas
The decision has no effect on
A total of 3,103,840 of the
of the 25-cent denomination.
25-cent stamps was
program
gets into full stride in the months
to come.
To facilitate this growth
he said, the Treasury is considering
possibility of relaxing restrictions governing the sale of
series E defense savings bonds by banks throughout the
country.
the
Mr. Edwards stated:
The bankers of America have been of truly wonderful service so far in
spreading information about the bonds and stamps.
I want
you to
know
that the Secretary of the Treasury appreciates this service and has told me
so
on
repeated
occasions.
He
regulations
may
cerely want
to make the burden
For this
to
the
reason
realizes
be burdensome to
we
are
as
that
bankers
light
as
such
services
here and
under
there,
and
existing
we
sin¬
possible.
giving much thought at the Treasury this month
possibility of waiving the requirement that bankers must put
collateral for the series E bonds which they may hold in stock.
I
up
am not
able, at this moment, to tell you more, but I just want to assure you that
your
problems
are
understood and
are
being considered in a sympathetic
and appreciative spirit at the
Treasury.
Conclusions drawn by Mr. Edwards from the first three
weeks of the defense
savings
program are
that the amount
Volume
The Commercial & Financial Chronicle
152
of bonds sold is running at least 25% ahead of expectations
at the Treasury and that a substantial number of indi¬
viduals already have shown their loyalty to the program.
He further said:
Close to 750,000 individual bonds were
sold in the first 23 days and more
than 7,000,000 stamps.
I
the number is substantial and that it represents a truly
these
feel sure that
national desire to
help defend this country.
all, is the fact that sales have
And finally, perhaps most encouraging of
held
without
up
the beginning of the
appreciable slackening since
any
pleased by
had expected such con¬
Our statisticians at the Treasury are surprised and
campaign.
the consistent figures of daily sales.
tinuing and
None of
us
increasing interest in the first month.
even
said, with only six
are only 11 State
organizations.
"We
are
organizing slowly," he said,
"carefully, feeling our way in the remaining States."
Mr.
Edwards called attention to the pledges of support made by
officers of the American Federation of Labor, the Congress
of Industrial Organizations and the Railway Brotherhoods,
and said:
I feel confident that these pledges will be
translated in coming weeks into
be the
payroll deduction plans and other forms of saving which will not
For this reason and for many others I
working people themselves.
sales will spread and grow
In
to
a
formula
for
figures
and lo6s ratios has any consideration been given
Although
uninvested and undistributed trust funds.
on
computing such
submitted
do not
account
up-State and 5%% in New York City.
losses of 1%
were
these profit
of
earnings
included in the report form,
theoretical,
necessarily
are
was
and
if taken into
even
substantially alter the net results.
Mr. White said that the conclusions stated must remain
tentative until figures can be
fully
more
substantiated
produced by more uniform and
of analysis and review,
methods
especially
with respect
various account groups.
allocation
the
to
costs to
of
the
.
Raises Total
$14,856,429,133
First Half of May
Spending in
Since Last July to
Defense spending in the first half of May totaled $123,839,515 for the Army, $84,861,923 for the Navy, and
$86,429,364 for miscellaneous agencies.
The total of de¬
fense contracts and expenditures in the period July 1, 1940
to last May 15 of all agencies and departments aggregated
$14,856,429,133, according to the semi-monthly report of
the Office of Government Reports, issued this week, which
we give below:
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND EXPENDITURES
Based
on
press
feel that
releases of July 1, 1940 to May 15, 1941
July 1 to
banking circles that the
commissions for the sale of bonds, Mr.
pay
operations
none
banking earnings
in the months ahead.
reply to suggestions from
Treasury should
estate
initiative of the
product of coercion of any kind, but will spring from the
In
at losses of 14% and 18%, respectively, up-State, and 27% and
24% in New York City, and the net results obtained when combined with
Defense
The program started, Mr. Edwards
States organized, and even now there
our
handled
the
exactly how many persons are represented by
tell you
cannot
individual transactions, but in any case, we at the Treasury
3429.
Edwards said:
May 1 to
July 1 to
May 15
May 15
May 15
Service
some
Army contracts-.-;
...
$5,794,434,454 $123,839,515 $5,918,273,969
84,861,923 7.042,597,322
6,957,735,399
...
Navy contracts (a) (b)........
U. 8. Maritime Commission—
let
With all respect to those who suggest such procedure,
me say
that we
Treasury prefer not to raise money in this way at this time.
at the
frankly and sincerely, places more emphasis on reach¬
Our object, quite
ing vast numbers of American citizens than on having vast amounts pour¬
(De¬
2,980,947
Urged by Superintendent of Banks
White to Lead Way in Sale of Defense Bonds—
Discusses Interest Rates and Small Loans at New
York
State
Bankers
Association
Convention—
York
Banks
c3,220,215
Trust Functions Study
on
York banks to set the pace for the Nation
sale of defense bonds, William R. White, New York
in
the
State
Banks, declared
Superintendent of
May 27 that
on
would necessitate more than lobby displays
and ordinary sales methods.
"It will require the energetic
efforts of the bank President and his entire staff of officers
the
program
and
employees," Mr. White said in an address entitled "Cur¬
Problems of Bank Management," delivered before the
rent
Association
Bankers
of
convention
annual
forty-eighth
session
in
New
the
Buffalo,
at
York State
N. Y.
Mr.
White added:
We
Let
therefore
us
resourcefulness
enthusiasm
with
the
from
9,400,562
42,949,721
Defense Housing
67,368,806
3,792,143
71,160,949
3,172,500
3,172,500
_
(FWA)
Defense Training
51,798,109
51,798,109
National Youth Administration
(FSA)
Defense Plant Corp
52,440,375
485,178.951
50,841,032
463,904,128
143.696,389
(FLa) (g)
Reconstruction Fin. Corp. (FLA)
21,274,823
194,537,421
52,440,375
Defense Training Funds for 1941
(h)..
has allocated approximately $1,000,000 for
armament on naval vessels being constructed in private yards.
This sum will
appear in "Navy contracts" as orders are placed for materials.
b Includes $175,758,500 for 25 auxiliary vessels awarded Dec. 21, 1940, and
$100,315,682 awarded March 20, 1941 for 239 small auxiliaries and patrol craft,
In addition, the Navy Department
a
not available on State basis,
c
$44,650 deducted due to revisions;
d Includes $35,354,306 for defense
e
as
training and records,
of Feb. 28, 1941.
»
Works Administrator controlled projects In Tex as and
New Jersey; Cincinnati Housing Authority In Ohio,
g Includes $35,213,851 for unnamed manufacturers of machine tools,
h Includes $10,000,000 for unnamed manufacturers of machine tools.
f
Three projects: federal
Government
the
of
tem.
and
agreed that this method of financing the unusual require¬
is sound and consistent with our American sys¬
all
are
ments
4,194,187
266,323,350
266,323,350
(FSA)
Urging New
973,972
33,549,159
(Airport Expansion Program) (c).
Projects (FWAi (d) (e).
Housing—-FWA
and
CHA
(FWA) (f)
USHA Defense Housing Projs, (FWA)
Public Buildings Administration—
Defense
Office of Education
Reports
3,127,779
Administration
Aeronautics
WPA Defense
New
146,832
1
fense Housing)
Department of Commerce—
Civil
ing into the Treasury.
720,674,600
720,674,500
Emergency Ship Program
Department of Agriculture—
Farm Security Administration
of
under
people
people by performing voluntarily and
democratic
service
a
in many nations
which
penalty
the vitality
opportunity to demonstrate
this
seize
a
Ceiling for Combed Cotton Yarn—
20% Below Current Market Prices
The Office of Price Administration and Civilian Supply
OPACS Sets
of the concentration
camp
or
the firing
squad.
Price
Levels Fixed
today would be exacted
announced
at
May 24
on
maximum price schedule for the
a
management to cut
expenses and increase income, Mr. White said that New
York City commercial institutions had reduced interest pay¬
ments to a point where the elimination of all interest would
not effect any additional saving, since this item of expense
is now only about 2% of all operating costs.
The Superin¬
combed cotton yarn industry at levels about 20%
rent market prices.
Combed yarn constitutes an
tendent further said:
also
In
Outside
all
the
pares
the fact that during the past 12 years
been
have
leads
annum
without
materially
must
to
interest rates
for
development
means
that from now on the answer to the problem
country
banks
must depend
more
business,
of
which
or
upon
higher
money
rates,
the
was
loan
nearly
made
was
On
$2,000,000.
for $250
the- basis of
and
the aggregate
reports to
gross
income
the Department, net
operating income after all charges and provisions for losses was $680,000,
3.7%
or
on
average
funds employed.
Mr. White made
the first
the
White
said
aggregate
and agency
that
cost
report on the progress of the
preliminary
analysis
indicated
that
of operating the estate, personal trust,
divisions in 1939 exceeded slightly the commis¬
City and up-State.
He went
sions earned both in New York
to
on
say:
was
the
of
basis
except
in
the whole were conducted on a sufficiently
up-State institutions where the business
those
relatively undeveloped.
Analysis of the various activities included in
non-corporate category indicates that estates were handled at a profit
roughly 25% of commissions up-State and 50% in New York City, but
that
this
profit
was
offset
by
losses
incurred in the administration of
These two latter groups were
personal trusteeships and custodian accounts.
Regarding the schedules,
advices of May 24 said:
products."
is 42 cents a pound, which officials
The ceiling price of 30s single ply,
said
included
Recent
for
allowance
an
quotations
on
recent
increases
in
raw
material
costs.
that grade have been 52 cents.
Prices for other grades are
officials
trade for the
keyed to the price for 30s single ply and
they bore the same relation as exists normally in the
said
various grades.
The price
as
well
as
of special
ceilings apply to all deliveries under old contracts after May 26,
There are no geographical differentials.
Sales
to new contracts.
qualities of yarn may be made at premiums, however,
officials
said.
Plans for
issue of
our
discussed in
imposing the price "ceiling" were
May 24, page 3271.
Strike
Ravenna, Ohio, Arsenal Settled
at
.of
Officials
the
Hunkin-Conkey
Co.
Construction
and
representatives agreed on May 23 to resume construc¬
tion work on May 26 at the strikebound Government ammu¬
union
nition loading plant at
Ravenna, Ohio.
Ohio
on
May 23,
reporting the strike settlement plan said:
The
agreement provided that laborers be rehired through union
that negotiations
and
An
said
on
announcement
that
by
wage
Hunkin-Conkey Construction
the
officials
demands be resumed after work had begun.
Co.,
contractor,
rehiring of about 7,300 unskilled laborers who were laid off
the
yesterday would be handled by K. D. Statler, business agent of the Inter¬
national Hod Carriers, Builders and Common Laborers Union, A. F. of L.
Five
thousand
strike which
Corporate trust activities on
profitable
of cotton textiles,
United Press dispatches from Ravenna,
study of trust functions now being made by the Department]
On the basis of figures submitted by the trust companies,
Mr.
manufacture
State
in 1940 made 157,000 loans for a
total of $39,500,000, further stating:
average
finished
for
banks and trust companies
The
the
in
Associated Press Washington
both.
Mr. White said that the personal loan department of
used
under cur¬
important
garments and other products.
Leon Henderson, Adminis¬
trator of the OPACS, said the ceilings "are expected to be
reflected in the prices not only for other cotton textiles, but
on
1%% per
be further reduced
1% and
can
for effecting economies in costs of opera¬
The same seems generally true of other
source
nearly exhausted.
items of expense,
income
4%%
and
affecting the character of country banking as we
Whatever may be our views as to the question,
that this
agree
been
lias
4%
from
it in the past.
have known
of
reduced
wonder to what extent the rate
to
us
material
raw
very
interest paid
year
Consideration of
savings
tion
paid still represents about 26% of
substantial reductions have been made since
amounted to $10,770,000, which com¬
with $7,700,000 for 1940, a reduction of 28% in two years.
that
In
though
even
expenses
1938.
we
however, interest
city,
bank
of
efforts
the
discussing
The
the
company
men
had
Monday and
the
members
led to
a
said
traveled
of
the
have
union
been
engaged in
"wildcat"
that the commuter train service by which many of
to their jobs from near-by cities would be resumed
that new indentification badges, necessary to admit them to
jobs, would be issued to those reassigned to work.
day declared the workmen's old badges
"No
a
shutdown order by the company.
negotiations
will
be
work," the company declared.
started
The company yester¬
"obsolete."
until
the
laborers
have
returned to
The Commercial & Financial
3430
agreement reached will be forwarded to Washington
It added that "any
for
approval of the construction quartermaster." .
the event of further stoppage of work during the period of negotia¬
"In
tions
master/' it stated, "all negotiations will be ended."
representing the strikers had renounced their leadership and would
mittee
make
agreement.
attempt to oppose the
no
Announcement of the agreement
followed by several hours the question¬
ing by authorities at the arsenal of three men described as "suspected agi¬
One of these men, Curtis Bell, who said he wag chairman of a
tators."
by the striking laborers themselves, supported the Army
the three men were "not arrested" and said they were
23 by the American Petroleum Com¬
the Fact-Finding
regarding the initial meeting of
Committee held that day said:
mittee
committee members, were
representative of the British Government, and M. M. W.
representative of the United States Maritime Commission.
They
Attending today's meeting, in addition to the
Soubry,
E.
E.
had disavowed the strike* said that members of a com¬
Mr. Statler, who
May St, 1941
nouncement issued May
during the time the agreement is being reviewed by the quarter¬
or
Chronicle
Bowen,
discussed with the committee the
The petroleum industry
tinker situation.
already has turned over the 25 tankers asked for by the Government, and
has been asked to supply an additional 25.
The diversion of American oil
tankers
service and possible further
British
to
diversions have made the
situation serious.
East Coast supply
committee chosen
that
statement
"granted a conference" with Army officers.
The three men were intercepted by guards when they approached emer¬
paymasters' windows to receive their checks along with many of the
other 7,000-odd common laborers dismissed through the shutdown order.
A. F. of L. Pledges to Support President Roosevelt's
Wish For No Interruptioh of Defense Production
gency
previous reference to the strike appeared in our issue
24, page 3,271.
A
of May
,/
'A'i*
>'.y\y<;
'•
*• •
L •'•;•!'
v
Industries—Survey
in Defense
Copper
and
Operated
Shifts
Chemical,
f"'• 'V.:' ,!v•• v\7: -/V.
•'
Aluminum
of
Plants
Preliminary results of a survey of shift operations in the
aluminum, chemical, and brass, bronze and copper products
industries have just been made public by the Bureau of
The data, which pertains to activities in
obtained as part of a study, conducted at the
request of the Office of Production Management, covering
the operations of 12 industries important to the defense
Labor statistics.
March,
The tabulations below summarize the results of the
Council of the American Federation of
The Executive
Labor
on
President
May 28, in announcing its agreement with
Roosevelt's proclamation of an unlimited national emergency,
called upon its affiliated unions to refrain from calling strikes
in defense industries until full use has been made of the
Government's conciliation and mediation machinery.
It
was
disciplinary action will be taken against local
unions violating this policy.
In part the Council's statement said:
said
that
We call upon every union
were
program.
Local Unions to Mediate
By Strikes—Calls Upon
Disputes
reason
affiliated with the A. F. of L. to refrain for any
with national defense
whatsoever from calling a strike interfering
production until full opportunity has first been given to the Conciliation
Service of the Department of Labor and to the National Defense Mediation
Board to bring about a
survey:
peaceful settlement of the dispute.
Itself against any local union
The A. F. of L. will take disciplinary action
TABLE 1—EMPLOYMENT BY SHIFT
coming under its direct jurisdiction which
violates this policy.
national and inter¬
provided in their con¬
The Executive Council of the A. F. of L. calls upon its
Employment
First
No.
Shift
national unions to take such disciplinary action as is
Second Shift
Third Shift
affiliated local union which fails to comply with a
stitutions against any
similar policy.
of
No.
Plants
of
P.C.
No.
of
Wage
of
Wage
Earners
Total
Earners
P. C.
No. of
of
Total
Wage
Of
Earners
Total
P.C,
We know that the vast
majority of loyal and patriotic trade unions making;
the A. F. of L. will continue to live up to their
up
responsibilities as they
They will do this gladly and of their own free will.
have in the past.
Chemical Industry—
Plants with
over
of
40%
on
30%
on
6,253
52.9
2.050
24.9
2,631
22.2
2,780
65.3
869
20.4
609
14.3
to 40%
added shifts
Plants with 20%
10
16
workers on added shifts
Plants with
Industry Report Shows Requirements for 1941
Exceeding Capacity—President Roosevelt
Indicates Need for Imposing Priorities to
Cut
Steel
and 1942
to 30%
12,706
75.0
2,432
14.3
1,800
10.7
4,390
84.7
423
8.1
372
7.2
68
._
19
14
added shifts
26,129
68.4
Civilian
Plants with less than 20%
on
added shifts
Total
17.4
6,674
14.2
5,418
Brass, Bronze and Copper
Products Industry—
790
100.0
6
3,075
84.4
"570
15.6
41
36,553
00.3
16,336
27.0
7~ 672
12.7
48
40,418
62.2
16,906
20.0
7,672
11.8
052
100.0
2
1-shlft plants
2-shlft plants
3-shift plants
__
Total
Aluminum Industry—
3
1-shlft plants
2-shlft plants...........
0
1,183
84.4
218
15.6
3-shlft plants...........
13
7,813
62.7
2,768
22.2
1,876
ls'.i
22
9,648
66.5
2,986
20.6
1,876
12.9
Total
2—OPERATIONS BY DAYS
TABLE
No. of Plants
No. of Persons
Operating
at Work
Chemical Industry—
Monday to Friday
........
Saturday.....................
68
66
Sunday..
66
16,277
11,704
and
following regarding the report is taken from
Washington advices of May 28:
The
Press
because total
asserted,
100.0
42.6
Army,
The report said that a decision must
consumption
48
100.0
65,027
37,934
4,416
39
25
'
'
build
6.8
Sunday
facilities capable of turning out
new
Dunn's estimate of
22
14,529
100.0
18
6,646
45.7
10
Monday to Friday
Saturday....................
:
2,814
be made whether to curtail civilian
to increase the capacity
or
It made no
to
of the industry.
recommendation, but it stated that it would take at least two years
58.3
a
Aluminum Industry—
British
capacity of
the industry.
Copper
Monday to Friday
.........
Saturday....................
Sunday.......
....
Mr. Dunn
Navy, Maritime Commission and
requirements do not amount to more than 25% of the present
30.6
Products Industry—
19.4
a
10,000,000 tons a year.
1,400,000-ton deficit for this year
compared with
earlier. For 1942 he
compared with a surplus of 2,100,000
10,100,000-ton surplus he estimated three months
forecast
deficit of 6,400,000 tons,
a
tons estimated in the first report.
Dunn said that maximum reliable capacity of the
the first report at
Finding Committee of American
Petroleum Institute Begins Study of Oil Trans¬
portation
Facilities—W.
R.
Boyd
Jr.
Named
Chairman of Committee, Created at Instance of
Newly-Formed
Associated
The deficit in steel would not affect the defense program,
......
Bronze
made public on May 28 the latest
the capacity of the steel industry, indicating that
there will be a deficit of 1,400,000 tons.
This study, made
by Gano Dunn, senior consultant to the Production Division
of the Office of Production Management, contrasts with a
similar report made three months ago when it was predicted
that the steel industry would have adequate facilities to meet
the combined requirements of the American and British
defense programs and expanded demands for civilian uses.
Mr. Dunn's latest report says that the deficit in steel would
not affect the defense needs.
However, a system of priority
control limiting the use of steel for civilian purposes will
probably be issued soon, it was indicated on May 28 by
survey on
President Roosevelt.
Percent of Total
Employment
38,221
Brass,
Use
President Roosevelt
Fact
industry, estimated in
91,124,718 tons annually as of Dec. 31, 1941,
has been
annually and "further increases are in pros
increased to 91,338,669 tons
His estimate of requirements for 1942 was 97,500,000 tons.
pect."
The first steel report was
referred to in our issue of March 8,
1524.
page
OPM
The
Fact-Finding Committee of
representative oil men,
Institute
Front Problem," a Re¬
Spending Policies Said
James G. Blaine in Addressing New York State
Bankers Association—Urges Cut in Non-Defense
Taxation
formed two weeks ago by the American Petroleum
at
the request
report upon the serious oil transportation problem which has
developed in the Atlantic Seaboard, held its initial meeting
in New York
on
May 23.
used by the industry, was asked to begin working im¬
mediately
to
obtain
general committee
the
facts
needed
at its next meeting,
and
report
to
the
which was set for
the past
Thursday, May 29.
The general committee, at its
meeting May 23, also elected W. R. Boyd Jr., Executive Vice-
President of the American Petroleum Institute, as its Chair¬
The Fact-Finding Committee had been appointed to
man.
study the serious problems concerning the adequacy of
transportation facilities to supply all the petroleum products
needed
the
eastern
seaboard, because of the diversion
of a large number of the tankers upon which that section
is dependent for more than 95% of its supplies.
OPM
on
officials
requested the committee to report to them as soon
as possible with recommendations as to the various means
which may be employed to offset the potential shortage in
petroleum supplies in this heavy consuming area.
An
an¬
of
Government
Expenditures
A subcommittee appointed at the
"Taxation
meeting, and representative of various types of transporta¬
tion
"Home
Important
flection
of the Office of Production Management to
and
the
Home
Front" was the subject of an
May 26 by James G; Blaine, President of the
Marine Midland Trust Co. of New York at the annual con¬
address
on
vention of the New York State Bankers
Association at Buf¬
falo, N. Y., and in asserting that taxation is "a reflection of
Government spending policies," he said that "spending for
items
some
is
"spending for
essential."
Defense
unanimous
and
good
other
wise
purposes
and
may
necessary," but that
wasteful and non¬
be
He added:
spending
approval.
bears the stamp of
But it is a far cry
their "share"
When it comes to non-essential spending, very defi¬
the limit.
From every angle this is the crux of our
the tax dollar to be utilized for the vital and essential
falls in the first category.
It
If need be, the sky is the limit.
to
approving the wishes of selfish minority groups who want
of
the
public funds.
nitely the sky is not
taxation
things
for the
problem—is
or
is it to be wasted
and squandered for the
small, selfish minorities who would put their
the general welfare?
non-essential purposes,
special interest above
Volume
The Commercial
152
be fought on two
economic and military
-struggle," and the other "the struggle to maintain our inter¬
nal strength and unity," Mr. Blaine indicated that his sub¬
ject was concerned with the home front, and more specifi¬
cally with our taxation problem, as to which he said:
The problem isn't new, it's just getting bigger.
For the past decade
we've been taxing and spending and legislating—all in an attempt to get
■out of the trough of depression.
All of us haven't agreed with the govern¬
mental policies adopted, and all of our domestic problems are not solved.
Some are being shelved temporarily, others are of such a continuing nature
that we must go on trying to solve them during this emergency period.
Stating that "the present conflict will
fronts,"
That's
important.
the home front so vitally
makes
what
"the diplomatic,
first
the
.
.
of the
The
briefly compare our fiscal
moment let us
a
and local, was $5,750,000,000 in
The gross public, Federal
000,000.
1914.
debt last year
1914.
IIow about governmental expenditures?
In 1914 all governmental expen¬
ditures, Federal, State and local, were $3,000,000,000.
In 1940 they were
-$19,750,000,000.
And this, mind you, before the heavy defense and leaseIn
1940 it
In other words, our gross
$63,000,000,000.
was
11 times as great as in
just about
was
appropriations were made.
lend
A
national
to the
In
27^%.
it spent
1940
it must again be
1940,
for
figures
1914 our
In
income.
national income.
The
relation of governmental spending
Government spent only 8%% of our
emphasized, are for what we
pre-defense year—a "normal" year, though we are hardly justi¬
it "normal."
Estimates of future defense costs vary.
Leon Henderson estimated they
may
call
fied
have
reach $18,000,000,000 or $20,000,000,000 next year.
high as $4,000,000,000 a month.
let's turn the spotlight upon the immediate past,
may
run
Other estimates
the period from
in
$2,500,000,000,
1937.
$12,000,000,000 in
But
$100,000,000,
Mayor LaGuardia in
Congratulates Mayor
slows
defense
The
defense.
up
program
clear.
That much is
expenditures have
gotten out of control to the extent that they have is that taxpayers by and
large have failed to appreciate the problem and have failed to take
appropriate action to protect their own broad interests.
Special interest groups long ago discovered it was a relatively simple
matter to gain their own ends through exertion of organized pressure on
their elected representatives.
In the absence of resistance by those who
had to foot the bills, these public officials often took the course of least
resistance yielding to the demands of the minority organizations.
This
resulted in "unbalancing" democracy in action.
The wheel that squeaked
of
One
the
the loudest
got the most grease.
must change, and it is a
hopeful sign that we can report
concrete evidences of an awakening on the part of the taxpaying public.
Contributing to an increasing tax consciousness is the spread and impact of
direct taxes.
Lowered exemptions for the personal income tax, for example,
This condition
has
problem directly into the homes of millions of
formerly gave little or no thought to the subject, despite
the taxation
brought
who
persons
share of
their
heavy hidden taxes.
.
.
.
.
tion.
that I have mentioned have not completely escaped atten¬
Sober-minded citizens have not only talked, but have taken action.
Ideals
and
The
problem
A
suffice.
ideas
need
We
go
doubled
had
Mere words do not
in
.
.
.
illustra¬
expenditures had risen incessantly until the State budget
no
For years
tion.
implemented with action.
be
must
practical program is needed and one is at hand.
further than our own State to find a concrete
less
than
decade.
a
.
week by President Roosevelt
Civilian Defense,
his appointment last
on
the
Chamber
1939, largely as a result of
anything comparable?
has undertaken.
and
of
*a
labor
was
noted in our issue of May 24, page 3266.
the Mayor the Chamber said, in part:
May 20,
As
Business and industry, farm
common
groups,
State accomplishment
civic and taxpayer organizations all joined
forces in a
governmental expenditures through
The entire effort was coordinated by the Citizens
efficiency and economy.
Public
of
reduction
objective—the
Expenditure Survey.
.
.
.
1
of taxation is as important as any facing us
today.
If we recognize it as such and desire to do our share, we ought to
support the practical method of dealing with it, namely: the taxpayer
I
say
that
the problem
organization.
+.
Conference
Board
Profits in Manufacturing
Increased Total Income
Reports
Lower Despite
profits of all manufacturing corporations in the
United States were about $2,600,000,000 in 1940, as com¬
The net
pared with $3,100,000,000 in 1937, according to a pre¬
liminary estimate in the annual consolidated operating state¬
ment for manufacturing prepared by the Division of In¬
dustrial Economics of the Conference Board.
This decline
occurred despite an increase
is estimated to have
in total income, which in 1940
been about $64,300,0CK),000, as
pared with $62,500,000,000 in 1937.
ment, issued May 29, also said:
Heavier Federal, State, and
this shrinkage in net
to about
and
profits.
The Board's
com¬
announce¬
.
local taxes were one factor in bringing about
Total taxes are estimated to have amounted
$3,000,000,000 in 1940. as compared with $2,100,000,000 in 1937
$1,200,000,000 in
1929.
Federal, State and local taxes took 4.7%
In its
as
letter to
the
oldest
Nation's
been
Chamber
of
Commerce
the first to volunteer its
among
our
organization always
services to the local, State and
welfare and security of
the country.
And it now assures you of its desire and readiness to help
in any way it can in the all-important work you have undertaken to pre¬
pare
the civilian population for
defense activities and security from
national
You
in
authorities
recall
will
that
President, Percy H.
of
June
in
the
of
the
within
without
the Chamber authorized
Its
plans designed to insure the proper pro¬
city and the port of
or
last year
to appoint a special Committee on Defense
Johnston,
Measures "to study and formulate
from
affecting
cTisis
any
attack.
possible
New York in case of any disturbance
States," and that you graciously
United
the
The Chamber also
both locally
of the committee.
has been active in other efforts directed toward helping defense,
and
nationally.
With
its
working
real
and the
of
large membership of leaders of industry, many of whom are now
on
service
what
rearmament projects, the Chamber believes that it can be of
the Office of Civilian Defense in helping to make the city
to
model
port of New York a
Nation.
the
we
Our
do
can
to
services
at
are
of defense for other cities and ports
your command.
Please let us know
expedite your plans and lighten the additional burden
responsibility has placed upon you.
new
President's
of
Discontinuance
Content of Dollar Urged
Power
To
Fix
Gold
By Group of Economists
the discontinuance of President
the gold content of the dollar was
the country's monetary economists.
They urge that the President's power be allowed to lapse on
June 30, when the Act conferring it expires.
A further de¬
valuation of the dollar, the statement declares, would be
against the best interests of the country. In the New York
"Sun" of May 28, it was stated:
A statement advocating
Roosevelt's power to fix
issued this week by 54 of
The signers of the statement,
mittee
power
on
'to
members of the Economists National Com¬
Monetary Policy, point out that continuance of the President's
change the metallic content of the dollar implies that there are
sound reasons for a better or stronger currency
downward course, whereas no such
pursuing
a
weaker
sound reasons exist.
one on
its
Competitive de¬
valuation of currencies, tneir statement continues, is a struggle by nations
to^make it easier for foreigners to purchase their goods and services and more
difficult
for them to purchase foreign goods and services.
cutting prices to foreigners while perhaps
It also means
leaving domestic prices unchanged.
~
Devaluation is essentially "an asset watering device by which our Govern¬
ment can write up
^ny Government
device.
.
.
is
its gold and silver assets in dollars against its liabilities,
write off any amount of debt by the use of this
can
It is assumed that responsible governments In modern
.
devaluation unless forced to it by loss of gold reserves,
times will avoid
of
nation's currency injures the people whose currency
a
involved."
James Washington Bell of Northwestern Uni¬
Wilbur P. Calhoun, University of Cincinnati;
W. Cumberland, D. W. Ellsworth of the National Industrial Con¬
Among the signers were
versity; Ernest L. Bogart,
William
ference Board;
William D. Ennis, Stevens Institute; E. C. Harwood of the
Economic Research; Edwin W. Kemmerer of Prince¬
American Institute for
ton;
Leland Rex Robinson,
Oliver M. W. Sprague of
Before Advertising
made possible only by united
York
order issued
the Office of Civilian Defense in an executive
Olin Glenn Saxon of Yale University, and
Harvard University.
Federation of America Paul Garrett
as "Integral Part of American
Advertising
Views
large majority of the taxpayers.
New
This
action
on
Mayor in the task he
Mayor LaGuardia was named Director of
May 24 pledged its assistance to the
j
...
York
of New
State
of the
Commerce
of
since devaluation
exorbitant demands for increased spending
and huge new taxes, a spark was touched off that led to a successful tax¬
payers' revolt. Instead of scattered protests against special levies, however,
the voice of the people and the press of this State was lifted in a united
chorus, "Cut spending."
The budget was reduced $25,000,000 and the
necessity for new taxes was eliminated.
In 1940 these budget cuts were
largely retained, and again a proposed increase of $15,000,000 in taxes
was
avoided.
This year, as you know, the New York State budget is the
lowest in five years; it is $10,000,000 below last year's budget and $21,000,000 in the personal income tax has been eliminated.
Now where in
this country during this period of soaring Government costs can you find
In
Defense Activities—
Appointment as Director
Director of the newly-created Office of
as
and Government
taxation
why
reasons
only
against $116,000,000 in 1937.
as
congratulating Mayor LaGuardia of New York
letter
a
this
essentials.
compared with
of Office of Civilian Defense
In
ing should now evaporate in thin air. . . .
Non-defense taxes compete with defense
levies.
Non-defense spending
must have priority over non¬
as
amounted to
Home
on
accepted the honorary chairmanship
expenditures rose from less than
1940, when Federal
to
1940,
paid
New York State Chamber of Commerce Pledges Aid to
$4,000,000,000
to almost $9,500,000,000 a year.
What were the principal justifications
for that increase of more than 100%?
The reasons generally advanced are
two: relief for the millions of unemployed and priming the pump.
How do
these reasons apply today?
The defense program swung into action last
june—almost a year ago.
For the current fiscal year we are spending
some $6,500,000,000 for defense.
Next year that will be a $15,000,000,000
minimum and more likely a possible $18,000,000,000 or $20,000,000,000
amount.
The two reasons advanced as justification for non-defense spend¬
1933
dividends
cash
compared with $3,000,000,000 in 1937, and the amount
as
carried to surplus was only
tection
as
Now
about
amounted to
$11,700,000,000
in calling
a
compared with 3.3% in 1937 and 1.6% in 1929.
Wages, salaries, and administrative expenses are estimated by the Board
to
has
,
significant comparison is the
more
of total income in 1940, as
City
.
position at the beginning
present emergency with our position in 1914.
Federal debt in 1914 was $1,250,000,000.
In 1940 it was $43,000,-
For
3431
& Financial Chronicle
Formula"
an address, delivered on May 26 under the caption
"Advertising—An Integral Part of Our American Formula,"
Paul Garrett, Chairman of the Board of the Advertising
Federation of America, stated that "you and I have been
In
remiss
in failing
to
establish in the public mind
knowledge of the part
American
mass
a
clear
advertising plays in this peculiarly
production
formula.
It
is
no
orthodox
concept, but I would like to see more widely understood the
fact that advertising basically is a vital part of our economy,
equally important
with designing, engineering and pro¬
duction."
Mr. Garrett, who
is Vice-President and Director of Public
Relations of the General
Motors Corp., spoke thus in de¬
livering the keynote message at
Boston
of
the
part, he also
Advertising
Advertising
the annual convention at
Federation
of
America.
In
had the following to say:
is the use of a
controlled message to make more people
acquainted with a product, a service, a company.
It
trolled message to spread an idea.
The advertiser may
Is the use of a con¬
register his message
publications, time on the air, space on boards, pre¬
sentations through motion pictures or approaches by direct mall.
But
the essential is that he controls the message.
He fixes the direction of its
thought.
He pays money to give the message position.
Advertising is really a form of public relations.
It requires the same
careful analysis as any other public approach.
It requires more. The
through paid space in
The Commercial &
3432
very
perhaps
fact that the advertiser can enforce his advertisement upon people
We need advertising written with a
better understanding of people.
Edi¬
Should not we in the business impose upon ourof advertising editorship to scrutinize our advertising copy,,
jected public acceptance.
selves a sort
to make it ever meet the same
Once the prod-,
net is created advertising multiplies its exposure.
It opens to the customer
new ways of attaining wants.
Through a fractional charge it saves him
possible lower unit production costs.
dollars in the long run by making
defense production
As
.
.
.
takes an increasingly greater share of national
increasingly greater share
of advertising thought.
In this rapidly changing scene industry needs the
guidance of advertising counsel sensitive to public attitudes.
Adver¬
tising's task of smoothing the way all along the channels of distribution
between factory and market will become infinitely more intricate as defense
requirements extend the area of dislocation.
Many familiar products,
effort, the new problems of industry will take an
familiar
accustomed buying habits
packages,
lead the customer
Advertising must
turbed.
likely to become dis¬
through this labyrinth of
down customer good will.
indicated that "with the approval
organized labor, the Government has adopted the general
principle that increases in wage rates will be related to the
cost of living, lagging behind rather than preceding a rising
price level." "It is easier," he said "to enunciate a principle
than to apply it in practice and doubtless friction here and
there will continue to manifest itself, but generally speaking
the situation is sound and no element in the country is more
thoroughly behind an all-out war effort than is labor
As to economic controls Mr. Farr stated:
In his address Mr. Farr
""The
been
Consumers Credit at New
York State
Bankers' Convention Sees Need of
Contraction of Terms in Case of Loans by FHA
but the emphasis has Deen placed on organizing
would operate as
New York State Bankers
changing circumstances may
securing"for
and its prompt creation was instrumental in
adequate supplies of wool and sugar at reasonable prices.
securing satisfactory distribution of coal,
us
It has also been instrumental in
Rents in some areas, where
because of special wartime
consumption of which has greatly increased.
suggested
have arisen
housing
for
demands
annormal
activities, have been limited.
from Washington.
They suggest
good practice and yet, in the light of current terms, especially
in some parts of the country, they represent a definite
pressure
Mayor Thomas L. Hollings of Buffalo in
addressing the
Policy Pays
good neighbors to
our Canadian friends, and I am glad to say they have been
just as good neighbors to us."
In part Mayor Holling
Convention under the title "a Good Neighbor
Dividends" observed that "we have been
in today's issue of our paper
Standards of Practice as announced
Elsewhere
curtailment."
been wel¬
maximum prices have been fixed, but
at any time bring about the removal of the
established, the "War Time Prices and Trade
Of the various agencies
Board is the most Important
by the Consumer Credit Council of the ABA, as to
"are in no sense a curtailment"
reference is made to the
increasing a needed supply, rising prices have
limits.
which he said the terms
any
supply to prevent
required a great variety of methods varying with
In some instances, where increased prices
other instances,
in
and
comed;
on
"They are," he said, "the same as would have been
unwise
no
commodities and circumstances.
May 27, reference was made by
Walter B. French, manager of the Consumer Credit Depart¬
ment of the American Bankers' Association, to the Standards
of Practice for the consumer credit business in banks, agreed
without
but the control of the price structure as
shortages, and this has
Walter B. French Discussing
on
accomplished largely through financial
distinct from the price
for the setting up of considerable machinery.
There has
attempt to freeze the general price level as at any given
control of the price level is
level has called
date,
At the annual convention of the
being turned out at the annual rate
and in four months from now the rate of 26,000 will be reached.
of
policy,
,
Association at Buffalo
personnel. The
result that trained
greatly accelerated after Dunkirk, with the
tempo was
are
change by careful and continuous explanation of why and wherefores.
It is not inconvenience but unexplained inconvenience that will break
.
We pay nearly two-thirds of the cost
much larger percentage of
pilots, observers and gunners are now
of 18,000
rigid tests?
Advertising, then, is an integral part of a larger process.
spectacular war accomplishment.
The original plan
1939 called for 83 training schools, with output to reach
been supplying a
have
and
May 31, 1941
in the spring of 1942.
its maximum
only when it attains a high standard of pro¬
torial copy gets publication
most
our
made in December,
doubly important that he shape the approach with the utmost care.
makes it
Financial Chronicle
by the ABA.
In his address at Buffalo this week Mr. French stated
that Leon Henderson's Department on Price Control in
Washington and the Federal Reserve Board are the two
principal agencies considering the curtailment of consumer
credit.
"Up to now/' he said, "they have concentrated
continued:
principally on sales financing. No thought has been given
to cash lending or other forms of consumer credit."
In
here in Buffalo of two of the
most important aviation factories in the United States . . . think of it . . .
two tremendous airplane plants just a couple of miles from the international
How fortunate we are in these times
the other country is
based
Their considerations are
on three
assumptions.
example of this can be cited than the presence
cars.
new
on
2.
and help to keep the wheels of industry
savings and money will be created for the purchase
3. That, more
The theory is that, if people commit themselves for less
moving
of defense bonds.
In the way of
instalment credit, they will put money in the bank to buy
defense bonds.
If all these theories work out in actual
practice, everything would be all
But I wonder.
It is estimated that about $500,000 a month go
instalment purchases.
Suppose that by these controls it should become
right.
into
possible to cut that amount In half and thereby divert $250,000 to other
I wonder how much of this amount would find
purposes
its way into
savings accounts and defense bonds, rather than into new clothes, shoes,
Surely the feeling of security and peace of
feel
as
a
result of
our
mind we here on the border
good neighbor policy with Canada is^a generous
\
dividend indeed.
?
But
we
must not limit
our
good neighbor policy to
While it is obviously true that we
alone.
international relations
must be good neighbors to the
trying times, it is also true,
other democracies in the world during these
and perhaps even more important,
our own
borders.
that we act as good neighbors
If our own democracy is to be
months and years of
within
preserved intact over the
of us,
front of us every
deepening crisis ahead of us, we must, evey one
keep the aim and ideal of good neighborliness shining in
minute.
While
diet
some
other nations
of hatred
and
are
educating and naturing their children on a
intolerance,
we
in
the United States must raise oar
neighborliness looming large in our plans to
children with doctrine of good
train and educate our future citizens.
hats, jewelry and other items.
Surely the dividends that we as a nation shall
In his further remarks Mr. French said "but in all of this
Neighbor philosophy to
the fullest depth of its meaning.
orders,
goods will absorb a part of the slack
They not
Canadian Air Force.
only talk neigh borliness, they are living the Good
That, if we actually create a shortage in consumer
when the defense emergency is over, this unsatisfied demand for consumer
international field than the thousands of young
be seen anywhere in the
Americans who have enlisted in the Royal
available for the defense pogram.
goods now, and, since the country's workers are all busy on defense
for me to discuss the assistance we are
Of course, it is hardly necessary
giving our northern neighbors in their present time of trouble and need.
But I do want to say that no more striking example of neighborliness can
Two other
retarding factors in automobile production are the 20% reduction in the
number of new cars to be produced this year, and the suggested 20% excise
tax
Where else in the world can that oe found.
boundary.
These are: 1. That,
increasing down-payments and shortening terms on durable goods,
people wiU find it more difficult to buy and, consequently, less consumer
durable goods will be sold.
Automobiles are te most important item in
this classification.
Fewer car sales will mean more skilled mechanics, more
and so forth,
No better
neighbors.
We don't need one because we are good
defense line.
by
steel, iron,
speck of apprehension about what
No forts are being built on the border;
spending billions on a tremendous
going to do.
neither Canada nor the United States is
added:
part Mr. French
of tension and international tragedy
that we can live on a border with not a
citizenship will
discussion emanating from
and effort
ment
more
be paid in future democratic
time and energy
than reward us for the expenditure of
neighbor policy an integral part of our
national life.
Washington for a curb on instal¬
buying and with the general agreement on the part of
lenders that such a step would be advisable, if carefully
considered and not too drastic, there does appear to be at
least
It
He continued:
inconsistency."
one
seems
Price Control should be seeking contraction of consumer credit terms when,
time, the FHA is proposing expanded terms in connection with
If
their modernization loans.
the
consumer
extreme
from
sincere attempt is being made to protect
a
commiting himself to
difficulty in paying 12, 18
or
which
contract
he
have
may
24 months from now, it would appear
that this is no time to expand terms on modernization loans from
to
And let
$2,500
$5,000 in amount, and from 3 years to 5 years in length of time.
for a little more
tainly, if both management and labor
a
industrial and
neighborliness. Cer¬
in industry will work together as
there is ample room in our
not forget that
us
commercial activity in this country
neighbors and partners in
strange that the Federal Reserve Board and the Department of
at the same
in making the good
joining enterprise, rather than as
perpetual warfare, then the dividends to be earned in
in speeded production wiL increase
has
thousands
neighbors.
v
.
of companies
.
indefinitely. Fortunately, this country
and management are good
which labor
in
.
In your own business of banking, the
know,
yield
enterprises
business.
dollars
come
enemies in
industrial peace and
and
cents
good neighbor policy will, as you
dividends.
Probably few other business
into contact with so many
others as does the banking
doing business
Day after day, year after year, you bankers are
the word.
And in many cases
increased business relations depend upon
with your neighbors in the broad sense of
continued
E. F. Farr, Director of Bank of Canada
York
State
Bankers'
Addresses New
Convention—Terms
Air
Its
War's Accomplishments—
Comments on Relation of Wages to Cost of LivingMayor Holling of Buffalo Extols Canada as "Good
Neighbor"
Training
Plan
One
May 26
at the annual meeting of the New York State Bankers'
Association at Buffalo, N. Y. on May 26 by E. J. Farr,
K.
C.
President
a
of
the
Monarch
Life
Assurance
Co.
of
In his
remarks Mr. Farr said:
The
numbers
of
men
machine.
For service
in
has
the
combatant
services,
while
taken place since the last
overseas we
war
considerable,
from man to
have in the active service army 188,000.
This number is to be increased to 260,000 before the year-end.
In addition, of course, we have our home
defense forces.
Apart from those needed for home defense, most of
were
our
.
.
.
...
air force personnel
put into the Commonwealth Air Training Plan, our part in
you
have been as well as how
good bankers you have
been.
American Bankers Association Issues
mended
Terms
Consumer
which is
to
Govern
Creed and Recom¬
Loans for
Instalment
Credit
on
director of the Bank of Canada.
Indicate the shift which
business relations or
neighbors
of
Reference to the armed forces of Canada made
Winnipeg, and
how good
Promulgation of
a
"consumer credit
creed" setting forth
principles it believes should govern the extension
consumer
credit loans to the public, a "standards of
the social
of
of recommended terms
announced in New York
on May 22
by the Consumer Credit Council of the American
Bankers Association, of which Kenton R. Cravens, VicePresident of the Cleveland Trust Co., Cleveland, Ohio, is
Chairman.
The table of terms, which covers 21 items,
recommends
minimum
down
payments
and maximum
maturities on loans made for the purchase of various types
of goods.
The announcement in the matter also says:
practice"
for
time
statement,
and
financing
sales
a
set
were
The Commercial & Financial Chronicle
Volume 152
'It
recommends,
automobiles and
air
and
used
limited to 24
washing machines,
with repayments limited to 12
monthly
with
conditioning,
repayments
months, and 20% down payments on such appliances as
Irons,
and
sweepers
machines,
sewing
months.
while it recognizes
contraction in terms would have an adverse
effect on employment and general business, it believes the
terms it recommends will "still give room for the acquire¬
ment of aids to convenient living while encouraging to a
greater'degree the habits of thrift."
In making the an¬
nouncement Mr. Cravers declared that "these terms will put
The Council states in a preamble that
that too great a
instalment
which
lending
goods
consumer
on
believe to be important at any
we
sound basis
time, and especially
on
of
as
of
the importance
provider of
a
principles and
recession, and
times
of
recognizing the necessity for its control in time
yet
American Bankers Association^ through its Consumer Credit
the advisability of restriction of terms, increases in
the
emergency,
national economy
of consumer credit in our
markets and as a stimulator of business in
mass
realizes
Department,
equity payments, and improvements in practice.
Believing first that the social significance of consumer
all
others
unwise
debt
or
of
creating
a
of
state
of
of
encouraging
bondage
perpetual
debtor.
the
dangers
the
emphasizing
rules,
than
rather
credit transcends
on
the
has promulgated a creed, or a statement
importance it
in
principles
<
Bills
In
the
Council
the
creed
part of
eight-mill tax, according to the speaker.
The Nation's banking system is in "fighting trim"
and
national defense pro¬
gram, Dr. Harold Stonier, Executive Manager of the Amer¬
ican Bankers Association, told the convention on May 23,
according to the United Press, from which we quote:
"The fact is that banking is ahead of Government and industry," Dr.
Stonier said.
"We are waiting.
Aa soon as the procurement and contract¬
ing officers of the Government can get defense contracts in the hands of
ready to go "all-out" in financing the
that
states
assist
extensions
The
"the
extension
of
people to get out of debt rather than into it" In its
the basic
principle of successful time sales financing is the principle
that the purchaser will have sufficient down payment to
establish an interest or equity in the merchandise purchased
monthly instalments in amount sufficient
faster than the merchandise will de¬
preciate from time and use.
The Council points out that it is not attempting to set
itself up as guardian of all lending agencies.
It states that
it has "approached the problem from its own standpoint and
makes its recommendations to its own members only."
It
calls attention, however, to the fact that "consumer credit
is extended by many agencies, governmental and private,"
and suggests that "to obtain the ultimate in effectiveness
some method of applying similar standards to other sources
of credit should be devised,"
It adds that "control of con¬
sumer credit would be of no effect without control of instal¬
ment cash lending, and to that end limitations upon per¬
sonal cash loans, deficit financing, and merchandise credits
to amounts readily assimilable from normal monthly income
and be able to pay
increase the equity
recommended."
are
-
'■
Pennsylvania Bankers' Association Endorses Govern*
ment's Defense Program—Remarks of President
and Others
Endorsing the Government's defense program, the Penn¬
Bankers Association, at its annual convention at
sylvania
Atlantic* City, in a
resolution adopted on May 23, declared
"requires the fullest support available on the part
that it
of banking
institutions, in granting credit to defense indus¬
tries and encouraging all persons
fense
In
W. Elbridge
"do not deposit
bonds."
your sav¬
Mr. Brown is quoted
but
interests,
on
to be advising against our own
closer analysis it is sound economics.
It is no longer
may
we
seem
to spend just a little more than you earn,
and with those savings you should buy defense
proper
save,
and
faction
not
It is now proper to
bonds.
The banks of
help the Government sell the bonds to our customers, their funds
we
directly for goods by the wage earners, but will be saved
without either increasing or decreasing deposits.
These funds
from the banks will be replaced in the economic system
through the process of redeposit by the Government and then by redeposit
by
them
having
come
by the public through Government
spending.
the
issue
issued for that
According to Atlantic City advices to the New York
Tribune," other points stressed by the Association
President included:
many
tunity to present their views
owned unit banking
2.
That
make loans
or
defense
3.
at
on
banks
any
expense
That
burden of
system."
of Pennsylvania have
been and are
fully ready to
reasonable banking basis, either for ordinary commerce
purposes.
Federal lending
the
4.
the
agencies, capitalized with public moneys and operating
of the taxpayers, are constantly expanding.
bankers
should
use
their
the tax increase shall
ordinary incomes that do not
business."
one.
As you know, that
problems."
*
<
purpose."
Germany
in America can mean only
or
"empty
"for State Socialism in
of the defense effort will be an
unless these attempts are checkmated,
dictatorship."
national defense, must be met
Costs of war, or
primarily
from capital, Dr. Ernest
Minor Patterson of the University of Pennsylvania stated
in an address at the convention on May 23.
Dr. Patterson
national
from
income
and
not
emphasized that in his opinion it is an enlarged part
current national income that the Government must
This
noted
was
in
Philadelphia "Record"
the
of the
have.
of May 24,
reported his remarks as follows:
the 1940 national income was $75,000,000,000, and
that this year it may be larger, he said the Government will need some
$20,000,000,000 for the defense program and ordinary costs of operation.
Discussing expenditures, he urged that policies be followed "that will
which further
Pointing
and hot diminish business activity."
said the people cannot without friction take from the
income the large amounts that Government will demand.
encourage
The
that
out
speaker
national
current
too much depressed or too rapidly depressed,
and complaint," he said.
"But to the extent
that national income can be enlarged and the Government demand be met
front tho extra output, then strains will be lessened.
"This in itself is not enough.
War demands are for particular things—
"If
for
standards
living
be
will
there
are
opposition
for a
of men,
the services
vast list of
specialized Jobs, for aluminum,
believing that these
be met without interfering with
"There is absolutely no reason for
steel, and nickel.
large and highly specialized needs
can
business.
"Unfortunately we have had to go through a period in
an abundance of commodities for all purposes.
there was
we
ways
many
a
war
which we thought
But there is not.
shall be compelled to adapt ourselves to
the inexorable
economy."
Swift, President of the Central-Pcnn National Bank
elected President of the Bankers Asso¬
ciation for the ensuing year.
John II. Evans, Vice-President
and Trust Officer of McDowell National Bank of Sharon,
was chosen Vice-President of the Association, and John H;
A. D.
of Philadelphia was
President of the Altoona Trust Co., was named
Mr. Brown, the retiring President, was made an
Dillon,
Treasurer.
honorary member of the
Association's Council of Adminis¬
tration.
ifeV:<"
~v
A'J ^
131st Anniversary of
of
the
of Argentina, President
Acting President Ramon Castillo
May 25 of the 131st anniversary of
On the occasion
independence
Argentina on
Independence of Republic
the
Republic
Roosevelt, in greetings to
Argentina, said:
It Is
a
Excellency upon the memorable anniversary
Republic and to extend my best
personal well-being and for the ever-increasing welfare
pleasure to greet Your
independence of the great Argentine
of the
wishes for
your
and happiness
of the Argentine people,
Bankers Appeal to President
Jersey
New
Roosevelt
Expenditures—Reso-.
lution Adopted at Annual Convention also Urges
Adjustment of Differences Between Capital and
for
Economy in Non-Defense
Labor
appeal to President Roosevelt that efforts be made
economy" in the matter of non-defense expen¬
was contained in a resolution adopted on May 24
toward "strict
ditures
Bankers Association at the concluding
Atlantic City, N. J. At
the same time the Administration was asked to endeavor to
seek an adjustment of the differences between labor and
capital to the end that the efforts of industry may work
toward the objectives of the defense program.
The resolu¬
by the New Jersey
of the agencies who will be given an oppor¬
before the Senate Committee surveying the
monetary system; ''are not; too friendly to the continuance of Our privatelywarning that
banking
a
Dr. Stonier asserted that success
An
"Herald
1. A
are
is already formed," Dr. Stonier added, "to go into action aa
defense load gets financially more burdensome to hold down
of Government bonds and to pay off present bonds with currency
Pennsylvania have taken their place in the very forefront of the drive for
of defense bonds to their customers.
If
who
the
as
safe
will not be spent
men
"A group
soon
of
saying:
saving this to them
millions of credit
a means
financing and post-war deflationary
Clearfield, Pa., stated on May 21 that
Brown of
ings with us, but buy defense
In
many
however, over *what he termed
essentially State Socialists" to use the
Reserve System as a politi¬
has been tried
before, but this time new faces, some that will surprise you, will be in
the movement.
This will be attempted in the name of control of defense
President of the Association,
as
banks should tell their customers
as
have
will
President Roosevelt Sends Greetings in
address
annual
we
concern,
of thrift to invest in de¬
savings bonds."
liis
expressed
they will try to take over the Federal
"Then
cal
demands of
.
Brown, Dr. Stonier, Dr. Patterson
aide
A.
"group of
a
men
report."
B.
of attaining Socialism in this country.
"These men will try to take over agricultural credit as a political and
not as an economic faction.
The attempt will be made in the name of
defense.
Last time they tried it in the name of recovery and failed.
In
■■
yvV'T ;v; +.
to
A.
efforts of
wage
"Standards of Practice" statement it declares that
to
small business
so-called
the
.,
■
earning individuals on a sound
basis is an economically important part of such service,"
and that "while recognizing the importance of volume in
the reduction of loan costs, a bank should endeavor to
or
before the Pennsylvania Legislature to con¬
now are
tinue the
victory"
credit to salaried
Philadelphia, discussed the eight mill each $100
"
'
•
bank shares in Pennsylvania.
on
defense program as
practices the A. B. A. Consumer Credit Council says:
Conscious
tax
of the Association's Com¬
Legislation and Vice-President of the Provident
of
Trust Co.,
a
important now."
In the preamble to its declaration of its
both
Carl W. Fenninger, co-chairman
mittee
household
such
on
burners
months, and down payments of 40% on older
repayments limited to 12 months; 15% down pay¬
appliances as refrigerators, stoves, stokers, oil
monthly
with
1/3% down payments on new
monthly repay¬
33
not older than three years, with
cars
18
to
limited
ments
cars,
ments
other things,
among
used
3433
fall
receive
influence
on
any
to
see
that
the
principal
increased incomes, "and not on
benefit from the acceleration of
session of its annual convention at
tion follows:
The democratic
institutions of this country and our way of
gravely threatened and are only to
The success of the defense
effort
unselfish
effort of
and
to
the American people.
"
the President of the United
the Administration to make every effort to effect strict
Be it resolved
States
life are today
be safeguarded by an adequate defense.
depends on the united support and
that this convention appeal to
The Commercial & Financial Chronicle
3434
expenditures,
non-defense
all
with
connection
in
economy
and be
No
it
May 31, 1941
what the Government's call, the banks will
matter
respond whether
granting of defense loans or the sale of defense bonds.
The bank*
New Jersey have responded in large numbers to the bond program.
it be in
further
request that the Administration endeavor,
Resolved that this convention
of
disposal, to adjust equitably and promptly any and
all differences between labor and capital, to the end that the undivided
all
with
its
at
means
energy
and effort of American industry may be devoted to the fulfillment
of the
objectives of the national defense program and to the preservation
of the American
Charles A. Lindbergh Says United States
War
Would End Democracy in This
complaint that "economic quacks" had gained the public
A
because bankers and other business leaders had failed
car
"speak out" was voiced at the convention on May 23 by
Ernest L. Pearce of the Union National Bank of Marquette,
to
Mich., who, according to the Associated Press, said in part:
It is time for the business
academic
and
quacks
of
interpreting
II.
Alfred
and the bankers
men,
to gain the public ear, to do all the
and to so broadcast, without challenge,
destructive philosophy.
theorists
events,
current
distorted ideas and a
the professional
men,
Their silence has made it possible for economic
of America to speak out.
who will become President of the
Philadelphia on July 1, addressed
May 23, at which time lie urged that
Williams,
Federal Reserve Bank of
convention
the
on
bankers "search our communities for plant
facilities which
being fully used and which can be made available
production.
From our own point of view it
will increase our earnings and may bring us permanent new
customers.
From a national point of view it will speed up
are
not
for
defense
the defense program
of plants."
and help to avoid an over-expansion
Mr. Williams will retire as Dean of the Wharton School
of
Finance of the University of Pennsylvania to accept his
post with the Reserve Bank.
Three voluntary steps by consumer credit lending agencies
were urged as a positive check on inflationary price rises
by Otto C. Lorenz, Consumer Credit Research expert for
new
Bankers Association, in addressing
the American
vention
the con¬
May 24.
Commenting on the fear of inflation
"in the minds of the American people" Mr. Lorenz said;
on
It is my opinion
the explosive,
from
and the opinion of
all-destructive kind need not
being even imminent if
authorities that inflation of
many
That, in fact, it is far.
come.
exercise our wits and
we
First:
cash loans in
We
insist
goods
time
on
or
the granting
will make it
upon
We
to be made.
limit the number of months
can
over
which payments are
If, for example, everyone were to go "haywire" and lot the
pay for something, then the amount
up would be almost doubled.
Instead of having $6,000,-
public take 24 months instead of 12 to
of
tied
money
000,000 outstanding,
about
the nation's
on
$12,000,000,000—>an
credit books,
consumer
increase
100?—an
of
increase
we
3,000,000
it says.
which,
the
at
Third:
We can control the amounts granted for personal or cash loans
by restricting the terms of repayment.
For example, a recent discussion
on the part of my colleague on the research staff seems
to indicate that
maximum of 15 months for repayment
should be considered at the
attack
positive—they will definitely curtail purchasing
are
power
lessen the demand for certain durable goods.
so
But
these controls must not, be applied too harshly or they will have the oppo¬
site
effect
may
bring about the
of
We need
curbing
to
our
store
inflation.
inflation
very
up
us,
our
stiffening
a
of
credit
economists In Washington fear.
We should
our
now
that
so
if,
as,
and when
people will not find themselves in
a
an
post-war de¬
overborrowed
condition.
do
to
addressing the bankers at their annual banquet on
May 23, H. Douglas Davis, President of the Association,
stated that "leadership in the task ahead," was the responsi¬
bility that faced every banker and thinking person in tlie
country.
He said:
We need leadership in
are
industry and in labor to stop these strikes which
retarding the defense
never
the
be recalled.
safety of
and wasting millions of hours which
program
Whatever the
cause
may
be, it is not
as
can
important
as
Mr. Davis, who is Vice-President and Trust Officer of the
Plainfield Trust Op., of Plainfield, is succeeded as President
of tlie Association by L. A.
Chambliss, Vice-President of
Fidelity Union Trust Co., of Newark.
Other officers elected
F. Palmer Armstrong, of
Keyport, Vice-President;
Joseph G. Parr, of Jersey City, Treasurer, and the follow¬
ing departmental vice-presidents:
Earl S. Johnson, East
were:
Orange, trust; James Ringold, Trenton, national banks; S.
Erwm Sharp,
Bordentown, State banks, and John J. Roe,
Jersey City, savings.
Armitt
II.
Coate
of
Morristown
tary.
was
reappointed
•
Secre¬
.
Mr. Chambliss, said the
Philadelphia "Inquirer," likened
tlie present situation of the United States
to that of Great
Britain during and after the
Napoleonic wars.
as saying:
Now
we
Napoleon
in
ons
If
,
face to
Elba.
face with
We
United
victory
firm.
we
have
the bravery of the
States
history
hour of dawn before
stand
and
are
from
year as to
cold
were
sure
Panics
must have
going
faith
not
in
and
the
country."
a
Second
heard
World
many
as
over
to
the
no
to
are
bravery of
the top
no
man
battle.
us.
We
have
the
past
fine tradi-
Americans.
In
the
predict victory.
can
But
many
of
return
as
bankers
faced
we
them
must
before,
country.
If we cannot make other nations wish to
American system of government, we cannot force they to copy it
copy our
by going to war.
Taking occasion to criticize the last presidential election,
Lindbergh asserted that we have not been given the
Mr.
opportunity to vote on the policy that the Government has
and that "we have been led toward war against
followed
"to the defense of
of four-fifths of our people."
the opposition
had
We
America
chance
more
no
if
than
vote
to
had, been in a
we
He continued:
issue of peace and war last
totalitarian State ourselves.
We in
on
the
given just about as much chance to express our beliefs at
would have been given in Herr Hitler
were
the election last fall as the Germans
had
against Herr Goering.
run
Saying he had been opposed to this war before it was
Europe,"
declared "because I felt it would be disastrous for
Lindbergh made the following appeal to the interven¬
Mr.
tionists:
ask
to consider
them
consider what the
to
last
what
war
I ask them
Italy, to
prolonged war will bring.
a
brought to Europe—to Russia, to
Germany, and now to France and England, and even the smaller countries.
I ask them to remember that we in America returned from that war with
soldiers, but that now we face a war in which our
the loss of relatively few
losses
are
doubtful.
and
than
to
itself is
whether democracy, tolerance
stop and consider
of life
way
likely to survive in such a struggle.
are
after a war,
not find conditions as bad or worse in America
we
they
into the millions, and in which victory
run
ask them
American
our
Or may
likely to
I
in the dictatorships of Europe today?
are
afraid that
his election promises to
into a foreign war that
the American people will lose faith not only in their Presi¬
dent but
in tlieir form of government."
Regarding his
request that the President seek peace, Senator Wheeler
In his address Senator Wheeler said lie was
"if President Roosevelt repudiates
the American people not to take us
said:
You,
President
Roosevelt,
appeal
could
could appeal, not to Herr Hitler or to
to
You
Churchill,
You could
world for peace.
the
Senor Mussolini or to Mr.
England and Japan.
Germany, the Churchills in
and out. I
believe you could bring about the peace of the world if you would.
But
first you must rid yourself of those war makers that surround you and who
but
the
to
demand
refuse
the
to understand
channels
to
the
and
war
makers,
cause
heed the wishes
or
of
war
of the American
the channels of peace.
to
people.
.
.
diverted from
.
United States lent
of peace, might well stop this heartless slaughter of humans
destruction of property.
With the destiny of mankind in the
balance, the time has
present and potential, of the
come
interest of the British Tories
or
Hitlers of
people demand that American influence be
tremendous power,
needless
the
the Knoxes and Stimsons in America step down
The American
the
Italy,
people of Germany,
that
England and
to
act
for a just peace, not in the
to
act,
or
imperialists, not in the interests of power
land-hungry dictators, but in the interest of all the people of the world.
The
want
American
no
behalf
risk
of
of
of
most
untold
now,
for convoys,
world
the
millions
being called
stop war,
the people
people,
substitute
Tonight
himself, the members of the Asso¬
bankers of New Jersey
He stated:
War—like the
inspiring stories in
British, and yet there
unknown
our
He is quoted
by force. The strength of a
people. Its influence lies in
spread abroad by example, but never
making others wish to copy ti.
The
there would be
are
Mh Chambliss pledged
ciation
our
nation
a
be
democracy lies in the satisfaction of its own
country.
our
imposed by war. The attempt
failure.
Democracy can spring only from
itself, only from the hearts and minds of the people.
It
is not a quality that can be
has always met with
so
within
I
In
fight over issues that are Europe's
ours," Mr. Lindbergh then stated:
and not
terms
strength at the present time.
reserve
credit facilities
pression hits
Too harsh
is divided today is
Declaring that the reason this country
November
These controls
in certain areas and
that no one will dare to
that and we will be so united
us
us.
because "we are asked to
pres¬
ent time.
restrain
Give
world.
would have
present time, would be better turned to purchase of defense bonds.
a
that
only
people—a leadership that tells what it means and means what
Give us that and we will be the most powerful country in the
only a learership that places America first—a leadership
does for 130,000,000 people what Washington did for us when we were
lack
We
can
off the demand for available cars.
Second:
None is as easily defended.
country has as great resources.
other
No
He added:
world."
influential Nation in the
Democracy
higher down payments.
That, presumably,
harder for the public to buy cars and take some of the strain
can
on
States goes to war "to preserve
democracy abroad we are likely to end by losing it at home."
Making his second anti-war speech before a capacity gather¬
ing at Madison Square Garden, in New York City, under the
auspices of the America First Committee, Mr. Lindbergh
said that he opposes our entry into the war "because I do
not believe that our system of /government in America, and
our way of life, can survive our participation."
Speaking
on the same program, Senator Wheeler, Democrat of Mon¬
tana, asked President Roosevelt to appeal for peace through
the peoples of the world.
Calling for "an independent des¬
tiny for America," Mr. Lindbergh explained that such a
destiny means that the future of America will not be tied
to "these eternal wars of Europe," and that our soldiers will
not have to fight everybody in the world who prefer some
other system of life to ours.
Mr. Lindbergh went on to say
that "we in America should have no reason to fear" because
"with adequate leadership we can be the strongest and most
number of ways.
a
City
in New York
Lindbergh declared
A.
Charles
self-restraint
our
present time.
How, then, shall we avoid inflation?
What are some of the things we
should do to control the forces which bring inflation about?
We can intro¬
duce self-restraint in the sale of finance of
Country—
May 23 that if the United
at the
of personal
Entry into
Speaks at New York City Rally—Senator Wheeler
Calls on President Roosevelt to Seek Peace
of life.
way
an
that
the
appeaser,
before it
is too
of America
want no convoys.
and they want no war.
engaged in a bloody battle.
is
President of the
They
I ask in
United States, at the
appeal to all the people of the world to
late.
Volume
Dr.
The Commercial &
152
Enrique
States
de
Foreign
Ruiz-Guinazu
Post
Assume
to
on
Departs from United
Argentine Minister of
President
with
Conferred
Affairs—Had
Roosevelt
as
Pan-American Problems
J
Having conferred with President Roosevelt, Secretary of
Cordell Hull and other officials on Pan-American
Financial Chronicle
Secretary
League for several
years.
4.
Latin
American
Naval
Visit
Chiefs
Welcomed by Mayor La
York—
New
Guardia
republics, who
The naval heads of the 11 Latin American
nation-wide
goodwid tour of the United States,
were officially welcomed to New York City on May 12 by
Mayor F. H. La Guardia at a reception at City Hall. The
Mayor remarked in receiving them that all republics in the
Western Hemisphere are equal and that the inherent rights
of sovereign states are and must be respected.
Before
arriving in New York for their three-day visit, the naval
representatives of Brazil, Chile, Argentina, Uruguay, Peru,
Mexico, Cuba, Colombia, Ecuador, Venezuela and Para¬
guay, visited the Naval Air Station at Lakehurst, N. J.,
and the naval establishments in the Philadelphia area.
On
May 14 the delegation toured the New York Navy Yard at
Brooklyn.
Their visit to Washington last week and the greeting ex¬
tended by Secretary of State Hull was referred to in these
columns of May 10, page 2963.
are
on
a
Treasury
Morgenthau
This
revealed
was
when
the
an
explanation,
But it
tions
as
King, Commander of the Atlantic Fleet.
In
a
resolution adopted May 27 honoring Walter E.
the Board of the Corn Exchange
Chairman of
Frew,
Bank
Trust Co., New York City, the New York Clearing House
Association said that Mr. Frew's "lifetime of usefulness to
the banking
community here will long be remembered and
keenly felt by his many friends and associates."
offices
at various times, including that of President, died in New
York on May 19, as noted in our issue of May 24, page 3276.
The resolution of the Association, which was unanimously
adopted by a rising vote at a special meeting, follows:
his loss will be
Mr. Frew, who had served the Association in various
It is with a
sense
of deep Borrow that the members of the
New York
Clearing House Association here assembled record the death of their much
understood from other quarters
of the
naval
Prime
Minister
as
R.
2,000 miles.
Menzies
G.
Following Four-Month
Visited
United
substantial part of the life of the Association itself.
He served in 1903-4 and again in 1908-9 on the Nominating Committee
and
in
was
a
Secretary of the Association in the years 1905-6
1907, and again in
1914,
During the panic
he served with the Loan Committee of the
Clearing House, and subsequently served a term on the Conference Com¬
He served four terms
mittee.
on
the Clearing House Committee, namely,
1926-27, 1935-36, being Chairman during the first three
1912-13, 1917-18,
of these terms, and was also President of the
Clearing House Association in
At the time of his death he was Vice-President and Director of
1922-3.
States
Mr. Frew occupied a unique position as the senior executive in the
He
was
qualities of character and integrity.
the
was
forthright
man
who sought
right course and, having found it, followed it decisively without fear
of the consequences.
He
New
universally respected for his sterling
He
was a
At time of trouble his counsel was sound and effective.
kindly man, who inspired affection, loyalty and respect from every
member of the staff of the institution that he headed for so many years.
Mr.
Frew had many other business interests and also gave much of
His
v
In broadcasting a brief message to Australia before
be keenly felt
by his
associates.
his
here will long be
many
friends
and
1
Resolved, that this resolution be placed upon the records of the Associa¬
tion and that
engrossed copy be sent to the members of Mr.
an
Frew's
family, also copies to all members of the Association.
J. G. Winant,
Returns
American Ambassador to Great Britain,
to Confer with President
from England
quality than
before.
ever
Mr.
Winant,
Winant
left New
diplomatic post; this
page 1369.
was
York
on
Britain whose spirit, he de¬
The sinmple, plain people who had little to
lose
deal from the world, he asserted, had
and who had frequently had a raw
proved themselves the new chivalry of war.
"The
has not yet passed the
war
defensive stage," he said, "and spec¬
We must be prepared for failures
Self-interest
tacular victories must not be expected.
and disappointments before a real
turning-point is reached.
and party maneuvres must be put in
cold storage."
United
3123, and
Reference to Prime Minister Menzies' visit to the
States
and
made in
was
May 10,
issues of May
our
17,
page
2963.
page
Pension Fund of Protestant
Episcopal Church Shows Assets of $35,052,157
The
Church
Fund
Pension
530,892
of
Protestant
the
Episcopal
$35,052,157 with liabilities of $32,-
Church reports assets of
of the end of 1940, and is now paying pension
as
clergymen and to widows and orphans
$1,390,746 a year, according to its twentyreport, issued May 26.
This represents an
increase of almost $900,000 in assets during the course of
the past year and an increase of over $48,000 in the annual
pension roll, said an announcement bearing on the report,
benefits to retired
the rate of
at
third
annual
which added:
The
market
$2,100,000 in
of
of
value
excess
the
Fund's
investments
is
reported to have been
of their book value as of Dec. 31.
Since the Fund
1917 it has paid total pension benefits
$19,300,000 and in the same period its assets have grown from
started
first
over
active
operations in
$10,772,000 to the present total of over $35,000,000.
The
report is
Morgan
Fellowes
Board
that
issued over the signature of William
Sr., who resigned as President of the
last December after having served in
Trustees
of
capacity for the past nine years.
He continues, how¬
the Board of Trustees, of which he has been a mem¬
incorporated in 1914.
Bishop
ever, on
ber since the Fund was first
Cameron J. Davis of Buffalo was elected to succeed
him as
President, and J. P. Morgan continues as Treasurer of the
Fund, which office he has held since 1915. The Vice-Presi¬
are
Frank L. Polk, Bishop Benjamin M. Washburn
of Newark, and Bradford
Feb.
mentioned in
27 to
our
assume
his
issue of March 1,
B. Locke.
Other members of the
Executive Committee are the Rev. Oliver J. Hart of Boston,
and Allen Wardwell of
Mr. (William Fellowes)
Morgan as President of the Fund and the election of Bishop
Davis as his successor was noted in the "Chronicle" of
Dec.
Samuel
Baker,
Stephen
New
York.
The
Thorne,
resignation
of
21, 1940, page 3683.
the
announcement
issued
incident
to
the
annual
report of the Fund we also take the following:
After briefly reviewing the
history of the Fund, William Fellowes
Morgan points out "that the present scale of pensions is approximately
40% higher than would have been the case if the trustees hnd been content
merely to discharge the basic obligations/'
The average age allowance is
now
approximately $1,000,
He further remarks, however, that the low
interest earnings of the Fund continue to be the main problem with which
the trustees are faced.
After stating that the average earned on the
Fund's liabilities was 3.01% in 1940 compared to 3.08% in 1939, Mr.
"It is far better, however, to adhere to a policy of
investing
present than it would be to
sacrifice quality in an attempt to secure an advantage in income which
might prove to be temporary."
Approximately 27% of the Fund's invest¬
for
United States Ambassador to Great
Britain, left England oil May 28 for the United States to
see President Roosevelt, Secretary of State Hull and others."
He is expected to be away from England two weeks.
Mr.
Winant is accompanied on his trip to this country by Ben¬
jamin Cohen, his special adviser at the Embassy. They left
England by special plane bound for Lisbon, Portugal, where
on May 29 they boarded the Yankee Clipper.
The clipper
plane was scheduled to arrive in New York yesterday
(May 30).
G.
He paid glowing
ordinary journey full of interest, hazard and instruction.
clared. had been tempered and strengthened by bombings to a far finer
Morgan says:
Roosevelt
John
he left for a quiet
Mr. Menzies said that his had been an extra¬
tribute to the courage of the people of Great
From
lifetime of usefulness to the banking community
and his loss will
World—Had
a
week-end with his family,
time and energy to charitable and civic organizations.
remembered
Australia
to
Around
dents
the New York Clearing House Building Co.
York banking community.
Returns
Trip
four-month trip around the world, during
which he covered approximately 42,000 miles, Prime Minis¬
ter R. G. Menzies of Australia returned to Sydney on May 24.
On his journey Prime Minister Menzies visited England,
continental Europe, Africa, Canada and the United States.
While in this country he conferred with President Roosevelt
in Washington on May 12.
In reporting the Prime Minister's return to Australia,
wireless advices from Sydney, Majr 24, to the New York
"Times" of May 25, haa the following to say:
Completing
Mr, Frew's connection with the Clearing House extends back over many
representing
that he desired to observe opera¬
been protecting American neutrality
patrol which has
far out in the Atlantic
respected associate, Walter Edwin Frew.
years,
Secretary's trip.
Treasury would not discuss the purpose of the
was
Secretary
Asked for
afternoon press conference.
Treasury spokesman said that Morgenthau was at sea
a
with Admiral E. J.
The
announced that the
Treasury
would not hold his regular Monday
Annual Report of Church
late
with
It was disclosed on May 26 that Secretary of the Treasury
Morgenthau is at sea with the Navy's Atlantic Patrol.
United Press Washington advices of May 26 reported.
New York Clearing House Association
Adopts Resolu¬
tion Praising Work of Late Walter E; Frew of Corn
Exchange Bank Trust Co. of New York
Cruise
on
Atlantic Patrol
State
problems during his two-week stay in the United States,
L>r, Enrique de Ruiz-Guinazu departed from New York on
May 24 to assume his new duties as Argentine Minister of
Foreign Affairs.
He sailed for his homeland abroad the
Uruguay of the American Republics Line.
Dr. Ruiz-Guinazu, who prior to his appointment to his
new post was Argentine Ambassador to the Vatican, arrived
in the United States from Europe on May 12, and went to
Washington the following day where he conferred with
President Roosevelt on May 15.
Previous reference to his
sojourn in this country was noted in our issues of May 24,
page 3273, and May 17, page 3124.
Before becoming Ambassador to the Vatican, Dr. RuizGuinazu represented Argentina at the League of Nations in
Geneva.
He served as President of the Council of the
of
3435
safety of principal at a time like the
ments
are
in
obligations of the United States Government.
B. Locke analyzes
to $2,521,264,
figure increased by $427,938 during the
year, this was due almost entirely to non-recurring items affected largely
by investment values.
He also stresses the interest situation, calling
attention to the fact that the interest earned in 1940 amounted to $937,699
compared to $1,341,472 ten years ago, although the present assets of the
Fund are about $7,500,000 more than they were at that time.
He states,
however, that this problem is being overcome temporarily through the
use
of a substantial Special Contingency Reserve
which the trustees set
aside
in previous years out of excess interest earnings.
The Fund is
In
his
report as
the changes
and
Executive
Vice-President, Bradford
in the surplus of the Fund which now amounts
points out that although this
The Commercial & Financial Chronicle
3436
administered
Insurance
actuarial
an
on
in
the
supervision
.„
the
of
.
report of the Fund are brief statements
the annual
concern¬
It is reported that the Church Life Insur¬
ing its subsidiary organizations.
Corporation has assets of $6,225,000 and has $26,200,000 of insurance
ance
in
under
basis
reserve
the State of New York.
Department of
Included
The
force.
Church
000,000 of insurance in force
rations
Fire
Properties
Insurance
Corporation
Episcopal property.
on
has
$95,-
Both of these
corpo¬
1941, as compared with $245,723,000 in April, 1940, accord¬
ing to an analysis prepared by the Research and Statistics
Section of the Trading and Exchange Division.
Securities
proposed for sale by issuers totaled $92,774,000 in April,
1941, against $133,065,000 in April, 1940. The Commission's
announcement further said:
accounted for $19,878,000, or 22.1% of aggregate
Among the funds designated for
new
money uses were $11,219,000, or 12.5%, for plant and equipment;
$8,586,000, or 9.5%, for working capital, and $73,000, or 0.1%, for all
other new money purposes.
A total of $56,930,000 was to be utilized for
New money purposes
managed by The Church Pension Fund*
are
proceeds amounting to $89,839,000.
net
Foreign Dollar Bond Servicing in 1940 Amounted to
58.06% of Total of $5,957,896,433, According to
Institute
of
International
Finance—Represents
W*
Reduction from 1939 Proportion of Bonds Serviced
Full
'in
^
$3,459,-'
307,606, or on 58.06% of the total of $5,957,896,433 of
publicly offered foreign dollar bonds outstanding on Dec. 31,
1940, according to a bulletin entitled "Statistical Analysis
on
Offered Foreign Dollar Bonds," issued May 26
by Dean John T. Madden, Director of the Institute of Inter¬
national Finance of New York University.
According to
reduction
the
Institute
the
in
the
proportion
61.49% in 1939,
serviced in full, from
of
bonds
due to the inabil¬
was
ity of some of the obligors under German military occupa¬
tion to make payments and mainly to the default by Italy
following that country's declaration of war on Great Britain
and France on June 10, 1940.
The Institute's announce¬
concerning its
ment
$39,427,300
on
while
the
Antwerp
service
face
of
of
Belgium,
well
as
Norway, Denmark,
Russian-occupied
respectively,
default of
the
in
outstanding
1928-58
as
the
the
in
City of
France and the
Estonia,
of
amount
Gov¬
maintained
full
default
affected
$52,527,700 of corporate bonds.
default
in
ments
mitigate
the
Government
Data
bonds
thus
by
has
far
While other national
issued
remitting interest
this
followed
not
abroad
govern¬
endeavored
have
reduced
at
of Dec. 3D
the
rates,
to
Italian
11.3%,
or
precedent.
Approximately two-thirds of the amount of securities proposed for sale
by
manufacturing companies, this industry accounting
The greater part of the manufacturing total
represented
issuers
$62,661,000, or 67.6%.
for
consisted of the issues of two companies: $30,440,000 of bonds and notes of
the
in the chemical sub-group and $24,937,500 of debentures
Financial and investment companies
Koppers Co.
in the food sub-group.
of Swift & Co.
in
next
were
$7,258,000,
importance with $15,019,000 of
7.8%,
or
Although
securities,
16.2%.
or
electric, water
for the
shown
was
majority of
a
of
the amount
proportion
the
underwritten,
and
Only
utility
gas
registered
considerably
was
securities
than
smaller
to
offerings
offered
to
by issuers equaled $4,207,000, or 4.5%.
Issues intended to be
the public accounted for 88.9% of the total as compared with
A
effective
of
resume
during April
registrations
namely,
effective,
$186,996,000,
indicates that of
$32,048,000
amount
registered for the account of others, of which $31,779,000 represented
issues
proposed for sale.
of
common
included
of
The
of
$62,174,000
of
securities
Chief among these were three bond
issuers.
comprised mainly of $29,-
was
Connecticut
Light
Power
&
not
proposed
for
sale
placed in the category of exchange issues.
were
remained
61.49
3,745,500,000
2,322,100,000
24,100,000
Debt service paid in full—
In default as to Interest
58.06
38.12
3,459,300,000
2,470,100,000
28,500,000
of securities
applicable
$2,935,000,
to
proposed
securities
equivalent
compensation to distriubtors and 0.6%
proposed
3.2%.
to
for
EFFECTIVE REGISTRATIONS UNDER
for sale by issuers,
This
sale
for
by
included
of
issuers
2.6%
for
expenses.
THE
SECURITIES ACT
1933
OF
0.48
5,957.900.000
to
41.46
0.39
6,091,700,000 .100.00
In default as to sinking fund....
$92,774,000
flotation
of
amounted
°erccnt
by
issues of the Alleghany Corp.
only $1,433,000 represented issues of newly-formed companies.
Cost
Dec. 31. 1940
The
Oo.
$154,948,000 of securities registered for the account of issuers
total
a
This latter total
stock
represented
which
Dercent
the
total
issues
There
DOLLAR BONDS
Dec. 31, 1939
with
or
totaling $56,982,070 which
FOREIGN
be
to
was
usual,
only 53.6%, to be offered through underwriters.
Securities
be offered through agents totaled $38,817,000, or 41.9%, while direct
$49,750,000,
remainder of
foreign dollar
summarized in the
1939 and 1940, are
OF PUBLICLY OFFERED
STATUS
and
certificates of
803,253
following table:
r
followed by preferred stock with $10,500,000,
participation with $4,417,000, or 4.8%.
12.7%,
or
com¬
the status of all publicly offered
on
as
obligations
their
on
default
of the amount
proposed for sale by issuers.
This included 35.3% for secured
bonds and 35.9% for unsecured bonds.
Common stock equaled $11,782,000,
of securities
to be offered to others.
$150,841,300 nominal amount of bonds
posed of $66,174,400 of Italian Government bonds, $32,139,200 of municipal
bonds, and
of net proceeds,
8.9% for securities to be offered to security holders and 2.2% for securities
their dollar bonds.
Italian
purchase of securities was expected to absorb 12.6%
leaving 1.9% for all other proposed uses combined.
Bond issues amounted to $66,075,000, equal to 71.2%
States caused defaults
obligations,
of
amount
resulted
Belgium
bonds
On the other hand,
on
The
5%
its
$9,544,000.
ernment
of
occupation
on
and Chechoslovakian
$3,682,800
and
repayment of bonds and notes; 2.0% for the repayment of other debt,
and 0.2% for the retirement of preferred stock, or an aggregate of 63.4%.
group.
study further said:
of the Polish
The destruction
61.2% for
repayment of indebtedness and retirement of stock, including
the
the
The
During 1940 debt service had been paid in full
of Publicly
May 31, 1941
BY
TYPES
OF
SECURITIES. APRIL
1941
Total Securities
Total
! 100.00
Effectively Registered
Type of Security
The bulletin states the following:
The
European obligors.
and
Mexico
issues
of
defaulted bonds
greater part of
account
Latin
against
54.3%
of total
for
49.8%
of
Secured bonds
6
Unsecured
$89,769,570
33,287,500
10,920,138
4
Preferred stock
7
Common stock
21
analysis of interest defaults by types of obligors,
as
from
of Dec. 31, 1940,
as
6
48,331,955
4,417,144
3
270,000
0
'
bonds
defaulted
Certificates of participation, beneficial Interest, &c
Warrants or rights
Substitute securities (voting trust ctfs and ctfs. of deposit)
total
31, 1940.
Dec.
on
end
Amount
Issues
and
At the
1939, while Europe's percentage increased
Dec. 31,
40.9% at the end of 1939 to 45.6%
An
defaulted bonds.
European
accounted
America
on
of Latin American
Of the total Latin American bonds in default, Brazil
for
29.3% and 28.4%, respectively, while German
represented 56.9%
1940
No. of
those
are
Grand total
_
47
_
$186,996,307
shows that of the total amount of bonds in default bonds of national gov¬
ernment
for
account
and
provinces
41.3%,
departments
GEOGRAPHICAL
bonds
corporate
and
States,
Total, Less Securities
Reserved for Conversion
or Substitution
13.3%.
for
DISTRIBUTION
AS
35.5%,
for
TO
OF BONDS
DEFAULT
IN
Securities Proposed
for Sale by Issuers
Type of Security
INTEREST
31, 1939
Amount
in
standing
America..
Percent
Default
A mount
A mount
Percent
Out¬
in
of Total
(000,000)
standing
Default
Defaulted
(000.000)
(000,000)
Ponds
49.8
Defaulted
Ponds
$1,713.6
$1,230.6
54.3
$1,683.8
1,641.4
949.1
40.9
1,602.3
1,127.4
V
Far East.......
569.0
5,5
0.2
551.5
5.5
North America..
2.167.7
106.9
4.6
2.120.3
106.8
$2,322.1
100.0
$5,957.9
*2.470.1
100.0
Many of the foreign obligors in default
1940
1939.
in
default,
1939.
no
interest
The
57.6%
was
of
payments
amount
the
at
received
all
in
contractual
In
ated
of
offered
were
in
cash
as
against
as
1940
of
respect
due,
compared
with
82.55%
coupons
59.5%
discussing repatriation the bulletin states:
At.
Institute
or
39
end
information
default
these
21
amount,
interest
on
bonds
countries
62.68%, and Japan
were
payments,
repurchased
payments Bulgaria
of
21
countries out
of
repatri¬
a
total
having dollar bonds outstanding in the United States.
1940
outstanding
dollar bonds
foreign
on
of issues
bonds, of which bonds with
the
dollar
of
obtained
by foreigners
countries still
the
dollar
of
has
purchased
with
leads
a
57.14%.
had
$2,779,981,262
outstanding
face value of $708,865,400,
held
France
in
%
%
%
abroad.
with
Of
81.43%
countries
in
or
countries
the
of
repatriation, followed
Of the
of
%
35.3
33.2
35.9
24.9
37.5
32,787,500
33,287,500
10,500.138
11.3
30.4
17.0
11,782,150
12.7
8.1
2.0
4,417,144
4.8
3.4
92,774,432 100.0
100.0
89,769,570
49.2
19.6
33,287,500
10,570.138
18.3
23.9
5.8
24.1
4,417,144
2.4
270,000
0.2
100.0
participation,
securities
(v.
t.
100.0
to interest continued to offer
as
amount
Common stock
Grand total..
in 1939.
The
1940
%
ctfs. and ctfs. of deposit)..
of payment.
Partial interest payments in cash were made in
20.9% of the total amount of bonds in default, as against 17.45%
On $1,946,623,235 of bonds, constituting 79.09% of the total
in
in
0.3
form
on
1941
182,324,623
.....
Preferred stock
Substitute
4.3
$6,091.7
some
Apr.,
A mount
44,010,271
....
Unsecured bonds.
beneficial interest, &c._...
Warrants or rights..........
45.6
'
Total
Secured bonds
Certificates
$1,230.4
Europe....
Apr.,
1940
$
of Total
(000,000)
Apr.,
1941
Dec. 31, 1940
Amount
Out¬
Latin
Apr.,
A mount
Dec.
Z'-'j
of
25.5%
not
in
outstanding
its
by Belgium
default
on
with
interest
has repatriated
60.13% of its dollar bonds; Hungary,
43.07%; Yugoslavia, 41.52%; Chile, 32.33%, and Germany, 28.16%.
R.
B.
McCandless Appointed Deputy Comptroller of
Currency—Succeeds E. H. Gough Who Will Retire
July 6
The retirement of Eugene H. Gough as Deputy Comptrol¬
ler of the Currency after 30 years of service and the appoint¬
ment of Robert B. McCandless as
Deputy Comptroller, both
effective July 6, were announced in Washington on May 26
by the Treasury Department.
Mr. Gough was appointed
a
national bank examiner from Boonville, Ind., in June,
1910, and his service with the Comptroller's office has been
continuous since April, 1912, the last 14 years of which have
been in his present capacity as Deputy Comptroller.
Two
years ago he reached the retirement age of 65, fixed by the
rules of the Comptroller's office.
His retirement date has
been postponed twice for periods of a year each.
In a letter to Mr. Gough acknowledging his request for
retirement, Comptroller Preston Delano said:
We shall miss the opportunity to draw on that mature
and experienced
counsel which has always proved of great value to the office.
Registration of 47 New Issues Aggregating $186,996,000
Became Effectively
Registered Under Securities
Act During April
The
May
Securities
16
Securities
that
Act
and
Exchange Commission
securities
of
1933
effectively
amounted
to
announced
registered
under
on
the
$186,996,000 in April,
Secretary Morgenthau, in recognition of the long service
Gough to the Treasury Department had the following
of Mr.
to say
in
letter:
a
The satisfaction which
your
who
and
comes
Government well for such
has rendered
enjoy.
,
such faithful
from the knowledge that you
a
have served
long period is a reward which only one
and efficient service is able to appreciate
Volume
The Commercial & Financial Chronicle
152
A former
banker, Mr. MeCandless
from South Dakota
He
served in
member
of
this
the
named in 1924
was
receiver of insolvent national banks.
as a
capacity until 1932 when he became a
Division
of
Insolvent
National
Banks
in
Washington, being promoted to head this division in 1938
as Chief
Supervising Receiver.
at the Commodore
Announcement was made in Washington on May 27 by
E. R. Stettinius Jr., Director of Priorities of the Office of
Production Management, of the appointment of James L.
O'Neill
our issue of May 24, page 3277.
position at a time to be determined
by him, dependent upon the completion of his arrangements
for retiring from the Government service.
He will
■
President
Roosevelt
Member
of
Nominates
Ganson
SEC—Renames
Healy—Nominates
J.
Purcell
Commissioner
as
E.
R.
J.
Under
Dempsey to Be
Secretary of Interior—Other Nominations
,
President Roosevelt on May 29 sent to the Senate for con¬
firmation the nomination of Ganson Purcell, of New York,
to be a member of the Securities and
Exchange Commission,
and at the same time reappointed Robert E.
Healy, of Ver¬
mont to the
Commission for a term expiring June 5, 1946.
Mr. Purcell has been named to fill the
unexpired term ending
June 5, 1942, of Jerome N. Frank, who has been made a
Judge of the Second United States Circuit Court of Appeals
York; reference to Mr. Frank's appointment to the
made in our issues of March 22, page 1854, and
Feb. 15, page 1073.
On May 29 President Roosevelt also nominated former
Representative John J. Dempsen, of New Mexico, to be
Succeeding C. B. Robbins Resigned—M. C. TownAppointed Director of Agricultural Defense
Relations Office
J. B. Hutson has been named President of the
Mr. Purcell
member of the
SEC, and other nominations
made that day by the President, United Press advices from
Washington, May 29, had the following to say:
as a
Mr. Purcell, 36-year-old native of California, has been affiliated with the
SEC since its formation in
1934.
He served
as a
Wickard.
exchange division,
a post
he
now
is
It
the
witli
public servant
United States Tariff Commissioner
American Member of Board Created
as
States-China
Stabilization
Fund
The
United
States
Tariff
Commission
announced
on
May 27 with regret the resignation of Commissioner A.
Manuel Fox, effective May 26.
Mr. Fox was employed
by the Commission from June 1, 1923, to July ,1937, first
serving as a member of its Economic Division, and later as
the Director of Research.
He was appointed a Commissioner
in July, 1937, and has served continuously since that time.
Mr. Fox has resigned from the Commission, it is explained,
to become the American member of the Board to manage
the
American-Chinese
new
stabilization
fund.
the
stabilization agreement between the United Stat3s and
China, it was indicated that Secretary Morgenthau had
recommended to the Chinese Government the appointment
In
item in
an
of Mr. Fox
our
currency
Issue of May 3, page 2777
American member of the
as
Mr.
the
First
was
new
bearing
on
Board.
May 28 that
Howard F. Hopkins, associate regional
forester of the California Region since May, 1936, has been
appointed Chief of the Division of Private Forestry Coopera¬
tion in the
Forest Service, effective June 1.
The position
has been vacant since Gerald D. Cook resigned last October
private business.
The Department's announcement
Approximately three-fourths of the forest lands of the United States
private ownership.
improvement
involve
feeds
and
promotion
as
it
fifths
of
of
000,000
most
three^fifths
does
the
people
the
best
Forest
of
all
division
of
use
those
lands.
area
an
industrial
as
remaining
potential
His
of
as
responsibilities
341,000,000
plants with
considers
well
are
chief will deal with problems of
of
Service
accessible,
Nation's
are
new
secondary
The
the best and
The
management
primary and
$3,000,000,000.
as
Department staff in 1935.
Vice-President
of
the
California
Formerly he
and
Hawaiian
Corp., Economic Counsel for the Bank of
America and Spreckels Sugar Co., and a Professor of Eco¬
nomics at Stanford University.
Sugar
Refining
P.
V.
Shields
Again
Heads
Public Relations Com¬
Exchange—G. R. Kantzler
Renamed Arbitration Committee Chairman
The
that
New
Paul
York Stock Exchange announced on May 28
Shields has been reelected Chairman of the
V.
on
Public
Relations, and Edgar Scott has been
Vice-Chairman.
Arbitration
The
Committee
lias
reelected
George R. Kantzler Chairman, and David W.
Smyth Vice-Chairman.
This completes the election of
standing committees' chairmen.
Designation of the other
committee chairmen was reported in our issue of May 24,
page 3277.
+
Gerard
Chairman of New York City Housing
Authority, to Address New York State Chamber of
Swope,
Commerce June 5
Gerard Swope, Chairman of the New York
City Housing
Authority, will be the guest speaker at the monthly meeting
of the New York State Chamber of Commerce to be held
on
Mr. Swope,
it is announced, will discuss the work
of the Authority, particularly housing for low income groups.
Percy H. Johnston, President of the Chamber, will preside
at the meeting which will be the last scheduled one of the
June 5.
Chamber before the
summer recess.
in
from New
of American Institute of
Banking
Francisco Next Week—Delegation
York Chapter Departs to Participate
San
The annual convention of the American Institute of Banking
will
convene
tinue
in San Francisco
through June 6.
on Monday, June 2, and con¬
This will be the 39th annual meeting
of the Institute, which is the educational arm of the American
Bankers Association.
was
made in
our
Previous reference to the convention
issues of April 26, page 2645, and March 22,
page 1855.
An attendance of 1,500 persons is anticipated.
A delegation from the New York Chapter of the Institute,
Clarence V. Joerndt, of the National City Bank
President-elect of the Chapter, departed
on May 24 to participate in the San Fran¬
cisco meeting; as to this, an announcement by the New York
Chapter had the following to say:
headed by
said:
in
a
Annual Convention
United States Department of Agriculture announced
to enter
1939, when
transferred to the Department of Agri¬
reorganization order by President Roosevelt.
was
He first joined the
Hopkins Appointed Chief of Private Forestry
Cooperation in United States Forestry Service
on
from
high appreciation of his responsibility to American
Robbins became President of the CCC in
culture under
F.
The
a
Corporation
Opens
H.
Mr. Robbing's resignation
that I accept
Since joining the Department's staff he has been an able
with
Committee
United
previously been director of the
Agricultural Defense Relations
Townsend,
farmers.
elected
to
of
mittee of New York Stock
in the bituminous coal division.
Become
genuine regret
Department.
holds.
Luther Harr of Pennsylvania was nominated to be consumer's counsel
To
Office
advisor to
Sydney Hillman, Associate Director of the Office of Pro¬
duction Management.
Announcement was made on May 24 by Secretary Wickard
that Mr. Robbins had resigned as President of the CCC in
order to enter private business in Louisville, Ky.
The
announcement said that in view of the congressional hear¬
ings in progress on pending legislation to increase the Cor¬
poration's borrowing power, Mr. Robbins will continue in
active charge of the Corporation until June 9, 1941.
Secre¬
tary Wickard stated:
Attorney General in charge of customs, succeeding Webster J. Oliver, who
resigned.
Incident
Hutson had
and will be succeeded in this post by M. Clifford
who had been serving as special agricultural
The President also nominated Paul P. Rao of New York to be Assistant
A. M. Fox Retires
Mr.
member of the General
Counsel's staff of the SEC from 1934 to 1937, when he became Director of
the trading and
Commodity
Credit Corporation succeeding Carl B. Robbins, it was an¬
nounced on May 28 by Secretary of Agriculture Claude R.
was
Under Secretary of the Interior., to succeed Alvin J. Wirtz,
resigned,
Mr. Dempsey is at present a member of the
Maritime Commission. With regard to the appointment of
new
send
in New
Court
his
recently created
♦
■
reported in
was
assume
J. B. Hutson Named Head of Commodity Credit Corp.,
in
charge of operations. Mr. O'Neill, who has been operat¬
ing Vice-President of the Guaranty Trust Co. of New York
since 1918, succeeds Emil Sehram who has become President
of the New York Stock
Exchange. Mr. Schram's appoint¬
ment to the Presidency of the Stock
Exchange was referred
to in our issues of May 24,
page 3277, and May 10, page 2963.
the evening of
recently elected
on
Mr. Schram, who is Chairman of the Reconstruction
Finance Corporation, was formally elected President of the
Stock Exchange at the Board of Governors' meeting on
Assistant Director of the OPM Priorities Division
as
Hotel, New York City,
June 25, in honor of Emil Schram, who was
President of the Exchange.
May 19; this
J. L. O'Neill Appointed Assistant Director of Priorities
Division of OPM—Will Have Charge of Operations
3437
acres
investments
privately-owned
the most productive,
saw
will
which
of
about
forest
timber-growing
capacity.
selling and transporting forest products, and
program,
About
13,-
forest industries, in
wood-working artisans.
as
A number of the
land
containing
timber and representing four-
supported by workers employed in
of New York and
from New York
delegates will play an important part in the convention
which is under the general
supervision of George T. Newell,
New York and National
Vice-President of the Manufacturers Trust Co.,
Vice- President of the Institute.
and at San Francisco will
National
He is
a
Past President of New York Chapter
be placed in nomination for the Presidency of the
Organization.
Two of the
inter-departmental conferences at San Francisco will be led
by New York Chapter people: the Investments
Dinner
in
New
Honor
York
of
Stock
Emil
Schram,
Exchange,
New
Will
President
Be
Given
of
Bankers
by
Harold
on
June 25
and Investment Banking
Secretary of the New York State
Association, and the Savings Banking Conference by John H.
Conference
Roberts, Assistant
J.
Marshall,
Comptroller of the South Brooklyn Savings Bank. The
"Savings Deposits Today—Do We Want Them?"
latter will also speak on
Association of Stock Exchange Firms and the New
York Stock Exchange membership will jointly give a dinner
The
Other New York
are
the following:
Chapter people who will app&ar on the speaking programs
Miss May F. McCusker of the Irving Trust Co., who '
will talk on the
subject, "First Things First," at the Women's Conference,
Assistant Auditor of the Williamsburg Savings Bank,
Joseph A. Kaiser,
"School Savings and Thrift Education," and Walter H,
who will discuss,
whose subject will be, "How to
of the Bowery Savings Bank,
Tietjen,
the Face of Low Interest Rates and Easy Credit."
Encourage Thrift in
symposium on, "General Mort¬
Participating with John H, Roberts in a
Procedure and Servicing," at the Savings
gage
Banking Conference will be
Dime Savings Bank of Brooklyn, and Howard
Everett J. Livesey of the
Bank.
in the Convention will be played by Dr. William A.
An outstanding part
lead
will
Director of the American Institute of Banking, who
round-table discussion at the Educational Conference on.
Educational
Irwin,
a
"Educational Problems," and will make the
general session on Friday morning of
meeting and commencement exercises of the
County (N. J.) Chapter, American Institute of Bank¬
ing, held in Newark, Mav 20, Archie C. Barbata, Assistant
Cashier of the Bank of Nutley, Nutley, N. J., was elected
President to succeed Richard N. Berkefeldt of Federal
Trust Co.
In noting this, the Newark "Evening News"
At the annual
of
Hammer, associated with the National
Robert W.
City,
the round-table discussion
participate in
will
May 21 also reported:
Other officers elected were
Union Trust Co., Second
First Vice-President,
Fidelity Union, Chief Consul,
Savings Investment & Trust Co., East Orange.
C. Wulff,
of governors for three years were
Elected to the board
Treasurer, Orange Savings Bank,
Office in New York
on,
"Solving Your
Chapter's Problem," at the Chapter Publicity Conference.
Alvan B. Fehn, Fidelity
Vice-President, John H. Duerk, Howard
Institution, Treasurer, Elmer S. Carr,
principal address at the closing
convention week.
1941
Essex
MacDougall of the Williamsburg Savings
D,
May 31,
The Commercial & Financial Chronicle
3438
Savings
"Walter
Charles Hasler,
Vice-Presi¬
Charles E. Helwig, Assistant
Banking Co., William A. Kenny, Assistant
Trust Officer, Savings Investment & Trust Co., C. Le Roy Whitman.
Vice-President, Fidelity Union, and Percy B. Menagh, Vice-President,
dent, National Newark & Essex
United States Trust Co.
7
Kings County Bankers Association Elected
at Annual Meeting
Officers of
of the Kings County Bankers
Vice-President of
the National City Bank of New York, was elected President,
and the following officers were also elected—to serve for the
At the recent annual meeting
Association, Harold W. Osterhout, Asst.
ensuing
P. Kennedy, President of Lafayette National
Ansel P. Verity, Vice-President
Bank of Brooklyn, Second Vice-President,
of Bank of the Manhattan Co., and Secretary-Treasurer, Harold
Assistant Secretary of Brooklyn Trust
Executive
F. Klein,
Co.
ABOUT
BANKS, JTRUST
COMPANIES,
&c
made on May 28 for"the transfer of a
New York Stock Exchange membership at $27,000.
The
previous transaction was at $28,000 on May 19.
Arrangements
were
Two New York Coffee and Sugar
were
sold
on
Harold
Vice-President,
Exchange memberships
May 28, for $2,400—an advance of $200 from
the last previous sale.
G.
Lewis
At a meeting of the Board of Trustees of the Harlem Sav¬
ings Bank, New York City, held May 12, George A. Mount,
Manager of the Otis Elevator Co, in the Metropolitan area,
was elected to the Board, it is announced
by Glover Beardsley, President. Mr. Mount has been with the Otis Elevator
Co. for 28 years.
Philadelphia
Cordner,
Bank & Trust Co.
elected to the board
Daniel Dempster,
George Geuder and Harold McKaig.
Society, and Treasurer, Winfield T. Irwin, Ninth
following in addition to Mr. White, have been
The
for
of directors
terms
of three
years:
Humpton,
James Wilson,
♦
-'"-r
retired Philadelphia banker and textile
manufacturer, died at his home in that city on May 23.
He was 80 years old.
Mr. Milne, who was born in Phila¬
delphia, entered the cotton and woolen goods business with
his father in 1879, and from 1885 to 1924 was a partner in
C. J. Milne & Sons, textile manufacturers.
From 1921 to
1923 he served as President of the United Security Trust Co.
Caleb J. Milne Jr.,
of
Philadelphia.
"/•••
V:vVv.
♦
7;
=
Arfc F. Fisher, Vice-President of the National Bank
of Commerce, Houston, Texas, died in that city on May 16,
it is learned from the Houston "Post" of May 17.
Mr.
Fisher, who would have been 57 years old on June 15, had
been connected with the National Bank of Commerce for
the last 12 of which he served as Vice-President.
28 years,
#
Banque Diamantaire Anversoise S. A. of Antwerp, Bel¬
gium, was issued a license by the New York State Banking
Department on May 16 to maintain an agency at 680 Fifth
Ave., New York City, it is learned from the Department's
"Weekly Bulletin" of May 23.
Trust Co.,
Saving Fund
Tradesmens National Bank &
S. O'Brian,
Osterhout
Kennedy, ex-offieio; and John E. Biggins, President
of the Flatbush National Bank; Chester A. Allen, VicePresident of the Kings County Trust Co., and William K.
Swartz, Vice-President of the Lawyers Trust Co.
National Bank, First Vice-
Donald White, Central-Penn
R.
President,
William Hurt/man, Richard
Committee will consist of Mr.
and Mr.
ITEMS
of May 23:
Second
First Vice-President, George
The
a
President,
year:
-A.
reorganization meeting of the board of directors of the
Philadelphia Chapter, American Institute of Banking, held
on May 22 at the Philadelphia Country Club, the following
officers were elected according to the Philadelphia "Inquirer"
At
THE
Lower
CURB
prices prevailed
on
MAR CET
during much of the present week.
sional advances in
some
,
the New York Curb Exchange
of the
There have been occa¬
more
active groups particu¬
larly in the public utility preferred section.
Shipbuilding
stocks have been active and there was considerable specu¬
lative interest apparent in the oil issues.
Industrial
have been in demand at times, aluminum stocks
irregularly
worked
up
down
and down and the
to
lower
levels.
paper
shares
moved
and cardboard issues
Aircraft
shares continued
unsettled with most of the changes on the downside.
Price movements were narrow and the volume of sales
t
Harry B. Fonda, who retired in 1929 as Cashier of the
Harriman National Bank, New York City, died of pneu¬
monia on May 27 in the Orange Memorial Hospital, Orange,
N. J., at the age of 74.
Mr. Fonda, who was born in Poughkeepsie, N. Y., served as a clerk with the Merchants National
Bank of Poughkeepsie for two years before coming to New
York in 1887 to join the Western National Bank as loan
clerk. When that bank was merged in 1894 with the National
Bank of Commerce, Mr. Fonda was made Assistant Cashier.
In 1902 he became Treasurer of the Trust Co. of America in
light during the abbreviated session on Saturday.
dropped to 22,175 shares as compared with
approximately 38,000 during the preceding short session.
was
The
very
transfers
There
were a
few advances of
a
point
or more
but the list, as
fractionally lower at the close.
Industrials
were down all along the line, Midvale dipping 13^ points to
114^2 while fractional recessions were registered by Carrier
Corporation, Pittsburgh Plate Glass, United Shoe Machinery,
Lynch Corporation, Technicolor and Niles-Bement-Pond.
Oil shares were unsettled, Standard Oil of Kentucky and
a
whole,
was
New York and in 1907 joined the Trans-Atlantic Trust Co.
of America as Vice-President. He later went to the Harriman
Gulf
bank, becoming Cashier in 1920.
Vultee, Beech and Republic moving slightly higher while
Cessna Aircraft and Brewster declined with Solar Aircraft
John W. Eraser, President and trustee of the Roosevelt
Savings Bank, Brooklyn, died on May 27 at his home in
Garden City, L. I. He was 77 years of age. Mr. Eraser began
his banking career at the age of 15 as a messenger for the
unchanged.
Mechanics
was some activity apparent in the industrial specialties,
general list moved irregularly lower although the gains
were largely fractional.
The turnover was down to approxi¬
mately 56,000 shares against 60,000 on Friday the last full
day.
The shipbuilding issues were one of the bright spots
Todd Shipyards advancing 2K points to 89
at its top for
the day.
Oil shares also were active, Derby Oil pref. climb¬
ing upward 3% points to 36. Aircraft stocks were generally
down, Bell dropping back 1 point to a new 1941 low at 16
followed by Vultee, Brewster and Solar Aircraft, while
Cessna and the Fairchilds were generally unchanged. Paper
and cardboard stocks were quiet.
Trading was again dull and uninteresting on Tuesday.
The transfers showed a slight increase in volume but the
changes were along a narrow front with the declines in
&
Traders Bank of
Greenpoint, Brooklyn, and
with the Corn Exchange Bank
was
appointed Assistant Manager of the Greenpoint branch
of that bank.
In 1907 he was appointed a trustee of the
Eastern District Savings Bank, Brooklyn, which later be¬
came
the Roosevelt Savings Bank.
He became President
of the bank in 1917, remaining in that
capacity until 1935
when that institution merged
when
on
he
was
elected
Chairman
of
the
Board.
However,
the death of his successor—Parker D. Sloan—in October,
1936,
Mr.
Eraser
the institution
on
was
again elected
Oct. 13, 1936,
to the presidency of
remaining in that post until
his death.
The
assets
Erie
of
County
Trust
Co.,
East
$2,624,000, has become
a
Aurora,
N.
member of the
Y.,
with
Federal
Reserve System, effective May 20, it is announced by the
Federal Reserve Bank of New York.
It is the 23rd bank in
the
Second
far
this
(New York)
year,
and
District to join
the 31st since
membership began last September.
this is the first bank in the Buffalo
since the
move
to increase the
Ball is Chairman of the
the
System thus
increase in
It is
area
pointed out that
to join the System
membership began.
Board of the
new
tion and Charles H. Norton is President.
the
present
Fay H.
member institu¬
Oil
Petroleum
advancing while Humble Oil and International
were lower.
Aircraft stocks continued irregular,
In the aluminum section prices were un¬
changed.
Paper and cardboard issues were quiet and most
of the shipbuilding stocks were absent from the tape. ,
Public utilities turned downard on Monday and while
.
there
the
Shipbuilding shares were again
advance in this group with a
gain of 1F£ points to 90
Oil stocks were fractionally
higher except Creole and Gulf which eased off.
Public
utility issues were lower all along the line and the aluminum
stocks moved sharply downward, Aluminum Co. of America
declining 4 points to 115. Aircraft stocks were moderately
stronger, Bell Aircraft advancing 1 point to 17 followed by
Brewster, Vultee and Republic, while Fairchild, Cessna and
Beech declined.
Recessions predominated among the paper
excess
of
the
advances.
active with Todd leading the
Volume
and
The Commercial & Financial Chronicle
152
shares
cardboard
with
Paper & Power
Puget Sound Pulp & Timber unchanged.
warrants and
Industrial shares attracted
a
moderate amount of specu¬
lative attention
3439
FOREIGN
International
EXCHANGE
RATES
Pursuant to the requirements of
of 1930, the Federal Reserve
Section 522 of the Tariff
Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
Act
on Wednesday but the market as a whole was
dull, with changes in the general list largely in minor frac¬
tions.
About two dozen stocks registered gains of a point
cable transfers in the different countries of the world.
more and many of these were in
The transfers totaled 47,850 shares
FOREIGN
the industrial section.
or
give below
with 213 issues traded
in. Of these 75 closed on the side of the advance, 77 declined
and 61 were unchanged as the session came to a close.
Public
EXCHANGE
MAY 24,
Aircraft issues
fairly active
on the side of the advance but the changes were small and
without special significance, Aluminum stocks were un¬
settled; Aluminum Co. of America advancing
points to
11634; while Aluminum Co. pref. declined and Aluminum
Goods was unchanged.
Paper and cardboard stocks moved
within a narrow channel and the shipbuilding issues were
represented on the side of the advance by Todd Shipbuilding
Which gained 14 point at 9034Irregular price movements with a moderate tendency
toward higher levels were the outstanding characteristics of
the Curb Market trading on Thursday.
There were no group
movements as most of the changes were confined to a selected
list of market favorites and with, few exceptions were in
minor fractions.
The best gains included among others
Aluminum Co. of America, 2 points to 118
Bell Telephone
of Canada, 2 points to 98; Rochester Telephone pref.,
points to 114, and Puget Sound Power & Light $6 pref.,
4 34 points to 46.
t*aper & Cardboard shares were active at
fractionally higher prices and there was renewed activity
apparent among the shipbuilding shares, New York Ship¬
building (founders shares) advancing 124 points to 26; while
Todd Shipbuilding forged ahead
points to 91.
As
compared with Friday of last week many market favorites
were unchanged while most of the issues in the general list
registered only minor advances or declines.
The New York Curb Exchange, The New York Stock
Exchange and
the
Commodity markets were closed
Friday, May 30, in observance of the memorial day holiday.
including several
new tops.
were
THE
AT
Domestic
Government
$
-
a
a
Czechoslov'la, kornua
Denmark, krone.
Engl'd, pound sterl'g
New York
a'
a
a
'''<••
May 29
May 28
:
May 30
S
$
;
■^.a.v:
a
,
;■
a
a
V>,a
a
X:;X
a
a
a
a.
1
.
* T'V
Official
4.035000
4.035000
4.035000
4.035000
4.035000
Free
4.032500
4.032500
4.032500
4.034062
4.033928
Finland, Markka
France, franc
.020100
.020100
.020100
.020100
.020100
a
a
a
a
Germany, reichsmark
Greece, drachma
Hungary, pengo
Italy, lira
.399700*
.399700*
a
.399700*
a
a
.050471*
a
a
a
a
.040025
.040012
:;vv: a
a
a
a
a
■■■-'
.052614*
.052612*
a
a
a
a
a
Poland, zloty
Portugal, escudo
Rumania, leu
a
a
.052612*
.050483*
a
.399700*
.399700*
a
a
Netherlands, guilder.
Norway, krone
V'/
a
a
v
a
a
.040025
.040025
.040012
a
a
a-.:
■
.091300*
Spain, peseta
•091300*
.091300*
.091300*
.091300*
Sweden, krona
.238433
.238416
.238400
.238400
Switzerland, franc...
Yugoslavia, dinar
.232021
.232042
.232042
.232050
.232014
a
a
a
a
■%:a aXviX;::'
Chefoo (yuan) dol'r
a
a
xH/a;,/::.
a
a
Hankow (yuan) dol
a
a
a
a
a
.238283
HOLI¬
Alia—
DAY
China—
Shanghai (yuan) dol
Hongkong,
dollar.
■...
.053237*
Tientsin (yuan) dol
.053312*
.054000*
.053550*
.053750*
:yXXa''X:;
a
a
a
a
,243187
.243187
.243312
.243187
.243437
.301283
India (British) rupee.
.301283
.301283
.301283
.301283
Japan, yen
.234387
.234387
.234387
.234387
.234387
Straits Settlem'ts, dol
Australasia—
.471066
.471066
.471066
.471066
.471066
Official
3.228000
3.228000
3.228000
Free..^.......
Australia, pound—
3.228000
3.228000
3.213125
3.213333
3.213333
3.213958
3.214583
New Zealand, pound. 3.225958
Africa—
3.225958
3.225958
3.226625
3.227458
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
.909090
North America—
Official..
'■
Total
.909090
.909090
.909090
,909090
Free.............
.871250
.871640
.875937
.875267
.876250
.205450*
.205325*
.205450*
.205450*
.205325*
.909090
.909090
.909090
.909090
.909090
.868750
.869062
.873125
.872968
.873750
■
South America—
22,175
$339,000
$4,000
$6,000
$349,000
55,595
656,000
23,000
8,000
687,000
Tuesday
61,095
961.000
1,000
5,000
Thursday
Thursday—
47,775
745.000
8,000
3,000
967,000
756,000
58,885
3,000
826,000
29,000
858,000
$51,000
$3,617,000
HOLIDAY
Friday
Total
May 27
$
Newfoundl'd, dollarOfficial..........
Foreign
Corporate
Foreign
of
Shares)
Monday
May 26
May 24
Europe—
Belgium, belga
Bulgaria, lev
Mexico, peso
Bona$ (Par Value)
(Number
'.
RESERVE
Unit
•''
Saturday
Noon Buying Rate for Cable Transfers in
Value in United. States Money
Country and Monetary
EXCHANGE
YORK CURB
NEW
Stocks
Week Ended
FEDERAL
BY
UNDER TARIFF ACT OF 1930
1941, TO MAY 30, 1941, INCLUSIVE
Canada, dollar—
DAILY TRANSACTIONS
May 30, 1941
CERTIFIED
RATES
BANK TO TREA8URY
utilities sagged, some of
the more active stocks in the pre¬
ferred group declining up to 2 or more points.
Oil shares
continued in demand and registered some moderate gains
245.525
$39,000
$3,527,000
Argentina, peso—
Official
.297733*
.297733*
.297733*
.297733*
.297733*
Free
.237044*
,237044*
.237044*
,237044*
.237044*
.060575*
.060575*
.060575*
.060575*
.060575*
.050600*
.050600*
.050600*
.050600*
.050600*
Brazil, mllreis—
Official
Free.............
Chile, pesoOfficial
C
c
Export...........
.
'c
•
c
c
c
c
.569825*
Week Ended May 30
.569825*
1941
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
Jan. 1 to May 30
1940
1941
.569825*
.414750*
.414750*
.420500*
.420400*
.420500*
Colombia, peso
Uruguay, peso—
New York Curb
Exchange
.569825*
Controlled
Sales at
1940
*
Stocks—No. of shares.
We
record for the week just passed:
a
245,525
607,031
10,280,502
23,944,039
$3,527,000
$4,595,000
$113,649,000
Nominal rate,
$155,869,000
1,004,000
3.194,000
a
No rates available,
.569825*
c
Temporarily omitted.
Bonds
Domestic
.
_
_
,
_
Foreign government...
39,000
10,000
889,000
Foreign corporate,
51,000
89,000
1,198,000
Total
„
.
„
$3,617,000
.
$115,736,000
$4,694,000
$160,067,000
LONDON STOCK EXCHANGE
THE
Quotations of representative stocks as received by cable
each day of the past week:
Sat.,
Boots Pure Drugs
British Amer Tobacco
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
May 24
Cable <fc W
May 26
May 27
May 28
May 29
May 30
36/3
87/6
£11%
33 h
30/3
£57u
-
Cons Goldfleldj-, of S A.
Courtaulda S A Co...
.
De Beers..
64/9
8/3
Distillers Co
Electric & Musical Ind.
Closed
London Mid Ry
Metal Box
£12
£12%
;
72/-
72
United Molasses
40/6
23/9
15/-
Vlckers
£7
/
65/9/18/3
23/6
93/£12%
72/-
23/6
93/9
for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending May 31
$2,265,022,475
254,368,958
Kansas
£3ht
MARKET—PER
CABLE
—
Wed.,
Thurs.,
Fri.,
May 29
May 30
168s.
British
23 7-16d,
23%d.
£78%
£79
168s.
168s.
168s." "
£78%
.
———
days
......^,
Closed
£103%
£103%
£103 13-16 £103 11-16
Closed
£112%
£112%
£112%
The
£112%
price of silver per ounce (in cents)
States on the same days has been:
BarN.Y.(for'n)
34%
in the United
34%
34%
34%
34%
71.11
71.11
71.11
71.11
(newly mined) 71.11
Total all cities for week.
$4,175,123,688
1,115,937,134
—0.1
_ .
_ .
—
$5,579,393,879
$5,291,600,822
+ 5.4
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
+4.0
+6.9
by the
cannot
today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the. last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
the week previous—the week ended May 24.
For that week there was an increase of 11.3%, the aggregate
results for
clearings for the whole country having amounted to
$6,773,762,381, against $6,083,320,379 in the same week in
of
HOLIDAY
U. 8. Treasury
All cities, one day
80,000,000
+ 7.8
until
4%
1960-90
T
23 %d.
1688.
3%%
W. L_._
British
+22.6
1,115,878,776
-
—
Other cities, five days
£3»x
May 28
£78 11-16
+7.2
$3,530,258,624
644,865,064
$4,463,515,103
.
Cleveland
Baltimore..
Tues.,
23%d.
60,949,075
$3,672,663,763
790,851,340
City.
Detroit
May 27
168s.
73,748,688
+28-6
+23.2
Pittsburgh
72/6
41/3
23/9
15/3
Mon.,
Closed
+ 18.0
£7
72/6
40/6
23/6
15/3
May 26
Closed
—3.9
93,685,341
90.666,447
£7
Sat.,
oz__
+23.4
+13.5
118,306,000
May 24
Gold, p. fine oz.
63,900,164
123,068,000
St. Louis
daily closing quotations for securities, &c., at London,
Consols, 2 %%•-
+ 16.0
San Francisco
.
reported by cable, have been as follows the past week:
SUver, per
147,349,120
£7
72/-
Boston
Total all cities, five days
as
+ 12.3
£7
-
....
Eleven cities, five
FINANCIAL
-—0.8
iv; 277,000,000
116,611,116
90,850,300
65,326,847
Philadelphia
$2,283,945,186
235,946,603
110,507,371
...
„.
Chicago
1940
311.000,000
New York.
....
Cent
1941
170,997,327
78,873,369
90,800,000
£12 H
H
£31i«
£3ht
.........
ENGLISH
f The
CLEARINGS
....
30/-
65/8/3
18/3
72/6
40/6
23/6
15/-
/-
....
Wltwatersrand
Areas
BANK
OF
show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, May 31)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 5.4% above
those for the corresponding week last year.
Our preliminary
total stands at $5,579,393,879, against $5,291,060,822 for
the same week in 1940.
At this center there is a loss for
the week ended Friday of 0.8%.
Our comparative summary
£5 %
£5%
£7
£7
.........
Rolls
Royce
Shell Transport
33/29/9
72/-
■(£
£7
Rand Mines
£11M
8/3
18/3
23/9
93/9
23/6
93/9
Hudsons Bay Co......
Imp Tob & G B & I.
£65 %
64/9
18/-
Ford Ltd
36/88/£66%
£11%
33/-
88 /+
£57x«
£64%
Central Mln & Invest.
West
36/-
36/—
88/£64%
£11X
33/29/9
.
(ord)
Rio Unto
COURSE
Bank clearings this week
The Commercial &
increase of 23.4%,
Outside of this city there was an
1940.
clearings at this center having recorded a gain of
only 1.7%.
We group the cities according to the Federal
Reserve districts in which they are located, and from this it
the bank
District (including
of 2.5%, in
that in the New York Reserve
appears
this city) the totals register an improvement
the Boston Reserve District of 18.2% and in the
Philadelphia
Reserve District of 18.5%.
In.the Cleveland Reserve Dis¬
trict the totals are larger by 23.3%, in the Richmond Re¬
serve District by 29.1% and in the Atlanta Reserve District
by 25.4%.
The Chicago Reserve District shows a gain
of 21.6%, the St. Louis Reserve District of 35.1% and the
Minneapolis Reserve District of 12.7%.
In the Kansas
City Reserve District the totals record an expansion of
25.1%, in the Dallas Reserve District of 14.5% and in the
San Francisco Reserve
Financial Chronicle
District of 33.6%.
Week Ended, May 24
Clearings at-
Seventh Feder al Reserve D istrict— Chi
Mich-Aon Arbor
Detroit.
Grand Rapids.
Lansing
Ind.—Ft. Wayne
Indianapolis...
South Bend...
Terre Haute...
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines...
Sioux City----
111Bloomington
Chicago...
Decatur.
.
....
Peoria........
In the following we
furnish
a summary
by Federal Reserve
SUMMARY OF BANK
CLEARINGS
Atlanta
10
"
"
7th
Chicago
18
"
641,144,526
%
262,630,131
3,477,971,720
443,192,247
334,396.438
144,128,p54
188.176,232
527,409,664
8th
St. Louis...
4
"
199.031,366
147,361.821
9th
Minneapolis
7
112,462,146
140,469,998
70,216.021
234,905,907
2d
New York..13
"
3d
PhliadelphialO
"
4th
Cleveland..
7
"
6th
Richmond..
6
6th
$
310,515,607
3,566,637,430
525,230.475
412,419,330
186.105,657
236,022,726
Reserve
Dists.
12 cities
Boston
1st
1,491,026
Springfield
districts:
Federal
Rockford.....
"
126,777,413
10th Kansas Cityio
"
175,724,503
6
'*
12th San Fran...10
"
80.418,950
313,734,398
%
+18.2
+ 2.5
+18.5
+ 23.3
+ 29.1
+25.4
+ 21.6
+35.1
+12.7
+ 25.1
+14.5
+33.6
t
229,425,463
3.286,237,449
385,159,007
260,921,878
115,905,607
147,439,468
467,178,628
130,100.205
97,160,970
123,770,760
Total (18 cities)
$
212,795,533
2,894,627,575
355,733,524
252,171,377
111,014,231
128.391,945
419,241.442
125,118,823
86,437,030
110,622,964
54,946,706
206,611,854
352,552
168,552,694
3,739,484
2,056,010
2,318,402
22,372,000
2,742,316
6,780,469
22,836,573
1,405,197
9,989,534
5,147,536
492,427
383,201,061
1,162,311
4,811,223
1,693,711
327,186
108,749,950
3.299,249
1,570,578
1,764,898
18,605.000
2,181,447
5,103,285
20,041,673
1,138,094
7,993,116
3,722,111
414,960
345,127,141
939.483
3,841,577
1,334,479
1,255,437
641,144,526
Eighth Federa 1 Reserve Dls trlct—St. Lo
117,900,000
93,500,000
Mo—St. Louis..
Ky.—Louisville..
51,699,459
Tenn.—Memphis
28,749,907
33,308,012
19,858,809
Quincy.
x
x
682,000
111.—Jacksonville
695,000
Total (4 cities).
trlct—Minne apolls-
Ninth Federal
Outside N. Y. City.
6,773,762,381
6,083,320,379 +11.3
5.520,428,673
3,345,019,138
113 Cities
Total
61,393,620
215,735,618
—2.5
2,710,395,186 + 23.4
2.326,593,156
4,957,713,004
2,158.780,659
Minneapolis...
3,555,641
75.242,120
+ 12.4
St. Paul
11th Dallas.....
26,719,983
+ 16.3
2,230,860
889,906
877,093
+20.6
2,946,543
+ 5.0
Minn.—Duluth..
N. D.—Fargo...
S.D.—Aberdeen.
Mont.—Billings.
32 cities
Canada
We
add
now
our
579,203,092 +11.2
421,571.700
258,750,855
265,476,439
detailed statement showing last week's
Helena.
+ 11.7
—0.1
Total (7 cities)
figures for each city separately for the four years:
Tenth Federal
Week Ended May 24
Clearings at—
Hastings...
Lincoln.......
Kan.—Topeka
.
.
Mo.—Kan. City.
519,095
Me.—Bangor
St. Joseph
1,737,355
225,626,131
725,551
Fall River..
Lowell
Colo—Col. Spgs.
408,299
Portland
Mass,—Boston..
Total (10 cities)
Pueblo
3,281,518
2,167,291
12,316,863
Eleventh Fede
Haven...
4,304,271
Texas—Austin...
R. I.—Providence
10,309,400
461,623
Springfield
Worcester
New
-
Hartford
N.H.—Manches'r
627,471
2,236,121
175,724.503
310,515,607
Fort Worth
262,630,131
District—Da Has—
+ 12.5
1,530,809
53,873,019
Dallas....
—
Galveston.....
Total
125,897,997
3,303,788
514,832
113,852
773,234
New Bedford..
Conn
112,137
2,772,732
28,920,179
2,577,671
2,340,762
99,437,366
3,055,205
512,623
3,877,268
Wichita
rict—Boston
Federal
131,455
172,392
2,762,141
36,143,672
Omaha
First
Reserve Dis trlct— Kans
684,837
Neb.—Fremont..
+ 16.8
7,737,751
+ 12.3
2,992,000
—34.6
Wichita Falls..
Feder al Reserve D istrict—New
5,926,860
1,123,565
35,600,000
499,461
+ 82.4
Blnghamton...
......
10,809,026
1,276,740
50,000,000
718,414
Eirnira
Jamestown
817,759,
New York....
Rochester
+ 30.5
+40.4
+ 43.8
—1.3
Utah—S. L. City
+ 35.4
Calif.—L'g Beach
3,778,669
+ 30 6
2,359,848
+43.6
+ 42.3
+ 15.2
+ 54.6
334,640
395,599
—15.4
Newark
20,586,325
16,167,132
+ 27.3
Northern N. J.
28,644,790
23,543,592
+ 21.7
Yakima....
Pasadena
San
Francisco.
San Jose.
Santa Barbara.
Stockton.
Total (13
cities)
Third Federal
Bethlehem....
Chester
Lancaster
Philadelphia...
+ 5.8
535,477
566,335 + 157.9
+ 27.9
314,028
+ 20.6
1,268,139
+ 18.5
432,000,000
1,378,587
Scranton......
N. J.—Trenton..
2,293,215
1,280,411
1,206,955
2,349,100
Total (10 cities)
Fourth
Feder
Ohio—Canton
+ 17.8
+ 53.7
+ 28.3
+ 34.8
Columbus
12,310,800
—9.9
2,164,726
2,393,094
+ 40.4
144,133,848
+ 14.5
Mansfield.....
Pa.—Pittsburgh
Total (7
Fifth
.
cities)
334,396,438
Federal
rict—Richm
W.Va.—Hunt'ton
S. C.—Charleston
496,133
2,811,000
38,550,595
1,256,619
Va.—Norfolk
Richmond....
Md.—Baltimore.
75,807,172
D.C.—Washnig'n
25,206,535
Total (6 cities).
144,128,054
Sixth Federal
Tenn.—Knoxville
rict—Atlant
Augusta
3,999,680
19,540,484
73,300,000
1,149,236
Macon.
908,924
Nashville.....
Ga.—Atlanta....
Fla.—Jacks'nvllle
21,276,000
Ala.—Birm'ham
23,633,734
.
.
Mobile
2,096,806
Miss.—Jackson..
120,233
Outside New York
Week Ended May 22
Clearings at-
%
+28.6
Montreal
+ 24.3
—3.4
Winnipeg
—18.4
Toronto.......
.
Vancouver......
42,151,135
+ 90.7
Quebec
—15.1
Halifax...
+ 30.8
Hamilton
+ 53.0
Calgary
+ 37.3
St. John________
+ 8.2
Victoria
+ 3.0
London
+ 2.6
+ 22.2
Edmonton
+ 51.8
Regina
Brandon
.....
+ 37.8
Lethbridge
+ 37.0
Saskatoon
+ 15.2
+ 8.2
Moose Jaw...
Brantford...
+ 3.2
Fort William
+ 104,6
New Westminster
+ 15.4
Medicine Hat
+ 39.2
Peterborough....
+ 19.7
—0.5
Shrrbrooke
+2.8
Kitchener...
Windsor
+ 8.7
.
+ 10.5
Prince Albert
Moncton
+ 6.2
:
Kingston
+ 5.6
Chatham
—3.2
+ 8.6
Sarnla
Sudbury
Total
....
(32 cities)
Total (10 cities)
+ 12.4
Ottawa
x
Vicksburg
La.—NewOrleans
(113
total
cities)
Canada—
istrict—Clev eland-
2,164,891
Youngstown...
+ 16.5
+ 12.2
61,589,502
.
Grand
+ 11.6
109,639,577
..
+ 39.3
cities)
—22.8
Cleveland
Cincinnati
+ 67.6
+20.9
443,192,247
York
1,944,729
949,157
2,605,608
rict—Philad elphia
Reading
Wilkes-Barre..
120,904,000
+ 9.7
3,477,971,720
Total (10
Pa.—Altoona—..
+ 32.1
+ 15.8
4,176,563
3,558,619
5,258,496
—4.2
Franci
43,818,610
16,023,476
Ore.—Portland..
3,407,667
8,130,441
istrict—San
41,908,760
1,013,050
+4.9
4,809,490
J.—Montclair
Twelfth Feder
Wash.—Seattle
+ 1.7
Westchester Co
Conn.—Stamford
828,572
Total (6 cities)
+ 13.6
3,428,743,243;3,372,925,193
8,358,895
7,968,068
Syracuse
N.
+ 9.5
3.012,400
York-
N. Y.—Albany..
Buffalo
1,070,042
La.—Shreveport.
(12 cities)
Second
♦Estimated,
xNo figures available
+ 12.0
Volume
The Commercial &
152
cable
Amount of
'
May
May
28
29
Matured
30 *
142
Bank (0%)
146
Relchsbahn(Ger. Rys.of 7% (7%)...
Comment Bank (6%)
Deutsche
Deutsche
Dresdner Bank (6%)
G
Farbenlndustrle I
—--i——--142
—
200
131
292
147
—
Verelnlgte Stahlwerke (6%)
169
171
206
206
206
142
141
141
146
145
142
201
202
131
131
293
147
149
696,252,000
Department:
of the Currency, Treasury
COMMON CAPITAL
Clyde," Clyde,
May 21—The Citizens National Bank of Chicago
Heights, 111. From $100,000 to $125,000
COMMON CAPITAL STOCK
May 23—The Springfield Gardens National
Springfield Gardens, New York, N. A.
$50,000--
DECREASED
PREFERRED
'
Springfield Gardens National Bank of New
Springfield Gardens, New York, N. Y. $74,625 sold to
$375 sold to local interests
Amount
York,
RFC.
Gardens National Bank of New York,
Springfield Gardens, New York, N. Y. Sold to local interests—
^
OF THE UNITED
$75,000
STATES
of the public debt and contingent
showing also the Treasury's
surplus position, all as of Feb. 28, 1941, has been extracted
from the
Treasury's official report.
Comparative debt
figures of a year earlier are also shown:
TO PAY MATURING
1941
*
dally statements
deficiency of receipts ovet
1,700,831,239
belated items.———
Matured
obligations:
MWWOT.
o?Z*«2Z'?In
316,672,149
Interest obligations
Total—
2,349,216,988
293,032.579
(+)——— + 1,289,870,011+2,056,184,409
49,800,000
3s
28,894,500
1961...-..——-———--—————Q-M
convertible bonds of 1946^1947
Q-J
Certificates of indebtedness:
•
.
3Hs Treasury bonds of
$
544,870,050
^1*®27.000
755,432,000
834,453,200
75o,432,000
834,453,200
1,400,528,250
1,518,737,650
450,978,400
918,780,6r0
1,185,841,700
1,485,384,600
701,072,900
2s Treasury bonds of 1948-50
J-D
571,431,150
2Mb Treasury bonds of 1951-53-...--—
J-D 1,118,051,100
2MB Treasury bonds of 1954-56..--.---——..J-D
680,692,350
918,780,600
1,185,841,700
1,485,385,100
701,074,900
571,431,150
of 1958-1963.....—....—J-D
2Mb Treasury bonds of 1950-1952..
.........M-S
2lis Treasury bonds of 1960-1965..
—J-D
2s Treasury bonds of 1947
.......
J D
2|is Treasury bonds
-
of 1953-55.........
J-D
724,677,900
bonds, series A,
bonds, series B, 1936—...
...
c314,382,51l
bonds, series C, 1937
c409,035,952
bonds, series C, 1938
c493,224,363
bonds, series D, 1939
.....
c816,701,534
bonds, series D, 1940
............cl,019,976,243
bonds, seriesD, 1941...—.—.......
c55,661,700
2s Treasury bonds
U. S. Savings
U. 8.
Savings
U. 8. Savings
U. S. Savings
U. S. Savings
U. 9. Savings
U. S. Savings
1935..—ci.72,258,869
Unclassified sales.....
...
Adjusted Service bonds of 1945...
Service bds. (Govt. Life Ins. Fund ser. 1946)
2Mb Postal Savings bonds.........—J-J
3s
4Ws Adj.
T?eLury
notes..
Treasury bills
-
c226,043,486
246,689,669
500,157,956
117,407,880
9,749,383,400
1,305,648,000
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
1,107,357,100
..........
...
175,139,628
320,926,478
419,147,543
505,972,580
838,725,283
89,489,813
270,678,056
269,334,568
500,157,956
117,586,760
8,405,874,900
1,308,271,000
interest-bearing
Bearing no Interest
surplus or add
*46,116,903,469 42,375,284.404
Treasury deficit., + 1,289,870,011+2,056,184,409
-
.44,827.033,458 40,319,099,995
Total debt
Deduct Treasury
-
275,868,000
M% notes, series P
V
,
4,406 275,872,406
10,334
bl,096,857,000
M% notes, series E, 1941
114,157,000
112,099,000
15,350 114,172,350
112,099,000
226,256,000
114% notes, ser. B, 1944.
15,350
......
5,901,125,205
2,055,338
178,000
287
a
28, 1941, on the basis of daily Treasury statements, was
and the net amount of public debt redemption and receipts In
527,234,135.71.
c Amount Issued and returned includes accrued
amounts outstanding are stated at current redemption values.
Total gross debt Feb.
Federal Farm Mtge.
Corp.:
114% bonds of 1939
Federel Housing Admin.:
86,000
1,182
10,852,975
71,000
13,377
415,480
5,220
Fourth called......
Home Owners' Loan Corp.:
4% bonds of 1933-51
2H% bds.,ser.B, 1939-49
2% bonds, series E, 1938
1 *4% bonds, ser. F, 1939
14% bonds, ser. K, 1940
87,812
13,377
11,268,455
76,220
88,860
1,864,400
688
89,538
140
1,864,540
e!2,877,225
434,906
13,312,131
Total matured securities
al3,141,225
436,375
13,577,000
Total, based on guarantees.
6,914,266,430
2,491,714
5,916,758,144
1,298,658,806
37,764,606
On Credit of U. S.—
Secretary of Agriculture...
Postal
Savings
System:
hi,336,423,412
Tennessee Valley Authority:
3,000,000
5,300,000
3,000,000
5,300,000
214% bonds, ser. A__—.
18,300,000
8,300,000
Total, based on credit of the
37,764,606
1,306,958,806
United States—
1,344,723.412
Other Obligations—
...
16,011,789,181
..
deposited with the Treasurer of the United States for payment
of outstanding matured principal and interest obligations guaranteed by the United
States, except for $60.55, which was deposited subsequent to Feb. 28, 1941.
a
Funds have been
b Does not Include
$93,736,250 face amount of 1% notes, series Q-2, due Jan. 1,
1942, and $124,741,000 face amount
c
under the
of M% notes.
Series T, due Jan. 1, 1942.
bonds having an aggregate face amount of $56,772,500 Issued
Authority Act of 1933, as amended, are held by the
The following
Tennessee Valley
Treasury and reflected in the public debt: under Section 15a. 2M% bonds, scries A.
due Dec. 15, 1948, $272,500; under Section 15c, 114% bonds of 1943-51, $10,000,000;
2M% bonds of 1947-57, $15,000,000; 2Y»%
bonds of 1955-69, $16,500,000.
e
Does
not Include $92,825 face amount
bonds of 1951-63, $15,000,000; 2M%
of bonds In transit for redemption
on
1941, but does include $75 face amount of bonds held by Home Owners'
Feb. 28,
Loan Corporation
"Treasury" bonds pending cancellation,
figures shown are as of Nov, 30, 1940—figures as of Feb. 28, 1941, are no
Offset by cash in designated depository banks and the accrued interest
the pledge of collateral as provided
in the Regulations of the Postal Savings System, having a face value of $36,082,105,
cash In possession of System amounting to $69,995,108.46, Government and Govern¬
ment-guaranteed securities with a face value of $1,218,679,490, and other assets,
h
available.
amounting to $37,230,943.44, which 1b secured by
i Held by
the Reconstruction Finance Corporation.
j In actual
circulation, exclusive of $10,243,608.36 redemption fund deposited In
$272,739,035 of their own Federal Reserve notes held by the issuing
the Treasury and
banks.
The collateral security for
Federal Reserve notes issued consists of 86,-
398,500,000 In gold certificates and in credits with the Treasurer ff the United States
payable In gold certificates, and $2,589,000 face amount of commercial paper.
CURRENT
NOTICES
-—The
19th
Annual
Outing of the
Investment Traders
Philadelphia will be held at the Manufacturers Golf and
Philadelphia,
Herbert
H.
A
Friday,
on
Blizzard,
Chairman of the
June
20,
according
to
an
Association of
Country Club,
announcement
head of the firm bearing his name,
and
by
General
Outing Committee.
Wall Street Strutters,
New York and the
and Maulers, managed by George J. Mueller of Janney & Co.,
special feature will be a soft ball game between the
managed by Joseph C. Eagan of F. C. Masterson & Co.,
Mashers
Philadelphia.
A Golf Team is
being organized by Fred Stelwagon of O. S. Wurts of
R. Conover
New York.
Miller is President of the Association.
—Fenner & Beane,
members of the New York Stock Exchange and other
leading exchanges, announce
transit, <fcc., was
their Jacksonville,
178,287
■§?/.
Mutual Mtge. Ins. Fund:
*46 089,669,333.14,
discount;
5,903,180,544
Matured Obligations—
Philadelphia, to challenge a similar group from
Net debt..—
226,271,390
U. S. Maritime Commission
Total unmatured securities
1,096,867,334
......
c
--.I--...;.
debt...........^..45,562,531,763 41,849,409,965
......—...
374,016,771
393,702,219
Matured* Interest ceased.........—180,354,935
132,172,220
Aggregate of
299,439,000
310,090,000
1 % notes, series 8......
2,000,739,215
2,504 211,462,504
875 299,439,875
2,549 310,092,549
211,460,000
Fed. Res. notes (faceamt.)_
454>i35,200
352,993,450
544,870,050
818,627,000
450,978,400
1948
980,465
2,599,758,750
Reconstruction Fin. Corp.:
M% notes, series N—
1-036,692,900
M-S
Treasury bonds of
1,626,687,150
981,826,550
1,786,130,150
540,843,550
2,260 190,840,160
34,674 754,938,699
163,836 875,602,461
nnn
12,300,000
1,640,000,000
758,.)45,800
L035,873,400
491,375,100
2,611,092,650
1,214,428,950
1,223,495,850
1,400,528,250
1,518,737,650
bonds.series L, 1941
12,614,261
......
779,694 779,357,894
214% bonds, series B...
1951-1955
M-S
3Wb Treasury bonds of 1941...
_._F-A
4M&-3M8 Treasury bonds of 1943-1945
—A-O
3Mb Treasury bonds of 1944-1946
A-O
3s Treasury bonds of 1946-1948
J-D
3Mb Treasury bonds of 1949-1952
........—J-D
2J^s Treasury bonds of 1955-1960—
M-8
2Mb Treasury bonds of 1945-1947
... .
M-S
2Jis Treasury bonds of 1948-1951
M-S
2Treasury bonds of 1951-1954.
.....J-D
2lis Treasury bonds of 1956-1959.
M-8
2Mb Treasury bonds of 1949-1953........
J-D
2Mb Treasury bonds of 1945..
...—-—J-D
3s Treasury bonds of
706
778,578,200
875,438,625
49,800,000
28,894,500
„
1942
9,800,000
2^s Unemployment Trust Fund—Series 1941.. 2,087,300,000
4J48 Treasury bonds of 1947 1952
.....A O
758,945,800
4s Treasury bonds of 1944-1954
J-D L036,692,400
3Jis Treasury bonds of 1946-1956
.M-S
080,100
3MB Treasury bonds of 1943-1947
J-D
454,135,200
Adjusted Service Ctf. Fund—Ser.
1940-1943..———..J-D
bonds of 1941-1943
,
M-S
bonds of 1946-1949
__J-D
Feb. 28,1940
$
Payable
Title of Loan—
3s of
6,327,850
190,837,900
754,904,025
:
3% bonds, ser.A, 194+52
2M% bds., ser. G, '42-*44
Funds due depositors
OUTSTANDING
28, 1941
V\ ••V."
45,900
%
6,327,850
M1M,M
3,414,405
1,625,634
Interest Feb.
45,900
Home Owners' Loan Corp.:
off'ooo
234,889,248
379,516,729
—————————
INTEREST-BEARING DEBT
3|4s Treasury
3Ms Treasury
Q/to
3,357,840
1,489,466
checks.
Balance, deficit (—) or surplus
4s
2,349,766,330
r,n
Disbursing officers* checks
Discount accrued on War Savings certificates
Settlement on warrant
Feb. 28, 1940
*
—31,444,499
1,669,388,740
,
2%% debs., series B—
OBLIGATIONS
Feb. 28,
Deduct outstanding
1.412,237
'.
Fund:
Tennessee Valley Authority
U. 8. Housing Authority:
The following statement
under disbursements on
537
v.!
1,411,700
Insurance
$75,000
liabilities of the United States,
Add or Deduct—Excess or
4,828.274
M % notes, series R
ISSUED
PREFERRED STOCK "B"
May 23—The Springfield
Balance end of month by
168
1,270,428,043
•
IM% bds., ser. M, *45-47
$150,000
'
May 23—The
CASH AVAILABLE
4,828,105
Uncalled
Housing
of Dec.
Bank of New York,
From $200,000 to
STOCK "A" ISSUED
COMPLETE PUBLIC DEBT
1,040,143
12,613,555
$25,000
Amt.
-----
-
or
1,269,387J)00
of Inc.
Amt.
Heights, Chicago
696,260,338
......
835,641,416
111,837 94,790,437
350,974 236,833,174
15,615 103,163,015
94,678,600
236,476,200
103,147,500
2%% debs., series C..
2Ji% debs., series D..
STOCK INCREASED
$
"555,816
3% debs., series A..
2!i% debs., series B
& Trust Co. of
Clyde."
^2
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
CHANGE OF TITLE
May 20—"The Briggs National Bank
N. Y. To: "Briggs National Bank of
8,338
835,085,600
3M% bonds of 1944-64..
3% bonds of 1942-47
214% bonds of 1942-47..
National banks is
following information regarding
The
289,458,000
Federal Farm Mtge. Corp
3% bonds of 1944-49...
NATIONAL BANKS
from the office of the Comptroller
204.241,000
293
147
*
7.853 202,560,853
250 204,241,250
234 289,458,234
202,553,000
1% notes, series E. 1941.
!i % notes, Series F, 1943
131
292
147
Commodity Credit Corp.:
M % notes, ser. D, 1941.
141
202
$
Guaranteed by U. S.
Total
a
$
Unmatured Obligations—
145
142
200
131
292
(8%)
Relchsbank (new shares)
Siemens & Halske(10%)
168
142
Interest
Principal
■Per Cent of Par
168
206
342
146
AUegemelne E!ektrlzltaete-G€sellscbaft(6%)166
Berliner Kraft u. Llcht (8%)-—.—
...206
Contingent Liability
Detail
May
May
27
May
May
'
-
Treasury
Compiled from Latest Reports Received by the
received by
as
Closing prices of representative stocks
of the past week:
each day
1941
CONTINGENT LIABILITIES OF THE UNITED STATES. Feb. 28,
STOCK EXCHANGE
BERLIN
THE
3441
Financial Chronicle
Fla. office,
the association with them of A. O. Biese in
V.V\
:
.
The Commercial & Financial Chronicle
3442
May 31, 1941
REDEMPTION CALLS AND SINKING FUND
Per
NOTICES
Name of
Below will be found a list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders,-and the page
number gives the location in which the details were give in
the
June 2
July
1
Corp.—See General Aniline & Film.
Bedford Pulp & Paper Co., Inc., 6H% bonds
_—June
1
Beech Creek Coal & Coke Co. 1st mtge. 5s
June
1
♦Bethlehem Steel Corp. 20-year bonds
,July
1
Budd Realty Corp. stock trust certificates
June
1
♦Budd Wheel Co. preferred stock
June 20
Butler Water Co. 1st mtge. bonds
June
6
Canadian Pacific Ry. 4H% notes, 1944
June 15
(William) Carter Co, preferred stock
June 16
Central Hudson Gas & Elec. Corp. 3H% bonds
_June
1
♦Chicago & Illinois Western RR. 6% bonds—
July
1
Cincinnati Gas & Electric Co. 1st mtge. bonds..—_ ...June
1
♦Cincinnati Newport & Covington Ry. 1st mtge. bonds—July
1
Cincinnati Gnion Terminal Co. 5% preferred stock
July
1
Connecticut Railway & Lighting Co. 4341% bonds
July
1
Consolidated Oil Corp. 3H% bonds
June
1
Driver-Harris Co. 7% preferred stock
June 10
East Tennessee Light & Power Co. 5% bonds
Aug.
1
6% refunding bonds
Nov, 1
Eastern Massachusetts Street Ry. 5% mtge. bonds— ..July
1
Electric Power & Light Corp. 6% bonds
June
1
Fairbanks, Morse & Co. 4% bonds.
..June
1
Firestone Tire & Rubber Co. 3H% debentures
June 30
Florida Telephone Corp. 6% bonds
July
1
♦Goodyear Tire & Rubber Co. of Canada, Ltd.—
5% preferred stock.
June 29
Indiana Gas Utilities Co. 1st mtge. bonds
July
1
Iowa-Nebraska Light & Power Co. 5% bonds series A
June
4
♦Kankakee Water Co. 1st mtge. 434s
.....July
1
♦Kansas Power & Light Co. 1st mtge. 3Hs
.July
1
(B. F.) Keith CorD. 1st mtge. bonds
July
7
♦Loose-Wiles Biscuit Co. 5% pref. stock
July
1
Louisville & Nashville RR. unified mtge. bonds
July
1
Lukens Steel Co. 1st mtge.
.........June
6
Macon Gas Co. 1st mtge. 4H«
..........June
2
Minnesota Transfer Ry. Co. 3H% bonds
June
1
♦Morgantown Water Co. 1st mtge. bonds
June 28
National Power & Light Co. 5% debs
June 19
National Supply Co. 1st mtge. bonds
June 15
Nebraska Light & Power Co. 1st mtge. 6s
Nov.
1
North American Car Corp. equip, trust, ctfs. series J
June
1
♦North American Co. 4 % debentures
July
1
North American Light & Power Co. 5% debs
....July
2
North American Rayon Corp. 6% preferred stock..
July
7
♦Peerless Cement Co. 1st mtge. 5s
July
2
Pennsylvania Co. 3 A % trust ctfs
—May 31
3010
3484
American I. G. Chemical
1591
2232
3014
3489
3015
3490
—
3015
2845
1275
3016
3493
2847
3493
2234
3019
2850
3021
2550
2550
2852
2853
......
2704
3181
3181
3498
2397
..........
2398
3501
3502
3028
3506
3187
3029
2074
..........
2075
3508
3352
3191
3032
43
Nov.
...Nov.
1
3355
3355
Nov.
1
3355
...Nov,
1
3355
...........July 22
3355
First consolidated 5s...
^First & refunding 5s.._...
Phelps Dodge Corp. 3H% debentures
Philadelphia Transportation Co. series A bonds
Pittsburgh Youngstown & Ashtabula Ry.—
First general mortgage bonds
Portland General Electric Co. 1st mtge. 5s
June
June
1
15
2871
l3
3195
June
June
2
9
3036
4% debentures.... .....June
Public Service Co. of Colorado
1
2872
3036
Richmond-Washington Co. 4% bonds
June
1
1604
San Jose Water Works 1st mtge. 3%s
Santa Barbara Telephone Co. 1st mtge. bonds
♦Scovill Mfg. Co. 314% debentures
June
July
1
1
2083
3037
July
1
3513
,
Sevilla-Baltimore Hotel Corp. 1st mtge. bonds
June 30
Sherwin-Williams Co. 5% preferred stock..
June
1
Southeastern Power & Light Co.—See Commonwealth &
Southern Corp....................................
Square D Co. 5% preferred stock
(A. E.) Staley Manufacturing Co. 7% pref. stock
Sun Oil Co. 6% preferred stock
Terminal RR. Assoc. of St. Louis gen. mtge. bonds
United Biscuit Co. of America, 3H% debentures
1930
3038
1586
June 30
July
1
3359
June
1
2878
June
June
Unified Debenture Corp. debentures
July
♦Vir^nia Coal & Iron Co. 5% bonds....
July
♦Virginian Corp. 5% notes
July
Virginia Public Service Co. 6% gold debs
June
&A% gold bonds—...
..........ww_.^.June
(Hiram) Walker Gooderbam & Worts, Ltd 10-yr. bonds .June
Washington Railway & Electric Co. 4% bonds
June
Watauga Power Co. 1st mtge. 6s
June
Westmoreland Water Co. 5% bonds
June
Wichita Water Co. 1st mtge. 6s, series A._
June
First mtge. 5s, series
...............June
First mtge. 5s, series C
..June
WlUIamsport Water Co, 5% bonds.....
Aug,
5
1
1
1
3
1
1
........
-
3359
3201
2721
276
3516
3516
2881
2881
2089
1608
1
1
1
2257
1939
1
9
9
3042
3041
9
3042
1
2882
Announcements this week.
AUCTION
The
following securities
were
SALES
sold at auction
on
Wednesday
of the current week:
—
„
——
—
$2Jj
Stocks
$ per Share
—
-—
—
— -
„
—
—
—
.
_
...
—
-
6% preferred A (quar.),,
6% preferred B (quar.)..
$5
$52 lot
........
45
grouped in two separate tables.
In the
together all the dividends announced the
Then
show the
we
follow with
a
second table in which
dividends
previously announced,
but which
have not yet
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week
are:
_
June 30
2
June
June 30
July
July
July
June 20
June 20
June 14
June
June
16
July
June
June
June
10
10
June
May 24
June
June 14
June
May 31
Aug.
Aug.
July
July
July
June
June 27
July
3
18
June 20
June 20
June
May 31
July
July
June 30
June
June
2
June 25 June
13
June
June
13
16 June
July
July
July
2
9
7 June
1 June 27
1 June 10
May 28 May 26
July
2 June 14
June
30 June
June
16 June
July
July
1 June 16
1 June 16
16 May 31
June
Aug.
16
2
1 July
15
1 June
June 30 June
14
July
9
July
2 June 16
July 25 June 30
July 15 June 30
July
2 June 14
July
July
July
Tune
10 June 21
2 June 14
2 June
14
12 June
6
1 June
16
July
10
14
June
14
June
14
July
July
JulyJuly
June
June
14
June
June
14
15c
June
June
6
$1
June
10c
June
May 22
May 29
$1A
—
10
June
10
June
June
10
June
10
Chicago Dock & Canal Co. (quar.)
Cilton Co. (special)
City Auto Stamping.
City & Suburban.Homes (s.-a.)
July
June 20
30c
June
May 31
Clark Controller Co
50c
June
June
6
Clearing Machine Corp. (quar.)
25c
July
Cleveland Theatre, partic. pref. (s.-a.)
Clorox Chemical Co. (quar.)
$2
75c
June
May
23"
June
2.5c
June
June 14
June $6
t75e
40c
July
May
JuneJ13
Apr. 19
$1H
Aug.
1 June 27
90c
July
July
July
July
July
June 14
15c
.
Commercial Solvents
Commonwealth & Southern Corp. $6 preferred.
_
Consolidated Amusement Co., Ltd. (quar.)
Consolidated Edison Co. of N. Y., Inc.—
$5 preferred (quar.),.
Consolidated Gas Electric Light & Power (Bait.)
Common (quar.)
_
$1A
4A% preferred B (quar.)
4% preferred C (quar.)
Consumers Power Co. $5 preferred (quar.)
$4.50 preferred (quar.)
—— _
$1
$1%
$1A
—
50c
Crowell-Collier Publishing Co
Daniels & Fisher Stores Co. (quarterly)
David & Frere, Ltd. class A (quar.)
50c
25c
De
Long Hook & Eye Co. (quar.)
Dempster Mill Mfg. Co. 5% preferred
Detroit Gasket & Manufacturing Co
Dewey & Almy Chemical Co.—
Common (irregular),
Class B (irregular),,,
$5 conv. preferred (quar.)
Distillers Corp-Seagrams, Ltd. (quar.)
.
(quar.).
14
14
June
13
June
June 24 June
June 15 June
14
June 30 June
14
$1A
July
$1 H
25c
13
5
June
35c
1 June 20
1 May 24
July 21 July
5
June 16 May 29
16 May 29
35c
—
June
June
June
UA
X55AC
June
June
16 May 29
16 June
6
+38c
July-
June
75c
July
$1
July
July
July
May 31
July
1
Option is given to non-resident stockholders
to obtain U. S. currency at rate of 50c. per
share less 15% withholding tax, or 42He. in
Dominion Coal Co., Ltd., 6% preferred (quar.).
Draper Corp. (quar.)
Dresser Manufacturing Co-w------.--------1-
Name of Company
Share
When
Holders
Extra
quar
Alabama Great Southern RR. ord. shares
6% participating preferred
Albany & Susquehanna RR. (s.-a.)
Allied Chemical & Dye Corp. (quar.)
75c
Payable of Record
$3
$3
$4H
$1H
July.
1 June 20
June 27 June
7
June 27 June
7
1 June
14
June 20 June
6
July
$1H
o8%
a 2%
June
75c
$6 preferred
July
t30c
-
10c
Empire Capital Corp. class A (quar.)
70c. preferred A (quar.)
Ewa Plantation Co
Ex-Cell-O Corp_
_
July
July
July
t35c
—
—
17Hc
14
June
14
June
14
June 27 May
m
10c
com
6% preferred (quar.)
27
27 May 27
1 June 14
1 June 14
1 June 18
1 June 20
1 June
7
July
1 June
7
July
May 31 May 15
May 31 May 15
20c
,
_
Fanny Farmer Candy Shops (quar.)
w_'—■_
— —
June 14 June
5
65c
July
1 June
10
37 He
July
1 June
14
50c
Fear (Fred) & Co. (quar.)
50c
Fidelity & Guaranty Fire Ins. Co. (s.-a.)
Field (Marshall) & Co. 6% pref. (quar.),..
6% preferred$2nd series (quar.)
Foster Wheeler Corp. $7 preferred,
S1H
$1H
\UH
June 16 May 27
1 June 20
July
June 15
June 3
June 30 June
l5
20
June 30 June
16
25c
June 30 June
16
25c
—
16
June 30 June
25c
Fulton Bag & Cotton Mills (monthly)
Gannett Co., Inc., $6 pref. (quar.K
General Acceptance Corp., com. (quar.)
1 June
25c
Fosotria Pressed Steel Corp
Fox (Peter) Brewing Co. (quar.)
Class
Agricultural Insurance Co. (N. Y.),
;vf:
75c
7% preferred (quar.)
Dunlop Rub. Co., Ltd. Am. dep. rets. ord. reg.)
Annual dividend year ended Dec. 31,1940.
Extra
Per
July
1 June
60c
$6 preferred (quar.)
5% preferred (quar.)_____
Central Patricia Gold Mines, Ltd. (quar.)
Extra
,4i.—
Chamberlin Metal Weatherstrip Co
—
we
May 31
June 20 June
$1A
,$1%
-
$7 preferred
are
bring
June
J4c
42c
—
Electric Controller & Mfg. Co
Electric Power & Light Corp .—
DIVIDENDS
we
June
June
17
June
na
02 Ac
,
Electric Auto-Lite Co
first
11
July
JulyJuly
$1
50c
—-— -—- -—
—
7% preferred (quar.).
6% preferred (quar.),
Eagle Picher Lead Co.
current week.
17
11
Central Maine Power Co.—
of Virginia,
5 Lowell Electric Light Co., par $25.
Dividends
June
June
June
July
JulyJuly
July
June 20.
Duke Power Co
.....
par
Holders
------- -
Light Co., par $25
45
Mfg, Associates
98
Washington Ry. & Electric Co
14%
Boston Wharf Co., par 5100; 3 Hollis Court
Realty Co. 5% preferred,
par $100; 2 Main Line Tunnel Realty Co., par $10; 10 Trinity Copper Corp.
5 Lowell Electric
3 Ludlow
4 units
4
—
—
When
Payable of Record
U. S. funds.
By R. L. Day & Co., Boston:
Shares
—-
—
Peoria Water Works Co—
First consolidated 4s
10c
Carpenter Steel Co. (irreg.)
Carthage Mills, Inc., common
Page
AUegheny-Ludlura Steel Corp. preferred stock
♦American European Securities Co. 5% bonds
4% debentures
Prior lien 5s.
$1%
...
3510
3192
3033
3511
3355
Date
—
Allied Stores Corp. 5% pref. (quar.)
American Bank Note Co. common (resumed)
75c
6% preferred (quar.)———— ———
$1%
American Can Co.. 7% preferred (quar.)
25c
American Export Lines, Inc—
10c
American Factors, Ltd. common (monthly)
10c
Common (monthly)
—
25c
American General Insurance Co. (Houston) quar
American Hair & Felt Co., 6% 1st pref. (quar.),
$1H
6 % 2d preferred
t$4H
25c
American Hardware Corp. (quar.)
American-Hawaiian Steamship Co. (irreg.)
•$1H
American Tobacco Co. 6% pref. (quar.)
$1H
10c
Applied Arts Corp
—.—...
25c
Arizona Edison Co, (irreg.)———
12 Ac
Arnold Constable Corp
———
Asbestos Manufacturing Co. $1.40 preferred—
t35c
Atcheson Topeka & Sante Fe Ry Co.—
5% non-cumulative preferred
Atlantic Refining Co., 4% pref. A (quar.)
75c
Autocar Co., $3 pref. (quar.)
———-—$1H
B/GFoods, Inc., 7% priorpref. (quar.)
7% preferred (quar.)
Baldwin Co., 6% pref. series A (quar.)
%\A
$1A
6% preferred (quar.)
Beech Creek RR. (quar.)
■50c
•_
Bellows & Co., Inc., class A (quar.)
25c
Bendix Home Appliances, Inc.—
30c. partic. class A
f30c
———
25c
Berghoff Brewing Corp. (quar.)i,
15c
Blaw-Knox Co. (interim)
Blumenthal (Sidney) & Co., Inc., 7% pref_
t$3A
Boston Pilevated Ry. (quar.)
$1H
Boston Garden-Arena preferred—
Brazilian Traction Light, Heat & Power, Ltd.—
6 preferred (quar.)
ma
25c
Bridgeport Brass Co. (irreg.)
75c
Briggs & Stratton Corp
Brillo Mfg. Co. common (increased) (quar.)
25c
Class A (quar.)
50c
Bristol Brass Corp. (irregular)__— ————
Buffalo Niagara & Eastern Power Corp.—
$5 first preferred (quar.)
6.4% preferred (quar.).
Bulolo Gold Dredging, Ltd.
(interim) (s.-a.) —
Canada Packers, Ltd. (quar.)
Canada Northern Power Corp., Ltd., com. (qu.)
7 % preferred (quar.)
Canada Permanent Mtge. Corp. (Toronto) (qu.)
Canadian Car & Foundry. Ltd.—
+44c
7% partic. pref. (accumulated)
Canadian Cottons, Ltd., common (quar.)
JSl
*$1H
6% preferred (quar.)
Canadian Wineries, Ltd. (irreg.)
+2 5c
25c
Capital Transit Co.
Carib Syndicate, Ltd.
$1.20
A liquidating div. to be paid on or about
Chronicle."
Company and Diue—
Share
Company
May 29 May 28
1 JUne 14
July
June 16 June
5
$1H
——
25c
June 16 June
1 June
5
25c
June 20 June
10
35c
July 25 June 27
June
16, May 29
June 25! June
3
25c
(quar.)
General American Transportation (irregular)
General Candy Corp., class A (quar.)
—
—
General Electric Co
General Fire Extinguisher Co——————
General Refactories Co. (irreg.)
July
$1H
25c
25c
July
5
Volume
The Commercial & Financial Chronicle
152
Share
of Company
General Telephone Corp., com. guar,
40c
15
9
June
May 29
July
July
June
18
June
18
5c
u—
June
50c
$7 preferred (quar.)
3
June
June
$1M
Godchaux Sugars, Inc., com. class A
June
July
25c
;—
June
June
June
62Mc
_—
—
July
7
June 10
15c
Goebel Brewing Co. (quar.)
Goldblatt Brothers, $2.50 conv. pref. (quar.)
June
May 17
July
July
July
July
June
14
June
14
Granby Consol. Mining Smelt. & Pow. Co., Ltd.
Great Western Sugar Co., com
-
50c
—
$1 M
7% preferred (quar.)..
Greyhound Corp., com. (quar.)
5 M % preferred (quar.) ______ _ _ _ _
*—
Guilford Realty Co. (Bait.), 6% pref
Hamilton Cotton, Ltd. $2 conv. pref. (quar.) —
13Mc
Accumulated
Hamilton Fire Insurance Co. (initial).
+
Hamilton United Theatres, Ltd., 7% pf. (accum)
10c
25c
_
t75c
J 50c
J 2 5c
-
t$lH
SIM
Harrisburg Trust Co. (Penn.) (s.-a.)
12Mc
Harvill Aircraft Die Casting (initial)
$2M
Hathaway Manufacturing (irreg.)
25c
Hecla Mining (irreg.)
SIM
Helme, (Geo. W.) Co. (quar.).
$1H
7% preferred (quar.)
60c
Hercules Powder Co
25c
Hinde & Dauch Paper Co., common
SIM
5% preferred (quar.)
——
Hinde & Dauch Paper of Canada, Ltd. (quar.). J12Mc
25c
Hollander (A.) & Son
:5c
Hollinger Consol. Gold Mines, Ltd. (monthly) —
:5c
Extra
w-iw-i
__—
...
—
*
-
-
-
Illinois Bell Telephone,
-
1 June 21
30 June 20
2 June 14
July
2 June 14
July
May 27 May 26
June 28 May 31
June
June
2
May 21
June 23 June
7
15
June 20 May 20
1 June
7
July
7
1 June
July
June
June
July
July
July
June
2 May
25 June
13
1 June
7
1 June
7
2 June
14
16 June
6
June
17 June
3
June
17 June
3
20 June 12
45c
Honolulu Gss Co., Ltd. (quar.).
Hooven & Allison, 5% pref. (quar.)
Hubbell (Harvey), Inc. (quar.)
-
1 June 21
June
15
40c
— — — — — —
June
SIM
—
June
10
$2
—
Illinois-Iowa Power, 5% preferred
Imperial Tobacco of Canada, Ltd. (interim)..
t75c
+10c
Indianapolis Power & Light Co
Indianapolis Water Co., 5% pref. A (quar.)...
Ingersoll-Rand Co., 6% pref. (s.-a.)_._..
International Business Machines (quar.)
International Pow. Co., Ltd., 7% pref. (accum.)
SIM
$3
SIM
40c
July
July
July
July
July
July
July
5c
June
I5q
.Tune
SIM
July
July
}$1 M
50c
—
Kalamazoo Vegetable Parchment Co. (quar .)
Kansas City Pow. & Lt., 6% pref. B (quar.)
_.
$1M
Kansas Elec. Power Co., 5% pref. (quar.)
25c
Kelley Island Lime & Transport Co—
—
She
Kerlyn Oil Co., class A (quar.)
5c
Class B (resumed!
t50c
Keystone Tel. Co. of Phila., $4 pref
$3 preferred
I37MC
- « _ —
10c
Kingston Products Corp., com. (resumed)
SIM
7% preferred (quar.)
_—
75c
Kilburn Mills (resumed)
Kleinert (I B) Rubber Co
20c
Landed Banking & Loan (Hamilton,Ont.) (qu.)_
:$i
:i7Mc
Lang (John A.) & Sons, Ltd. (quar.)..
Law (A. C.) Leather Co. (initial)
25c
5c
Leonard Refineries, Inc
17Mc
Lindsay Light & Chem. Co., 7% pref. (quar.)
40c
LiquidometerCorp. (irreg.).
Loew's (Marcus) Theatres, Ltd.—
7% preferred (accum.)_.__
Lone Star Cement Corp. (quar.) ——
75c
50c
Longhorn Portland Cement Co. (irreg.) —
10c
Mastic Asphalt Corp. (quar.)
15c
McGraw-Hill Publishing Co
_;—
Mangel Stores, $5 preferred (accum.)
til M
—
50c
Mapes Consolidated Mfg. Co. (quar.)
—
Mathieson Alkali Works, com. (quar.)
37 Me
$1 H
7% preferred (quar.)
Mead Johnson & Co. (quar.)
75c
...
-—-
— —
— —
—
.....
—
— -
—
— — —
June
$1%
International Salt Co..
International Silver Co., 7% pref. (quar.)
Johansen Brothers Shoe Co., Inc
—
2 May
20 June
June 30 June
June 25 June
—.
...
—
—
75c
Extra
7% preferred (s.-a.)
....
— — MengelCo.,5% 1st pref
1
—
Messer Oil Corp. (irreg.)
;
—
Midland Loan & Savings Co. (Port Hope, Ont.)
Common (s-a)
Minnesota Mining & Mfg. Co
———
Missouri-Kansas Power & Lt., cl. A (resumed)
35c
t$lM
10c
19
4
6
30 June
15 June 30
1 June 12*
9
1 June
10 June 20
2 June 14
10
1 June
June
16 June
1
May 26
June 10 May 28
June 30 June
16
2 June
2 June 15
June 20 June
2
June
2
May 26
11
16 June
5
2
1 June
19
15 June
3
1 June
16
June 30 June
9
July
June
July
June 30 June
9
1 June 14
July
1 June
14
1 June
14
June 30 June
16
12 June
7
July
July
June
—
— —
40c
July
60c
June
2 June
14
10 June
3
..
10c
June
12 May 29
———
Class B (resumed).
Mobile & Birmingham RR„
Monarch Mills
.005c
June
$2
$3
$5
July
12 May 29
1 June
2
June
10
July
July
July
1 June 20
15 June 13
4% pref. (s.-a.)
...... —
—
Montgomery County Trust Co. (N. Y.) (s-a)
Montgomery Ward & Co., Inc., com. (quar.)
$7 class A (quar)
_______ — —
Montreal City & Dist. Savings Bank (Montreal)
Common (quar.)
_______
$1M
Extra__-__—-_+—+
:$i
July
July
$im
June
75c
June
—
Motors Acceptance Co., 6% pref. (quar.)
Myers (F. E.) & Bro. Co
Nash-KeivinatorCorp. (resumed)
______
National Bond & Investment Co., com. (quar.)_
5% preferred A (quar.)
National Breweries, Ltd., com. (quar.)-.-.-...
7% preferred (quar.)
....
National Casualty Co. (Detroit) (quar.)
National Discount Corp. (quar.)
—
5% preferred (quar.).
tioi
National Grocers, Ltd., $1.50
National Lead Co., common
2 June
14
2 June
14
16 May 31
16
26 June
12 He
June 27 June
12
25c
June 21 June
10
$im
June 21 June
10
:soc
:44c
July
July
2 June
14
2 June
14
2.5c
50c
June 14 May 29
May 31 May 20
May 31 May 20
1 June
10
June 30 June
1 July
Aug.
13
3.5c
June 30 June
Nazareth Cement Co., 7% preferred.
Nehi Corp. (quar.)
__
$5.25 first preferred (quar.)
(s.-a.)
—
(12 Mc.)
of
Universal
One sh. of Detroit Edison cap.
for each 50shs. held.
of SEC
1 Junef30
1 June 20
July
July
July
1 June 10
1 June 10
1 JunejlO
6% preferred (quar.)
5M % preferred (quar.)
North American Finance Co
Corp.Class A (quar.)
7% preferred (quar.)
Prior preferred (quar.)
Northern Oklahoma Gas (s.-a.)
Northwestern Telegraph Co. (s.-a.)
7.5c
71Kc
25c
$1M
July
1 June 20
July
1 June 20
July
1 June 20
May 31 May 23
July
1 June 14
$1M
June
50c
June
87Mc
20c
35c
Northwestern Utilities Ltd.—
6% preferred (quar.)__
No-Sag 8pring Co. (irreg.)
Ohio Associated Telephone Co., 6% pref. (quar.)
Oklahoma Natural Gas Co
6% preferred (quar.)
$5.50 prior preferred (quar.)
SIM
June
1
May 26
14 June
1
5
May 24
35c
June 30 June
12
75c
June
12
%\%
30 June
June 30 June
12
Sc
July
June 27 June
June 27 June 17
SIM
SIM
$1M
$1
SIM
1 June"20
JuneM6 June
5
15 June 13
17
July
July "
1 July
1
June 25 June
3
Aug. 30 Aug.
1
May 26 Apr. 28
50c
June
30 June
16
50c
June 30 June
16
50c
July
2c
20c
SIM
SIM
10 June 19
June 25 June
July
July
July
50c
GY% pref. (quar.)_
Rochester Telephone Corp.,
Common (quar.)
June
25c
15
1 June 10
1 June 10
1 June 20*
12 May 21
1 June 17
Roeser & Pendleton, Inc.
(quar.)
50c
July
July
25c
IJune
16 June
2
June
16 June
2
SIM
July
July
July
1 June 20
1 June 20
1 June 10
$1M
________
25c
—
(irreg.)_
v
Co. (irreg.)
St. Lawrence Corp., Ltd.—
4% class A preferred (accumulated)
San Diego Gas & Electric Co
San Jose Water Works (quar.)
4%% preferred Ajfinitial) 0.296875
Schenley Distillers Corp., com. (resumed)
5lA% preferred (quar.)
Scovill Mfg. Co
—
50c
June
27 June 10
37 Mc
40c
June
June
14 May 31
2 May 22
t25c
July
15 June 31
7Mc
June
14 May 3
June
June
50c
June
SIM
—
—
June
25c
(quar.)
July
50c
6 % preferred (quar.)
Selby Shoe Co
Signal Oil & Gas Co., class A (quar.)
July
July
37 Mc
12 Mc
50c
50c
25c
Class B
5% prior preferred (quar.)
5% preferred A (quar.)
Simon (H.) & Sons, Ltd., com. (interim)
7% preferred (quar.)_____—______________
Smith Alsop Paint & Varnish Co.—
7 % preferred (quar.)
South Porto Rico Sugar Co., com. (reduced) —
SIM
SIM
June
June
June
July
July
July
37 Mc
July
July
Southland Royalty Co . _—_ ___.+__
South Penn Oil Co. (quar.)
Southern Canada Power Co., Ltd., com. (quar.)
37 Mc
Sudbury Basin Mines, Ltd.
34 Mc
II
June
b
b
:20c
ft
$2
1 June
9
May 28
15 June 20
15 June 30
June 27
June" 11
Aug. 15 July 31
July 15 June 20
June
16
June 16
16 June
10c
July
1 June
Sept. 15 Sept.
10c
75c
|2Mc
40c
10c
62 Mc
Taggart Corp. $2.50 preferred (quar.)
Terminal National Bank of Chicago
1'
1
June
SIM
(irreg.)
1'
2 May 20
1 June
9
15c
(Del.) (s.-a.)
1'
June
_
June 14 May 31
June 20 JunellO
t$l
Extra
5
9
2
June 15 June
5
June'30 June 20
June 30 June 14
June 30 June 10
June 30 June 10
July
1 June 14
50c
Welding Co
— _ - — — - -Associated Oil Co., $4.50 pref. (qu.)
Toronto Elevators. Ltd., 5M% pref. (quar.) —
Toronto General Trusts Corp. (quar )
Union Carbide & Carbon Corp
United Artists Theatre Circuit, Inc.—
5% preferred (quar.)
—
$5 preferred
United Pacific Insurance Co.
-
June 26 June 14
50c
Corporation (quar.)
July
-
6
May 27
June
July
June
66c
June
May 30
$1
75c
July
July
June
SIM
30c
20c
SIM
(quar.)
June
$1
SIM
SIM
United Shipyards, Inc., class A
Third liquidating distribution
10
14
June
6
June 16 June
2
16 June
5
June
June 30 May 29
June 30 May 29
June 27 June
40c
June
17
2
—
Upressit Metal Cap Corp. 8% preferred
Upson Walton Co
Utica Knitting Co——
—
Vermont & Boston Tel (annual)
July
1 June
10
June 30 June
14
June
14 June
4
June 30 June
19
t$2
—
25c
40c
—
__
Delaware.
t$3
50c
prior preferred.
U_ S. Truck Lines, Inc. of
Universal Products Co
16
June 20 June 10
15c
$1
$2
15c
Vinco Corp
Wagner Electric Corp.
1 June
1 June 11
5 May 2'
16 June
'
16 Juhe
'
15c
June
_
11
June
July
July
'
1!
li
_
tllM
$2
8% preferred (quar J.
Spencer Trask Fund, Ir
Fund, Inc
Standard Brands, Inc. com. (quar.)
$4.50 preferred (quar.)__
—
Stearn Manufacturing Co. (quar.)
_____
Sterchi Brothers Stores. 6% pref. (quar.)
June
June
30 June
87 Mc
115c
37Mc
6 % preferred (quar.)- - --Southwestern Portland Cement, com. (quar.)_
16 June! 11
June
June 28 June
June 28 June
8% preferred (quar.)
Utilities Associates, $1.50 pref.(qu.)
Southern California Edison Co., Ltd.—
Original preferred (quar,)___---»__s-_-___-5 Yt % preferred C
Southern Colorado Power Co. 7% preferred —
South Shore
May 2<
May 21
.
July
50c
Scranton Lace Co
Securities Acceptance Corp., com.
2 June 10
37 Mc
U. S. Potash Co
_____ _ _
June 21
June 20
1 Sept. 20
Jxine 30 June
6
50c
—
U. S. Leather Co. 7%
stock ($20 par)
This div. is subject to approval
10 May 31
July
July
June 30
June 30
Oct.
t25c
United Gas Improvement, com.
June
15
15
1
1
50c
United-Carr Fastener (quar.)
50c
July
July
25c
13
75c
Telegraph Co. (s.-a.)
July
July
50c
—
1 June
each five shares held
New York Mutual
—
Mfg. Co
—_________
Riverside Silk Mills, class A (quar.)
Robertson (H. H.) Co. (quar.)
2
stock par value
Slide Fastener, for
Nicholson File Co. (irreg.).
North American Co. common—
*75c
Ritter Dental
14
Stock div., one sh. of com.
2 May 19
10
6
June 30 June
mvs
37 Mc
_ _ _ _
Richardson Co
1 June
New York Merchandise Co., common—•
l'June 30
June
*$1 Yi
—
Reynolds Metals Co., 5M% Pref. quar .)
1 June
1 June
1 June.-13
July
30c
Tide Water
$2.50
16June
*15c
Thomson Electric
$2.50
_
—__ _
9
30jJune'>16
June
$2M
— -
Reading Co., 2d preferred (quar.)
Red Indian Oil Co. (quar.)
Remington Rand, Inc., common
$4.50 preferred (quar.)
Texas
14
12*
June
75c
8% preferred (quar.)
5
July
July
July
July
2 May
June 30 June
10c
6% preferred (monthly).__
-—
Publication Corp., common voting (quar.)
Common non-voting (quar.)______ — _...._
14
SIM
June
J60c
Public Service Co. of New Jersey, corn.—
Original preferred (quar.)
7% first preferred (quar.)
l'JuneT20
SIM
—
37
1 June
$2
Power & Light Co. $6 pref. (quar.)
New York & Harlem RR. Co.com. (s.-a )
4
14:June' 4
l|June 10
50c
Quarterly
16 June
15c
—
17
July
July
$1H
—
—
—
June
25c
t$4 2-3
—
New Jersey
18
2
1 June
14'June
June
—
_
Sussex Trust Co.
tsiM
______
(quar.)
— — —
20
June 30 June 10
June 30 .Tune 10
1 June 14
July
tsiM
pref
__
July
10 June
July
June
July
$1.31 M July
—
5M % prior preferred
10% preferred (s.-a.)
1 June 13
$1.50
6% preferred B (quar.)
New Haven Water Co.
|$3
12 He
—
National Oil Products Co. (irreg.)
National Supply Co. (Pa.) 6% prior
Natomas Co
50c
$1M
+37 Mc
pref. (quar.)
7
14
15 June 21
June 30 June 25
Skenandoa Rayon Corp., common
_
____.
—
1 JuneJIB
1 July 15
June
Russell Mfg. Co..
St. Helen's Pulp & Paper
16 June
l'June?,16
July
Extra
Ruberoid Go.
June 30 June
May 21
2
1 June 10
1 June 10
June 30 June
1 June
July
_
Philadelphia Dairy Products Co. . Inc.—
$6 prior preferred (quar.)
Philadelphia Elec. Pow. Co., 8% pref. (quar.)
Philadelphia Suburban Water Co.—
6% preferred (quar.)
Placer Development, Ltd. (interim) s.-a.)
Pilot Full Fashion Mills, Inc. (quar.)
Pittsburgh Metallurgical Co., Inc, (irreg.)
Pittsfield & North Adams RR. (s-a)
Pneumatic Scale Corp
Power Corp. of Canada, common (interim)
6 % 1st preferred (quar.)
6% non-cum. partic. pref. (quar.)
Price Brothers & Co., Ltd., 5)^% pref. (quar.)
Public Nat. Bank & Trust Co. (N.Y.) (quar.)
7
June
10
Sept. 30 Sept. 25
Perfect Circle Co. (quar.)
Petroleum Exploration, Inc.
3
June
June
June 30 June 25
,
16 June
June 30 June 14
20
Extra
(Quarterly)
Pepeekeo Sugar
June 17 June
June
June 30 June
Aug.
14
July
July
20
July
July
July
July
Quaker Oats Co., common (quar.)
6% preferred (quar.)
Quebec Power Co
Ray-O-Vac Co., (quar.)
1 June
4
June 30 June
June 20 June
Public Service Co. of Okla., 5% pref. (quar.)
14
16
June 30 June
$3M
$3M
—
13
1 June
2 June
July
|30c
Mfg. Co. 7% preferred A (s.-a.)
7% preferred B (s.-a.)
Common (increased) (s.-a.)
—
Park & Tilford, Inc. 6% conv. pref. (quar.)—. _
Pennsylvania Edison Co., $5 pref. (quar.)___ —
$2.80 preferred quar.)_
Pennsylvania Glass Sand Corp., com. (quar.)__
5 % preferred (quar.)
Pennsylvania Power Co., $5 pref. (quar.)
Pennsylvania RR. (irreg.)
Pennsylvania Telep. Corp. $2-50 pref. (quar.)__
Peoples Gas Light & Coke Co
Peoples Nat. Bk. of Wash. (Seattie,Wash.) (qu.)
16
1 June 14
Holders
Payable of Record
§3M
Pacolet
1 June
2 May 28
30 June 19
10
3
June 16 June
3
June 25 June 11
June
Ontario Loan & Debenture Co. (quar.)—
Ottawa Electric Ry. Co. (quar.)
:l June
June 30 June 21
July
July
Share
Name of Company
Payable of Record
62 Mc
25c
(increased)
$2.50 preferred (quar.)
General Theatres Equipment Corp.
Glen Alden Coal Co. (quar.) —
_——
When
Per
Holders
When
Per
Name
3443
,
50c
(quar.)
30c
Agricultural Co., Ltd
Ware River RR., gtd. (s.-a.)
Warren (S. D.) Co. (quar.)
Welch Grape Juice Co.. common (irreg.)
Waialua
75c
25c
Inc
6% pref. (quar.).—
—
1 June
June
16 June
6
July
1 June
14
June 25 June
10
June 20 June
3
June 26 June
16
July
2 June 30
June 26 June
18
June 20 May
29
29
June 30 May
1 June
July
Stock dividend
Wesson Oil & Snowdrift Cp..
West Coast Telephone Co,,
Westmoreland, Inc. (quar.)
July
37!i?
June
July
14
1 May 20
1 June 13
The Commercial & Financial Chronicle
I 3444
PerName of
--
(quar.),.-—
25c
—
Wheeling Steel Corp. (.resumed)
$5 preferred (quar,)
Wiser Oil Co.
When
Share
Company
SI >4
25c
—-------
»
10c
World Investment Trust (ctfs. of ben. int.) (qu.)
Wood (Alan) Steel Co. 7 % preferred
t$2 H
■
■
Extra...
Below
and
not
we
* *. **
*
.
4c
May 31, 1941
Per
Holders
Name of
Payable of Record
Associated Breweries of Canada, Ltd., com.
Aug. 15 July 25
June 13
July
June 10
July
June 10
July
June
May 27
June 20 June
-
.
XSIM
$1
2d preferred..
Associated Public Utility Corp
Associates Investment (quar.)
10
give the dividends announced in previous weeks
The list does not include dividends an¬
being given in the preceding table.
yet paid.
nounced this week, these
t$3
1234c
50c
5% preferred (quar.)
.........
$134
Atlanta Birmingham & Coast RR. Co.—
$234
5% preferred (semi-annual)Atlanta Gas Light Co. 6% pref. (quar.)—
$134
25c
Atlantic Refining Co. (quar.)
75c
Atlas Corp., 6% pref. (quar.).
—
75c
Atlas Powder Co..............
Aunor Gold Mines, Ltd. (interim)
t4c
Automobile Finance Co. 7% preferredt43J4c
Automotive Gear Works, Inc.—•
4134c
$1.65 cum. conv. preferred (quar.)..
25c
Common (resumed).
Balfour Bldg., Inc., com. v.t.c. (reduced) (quar.)
$1
$1 %
Bangor Hydro-Electric 7% pref. (quar.)
SIM
6% preferred (quar.)—-Bank of America (quar.)
60c
—
Payable of Record
June 30 June
14
July
1 June
14
June
£25c
-
7% preferred (quar,)...-Associated Dry Goods 1st preferred (quar.)
2
14 June
4
June 30 June
12
June 30 June
June
12
June
12
July
July
June
-
Name oj
Payable of Record
Company
40c
Extra.
4H% preferred (quar.)
Abbotts Dairies (quar.)
25c
June
15 July
2 May
June
12
13
13
June
12
July
July
July
Aug.
U7&
25c
43 He
50c
Ailis-Chaimers Mfg
-
25c
-
Alpha Portland Cement
$134
Aluminum Co. of America common
$1
,
(quar.).i
15c
Aluminium Ltd. (quar.)
Preferred (quar.) (payable in U. S. funds)
Aluminum Manufacturers, Inc. (quar.)
i$2
SIM
50c
50c
SIM
......
$1H
SIM
10c
.—
$134
American Box Board Co 7% cum. pref.
American Business Shares, Inc. (s.-a.)
(qu.)._
Bankers' National Investing Corp., com. (quar.)
6% preferred (quar.)__
Barber (W. H.) Co. (quar.).........-.......
1 July
18
16 June
16 June
16 June
Dec.
15 Dec.
5
5
•
Sept.
Dec.
pref. (quar.)
$2H preferred (quar.)
$2 preferred (quar.)
t35c
June
June
16 May 23
40c
June
June
May 20
May 20
$1.18 H July
June
6234c
June
May 15
May 15
May 15
50c
June
75c
June 30 June
June
1 May
—
(Monthly)
20c
20c
American Investment Co. of 111. (quar.)
July
1 June
2 May
1 June
15
50c
20c
July
1 June
14
14
American Locomotive Co. 7 % preferred
American Machine & Foundry Co. (irregular)..
t$134
20c
June 26 Jime
10
American Maize Products Co. common........
25c
June 30 June
20
June 30 June
20
Bullard
-
..........
,7% preferred (quar.)
American Metal Co..
June
May 20
May 20
June
75c
60c
June
14 June
$1 H
June
16
American
SIH
American Public Service 7 % pref
Amer. Radiator & Standard Sanitary
Common
■«1 H
Dec.
1 June
t9334c
t$154
1 June
June 20 May 31
Corp.—
2
15c
June 30 June
SIM
*1%
Sept.
1 Aug.
25
June
1
Common..
26
■*
.i*
Preierred (quar.)
Mill Co
4J4% convertible preferred (quar.)
American Rolling
......
35c
June 14
SIM
July
American Seal-Kap Corp. of Del
12c
50c
L
American Stores Co__
American Sugar Refining7% pref. (quar.
American Sumatra Tobacco Corp. (quar.)
25c
25c
$134
25c
American Surety Co
American Telephone & Telegraph Co. (quar.)___
American Thread Co. 5% pref. (semi-ann.).*-..
American Tobacco Co. com. & com. B (quar.)..
American Trust Co. (San Francisco)
American Viscose'Corp. common (initial)...
Preferred (initial)
_
...
American Water Service Co. $6 pref. (quar.)
American Woolen Co. 7% preferred
Amoskeag Co. semi-ann
$4 H preferred (s.-a.)_
Andes
40c
50c
$134
$1H
t$2
40c
1734c
i$134
60c
J25c
J25c
$2
,
S2H
50c
Copper Mining
Arcade Cotton Mills preferred (s.-a.)
Archer-Daniels-Midland
Arden Farms $3 preferred
Arkansas-Missouri Power Corp.
(irregular)
July
July
June
June
June
40c
20
June
2 May
7
June
16 June
2 May
17
2 June
14
June 20 June
10
July
June
June
t$l 34
June
May 30
June
June
15
14
15
June
June
10
37 He
37 He
June
June
2
Sept.
Sept.
37 He
Dec.
Dec.
1
50c
June
31
t75c
June
$134
June
May 22
July
June 14
10c
June
t$l
J 50c
June
5%
1st preferred (quar.)
Participating
60c. non-eumul.
21
conv.
June
June
Common (Quar.)
Participating
Juhe
$134
July
1 June 20
30c
Oct.
1 Mar. 31
$3
50c
5% preferred (accumulated)
Canadian Malartic Gold Mines, Ltd
Canadian Marconi Co
Canadian Western Nat. Gas, Lt., H. & P., Ltd.
6% preferred (quar.)
June
Art Metal Works, Inc
15c
•IS
15c
July
(irreg.)
-
May 20
June 16 May 31
$1.50 conv. pref. (quar.)
Cariboo Gold Quartz Mining Co., Ltd
Common (quar.)
Extra
1
16 May 31
1 June 10
2 May
5
June 16 June
June 20 June
10
June
2 May
June 30 June
16
15
June 30 June
15
I|
Carman & Co. class B
Class A (quar.)
June
(quar.)
14
15
14
May 15
150c
June
May 15
June
2
May 15
I2c
June 18 June
4
14c
June
1 Apr.
15
1$1H
J50c
June
2 May 15
1 June 16
July
15c
June 20 June
10
37c
June
12
-
12c
July
July
June
14c
50c
Carter (Win.) Co. 6% pref.
(quar.)
Case (J. I.) Co., 7% preferred
14
June
25c
...
14
June
June
$2
J$2
Canadian Westinghouse Co., Ltd. (quar.)Capital City Products..
Capital Wire Cloth & Mfg. Co., Ltd.—
2 May
14
June
Canadian International Invest. Trust, Ltd.—
2
22
June
U5c
'■t- t5c
Foreign Investment pref. (quar.)
Canadian General Electric (quar.)__
June 30 June
31
tlOc
UOc
pref. (quar.)
Canadian Industrial Alcohol class A
Class B (irregular)
15
31
31
July
July
July
July
July
July
t5c
Canadian
2 May 20
2 May 20
2 May 15
Sept. 12 Aug. 26
1 June 20
July
June
1
5% preferred (quar.)
Canadian Canners. Ltd.—
Vinegars, Ltd. (quar.)
Cable class A (quar.)
June
$1
14
May
May
May
May
May
May
Preferred (quar.)
3
25c
2
25c
15c
J15c
20c
2
May
Class B (interim)
6
June
2
13
May 12
1 May 16
1 May 16
2
5 May
2
June
$2.0854 June
6234c
5
1 June
June 30 Tune
2 May
June
$134
16 June
14 May 29
1 June 12
1 June 12
June
Canada Wire &
2
Armstrong Cork Co. (interim)
Preferred (quar.)
Tune
Canadian Bakeries, Ltd., 5% preferred-
16
1 May
2 May
21
June
.....
July
June
(quar.).-
31
June
10
June 14 May 31
1 July 15
Aug.
1 July 15
Aug.
June
1 May 20
SIM
$134
Artloom Corp. 7% pref. (quar.)
Asbestos Corp. (quar.)..
June
June
June
$1
25c
12
June
June
t75c
6 % preferred (semi-annual)
Armour & Co. (Del.), 7% pref. (quar.)
2 June
10c
I-I
$1
50c
.....
July
June
July
June
14
3:30c
Canada
17 June
lune
14 May 31
June 14 May 31
June
2 May 15
§134
7
June 23 June
6
J3734C
2
3
2
14
2 May 26
10 May 29
June 30
June
68 34c
15c
37 34c
x
25c
(s.-a.)
Payable in U. S. funds.
Anglo-Canadian Telephone, class A (quar.)
Anheuser-Busch, Inc. (quar.)
Apex Electrical Mfg. common (quar.)
7% prior preferred (quar.)
A. P. W. Properties, Inc.. class B
Extra
_
5% preferred (quar.)
1 June
15 June
June
June
25c
i.U***
16 June
3 June
1 June
July
June
May 31
16 June
July 15 June 30
9
May 31 May
June
2 May 20
25c
Mining & Concentrating
June
July
July
June
SIM
Class A (quar.)
Canada Malting Co., Ltd. (quar.)
June 20 June
June 30
35c
*-
13
June 20 June.
50c
10c
Canada & Dominion Sugar (quar.)
Canada Dry Ginger Ale
July 25 June 28
5
2 June
July
July
15
15
15
29
31
Canada Foundries & Forgings, class A
(quar.)._
Class A (quar.)
18
16 May 29
2
May 31 May
June 30 June 14
July
75c
Anaconda Copper Mining
Andian National Corp., Ltd.
Extra
$2%
June
July
July 31 July
July 31 July
2 May
June
June 14 May
June 30 May
$3
75c
30c
Canada Cycle & Motor Co., Ltd., com.
(quar.)_
May 14
15 June
14
16
M
Canada Cement 634% preferred
Canada Crushed Stone (interim)
June
American Smelting & Refining
American Steel Foundries
May
27
25
o0c
50c
'
7% preferred (quar.)..............
2
2 May
June 30|June
2 May
$2
$2.75 convertible preferred (quar.)
Burroughs Adding Machine
Butler Bros., 5% conv. pref. (quar.)
Butler Water 7% preferred (quar.)_.
Byers (A. M.) Co., 7% preferred
Calamba Sugar Estate (quar.)
California Ink (quar.)
Calumet & Hecla Consol. Copper Co. (Mich.)
15 Dec.
July
July
20
20
16 June
25c
Burlington M ills
2
June
6
16
16
June 30 June
$234
Company
Bunker Hill & Sullivan
1
24
24
9
June
June
$1
6234c
Bullock's, Inc
Sept. 15 Sept.
Paper Co. 7% preferred (quar.)
,7% preferred (quar.).
7% preferred (quar.)
I
American Power & Light Co. $6 preferred
$5 preferred
Aug. 15 Aug.
2 May
2 May
June
2 May
1 June
July
June
2 May
June
2 May
June
1 May
June
1 May
June
75c
******
21
21
June 14 May 28
SIM
2
10
2 May 22
June 30 June 30
Tune 30 June 30
June
-
2 May
2 May
......
6% preferred (quar.)—......
American Meter Co...*—..............
Amer, Nat. Fin. Corp., non-cum. pref. (irreg.)
2 May
$134
Buckeye Pipe Line Co
Bucyrus-Erie Co. common (irreg)
7% preferred (quar.)**.
.
10
10
17
50c
2
non-cum.
1 June
1 June
50c
2
June
June 30 June 20
June 19 June
4*
...........
July
July
June
14
15
15
June
Brown Shoe Co. (quar.)
Brunswick-Balke-Collender Co
Preferred (quar.)
June
SOc
25C
—
.
May
June
30c
class A (quar.)_
Extra
American Locker Co.
1
6 May
6 May
June
June
1151
_
14*
June
July
June
June
30c
50c
Brager-Eisenberg, Inc. (quar.)
Brewing Corp. of Amer
Bridgeport Gas Light (reduced)
Bright (T. G.) & Co., Ltd.. common (quar.).
6% preferred (quar.)
Bristol-Myers Co. (quar.)
British American Oil Co. (quar.)
Brompton Pulp & Paper Co., Ltd. (quar.)
Brooklyn Edison (quar.)
14*
15 May 31
2
18 June
June
8734c
Bower Roller Bearing
Brach (E. J.) & Sons (quar.)
19
6234c
25c
5% cum, conv. preferred (quar.).........
$2 cum. preference (quar.)
American Laundry Machinery Co. (quar.)
31
2 May
16 June
S1s1
.
American Hide & Leather Co.
6% conv. preferred (quar.)
American Home Products Corp
15
15c
Borne-Scrymser Co
Boston & Albany RR. Co. (quar.)__Boston Wharf Co. (irregular)
Boston Woven Hose & Rubber Co. pref.
2
June
2 May
June
June
June
$234
$134
...
Class B (quar.)
Borden Co. (interim)
6
June
75c
...
June
15c
16
$3.15
Bohn Aluminum & Brass
16 May 23
t30c
17
10
1 June
25c
Spinning Assoc. 7% preferred—
Bon Ami class A (quar.)....**.**.
1 Nov. 25
1 June 20
July
2 May
9 May
75c
Optional div. l-32d sh. of com. or cash.
Blue Top Brew., Ltd., 6% class A (s.-a.)
May 25
1 Aug. 25
$5
2
2
June
15c
—
Preferred (quar.).........................
BIgelow-Sanford Carpet*. .. . ........... .. .. .
Preferred (quarO..........
Bird & Son, Inc., href, (quar.)
Birmingham Gas Co., $3.50 prior, pref. (quar.).
Birmingham Water Woris6% preferred (qu.)
Blacksi one .Valley Gas & Electric pref. (s.-a.)
Bloch Bros. Tobacco 6% pref, (quar.)
Blue Ridge Corp. $3 pref. (quar.)
1
10c
S3
Berkshire Fine
2
Sept. 15 Sept.
June 30 June
June 30 June
$1
10c
—
Extra.......
....—........—..**;*.*.
(John) & Sons Co., Ltd. (initial)
June 30 June 13
14 June
4
June
14
July
25c
35c
Bertram
June
15c
14
June
3734c
$1
Bendix Aviation Corp
2
$1 H
$1 H
$1 H
14
1 June
16 May
10c
25c
..**.*.
Manufacturing Co
Belmont Radio Corp. (quar.)..
2
June
June 30 June
June 30 June
July
J4c
—
$5 preferred
.........
Bethlehem Steel Corp..
June
20
June
20
May 31 May 21
1 June 10
July
1 June 10
July
125c
3734c
....—
Ltd. (quar.)
Belden
May 19
2 May 15
2 May 22
$2
May 20
15c
Beech-Nut Packing Co. (quar.)—...... ......
Extra.*._.-..—...........
5
15c
(quar.)
Corp. (special, irregular)
(interim)
Beaunit Mills, Inc.
Preferred (quar.)
5
15c
on common
Bathurst Power & Paper A
Beattie Gold Mines (Quebec),
Beau Brummell Ties, Inc
1
$i
1 May
1 May
30c
—
,
Beneficial Loan Society (Dela.) reduced
Benson burst National Bank (quar.)
15 June
2
June
2.5c
(quar.)__—
common
15
Sept. 30 Sept. 16
Dec. 31 Dec. 15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
1 June 16
July
June 30 June 13
15 June
SIM
Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
7% preferred A (quar.)
American Express Co. (special)
American & Foreign Power S7 preferred
$6 preferred
American Gas & Electric Co. (quar.)...
A
conv.
Bayuk Cigars, Inc
May 10
June
Common
$1.20
June 30 June
June
10 May 29
2 May 10
June
June
25c
Bath Iron Works
9
June 25 May 31
June 10 May 29
1 June 14
July
June 16 May 31
June
5 May 15
1
June
June 14
16 May 21
2 May 17
Barlow & Seelig Manufacturing—
Barnsdall Oil Co
June 30 June
June
American
4 H % preferred
American General
16
13
June
(quar.)..
American Chicle Co, (quar.)
6% preferred (quar.)
American Colortype Co. common..
Common
(quar.)
13
June
2 May 15
June 14 May 27
1 June
9
July
1 June
9
July
June
$1
$3
634c
734c
Preferred (s.-a.)
Bank of Nova Scotia
1 Jime
$1X
Preferred
Extra.....-.---—-----.--..-----—-..-.
American Cigarette & Cigar Co. ...........—.
June
1 June
40c
Capital Corp., prior pref. (quar.)
American Chain & Cable
Extra
16 June
2 June
June
June
June
50c
..
Quarterly..
Amalgamated Sugar Co
6% preferred (quar.)
o
June 27 June
SIM.
$134
$134
Allied Products Corp
Class A (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quarJ
15
May
1 June
July
1%%
-
$6 preferred (quarterly)
1
35c
Allied Mills, Inc
Aluminum Industries
12
12
30c
(irregular)..
Aetna Ball Bearing Manufacturing
Agnew-Surpass Shoe Stores pref. (quar.)
Alabama Power Co. $7 preferred (quar.)
$6 preferred (quarterly).
$5 preferred (quarterly)
Allegheny Ludlum Steel preferred (quar.)
American
July
$1
3734c
-
Class B
.
June 30 June
SIX
-
Acme Steel Co. (quar.). —
Aero Supply Mfg. class A (quar.)
Quarterly-
June 30 June
10c
Abbott Laboratories (quar.).
:
Holders
May 16
2 May 16
June
.....
When
Holders
When
Share
Company
$1H
$134
June
June
July
1 May
4
2 June
4
2 June
May 15
2
2 May
16 June
15
16
1 June 12
Volume
Commercial & Financial Chronicle
The
152
Per
Name of
Share
Company
Case-Pomeroy & Co. (semi-annual)
5% preferred (semi-annual)
Caterpillar Tractor (quar.)
Celanese Corp. of America—
7% cum. 1st part, preferred (semi-ann.)
1st pref. (semi-ann.)
——
7% cum. prior preferred (quar.)
Central Arkansas Public Service 7% pref. (qu.)Central Cold Storage
Central Eureka Mining Co. (bi-monthly)
Central Illinois Light Co., 4H%
prrf. (quar.)__
Central Illinois Public Service, $6 pref
June
June
10
Aug.
Aug.
July
July
30
30
June
June
2
+25c
+38c
50c
2lMay 15
$1 M
June
25c
10c
June
8c
June
May 29
July
June
20
June
May
May
May
May
May
20
20
17
20
20
SI H
June
16 June
June
June
i*****
»iS
(quar.)
Central Paper Co.. Inc. (quar.)
May 23
May 23
May 15
May
May
May
$3 H June 30 June 17
June 30 June 17
$3H
11 June 17
$1H July
Central Electric Co
$~6~pref.
June
June
■
June
20c
Extra-———:—-——-—-———.——-——..
1$ 1.16 2-3 June
Central Power & Light, 7% preferred
6% preferred
Central & South West Utilities Co.—
,
June
June
May 31
May 31
June
June
10
10c
June
June
16
$1*4
June
May 20
-----
25c
-
SIM
SIM
$1
75c
$1
$1
50c
——i — -——
Chestnut Hill RR. Co. (quar.)
Chicago Corp., preferred
Chicago Flexible Shaft Co
Chicago Yellow Cab
75c
50c
June
June
14
July
June
14
June
May
1
July
July
July
June
16
June
6
Tune
6
June
May
May
May
May
31
31
20
15
June
Tune
June
$1H
—
Christiana Securities Co.
common (irregular) —
7% preferred (quar.)— — .
Chrysler Corp
Cine. New Orl & Tex. Pac.Ry., 5% pref.(quar.)
5% preferred (quar.)
—
Cincinnati Union Terminal. 5% pref. <quar.)
City Ice& Fuel Co., 6H% pref. (quar.)
—
City of New Castle Water Co. 6% pref. (quar.)_
6% preferred (quar;)
City T.tle Insurance Co. (quar.)
k Extra.
Clark Equipment Co
Preferred (quar.)
Cleary Hill Mines (quar.)
Cleveland Cliffs Iron Co. $5 preferred.Cleveland & Pittsburgh RR. gtd. (quar.)_.__
Special guaranteed (quar.)
Cliffs Corp. (irregular)
Cluett, Pea body & Co. (interim)
7% preferred (quar.) ——————
- -—Coast Counties Gas & Electric, pref. (quar.) —
Coca-Cola Co
.
-
-
—
-
-
June
June 20
25c
June
May 21
25c
-
Chickasha Cotton Oil (special)
Class A
2
75c
Chartered Investors $5 preferred 'quar.)
Chartered Trust & Executor Co. (Toronto) (qu.)
Chesapeake & Ohio Ry., common (quar.)
4% non cum. series A pref (quar.)--
.
2
June
t$l M
til H
Champion Paper & Fibre
Preferred (quar
——
6
16
June
Tune
7% prior lien preferred.
6% prior lien preferred.
Central Steel & Wire Co. 6% pref. (quar.)
Century Electric Co
Century Ribbon Mills, pref. (quar.)
Chesebrough Mfg. (quar.)
Extrai*.--!-.-— —*
5
June
June
10c
.
$2
25c
25c
:
-
Catalin Corp. of America (irregular)
Catelli Food Products, Ltd., common-
•0preferred •
Light & Power
Holders
|June
June
July
$32 M
$1*4
MM
SIM
June 20
May 17
May 15
Aug. 15
Sept.
July
m
I
t$l
87r§?
3
May 26
June
June
28
June
May
May
June
May
July
July
July 20 July
20
June
12
12
__
15
15
June
16 May 29
June
16 May 29
1 May 20
June
June 20 June
June
2 May
June
10
10
2 May 10
25c
June 20 June
10
75c
June 25 June
13
19
MM
31 Mc
75c
(semi-annual)
Coca-Cola International Corp., common
Class A (semi-annual)
June
June
MM
SIM
SIM
MM
MM
12Hc
$5
July
_
June
June 16 May 26
1 June 12
July
July
July
July
1 June
12
1 June 12
1 June
12
Colgate-Palmolive-Peet preferred (quar.)
$1.0634 June 30 June 10
Collins & Aikman Corp
25c
June
2 May 20
June
2 May 20
5% convertible preferred (quar.)
MM.
Colonial Finance Co. (Lima, Ohio)—
5 H % preferred (quar.)
June
$154
May 19
Colonial Ice Co. $7 preferred (quar.)
June 20
MM
July
$6 preferred, class B (quar.)
June 20
MM
July
Colonial Stores, Inc. (quar.)
25c
June
May 20
Preferred (quar.)62 He
June
May 20
Colt's Patent Fire Arms Mfg. Co. (quar.)--June 12
50c
June
Columbia Broadcasting, class A & B_
45c
June
May 23
Columbian Carbon Co. (quar.)
$1
June
May 23
Commercial Baking Corp. 7% preferred (quar.).
35c
June 20
July
$1.20 prior preferred (quar.)
30c
June 20
July
Commercial Investment Trust Corp. com. (qu.)_
June 10
$1
July
June 10
$4.25 conv. preferred (quar.)
$1.06 H July
Commonwealth Distributors, stock div
June
May 16
—
---
-
—
—
-
—
—
One share of
common
stock of Nat. G. & E.
Corp. for each five shs. of Commonwealth
Distributors, Inc., held.
Commonwealth Loan (Indianapolis)—
5% cum. pref. (quar.)
Commonwealth Utilities Corp. 6% pref. B (qu.)_
6H% preferred (quar.)
Compania Swift lnternacional (quar.)
Compo Shoe Machinery vtc com. (quar.)
$2.50 conv. preferred (quar.)
—
Per
Payable of Record
15c
—
Cass Bank & Trust Co. (St. Louis)
irregular) —
Castle (A. M.) & Co. (quar.)
_
——
Extra
Central Ohio
When
3445
Name of Company
Ouneo Press:6H % pref. (qaur.)
Curtis Publishing Co. prior pref. (quar.)
Curtiss-Wright Corp. $2 non-cum class A
Cushman's Sons, 7% pref.
50c
-
-
-
-
'■■8% preferred (quar.)
Di-Noc Manufacturing Co. 6% pref. (quar.)—_
Divco Twin Truck
Dixie-Vortex Co class A (quar.)
Dr. Pepper Co.
(quar.)
Dome Mines, Ltd
,———Dominguez Oil Fields (monthly)
Dominion & Anglo InvestmentDominion Foundries & Steel, Ltd. (quar.)
6% pref rr d (quar.)„.
Dominion Oil Fields (monthly)
Dominion Scottish Investments 5% preferred
Dominion Textile Co., Ltd. (quar.)
7% preferred (quar.)
Driver-Harris Co., common
7% preferred (quar.).
Dun & Bradstreet, Inc. (quar.)_
$6 preferred (quar.)
Dun~an Mills (quar.)—
--------------------
7% preferred (quar.).
6% preferred (quar.).
June
Consolidated Film Industries, Inc.—
$2 preferred
------
----- -
-
-
Consolidated Investment Trust
Common (quar.)
-
-
-
-———— -
1 June 10
(Boston)—
i
-
——
.
16
30c
June
May 15
-
25c
June
June
2
-
—
25c
June
June
2
25c
July
July
July
July
June
13
13
June 14
June 14
June
June
May 20
May 20
-
—
—
MM
MM
MM
20c
$1
20c
June
June
1
62 He
Jime
June
1
T$3H
MM
12 He
June
87 He
May
25c
June
Tune
June
25c
Crown Cork & Seal Co.. Inc.. $2M pref. (qu.)_Crown Trust Co. (Montreal) (quar.)
— .
_
Crown Zellerbach Corp.-—--———————
Preferred (quar.)
June
5634c
June
tSl
25c
June
MM
June
Crow's Nest Pass Coal Co., Ltd. (s.-a.)————.
Crucible Steel Co. of Am. 5% pref. (quar.)
Crum & Forster 8% pref.
(quar.)
Crum & Forster Insurance Shares, A&B
Preferred
(quar.)
Culver & Port Clinton RR. Co
June
June
Tune
30c
May
May
Aug
mm
(s.-a.).
July
%2
_
June
10c
May
May
May
May
May
May
May
15
31
24
10
31
31
29*
June 21
June 13
May 13
May
9
June
i6
Tune 20
May 10
May 10
July
22
25c
25c
t$l .05
tSIM
UlM
60c
May 16
May 16
May 20
June
12 June
2
1 June 10
18
July 21 June 36
May 31 May 16
June
2 May 15
June
2 May 20
July
2 June 26
May 31 May 16
July
June
June
July
July
1 May
2 May 30
2 Juno 14
15 June 36
June 25 June
12
July
June 20
50c
June
May 23
$1H
July
40c
June
$134
SIM
SIM
SIM.
July
June 20
_
June
14 May 26
July
July
25 July
10
15 June
16
June
June
1
May 19
1 May 19
1 May 19
Tune
June
June
$1H
SIM
June
2 May 12
2 May 12
July
July
1 June 16
1 June 16
t75c
14 Juno
4
Eastern Massachusetts Street Ry.—
6% 1st preferred
Eastern Shore Public Service Co. $6H pref. (qu.)
$6 preferred (quar.)-___Eastman Kodak Co. (quar.)
Preferred (quar.).
$1H
2
1 May
1 May
1 June
10
10
July
July
30c
40c
-----
5
June
62Hc
-
16 June
Tune
$1H
$1H
-
5% cumul. conv. preferred (quar.)
Electric Boat Co_.
June
June
t$lH
Edison Bros. Stores, Inc., common (quar.).
1 June
5
14 May 31
June 14 May 31
June 10 May 27
Electric Storage Battery Co., com. (quar.)
Participating preferred (quar.)
50c
June 30 June
9
50c
June 30 June
9
Electrographic Corp., common (quar.)
7% preferred (quar.)——
Electrolux Corp---------—————
Elmira & Williamsport RR. Co.—
7% preferred 'semi-annual)
El Paso Electric (Delaware). 7% pref. A (quar.)
6% preferred B (quarterly)
El Paso Electric Co. (Texas) $4.50pref. (quar.)_
25c
June
sim
June
———————
20c
$1.60
$1H
SIM
60c
...
Sept. 15
May 24*
June
50c
15
12
15
9
t50c
preferred.
June
June
May 13
Aug. 12
Sept.
June
t$ 2H
SIM
J25c
Eastern Gas & Fuel Assoc. 4H % prior pref. (qu.)
May 21
15
June
S1H
MM
June
14
SIM
Oct.
June
May
May
May
May
May
J1 H
62 He
June
12 May 31
2 May 20
15c
7% preferred (quar.)
6% preferred (quar.)
July
June
————
Connecticut River Power Co., 6% pf. (quar.)-Consolidated Cigar Corp., 7% cum. pref
Consolidated Edison of N. Y. (quar.)
16 May 29
June
SIM
June
14
2
14
June 25 June
June
$ik
25c
$2
$2
50c
June
June
1-5-42 Dec. 20
June 16 June
6
37 He
Fairbanks Morse & Co
D„»c.
June
July
5 June 20
June
East Mahonoy RR. (s.-a.)
East St. Louis Interurban Water-
2:1
25c
75c
———
-
10
50c
2
Dec.
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
Preferred (quar.)
Connecticut Power Co. (quar.)._
17
20 June
July
June
common
Juno
Sept. 25
2 May
June
$2
-------
June
Sept.
$1H
$1 H
June
$2
$2
10c
$1H
25c
62 He
7% preferred (quar.)
du Pont (E.I.) de Nemours & Co. (interim)
$4.50 preferred (quar )-_Duquesne Light Co., 5% pref. (quar.)
June
5
.June 25
2 May 20
1 .Tune 17
50c
common
June
5
June
June
May 20
June
75c
10c
June
June
June
July
25c
Preferred (semi-annual)
30c
June
1 July
1
Oct.
1 Oct.
1
Dec. 23 Dec. 23
June
2 May 20
25c
50c
-
————i*—-*-w—:-
25c
62 He
$1 H
July
25c
Devonian Oil Co
Diamond Alkali Co. (quar.)
Diamond Iron Works (resumed)
Diamond Match Co., common..
Extra..*-*.—^*4
Consolidated Paper Co. (quar.)Consolidated Retail Stores, 8% pref. (quart¬
s'??) preferred (quar.). —
———————
Continental Can Co. (quar.. interim)
Continental Casualty Co. (Chicago) (quar.;
Continental-Diamond Fibre (quar.)
Continental Oil Co. (Del.)
Continental Steel Corp., common
7 % preferred (quar.)
Continental Tel. Co. 7% partic. pref. (quar.)—
6 H % preferred (quar.)
Cook Paint & Varnish (quar.)
Preferred (quar.)
—
Copperweld Steel Co. common...
5% conv. preferred( quar.)
—...—
Corrugated Paper Box. 7% pref
Crane Co. 5% preferred (quar.)
Creameries of America, Inc. (quar.)
Preferred (quar.)
Creole Petroleum Corp
—
-
------
Aug. 15
May 15
2
16 June
2
June
2 May 22
50c
July
Quarterly
Quarterly
.Tune
2 May 15
16 June
2c
v
Durez Plastics & Chemical Co.
2
10
30c
—
t25c
Confederation Life Association (Toronto) (qu.).
July
Aug.
50c
15 July
SIM
t$l
preferred (quar.)
Ely & Walker Dry Goods
First preferred (s.-a.)—.——
Second preferred (s.-a.)
Empire Power Corp., $6 preferred (quar.)_
$2.25 cumulative participating
Emporium Capwell Co. common
4H% preferred series A (quar.)_
Employers Casualty Co. (Dallas), (quar.)
Quarterly-—
Engineers Public Service Co.—
$6 div. cum. preferred (quar.)————
$5H div. cum. preferred (quar.)_
$5 div. cum. preferred (quar.)Erie & Pittsburgh RR. (Guaranteed) (quar.)___
Essex Co. (s.-a.)
Ever-Ready Co. (Gt. Britain), Ltd.—
Ordinary stock (20% plus 5% bonus)
Preference stock-——-————-Eversharp, Inc., 5% preferred
Excelsior Insurance Co. (N. Y.) (reduced)
Extension Oil Co., Ltd
Faber, Coe & Gregg, Inc. (quar.)
June 15
June 13
75c
1 June 16
SIM
Semi-annually
7%
June
June
50c
$1M
SIM
$1M
Detroit Michigan Stove Co.. common
Detroit Steel Corp. (irregular)
El Paso Natural Gas Co. (quar.)
$1*4
$1M
SIM
June
5c
Detroit Gray Iron Foundry (s.-a.)
Detroit Hillsdale & Southwestern RR. (s.-a.)
6%
June
15c
7% preferred (quar.)——7% preferred (quar.)-——.
Common (quar.)
Denver National Bank (Denver)
(quar.)
Dictaphone Corp.
May 31 May 19
July
1 June 14
June
2 May 20
35c
Dentists' Supply Co. (N. Y.)
7% pref. (quar.)._
Denver Union Stock Yards pref.
(quar.)
Derby Oil & Refining, $4 conv. preferred
Detroit Gasket & Mfg., $6 pref. w. w. (quar.)
June 20 June
50c,
$1
-—
4
July
July
60c
,-
19
14 June
25c
.
2 May
June
$1M
Dayton & Michigan RR. 8% preferred (quar.)—
Dayton Power & Light, 4H% preferred (quar.)_
Deere & Co. pref. (quar.)
Delaware Fundi*
* —•——
-i—
*
ExtraII-————
Delaware Rayon Co. class A_
June
40c
Davison Chemical Corp. (resumed)
Dayton Malleable Iron Co
-
June 30 June 20
MM
-
Dairymen's League Cooperative Assn
Darby Petroleum (resumed)
-
Holders
Payable of Record
S1.12H June 14 May 31
75c
July
1 May 29
Cutler-Hammer, Inc. (irregular)
.
When
Share
MM
-
Falconbridge Nickel Mines, Ltd. (interim)-,
Falstaff Brewing Co. pref. (semi-ann.).
Fajardo Sugar of Porto Rico
;
Famous Players Canadian Corp., Ltd. (quar.)..
Fansteel Metallurgical Corp. $5 pref. (quar.)—.
$5 preferred (quar.)
$5 preferred (quar.)
Farmers
Traders Life Insurance (quar.).
Quarterly.
Federal Bake Shops (quar.)
Preferred (s.-a.)
Federal Light & Traction Co., $6 pref. (quar.)..
Federal Mining & Smelting Co. (irregular)
Federal Mogul Corp.
Feltman & Crum Shoe Stores $7 pref
Ferro Enamel Corp
—
July
July
July
July
1 June 20
15 June 36
1,5 June 30
1 June
June 30 June
16
13
May 31 May 16
June
2 May 22
July 15 July
3
3
July 15 July
$1H
t50c
June
20 June
5
June
10 June
2
25c
35c
5634 c
40C
40C
July
July
Aug.
Nov.
1 June 21
1 June 21
Uuly
25
1 Oct.
25
$1H
1 June 13
1 June 13
1 June 13
June 10 May 31
June
2,May 16
June
5'May 10
a5%
June
5 May 10
11 June 16
20'
SIM
SIM
SIM
80c
a
July
July
July
25c
July
15c
June
nm
50c
—
June 16 May 15
$3!i
cum.
—
2 May 24
2 May 24
t5c
3c
50c
25c
$134
$134
$134
$2H
$2H
25c
May 31 May 20
June
llMay 15
2May 10
June 28'June
2
Oct.
l'Sept. 16
June
2 May 15
June
June 27 June
12
June
June
14
Sept.
Sept. 15
Dec.
Dec.
July
June
Oct.
June
Sept. 10
June
15
10
14
14
75c
June
June
$1H
June
$1
June
May 15*
May 29
25c
June
June
July
May 31
June
June
25c
5
5
15c
Finance Co. of Amer.com.cl.A&B
Common class A&B
(extra)
5H% preferred (quar.)
Fireman's Fund Indemnity (quar.)
Firestone Tire & Rubber, 6% pref. A (quar.)...
First National Bank of Chicago (quar.)
First National Bank of Jersey City (quar.)
First National Stores (quar.).
Fishman (M. H.) Co. (quar.)
Fitzsimmons Stores, Ltd.—
7% pref rred (quar.)
7% preferred (quar.)
7% preferred (quar.).
—5% participating class A (quar.)
5% non-cum. partic., class B (quar.)
-
—
June
June 20
10c
June
6Hc
June
June 20
June 20
50c
June
June
$1H
$2H
1%
June
May 15
July
June 25
62 He
15c
17Hc
17Hc
17Hc
June
July
5
June 20
June
5
June
2 May 15
June
2 May 20
2 Aug. 20
Sept.
Dec.
LNov. 20
20c
June
1 May 20
20c
June
] May 20
The Commercial & Financial Chronicle
3446
May 31, 1941
Holders
Name of
Name of
Company
Dock
25c
June
May 20
June
June
Inland Steel Co
(quar.)
;—
June
(final)—
25c
July
FitzSimmons & Connell Dredge &
Flintkote Co
Florida Power Corp. 7% pref. A
7% preferred (quar.)
Foote Bros. Gear & Machine Co., pref.
Foote-Burt Co
May 15
May 15
June
Junj 30
June
5
50c
June
June
May 31
6c
June
June
July
18 June 30
25c
Gamewell Co., common (irregular)
SO convertible preferred (quar.)
Gar Wood Industries, Inc., 5% pref. (quar.)
Garfinckel (Julius) & Co. com. (quar.)
June
June
4
June
—
June
4
Interstate Natural Gas
June
May 28
6% conv. preferred (quar.)
Gatineau Power, common (quar.)
-
594% preferred (quar.)..
5% preferred (quar.)
Gaylord Container, com. (quar.)
-
June
June
}$1.38
tUH
Extra
1294c
1234c
68Mc
-
594% preferred (quar.)
Gellman Manufacturing Co
General American Corp. (quar.)
5c
75c
General Cigar Co
2.5c
—
5
May 16
May 20
May 20
June
June
June
June
14
May
July
May
July
May
June
May
June 16 May
June 16 May
31
31
31
31
31
31
June
June
June
14
10,May 27
1 May
15
June
15;May 26
1 May 16
12 May 15
Aug.
July
7
(quar.)
June
General Motors Corp., common
June
$5% preferred (quarterly).
General Outdoor
Advertising,
M
class A.
$134
$194
$194
Preferred (quar.).
Preferred (quar
Nov.
5
Nov.
Aug.
Nov.
5
Aug.
Nov.
5
_June 20
July
July
July
i June
10
$134
1 June
10
$i y%
General Public Utilities, Inc., S5 pref. (quar.)_
General Railway Signal Co., com. (irreg.)
June
1 May 19
25c
6% preferred (quar.)
General Shareholdings Corp.—
.$6 cum. conv. preferred (quar.)...
Opt. div. of 44-1000ths sh. of com. or cash.
Georgia Power Co. $6 pref. (quar.)
S5 preferred (quar J
...
Georgia Railroad & Banking (quar.)
Gillette Safety Razor, $5 conv. pref. (quar.)
Girdler Corporation, com. (quar.)
Glen Falls Insurance Co. (quar.)
Glidden Co.. com. (interim)
494% conv. preferred (quar.)
Gold & Stock Telegraph Co. (quar.)
Goodrich (B. F.) Co., $5 pref. (quar.)
Goodyear Tire & Rubber...
$5 preferred (quar.)
$194
six
*2X
$1 H
25c
40c
50c
5634c
$134
$1H
14
July
1
July
1
June 14 May 26
l'June 13
July
l'June 13
July
July
ljJune 13
11 June 30
July
_
June 30 June 20
June
16 May
June
16 May
16 June
15
15
50c
July
l'June 21
25c
June
tl5c
June
50c
2 May
2 May
May 31 May
May 31 May
June
2 May
15
17
16
16
20
50c
June 25 June
3
2 May
9 June
15
$134
$134
t$134
Corp., $6 preferred
Copper Co
Greene RR. Co. (semi-annual)
June
75c
Green Mountain Power
June
$3
3434c
50c
Griesedieck Western Brewery (quar.)
Group No. 1 Oil Co
2
2
19 June
6
2 May
June 28 June
15
Tune
20
June
June
July
1
10
$134
$134
16 May 29
June
16 May 29
75c
$5.50 preferred (qimr.) ——————————
(seml-ann.)
Hackensack Water Co.
Preferred A (quar.)
June
$1H
(quar.)
pref. (quar.)
Hajoca Coro. 6% pref. (quar.)
Hale Bros. Stores (quar.)------—Hall (W. F.) Printing Co. (quar.)
Hallnor Mines Ltd. (quar.)
June
75c
(quar.)
—
Gulf Power Co. $6 preferred
Gulf States Utilities Co., .$6
14
June
25c
Gossard (H. W.) Co
Granby Consol. Mining Smelting & Power Co__
Great Atlantic & Pacific Tea, com. non-conv7% st pref. (quar.)
Great Northern Paper Co
i
Great Northern Ry. Co., preferred.....
Greene Cananea
June
$134
Gorham
Manufacturing Co
Gorton-Pew Fisheries Co., Ltd.
July
July
July
Aug.
June
43?4C
$134
1
May 16
June 30 June
2 May
June
25c
June
25c
June
2
16
15
May 15
20 June
5
*15c
June
Haloid Co
25c
July
Hamilton Watch Co
Preferred (quar.)
25c
June
16 May 31
$1 94
June
...
2 May 10
1 June 21
25c
June
2 May
20 June
I
$134
July
1 June
Hancock Oil of Calif, class A and B (quar.)
Class A and B (extra)
50c
June
25c
June
25c
June
8734c
$134
3734c
June
2 May 20
1 May 15
June
2 May
Hammermill Paper Co.
..I
494% pref. (quar.*;
Hanley (James) Co., com. (quar.)
7% preferred (quar.)—
IT anna (M. A.) Co., pref.
(quar.)
Harbison-Walker Refractories
Preferred
Hard
June
75c
June
t31c
June
6
16 May 31
2 May 23
2 May 23
27 June 17
15c
—II—Ill-
(quar.)I"~
July
1 June
June
2 May
3734c
—
June
50c
30c
-
...
,
June 20 June
25c
Heyden Chemical Corp. (quar.)
H eywood-W a kefield Co.,
5% pref., class" B~
Hibbard, Spencer Bartlett & Cc. (monthly)
Hibernia National Bank (N. O.) (s.-a.)
Hires (Chas. E.) Co
Hobart Manufacturing Co., class A (quar.)—I
Home Fire & Marine Ins. Co.
(Calif.)
Home Insurance (Hawaii) (quar.)
2
June
15
1 May 17
50c
65c
July
1 June
June
2 May
17
17
15
50c
June
16 June
5
60c
June
14 June
11
Quarterly
60c
Sept. 15 Sept. 12
Quarterly
60c
Dec.
2.5c
June
15c
May 31 May 26
May 31 May 14
Honolulu Oil Corporation
Honolulu Plantation (resumed)
__
Hooker Electrochemical Co
30c
6% pref. (quar.)
Horn (A. O.) Co., 7% non-cum. prior partic.
pref
6% non-cum. 2d participating pref. (quar.).
Horn & Hardart (N. Y.),
5% pref. (quar.)
Houston Oil of Texas 6% preferred
Humble Oil & Refining
Humphreys Manufacturing Co., com. (quar.)III
6% preferred (quar.)
Huntington Water Corp. 6% preferred (quar.) II
7% preferred (quar.)
Hydraulic Press Mfg 6% preferred (quar.)
_
Illinois Central RR. Co.—
(Leased Line) 4% guaranteed (s.-a.)._
Illinois Municipal Water, pref. (quar.)
—
Imperial Chemical Industries Am .dep. rec
Imperial Life Assurance Co. of Canada (quar.)
Quarterly
Quarterly
—III
Imperial Oil, Ltd.—
—
Coupon shares
Registered shares
II
Indiana Gas & Chemical Corp. $3 preferred
Industrial Bank of Hartford, Inc. (quar.)
Industrial Bank& Trust Co. (St. Louis), quar.).
-
Quarterly
Industrial Corp. of Lynn (quar.)
7% preferred (quar.)
Industrial Nat'l Bank of Chicago (Chic., 111.)—
Common (quar.)
494% preferred (quar.)
$134
834c
15 Dec.
16 June
12
6
June 30 June
Key West Electric Co. 7% pref. A
Keystone Public Service, $2.80 pref. (quar.)—_
Keystone Steel & Wire Co
Kimberly-Clark Corp., com. (quar.)
6% preferred (quar.)
Kings County Lighting Co.—.
7% preferred, series B (quar.)..
6% preferred, series O (quar.)
5% preferred, series D (quar.)
Kinney Mfg. Co. (irregular)
Klein (D. Emil) Co
Kobacker Stores, Inc., common
Preferred (quar.)
Kresge (S. S.) Co. (quar.)
Kresge Department Stores, Inc.—
4% conv. 1st preferred (quar.)
Kress (S. H.) & Co—
6% preferred (interim)
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
7% preferred (quar.)
Lake of the Woods Milling
Preferred (quar.)
Lake Shore Mines, Ltd. (interim)
Lake Superior District Power, 5% pref. (quar.)
Landls Machine Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc. (quar.)
Lane-Wells Co. (quar.)
Langley s, Ltd., 7% conv. pref
-
-
-
—
—
vU 11 V
•
conv.
jJl Cl.Cri Ovl*
•»
preferred.
Monotype Machine Co
Corp., com. (quar.)_
70c. cum. class A (quar.)
—
_
(Quarterly)
Common B (quar.)
Lily-Tulip Cup Corp. (quar.)
Lincoln National Life Insurance Co. (quar.)
Quarterly
Lincoln Service
Corp., com. (quar.)
7% prior preferred (quar.)
6% participating pref. (quar.)
12
June
15
2 May
15
13
t75c
13
25c
25c
+$1M
$1
$1
Lionel
19
June
2 May
12
June
:$3 k
t$334
t$3H
19
2 May 12
2 May 21
Liquid Carbonic Corp. (quar.)
Little Miami RR., original capital
Original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Oct.
Jan.
2 Dec.
15
31
June
June
May 15
May 21
May 15
July
June
Oct.
Sept. 15
May 10
May 10
June
June
16
25c
June
8734c
June
50c
June
15 June
5
$134
June
15 June
5
2
June
June
6
May 23
June 21
_
14|May 31
June
2 May 20
June
10 May 27
June
May 20
Aug. 20
Sept.
Nov. 20
Dec.
June
1 May
1 May
June
10
10
June 30 May 31
15 June 30
I June
July
June
July
July
2
—
(quar.)
A & B (extra)
(Quarterly)
Lock-Joint Pipe Co. 8% pref. (quar.)
Longhom Portland Cement Co.—
5% partic. pref. (quar.).
5% partic. pref. (partic. div.).
5% partic. pref. (quar.)
5% partic. pref. (partic. div.).
5% partic. pref. (quar1.)
5% partic. pref. (partic. div.L_
Loose-Wiles Biscuit Co. (quar.)—
Preferred (quar.)
Lord & Taylor (quar.)
6% pref. (quar.)
Louisiana Land & Exploration Co.
5
]0
20
1 June 16
16 May 31
I June 12
II June 12
June
16
June
Juno
16
June
May
l5
July
June 20
June
June
2
June
May
16
16
June 13 May 29
$1
June 20
July
40c
June
794c
June
50c
June
$114
$m
July
Aug.
50c
June
$194
|35c
$194
$154
$154
$154
June
25c
25c
June
t50e
t50c
t50c
June
June
May 24
May 24
May
9
II June 17
l'July 19
2 May 15
2 May 15
16 June
2
June
2 May
15
June
15 June
5
Sept. 15 Sept.
Dec. 15 Dec
5
5
15
June 15 May 21
2 May
12 June
3
Sept
12 Sept.
3
Dec.
12 Dec.
3
65c
May 31 May 21
June 30 June 25
June 30 June 25
1 June 14
July
1 June 14
July
June
6 May 27
1 June 14
July
June 14 May 31
June 15 May 24
25c
June
$194
June
25c
$1
35c
1 May
9
12
15
29
24
15c
2 May
May 31 May
June 16 May
May 31 May
June 10 May
40c
June
July
2 May
1 June
1
10
June
2 May
13
35c
50c
14c
$194
$1
$1
30c
30c
30c
25c
June
June
Aug.
1
July
26
Nov.
1
Oct.
25
12 May 31
June 12 May 31
June
June
June
12 May 31
2
May 23
23
2 May
June 30 June
June 30 June
June
25c
$1.10
$1.10
23
2 May 13
2
16 .June
75c
$154
15c
Corp. (quar.)
Loblaw Groceterias Co. A & B
May
July
July
July
$154
694% preferred (quar.)
31
1 June 11
2
16 June
25c
(Providence) (s.-a.)_
1 May
8 Apr. 25
2 June 30
1 Sept. 30
16 June
July
8794c
3794c
-
June 30 June
June 30 June
2 May
June
25c
Link Belt Co. (quar.)
June
17
June 14,May 31
June
May 23
June
May 23
30c
June 27 June
July
10
1 June
June
„—
(liquidating)
Lehigh Portland Cement Co. 4% pref. (quar.)
Corp
Leslie Salt Co. (quar.)
Le Tourneau (R. G.), Inc. (quar.)
Lexington Water Co., 7% pref. (quar.)
Libby, McNeill & Libby
Libbey-Owens-Ford Glass
Liberty Finance Co. cum. part. pref. (quar.)
Life& Casualty Insurance Co. (quar.)
Life Savers Corp. (quar.)
Liggett & Myers Tobacco Co., 7% pref. (quar.)_
30 June
July
July
22
July
6294c
$114
Lehn & Fink Products
June
SlfS
26 July
June 20 June
June 24 June
10c
June
a5%
16iMay 31
July
—
Preferred (quar.)
Lebanon Steel & Iron
June
June
May 31
June
354c
1794c
Leath & Co
45c
3734c
June 12
_
$134
$134
$134
25
June 20 June
Lincoln Stores, Inc
Preferred (quar.)
July
2
2 May
June 28 June
Lincoln Trust Co.
Extra.
30c
16 June
June
July
/O
14
June
June 30 May 31
2 May
2 May
3734c
10 May 31
14
10
9
June 30 June
Extra
2 May 15
1 June 20
16 June
Juno
Kennedy's Inc. pref, (quar.)
2
20 May 20
14 June
2
1 Nov. 10
Kern County Land
Kerr-Addison Gold Mines (interim)
June
June
2 May
2 Aug.
Dec.
.
I
2
16 May 31
14 May 20
16 June
2
June
(quar.)
Knitting Mills 5% pref. (quar.)
Jarvis (W. B.) Co
Jefferson Lake Sulphur Co., Inc. (quar.)
Jefferson Standard Life Insurance (s.-a.)
Jewel Tea Co., Inc. (quar.)
Johns-ManvLie Corp. common
7% preferred (quar.)
Joslyn Manufacturing & Supply Co., com
6% preferred (quar.)
Joy Manufacturing Co,
Kansas Okla. & Gulf Ry., 6% pref. ser. A (s.-a.)
6% preferred serie^B (semi-annual)
6% preferred series C (irregular)
Kansas Utilities, 7% pref. (quar.)
Kaufmann Dept. Stores 5% conv. pref. (quar.)_
Kellogg (S.)—See Spencer.
Kelsey-Hayes Wheel class A
—
Kelvinator Corp. of Canada (quar.)
Kemper-Thomas Co., 7% special pref. (quar.)—
7% special preferred (quar.)
7% special oreferred (quar.)
Kendall Co. $6 preferred A (quar.)
Partic. preferred A
Kennecott Copper Corp
June
June
16|June
June
June
La Salle Industrial Finance
June
15 June 19
June
$5 preferred A
14
25c
2 May 20
2 May 27
July
Jantzen
June 20 June
20c
.
June
Lanston
75c
25c
—
2
June
Jamieson (C. W.) & Co.
31
May 15
1 June 30
June
—
50c
Hecla Mining Co_
—u—
Heileman (G.) Brewing (quar.)
—I—~
Hein-Werner Motor Parts (quar.)
Hewitt Rubber (quar.)
July
Jaeger Machine Co. (irregular*
Jamaica Water Supply, com. (quar.)
7%
July
15 June 20
June
2 May
5
June 30 May 31
Sept.
12
7
$1 H
10
June
Quarterly
Quarterly
$134
—
Hazel-Atlas Glass Co.
Hazeltine Corp. (quarterly)
Holophone Co.. Inc
May 15
May 15
3 May 20
July
Rock Gold Mines, Ltd
Holland Furnace Co
1
1
31
July
—
—
21 July
June 21 Mav
I
Harrison National Bank (N. J.) semi-annual
Harshaw Chemical Co. cum. conv. pref. (qu.)
Hart-Carter Co. conv. pref. (quar.)
5
16
6
1 May
July
Intertype Corp
Investment Corp. of Philadelphia
Iron Fireman Mfg. Co. (quar.)
$134
I
(quar.)
June
16
5
16
June 23 June
June 26 June
25c
Preferred (qu.
J25c
Foundation Co. of Canada, Ltd. (quar.)
Preferred
Inspiration Consolidated Copper
Institutional Securities (bank shs.) (stk. div.) —
International Cigar Machinery Co
International Harvester Co. (quar.)
$194
1294c
17 Ac
37 Ac
t20c
35c
_
June
50c
Freeport Sulphur Co. (quar.)--
July
June
June
$194
A (quar.)—
16
June 15
2 May
2 May
June
i
International Nickel of Canada
International Ocean Telegraph Co. (quar.)
International Petroleum—
Coupon shares
Registered shares
International Safety Razor, class A (quar.)
Interstate Department Stores
Interstate Hosiery Mills—
—_—
3794c
294c
Foresight Foundation A
Foster & Klelser Co. 6% preferred
Frankenmuth Brewing (quar.)
Fruehauf Trailer Co
Preferred (quar.)
14
J25c
—
(quar.)
Ford Motor (Canada) cl. A & B
June
Ingersoii-Rand Co
25c
$194
8794c
of Record
Company
June
16
16
2 May
9
1 June
July
May 31 May
1 June
July
June 10 May
Sept. 10 Aug.
16
$1.10
Dec.
50c
10
14
24
25
10 Nov. 24
June
50c
10 May 24
Sept. 10 Aug. 25
50c
Dec.
t25c
J1294c
J2 0c
June
52
10 Nov. 24
June
1 May
1 May
June
1 May
10
10
10
July
1 June 21
$194
June
25c
June
2 May 20
2 wxay 20
Sept.
Sept.
1 Aug. 20
1 Aug. 20
,
$194
25c
$194
Dec.
1 Nov. 20
25c
Dec.
1 Nov. 20
25c
1 July
1 June
19
$194
Aug.
July
$294
July
1 June
17
$194
June
10c
June
2 May
16 June
17
2
18
Volume
Per
Name of
30c
$15*
37 Ac
5c
June
$15*
$15*
$1 %
435*c
435*c
July
435*c
25c
Nov. 29 Nov. 28
June 30 June 20
25c
10c
.
ttSJjo
McKenzie Red Lake Gold Mines (quar.)
MacKinnon Steel Ltd.—
$7 conv. preferred (accumulated).
Mac ass a Mines, Ltd
t* 15*
($15*
t8c'
June
2 May
1
June
16 June
2
June 16 May 31
16 May 31
5.
Aug. 15 Aug.
June
Nov. 15 Nov.
June 16 May
5c
25c
Aug.
1
June
2 May
40c
June
2 May
June
6 May
10c
June 20 May
29
2
12
14
27
20
31
20
20
20
29
60c
June 20 June
5
75c
.
June
SfS
July
Massachusetts Investors 2nd Fund
Master Electric Co. (quar.).
May Department Stores (quar.)
Quarterly
May McEwen Kaiser (quar.).:
$4 pref. (quar.)
Mead Corp. $6 pref. A (quar.)
$55* preferred B (quar.)
Mercantile Acceptance Corp. 5% pref. (quar.).
5% preferred (quar.)
5% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Mercantile National Bank (Chicago) (quar.)—
Merrimac Hat Corp., common
8% preferred (quar.)
Merritt-Chapman & Scott Corp. 65*% pf. (qu.)
June
16 May
10 May
25c
(quar.)
2 May
June
June
10 May
$i a
Extra
June
7c
25c
Maryland Fund, Inc. (quar.)
Masonite Corp. (quar.)
June
1 May
75c
Sept.
25c
June
$1
June
$15*
$1%
June
25c
25c
June
June
Sept.
3 May
3 Aug.
15
15
1 May 19
1 May
1 May
19
15
1 May 15
5 May 31
5 Aug. 30
25c
Dec.
5 Dec.
30c
June
30c
30c
Sept.
5 May 31
5 Aug. 30
Dec.
5 Dec.
$1
1
1
June 30 Tune 25
25c
June
$1
June
t$5
June
2 May 22
2 May 22
(quar.)
Metropolitan Edison Co. $7 cum. pref. (quar.).
$7 prior preferred (quar.)
$6 cum. preferred (quar.).
$6 prior preferred (quar.)
$5 cum. preferred (quar.)
Michigan Associated Telephone Co. 6% pref.,.
Michigan Consolidated Gas Co. 6% pref. (quar.)
Michigan Public Service Co. (quar.).
Michigan Seamless Tube
2
June
10 June
12AC
$15*
$15*
$1A
June
10 May 20
1 June
2
$1
$1A
\
50c
Michigan Steel Tub? Products
15c
60c
May 20
June 30 June 20
July
July
July
July
July
July
2
1 June
2
1 June
2
1 June
2
1 June
2
1 June
14
June
2 May
May 31 May
June
3 May
June 10 May
26
15
27
28
40c
1 June 20
June 10 June
5
June
2 May
1'
20c
June
16 May 31
75c
50c
June
2 May 23
1 June 13
15c
Middle West Corporation
Middlesex Water Co. (quar.)
July
2c
$15*
SI A
Quarterly
2c
Milwaukee Gas Light Co. 7%
pref. Ai(quar.)
Minneapolis Gas Light Co. (Delaware)
6% preferred (quar.)
55*% preferred (quar.)
$5.10 1st preferred (quar.)
5% preferred (quarterly)
Minneapolis-Honeywell Rei
agulator (quar.).
2 May 20
2 May 20
3^50C
New York
50c
City Omnibus Corp. (reduced)
(quar.)
Carpet Mills, Inc
Incorrectly reported last week
as
preferred (quar.)
Northwestern Tolegraph Co. (s.-a.)
Quarterly
Quarterly
Moran Towing Corp.—
7% cum. partic. pref. (participating) —
Morgan (J. P.) & Co. Inc. (initial)
Motor Finance Corp. preferred (quar.)
(Quarterly)..
Motor Wheel Corp. (quar.)
Mt
Diablo Oil Mining & Development Co
Mountain Producers Corp. (s-a)
Mueller Brass Co. (increased)
Mullins Mfg. Corp. $7 preferred
— —
Muncie Water Works Co., 8% pref. (quar.)
Murphy (G. C.) Co. (quar.)
Muskogee Co. preferred (quar.)
6% cum. preferred (quar.)
Common (irregular)
Muskegon Motor Specialties, class A (quar.)
Muskegon Piston Ring Co.
Mutual Chemical Co. of America—
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
- - Narragansett Racing Assn., Inc. (irregular).,,.
National Automotive Fibres preferred (qu.)
National Battery Co. pref. (quar.)
National Bearing Metal Corp
2 May 20
2 May 20
June
July
June
1
June
I line
16
10 May 23
2
May 15
June 10 June
7
3 May 23
2 May 17
10
July
July
July
1 June
m
$25*
July
1 June
17
June
14 May
15
June
14 June
2
2 May
13
M
41 2-3c June
60c
435*c
$15*
$15*
$15*
$15*
10c
$2
-
185*c
435*c
t$3
June
14
June
14
June
14
July
Oct.
Oct.
1
10
June
June
31
14 May 31
14 May 31
June 2
|May 15
June 30 June
13
ljJune 13
July
Juno
14'May 29
June 14 May 29
June
May
1
_
May
1
10
June
20
20
23
23
31
27
27
15
31
10c
June
June
July
July
t$15*
June
15c
50c
May
May
May
May
May
May
May
May
May
June
June
June
June
14
June
14
Ui?OC
July
July
Aug.
Aug.
Aug.
July
July
July
July
15
15
15
June
14
50c
June
May 20
the
June
May
30c
Pacific Finance of California
Preferred A (quar.)
Preferred C (quar.)
20c
165*c
10
June
May 24
$15*
$15*
July
July
June
14
June
14
50c
$1
June
June
July
$1
July
July
June
10
16
50c
6% partic. preferred class A (quar.)
6% partic. preferred class B (quar.)
Paraffine Cos., Inc., common (quar.)
preferred (quar.)
Park Street Trust Co. (Hartford),
Parker Appliance Co. (quar.)
2 May 20
14 June
5
10
$15*
t$2 5*
J15c
t$i 5*
Panhandle Eastern Pipe Line Co. common
May 31
May 31
May 31
July
1
2 May 20
2 May 20
June 20 June
5% preferred (quar.)
Pacific Indemnity.
Package Machinery Co. (quar.),,.
Pamour Porcupine Mines. Ltd
June
10
June 30 June
20c
June
10
1 June
June 20 June
June
50c
(quar.)
Otis Steel $5A 1st preferred.
Ottawa Light, Heat & Power Co., Ltd
5% preferred (quar.)
Oxford Paper Co., $5 preferred
Paauhau Sugar Plantation Co., Ltd. (resumed),
°acific & Atlantic Telegraph (s.-a.)
July
July
July
1 June
June
58 l-3c June
June
50c
Preferred
4%
June
25c
June
SI A
SI A
15
14 May 31
2 May 16
June
2 May 20
June
Preferred
June
June
June
June
Ohio Oil Co
June
June
1 May
June
40c
50c
31 Ac
SI A
Sept. 30 Sept. 21
June
25c
6% preferred (quar.)
5% preferred (quar.)
Ohio & Mississippi Telegraph Co. (annual)
27
10
10
10
10
tSl A
(quar.)
16 May 20
19 May 31
June 28 June 22
2c
84c
Montreal Loan & Mortgage (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
1
June
t$l A
-
May
May
May
May
May
6% preferred (quar.)
5% preferred
1
June
10c
Ogilvie Flour Mills 7% pref. (quar.)
Ohio Finance Co. (quar.)
June
Montreal Cottons, Ltd., common (quar.)
5
Nov. 15 Nov.
$15*
Oahu Railway & Land (mo.)
Oceanic Oil Co
14
June
6
14 June
$15*
$15*
$15*
A
Norwich Pharmacal
Nova Scotia Light & Power preferred (quar.)..
June
10c
18 Tune
60c
..
May 23
92 A
13
Aug. 15 Aug.
50c
6%
June
SI A
June
$1
Northern Pipe Line
Northern States Power (Wise.) 5% pref. (quar.)
Northwestern Public Service 7% pref. (quar.),.
July
Montana-Dakota Utilities Co., common
June
Aug.
June
15c
$1
87 Ac
34 He
$4 preferred C (initial)
$4.25 pref
A (s-a.)
$4 25 preferred B (semi-ann.)
June
June
June
June
15c
Bearing Corp. (quar.)
Quarterly
Northeastern Water & Electric. $4 pref. (quar.)
Northern N. Y. Trust Co. (Watertown) (quar.).
$2 A
Monroe Chemical Co. (quar.)
Monrof Loan Society 55*% pref. (quar.)
Monsanto Chemical Co. (quar.)
16
29
20
15
15
May 20
$25*
Otis Elevator Co
$1 dividend.
Monarch Machine Tool
May
May
May
July
$1
June 20
May 28
May 10
June
50c
June 20
June
2
June 20
June
June
$1
50c
1900 Corp., class A (quar.)
Class A (quar.)
20
20
20
24
24
20
21
June
July
$15*
Niagara Shares Corp. (Maryland)
6% preferred class A (quar )
Niles-Bement-Pond Co
June
June 20
May 23
June 14 May 23
June
2 May
9
$2
7% preferred (quarterly)
6% preferred (quarterly)
Okonite Co. 6% pref. (quar.)
Omnibus Corp. (reduced)
8% preferred (quar.)
Oneida, Ltd., common (quar.)
7% partic. preferred (quar.)
Ontario & Quebec Ry. Co. (s.-a.)
5% perp debenture stock (s.-a.)
Orpheum Building Co
Oshkosh B'Gosh Inc. $2 conv. pref. (quar.)
Common (quar.)
July
July
July
10
June
$15*
(quar.).,.
Preferred (quar.)
1 May 20
June
June 16 May 31
June 16 May 31
June 30 June
New York & Queens Electric Light & Power Co.
June
20
2 May 20
June
Preferred (quar.)
Ohio Water Service Co., class A (increased),
Oklahoma Gas & Electric—
July
June
June
Ohio Seamless Tube
20
2
13
13
25c
15
1 May 26
May
May
May
June 10 May
June 10 May
May 31iMay
June
May
June
July
June
July
23
22
31
31
15
15
20
20
June 16 May 31
25c
13
Preferred
semi-annual—
.
10
Dec.
June
May 15
$1
SI A
25c
June
40c
June
lc
June
30c
75c
mg
June
2
June
June
14
May
June
May 17
May 23
May 15
May 21*
June
June
June
May 15
June
June
June
6
2
SI A
h
June
SI A
June
May 22
May 15
May 15
25c
June
June
2
50c
May
June
May
15
June 12
25c
$1A
SI A
$1 A
June
Dec.
Dec.
50c
15c
55c
June
30c
June
May 21
May 10
May 16
May 16
40c
25c
July
May
July
10c
June
SIM
Sept.
June
July
June
19
Sept. 18
June
18
17
May 13
June 30
June
2
25c
June
June
Parker Pen Co
Jan.
6c
_
(quar.)
2
Aug. 15 July
June
2 May
15c
1 June
50c
July
1 June
50c
July
June 16 May
50c
2 May
$15* June
2 May
SI A June
June
1 May
SI A
1 Aug.
SI
Sept.
14
29
20
7% preferred (quar.),,
25c
New England Public Service Co.—
$7 prior lien preferred
t875*c
$6 prior lien preferred
+75c
New England Tel. & Tel. Co.
$15*
(quar.)
New Method Laundry Co., Ltd.—
6 A% preferred (accumulated.)—
t$15*
60c
Newberry (J. J.) Co. (quar.)
5% pref. A (quar.)
$15*
Newmont Mining Corp
Newport Electric Corp. (quar.)
Newport News Shipbuilding & Dry Dock Co.—
50c
$5 cum. conv. preferred (quar.)
New Jersey Zinc Co
16 May
Extra
National Cash Register
National Chemical & Mfg. Co. (extra)
June
SI A
2
June
4% pr >f. B (quar.)____
Missouri Utilities Co. 7% pref. (quar.)
Mississippi Power Co. $7 preferred (quar.)
$6 preferred (quar.)
Mississippi Valley Public Service Co
Mock. Judson. Voehringer Co.. Inc
Modern Containers, Ltd. (quar.)
National Biscuit Co
June
7
May
May
May
May
May
Cordage Co.—
14
Extra
Correction:
27Vg
2
Common (quar.)
Class B (quar )
1 June
June
20
June
Neiman-Marcus Co. 5% preferred (quar.).
5% preferred (quar.)
Neisner Bros., Inc.
(quar.)
1 June
June
22
14
6% preferred (quar.)
19
19
July
June
National Transit Co
Nebraska Power Co. 7% pref. (quar.)
June
—
1
July
30 Oct.
2
(quar.)
July
13
Oct.
25c
National Oats Co. (quar.)
National Paper & Type Co. 5% pref. (s-a.),,
National Power & Light (quar.),
National Standard Co.
July
1 June
Aug.
15 May 31
June
—
SIM
.
1 July
June 16 May 20
June 24 June
2
1 June
July
3
National Gypsum Co. $4 A
conv."pref~"(qu.)
National Lead Co. class A preferred
(quar.)
National Life & Accident Ins. Co. (Nashv.)(qu.)
National Malleable & Steel Casting
45c
(quar.)
1
Aug.
20c
20c
$2
50c
$2 non-cumulative dividend shares
Midvale Co. (irregular)
Midwest Oil Co. (semi-ann.)
Aug.
25c
(quar.)
Ohio Power 45*% pref. (quar.) (initial)
Ohio Public Service Co. 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
July
July
June
50c
$2
Steel Products
Holders
75c
Welding Machine Co (quar.).
New Bedford
When
Payable of Record
25c
Norma-H
July
June
Mickelberry's Food Products Co.—
$2.40 preferred (quar.)
Micromatic Hone Co. (irregular)
Mid-Continent Petroleum Corp
National Electric
16
50c
Meteor Motor Car Co
Preferred
National City Lines (quar.)
$3 conv preferred (quar.)
Class A (quar.)
National Container Corp. (Del.)
National Cylinder Gas
National Dairy Products
15
81 Ac
SI A
50c
Textile$3 25 particpref. (quar.)
7% preferred
Share
Noranda Mines, Ltd. (interim)
Norfolk & Western Ry. (quar.)
2 May
1 Jime
Mesta Machine Co
Preferred
5
14 May 29
2 May
9
June
50c
Martin (Glenn L.) Co
a
May 31 May 30
Aug. 30 Aug. 29
June
Manhattan Shirt Co
Mohawk
Jan.
1 Sept. 20
2 Dec. 23
50c
Manufacturers Bank & Trust Co (St.Louis) s.-a.
Marconi Int'l Marine Communication (final)
Midland
Oct.
7
14 June
1 June 21
Name of Company
Extra
Magnin (I.) & Co. pref. (quar.)
Preferred (quar.)
(Quarterly)
J
Macy (R. H.j & Co
Maerma Copper Co
Malartic Gold Fields (initial)
Metal & Thermit Corp. 7% pref.
Common (increased)
16
1 June 16
31
31
June 16 May 31
June 16 May 31
,
Lunkenheimer Co. 65*% preferred (quar.),,
6 A % preferred (quar.)
65*% preferred (quar.)
McClatchey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
McCrory Stores Corp. (quar.)
Mclntyre Porcupine Mines
Metal
1 June
June 25 May
June 25 May
$2
Louisville Title & Mtge. Co. (semi-annual)
Extra
Ludlow Manufacturing Assoc. (quar.)
Per
Payable of Record
July
July
3447
Holder$
When
Share
Company
Lorillard (P.) Co., common
7% preferred (quar.)_„
Louisville Gas & Electric (Del.) class A (quar.),,
Class B (quar.)__
;
Preferred
& Fin
Chronicle
The Commercial
152
25c
June
Parker Rust-Proof (quar.)
25c
35c
May
May
May
May 15
May 10
May 10
May 10
2.5c
June
June
June
May 20
May 28
—
25c
Extra
Preferred (semi-annual)
Parker-Wolverine Co
— —
Parkersburg Rig & Reel, $55* pref. (quar.)
2s. 6d.
Patino Mines & Enterprises Consolidated
Payable in U. S. funds at the rate of 50c. a sh
25c
Patterson-Sargent Co
____—-—, —
t$l 5*
Peabody Coal Co., 6% preferred
$3
Peerless Casualty Co. pref. (semi-ann.)
Peerless Wollen Mills 65*% pref. (s.-a.)—----- $1,655*
75c
Penick & Ford, Ltd. (quar.)
50c
Peninsular Telephone (quar.)
50c
Quarterly
50c
Quarterly
35c
Preferred A (quar.)
35c
Preferred A (quar.)
35c
Preferred A (quar.)
———...,
Penn.-Dixie Cement $7 pref. conv. series A
30c
Penn Electric Switch Co. $1.20 pref. class A (qu.)
$1?*
Pennsylvania Power & Light Co. $7 pref. (qu.)-$15*
$6 preferred (quar.)
$15*
$5 preferred (quar.),—
.
-
Pennsylvania Salt Mfg. Co
Pennsylvania State Water Corp.,
Peoples Drug Stores
Perron Gold Mines, Ltd (quar.)
Extra
— --
$7 pref. (qu.).
—
June
June
May 28
May 26
June
June 30 June 20
June
2 May 15
June
July
Oct.
14 June
1-5-42 Dec.
15
Aug. 15 Aug.
5
Nov. 15 Nov.
5
5-15-42
June
5-5-42
5 May 24
2
June
16 June
July
July
July
June
14
June
14
June
14
$2 A
$15*
June
t4c
tic
2
1 June 14
1 Sept. 15
1
1
1
June 13
40c
5
July
May 29
2 May 12
9
1 June
June 21 Jime
2
Jime 21 June
2
The Commercial & Financial Chronicle
3448
When
Per
Name
Share
of Company
Pet Milk Co. (quar.)
Petroleum Corp. of America
Common (quar.)
Pittsburgh Bessemer & Lake Erie
—- — —
May 14
tlOc
July
2 May 31
---
. -
-
June
10
June
10
June
May 23
July
June 10
10
15
Sept. 15
Dec.
Dec.
June
38c
May
May 15
May 20
10c
June
June
2
3
20c
Tune
June
June
75c
25c
June
May 19
May 19
June
May 15
2 He
July
July
June 30
SIX
June
May 23
SIX
July
July
June
May 20
June
5c
15c
(quar.) - -- -- -- -- ---—------ - 5H% conv. pref. class C (quar.) —
5% conv. preferred, class D (quar.)
June
8c
June
June
2
Standard Oil Co. (Ky.)
8c
June
June
2
Standard Oil Co* (N. J.)
81H
June
May
May
May
May
16
31
20
20
June
SIX
58 l-3c June
June
50c
41 2-3c June
13 May
13 May
S1H
HP
25c
20c
$1^
87
S2H
372tc
July
July
June
June
Nov.
50c
June
25c
Reed Roller-Bit Co. (quar.)
Extra
5c
12Hc
(Daniel), Inc., common (quar.)
——
6H% preferred (guar.)----- — - — --Regent Knitting Mills pref. (quar.)
Preferred (quar.)-—-i—«—
—
$1H
1
16 May 31
June
2 May 24
July
15
May 31
June 15 May 31
40c
Sept.
Dec.
1 Nov. 15
30c
(quar.)---—
Insurance Co. (Phila.)
June
40c
40c
June
14 May 23
15c
Republic Investment Fund pref. A & B (quar.).
Republic Steel Corp. (quar.)
6% preferred (quar.)-.---—
6% prior preferred (quar.)
50c
S1H
$1H
—
25c
(guar.)-----—------------
Aug.
July
July
July
al4c
Ordinary registered (American shares).> — —
Rochester Button Co. pref. (quar.)
Rochester Gas & Electric 6% pref. C & D (qu.)
5% preferred E (quar.)
Rockwood & Co. 5% prior pref. (quar.)
Rolland Paper Co., Ltd. pref. (quar.)
—- —
Roxy Theatres, Inc., preferred (quar.)
Royalite Oil, Ltd. (semi-annual)
- —
—Russell Industries, Ltd. (quar.)--------------7% preferred (quar.)__
37 He
$1H
six
t$l X
:$1H
3im
six
15
1 Aug. 15
1 July
15
2 June 10
1 June 10
1 June 10
June'16 May 31
June
Rich's, Inc., 6H% preferred (quar.)
Roan Antelope Copper Mines. Ltd.—
1 May
30 June
14
5 May 31
May 31 May 20
June
June
1 May
1 May
2 May
2 May
May 31 May
June
2 May
June
June
June
—
62i
common.
June
16 Tune
1 June
$1H
t25c
(quar.)
St. Lawrence Corp. 4 % class A conv. preferred—
St. Lawrence Paper Mills 6% preferred
June
July
July
July
July
t50c
$3
St. Louis
Bridge Co. 6% 1st pref. (s.-a.)
3% 2d preferred (s.-a.)
St. Louis Union Trust Co. (Mo.), common—
$1H
June 30 June 24
50c
75c
Sept. 30 Sept. 24
Dec. 26 Dec. 20
June 30 June 16
75c
Sept. 30 Sept. 15
-
50c
(quar.)
Quarterly
Savannah Electric & Power, 8%
7H% preferred B (quar.)
7% preferred C (quar.)
6H% preferred D (quar.)
Schiff Co. common (quar.)
5H% preferred (quar.)
Scott Paper Co.—
Common increased (quar.)
$4 preferred (quar.)
$4.50 preferred (quar.)
$2
$1M.
SIX
SIX
pref. A (quar.)
-
25c
$1M
July
July
July
July
1 June 20
19
19
25c
June
14 June
2
75c
)
1 July
1 July
June 10 May
9
Preferred
J4c
June
2 May 15
20c
June
1
Seeman Brothers,
75c
Inc—
Seiberling Rubber Co.—
$2.50 conv. prior pref. (quar.)
5% class A preferred (quar.)
May
14
10c
June
June
2
5c
June
May 23
July
June
t$3H
June 20
15
May
15
Tuly
June
30
70c
June
10c
June
May 24
May 22
75c
—
preferred (quar.)..
Ltd. (irreg.)
June
30c
June
SI X
Simmons-Board man Publishing Corp. common
June
62c
Sigma Mines (interim)--
$3 conv.
July
July
25c
Sherwin-Williams Co. (Can.), 7% preferred
Sherwin-"Williams Co., 5% pref. ser AAA (quar.)
Siscoe Gold Mines,
20
June
SIM
_.
Servel, Tnc
Shattuck (Frank G.) Co. (quar.)
Sherritt-Gordon Mines. Ltd
Simonds Saw & Steel.......
May 15
June 16 May 31
>
t2c
June
May 22
May 16
2!May 17
June
14
June
June
1
2 He
30c
May
June
May 22
May 31
July
June
2
June
May
5
June 30 June 16
June 30 June 16
;
June 30 June
16
June 30 June
1 June
Aug.
18
1 June
1 June
16
16
68 He
July
July
60c
June
J28c
June
jl2c
June 14 May 31
25c
16
11 May 24
14 May 31
June 30 June
16
June
2 May
12
June
14 May
16 June
Id
June
1 May
15
June
2 May 21
SIX
10c
50c
June
SIX
six
2
10c
June
2 May
10
June 28 June
10
June
16 June
3
50c
May 31 May 26
SIX
June
50c
July
July
SIX
16 June
_
2
June 20
1 June 20
2 May
9
15c
June
20c
June
16 May 26
35c
June
16 May 26
75c
June
25c
May 31 May 21
$1
5%
June
12 June
2
June
5 May
16 June
13
June
25c
June
58 l-3c June
14 Apr.
2 May
26
15
50c
June
41 2-3c June
+«2
$1H
30c
$1H
SIX
5 May 20
2
2 May 15
2 May 15
May 31 May 23
June
1 May 24
June 14 May 20
June
15 June
June
5
15 June
July
tsix
$3' July
5
15 June 30
1 June 15
14 May
20
June
July
14 May 20
2
1 June
June
14 Time
62 He
June
14 June
3
June
2 May
16
25c
June
$2
50c
June
27Hc
June
Tune
3
17 May 28
2
16 June
—
24
24
15
75c
2 May
2 May
May 31 May
June
1 May
June
1 May
1 June
July
.Tune
2 May
20c
A & B (s.-a.)
June 24 June
5
40c
25c
$1X
75c
pref
(qu.)
United Gas Corp., $7 non-voting 1st pref
United Gas & Elec. Co. (N. J.) 5% pref. (s.-a.)_.
7% pref. (quar.)
—
(quar.)
United Gold Equities of Canada (s.-a.)
United Light & Railways 7% pref. (monthly)-.
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
16
June
20c
50c
(quar.)
United Gas & Electric Corp.
United Gas Improvement
June 30 June
20c
37 He
25c
—
—«—
United Carbon Co
United Chemicals, Inc.. $3 cum. and part,
United Elastic Corp. (increased)
United Fuel Invest's., Ltd., 6% cl. A pref.
Preferred
25c
50c
10c
(Maryland), irregular
Preferred (quar.).
United Amusement, Ltd., class
United Biscuit Co. of America
Second Canadian International Invest. Co., Ltd
4% participating preferred (quar.)
Secord (Laura) Candy Shops (quar.)
16 May 26
July
$1H
United Aircraft Corp.—
United Aircraft Products
2
SIM
Seaboard Oil Co. of Del. (quar
Sears, Roebuck & Co. (quar.)
14 June
Aug.
Aug.
June
June
75c
Union Premier Food Stores (quar.)
$2.50 preferred (quar.)
Union Tank Car Co. (quar.)
June
June
25c
5c
10c
Union Pacific RR
$1
15
120c
25c
1 June 20
45c
...
2 May
2 May 10
2 May 15
SIX
-
Union Trust Co.
June
50c
-------
1 June 20
15 May 15
June 15 May 31
June
15
17 c
Extra
1 June 20
2 May
June
June 30 May 31
2 May 20
June
1 June 14
July
30c
.--
- -——
-—
Dec. 31 Dec. 15
2 June 20
2 June 20
40c
common (irregular)
7% preferred (quar.)
Thompson Products, Inc
$5 conv. preferred (quar J
Tide Water Associated Oil Co. (quar.)
Tilo Roofing Co., Inc. (quar.)
$1.40 conv. preferred (quar.)
Timken Roller Bearing
Title Insurance Corp. of St. Louis
—
Tobacco & Allied Stocks (irregular)__..-_
Tobacco Securities Trust Co., Amer. dep. rec_Todd Shipyards Corp
Tokheim Oil Tank & Pump Co. (quar.)
Toledo Edison Co. 7% pref. (mo,)..
6% preferred (mo.)
—-—
5% preferred (mo.)
----Towne Securities Corp. 7% Pref
—
Trane Co pref. (quar.)
Transue & Williams Steel Forgings (irreg.)
Truax-Traer Coal Co.. 6% conv. pref. (quar.)__
5H% conv. preferred (quar.)
—
Tuckett Tobacco Co., Ltd., 7% pref. (qu.)_-__
Tunnel RR. of St. Louis (s.-a.)
Twentieth Century-Fox Film Corp.—
$1.50 conv. preferred (quar.)
Union Gas of Canada (quar.)
15
50c
-
July
July
6854c
——
Thew Shovel
15 June 30
1 June
(quar.)
Texas Pacific Coal & Oil (quar.)
Texon Oil & Land
T hermoid Co. $3 preferred (quar.)
15 June 30
1 June 15
15,June 30
June 14 June
5
June 30 June 14
June
Texas Gulf Sulphur Co
Texas-O-Kan Flour Mills 7% preferred.
Texas-New Mexico Util. Co. 7% pref. (quar.)—
10 May 29
2 May 12
16 May
14 May
__
Sept. 30 Sept.15
tSl
Texas Gulf Producing Co
14
July
June
July
$1H
5H% participating pref. (quar.)
Talon, Inc. (quar.)
Telephone Bond & Share Co. 7% 1st preferred—
$31st preferred-—
Tennessee Corporation
Jv - -—
Terre Haute Water Works Corp., 7% pref. (qu.)
6
$i
50c
Safety Car Heating & Lighting Co., Inc
St. Joseph Lead Co
June
95c
5% preferred (quar.)
15
15
June
16 May
June 16 May
25c
Talcott (James) Inc., common
14
2 May
2 May
16 May
June
1
20
15
16
31
15
15
31
25c
Extra
14
June
$2.50 convertible preferred (quar.)
June 30 June
June 30 June
June
June
j75c
■
9
9
20
15
17
16
15
July
SIX
six
Class A (quar.)
June 30 June 20
2
2 May
10
June
40e
5H% convertible pref. (quar.)
Sunshine Mining (quar.)
Superior Too 1 & Die (quar.)
Sutherland Paper Co
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge Co.—
12 May 22
1 .Tune 16
16 June
2 May
June 16 May
S1H
—
Common (quar.)
Extra
July
SIX
Sunray Oil Corp
June 30 June 20
June
June
37 He
Sun Oil Co
1 June 12
5 May 25
June
25c
(qu.)
10
June 20 June
40c
(quar.)
Stuart (D. A.) Ltd., cl. A pref.
10
1 June 20
June
Preferred (quar.)
10
10
2 May 19
16 May 31*
June
July
87 He
1 June
1 June
May 31 May
1
June 16 May 29
6
July
1 June
6
July
1 June
50c
—
May 29
26
14
S1H
Sterling Products, Inc. (quar.)
Stewart-Warner Corp
Stix, Baer & Fuller Co
Strawbridge & Clothier 7% preferred
6% prior oref. (quar.)
Strom berg-Carlson Telephone Mfg. Co.—
16 May
16 May
June 20 June
July
115c
June
June
2 May 23
62 He
5% preferred (quar.)
June
-
5% preferred (quar.)
—
Purity Bakeries
Pyrene Manufacturing
,—
Quaker Oats Co., 8% pref. (quar.)
Quaker State Oil Refining..
Radio Corp. of Amer., $3.50 conv. 1st pref. (qu.)
Preferred B (quar.)
Bath Packing 5% pref. (semi-annual)
(Quarterly)
(Quarterly)
Standard Oil Co. (Ohio) (quar.)
Preferred (quar.)
Standard Wholesale Phosphate (quar.)
Stecher-Traung Lithograph Corp. 5% pref.
SIM
SIM
June 30
2 May 23
June 10 May 24
Juno 14 May 31
50c
Stedman Bros., Ltd.
Preferred (quar.)
SIM
SIM
June
June
40c
12
June
50c
50c
tlOc
16
7 June 20
5
June 16 June
50c
16 May 31
13 May 15
50c
15 July
25c
16
15
15
June 13 May 15
June 30 May 29
June 30 June
July
July
25c
June
June
May 31 May 21
May 31 May 21
May 31 May 21
June 15 May 20
$3H
SIX
(semi-ann.) -—
June
25c
San Francisco Remedial Loan Assn. Ltd.
$1H
5% preferred (quar.)
—
(Quarterly)..,
40c
(quar.)
(quar.)
$2
Rustless Iron & Steel..
SIX
six
pref. (qu.)
$1H
7% preferred (quar.)
$5 preferred (quar.)--.——--—————
6% preferred (monthly)
Public Service Elec. & Gas Co., 7% pref. (quar.)
Baybestos-Manhattan, Inc
Rayonier. Inc., common (resumed)
$2 preferred (quar.)
Reading Co. 1st preferred (quar.)
Reed-Prentice Corp p/ef. (quar.)
35c
$1H
$1H
.Extra.-—
May 31
Sept.
37i
—
SI X
$5 preferred (quar.) —
Public Service of N. J. 8% pref. (quar.)
St. Joseph Water Co., 6% pref.
May 20
Sept.
June
SIX
Standard Oil Co. (Indiana)
■
20
20
20
20
20
30c
Standard Dredging Corp., $1.60 conv.
Standard Oil of Calif, (quar.)
SIM
preferred (quar,)—
ReeveR
1
16
Aug.
May
Aug.
May
Aug.
30c
8piegel, Inc. pref. (quar.)
------Spring Valley Co., Ltd. (liquidating)
—Staley (A. E.) Manufacturing Co., com. (irreg.)
7% preferred (semi-annual)—
$5 preferred (quar.)Standard Accident Insurance Co
Standard Brands. Inc.pref. (quar.).:
Standard Cap & Seal, conv. pref. (quar.)
Standard Coated Products Corp.. $i pref.——
May 20
May 20
—
Pullman, Inc. (quar.)
Pure Oil Co., 6% pref. (quar.)
Juhe 30
June
Sept.
June
30c
—-
2nd preferred (quar.).---,-.
Spencer Kellogg & Sons, Inc. (quar.)
70c
July
30c
Co. (Dallas) (quar.)
Southwestern Light & Power Co. $6 pref. (qu.)_
Sparks-Withington Co. 6% conv. pref. (quar.) —
Spear & Co., 1st preferred (quar.)
15
May 20
May 20
May 15
37 He
Southwestern Life Insurance
Sept.
June
$1H
Southern Phosphate Corp
June
4
June
7% preferred (quar.)
May 20
4
June
6% preferred (quar.)
$2 conv. preferred (quar.)
-------Southern California Edison Co. 6% pref. B (qu.)
June
4
June 25 June
June
15c
Paper Co., Inc.—
Southern Advance Bag &
10
I 5June30
July
June 14 June
July
—
Conv. preferred (quar.)
Conv. preferred (quar.)
June
wi#
(Phila.)
Original stock--------—-i.--—
Public Electric Light Co. 6% oref. (quar.)
Public Finance Service, Inc., $6 pref. (quar.) —_
Public Service of Colorado 7% pref. (monthly) - 6% preferred (monthly)--——
5% preferred (monthly)
Public Service Co. of New Hampshire
5c
10 May 31
1 May 15
10
June 21 June
June 21 June
15c
(quar.)
Preferred (quar.)————
June
June
30c
Common
Ruud Mfg. Co.
July
July
$1 X
Procter & Gamble Co. 5% pref, (quar.) —
Prosperity Co. preferred (quar.)
------ —
Provident Loan & Savings Society of Detroit-
Rheem Mfg.
May 20*
SIX
SIX
SIX
37 He
Prentice-Hall, Inc. (quar.) Preferred (quar—
Pressed Metals of America-----Preston East Dome Mines, Ltd. (quar.).
--
Preferred
May 15
Sept. 15
$2$1
(quar.)——
85 preferred (quar.)
Southeastern Greyhound Lines
Preferred (quar.)
SIX
Ashtabula By.—
25c
-.-
Juno
75c
SIX
SIX
tSVA
(qu.)_
Preferred
Sontag Chain Stores Co., Ltd. (quar.)
7% preferred (quar.)—
South Bend Lathe Works (quar.)—
South Carolina Power Co. $6 pref. (quar.)
June
Oct.
$1.50
———————
(Howard) Paper Mills, Ltd. 6% pf.
Corp
Sonotone Corp- .--i- ----- - -——-
June 14
May
June
June
S1H
$1H
Snider Packing
June
BR. Co.—
25c
_ —
Holders
When
Payable of Record
65c
———
ctfs
Smith
25c
Plymouth Oil Co. (quar.)
- —
—
Pollock Paper & Box Co., 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Poor & Co. class A_--.
—----------Portland <fc Ogdensburg By. (gtd.)
Powdrell & Alexander, Inc
—
Preferred Accident Insurance Co. (quar.) ———
Reliance
2
May
9
May 17
7% preferred (quar.).-----Pittsburgh & Lake Erie BR. (irreg.)-
$6
2
June
June
(semi-annual)- - -
Public Investing Co.
June
Share
Company
$6 preferred (quar.)
May 26
July
July
May
ic
Common
--'Extra s
June
?1U
Pittsburgh Cokefc iron Co.. $5 pref. (quar.)Pittsburgh Fort Wayne & Chicago BR. (quar.).
Preferred
12
May 23
87 He
10c
Mines (quar.)-—---—
Pillsbury Flour Mills Co. (quar.)-———
Pioneer Gold Mines of British Columbia—
Name of
Slvyer Steel Castings——
Sixth & B'way Bldg. Co. partlc.
gloss-Sheffield Steel & Iron Co-
10
June
25c
Pickle Crow Gold
Pittsburgh Plate Glass
Pittsburgh Youngsfcown &
June
June
June
25c
Phelps Dodge Corp
Philco Oorp_ — . , „ ■. ——:wV■Philadelphia Company, $6 pref. (quar.)
$5 preferred (quarterly)—..—
Phillips Petroleum Co. (quar.)
Phoenix Hosiery 1st preferred
Preferred
July
20c
25c
—
(irregular)
Per
Holders
Payable of Record
1941
May 31,
t75c
t$2 X
$2H
SIX
20c
SIX
t6c.
July
June
16
16
14
10
2 June 20
June
2 May
15 June
2
June
20 June
5
June 30
9
May 29
June 30 May 29
June 30 June 16
58 l-3c June
58 l-3c July
June
53c
53c
July
50c
June
snc
July
2 May
1 June
15
2 May
1 June
15
2 May
1 June
16
16
15
16
Volume
The Commercial & Financial Chronicle
152
Per
Name of Company
Share
$2 H preferred---.
June
68 He
25c
June
35c
June
50c
July
July
U. S. Gypsum Co.
(quar.)
7% preferred (quar
United States Pipe & Foundry Co.
(quar.)
■.'■■■.■'/Quarterly
$\H
50c
50c
United States Playing Card Co
June 20 May
Sept. 20 Aug.
Dec.
50c
_
United States Plywood Corp.—
SI.50 convertible preferred (quar.)
United States Potash Co. 6% pref. (quar.)
United States Steel Corp
July
%e
$1
$1 H
June
July
43 Mc
SI A
25c
June
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
6% pref. (quar.)
Utah Power & Light Co. S7
pref. (quar.)
$6 preferred (quar.)
Utica Knitting Co. 5% prior
pref. (quar.)
Utility Equities $5.50 priority pref
Valley Mould & Iron Corp., com
$5.50 prior preferred (quar.)
Sl^
$1M
SI A
tSIM
t$lH
62 Mc
Van Norman Machine Tool
Van liaalte Co., Inc. __'„■*«.___ _?
1st preferred (quar.).
II
25c
(quar.)___
United Wall Paper Factories prior pref.
(qu.)__
Universal Insurance (quar.)___
____________
_
(Quart rly)
Veeder-Root, Inc..
Ventures, Ltd. (interim)
July
Oct.
1 Sept.28
........
.
direct
1,729,000
2,028,000
and guar-
Bonds____—
389,312,000
389,312,000
404,247,000
Notes
234,163,000
234,163,000
339,160,000
July
623,475,000
623,475,000
743,407,000
625,877,000
746,340,000
18,000
625,767,000
18,000
1,775,000
2.473,000
198,387,000
309,693,000
9,798,000
13,696,000
1,526,000
158,427,000
Total U. 8. Government securities,
2
16 June
direct and guaranteed
June 20 June
June
10
1 May
15
May 15
16
June 10 May 31
Sept. 10 Aug. 30
June
1
10 Dec.
Bank premises _____________ 111111111
Other assets——
9,798,000
18,000
9,839,000
2 May
Dec.
Uncollected items—
1
10 June
2
June
16 June
2
June
25 June 10
June
Total assets.
14,105,000
18,396,000
10217,418,000 10331,433,000 9,476,799,000
Liabilities—
F. R. notes in actual circulation
1,704,088,000 1,679,022,000 1,335,121,000
Deposits—Member bank reserve acc't_. 6,857,261,000 6,837,675,000 7,191,608,000
U. S. Treasurer—General account...
127,057,000
105,373,000
115,744,000
Foreign.
June
June
2 May
2 May
June
2
15
May 15
June 16 June
5
July
1
Deferred availability items
June
1
Other
50c
June
15 June
1
60c
June
15 June
1
50c
June
SIM
62 Me
...
15
2 May 22
June 20 May 29
June 25 June
June
14
J July 19
2 May 15
June
5 May 27
16 May 20
July
1 June 20
June 20 May 20
June 14 May 15
June 16 May 23
June
16 May 23
June
2 May
2 May
2 May
2 May
14 May
10 May
2 May
June
June
June
June
June
June
June
16
15
15
15
23
28
15
703,062,000
_____
Other deposits
703,104,000
582,119,000
526,378,000
154,606,000
421,358,000
Total deposits..._________ 8,212,758,000 8,238,642,000 7,872,945,000
144,887,000
170,570,000
283,879,000
liabilities, lncl accrued dividends.
1,608,000
1,488,000
1,525,000
Total
liabilities...._______________ 10089,024,000 10203,068,000
9,354,441,000
Capital Accounts—
Capital paid in......
51,585,000
56,447,000
7,070,000
13,292,000
■
Surplus (Section 7)
Surplus (Section 13-b)___
Other capital accounts
61,586,000
51,039,000
56,447,000
53,326,000
7,070,000
7,109,000
13,262,000
10,884,000
Total liabilities and capital accounts. 10217,418,000 10331,433,000 9,476,799,000
Ratio
F.
of
total
to
reserve
deposit
and
R. note liabilities combined......
Commitments
to
make
Industrial
vances—
94.5%
94.6%
92.8%
1,611,000
1,634,000
831,000
ad¬
....
t "Other cash" does not Include Federal
Federal
reserve notes or a bank's own
Reserve bank notes.
x
These
over
certificates given by the United States Treasury tor the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
are
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.
1 May 20
June
May 15
Tuly
July
June
14
June
14
June
June
Weekly Return of the New York City
Clearing House
May 20
May 20
June
June
June
May 16
June
June
June
May 15
May 27
The
7
10
50c
June
t20c
July
SIM
SIM
June
June
June
20c
June
M
July
Aug.
Aug.
Nov*
10c
June
May 20
May 20
May 12
issued
statement
OF
on
the
by
New
York
City
Friday afternoon is given in full below:
MEMBERS
May 12
May 31
25c
STATEMENT
June 20
SIM
SIM
July
July
weekly
Clearing House
OF
THE
NEW
YORK
CLEARING
HOUSE
May 13
July
75c
Tune
June
Nov.
...........
..................... .
905,000
722,000
;
■
2
1 June
2
1 June
1 June 21
July
July
June
______
.
183,000
563,000
1,729,000
__ _.
U. S. Govt, securities,
anteed:
,7 ...•
75c
....
150,000
673,000
Federal Reserve notes of other banks
..........
........................
413,000
175,000
1 May 20
t50c
$1M
Wheeling Electric 6% preferred (quar.)
Whitman (Wm.) Co. pref. (quar.)
Wiebolt Stores, Inc., 6% pref. (quar.I III
$5 prior preferred (quar.)_.__
Williarasport Water Co.. 6% pref. (quar.)_____
Willson Products, Inc. (quar.)
Wilsil, Ltd. (quar.).........
Winsted Hosiery Co. (quar.)—
498,000
Total bills discounted.—_________
Industrial advances ______________
10c
Weston Electrical Instrument
Weston (George) Ltd. (quar.)___
obligations
1 May 20
60c
__
944,000
102,456,000
9,367,458,000 9,369,988,000 8,542,253,000
Govt,
June
50c
997,000
76,407,000
1-2-42 Dec. 29
June
..
2
1 May 23
2 May 15
1 June 28
Aug.
_
2
June
37 Mc
.
S.
iU
997,000
direct and guaranteed
Other bills discounted
2
$
9,292,584,000 8,438,853,000
66,501,000
Total bills and securities—__________
Due from foreign banks
SI 5^
_
....
9 299,960,000
...
U.
50c
__
(Qvarterly)*.»—■.........„__^..
Extra.
16 June
16 June
by
1
2
June
Vogt Manufacturing Corp
20c
Wailuku Sugar (irregular)
I...
30c
Waite Amulet Mines (interim)
10c
Waldorf System, Inc. (increased)
25c
quar.)
Walgreen Co. (quar.)
40c
U/4^% Pref. ww (quar.)
Walker (H.) Gooderham & Worts
(quar.)
Preferred (quar.)..
25c
Warner Bros. Pictures, pref
96 Mc
Warren Foundry & Pipe
50c
IIIIIII
Wash. Ry. & Elec. Co. 5% pref. (g.~a.)
II
$2M
5% preferred (quar.)
SIM
Washington Water Power, $6 pref. (quar.)
SIM
Wentworth Manufacturing Co
10c
Wesson Oil & Snowdrift pref. (quar.)
$1
West Canadian Hydro-Elec.
Corp., Ltd.—
80c. cum. partic. preferred (quar.)
t20c
West Michigan Steel
Foundry Co.—
$1.75 conv. preferred (quar.)
43 Mc
West Texas Utilities, $6 pref. (quar.)__....
SIM
West Virginia Water Service Co. $6
SIM
pref
Western Auto Supply Co. (quar.)
50c
Western Real Estate Trustees
$2
(Boston) (s.-a.)__
Western Union Telegraph Col
$1
Western Public Service Co. $1.50
t37Mc
pref. A
Westgate-Greenland Oil Co. (monthly)
lc
Westinghouse Air Brake Co
25c
Quarterly..
Total reserves
Secured
May 29,1940
May 21, 1941
hand and due from
on
United States Treasury_x
Redemption fund—F. R. notes
Other Cash t
June
75c
10c
Victor-Monaghan Co., 7% pref. (quar.)
Common (increased
quarterly)
Viking Pump Co, (Del.) com....
$2.40 preferred (quar.)
Virginia Coal & Iron (quar.)
Virginia Electric & Power Co. $6 pref. (quar.).
Virginian Railway Co. (quar.)
Extra
Gold certificates
June
...
Victor Equipment Co. SI conv.
pref
...
31*
30*
28,194i
$
50c
Special year-end dividend
_
16 June
15 July
$1$
50c
.
______
Vick Chemical Co.
(quar.)
/Extra...
__'
14
Map
20 Nov. 29*
1 June 14
$1H
SI H
SIM
_
_
31
tSl
_
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.)
Preferred (quar.)__.
comparison with the previous week and the corresponding
'
'
date last year:
June 20 May 20
June
Vanadium-Alloys Steel Co
in
May 31 May 15
32c
non-cum. pref.
20
following shows the condition of the Federal Reserve
Bank of New York at the close of business
May 28, 1941,
Bills discounted:
United States Sugar Corp. pref (quar.)_L_■_
United States Tobacco Co. (quar.)
7%
2
20
20
14 May 31
1 June 14
1 June
V
The
14 May 31
5 May 22
50c
Quarterly
New York
Payable of Record
United Merchants & Manufactures, Inc., com.
voting trust certificates
25c June 16 June
United Molasses Co., Ltd.—
i
Amer. deposit rets, for ord. reg. (final)
a\2H% June 21 May
Bonus
June 21 May
a2M%
United New Jersey RR. & Canal (quar.)
$2^
July 10 June
United Public Utilities $3 preferred
75c
June 14 May
United States Freight Co. (interim),
U. S. Graphite Co. (irregular).
Condition of the Federal Reserve Bank of
Holders
When
3449
.
W inter & Hirsch, common....
12
ASSOCIATION
AT
CLOSE
OF
BUSINESS
14
*
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
Clearing House
20
WEDNESDAY, MAY 28, 1941
Average
Average
Surplus and
Capital
Members
$
$
June
14
Bank of New York
6.000,000
14,195,100
243 ,431,000
July
July
15
15
Bank of Manhattan Co_
20,000,000
26,989,700
664 ,104,000
39,237,000
National City Bank..__
77,500,000
80,993,400 a2,731 ,072,000
166,873,000
Oct.
15
Chem Bank <& Trust Co_
Oct.
15
Guaranty Trust Co
20,000,000
90,000,000
Manufacturers Trust Co
41.748,000
7% preferred (quar.)._
35c
June
Wisconsin Elec. Power 4H% cum.
pref. (quar.). S1.18M June
W iscoasin Power &
Light Co.—
7% preferred (quar.)
June 16 May 31
SIM
Accumulated
$ 1.16 2-3 June 16 May 31
6% preferred (quar.)
June 16 May 31
Accumulated
June 16 May 31
Wolverine Tube Co. preferred (quar.)
$1M June 2 May 19
Wood (Gar) Industries, see "Gar"—
Woodward & Lothrop, common
50c
June 27 June 16
7% preferred (quar.)
*
'■_
June 27 Tune 16
SIM
Woolf Brothers. Inc., 7% pref.
June
1 May 20
(quar.)
SIM
Woolwortb (F. W.) Co. (quar.)_
60c
June
2 Apr. 21
Woolworth (F. W.) & Co., Ltd., 6% pref. (s.-a.j
7 May 13
a3% June
Worcester Salt Co. (quar.)
50c
June 30 June 20
Worthington Pump & Machine Corp.—
4M% prior preferred
tiiM June 15 June 5
43^% conv. prior preferred
June 15 June
tSIM
5
Wright-HargreavesMines, Ltd. (quar.)
JlOc July
2 May 21
Extra..
...w..
+5c
July
2 May 21
Wrigley (Wm.) Jr. Co. (monthly
25c
June
2 May 20
Monthly........................
25c
July
1 June 20
Monthly...
25c
Aug.
1 July 19
Monthly
25c
Sept. 2 Aug. 20
Monthly
25c
Oct.
1 Sept.20
Wurlitzer (Rudolph)
10c
May 31 May 21
Yale & Towne Mfg. Co
15c
July
1 June lO
Yellow Truck & Coach Mfg. Co.—
Common
25c
June 16
July
Class B
25c
Tune 16
July
7% preferred (quar.)
SI M
Tune 16
July
Youngstown Sheet & Tube__
75c June
May 24
1
Preferred (quar.)
June 14
SIM
July
Youngstown Steel Door (irreg.)
50c
Tune
June
2
Zion's Cooperative Mercantile Institution (qu.)_
June
50c
June
5
50c
Quarterly
Sept.
Sept. 5
Quarterly
J
50c
Dec.
Dec.
5
$1M
...
.....
......
Cnt Hanover Bk&Tr Co
10,000,000
4,000,000
Chase National Bank—
100,270,000
500,000
Fifth Avenue Bank
Bankers Trust Co
25.000,000
Title Guar & Trust Co..
6,000.000
Marine Midland Tr Co_
75,591,000
27,925,000
738,000
822 ,723,000
108,726,400
771 ,534,000
53,792,700
77 ,773,000
4,511,100
139,538,700 d3,401 ,973,000
58 .255,000
4,279,500
83,878,300 el,244 ,431,000
16 ,168,000
1,073,300
142 ,478,000
10,061,400
50.000,000
Continental Bk & Tr Co.
6,766,000
76,600,000
106,157,000
58,009,600
15,000,000
Irving Trust Co
852 ,442,000
187,236.100 62,415 ,563,000
777 ,958,000
40,986,600
75,370,100 cl,191 ,483,000
327 ,851,000
20,258,800
21,000,000
Corn Exch Bank Tr Co_
First National Bank
16,030,000
5,000,000
5,188,000
1,165,000
45,534,000
4,309,000
64,195,000
2,122,000
3,070,000
12,500,000
28,039,600
485 ,048,000
Comro'l Nat Bk <fe Tr Co
7,000,000
147 ,680,000
1,645,000
Public Nat Bk & Tr Co.
7,000,000
8,843,900
10.714,100
95 ,826,000
63,508,000
V ■: Totals ....——.
518.518.000
957,498.400 16,467,793,000
738,447,000
New York Trust Co
*
As per
41,794,000
official reports: National, March 31, 1941; State, March 31,1941; Trust
companies, March 31, 1941.
Includes deposits in foreign branches as foUows:
a
$277,809,000 (latest available
date); b $61,252,000 (latest available date); C$3,151,000 (May 28); d $85,018,000
(latest available date); e $22,107,000 (April 30).
1
■'
................
Stock
.....
Below
are
the
and
Bond
Averages
daily closing averages of representative
stocks and bonds listed
on
the New York Stock Exchange
.
as
compiled by Dow, Jones & Co.:
_,
■'
10
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
ami¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Date
......
*
Bonds
.Stocks
roads
ties
Stocks
trials
Ralls
Rails
ties
Bonds
Total
Transfer books not closed for this dividend,
t Payable in Canadian funds, tax deductible at the
tax,
effective April
remains at 2%.
a
30 1941
increased
from
Less British income tax.
116.23
27.57
16.95
39.39
106.89
94.54
54.03
109.03
91.12
May 28.
116.16
27.65
16.85
39.38
106.88
94.39
54.00
108.90
91.04
May 27.
115.95
27.65
16.82
39.32
106.94
94.45
53.93
108.93
91.06
May 26.
115.73
27.51
16.85
39.25
107.04
94.35
53.70
108.95
91.01
May 24..
116.64
27.74
16.99
39.35
106.90
94.55
51.23
108.94
91.16
May 29.
t On account of accumulated dividends.
5%
to
source.
15%.
Non-resident
Resident
tax
:
The Commercial <& Financial Chronicle
3450
May 31, mi
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 alwavs a week behind those for the Reserve banks themselves.
The comments oj the Board of Governors
of
the Federal Reserve
System
the figures for the latest week
upon
immediately preceding which
in
appear
our
department of "Current Events and Discussions "
also give the figures of New York and Chicago reporting member banks for
we
ASSETS AND LIABILITIES OF
WEEKLY
REPORTING MEMBER BANKS IN 101
(In Millions of Dollars)
LEADING CITIES BY
PhUaFederal Reserve Districts—
Total
ASSETS
Boston
%
Minne¬
New York
delphla
s
$
week later.
a
DISTRICTS ON MAY 21, 1941
%
Cleveland Richmond
>:'/■
S
Atlanta
Chicago
$
$
%
J
Kansas
apolis
City
Dallas
$
St. Louis
%
*
San
Francisco
%
r:'
Loans and Investments—total
27,798
1,342
12,581
1,294
2,117
717
704
Loans—total
3,957
868
421
756
10,046
5,639
722
599
2,442
524
849
309
371
1,243
391
207
353
380
3,714
2,292
313
1,050
276
211
412
...
Commercial, Indus, and agrlcul. loans
392
148
193
803
222
101
360
209
81
103
40
12
12
4
46
19
3
455
23
2
12
15
336
25
16
3
6
35
4
1
4
3
10
447
Open market
16
210
1,237
81
194
40
4
32
paper
Loans to brokers and dealers In secure.
Other loans for purchasing or carrying
/
securities
Real estate loans...,
Loans to banks
Other loans
United
13
11
182
48
36
67
13
133
60
6
10
14
12
40
23
32
384
'
—
-
-
1
-
2
_
------
------
------
------
1
------
148
975
34
486
2,217
38
1,497
""25
153
51
45
220
37
19
7,780
46
346
34
52
3,467
388
687
225
106
1,242
185
117
102
3,019
70
114
801
1,832
85
153
62
61
320
71
36
99
3,761
11,433
132
43
1,585
187
272
268
69
116
617
116
41
133
611
61
6,205
351
597
805
304
178
1,529
211
535
113
150
208
154
108
518
24
52
25
16
82
14
7
18
13
....
States bonds
Obligations
20
50
—
1,868
Treasury bills..
Treasury notes
Other
29
—
by U. 8. Govt
guar,
securities
-
Reserve with Federal Reserve Bank..
Cash In vault
547
104
226
85
7
1
119
159
73
82
75
62
188
315
68
1
23
34
1
'
——
-'
—
—
5
26
Balances with domestlo banks
3,530
1189
238
208
402
Other assets—net
287
274
628
191
136
1,273
325
68
317
495
335
82
90
42
51
76
22
16
20
31
280
24,265
1,425
12,040
1,222
1,745
630
510
3,314
554
5,426
331
595
230
562
1,091
261
747
208
192
1,006
192
421
112
145
13
136
40
13
1,337
1,106
39
29
37
126
16
2
10
29
67
9,169
393
3,926
469
524
368
370
179
22
1,373
441
658
465
291
597
370
1
1
------
767
30
289
15
19
""38
15
23
7
7
4
4
246
316
1,644
219
391
102
97
421
96
61
108
91
386
LIABILITIES
Demand
deposits—adjusted
Time deposits
United 8tates Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
6
1
"
Other liabilities
Capital accounts
3,862'
2
_
..
9
1
1
1
------
------
------
19
------
Weekly Return of the Board of Governors of the Federal Reserve System
The
following was issued by the Board of Governors of the Federal Reserve System on
Thursday afternoon, May 29,
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
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors
of the Federal Reserve
returns for the latest week
appear
System
in
our
COMBINED RESOURCES AND LIABILITIES OF
THE
Three Ciphers
(000) Omitted
the
upon
department of "Current Events and Discussions."
FEDERAL
RESERVE BANKS AT THE CLOSE OF BUSINESS MAY
28,
1941
May 28,
Gold otfs
on
Bills discounted:
U
Apr. 16,
Apr. 9,
Apr. 2,
May 29,
1941
1941
1941
1941
1940
$
20,316,732
9,549
299,593
20,256,731
20,222.732
20,159,729
20,101,279
10,488
16,935,473
10,507
334,198
10,488
329,444
20,124,731
10,507
325,987
20,111,281
11,139
328,073
20,202,772
10,104
315,002
20.192,732
9,549
321,025
315,517
323,880
359,026
20,587,305
20,560,949
20,527,878
20,533,315
20,504,434
20,461,225
20.437,286
20,435.647
17,303,520
1,539
854
850
1,286
1,617
736
4,587
612
650
1,760
641
632
600
482
379
429
1,303
10,144
9,021
722
Bonds
Notes
Total U.
8.
Govt, securities,
2,197
1,504
1,491
1,918
2,217
1,218
4,966
1,041
3,063
8,163
8,154
8,092
8,059
7,549
7,491
7,470
7,396
7,820
9,161
1,363,800
820,300
Industrial advances
Govt, securities, direct and guaranteed:
U. S
658
4,155
Total bills discounted
1,363,800
1,363,800
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,346,995
820,300
820,300
1,130,125
2,184,100
2,196,418
2,184,100
2,194,451
2,184,100
2,193,696
2,184,100
2,193,650
47
2,184,100
2,193,567
2,184,100
2,193,808
47
2,184,100
2,192,788
2,184,100
2,196,462
2,184,100
2.192.961
2,477,120
47
47
47
47
47
47
23,183
849,341
39,977
47,535
23,898
direct and
guaranteed
Total bills and securities
...
Due from foreign banks
Federal Reserve notes of other
banks....
Uncollected Items
Bank premises
25,436
assets
assets........
27,122
986,086
40,055
50,512
27,083
24.011
828,654
40,019
51,819
1,017,150
40,067
775,198
39,903
50,171
48,857
22,339
847,561
39,910
49,228
23,768,267
...
Total
April 23,
1941
S. Government obligations,
direct and guaranteed
Other b lis discounted
Other
April 30,
1941
3,433
reserves
by
May 7,
1941
20,625,874
_
Secured
May 14,
1941
$
hand and due from U. 8. Treas.x.
Redemption fund (Federal Reserve notes)
Other oash *
Total
May 21,
1941
ASSETS
23,885,578
23,889,163
23,609,544
23,685,967
6,460,010
13,748,879
461,674
1,240,046
686,292
6,384,387
6,359,671
13,457,866
6,343,877
13,731,835
477,144
1,241,201
730,450
13,439,698
761,624
803,941
1,235,048
725,782
1,226,555
678,940
6,282,368
13,523,857
865,436
1,251,130
2,489,344
47
47
21,956
813,701
637,292
39,966
46,775
20,594
744,711
39,963
48,326
39,828
41,555
47,285
63,561
23,658,325
23,869,087
23,487,389
23,551,425
20,554,581
6,217,967
6.206,272
13,979.130
520,127
6,196,923
13,655,535
812,666
1,265,753
474,776
6.159,227
13,505,824
1,044,871
1,148,403
555,458
1,104.388
f
19,262
LIABILITIES
Federal Reserve notes In actual
circulation.
Deposits—Member banks'
reserve
account-.
United States Treasurer—General
account.
Foreign
Other
deposits....
Total
deposits
16,136,891
793,881
533,715
1,243,299
5,038,386
13,215,148
377,749
440,086
509,464
liabilities, Inol.
16,149.134
739,989
4,893
16,219,515
807,230
5,156
16,260,530
16,276,271
16,208,730
16,254.556
14,542,447
803,760
762,787
615,189
4,571
1,011,076
4,116
705,775
5,504
4,752
3,775
5,181
23,513,775
23,517,484
23,237,893
23,314,269
23,286,828
23,497,735
23,116.180
23,180,345
20,201,203
140,279
157,065
26,785
47,674
140,272
140,254
140,240
140,057
140,010
139,875
157,065
26,785
157,065
157,065
157,065
139,809
157,065
151,720
26,785
157,065
26.785
157,065
47,590
26,785
47,484
26,839
47,608
26,785
47,492
26,785
47,557
26,785
47,547
47,421
38,668
23,768,267
23,885,578
23,889,163
23,609,544
23,685,967
23,658,325
23,869,087
23,487,389
23,551,425
20,554,581
91.3%
12,342
91.2%
11,080
91.2%
10,945
91.3%
10,822
91.3%
8,464
91.2%
91.0%
8,508
91.2%
8,466
91.2%
7,260
88.4%
8,461
3,611
Total liabilities
16,180,320
971,989
47,739
dividends.....
16,180,630
943,641
5,117
140,284
accrued
5,612
23,396,394
Deferred availability Items
Other
579,092
13,505,723
946,798
1,272,379
535,630
1,676
1,766
2,081
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
157,065
26,785
.....
Other capital aocounts
Total liabilities and oapltal aocounts
Ratio of total reserves to deposits and
Federal
Reserve note liabilities combined
Commitments to make Industrial advances..
136,151
8,852
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 days bills discounted
Total bills discounted...
1
...........
-15 days Industrial advances.
16 30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances
Total Industrial
advances
1,425
832
4,700
779
81
47
23
30
79
58
46
90
206
96
94
95
82
67
71
56
150
208
162
181
162
151
151
61
230
Over 90 days bills discounted
962
56
150
116
.....
928
48
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
58
225
237
136
207
213
188
89
76
102
432
4,155
2,197
1,504
1,491
1,918
2,217
1,218
4,966
1,041
3,063
1,488
1,522
1,439
1,426
981
961
961
202
860
208
266
1,186
1,561
251
147
161
141
173
200
295
165
146
145
169
157
139
570
131
117
113
550
549
634
536
139
137
149
139
168
875
5,762
5,709
5,692
5,677
6,125
6,093
6,056
6,080
6,058
5,946
8,163
8,154
8,092
8,059
7,549
7,491
7,470
7,396
7.820
9,161
Volume
The Commercial & Financial Chronicle
152
3451
Weekly Return of the Board of Governors of the Federal Reserve System {Concluded)
Three CtpJtert (000) Omitted
May 28,
Maturity Distribution of Bills and Short-Term
May 14,
May 7,
April 30,
1941
Apr. 23,
Apr. 16,
1941
April 9,
1941
April 2,
May 29,
1941
1941
1941
1941
1940
%
May 21t
1941
$
S
3
3
3
3
1941
^
1
3
Securities (Concluded**
*
U. 8. Govt, securities, direct and
guaranteed:
1-15 days......
15-30 days..............................
31-60 days..............................
61-00
57~6O6
67,666
57I606
2,127,100
2,127,100
2,127,100
2,184400
2,184400
2,184400
2,184400
2484400
2,477420
2,184,100
......................
Total U. 8. Government
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,477,120
6,767,692
307,682
6,701,917
6,682,910
6,643,710
6,574,463
6,538,248
323,239
6,444,451
299,833
292,095
320,281
6,513,752
307,480
6,486,643
317,530
289,720
285,224
5,349,723
311,337
6,460,010
6,384,387
6,359,671
6,343,877
6,282,368
6,217.967
6,206,272
6,196,923
6,159,227
5,038,386
6,909,000
3,842
6,823,500
1,784
6,810,000
1,098
6,741,000
1,238
6,675,000
1,512
6,659,000
1,742
6,636,000
6,581,000
4,775
6,534,000
5,455,500
991
884
2,307
6,912,742
6,825,284
6,811,098
6,742,238
6,676,512
6,660,742
6,636,991
6,585,775
6,534,884
5,457,807
securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank..............
In actual circulation....
...............
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U. S.
Treasury
By eligible paper
Total collateral.......................j.
•
57"66O
2,127,100
days..............................
Over 90 days.....
"Other cash" does
not Include Federal Reserve notes.
,
*
These
eentson Jan.
,
certificates given by the United Scates Treasury for the gold taken over from the Reserve banks
when the dollar
are
was
31,1934, these certificates being worth less to the extent of the difference, the difference Itself having been
appropriated
devalued from 100 cents
as profit
visions of the Gold Reserve Act of 1934.
to
59.00
by the Treasury under
pro
weekly statement of resources and liabilities of each of the 12
federal reserve banks at close of business may
28, 1941
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
ASSETS
3
3
Phila¬
Gold
certificates on hand and
from United States Treasury
New York
-
*il:
■
Minne¬
Cleveland Richmond
delphia
3
3.g:
due
$
668,362
9,549
470
997
947
777
299,593
20,441
66,501
22,860
18,116
%
20,626,874 1,225,900 9,367,458 1,222,113 1,500,435
689,860
Secured by U. S. Govt, obligations,
direct and guaranteed
Other bills discounted
115
498
146
200
722
19
175
56
4,155
Total bills discounted.
673
202
235
Industrial advances
City
I
%
484,376
San
Dallas
$
320,254
Francisco
$
451,853
S
301,295 1,280,100
948
1,133
419
167
171
858
972
27,846
38.014
17,664
5,668
18,091
14,810
29,774
452,259 3,241,377
502,459
326.089
470,115
35
134
3,433
Kansas
apolis
St. Louis
423,465 3,202,230
1,690
19,808
Other cash *
Total reserves.—
Bills discounted:
Chicago
$
20,316,732 1,204,989 9,299,960 1,198,306 1,481,542
Redemption fund—Fed. Res. notes..
Atlanta
85
27
8
68
2,305
30
141
60
187
68
27
160
2,305
8
85
316.963 1,310,846
168
90
276
218
60,277
39,863
54,979
114,043
33,068
68,596
::::::
8,163
771
1,729
2,938
322
853
246
356
......
1,363,800
98,544
69,273
389,312
108,110
136,462
75,859
69,247
156,506
63.283
234,163
65,027
82,079
45,627
35,637
94,136
38,062
41,178
24,769
2,184,100
157,817
623,475
173,137
218.541
121,486
94,884
250,642
101,345
65,947
106,140
88,047
182,639
2,196,418
158,722
625,877
176,277
219,098
122,424
95,138
251,066
103,650
66,517
106,379
88,413
182,857
U. S. Govt, securities, direct <fc
guar.:
BOndS
Notes
820,300
Total U. 8. Govt, securities,
direct and guaranteed
Total bills and securities
Due from foreign banks
47
383
3
18
5
.7.6
1
25,436
475
1,965
6,015
2,938
4,509
77,878
1,775
198,387
1,200
828,654
Fed. Res. notes of other banks..
Uncollected Items
54,840
104,644
33,654
120,919
1,416
47,709
1,973
3,018
2,301
1,357
2,190
5,661
2,226
1,593
688,154 3,626,656
659,762
418,386
614,130
4
...7
2
Bank
premises
40,019
2,810
9,798
4,653
4,525
Other
assets
51.819
3,529
14,105
4,408
5,566
3,176
23,768,267 1,469,317 10217,418 1,463,496 1,836,237
891,036
2
66,961
2,598
Total assets.—......
See
1
a
1,376
21,454
1
1,100
31,114
4
490
2,171
42,334
2,980
28,760
1,196
2,435
2,270
4,660
2,810
438,093 1,545,682
LIABILITIES
F. R. notes In actual circulation
6,460,010
532,940 1,704,088
447,658
600,294
304,204
209,451 1,398.156
240,949
168,574
217,027
102,106
534,563
13,748,879
738,766 6,857,261
18,977
126,057
56,529
703,062
777,180
971,385
412,423
273,464 1,895,721
295,718
170,907
285,980
828,777
42,956
31,545
38,967
21,529
46,116
27,328
36,365
81,327
77,135
36,052
29,345
100,611
25,153
22,961
18,445
241,297
27,831
24,314
24,314
21,042
03,759
526,378
21,364
20,984
15,369
7,668
8,700
9,796
8,738
9,615
3,006
32,880
922,827 1,101,049
502,811
331,906 2,051,148
Deposits:
Member bank
reserve account
U.S. Treasurer—General account.
Foreign..
461,674
1,240,046
...... ................
Other deposits
686,292
Total deposits.
16,136,891
21,294
835,566 8,212,758
357,995
221,051
350,274
297,048
946,458
793,881
74,605
170,570
57,947
99,945
67,662
33,030
128,983
48,876
29,379
27,298
36,607
5,612
595
1,608
649
577
423
168
638
188
18,919
153
208
206
299
23,396,394 1,443,706 10089,024 1,428,981 1,801,865
875,100
574,555 3,578,925
648,008
408,697
602,888
Deferred availability Items
Other liabilities, incl. accrued dlvs...
Total liabilities.
420,658 1,517,987
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
140,284
9,353
51,585
11,900
14,483
157,065
10,906
2,874
56,447
26,785
47,739
Other capital accounts
2,478
15,144
4,393
3,078
14,323
1,007
4,559
7,070
13,292
5,439
5,247
♦
"Other cash" does not Include Federal Reserve notes,
14,925
4/,291
3,002
4,516
5,725
22,824
1,429
4,925
533
2,359
8,453
2,005
3,152
1,000
2,535
3,613
713
2,006
Total liabilities and capital acc'ts.. 23,768.267 1,469,317 10217,418 1,463,496 1,836,237
Commitments to make Indus ad vs..
172
12,342
1,611
2,279
1,691
4,802
3,244
588,154 3,626,556
659,762
418,386
346
41
614,130
1,314
891.036
1,101
32
6
4,270
3,974
1,203
1,928
1,138
1.975
11,718
10,785
2,121
3,071
438.093 1,545,682
21
3,728
Less than $500.
a
1
federal reserve note statement
Three Ciphers (000) Omitted
Federal Reserve Bank of—
PhUa-
Total
Boston
%
Federal Reserve notes:
S
Issued to F. R. Bank by F. R. Agent
6,767,692
Held by Federal Reserve Bank....
307,682
Gold certificates
,,
on
.
A tlanta
Chicago
St. Louis
$
1
1
%
t:>
$
174,431
227,971
Dallas
I '■
San Fran.
:
%
464,707
623,293
318,470
14,266
14,679
5,857
10,944
115,435
13,329
589,424
22,999
232,621 1,433,416
35,260
23,170
255,028
17,049
532,940 1,704,088
447,658
600,294
304,204
209,451 1,398,156
240,949
168,574
217,027
102,106
534,562
6,909,000
570,000 1,795,000
134
673
470,000
625,000
350,000
240,000
1,460,006
269,000
2,305
177,000
230,000
119,000
604,000
3,742
179
164
570,134 1,795,673
470,202
271,305
177,179
230,164
119,000
604,000
........
18,622
54,861
Bid
.
July
2 1941..___.
July
9 1941
0.13%
11 1941
June 25 1941
350,085
625,000
240,000 1,460,000
Quotations for U. S. Treasury Notes—Thurs., May 29
Int.
Asked
:-v
0.13%
0.13%
0.13%
0.13%
0.13%
18 1941
85
for discount at purchase.
Treasury Bills
4 1941
202
.
Treasury Bills—Thursday, May 29
Bid
r'V'
;
'•
July 30 1941
mmmmm
mm
July 16 1941
July 23 1941
mmmmm
Aug.
mm mm
6 1941
mmmmm
Aug. 13 1941
mmmmm
Aug. 20 1941
mmmmm
Aug. 27 1941
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
Asked
Maturity
States
Government
York Stock Exchange—See
Securities
following
page.
on
101 30
102
102.13
102.15
Mar. 15 1944...
103 15
103.17
June 15 1944...
103.10
103.12
Sept. 16 1944...
100.29
101
Mar. 15 1945...
Dec.
15 1943...
Bid
Asked
102 4
102.6
Nat. Defense Nta
1%
101.31
102.1
JSept. 15,1944
H%
100.7
100.9
*Deo. 15.1945
H%
100.1
100.3
Sept. 15 1942...
mmmmm
Deo.
151942...
■
mmmmm
June
mmmmm
Sept. 15 1943
New
Rate
IH%
mmmmm
the
Maturity
151943...
■
''''•-■''mmmmm-
Asked
JMar. 15 1943..
151941...
Mar. 15 1942...
■
1
Int.
Bid
H%
1 H%
2%
1 H%
H%
Dec.
■
Rate
V':..
United
Minneap. Kan. City
security
Treasury
Rates quoted are
June
S
hand and due
United States
June
Richmond
$
6,912,742
as
Total collateral
June
Cleveland
$
to banks:
from United States
Eliglhl« pap«r
US'''
551.562 1,780,734
6,460,010
by agent
for notes Issued
telphia
76,646
In actual circulation
Collateral held
New York
Transactions
at
the
New
York
1H%
1%
H%
1%
H%
Stock
Daily, Weekly and Yearly—See page 3467.
102.11
101.31
102.13
102.1
101.4
101 6
102
102.2
101.3
101.5
Exchange,
1941
31,
May
3452
York Stock Exchange
Stock and Bond Sales—New
DAILY, WEEKLY AND YEARLY
Pages—Page One |
Occupying Altogether Sixteen
delivery sales are disregarded
sales in computing the range for the year.
NOTICE—Cash and deferred
account is taken of such
only transactions of the day.
'
In the day's range, unless they are the
No
the New York Stock Exchange
Home Owners* Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
'
«' <
Quotations after decimal point represent one or more 32ds of a point.
United States Government
Below
Daily Record
furnish
we
119.12
119.9
2Hs, 1948.
(Close
Total sates in $1,000 units...
1
Total sales in $1.000 units...
[High
103.22
104.5
Low.
103.26
103.22
104.5
(Close
103.26
103.22
104.5
Total sales in $1,000 units...
Total sales in $1,000 units...
(High
2
18
10
105.24
(High
Low.
2Kb, 1951-53
( Low.
Close
(Close
Total sales in $1,000 units...
105.23
106.7
(Low.
105.24
105.23
106.7
(Close
105.24
105.23
106.7
Total sales in $1,000 units...
5
14
—
107.2
(Close
107
107.2
j
(High
107
107.2
(High
8KB*1943-45..——-- Low.
107
2Kb, 1954-56
2
Total sales in $1,000 units...
108.4
Low.
(High
108.4
(High
.......
103.26
2Kb. 1952-54
(Close
8KB,1944-46
2s, 1947-.-.--...—---' Low.
Close
108.4
(C108C
Total sales in $1,000 units...
Total sales in $1,000 units...
'
i
"''l
112.19
Total sales in $1,000 units...
2s, Dec. 1948-50
Total sales in $1,000 units...
Hlgn
(High
(Close
(Close
Total sales in $1,000 units.. .
Total sales in $1,000 units...
(Close
Close
112
Total sales in $1,000 units...
110.14
111.2
110.11
110.13
111.2
110.11
110.13
111.2
2
2
12
Tola hales in $1,000 units...
108.16
108.15
[High
101.30
3s, 1942-47.——. Low-
101.28
Close
101.28
Total sales in $1,000 units...
6
(High
$8,1944-49
Close
108.16
108.15
1
I Close
108.15
108.16
]Low.
...
'
;; 4
Total sales in $1,000 units...
[High
109.14
109.15
109.
109.15
109.14
(Close
109.
109.14
—]Low.
2Kb, 1948-51
[High
Low.
110.11
Total sales in $1,000 units...
'
(Low.
3KB, 1944-64
112
Total sales in $1,000 units...
(High
1 Low.
(High
Pederal Farm Mortgage
112
(High
3s, 1951-65..—.—...(Low.
(Close
2KB, 1945-47
Low.
2b, 1953-55
3s. 1946-48.—........ Low.
2 Hs, 1955-60
109.
109.15
109.10
'
IClose
1
106.27
[High
109.13
Total sales in $1.000 units...
Close
Total sales In $1,000 units...
109.12
109.10
Low.
Home Owners' Loan
109.13
109.10
2KB, 1942-47
1
2
Total sales in $1.000 units...
(High
.—] Imw.
2 Kb, 1951-54.
106.27
2 Kb, 1942-44
(Close
Total sales in $1,000 units
5
■'
IMS. 1945-47
Low.
(ClOBe
Total sales in $1.000 units..
110.14
111.4
Low.
110.14
Close
110.14
111.4
*
bonds.
fHIgh
(Low.
2
1
(Close
Total sales in
Odd lots sales,
t Deferred delivery sale,
Note—The
6
Total sales in $1,000 units...
2 Hs. 1945...
.
111.4
(High
1980-65.
High
Low.
......
(Close
Total sales in $1,000 units...
2 KB,
Low.
109.30
(High
2KB. 1958-63
.
(High
109.26
(Close
.000 units...
1
Total sales In $1.000 units..
*3
Low.
—
Total sales in $j
106.27
3s, series A, 1944-52.—■ Low
109.30
(High
2Kb, 1956-59
DAY
*2
-{Low.
(Close
8
112.19
[ClOflC
-
HOLI¬
102.15
/High
112.19
(High
194&-52——J Low.
8 Ha.
'
$1,000 units...
(Close
Total sales in $1,000 units
DAY
*3
102.15
1948-1950.—.(Low.
HOLI¬
110.20
(Close
Total sales in
2s, March
110.20
Low.
102.15
High
110.20
(High
3 Hs, 1946-49——
2
units...
Total sales in $1,000
1943-47---—.—] Low.
Total sales in $1,000 units.
107.15
(Close
113.3
(High
3Kb,1941
107.15
(Low.
2Hs. 1950-52
113.3
Low.
(Close
1
107.15
(High
Total sales in $1,000 units...
3 KB,
107.5
Total sales in $1,000 units—
*1
113.3
(High
•
107.5
(Close
$1,000 units.
3Kb, 1946-56
107.5
107.00
(Low.
2Hs, 1949-53
(Close
Total sales in
107.00
107.00
(High
(Hlgfi
(Lo w.
48. 1944-54
(Hlgn
(Low.
Treasury
119.9
119.12
May 24 May 26 May 27 May 28 May 29 May 30
S. Bond Prices
Daily Record of V.
119.9
119.12
|High
Low
(Close
4^8, 1947-52
on
May 24 May 26 May 21 May 28 May 29 May 30
of'U, S. Bond Price*
Treasury
Securities
daily record of the transactions in Treasury,
a
1
$1,000 units..
t Cash sale.
includes
table
above
only sale
bonds were:
Transactions in registered
of
coupon
....106.14 to 106.14
...110.16 to 110.16
105.18 to 105.18
Treasury 3Hs, 1943-47
Treasury 2Ks, 1955-60
Treasury 2Kb, 1954-56
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
Sales
NOT PER CENT
SHARE,
Monday
Tuesday
Wednesday
Thursday
Friday
the
May 24
May 26
May 27
May 28
May 29
May 30
$ per share
S per share
Shares
47
4378
4534
*43
5*2
1234
2H4
1234
3834
4414
*512
40
44ti
534
5h
*19l2
534
*1912
2114
*19la
12io
1212
38l2
7412
"T
*3g
*
he
*15I8
2078
*738
149
*38
74io *__
""378
378
3S
684
67g
2U2
81«
149
578
*
*3g
684
6
*584
534
*1912
39
*43 »4
*12i8
38l2
'l6
15
2H2
*778
8i8
*1078
IDs
*1214
1212
5®s
75l2
534
*7218
578
26
2634
2534
17
17
25i2
*16i4
*78
*13
15
14634 14634
*11
11 I«
12U
1258
578
7314
7512
1714
1
2512
*1614
*78
*46l2
4734
127g
3914
*38
7
Stock
74i2
*4
-
W
•'%
714
*512
Exchange
714
684
17
*15i8
2134
8'g
147i2
ll's
123g
123s
*7218
2538
1714
*16
V..
*78
:
6
74
«.
m
L
■
1,300
ll's
57s
*7212
57g
1
•■/■■v. *78
74
"'.L
3g Apr
1714
1458
*54
55
*17
1714
45
*4414
*6
63»
*4314
*512
*
46l2
6
54'a
1714
44
*6'8
43
5'2
*13
5512
5534
1634
1714
171.4
4434
*1678
*43l2
638
43
14D
55
54i2
44
*13
6i.i
*43
5i2
Bid and asked prices;
*5l4
no
63s
45
5l2
44
*6's
*43
538
14
5584
171.1
44
6i2
45
53s
sales on this day.
*13
100
1616
-
5512
165s
*4312
6i4
43
5is
14
No par
Alpha Portland Cem..No par
Amalgam Leather Co Inc.—.1
W
........
100
Allls-Chalmers Mfg
2,800
6%
■
conv preferred
50
5512
1,300
Amerada Corp
17
1,000
Am AgrlcChem
(Del)—No par
45
200
Am Airlines Inc
—10
1,300
6*2
500
5lg
} In receivership,
American Bank Note
6% preferred
50
43
a
No par
American
Def. delivery.
Bosch
» New stock,
10
—.50
Corp.
1
r Cash sale,
3
22
22
20
15
23
24
$
per
$
share
2
Highest
share $ per share
70i4 Feb
4914 Dec
per
53
Jan
120
Jan
7
110
May
4312 Fen
7
6
9
30
May
3478 May
4U May
60
9
Jan
3
3
16i8 June
12i2 June
2712
Apr
1912
Jan
42i2 Jan 17
36i2 June
58*8
5S Jan 14
3g May
5134 Jan
734 Jan
22s4 Jan
1578 Jan
May
60
Feb
147
4612
Apr
Nov
Jan
78 Mar
77
Mar
Jan
4
7
Jan
sg Feb 26
5g Jan
6
3g June
lh
Jan
634May 26
534May 22
15 May 27
lO^g Jan
9i4 Jan
9
9
3
6
2
534 June
414 May
145s
12i2
7
24
378May 23
18U Apr 21
1
5% preferred
100
'
May
3534 Apr
"
*13
10
Allied Mills Co Inc ....No par
Allied Stores Corp
No par
4,800
26i4
12
No par
Allied Chemical 4 Dye.iVo par
Allied Kid Co
..5
900
Day
400
*16
19i2 Feb
Allen Industries Inc.;;
125g
25U
5ig Apr
No par
$2.50 prior conv pref.No par
Alghny Lud Stl Corp..No par
100
Memorial
No par
Allegheny Corp
No par
5K% Pf A with $30 war.100
5K% Pf A without war. 100
200
Closed—
125s
257g
17i8
Apr
Alaska Juneau Gold Mln___10
8*8
*734
14712 14712
*11
_
700
17l2
*21
*734
44
25
-
Air Reduction Inc
1,300
3,800
4i8
3g
213.1
*11
Apr
Air Way El Appliance..No par
Alabama & VIcksburg Ry.100
"
*
Mar 21
38
Address-Multlgr Corp
4,000
'16
Js #
115
Adams Express
1,100
200
'16
46
100
per
Adams-Mlllls Corp
:
21
*1434
2U4
7314
2534
Acme Steel Co
100
*1218
3834
127g
39i8
No par
share
Feb 21
conv preferred
Abraham & Straus
5h
55g
4K%
$
No par
Abbott Laboratories
10
45l2
*431.1
65g
584
Par
Lowest
Highest
Lowest
500
7. wmm..M
»
*534
147
EXCHANGE
4378
*1912
4'g
6
1
share
*11712
*3834
2D4
7412
8i8
*7*2
148i2 149
-
rer
45%
534
h
*678
6
15
-
4
7
2058
V
4378
*70
he
$
4738
-
*38
4
16
135s
1
5h
2114
1234
21
1118
*78
*46i2
*11712
*3834
1412
*1314
'
-m
205s
*1078
5^2
*72i8
4734
$ per share
4378
4512
74D
"4"
s8
7*2
6i2
17
*578
*12i8
38
3s
4
*678
*43ti
39
'16
*
per share
*46
4734
*46'2
11714 1171.1 *11712
*3834 4378
*3834
47l4
*117
*3834
$
Year 1940
On Basis of
Week
$ per share
Range for Previous
Range Since Jan. 1
100-Share Lots
STOCKS
NEW YORK STOCK
Saturday
734May 22
x
144^2 Mar
10U Feb
6
1
5
21i2 Apr
2538 Jan
IH4 Jan
4H2 Feb 14
1438 Feb 28
40
Feb 19
5l2 Apr 22
4234
Jan
2
5i8May 29
x Ex-dlv.
y
684 June
Jan
2612 May
1234
Apr
135i2 June
182
87g May
14
Jan
June
1634
Apr
412 May
93s
14*2 Mar 13
Apr 12
15i2May
Jan
Dec
7
Jan
1434 Apr 24
»n Apr 25
May
llUMar 17
165
1134 Feb 3
514 Apr 21
7138 May 14
253gMay 28
10
May
4
75g Jan
8
10
55
May
80
Jan 28
37
Jan
4
2184 May
17«4 Jan
8
4
11
1U
Jan
June
lig May
79
417g
18
2?8
Apr
Jan
Dec
Jan
Nov
Jan
Jan 15
9i2 May
18
Apr
5534May 28
17»4 Jan 10
58i2 Jan 2
8U Jan 8
38ij May
5812
Apr
12ig May
21
Jan
4134
15U
47
8*4
Mar
6
Jan
2
75
Apr
6
June
1234
Apr
35
June
50
Jan
Jan
5'8 June
93g May
Ex-rlghts. U Called for redemption
y
Volume
LOW
AND
Naw York Stock
152
SALE PRICES—PER
HIGH
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
fOT
Mand ay
Tuesday
May 24
May 26
S per share
$ per share
36
*34%
*12612 126-14
*1%
7934
*172
*2514
66
*1812
*105
*104
*9
35%
126
H2
1%
$ per share
S per share
S per share
36
35%
126
126%
79
7934
*25
*65%
66
2434
6634
66
35%
3534
*125% 126
Ms
*17034 173
24%
25'%
35%
126
1%
1%
79% 80
*17034 179
7934
179
Thursday
May 27
Wednesday
May 28
26
66%
1%
*1%
78%
*9
*9
11
11
*9
*9
11
*634
7%
*634
7%
*434
478
434
434
13%
*634
4%
13%
13%
88
88
88
*17
*214
1334
877S
1%
13%
*87
4%
%
175s
2%
*17
*13%
*2%
*13
14%
*3234
33%
33
*3
3%
28%
*27
*2758
45
3
45
44'%
17%
314
11%
*40
47
11%
82
11%
*41%
11%
82
11
11%
11%
*81
11%
*34
30
6's
♦156
1
46
13%
65
*2%
2%
14%
*13%
*33
34
3
28%
*41%
*45
22%
*21
3%
11
47
11%
11%
82
11%
11%
4%
4%
17
115
17%
115
*41%
1138
*82%
11
*4%
*17
*115
6%
6%
*156
6%
159
13%
64
5%
8%
*4%
145
*145
*5%
146
*145% 146
42
*41
42
*40%
145% 145% *145% 149
4%
*47g
*8
*145
41
35%
39%
145%
41
*8
4%
*85
62
147
4%
4%
89%
4%
*85
*1134
62
62%
62%
6234
64
62 34
63
62%
150%
*144% 150% *146
434
434
434
434
434
4%
4%
4%
4%
4%
*85
*85
89%
89%
89%
5%
5%
5%
5%
5%
63
5734
*57%
57%
5734
5734
5734
57%
*55%
5%
5%
5%
5%
5%
5%
5%
52
28%
25%
27%
12%
*12%
25%
27%
2534
27%
*27
*12
12%
12%
12%
*112
*934
*1
*2612
113
10%
1%
28%
*45
*112
*9%
*1
*26%
*11012 Hll2 *111
4%
4i8
*5314
54
*47
62
25U
25%
*7i8
*418
7%
*84i4
678
4%
90
7
4
5234
52
113
10%
1%
27
111%
111
4%
25
634
111
5234
25
*47
2334
7%
4%
89
7
*48
52
4%
53
*4%
*86
89
*4
*86
23%
7%
4%
*4
*86
89
67%
1834
19%
17
*17%
19
*17%
26%
*26
26%
27
27
27
27
27%
2078
'
*26%
2334
7%
30
30
*293s
*80
m
mm'm
mm
M
m'm
mm
—
3
:
*90%
94
*90%
94
*27%
28%
*27%
28%
*86
88
83
27
*67
1934
19
8
27%
27%
21%
30
*20%
*103
104% *103
105
*103
105
*103
69
123
122
*122
54%
54%
*27%
28%
69%
122
*26
2634
2634
26
26
19%
1834
1834
*18%
19
67g
6%
*678
7
7
*14
*14
7
15
*13%
*10%
11%
*1034
11%
*10%
11%
*77l2
89
*77%
90
*77%
90
•
15
Bid and
asked prices
no
15
sales
on
26
18%
6%
*13%
*10%
*77%
17%
23%
Jan
Feb
Jan
8
Jan
6
Jan
7
Jan
8
Jan
9
Jan
9
7% Jan 10
99% Jan 11
8% Jan 9
60% Jan 13
8
Jan
4
*28%
May
145
May
66%
6884
138
Dec
Dec
June
2% May
6% May
83% June
6
May
25% May
4% May
Feb 20
4
14% Jan 11
113
Mar
4
12% Jan 7
2% Jan 17
30
Jan 12
111% Jan 16
5% Jan 25
93
Feb
18
Mar
175% Mar
89% Apr
9134 Apr
153% Oct
6% Nov
12% Jan
101% Apr
12
Apr
61%
Deo
8% Nov
54% Dec
97% June
4
May
35
May
60
Jan 20
58%
Jan
22%
6%
3%
96%
4%
May
May
May
8% Jan 13
100
4%May 22
May 16
5% Feb 19
79% Mar 8
100
87
Feb 19
Investments Co.No par
26
Apr 23
.No par
June
Jan 27
34% Jan 10
100
26
15% Nov
4% Apr
35% Feb
111% Deo
7% Apr
64% Apr
1'4 June
23
58
May 28
1
May
8
113% Aug
5
6% Apr 18
89
6% Jan 10
90
Jan 14
7% Jan
87
9
Jan
Aug
84
99%May 14
35% Jan 23
49% May
29% June
95
Deo
45
Mar
Jan
9
65
96% Mar 12
82
May
Jan
2
30%May
13
May
7
70%May 8
21%May 13
23% Apr 15
30 May 13
24% Jan
110% Jan
7% Jan
50
2
Deo
Apr
June
22%
Apr
May
June
7
May
9
43% June
57
4
Aug
8%
Apr
7
No par
l%May
3
2% Jan 11
6
20% Jan 11
5% Jan 6
19
12'% May
2% May
50
3% Mar 3
4% Feb 15
5
Apr 23
6% preferred.
100
23% Apr 16
Barber Asphalt Corp..
..10
4% preferred—
100
Conv
100
1,200
534% preferred
50
Barnsdall Oil Co
1
Bayuk Cigars Inc
No par
Beatrice Creamery...
25
55 preferred w w
No par
Preferred x-warrants_No par
300
50
Beech Creek RR
"""106
Beech-Nut Packing Co.
20
.No par
Belgian Nat Rys part pref
Beldlng-Hemlnway
700
"4", 100
...
Bendlx Aviation......
5
Beneficial Indus Loan__No par
2,000
Pr pfd
400
52,50 dlv ser'38No par
No par
Best A Co
900
Bethlehem Steel
3,800
(Del) -No par
100
7% preferred..
900
5
104
102
June
105
32
Bloomingdaie Brothers.No par
11
Blumenthal A Co pref..—.100
80
r
Cash sale.
27
19
x
5
Jan
6
8% Jan 24
18% May
29% May
102
May
7% June
14
13
3734 Jan 28
20% Jan 10
24% May
17% May
57
2
49% June
Jan 16
22% May
63% May
109% May
Apr 29
Jan 7
Ex-dlv.
126
Feb
Apr 28
20% May
21
15%May 23
54%May 26
26%May 12
68% Apr 22
121% Feb 20
23% Apr 18
16% Apr 19
6% Apr 18
14% Apr 26
11%
New stock,
Feb
109%May
7% Feb
10% Jan
32% Apr
90
n
8%
30% Dec
28% Feb 17
104
*77%
.
16%
Jan
Apr
Jan
112%
*10%
delivery
Jan
Jan
May
MarlO
11%
d Del
Jan
8
14%
62%
105
103
15
5
May
6%
Deo
90
Bliss A Laughlin Inc
May
19% May
2534
3634
3534
7
15
4
20
Mar
Mar
23% Dec
3
5
Feb 17
19%
No par
9%May
3% May
434 Dec
24% Dec
8% May
Jan
Mar
24% Mar 17
31-% Mar 24
25%May 12
103-%May 8
18% Feb
25%May
22
26
Blaw-Knox Co
Mar 20
1%
Jan
*6%
*13%
Bigelow-Sanf Carp Inc.No par
Black A Decker Mfg CoNo par
10% Jan 10
8% Mar 25
31
May
13%
19
300
7% Apr 4
6% Apr 4
29% Mar 26
4
7% June
26
800
2
112%June
6
7
400
8
Jan 20
7% Feb 19
18%
;iv
Apr 23
6% Jan
28
5
Bath Iron Works Corp
200
7
...No par
Barker Brothers
100
Jan
4% Jan 10
y
32
Mar 17
May
89% Jan
3
131% Jan 28
28
Mar 11
21% Jan
10% Jan
18% Jan
8
15
9
90
Jan
9
4
Mar 13
1
Feb
10
4
...100
Deo
9% Mar
51
Feb
May
Feb
May
27% May
111
May
6
2% Apr 17
12% Apr 21
Jan
80%
12434
8%
5%
32%
May
111
13
.
Jan
64%
102
6
25%
23%
22%
2
4
100% Mar
May
100
Jan
Dec
May
June
2
May 10
72% Jan
118% Jan
39%
9%
8%
9%
18%
No par
No par
Jan
July
9
18
(The)..3
9%
102
9
Apr 22
Apr
Apr
Apr
11
Jan
May
6% Feb 14
47% Feb 14
61
May 16
68
4384
May
85
60% Jan 2
13% Feb 14
13% Feb 15
16% Jan 2
z20% Feb 20
107 May 29
225s Mar
June
3
23
100
107
May
Jan 20
100
12% May
47% Jan
...1
Bangor A Aroostook
300
32%
X In receivership,
May 14
109% Mar 24
26
this day.
Feb 24
.
Jan
60
Baltimore A Ohio...
1,200
*108
112
109% 109% *108% 111
7%
7%
734
*7%
734
*7%
*1034
*1034
*1034
3434
33%
33%
33%
34%
34%
16%
1634
16%
16%
16%
16%
55
55
*53% 55%
55% 55%
*27
28
27%
27%
27%
27%
69
69
6 934
703s
6934
70%
122
122% 123
122%
122% 122%
*1834
*26
32%
26
Baldwin Loco Works v t C..13
105
70
Apr
11
No par
Aviation Corp of Del
1,200
105
54%
2734
7
Jan
14%
Jan 14
100
2,300
21%
26%
24%
*103
9
I
,
.5
2,900
21%
*25%
*23%
24%
gtdlOO
$5 prior A
40
105
6934
159
33%
Jan 13
19% May
9% May
5% conv preferred
Atlas Tack Corp
17,300
21%
*103
2734
14%
16834
73%
74%
49%
139
Austin Nichols
21%
*25%
*23%
26%
111% Jan 29
No par
Atlas Powder,
10
24%
105
*53
12% May
Apr 18
pref series A...100
5
6% preferred
50
300
21%
26%
33%
16%
Feb
70% Dec
11% May
Feb 14
6
Atlantic Refining
200
21%
26%
*103
16
Deo
70
152% May
Mar 27
5
4% conv
Atlas Corp
100
1,500
30
105
33%
155%
Dec
May
Mar 19
Jan 10
54
May
19
51
20
5% preferred.
4,700
*23%
*1034
122
93
1
No par
5% preferred
400
*103
16%
Feb
Deo
Apr
2
100
Atl G A W I S3 Lines
100
105
34%
113s
41%
Feb 19
Apr 21
5%May 19
Atlantic Coast Line RR
4,200
19
*103
16
3
May
May
30% May
Jan 10
No par
100
Atch Topeka A Santa Fe..l00
900
19%
105
34
Jan
5
23
Jan 21
9%May 29
May 26
5% preferred..
8,400
69
*103
*1034
154
2
54
No par
10
Jan
150%
28%
11%
13%
62
May 28
62
May 27
146% Apr 26
4% Apr 21
4
May 20
89% Apr 25
..100
6% 1st preferred
7% 2d preferred.
160
23%
*28%
25
...25
Assoc
21%
26%
33
138% Mar 13
37
Apr 25
May 12
ll%May 27
148%May 1
Associated Dry Goods
~3~666
*28%
100
7% preferred......^...100
■
200
*79%
94
9%
33
33
*28%
*28%
*110
111
*10812 111
7%
7%
7%
7%
40
45% Jan 13
Arnold Constable Corp
5
Artloom Corp
No par
i:200
9%
2078
26%
23%
Feb 14
Apr 18
Armstrong Cork Co
'
6%
9%
2078
8% Jan 28
30
34
7% preferred.
'
89
9%
9%
2378
4%
<
6%
9%
9%
Jan 13
par
56 conv prior pref
300
9%
9%
27
6%
83
*29%
7%May 23
7
par
Building Co.No
Smelting A Refg.No
ArmourACo(Del)pf7%
"3" 600
7%
28%
30
74% Nov
12®4 Mar
Armour A Co of Illinois
mm
v.
22
22
22
2134
21%
21%
21%
*107
107
107% *107
10734 *107
10734 107
634
634
6'34
6%
*634 : 6%
6%
6%
49
49
>*49
*49
49
49
4938
49%
*60
*60
*60
*60
6434
6434
64-%
6434
*113% 116% *113% 116% *113% 116% *113% 116%
7
7
7
6%
*634
6%
*6%
*6%
134
1%
*1%
*1%
134
*1%
134
*1%
*13
*13
*13
15
14%
14%
14%
14%
3
3
3 ,
3%
3%
3%
3%
3%
13
13
13
13%
13%
13%
13%
13%
334
*3%
3%
3%
334
3%
3%
3%
6
6%
6%
*6%
6%
6%
6%
6%
6
6
*534
*534
534
534
534
534
*24
25
24
24
*23
24%
24%
24%
7
*7%
*734
7%
7%
7%
8%
8%
7
7
7
*634
*634
6%
6%
*634
*29%
18% Nov
48% May
684 Dec
Archer Daniels Mldl'd.No par
200
24
17
*678
*29%
9%
9% May
4
A P W Paper Co Inc
100
3,400
1,100
*7%
19%
24%
8%
6
$5 prior conv pref
'
"
53
23
18%
2412
*7l2
15% Jan
73^4 Jan
Amer Zinc Lead A Smelt
«•'« m
62
*17
6
Jan
Jan
Mar
11% Feb 19
Preferred
500
1,100
4%
*47
62
19
6%
163
61% Apr 23
5
May 27
$6 1st preferred
111%
53%
19%
*1714
6
June
135
10%
25
Am Water Wks A Elec.No par
800
52
4%
*6634
*614
54
200
68
3%
3
Jan
28% May
4% May
Apr
27%
13
Jan
63%
55 dlv preferred
Andes Copper Mining
26%
1278
35s
162
Jan
34% May
Apr
68
3
Feb 17
7% Jan 10
Mar
5%
32
27%
1434
155
100
Jan 13
Mar
26
41%
67
3
Feb 14
39
121
May
May
27
134
6
5
2
May
67
*114
*1312
25
5
July
20% June
500
27
7
No par
May
May
90
13
67
64-%
30
3% Jan 13
46% Jan 13
13
26%
*634
No par
Apr 21
13
68
*60
4
1
Jan
Mar
June
27
11334 11334
Mar
23% Jan 24
Jan
3%
25
18
2678
,
111
par
1®4 May
1284 May
20
88
49%
100
5% Apr 4
19% Jan 10
121
Apr 4
25% Feb 13
35
87
*49
2% Feb 15
3
88
678
15% Apr 24
No par
Jan
Dec
6
88
22%
14%
6
88%
108
92
May
Jan
88
*634
May
10
54
90
22
2234
38
35
*273s
*107
May
9
6
Apr
2734 Jan
94
26l2
10
Jan
17% Jan 10
93
Apr 23
Jan
67
13% Jan
10% Apr 21
79
10% Apr 23
Mar
6%
13% Aug
22% Feb 14
25% Apr 21
11% Apr 25
*634
19
8
35
46% May 13
28%
19%
Jan
June
25
*90
19%
50
3
12% Sept
41% May
Anaconda Copper Mining..50
*27%
81
Locomotlve.No par
Apr 29
8
Anaconda W A Cable..No par
Anchor Hock Glass Corp 12.50
95
81
48
4% Jan
30
29
82
13% Jan 27
26,000
*9318
*27'%
*87%
82
22%May 24
2734
634
*79%
*90%
634
50
Feb 14
3%May 19
May 26
26%
53
*7%
conv preferred
Light
,
Apr
2734
4%
23
7%
4%
Jan
26
*48
53
25
7%
11
pref
1% Mar 29
May
27%
4%
*47
20
non-cum
4
23
26%
11034 11034 *110
62
7%
.
Jan
Apr
American Woolen
8,600
112% *112
112% *112
112%
*9%
10%
9%
934
934
9%
*1
*1
*1
1%
1%
1%
27
27
27
*26%
*26%
27%
4%
62
*86
26
28%
Apr
Am Type Founders Ino
Memorial
Day
3% Mar
6% Apr
2% Jan
66%
3%
Common class B_.
700
5%
9% May
Feb
984 Apr
8% Jan
15% Apr
91% Mar
38
6% preferred
100
*112
53%
*45
7%
*4%
12%
600
57
1034 May
2% May
13
1% Feb 20
American Tobacco
2,700
Closed—
Dec
Jan
Nov
No par
Am Sumatra Tobacco..No par
Amer Telep A Teleg Co...100
5,300
Exchange
34
Nov
23%
May
Jan
518
52
3% Jan 13
13
300
147
Sept
1% May
3% June
65
May
Preferred
300
Stock
21
Amer Ship
1,900
1,300
12%
150%
3
Jan 18
1734 Jan 18
38% Jan 4
4% Jan 10
Feb 14
81
*1134
75
1% Jan
2% Apr 16
American Sugar Refining..100
Preferred
100
150
Mar 26
11% Apr 15
29
400
67U
29
%May27
14% Feb 15
10
5%
2578
May 28
1% Jan 6
2
Amer
200
85%
14% Mar 19
88
5
Jan
No par
5%
255s
7
3%
American Stove Co
5%
*2734
Jan
l%May 14
100
5%
*45
9% Feb 19
78
19
55s
5%
*46%
253s
4% May
8
May
Amer Steel Foundries..No par
American Stores
No par
85%
1234
5% May
6% Jan 11
145
85
149% 150%
8% Jan 23
25
*84
1134
11%
149% 150%
*61%
62%
May
6% Apr 23
4% Feb 17
100
*15
12%
140% May
6% preferred
85
150%
May
9
American Snuff
14%
12%
112
6
20
1434
150
3
Jan
300
*10
85
Jan
12
4,300
*10
85
121
13% May
4^% conv preferred
100
American Safety Razor. .18.60
American Seating Co ..No par
510
36
35%
10
*83%
z98%May 29
9% Mar 27
40%
39%
145% 145%
4034
4034
10
9%
213s
115
23% Jan
3
American Rolling Mill
1,000
5%
8%
10
21
21
May
71%May
23
Preferred
300
*145% 149
*145% 149
21
21%
21%
21%
21%
10
10
lOlg
9%
9%
11
*10
*10
11%
11%
15
15
15%
14%
14%
63
63
*62%
63%
63
63
63
63%
*146l2 149l2 *146% 149
5
4%
*45s
4%
88
5
5%
Dec
33l/May
34
Am Rad A Stand San'y .No par
2,900
Jan
185
45% May
1% Dec
18
May
2,300
13%
May
116%
Jan
30%
6%
63%
May
Jan 23
2934
m
18
Jan
Jan
June
284 July
51
56 preferred
55 preferred
64%
164
31% Jan 11
95% Jan 10
185
4534
135
30
600
133s
7
Oct
Dec
May
2% Feb 15
May 15
34%
64
May
27
34%
20
May
1%
85%
44%May 26
No
13,300
28
128
100
No par
13%
7
1% Jan 13
1
American News Co..
13%
Jan 13
Mar
Highest
1 per share $ per share
6
7
50
Amer Power A
110
15834 159
share
Jan 21
par
4,000
x6%
per
24% Jan
60% May
6% Apr
6% preferred
100
r:>.
x ear i»4u
Lowest
115
10
1%
64
145
4
115%
24%
13%
34%
*85
115% *115
.
Amer Metal Co Ltd
300
17
64
39%
127g
4%
s
Preferred
100
Amer Macb A Fdy Co.No par
Amer Mach A Metals..No par
400
13%
39%
150%
1,000
17
6%
6-%
159
*156
34
150
4%
18
30%
*8
85
1,000
29%
3834
15%
11%
30
30
33%
*84%
*1178
1134
84
11
34%
8%
*1434
11%
84
11%
4%
Feb 15
18% Apr 18
Apr 22
preferred A ...No par
American
2,000
1134
56
100
5%
84
34%
39%
10
47
1
35%
1134
*41%
24%
*8
*978
*10U
47
6%
$
Mar 18
Apr 19
Amer Internat Corp
No par
Amer Invest Co of III..
1
100
400
1
*3334
700
3%
11%
24%
39
2034
22%
*11
3%
1
34
2034
22%
*3%
11
Range for Previous
y.
107
100
American Ice
1,700
share
23
Encaustic Tiling..1
6% conv preferred
American Home Products
100
400
1
1%
*24%
8%
42%
22%
1%
1%
34%
35%
4212
1%
600
3
64
j
5%!
*145% 149
45%
f
JjOtS
Highest
78%May 29
17i%May 28
par
$6 preferred
__No par
Amer Hawaiian S3 Co
10
American Hide <k Leather
1
600
28%
*45
24%
40
*8
*2%
*25%
3
1
40
*345s
27%
45%
*3%
11
57 2d
2%
14
34%
1%
64%
5%
8%
*5U
300
34
24%
1%
160
2%
27%
45%
134
3%
11
17%
/» M v.
130
Corp..20
European Sees..No
per
1
Amer & For'n Power...No par
$7 preferredNo par
1,200
*2%
*13%
82
30%
135s
2%
14%
11%
30
64
134
*21%
1734
Amer
34
*17
33
11%
30
*156
17%
82
34
160
33
3%
11
34
6%
%
45
34%
6%
%
17%
*17
Ok
29% Apr 14
100
6% 1st preferred
American
4%
%
*3%
*%
*2%
*27%
4%
4&8
4%
4%
*17
*17U
1778
17%
11512 11512 *115
115%
*2334 24%
*24i8 24%
1
4%
4434
22%
22%
*33s
*3%
28%
*2134
*3%
2214
100
4%
*2%
1*4
■I.:/--?" 1
1%
preferred
American Crystal Sugar
1,300
89%
*3%
*13%
1*4
14%
*87
*1%
conv
Am Comm'l Alcohol
300
1334
1%
*1
F
zl22% Apr 14
100
No
American Chicle
No par
Am Coal Co of Allegh Co NJ25
American Colortype Co
10
_
'
:
%
.<
5%
500
5
/i
38
100
Am Chain & Cable Ino.No par
7%
1%
2%
3
*634
*434
1-%
14%
33
I84
1
900
300
_
*1%
»t6
♦15s
*11
*87
1%
*3%
*%
4%
13%
13%
88
*1%
7%
4%
Preferred
American Car & Fdy
Preferred
..
11
5
American Can
100
19
19
18%
*18%
18%
18%
18%
18%
18%
112% *105% 112% *105% 112% *105% 112% *105% 112%
103
103
104
102
102
105% 104
*98% 100
11
5Ji% conv pref
100
Araer Cable & Radio
Corp__l
25
150
1,500
2,400
79
7%
*3%
%
35%
Par
Am Brake Shoe <fe Fdy.No par
1,400
126% 126%
1%
1%
A
Lowest
Shares
sharp
79%
79
478
*1U
$ per
36
J)t
vt
U7§ ISUStS OT
Week
May 30
171% 171% *170% 174
25% 2634
2434 25
67
66-%
69%
6634
*434
*87
May 29
/9
vJJtvtx O X UviV
EXCHANGE
900
*634
*1312
the
Friday
3453
Range Since Jan. 1
*NT"P. W VHP If QTHPTf
X
IN .C* VY
J vi
Saturday
2
10
Nov
32%
127
9%
Apr
Apr
Apr
May
Oct
Jan
Apr
67% Apr
36% Apr
22% Mar
6684 Jan
39
Jan
93% Nov
134
Nov
14
May
34%
Jan
15
May
22%
11%
Apr
534 May
Jan
13% May
11
May
23%
16
Apr
54
95
Nov
June
Jan
Ex-rights. H Called for redemption.
.
JE
New York Stock
3454
AND
LOW
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page 3
NOT PER CENT
Monday
May 26
Tuesday
Wednesday
May 27
$ per share
$ per share
$ per share
13%
13U
13
*12%
13
2634
*90%
♦27
27i4
27
27
*90%
97^8
90%
90%
*41
*42
20
19%
19%
1918
19
*1612
*118
*31%
*3%
*9U
1634
16%
1%
32
3%
*1%
*31%
3%
9<2
9%
9%
*19
19U
19%
19%
*3134
2%
2%
6%
103s
*30%
10%
*30%
20%
*9%
31%
4
67%
67
*6%
66%
6%
25%
*49%
29%
50%
8
8
8
2%
17
1934
3%
2%
*15%
*4%
*19%
8
8
*7%
*83%
84%
83%
*8%
8%
1934
53
8%
1834
*50%
uu
6%
1034
11%
%
%
6
6
10%
11
10%
11%
*36%
3%
38%
*35
*34
35
49%
434
8
734
26%
*2%
3
*2%
38%
91%
26%
2%
37%
90%
95
*2%
243g
16%
*103% 10434
18%
9%
18%
*51%
%
5%
*10%
*11%
*13i«
1034
*10%
6%
11
*35
34
2%
2334
17%
104
104
3%
3%
*34
34
*2%
*37%
23g
23g
*37%
39%
90«4
*90
2738
1,000
20
2,300
71%
1,000
684
67g
7,900
#24%
*2634
*2%
*29
200
8%
19
400
19
*50 84
52%
i3u
l'ie
*534
1034
*82%
8%
300
600
60
700
""800
6
11
*35
2,700
1034
11%
38%
3%
200
*2%
*37%
234
39%
*90
91
900
430
3,700
Stock
Exchange
1
1
1
1
1%
3%
3%
3
3
9
2%
3%
278
2
2
2
2
2
6%
6%
*5%
12%
5%
6%
*5%
6%
5%
12%
38%
1278
*38%
50%
50%
30
13%
40
*4984
200
6%
5%
13
39%
6%
5%
13%
38%
930
2
63
5%
11%
39%
*49
51
*%
5%
5%
12%
12%
38
38
*49%
6i«
*h»
%
%
*»16
*%a
*8
%
*»«
*12
*138
*21
8%
1234
1%
55%
24341
56%
10
10
97%
*43
*2%
*31%
97%
46%
234
33%
*8
*12
553s
10
97%
*43
*23s
*31%
50
98
8%
*22%
55%
25
*20
55%
55%
557g
7~500
10
10
10
10%
3,400
98
10%
98%
98
98
*98
99
*43
46%
*43
46%
2%
*43
46%
2%
25
*95
98%
*98
*82
82%
*48%
51
*48%
51
*48%
51
*34%
*48%
35
35
25
82
35
32%
*142
8912
60%
*12%
*103
*19
*111
*14%
*13s
*1%
*1%
*15%
15%
2%
32%
144%
89%
34
3434
34
100%
""500
32
*24%
82
*82
*48%
35%
33
*144
60
200
10
1%
2%
1«4
16
*14%
*138
*2%
*1%
*15%
*15%
2%
1%
2%
134
1534
*1%
1584
1%
*15%
*1%
2
2
2
134
16
*1%
*15%
*15%
2%
73%
16%
I5g
2
*15%
*1%
2
10
No par
Copper Co
Chrysler Corp
City Ice & Fuel
25
5
No par
6M% preferred
City Investing Co...
City Stores
Clark Equipment
5
No par
1,800
20
145
300
100
1,600
"l',000
100
100
16
1%
"""240
2%
2284
100
29%
*103% 105
*9%
*18
51
2434
*
91
23%
23%
22%
223g
99%
99%
29%
22%
99%
29%
29%
*103% 105
*103%
9%
9%
938
*18
%6
3g
51
51
51
24%
24%
24%
61«
50%
24%
400
500
70
300
2,200
200
4
May
2%
3% Jan
114% Mar
5% Apr
1184 May
Oct
6
Mar
88
Sept
22% May
100
Apr
3% May
15% May
15
41%
Jan
8% Feb
3884 Dec
May
22
Oct
99%June
17% May
10% June
2% Oct
106
May
30% May
84% June
44
Dec
101
Dec
Apr
3084
52% Jan 13
6
%i Dec
38
% Jan 17
%«Dec
84
6
% Jan 18
9% Jan 29
13% Jan 9
%i Dec
%
Jan
8%May 22
10% Feb 7
l%May 16
23
May
55%May 28
884 Apr 21
Jan
May
2% Mar
31% Feb 16
•1# Feb
27
Collins & Alkman
5% conv preferred
No par
100
4% 1st preferred
4% 2d preferred
Credit
sl«
3g
14,500
50%
24%
51
2434
51%
24%
52
2484
1,700
9,400
delivery.
r
Feb
z60
Jan
Apr
July
Jan 15
56
June
7484 Nov
Jan 24
108
May
33'4 Jan 10
26
May
114% Jan
43% Mar
74
May
100%May 12
83% Jan 29
34
Mar 11
46% May
25% May
25% May
131
Apr
Apr
Nov
83% Dec
48
41%
Mar
Apr
45% Apr
May
145
Dec
2
99% May
141
Mar
7
56
May
63
10% May
20
13%May 22
103% Apr 2
94
30% Jan 9
114
Mar 19
108
20
4%
40%
133
Jan 10
June 102%
16% May
May
12% May
Feb
Feb
Dec
35% Apr
112% Feb
24
May
27gMay
178 Jan 13
6
1%
Dec
484
584
Apr
Apr
100
1
Feb 18
2
1%
Oct
5
Apr
1534May 29
15%May 24
2%May 20
2184 Jan
6
16
21
Jan
6
16
47g Jan
9
10
100
Cash sale,
73
May 24
64
Mar
4
6978 Apr 29
4%May 16
21% Apr 17
2184May 20
99% Apr 8
28%May 20
104
Apr 28
8% Feb 15
%»May 19
$6 preferred series..-No par
Commonwealth Edison Co-25
nNewstock.
Jan
98
44
Nov
7g Jan
1% Feb
Columb Br'd Sys Ino cl A.2.50
Class B
2.50
414 % conv preferred
3
Jan
14%
91%
May
Jan
Apr 18
34
8% Oct
85
Sept
100
Columbia Gas & Elec..No par
6% preferred series A—100
Commercial
14
Aug
53% May
2
62% Jan
18%May
110
20
24
106
Feb 19
Mar 17
11% Feb 14
100% Feb 15
11% Mar
16% Apr
5% Mar
May
1% Aug
124
Jan
1
87
7% May
9
4
3
145%May
60
Jan
Apr
Jan
37% Jan 13
Apr 26
Jan 22
Coca-Cola Co (The)...No par
Class A
No par
May
Sept
May
9
143
Commercial Solvents—No par
Commonw'lth & Sou..No par
3g
2
10% Feb 6
100% Jan 31
46% Feb 20
Jan
100
2^500
516
Jan 27
72% Jan
50
28% Feb 18
41
27g Jan 27
36%May 20
Colo Fuel & Iron Corp. No par
Colorado & Southern
100
J&n
4
Jan
Colgate-Palmolive-PeetNo par
$4.25 preferred
No par
12%
15% Dec
44%D ec
51%D ec
8
•n
Apr
4%
8
Feb 14
Preferred
29% Mar
Apr
May 28
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
3g
a Def.
Feb
Apr
26%
% Jan
49
3,500
50%
24%
t In receivership,
June
1% Dec
Dec
May
hi Jan
27
5%
*73% 76
*73
74%
*4%
47g
*43g
4%
*2234 2334 *23
23%
23
2234 23
23% 23%
99% *99% 101% *100
10034
2934
29% 29%
29% 2978
105
*103% 105
*103% 105
9%
9%
978
9%
934
Bid and asked prices; no sales on this day.
49
9
82
Columbia Pictures
No par
$2.75 conv preferred. No par
29
44% Jan
Clev & Pitts RR Co 7 % gtd. 50
4%
23%
*99
106
121
Apr 24
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody & Co..No par
77
*4%
23%
14,100
Apr
9% Feb 19
37% Apr 22
114
*74
4%
"""166
3
1
Feb 14
75%
*438
1534
15%
2%
73%
Feb
Apr 10
May 23
*73
4%
24
134
Jan 16
Jan 13
25
76
*73%
*4%
*23%
22%
Apr 28
2
Jan
3
98
—100
preferred
—.100
Columbian Carbon Co.No par
73%
*60
203s Jan 10
110
5% pref
70
70
37% Jan 14
21% Jan 4
106% Feb 10
85
*60
74
9
5% Jan 13
Apr 23
70
74
1
May 3
17% Feb 15
34% Jan
73
73
*60
1534May
103
3% Jan 13
97
Apr 2
5% preferred
.100
Clev El Ilium S4.50 pf.No par
Clev Graph Bronze Co (The). 1
73
15%
2%
Feb 19
Aug
l%May
2% Jan 13
115% Jan 29
3
Apr 4
6% Mar 11
139
*60
15%
2%
17
Apr 26
73
2%
22% Mar 25
139
70
16
16%May 5
1% Apr 22
109%May 27
2% Jan 9
4% Feb 3
2% Feb 19
87 May 3
43
73
16
72
100
*60
15%
2%
*1%
1534
15%
2%
June
95
*1%
*15%
15%
2%
73%
134
16
12%
48
100
50
*89
16
Childs Co
"3",200
82%
51
3534
33%
89%
*89
89% 89%
8934
60%
*603s
61%
*60% 61% *60% 6178
*6038 617g
13%
12%
13%
12%
13
*12% 13%
13
13%
103% *103
103% *103
103% *103
103% *103
103%
19
19%
19
19
19
19%
19
19%
19%
112% *111
112
*111
112
*111
112
11034 111
16
7% preferred
100
100
6% preferred
Chicago Yellow Cab—No par
...
25%
100%
*98
Jan
35% Apr
73% Jan 14
CCC & St. Louis Ry Co... 100
75%
51
35%
33%
32%
32%
33%
33%
33%
144% 144% *144
*144
145
145
*89
170
*130
83%
100
Chile
24%
5534
10
100%
Preferred series A
Chickasha Cotton Oil
300
55%
*82
Jan
Dec
66% Feb 14
Pr pf ($2.50) cum div No par
tChic Rock Isl & Pacific. .100
12%
1%
*90
75
126
56%
May
6% May
*8%
84
Dec
3284 May
3% Nov
May
8% May
23% May
'"266
113
Apr
May
5
15% Mar J 8
*11%
98
20
105% May
S3 conv preferred-..No par
8%
12%
1%
113
June
42% May
400
*8%
*11%
*1%
*
39% May
100
4,800
1%
75%
113% 113%
6
6
45
92%
6
8%
12%
*
9
Apr
6% MS
40% Jan
3
1%
*2%
2
8% Jan 10
%2
*30
Checker Cab Mfg
10
Jan
50% Jan
28% Jan
V
May
5
500
%2
3234
par
2
8% Apr
%
*2%
*31%
No par
Common...No
22% May
29
378Mar 20
**32
*130
Chain Belt Co
14
Jan 17
Anr
O
July'
Jan 29
278May 23
22% Apr 21
Cham Pap & Fib Co 6 % pf. 100
20
2% May
29% May
2% Dec
36% Aug
75% June
Jan 13
Certain-teed
100
2319
De
34
1
3
6
10
27
6% prior preferred
May
11%
Jan
1% Feb
8% Feb
19% Apr
4% May
11
7
125
2
Jan
Cerro de Pasco Cop per. No par
Products..
May
5% preferred
....50
Chicago Mail Order Co
-5
Chicago Pneumat Tool-No par
%
2%
33%
100
26% Feb
52% Mar
1
Jan
Nov
120%
7
No par
5% preferred.
100
Central Aguirre Assoc. No par
May
14
Jan
1384
50% July
2%May
200
_...
18%May 26
116% Mar 19
15%
"i.Mar 20
300
2%
par
100
82
May
Chic Great West RR Co.. .50
900
2,800
1,100
2,100
%
*31%
Apr 14
May
May
9
Chic & East 111 RR Co .No par
Class A
...40
100
%e
*
prior preferred
Feb 14
Mar 18
40
Sept
18
50%
*130
7%
Celotex Corp
43
112
par
Apr
5
44%
102%
1%
4%
*%
24
100
100
Case (J I) Co
Preferred
Caterpillar Tractor
No
Celanese Corp of Amer. No
7%
12% Apr 22
*3i#
*20
1
Oct
23%
Jan
41
Apr
May
4% Apr
92%May
30% Jan
3% Jan
59% Jan
Jan
5%
May
2%May 23
34% May 19
94 May 26
%Mar 3
l%Mar 12
*11%
55%
10%
97%
46%
2%
33%
...5
Carriers & General Corp
12%
1634
39
Jan 24
397g Apr
3% Jan
Oct
May
5
«i«
1%
No par
Carpenter Steel Co
Jan 6
Jan 13
4
Jan
40
May 7
3% Feb 13
34 May 27
2%May 20
37%May 26
86% Feb 25
22
Apr 23
2% Apr 28
36
Jan
35% Nov
21% Jan
Dec
May
May
JChesapeake Corp....No par
Chesapeake & Ohio Ry.
25
5J«
516
75% *....
75%
75%
*113% 115
*113% 115
*113% 115
*2434 2584
25% 25% *25
25%
*8184
100
5,400
8,300
*%
*6«
*8
24
*130
700
*3i#
*%
1%
*11"
50
*%
13
*1%
*20
*38%
50%
%
38
%
8%
1,100
300
1%
278
2
3
2%
278
9
Cannon Mills
7%
2
36
6% Feb 19
5
Preferred
3
3
*3
3
3%
24
24
25%
25.% 2534
*16%
17% *16% 17% *16%
17
*103% 10484 *103% 10434 *104
10434
18 84
*18%
18%
*18%
19
19
*12%
14% *12%
14%
*12%
14%
*214
234
*2%
2%
2%
2%
3434 35
34% 35
3434 3534
*93% 94% *93% 94
*93% 94
1
Ginger Ale
Jan 16
Jan 10
1% Jan 6
7% Jan 6
147s Jan 10
13% Jan 14
.
Central Violeta Sugar Co
Century Ribbon Mills.No par
Day
Jan
Jan 27
21% Mar 29
63
6%
17% May
12% May
Jan
Jan 13
10%May 16
11
May 26
Calumet & Hecla Cons Cop. 5
Campbell W & C Fdy—No par
Memorial
30
20
Jan
Mar
9
Central Foundry Co
1
Central 111 Lt 4H% pref..100
tCentral RR of New Jersey 100
700
8% Nov
6
Closed-
*2%
23%
1
120
300
3% May
Jan
8
Capital Admin class A
1
$3 preferred A....—...10
230
72 84 Nov
Jan
Carolina Clinch & Ohio Ry 100
1,400
1,700
May
Jan
Mar 11
Dec
21
12
JftgMay29
Nov
Jan
1134 Jan
61
Jan
Apr
Apr
May
85
30
600
May 119
Nov
Sept
3
Apr 21
Feb 14
...
4%
2484
25%
37%
29%
1234
6% May
97
Apr
Jan
Apr 29
Feb 20
1
1
15% Jan 2
4% Feb 17
10
20
1,100
6
Jan 17
7%
76%
7%
16%
7% pf 100
Jan
Dec
May
1484 May
Apr 16
Bush Term Bldg dep
Butler Bros..
Canada Southern Ry Co--100
Canadian Pacific Ry
25
200
39%
91
May
1%
Mar
41% Nov
5384 Apr
27
5%
68%
z7%
34%
3384
8
7
1384
*584 Nov
3
May
*7%May
2%May
1
Canada Dry
200
38
Jan
Jan
2634 Nov
May
19%May 29
Terminal
Dec
May
27
5%
4%
17%
2%
6%
49
Conv pref $2.75ser—No par
Burroughs Add Mach—No par
Bush
1,400
35
8
18%
53%
884
384
23%
5%
21%
4%
4,300
"
3%
*34
No par
4%
Jan
3834 Nov
*13% May
8
12% Jan
5% Apr 15
Apr 18
27% Feb 16
1534May 3
25%
234
Dec
May
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
5% preferred
50
Callahan Zinc-Lead.
1
300
8
Co
26
Nov
70% Mar
29% Apr
24% Mar
June
%
5% conv preferred
30
Butte Copper & Zinc.......5
*16
*4%
19%
3%
Bullard
17
12%
118
24
Dec
May
30% Jan 3
23% Mar 21
Feb 14
34
123%
12% May
6% Jan 14
Apr 21
61
No par
No par
400
1
*11%
*36%
Budd Wheel
1,000
94
*6
preferred
Jan
19
14% Jan 13
110%May 2
3% Feb 14
No par
100
784
94
6%
5%
G) Mfg
2%
96
6%
7%
9
5
100
2
28% Apr
May
51%
44% Jan 13
2% Jan 13
19% Apr 24
Bulova Watch
734
41
Jan 16
Burlington Mills Corp——.1
2%
1
30
99
Jan 18
22% Jan
Apr 21
par
12% Aug
1984 May
9
20% Jan 10
20% Jan 9
17g Apr 4
39% Jan 6
4% Jan 23
12% Jan 2
25% Jan 6
10
7% preferred—
Jan
54
16
5
700
*2
18% Jan 27
35
111% Jan 23
May
Highest
1 per share $ per share
18% Feb 19
Apr 18
78 Feb 19
30
Apr 8
3% Apr 23
8»4 Apr 19
18% Apr 22
307gMay 19
38
Apr 18
2% Jar 3
5% Feb 14
15
----5
Brewing Corp. oI America—3
Bridgeport Brass Co.—No par
Brlggs Manufacturing.No par
Brlggs & Stratton
No par
Bristol-Myers Co—
5
Brooklyn & Queens Tr.No par
Bklyn-Manh Transit—No par
Brooklyn Union Gas ..No par
Budd (E
Lowest
9
38
Apr 29
17% ADr 26
—100
200
34%
*89%
(The)
16%
2%
14
Co
Borden
Borg-Warner Corp
Boston & Maine RR
50 84
35%
2%
34%
90
—1
24%
18%
13%
2%
35%
*13%
Inc
30
27
26% 27
*2%
3
*2%
3
53% 53% *5512 56%
116% 116%
116% 116%
43
43
42% 43
19%
19%
*19%
19%
*11734 118% 118
118%
9
9%
9%
9%
67% 67%
67% 68
1634 1634 *17
17%
1%
134
1%
134
*109% 1107s *109% 112
*1%
2
*1%
2
*434
47g
*434
5%
*2%
3
*2%
3
*86% 95
*86% 95
29
29%
29% 29%
3
Stores
*49
27
*90
Bond
*16
"""600
3812
3%
3434
234
Aluminum
400
52%
7g
*503g
%
Brass—5
Bobn
Bon Ami Co class A..-No par
Class B
No par
Bruns-Balke-Collender,.No
Bucyrus-Erie Co
400
4
71
12% Apr 21
25% Apr 22
5
&
$ per share
Brown Shoe Co .......No par
6%
1034
11%
18%
11%
100
9%
4
8%
19%
38%
200
3%
8%
84%
83
53
3%
100
110% IIO84
3%
8%
*8%
6
800
434
20
*3
83
*18%
13%
*86%
*29%
2%
1634
4%
20
*19
18%
3
984
2%
8%
2%
23%
*16%
5
*2%
31%
2034
*77g
3
243s
16%
*434
*30%
9%
8
84
30
2
31%
20%
4%
53
134
*1%
600
*16
53%
53%
53%
116% 116% *115
116%
41%
41%
41%
42%
19
18%
19
19%
117% 117% 117% 11734
834
834
884
*67% 68
67%
67%
16%
16%
1684
1634
1%
1%
134
134
110% 110% 109% 109%
*1%
2
*1%
2
*434
4%
*434
5%
3
*2%
*2%
3
*86
95
*86%
95
*29%
2934
29% 2984
*1%
10%
*19%
*
38%
3%
3434
234
37%
9034
2634
*34
*110% 112
*10%
4%
8%
53
3%
234
116%
41%
41%
19%
19%
117% 117%
*884
9
*67%
68
*16%
1634
10%
20
3%
83%
83%
8%
1834
1,400
900
4%
7%
l",500
20%
17
3
3%
4
9%
19%
33%
4034
2%
*20
Boeing Airplane Co
Bower Roller Bearing Co
"
6%
*19%
434
20
200
*6%
2%
*16
17
*3%
3%
*2
2%
3,600
2,200
6%
*11034 112
4
4%
7(>34 71%
71%
6%
7
7
24% 24%
25%
29% *28% 30
16
16%
16%
49% 49%
49%
*7%
8
7%
*15%
""600
19%
19%
16%
1%
32
41
2%
9%
6%
*24%
6%
....
*31%
*39%
*214
*6%
23s
6%
67%
10
9%
19%
*31%
*39%
*2%
19%
9%
2%
*15%
434
1934
*3%
*115
9%
800
4
4
9%
19%
34
*3%
10,600
91
1%
*3184
32
*3134
20
67%
25
*491%* 50%
54
1%
934
1634
54
16%
*1%
41
20
30
*2534
2%
16%
*30%
*29%
*23s
*37%
91%
19%
31%
*16
*10%
*11%
19%
19
14%
2634
Year 1940
Highest
$ per share
Par
14%
*90%
*4212
*187g
18%
16%
Range for Previous
Lots
Lowest
26%
98
19
*30%
17
*%
26a4
*10
30
*6
2634
*90%
*42%
103«
30
*51%
Shares
10%
31%
20%
*16%
*19
$ per share
14%
*110% 112
*110% 112
334
3%
384
4
6%
25
*2434
$ per share
13%
*2%
6%
10%
9%
*110% 112
$ per share
Range Since Jan. 1
On Basis of 100-Share
Week
19%
19%
16%
1%
32
3%
9%
19%
33%
41
2%
6%
*20
20%
9%
*3%
3134
43
6%
*214
*614
*1012
May 30
98
*1%
*3134
334
9%
19%
*3134
3%
*41
42
May 28
2634
16
EXCHANGE
Friday
14
*19%
18%
32
3134
33%
42
19%
19%
16%
1%
STOCKS
NEW YORK STOCK
the
Thursday
May 29
*42%
20
Sales
for
Saturday
May 24
May 31, 1941
Mar 31
•u Dec
May
82% Jan 25
72
Apr 2
67% May
263s
26%
7%
93%
59
79
80% Jan 17
6% Jan 6
71
May
4% May
June
May
3% May
1434 May
Mar
7
27% June
Jan
6
95
June
108%
Feb
37% Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
11% Apr
3
Jan
97
2
"u
8
May
%
Dec
42
30% Jan 11
25% June
y
26
24% Jan 16
61% Mar 20
Ex-dlv.
Jan
9884 Apr
8% Mar
31
24%May 26
x
Apr
Apr
104
Jan 30
49
Mar
Mar
Ex-rights.
May
48
16%
Dec
Jan
Apr
I84 June
73%
Jan
33
Apr
5 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued-Page 4
152
SALE
HIGH
PRICES—PER
SHARE.
NOT PER
CENT
8TOCK8
Range Since Jan. 1
On Basis of 100-Share Lots
for
Saturday
Monday
May 24
May 26
$ per share
$ per share
*3%
*15*8
25*2
3*2
*11
the
May 30
$ per share
% per share
$ per share
Shares
May 27
$
per
share
*33g
3*2
15*8
15*8
15
27*8
2734
113s
28
1
334
100
Conde Nast Pub Ine
14*2
500
Congoleura Nairn
2978
20,100
11*8
400
10*2
11
*11*8
113s
11
84*2
83
83
83
83
*80
84
83
90
90
90
90
*89
90
*89
913g
90
*6*8
684
177g
6*2
634
17*2
1734
17*2
1734
96*4
95
9578
955g
58
*8j,
1784
95*2
*»»#
*10*4
6*2
65g
6*2
65s
k
1758
96*2
17*2
96*2
97*4
♦•if
58
Consolidated Cigar....IVo
100
6HJ% prior pref
100
1784
98
Consol Coppermlnes
Corp.. .5
Consol Edison of N Y..No
2,800
13,800
$5 preferred
Consol Film Industries
%
*»it
2*2
*23g
2*2
23g
23g
23g
8*8
23g
*8
*23g
23g
2*2
6*4
6*4
6
6*8
6*8
6*8
6
6*8
7,900
*78
4%
1
6*8
*78
1
*15it
1
1
1
1
1
400
43g
43g
*4*4
43g
4*8
4*8
4*4
700
8
8
8
4%
23*2
23*2
22*2
2212
*98*2 103*2 *100
101*8
13*8
13*8
13*2
13*2
13
13*2
13*2
1234
"it
"it
*8
22
8*8
*8
22
22
*98*2 1013g
13*4
13*4
13*2
13*4
"it
**16
"u
"it
97
97
97*4
97l2
9734
32*8
96*8
32*4
97
32*g
321?
32
32i2
32
7*4
3634
234
21l2
734
7*2
7*2
*75g
778
37*4
27g
*17
13*4
*52*2
*41*2
46*4
*170
*37g
*1534
*5*2
20
2%
3684
234
21*4
278
2II4
2134
17*2
*17
13*4
53*2
4214
46*4
13l2
13*2
17*4
42
42
13*4
*52*2
*41*4
45*2
46
46*2
*52*2
53*2
"it
*170
173
*170
173
4
4
4
4
h
84
84
14
14ig
*5g
14
1334
100*4 100*4
1534
*534
20*4
*42*4
4234
1134
83*2
16*2
6
20
*42*4
43*4
*42*4
*117g
*83*2
85
43*4
12
3712
3734
*84i2
85*4
100
*1534
1534
6
20%
43*4
4234
12
*534
1934
42*4
42
*1134
83*2
83*2
*7*2
373s
234
*17
17*4
*17
17*4
100
*13
13*4
53*2
14
14
800
*517g
42
53*2
42*4
46
45*4
170*2 171*4
465s
4
1158
37&g
37*2
84
*2
*4*8
4*4
*4
4*4
4i8
4*g
4*8
86l2
*50
12*4
*50
12*4
12*4
85
88
*50
52
*16
16*2
*3
*14*2
*8
♦
3*2
15
32
*40
*40
26*4
86
131*2
3134
*31*4
3134
""800
8*8
8%
8*8
85g
28,000
*7234
"l6~
*3
*8
263g
86
50
16*2
*16"
*3
3*2
145g
8*4
*110*4 1117S *110*2 111*4
21*4
21*4
21*8
21*8
*27
27*2
*27
27*2
*147g
15
*14%
15
*14*2
*8
16*2
8*8
•:
27*4
15
86
*
*3
3*2
15
*14*2
934
9I2
*3*8
9%
95g
Oh
934
10
934
3*4
3*4
3*8
3*8
3*8
*2
**8
*2
**8
*2
**8
20*8
3*4
*2
20*8
3
**8
20
20
20
20
"ejOO
1*8
20*8
2
1314
23
*37
37i2
*7
1318
*69
*7i8
*34
73g
13i8
72
8i4
17*2
3434
17i2
14'8
14V8
66I2
*120
*18l2
66i2
19i2
43g
*612
7
*7
13
*70i2
*7i8
343g
17i8
1478
65i2
*19
114
*1314
2214
22'4
37
*37
3712
1314
12212 12212
24ig
7
7i2
13
8I4
343s
*34
2812
*28
*40i2
*108
3i2
20
1714
1714
14%
143g
14i2
145g
4
7
preferred
900
16*8
3*2,
400
60
4,900
3*4
900
20*8
T,806
Prior preferred
par
1
Class A
Conv
5%
Deere & Co........
Preferred
10
Hudson
100
Detroit Edison
134
134
3212
73
7958
*82
86I2
*80l2
8514
*73
Eastern Rolling
1%
6~200
3314
300
$6 preferred
No
500
900
El Paso Natural Gas
39i2
llli2
400
Endlcott Johnson Corp
3i2
T200
73
400
35 preferred
79
200
$5t$ preferred..
83i2
*80l2
84
10
*3i«
*1
*1
78
*73
78
Us
*1
78
3l2
314
3U
314
634
6I4
6-3g
65g
2478
*14
2478
24%
78
Ha
1J8
1316
*34
*73
33s
65g
35s
2478
2514
632
7X6
*l4
716
*33
34
34
34i2
35
3538
35%
35%
*19
1938
19
19
19
1914
19
19
716
**4
1
*1
*1
*34
*73
78
312
6l2
25
*3i#
*4
*1
*34
*3U
*3i«
Ha
*312
*6%
25i2
*14
347g
185s
Ha
1,000
13J6
334
1,500
65g
400
2512
2,000
'"800
10i8
500
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction... 15
*1034
115g
Federal-Mogul Corp...
*214
212
*2U
*7i«
2*2
2l4
'"500
Ferro Enamel Corp
1234
1214
1214
37
37
37
37
*
37
37
197g
19U
19i2
9312
*91i2
*12is
Bid and asked prices; no sales on this day.
60
1214
3714
f In receivership,
36 preferred....
No
par
5
Federal Water 8erv A..No par
93l2
37
Apr 21
Jan
4M% conv preferred
2,600
a Def. delivery,
New stock,
r
May
30
Apr
10
Mar
1384
Jan
120
Jan
189*4
129*8
Apr
Jan 16
May
2
11212 May
34
Jan
2
25®4 June
1257g
Deo
Jan 23
3
May
Jan
4
117
June
118*4 Jan
44*2 May
6*4 Nov
166*4 Jan
182*2 Jan
9
155
June
180
Deo
22
May
10*2 May
37
Apr
25
17*8
41*4
Apr
18%
Apr
I84
Jan
5*4
Mar 28
3378 Jan 10
17% Jan 6
5g Jan 23
4% Jan 11
May
10*4 May
%
3
Dec
Muy
37*4 Apr
3
33
4
18*2 May
15*8 May
34*8 Jan 13
r2478 June
Apr
Jan
8*4 Jan
407b Nov
36*4 Nov
31
Jan 10
26
May
33*2 May
4178 Jan
44U
Jan 13
35
May
46
Apr
102
May
112
Mar
Feb
111
7
6
Jan 11
Feb 28
13g Jan
1*8 Apr
75
35g
Feb 28
Jan
Feb 19
834 Jan
3034 Jan
% Jan
45*2 Jan
2478 Mar 10
May 29
13
Mar 17
100
1
Jan
49*4
31*2
187g
Apr
102
July
29*4
15it
Jan
34 Apr
21*2 Jan
14% Mar
38*4 Jan
y
Feb
Apr
June
97*2 Jan
Ex-dlv.
5
11*4
3484 May
12*8 Aug
2*4 May
3
x
Jan
1*8 Apr
67*2 Aug
16
lli2 Apr 29
34U Feb 19
Cash sale,
Jan
3%
85
4*4
Ex-rlghts.
7
1
14
15
14
9
Jan
1*4
84 Dec
% May
67*2 Aug
214 Dec
5
May
20*2 Jan
8s Oct
29*2 June
17*2 May
11
May
Jan 27
92l2May 23
Jan
7g
Dec
Jan
*8 May
14*8 Jan 14
100
18%
*4
12*%
2534 Jan 23
...1
Fidel Phen Fire Ins N Y.32.60
n
6
9*2 June
113
Oct
118
142
Apr 29
10
Federated Dept Stores.No par
'"300
*12l4
Feb 14
65*8 July
127*4 Nov
1484 Jan
146*2 May
114
May
90i2May 28
2U2 Feb 15
107g Apr 18
214 Apr 16
38 Apr 18
Federal Motor Truck..No par
*7u
23g
*2
100
*2
214
*2
1214
7
23ig Apr 30
SsMay 22
34
May 17
1858May 29
Fairbanks Morse A Co.No par
600
100
373g
9
Jan
3
11
1214
Jan
16434
Ex-Cell-O Corp
1112
373s
s
117
5*8
*11
1912
May
278 Apr 23
lli2
*91
I
1
I3i2 Mar
5
*1034
1234
6
6
1H2
195g
8
Jan
75
60
*1034
94
Jan
9r>g
78 Feb 15
l2Mar 1
Federal Mln A Smelt Co.....2
*1214
Jan 10
6%
Evans Products Co
800
*91
22
Anr21
Eureka Vacuum Cleaner
91
*1812
4
4% 1st preferred....
100
4% 2d preferred.......100
2434
19i2
9
Jan
l2 Feb20
*2334
94
Jan
Feb 18
Jan
*90
*91
79
14134
Feb 19
May 26
Jan
9158
*1812
11*8 May
97
2434
19i2
Jan 27
24*8 Apr
237g Jan
947g May
171
Apr
Dec
*97g
90l2
*2334
94
17
May
77
11
*18i2
14
Dec
8734 Apr 4
% Jan 30
1*4 Apr 4
25l4
*91
Jan 28
9
30*2 May
Jan
95
*716
Feb
23*8
8
83
25
12
Apr
38
Jan 30
89
*10
*7ie
Dec
143g
Jan
9
May
*915g
*7!6
86
37
8
Apr
434 May
66
103g
*2i4
66*4 May
6
4
95
212
12*2 May
Jan
4
24l2
*23g
Jan II
8OI4 Apr
1038
11
Jan 10
May
83*4 Apr
*915s
24l2
10
10*8
18*4
3
Feb 26
E -change Buffet Corp ..No par
716
Jan
Feb 14
1834
35
Jan
86
100
Erie A Pitts RRCo
78
Jan
67g
>4
23*4 Jan
36% Apr
43*4 Feb
10*8 Feb
20*8 Nov
75U Feb 14
'»May 21
X Erie Railroad
23*8
70
11
11
32
Apr
28*g May
I93g Apr
65
95
v
121? May
257g May
Apr
Nov
2378
par
2478
103g
*915s
*2438
Jan 11
Jan
Equitable Office BIdg..No par
14
Ha
June
83g
114
par
..No par
36 preferred
June
13% May
5*2 Mar
18*4 Nov
5% May
63
May
1
No
No
3*8 May
107
41
26'8 Apr 29
39<2 Feb 14
IO884 Apr 12
3%May 5
,.100
*6914
Oct
297„
Apr 25
l%May 27
2712 Feb 19
23i2 Feb 19
28
May 27
50
Engineers Public Service
*76
23
23*4 Apr 7
45*2 Mar 18
17*4 Jan 10
1212 Feb 14
3
5% preferred..
Mar
May
14% May
3
May
13'4 May
May 23
334 Apr
160
Elec Storage Battery...No par
300
323a Mar
60
Jan 10
13*4
3ig Apr 21
120'4May 26
par
31i8
May
Oct
11% Mar
92
*11 Dec
3g
29i2
35*2
Sept
8*4 May
238 Dec
120
par
29i2
Jan
June
4
Jan
114i2May 13
24
May 14
Electric Power A Light.No par
No
Dec
42
»i» Feb 26
Elec A Mus Ind Am shares..
$7 preferred
Dec
U78 May
25
*%
Deo
6*2 July
21*4 May
21
6
3
15g
4U
51
June
29®4
2
10
Electric Boat
47*8
r99
31
978 May
183g Jan
367g Jan 10
3,000
45*4 Deo
21*8 May
95*4 May
19*2 June
1*2 Oct
2')34 Jan 24
14i2 Feb 14
71
14
9
29<2 Feb 17
77l2
1
Jan
2
71
*8012
Jan 24
Edison Bros Stores Inc
76
8334
U
22*2
Eaton Manufacturing Co....4
71
8334
8igMay 20
114
100
14*8
*2
41
8
400
1334
*3012
*2812
*2874
*3834
Jan
2934
14
Jan
87g May
91i2 Feb
45*2 Deo
17
Apr
293a Feb
4*2 Jan
4
138
5
Electric Auto-Lite (The)
29l2
1
100
2,700
*33
Feb 19
4
var
Mills
26
12
Jan 10
GtjMay 22
1
preferred
Anr 30
17»2
Kodak (N J).No par
79
*6<%
*
200
*76
1*8
*34
1,600
71
*71
1
No
26
*%
Jan 10
6312
par
Inc...
*15i8
11H2 *108
11112 *108
llll2 *108
312
33g
312
33s
*314
*3%
*316
$4 60 preferred
cum
9
Jan 15
120
100
Eastern Airlines
6%
9
Jan
Feb
14 %May 28
Duquesne Light 5% 1st pf.100
Eastman
934
Jan
Nov
17igMay 22
Du P de Nem (E I) A Co...20
110
Jan
34i4 Feb 10
32*4
34
1
No
2578
30'4
285s
*28l4
*39l2
4012
170
6
3*2
678 Apr21
var
International..
16
30
39i2
1*8
2934
28
2812
1
16
30
2812
*1
30
28
28'8
41i4
1*8
*29i2
*15i8
2534
1334
lh
2934
33s
170
3312
30l2
28%
28i2
110l2 *108
170
158
28
*4012
1,700
2
Jan
1734
12"'gMay 12
Doehler Die Casting Co No par
Dome M1ne« Ltd
No par
Duplan Silk
8% preferred
170
45
Jan
24*4
106
685gMay 22
7
May 3
par
Dunhlli
12234 12314
Mar 11
Apr 21
36
No par
12112 122l2
May
75*4 Oct
134 May
3*2 Aug
00
May
45*2 Dec
2112 Apr 29
No par
.No
No
60
25
45>2 Mar 18
13
Apr 21
No par
114
3
6
3i2Mar 7
5>4 Mar 10
19*8
20
with warrants.. 100
Class A
400
*3212
2812
5% pref
Dresser Mfe Co
7
May
29i2
*»»
25
Dow Chemical Co
12318 123U
134
2934
h»
4
*6l2
May
4734 Mar 29
9
Raynolds A..No par
Match
No oar
6% partlc preferred
Douglas Aircraft
115l2 115*2 *11512 11634
24%
24l2
247g
*2414
314
314
*3is
312
33
15g
3234
Diamond
600
12312
2812
25
*35s
*110
Devoe A
200
12312 *123
*76
2458
*14
1934
12
75
47% Jan
98% Jan
17g
30*2 June
7
53
2t2 Feb 19
20
new
300
68I2
122
Jan 15
July
Jan 16
15% Jan
92
Feb 20
147gMay 21
Delaware Lack & Western..60
Dixie-Vortex Co
2,600
3H2
78
1912
Deo
4
Apr 18
27
..20
Delaware &
'""80
144U
73l2
*73
68
122
Apr
45*4
Mar 11
10978 Feb 26
18% Feb 19
No par
Distil Corp-beagr's Ltd No par
1,300
3,000
784
387g
36
9
3
Diamond T Motor Car Co...2
1412
35« May
183g June
Jan
14%May 26
6'4 Apr 18
Davl«on Chemical Co (The). 1
Dayton Pow & Lt 4 Vi% pf. 100
100
700
Jan 24
Jan 10
15
6
200
17U
614
275g
45>2
45i2
Dec
75
25
3,100
8l2
June
42l2 Feb
No par
Inc...No par
7i2
34
June
17*?
4
7% pref..100
preferred
Jan
Apr
Apr
Jan
7U Feb 14
24t2 Apr22
1
Cutler-Hammer
Jan
Deo
19
88
6
May 20
Ti»Sept
7*2
1*2
May
13
Feo 15
May 8
41
May 23
30*2 Apr 19
...No par
CurtLss- Wright
13i4
72
Feb 15
4
184
75
1
700
300
143
80
*34
1412
""340
14238
2812
41i4
14
*17
14U
2212
3612
6
May
May
25*4 May
Jan 16
Curtis Pub Co (The)...No par
JDenv ARC, West 6% pf.100
*2
9
417x
30
Dlesel-Wemmer-OUbert
1,400
10
Apr
l%May
40*4
Jan 14
1978 Jan 10
107
16% Jan 25
300
142
3212
*3it
34
66
67l4
6678
68i2
*11934 12318 *12012 123
19i2
19i2
1912
1912
4
4
*3i2
*3l2
7
7
*612
*6i2
11512 115l2
24i2
24l4
33g
33g
121
12134
1
2
4
25
'"loo
*110
11514 11514
24l4
Feb 24
82
100
Davega Stores Corp
Exchange
16
114
*24
6
78
Jan
lli2May
38 preferred..
142
*76
*1
*7
8l2
114
Jan
478
20
Stock
*110
114
Apr 18
40
100
Cushrnan's Sons
86
141
14112 143
12314 123U *123
*7014
*1
*69
34
147g
1912
7
13i8
7112
*7
1714
66
14
2212
36l2
*7lg
13i8
34
1714
120
133g
8I4
3434
17*4
178
3312
3l2
13i8
*69
165
5
1,900
2678
**8
2234
37*2
7
70i2
*318
*3i8
3%
35g
120l2 12112
120U 121
172
174l2 *170
174i2 *170
30
30
30
3018
*2912 30i2
16
1558
1578
15% *15i2
*1534
26
26
26
26
2578
257S
14
14
1414
2Cl378
1418
1334
*2
*3g
12
12
*3g
*3g
*30
3634
13
7012
*7i8
*170
*134
*32l2
133s
*22
7
13i8
72
4
*110
*11514 115i2
14
2278
*6l2
143U 143U
24i8
37
120
124
*4
*110
13l8
*2214
182i2 Jan 16
Mar 31
4 s,
Detroit Hillsdale & 8 W RR100
13*4
*22i4
70
13
10
Packing Co
Apr
65*8
9634May 7
1534May 23
No par
Preferred......... .No
8
8
*8
834'
110*2 110*2 *110*2 11134'
Memorial
21
2034
21*8
21*4
27*8
273g
27*4
27*4
15
15
*1434
Day
*1434
9*2
3*4
20
■
47*2
"l6~.
16
*3
*14*2
■
2678
*7234
2634
47*2
"ie"
3*2
15
111*4 111*4
21*8
2034
27*4
*14%
26*8
*72*4
*_
1
25
Cuneo Press Inc
Jan
33
61*2
3'4 Apr 23
i2 Jan 7
preferred..... 100
conv
Cudahy
25
Dec
lHsMay
82i2May
4U2
32*4
8*8
""400
123s
16*8 June
18*2 May
15*2 Mar
97*2 Jan
49*4 Apr
9*4 Apr
4078 Mar
434 Feb
May
Pref ex-warrants....No par
Crown Zellerbach Corp
..5
$5 conv preferred.. .No var
51*4
20*4
22i2May 6
23)? Jan 14
45g May
277fi May
2
May
May
3 lg
72
123g
May
47
Cuban American
*50
June
33
41
170
l
Preferred..
Dec
70
8
8U Feb 7
39% Mar26
4ig Jan 2
Jan
52% Jan 8
4712 Jan 13
19 'gMay 28
40'1 Feb 14
5
%
9978May 28
401?
Apr
108*2 Deo
19*? Apr
15*8 Jan
1*8 Apr
Feb 18
Crown Cork & Seal....No par
32 25 conv pref w w..No par
160
14i4May 28
I'm Mar 31
52
400
86
2
1878 Jan 2
5b
Jan 24
4*4
86
Jan
Feb
1*8 Jan
10*2 Apr
4*2 Apr
8*s Apr
2i4 Jan
5*4 Nov
2334 Nov
40% May 5
42U Apr21
...100
Sugar
157*
Deo
110*8 Mar
Apr 21
*4*8
4*4
86*2
51*4
4U2
778
263s
Feb 24
106 <a
978
32%
13
35*2 Apr 14
*40
32*4
8
'gMay 26
17-Ts
Crucible steel of Araer.No par
5% conv preferred
100
Cuba RR 6% preferred
100
1
50
14%
8*4
4U2
2
Feb 3
Feb 14
130
1*8
41*2
*40
3
1,100
1
44
2
Jan
3*2
1
*38
50
3,500
Jan
May 27
84*2
*20
1
86
38
58
79
15i2 Apr 25
Crosley Corp (The)
Deo
884 May
93*4 May
97g May
7*8 May
Feb 4
Feo27
Feb 15
Feb 19
32
Cream of Wheat Corp (The)
16
99%
2334May 8
Jan 22
15>4
10H2
1212
7^8
Jan
Jan
Feb
100
5*2 May
7g Dec
Jan 13
share
6*4
Jan
2ig May
3>n
per
2435
31%
May
May
7%
75
2
Continental Steel Corp.No par
Copperweld Steel Co
5
Conv pref 5% series
50
Corn Excb Bank Trust Co..20
Corn Products Refining....25
conv
34 Mar 27
4>?
35>4
6%
9
Feb 15
20
Coty Internat Corp
Jan
Feb 15
par
Crane Co
1073s
Highest
i
Apr
Apr
8i8May 12
*2
3734
84*4
3*2
12*2
1
263g
150
20"%
1
26*8
*7234
500
*20
1
*47
400
12
85
*50
*20
v
40*4
*12
21
778
26*4
*7234
10
12*4
*20
32
2,400
43*4
51*4
12*4
21
3234
7%
200
578
20*2
20*8
1*8
12*4
*20
3234
778
85
200
40*4
*1158
847g
84
2
1534
584
3778
84l2
2
700
63
Jan 15
»4
278
par
Coty Inc
9734 Jan 28
103
6i2May 21
13s Apr
1
100
Preferred
17% June
2
Jan
6 >8
340
1,500
"it
20*2
84
84
14*4
99*2
*40*4
115s
84
200
4
1534
40
12*4
,
2978May 29
1578 Jan 16
213a May
97*4 May
*2 Aug
6*4 May
2*4 May
Fibre.5
70
99
"ie
84
2,500
*3?8
*5s
14*8
1334 *1334
14**8
100
100*4 zlOO
16
16
*1584
6
6
*534
20*8
19&8
19*8
*40
42*4
43*4
*39
""150
42
172
*378
*5g
"16
*5178
42
46
1,100
7,800
373g
.....No
25s May
May
14
23% Jan 13
Continental Insurance
12.60
Continental Motors........ 1
Continental Oil of Del.
6
5,900
367g
*85
400
27s
215g
2
52
8
x2l
37*8
8434
87
3214
37
*178
87
Class B.
8% preferred
Continental Can Inc
Continental Diamond
3,800
4,000
278
21*2
2
37*8
Continental Bak Co ol A<Vo
2,300
9934|
32*8
8
*ll2
*84
78!
"it
99
37
*170
42
6,300
8
714 Apr 14
2%May 12
Container Corp of America.25
14*4
Jan 10
share
r5U Apr 14
5% conv preferred
100
Consumers Pow 14.50 pf No par
278
2H4
4
102
500
4
18*2 Feb
per
45g May
>2
5
""700
22
13*4
14*8
9978
32*8
No par
13*2
22
share
7i2Mar 19
...1
Consol Oil Corp
No par
Consol RR of Cuba 6% Pf.100
Consolidation Coal Co
25
*99*2 100*2
14*4
"if
778
2134
17*4
135s
5312
42*4
46*2
174
'*8
14*8
*100
37
37
3634
2*4
217g
17i2
22
""400
8*8
*4
*9812 100*2
*13*2
1334
13*4
58
\
per
17i2May 26
95
May 26
No par
$2 partlc preferred
Consol Laundries Corp
600
6*4
8
*»!«
Lowest
534 Anr21
par
3,000
Feb 19
Apr 25
22*8 Feb 19
10i2May 26
82
May 20
90
May 23
par
7% preferred
60
%
share
3
1
70
per
Year 1940
Highest
14
par
83
634
97
*8
No par
Ino.No
Consol Aircraft Corp
91
6*2
17*2
%
Par
~
287g
29*4
33s
33g
Lowest
*33g
11412
15
2634
1138
3*2
15*8
2684
Range for Previous
EXCHANGE
Week
Wednesday
*3%
15*8
15*4
27*4
*82
NEW YORK 8TOCK
Thursday
May 29
Friday
May 28
Tuesday
3455
Sales
7uMay
Apr
Apr
Mar
Jan
Oct
47g
Jan
1
Jan
15
May
25
Jan
79
June
98*s
Dec
10
May
20
Jan
40*8
Feb
27*2 May
f Called for redemption.
New York Stock
3456
WW
SHARE,
HALE PRICES—PER
AND HIGH
NOT PER
Record—Continued—Page 5
CENT
May 31,
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of 100-Share Lois
the
EXCHANGE
Thursday
Friday
May 27
Wednesday
May 28
May 29
May 30
Week
$ per share
♦lli4
20i2 *1H4
20i2
*15% 16%
15i2
1534
1047«
10448 1041a *104
327g
*3278 3312
3312
12%
12%
*1218
12%
27
27
*2612 27
$ -ver share
$ per share
$ ver share
$ per share
S hares
*22
*22
Saturday
Monday
Tuesday
Afay 24
May 28
$ per share
23
*22
*18i8
4l2
2214
*1812
*25
26
*105
106
*4
*4
4
*2412
300
4
*3%
1,200
1,300
*18%
*24
25
*2i8
36
36
37
37
37
37
*36
43
34
3314
134
3334
134
1%
812
3334
34
1*8
*3234
33%
33
17g
I7g
1%
8%
18
*1%
1^4
1%
878
*1%
*8%
187g
1%
83g
18
18
187«
1&8
13g
lb
1%
812
8*2
18
8%
*17%
*1714
*36
*414
634
*1034
*52i2
*4is
*100
1,600
127
*123
29
2834
3534
*115
28%
%
120
*80i2 82
*128i2 129i2
75
127
*12
1034
214
34 ig
218
341«
6i2
6I4
*10
*6i4
*62is
14l2
*42%
*1%
*2ig
43
*80
86
1214
*5884
*16i2
8334
*H8
*25U
2i4
1214
14
*61
14
*425s
*1*2
*21S
4278
1%
86
2*4
*5834
8334
♦83i2
*118
*2514
*%
"u
130
47«
1034
*434
*1014
*10
11
10
*9
9l2
*29
15
30ig
10i2
*107S
*13U
13g
H2
*14i2
177g
*14i2
314
234
1534
*
10i2
11
14
*3
I6I4
I6I4
*27i2
29
*34
38
13i2
*1212
13l2
13
6%
'""966
700
1,000
900
19
Gen Theatre Eq Corp..No par
*159
*1034
6634
*125
6634
126
49
49
103
*1414
15*8
*15
1634
2414
738
*7
125g
*108
*44
*33
*1014
50
*108
*4U
29
*3g
*234
*1558
*278
*38
•
125s
114
4434
3312
10i2
5018
84
84%
*1%
*1%
25%
*1%
*25%
1%
27%
"i«
16
11 16
l,16
n16
1,100
434
1034
47«
10%
434
1034
100
*'10%
*4%
*10%
*97g
10%
*978
10%
9
9
*29%
*23*2
30
*29
30
24%
*23ti
24%
43g
29
15
25*4
23-%
14078
*42%
11
11
11
13i«
1312
*138
13%
1%
177„
3%
I6I4
*14%
3%
15
1%
*14%
*234
1%
1778
Glldden Co (The)
No par
4 K% conv preferred.....50
Gobel (Adolf)
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
1012
50
109
1,100
20
4*8
38
38
334
1578
%
par
No par
No par
Preferred————
.100
Graham-Paige Motors
Granby Consol MSAP
1
Granite City Steel
No par
10
Grant (W T) Co
preferred
20
Gr Nor Iron Ore Prop..No par
Great Northern pref
No par
Great Western Sugar..No par
Preferred
100
Green Bay <fe West RR
100
Green (H L) Co lnc
Greyhound Corp (The) .No
5H% conv preferred
1,700
I84
300
Grumman Aircraft Corp
1
Guantanamo Sugar
No par
1778
8%
1
preferred
par
10
*28%
29
*34
38
13%
1334
400
*13%
14
13%
13%
105
105% 105%
105
*104% 105
18%
18%
1834
*147%
5%
*534
6
93%
93%
93%
100
7% preferred class A
25
Hall Printing Co
10
Hamilton Watch Co...No par
105
80
6%
80
*155% 165
2
*79%
80%
6%
6%
*72
78%
*155% 165
*17g
80%
6%
110
40
1,300
100
10
300
2
80%
400
6%
1,100
68
*14%
*15
23
100
6%
preferred
100
Hat Corp of Amer class A...1
6)4% preferred
Hayes Mfg Corp..
100
2
Hazel-Atlas Glass Co....-.25
Hecker Products Corp
1
Helme (G W)
Preferred
Hercules
68
900
preferred
600
500
24%
7%
13
1,100
*10%
*32
32%
33
10% *10%
10%
10%
10%
49
49% 49%
4934
4934
110% *109
110% *107
110%
4%
4%
4%
4%
4%
4%
700
483g
1,100
45
33%
*108
114
45%
32%
*108
45%
45%
114
200
29%
*%.
%
*234
334
1534
1578
%
278
3
3g
l
29%
29%
*234
*1534
*27„
3%
16
%
7,«
Bid and asked prices; no sales on this day.
rJE
3
2984
*3g
*234
157g
27g
100
Class B
5%
%
384
100
Hudson & Manhattan
1,300
400
t In receivership,
a Def.
delivery,
July
May
1634 May
7% May
137g May
4
Jan
9
Jan
6
21% Mar 19
v
Hudson Motor Car
43
9
11
r
9
2
Jan 10
77
July
14% Jan 10
10
Jan
30
2% Jan 25
2% Jan
91
45
90
Jan 27
69
17g Jan 10
28% Jan 22
1% Jan 11
25
6% Jan
13%
137g
12%
36%
25%
Jan
Jan
Jan
Jan 16
Jan 22
15% Jan
28% Jan 11
26% Mar 19
Cash sale,
4
3
Jan
1% Feb 19
Feb 14
17gMar 10
19
37g Apr 29
18%May 6
28%May 21
33
33
38
Feb 18
Mar 11
Jan
7
Mar 28
11«4 Apr 19
16% Jan
13%May
15
Jan 24
107
Jan 16
104
7
Feb 25
103% Apr 21
17
140
Apr 14
Jan
3
5% Apr 18
93%May 29
17g Apr 21
80
May 27
6% Apr 28
Apr 25
Feb
7
Apr 22
8
May 28
3% Jan
95
Jan
6
7
7% Jan 13
May
1% Dec
8% Nov
29% June
30
May
9% May
10% May
100% June
June
16% May
May
5% May
83% June
2
Aug
897g June
67g Dec
96
Jan 13
86
June
166
Jan 10
155
Jan
16% Jan
9
12% May
77% Jan 11
128% Jan 8
126% Aug
56% Jan 18
115
16
9
Jan
8
Jan 14
Mar
Dec
June
947g May
12% July
19
May
4% July
8
103
8
35
Jan 27
May
May
May
28
52% Jan
39
69
50
5
Jan 24
13% Jan
6
May
8% May
64
9
54% May
111
Jan
Jan 15
4%May
37% Jan
% Jan
9
May
1434 June
1% Aug
11
95
Feb 10
May
9% May
130
101
June
27% July
25% Jan 10
14934 Feb 11
6% Jan 23
Feb 14
Ex-div.
xl23
106% Jan 16
% Feb 15
s
15% May
18% May
9
1% Feb
Dec
May
% May
4% May
9% June
6% June
10
May
26
May
21% May
11% May
23
12*4 Apr 23
June
1%
12% Jan 10
11% Apr 22
177« Jan
7
26% Apr 22
%Mar 3
2% Feb 18
15»4May 26
27gMay 21
1
May
May
12% May
65% Jan 13
20% Jan 10
29%May 27
9«4May 5
32%May 28
10
Apr 22
48%May 27
108% Apr 24
3% Feb 14
No par
1%
Jan 13
42% Apr 21
100
4% May
May
May
May
Dec
May
46
30% Jan 10
6
JHupp Motor Car Corp
New stocfc.
9
14% Jan
Mar 26
9
preferred
100
Hud Bay Min & 8m LtdNo par
n
Jan 15
34
6% Apr 12
t c._25
3
42
Jan
Feb
10% May
Jan
Jan
l47g Mar 10
100 xl07% Apr 14 zl07% Apr 14
...
98
Mar 26
11
May
10
14
Sept
30% Oct
23
5%
4,400
20
Jan
Jan 15
42
June
% Nov
9% June
86% Jan
% Dec
13% July
Jan 10
10
par
preferred..........100
Houston Oil of Texas
Howe Sound Co
16
278
8
100
Jkn 11
17
No par
No par
Household Finance
400
7
Mar
1578May 23
Mining
12.50
Houdaille-Herehey cl A.No par
2934
400
•1. Mar 27
20
29%
11%
61%
22%
16%
1
48%May 28
104 May 19
14% Feb 4
5
No
116
143
66
Homes take
114
% Jan 27
16% Jan 10
106% Jan 15
10
Hollander <fc Sons (A)..
45%
44%
2
1034 Apr 21
No par
No par
Holly Sugar Corp
7% preferred
*32
3
Feb
10
94 conv preferred
Hlnde <fe Dauch Paper Co
Hires Co (C E) The
Holland Furnace (Del)
1,600
*108
Feb 14
197g Jan
100 zl23%May
Hershey Chocolate
15
1634
12%
No par
No par
200
10234
*7
cum
22
138% Mar 26
70
Motors
Apr 22
Mar 12
13% Feb 18
158
Hercules Powder
6%
9
28% Apr 22
23
25
100
50
Feb 21
1234 Feb 24
40% Feb 25
1% Apr 23
2% Feb 13
82 May 21
11% Apr 19
68%May 20
16 May 15
79% Apr 18
1% Mar 10
25%May 28
% Apr 17
....100
11%
125% 125%
*48% 52
*97
preferred
Hanna (M A) Co 95 pf.No par
Harbison-Walk Refrac.No par
50
*72
78%
*155% 165
*11
8%
60
9
38
*104%
Apr 21
2%May 13
34%May 24
5% Feb 14
13
*34
18%
18%
148% 148% *147%
*534
578
5%
*89%
93% *89%
%78
2
*178
11
18% Apr 16
37% May
May
32% June
3% June
5% May
4
2
1734May 22
100
*13
18%
4% Jan
Sept
77% May
May
7% Jan 15
109
4% Apr 14
14
13%
Feb 19
*ii Jan
16% Apr 16
20% Apr 21
9%May 5
46% Jan 30
10%May 20
97g Apr 15
13%
15
102
28
118
7
3% Apr 3
May 26
6
No par
3,900
400
1,100
2
Mar
June
3534 May
5% May
118
May
1% May
4% May
11% May
48% Feb
12«4 May
102
May
26% May
33*4 Dec
111% May
% May
6
Jan
48
6
105%May 12
% Apr 8
11% Apr 12
dlv ctfs.No par
w
Without dlv ctfs
38
*29
*234
1534
*27g
preferred
31%
10%
11
14
*109
29
conv
Gulf Mobile & Ohio RR No par
95 preferred
No par
Hackensack Water
25
105
50
95
par
1,900
105%
33
5% preferred
No
Goodyear Tire & Rubb.No
"1,100
106i2 *105
114
No par
3
105
6%
preferred
Brothers..—..No par
No par
preferred
16
*34
80
11
14
31%
1038
*1078
1378
*l3g
*14%
conv
3
*13
44%
4*8
95
GImbel
*15%
*13
12
716
30%
1(>%
6,000
48% Jan
126
Feb 14
Jan 13
5%
"MOO
40
94
2
Jan 10
3
13
*72
.200
5
12334 Mar 19
Jan
37g
37%
7%
x67%
15%
13r>8
334
3
30%
103«
*107„
13%
3634May
86
132% Jan 28
13
29
38
80
1,100
9%
Feb 27
Apr 10
Apr 28
24-%
45% June
3% May
Mar 19
10
Grand Union
30
9
91
General Tire & Rubber Co...6
Gillette Safety Razor..No var
*28%
15%
29
33
29
157g
29%
10%
*2812
*104
*9
30
*23%
6
"uMar 17
May 26
""loo
10
39% Jan
ll4%May
107
preferred
Gotham Silk Hose
15
15
1478 1478
25% 26
2534
2534
26%
23%
23% 23%
23%
24
14078 *140% 141% *140% 141%
50
*42% 50
*42%
50
29%
10%
3
91;
*4%
*10%
*97g
86% Jan 10
19% Jan 28
130% Apr 7
35% Jan 14
2
80
Mar 20
Mar 17
900
15
30
IOI4
U2
16
*9
1,600
5
6% Jan 6
15% Jan 10
102
10
58
1%
27
«u
4438
10%
"""300
86
84
109
109
200
1*4
27
*107g
1H2
*1078
11%
1078 107g
66
67
6684 6634
67
67
12514 125*4 *125% 126
*125% 126
*4812 52
*48% 49
48% 48%
*98
103
*98
103
*97
10234
*14U
1512 *14%
15
*14%
15
*15
*15
1634
1634 *15
1634
*22
2414
23
24%
23
24%
*7
738
7%
7% > *7
7%
*1214
12i2
12%
12% *12% 12%
*108
1,600
142%May 17
100
96
84%
*15518 165
lll2
*98
*2314
*72
6%
400
1,600
400
19
80
300
59%
16%
85
1812
1914
*14712 148*2 *147*2 148*2
*534
578
*534
578
*89i4 9312 *89i4 93%
2i8
2ig
17g
2
81
81
8H4 8H4
*6i4
6i
6*4
6I4
*72
General Shoe Corp
1
Gen Steel Cast 96 pref—No par
General Telephone Corp...20
Gen Time Instru Corp .No var
59%
1638
9%
100
preferred
1
96 pref opt dlv series .No par
General Refractories...No par
Jan
126
Gen Realty & Utilities...
50
16%
84%
1%
25%
.
No par
600
59
*34
*10514 10612 *105
*104
10514 106
*82
No par
900
16%
84%
29
13%
86
28%May 29
33% Feb 15
112% Jan 8
% Jan 6
1
preferred
Apr
122
10
No par
Jan
Apr
38
100
Gen Railway Signal—..No par
59
*28
*1212
lb
2%
96
Day
1434
4234
1%
2%
preferred
Gen Public Service
16%
2934 2934
*2312 24*4
147g
15
2578
25*8
2578
24
2312
23%
14H2 *14012 14112
52
*42l2 52
2912
lOU
*1078
13i8
*13g
14%
4234
*1%
*2%
Memorial
No par
700
59
1034
100
300
59
1612
243S
30%
6:
3%
3%
10%
73%
17%
.No par
General Printing Ink
"~2,700
10
preferred
preferred.—..—.—100
95 preferred
20
123g
*9
cum
200
12%
"
6
5
500
12%
*25%
Jan
534May
134% Jan
Gen Outdoor Adv A...No par
Common....,
—No par
1,400
65
*1%
2%
*82
86
Feb
Apr
par
General Motors Corp
100
200
12%
15
253g
*23l2
*14012
*42l2
2%
*42
6%
14%
4278
14%
34%
*62%
June
20
6
8
% Jan 22
3% Jan 6
19% Apr 5
47g Jan 13
6
101
June
3% May
28
Aug
% Dec
2% May
12
May
3
Sept
105% Mar
Mar 21
8
5%
24,900
12%
2934
*2334
*ll2
2%
14%
42%
!•%
"
34%
6%
64%
8
4
8
11% Jan 15
537gMay 8
6
General Electric Co
400
*6%
June
Jan
96 conv pref series A.No par
General Mills....—-No par
*34
97
Jan
General Cigar lnc
10
*60
Apr 23
5% Mar 21
7%
7%
Closed—
108
334 Apr 19
6
Apr 23
1034 Jan 30
47% Jan 21
55.
Gen Gas & Electric A..No par
10%
2%
3478
10434 Mar 26
102%May 10
"MOO
*10%
2%
May
1
6
6
22
21
19
25
General Foods Corp...No par
94.50 preferred
No par
10%
2%
Dec
12
46% Apr 21
5
3,700
10%
2%
2
Jan 28
8%May 21
102%May 10
7%
"TOOO
7
22
Feb
par
No
Baking
98 preferredNo
General Bronze Corp..
100
80
2% Jan
2% Aug
20
May
24% May
1% May
4
General Cable Corp—No par
Class A
No par
127
129
6
Gen Am Transportation.....5
700
*80
80
81%
128% 129% *126
7
4
5% Jan 10
General
""206
79
Jan
Jan
Mar
3% Feb 28
Apr 16
16 preferred
*70
46
39
June
9% May
May
Apr 10
Apr 16
Apr 18
10
!u% 800
77
Jan
Feb 15
1%
1%
7%
17%
Gen Amer Investors...No par
1,200
28%
28%
28%
36
357g
36
120
115% *115
*%
7i«
b
'
132
6% Sept
Sept
18% June
22
2
6
..50
"""160
4
2% Feb 17
May 21
33
var
5% preferred
Caylord Container Corp
5H% conv preferred
12%
5834
16%
r>8
*4%
*1014
14%
42%
3414
6I4
64'8
.No
Jan
20% Jan
36
20
""200
434
16's
1*2
6I4
*82
1214
16%
27
2's
*34
12l8
59
IOI4
2*8
341s
6*4
*82
1%
IOI4
64 Jg
64%' *02
*14
103g
2ig
61
Feb 19
1
"""706
May
102
7
105
conv
Gar Wood Industries lnc
_
2l4
3418
2
7
7
Apr 24
May 28
Apr 21
Gannet Co conv 16 pref No par
37
37
37%
377g
3734
3758
37% 37%
37%
37%
*12434 125
*12434 125
12434 12434 *124% 125
*124% 1247„
*4H2 42i2
*4112
421«
41*4
*40% 41%
4112
*40%
42%
*3%
37g
»334
37g
334
334
3%
3%
*3%
378
6
*6
*6ig
63g
6ig
*6
6«
6*4
6*4
6%
*10714 111
*107U 111
108
*10714 108
107% 107%
108
*14
3s
*14
%
*U
%
*%
*16
%
13
*1212
13
1278
131g
*1314
137g
13% *13%
1378
*98i4 101
*9Si4 101
*9814 101
*99% 100
*99% 100
sie
%
*%«
1
%«
%#
**16
'
*17i4
17i2
*1714
1712 *1714
*17%
18
18
*17%
18
21
21
20U
21
*20i2 2U4
20% 20% *20%
21%
*934
97g
934
934
978
97g
9%
9%
9%
9%
56
56
6584 57
.56
56
56
55l2 56*2
56%
18
1812 *1814
1812
19
19
18i2
18i2 *19
Stock
19%
11
♦lUg
III4
11
11
11*8
11*8
11*8
11%
11%
*19
20
20
20
20
20ig
2034
20%
*1934
20% Exchange
107
107
*10518 107
107
107
*105%
*105%
1034
Jan
107% Jan
13
357g
*71
81*8
8H2
12834 129
32
105
28%
b
75
25
preferred....100
conv
Gamewell Co (The)
*115
117
b
82
80% 8012
12834 12834
28*2
357g
357g
*115
7i«
7x«
♦75
82
28*4
357g
*115
b
*75
2834
3534
36
120
*12
127
Machinery Corp.....10
"MO0
50
126'2 *120
Jan 13
6% preferred
20
578
*120
7
29
10
600
18
Apr 25
Apr 30
100
No par
No par
Fk'nSimon&Co lnc 7% pf.100
Free port Sulphur Co
10
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
1
1,500
19
4
preferred
preferred
Francisco Sugar Co
160
1%
8%
1%
8%
3
Jan
22
conv
4H%
1,200
5034 50%
*4912
50U
50%
50%
57g
534
534
57g
*5%
5%
*139% 14334 *13912 14334 *13912 14334 *139% 142% *139% 142%
*3i2
384
*3%
4
*312
4
3i2
312
3%
3%
4
4
4
*3%
334
4
334
384
4%
*11
lll2
1112 *10i2
*10*2
11*2 *10% 11%
*10%
11%
*8il4 83
*8H4
827g
*803g
83
*80% 83
*81%
83
*17
*1714
18l2 *17U
18i2
17*8
17%
17% *17
17%
4912
50i2
67s
4
Food
"""266
43
109
*107% 109
10934 *108
*107% 109
414
414
*4%
4%
4U
4%
4%
7
*6*4
7
*6%
7
*614
634
*638
7
♦10%
11
1034
107g
*1034
11
*10%
11
11
*52% 55
56
*5212 56
*5212
55
*52%
55
*4
♦4
♦4
4%
43g
414
4%
4%
4%
103
*100
103
*100
*100
103
103
*100
103
*49%
534
25% Apr
17
4
412
8
22
Foster-Wheeler—....
10934 *108
*108
337g Jan
Sept
May
32% May
10% May
24% June
Jan 13
12% Apr 22
May 21
10
33%
17g
*17%
15
27
5%
400
84
42% Jan 13
No par
share
12% May
Jan 10
No par
Follansbee Steel Corp......10
*>*200
13'2
*3314
1%
105
FUntkote Co (The)
"""166
105
105
*104% 106
13%
13*2
13% 13%
13%
122
*117% 122% *118
*11712 124
*117l2 124
*2%
*2%
2%
2%
2%
2%
2ig
2%
2l2
14
*13ig
per
18% Jan 10
Florshelm Shoe class A .No par
106
*105
106
*105
*1318
14
*117i2 125
$
14
15% Apr 23
1017gMar 7
3178May 12
First National Stores..No par
22
25
Lowest
Florence Stove Co
500
4
22
% per share
6% preferred series A.-.100
23
25
$ per share
Par
Firestone-Tire & Rubber..-10
27
*22
M
Year 1940
Highest
Fliene's (Wm) Sons Co.No par
MOO
12%
Range for Previous
Lowest
~
35
12%
*18%
41*
22
253g
34
27
23
*22
23
*18*4
25l2
*11%
20%
15%
15%
103% 103%
20%
15%
*103% 104%
33
33%
3312
12% 12%
1212
27
*26% 27
27
4%
*11%
*15%
104
*3238
1214
22
25l2
16
104
23
♦4
20i2
♦111!
155s
1941
May
% May
Ex-rlght. ? Called for redemption.
Volume
LOW
AND
New York Stock Record—Continuea—Page 6
152
SALE
HIGH
PRICES—PER
SHARE,
NOT PER
Sales
CENT
3457
for
STOCKS
NEW YORK STOCK
Tuesday
Wednesday
Thursday
Friday
the
May 27
May 28
May 29
May 30
Week
Lowest
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
712
*173s
*44%
*312
*18%
•V
*6
*21
*95l2
*1555s
7i2
18
45U
4
7U
7»a
1734
1734
7%
17U
7*2
17k
45
44%
44i8
4
*3%
18i2
4
18l2
6i2
*44
*312
1834
*18i4
6^2
21%
96i2
*6
....
4
21%
96%
70
*69%
11
1078
618
*19l2
20
*109l2 110
*334
4
734
734
*112
15s
*35
38
*14914 150
47?s
*150
48
156
H8
1%
*6
6%
"
21
1034
*6
18%
*95%
*155%
70
:;'j
*6
*19%
110
2034
9578
73i
17%
*44%
*3%
*18%
6%
21%
45
4
181
6%
21%
*44%
45
20
4
*94
*155%
6%
6
1978
20%
*20
20
110
110
7%
1%
*112
1%
*15.5%
69%
70%
11%
11%
20!
*109% 110
*378
4
734
778
1%
4734
48%
49%
*152
1
1
1%
i:7"66
634
7
1,900
*28
*1034
*36l2
8
28
1078
*133%
1034
*134
3778
*30
31%
8%
36%
31U
*97% 100%
*97% 101
2
2%
*88%
178
*2
2%
8
*8%
*88%
94
*8
8%
28
2
2i4
8U
94
8%
28
28
*133%
1034
126
126
1378
14%
67%
69
*1%
32%
134
32%
*40
42%
2734
*27%
31%
31%
*97% 100%
2%
»7«4
*27%
*133%
8%
*37
*2
....
*4%
*17
434
18i2
*1114
102
1234
102
*7
7i8
*102
114
*1418
*614
*100
1434
6i2
105
*4
"""230
"""966
28
31
100
"
2
5 ,300
100
2%
8
800
"""206
28
400
"""466
38
*17%
4
434
18%
18%
7%
100
*102
*14%
*6
114
*102
14%
*14%
6%
6%
100
*100% 105
*25
26i2
*25
13%
26%
*2
2i8
*2
2%
243s
29i2
2458
312
24'%
23%
25
25
28
*25
12
*12%
7%
2378
*212
1978
*1214
*2112
2178
30
30
51s
5'8
*3318
34i8
79
80i8
*174
197s
79
*2
2%
24
*3%
23-%
23%
24%
4
24
24%
*23%
23%
2434
7
*2%
*5%
*25
»S16
23%
*19%
*108
"U
4
4
20%
*12%
21%
30
5
*33%
*77%
30i8
11*2
11%
13%
34
4
20
*12%
*2078
29%
30
5%
7
12%
7%
23%
20
111
*2%
20%
1234
21%
2478
28
12%
*6%
234
11*2
13U
2%
28%
24%
30iS
13U
2%
285fi
*3%
5
2%
34
4
20%
12%
22
30
*5%
*25
7%
28
237g
24%
*5%
*25
12%
12%
*6%
7%
*22%
19%
24
19%
*6%
*22%
12%
*108
*%
34
4%
20%
12%
%
*334
21
5
4
2378
Memorial
21
29%
5%
33%
20%
1178
21%
28%
5
24%
Day
205s
155
2034
152
20%
300
"""160
34
600
37g
20%
12
700
21%
28%
5%
33%
80%
80%
*80%
81%
80%
81
900
177
197g
2378
*29
30
11%
*11%
11%
11%
800
14
14
*1334
21%
14%
14%
22%
14%
23%
28%
*143
20
*20
65
65
26
*25%
*128%
67
*25
2234
25%
2278
1134
*2534
27%
*25
2534
H2
1*2
*130
*6
1278
1%
7
*6
1278
*1234
15a
7
14
20%
65%
26
....
2534
2534
25%
25%
2234
11%
23
23
25%
*1%
2534
178
1234
*12%
26%
1%
*6
*6
12%
11%
*1%
63.4
13%
1%
1,000
300
134
300
4%
2,500
1%
4%
8%
734
7%
7%
14%
14%
14%
14
14%
14'%
26%
2534
26
2584
267g
7%
27%
28%
7
14%
27%
7%
14%
26
14%
26%
*7%
*1934
24%
20%
2478
19
20
*19%
25
25
*25
*24
*173
24%
176
*24%
*172
7%
20
25
176
172
*165% 172
50%
*49%
50%
2%
2%
*2%
172
7%
172
8
7%
20
25%
172
50
51
*49%
50%
*49%
5034
*2%
2%
2%
*2%
2%
2%
278
25
26
25
*247g 25
*24"g
*25%
25%
25%
*25%
*105% 107
*105% 107
*105% 107
*105% 107
*105% 107
13
13
*13
13
13
*13
*127g
13%
13%
13%
13
1284
1234
1284
1284
1234
12%
1284
1234
1234
*104% 10434 104% 104% *102% 104% *102% 104% *102% 104%
19
*19%
19%
*19%
19%
19%
1984
19%
*18%
19%
8%
*8%
884
*8%
8%
884
884
8%
8%
*8%
32
32
*3184
*31%
32%
*31% 32%
32%
32% *32
3%
*3%
3%
3%
3%
3%
3%
3%
3%
3%
29
2834
2834
28»4
*28%
2834 2 8 84
2834
28% 2834
*49%
*
Bid and asked prices; bo sales on this day.
Jan
J In receivership,
300
570
2,500
6,400
1,400
1,700
300
90
434 May
87% June
106
Mar 26
2
9
Jan 10
3%May 22
27% Jan 9
297g Jan 10
116% Jan 4
3% Apr 3
78May 22
458May 22
22% Jan 22
12% Jan 8
' Jan 13
24
May
189
Jan
3
169
June
16
May
2078 Apr 21
£29
May
8
9% Apr 15
13
Apr 26
19% Apr 21
28
May 22
106
2% Apr
1334 Jan
107%May
15%May
152
12
30
27
14
May 26
207g Apr 14
30
Jan
4
37% Jan 14
1134May 21
8
28% Jan 9
34% Jan 6
109
Jan 29
16% Jan
19% Mar 11
25
Mar
May
McCallCorp
Corp
preferred
6 % conv
par
1
100
1
McGraw Elec Co
400
McGraw-Hill Pub Co..No par
100
Mclntyre Porcupine
Mines..5
1,500
JMcKesson & Robblns, Inc..5
800
$3 series conv pref...No par
New stock,
r
45
Cash sale.
Apr 23
2% Feb 24
25
par
400
n
172
par
par
May 20
May 28
24%May 5
May 27
Mathieson Alkali Wks.No par
M cCrory Stores
Feb 14
7
19
Jan
8
Ex-dlv.
v
Apr
97
May
15% May
May
110% Jan 18
19% Jan 15
13% June
105% May
17% Dec
2
138% May
162
Jan
12% Apr
14% Jan 13
30% Jan
12% Jan
6
6
28% Jan 13
30
Jan 22
175% Apr 29
53% Jan 23
278 Jan 14
28
Apr
8
103% Jan 23 106% Mar 25
14%May 6
12% Jan 7
147„ Jan 6
12%May 26
103% Feb 20 111%# Jan 30
19
May 29
25% Jan 11
9
Jan
9
7% Feb 19
35
Apr 2
31
Feb 3
378 Jan 6
3
Feb 18
30%May 1
24
Feb 19
x
1438
2
5% Jan 14
11% Jan 8
1534 Jan 27
23
May
3
6
4%May 6
7%May 23
1
No par
No par
Apr
9
10% May
22% July
20% May
3% Jan
15% Jan
13% Jan 17
L) Co...
Apr
Dec
41
June
Corp......5
pref.. 100
Market St Ry 6 % pr
23%
30»4
May
29
Marshall Field & Co...No par
1% Feb
18% May
27
9
l%May 20
23% Apr
May
Jan
40
34 Jan 14
No
No
No
No
Dec
May
178%May 9
18% Mar 11
1
$3 preferred
%
15% May
9% May
18% May
May
25
100
10
1% May
2
87
No par
Martin (Glenn
15% May
100% June
2
9
4
534 Jan 3
12% Apr 17
Masonite Corp
Dec
3% May
16% May
Jan
9
7
30% Jan 2
2% Mar 10
678Mar22
Martin-Parry Corp
May
8% May
98
45% Jan
Feb 17
Marine Midland
23% May
4
11
_ .
May
May
May
22% Aug
1178
23% Apr 21
2234May 26
Exploration.
2
May 26
No par
Shirt
May
May
8
80
No par
Garden...No par
Magma Copper
10
Manatl Sugar Co
1
Manhattan
May
8
6
Madison Sq
M aracalbo Oil
10
Jan
Macy (R H) Co Inc
Mack Trucks Inc
24% May
2784
1%
17%
19%
8% Jan
May
13
33% Jan 10
27
Jan 14
$6 1st cum pref
d Def. delivery,
4
31% Jan 21
138
Jan 21
Maytag Co
100
8% Jan
1
May 15
500
1,400
8% May
70«4 Jan 27
400
"206
2
2034May 24
7% preferred
May Department Stores
300
Jan
18
3
Mandel Bros
""366
1%
7%
300
634
7%
4%
800
13%
1%
4%
95
May
133
1%
Dec
121% Apr 18
87
100
8
May
7
Jan
3
66%
4%
May
6
8
96% Jan
25%
23%
11%
26%
117% May
3% May
May
78% May 22
*25%
*128%
25%
*227g
11%
*25%
*1%
26%
June
44
48% May
97g June
9
Feb 18
6% preferred
June
June
17
....
122
5
60
MacAndrews & Forbes
Jan
178 May
33
100
10
8
20
7% preferred
May
13% May
97%
30
Louisville & Nashville
4%
4%
100
10
100
5% preferred
Lorillard (P) Co
June
25
104% Jan 27
39
Louisville Gas <fc El A..No par
*138
7%
170
1,900
Ji
1% May
37
Jan 18
Feb 19
Corp No par
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
Jan
D
2678 May
7% Jan 23
5
Apr 21
Lone Star Cement
5%
10% May
11
33%May 27
14
700
10
8%
20
2% Feb 14
1978 Apr 12
11% Feb 1
21
Apr 18
28%May 28
500
112
7%
is4 Jan 2
% Feb 13
35
200
600
Jan
1
...
173
40% May
92
28
8
May 23
Feb 19
No par
Deo
June
109
4
14% Jan 10
87g Jan 13
900
4%
5% Jan 10
2034 Apr
27% Jan 10
25% Jan 9
20
*4%
8%
14%
20
is" 900
$6.50 preferred
Loft Inc
152
*1*8
4%
No par
10,600
1,300
20
*6
Jan
3
7
66
*12%
1%
9
12% Jan 10
121% Mar 12
110%
21% Apr 14
19% Apr 12
111 May 16
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
Loews Inc..
...No par
*143
152
2234
*11%
11%
*25%
*1%
700
Feb 16
6% Feb 14
Lion Oil Refining Co...No par
26
25%
Link Belt Co
*23
152
*11%
24
Lima Locomotive WkB.No par
*19%
30
20
11%
Lily Tulip Cup Corp...No par
400
200
20
2378
*25
23
"""166
*19%
*29
*64%
25'%
....100
Preferred
*23
11%
Feb 14
278 Feb 16
£22% Mar
25
Series B
30
26
23
22
Lehn & Fink Prod Corp
6
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Libby McNeill & Libby
7
Life Savers Corp
5
Liggett & Myers Tobacco..25
20
*148
*1114
300
Lehigh Portland Cement...25
4% conv preferred
100
* Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
...60
Lehman Corp (The)...
1
6284
122% May
128
29% Jan25
26% Jan 13
1184May
5
Dec
5% May
63% Jan 13
Feb 11
7
23% Feb 16
No par
2%
44
191% Mar
9
May
34®4 May
Jan
2% Mar 10
17% Jan
Lee Rubber & Tire
Mar
5% Nov
127g Jan
3% May
19% June
Jan 16
44
1'4 Jan 24
100
2334
20%
...
Apr 18
334 Apr 23
No par
Lambert Co (The)
Lane Bryant
11%
1334
152
Kress (S H) & Co
No par
Kroger Grocery <fc Bak. No par
30
11%
May 14
14
Apr 16
2334
*19%
6512
253g
300
79
*25
*130
200
1,060
3,300
80%
*64%
....
3,700
500
65
*133
"""266
234
21
23
21%
2034
213s
2078
22%
28
28
28
28
283g
2838
28%
28%
28%
*104% 106
*10414 106U *104% 106% *104% 106% *104% 106
18
I8I4
183s
18%
18%
19%
18%
18%
18%
18%
39l2
3978 397g
39l2
39%
39%
39% 3978
*39%
40%
234
234
*234
3i8
234
*234
3
234
*234
3
1412
14%
14%
1434
*14%
15
*14%
15
*14%
15
*10812 .... *109
107% 109
*106%«1067g *106%«107 i
*1534
16
1534
16%
15%
155s
15%
15%
15%
15%
*152
1,100
79
20
23%
30%
Jan 10
134
7
5% preferred
12%
7%
24
79
*172
33
Mar 21
1534 Jan 9
12
Apr 16
Laclede Gas Lt Co St Louis 100
7
28
79
178
8% Apr
38
2,500
1,100
113
4% May
5
..1
Apr
7% Nov
47% Mar
74% June
6% May
20% May
Mar 19
Kresge Dept Stores
Dec
1%
1578
H4 May
Jan
3% Jan 10
Apr 21
*78
*172
3
Mar 26
27
79
178
102
Kimberly-Clark
No par
Kinney (G R) Co
1
$5 prior preferred..-No par
Kresge (SB) Co
10
79
*172
2% Jan 16
3934 Jan 2
42%May 20
31% Jan 30
35% Mar 21
37% Jan
13'% Jan
100
4
Jan 4
May 28
Feb 14
50
4
Jan 13
Feb 14
5%
33%
178
May
12
33%
*33
145
31
34
33%
6
2% Jan110
9% Jan 4
98% Feb 21
1,300
20
4%
20%
*1178
May
Keystone Steel & W Co No par
111
*2%
£28%
Closed—
20
2%
38
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
"""206
29
24%
*108
111
2%
53>4 Jan1 10
15,500
Exchange
£24%
80
80i8
178*2 *172
1978
2334
26%
4
*193s
23%
*29%
2334
*25
*3
20
414
1978
1234
26%
24
111
"
*25
*27%
June
5% Apr 23
80
*13
3578
13%
Stock
13
May
136
4
100
Class B
1
18% May
Jan110
300
100
353.1
2
3
Jan116
1
400
6%
£13
35%
2% Jan
8% Mar 15
..100
conv
June
6% May
cl A. 1
Kelsey Hayes Wh'l
Nov
91
9'4 Apr 21
32
Apr 23
1
Kelth-Albee-Orpheum pf_.100
94
2% July
104% Jan 22
13
Apr 22
"""366
£35%
4
20
"is
14
24%
*108
4U
14
24%
*3
200
7-%
Apr
94% Jan 17
118
5% conv preferred
Kayser (J) & Co
Jan
158
2
131
Jan
118
4% Feb 28
378 Jan
28% Apr
29
May
11% Jan
Jan
Apr
May
21% Aug
27% Apr 21
100
Kaufmann Dept Stores
6% Jan
25% Jan
113% Jan_
170
9«%
66% May
7% May
4% June
90% Jan
13% Jan
167%
Jan
Nov
23
72
Feb 14
Kan
ser BNo par
6%
Feb 24
124
No par
City P & L pf
Jan
Dec
140
Jan
49
Jan
Apr
16% May
Jan 10
26
share
13%
43%
2%
111% Jan 22
161
per
June
7
1
4% preferred
May
Highest
24%
87
Kansas City Southern. No par
300
114
*98
2
17gMay 1
5% Feb 19
64% Apr 19
50
6%
3
178May
..1
Johns-Manvllie-,.
Jan
124% Mar 26
97
Apr 21
10 May 20
100
2978
24'%
20
234
100
6%
100
95
No par
1
May 20
26% Feb 16
Interstate Dept Stores. No par
Preferred
100
...
Dec
5
69
32%May 23
38% Feb 21
No par
Island Creek Coal
20
67% Feb 19
1% Apr 16
No par
Jar vis (W B) Co
Jewel Tea Co Inc
31
15%
26
5% May
May
12
1078 Feb 19
100
13
28%
111
*195$
*108
*6
14%
23% Feb 19
May 8
125
100
Intertype Corp
Apr 24
400
13-%
*2858
12%
*6%
100%
36%
14%
3
"""400
4%
18%
*102
114
167% Feb 20
1
Apr 16
6% Apr 21
No par
104
*7
5
15
Preferred
*101
28%
*5%
714
6-%
2
28
12
*25
25
*25
1434
*102
4%
18%
43%May
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn
10
200
26%
35%
*13%
24
25
114
1,000
*12
*10034 104
*7
7%
7%
*7
73s
3534
24
13
13
4%
104
13%
*7
*12
*12
*102
35%
*2334
19
12
13i2
*512
*18%
102
3578
3l2
1834
12
3534
24%
*4%
102
*13i8
*2812
4%
1
International Shoe.....No par
International Silver..
50
$6 preferred
....
1078
May
No par
7% preferred
Inter Telep & Teleg
Foreign share ctfs
Apr 21
1% Apr 10
30% Apr 23
5% conv preferred
100
InternatRys of Cent AmNo par
5% preferred
100
*118
*118
*118
*118
Inter Paper <fc Power Co
10,900
94
8%
*734
*37
38
200
Internat'l Mining Corp
1
Int Nickel of Canada
No par
Preferred
100
38,000
*97% 100%
*133%
*10-%
£10% 11$
*37
*30%
28
28
1078
2734
7,300
100
Intnational Salt
8
94
500
41
*89%
8
8
*89%
*40
Preferred
"
*3-%
334
24.%
24%
12534 12584
1378
14%
6838
6878
*1%
Hi
32%
32%
2
2
2
*2
38
1078
36%
a;24
1551
*57
58
58
58
58
58
58
57%
57%
57%
*124l2 125U *124% 125% *124% 125% *124% 125% *124% 125%
*97
99
98
98
| *98
100
97%
97%
*97% 100
*10
*10
10
10%
10%
*978
10l8
10%
10%
10%
*118
Int. Hydro-Elec Sys class A. 25
Int Mercantile Marlne.No par
155
243g
24l2
243s
2434
2414
*1255s 128
*125% 128
*125% 128
1378
14lg
1378
14%
1334
1414
67l2
68
67%
68%
67U
68%
2
*li4
*1%
2
*114
138
*33
34
33
33
33%
33%
*40
*40
*40
4212
42%
4212
27
2 734
*26i2
27
2734 28
8l2
28«4
Internat'l Harvester...No par
1
4
24%
3% Feb 17
2,200
49%
*150
6%
19% Apr 16
109
Apr 1
140
1
6%
Interchemical Corp
No par
6% preferred
100
Intercont'l Rubber....No par
Interlace Iron
5
Feb 25
6
1
Internat Agricultural. .No par
Prior preferred
100
Int. Business Machines. No par
100
156
*3%
20
"""500
1%
1
6%
No par
7
21% Jan 27
6%May 6
2
155% Feb 10
69% Apr 21
9% Apr 22
7
*150
314
24%
8%
94
49%
Inland Steel Co
$ per share $
share
45%May 22
4%May 10
6
20%May 27
93%May
per
878May
Feb 13
5
100
Inspiration Cons Copper
Insuranshares Ctfs Inc
Jan
Lowest
20%May 12
18%May 19
io
No par
37
6%
8i4
1%
30
1~,9O6
150
314
*8i4
No par
"
778
*36
3%
*88i2
No par
300
*20% 21
*109% 110
*334
4
150
6%
2%
Industrial Rayon
Ingersoll-Rand
100
38
6-%
2%
L Co .No par
6,600
6%
150
3%
2i8
11%
150
612
2i8
*2i8
Indianapolis P &
Indian Refining
"T.iioo
70
734
278
6% preferred
11%
*36
4734
1%
*30
300
38
3U
31i4
*97i2 101
1,700
95
$
Feb 18
34% Jan
Year 1940
Lots
Highest
6% Feb 15
13
RR See ctfs series A...1000
....
150
3%
*30
21
70
*6
6
400
1834
100
95
96
...
*1%
1834
200
*6
21
*36
149% 149%
47%
48:.
156
4
734
4
150
38
1
110
*378
738
4
734
Range Since Jan. 1
On liasis of 100-Share
Illinois Central RIt Co
100
6% preferred series A... 100
Leased lines 4%
100
20
70%
11U
7%
*1%
*150
*17
*15558
7034
70U
1034
11
*6
6%
*334
*35
21i2
96
18
7%
7%
1,500
*17
6i2
;
Range for Previous
EXCHANGE
May 24
Monday
May 26
Saturday
Ex-rlght.
15% May
May
38
2534 May
128
Sept
17
May
20% May
878 June
21% May
1% Aug
4
May
11% May
*4 May
3% May
278 May
884
2684
6%
2184
May
June
May,
21
June
160
June
June
36% May
2% May
20
May
96% June
10% May
18% Mar
4178
Apr
37% Mar
109%
39%
Apr
Apr
46%
4%
Apr
I884
Jan
Jan
109% May
25% Apr
163% Dec
21% Jan
65
35
Nov
Jan
136% May
31«4
31
1284
38
4%
Dec
Apr
Jan
Mar
Apr
778 Mar
16% Jan
l%May
5%
1384
Oct
Dec
16% Nov
4784 Apr
1484 Apr
407g
3284
Jan
Apr
173% Dec
53%
4%
30%
105
16%
May
47%
Mar
Jan
177g
June
Jan
Feb
Apr
Apr
May lll»»i Dec
29
Apr
17% May
5
June
9% Apr
10
93
26
Jan
Dec
884
Apr
17% May
32%
Apr
3%
Tf Called for redemption.
New York Stock Record—Continued—Page 7
3458
HALE PRICES—PER
HIGH
SHARE,
NOT PER
May 31, 1941
AND
Range for Previous
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 109-Share Lois
the
CENT
STOCKS
for
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
May 24
May 26
May 27
May 28
May 29
May 30
Week
$ per share
¥ per share
¥ rer share
¥ rer share
¥ per share
Shares
$ ver share
*6
6%
*6
6%
75
*74
75
*6534
27%
70
2734
*6534
*27%
334
24%
:i
3%
3%
*24%
24%
24%
*24
*26%
*7
28%
7%
1534
16%
*26%
7%
15%
*29%
80
06%
28%
334
*72ii
*2314
24
♦24
66%
*2434
*26%
*7%
16%
*29%
*117%
*40%
*10734
*234
26%
28%
7%
17
30%
117%
41%
3
*3%
3%
25
24%
100
734
75
234
234
234
58%
200
*55
59
1,000
3%
2434
500
180
26%
29
7%
15%
30%
100
5% conv 1st pref
50
Mercb & M'n Trans Co .No par
*24
*23%
*27%
7%
15%
58%'
*55
*%
Mesta Machine Co
""866
*%
*%
aie
2%
»%
2%
*
»%
»;
""**30
900
*19%
*2%
56
*52%
60
4%
200
Minn
10%
~1~666
*10
*110
*43
46
*43
5
5%
5%
3%
1734
*17
17%
Mission Corp
%
*%
%
100
Mo-Kan-Texas RR
No par
% Jan
4
*2%
2%
200
1% Jan
*%
*%
3i«
*%
z
Mar
*%
"Z2
,
10%
®j2
10%|
10%
100
*43
12
*93g
13
12
9%
13
5'%
*5%
*8
1934
*13%
6%
82
*11%
*9%
12%
*5%
*18%
*27%
17
17%
*5
500
6%
80
17%
27%
18
18%
29%
6%
4934
6
*26%
6%
17%
27%
49%
534
49%
11%
*13%
11%
57%
58%
3%
9%
9%
14
*71
76
6
50
50
49«4
6
5»4
*1134
12
*11-%
*55
58
56
56
58%
58
68%
*3%
3%
9%
9%
13%
76
58%
3%
3%
9%
*9
*13%
9%
9%
13%
*71
76
*38
10714
25%
*534
22%
*107%
*34%
12%
36
13%
*71
5%
9%[
*8%
58%
3%
*9
*9
*8%
9
""506
""800
46
.
*43
4%
18%
17
4
4%
"7/366
*18
18%
17
20
16*4
46
1634
1,200
6
534
177g
*26%
17%
18
29%i
6%
49%
5%
*26%
29%
534
5%
6
4934
5%
Day
*2434 25%
19234 19234
111% III84
12%
12%
*24%
19134
111%
12%
9%
115
*53%
#a*
:
*1034
3%
9%
9%
9%
*13%
9%
14
*9%
9%
*72
75
14
*72
9
9;
56%
>11
i
115
*53
56%
*632
3U
*53
*%2
53%
53%
12%
*9634
6%
6%
6%
12%
*9634
6%
*11%
12
9%
9%
17%
5
85
3
1434
8%
1734
1734
5
5
*81%
*2%
1434
*130
6%
*45
16%
*49%
145
6%
46
16%
4934
*8
*2%
*11
*5%
934
24%
*33%
12%
*
"
*2%
1478
*130
634
45%
*16%
49%
*115
*115
40
8178
40
8%
2%
11%
5%
3978
*8
*2%
*11
5%
17%
4%
*81%
82
3
*234
11%
9%
18%
878
9%
1834
5
5
83%
81
3
*2%
3
*2%
15
14%
15%
14%
*16%
16%
634
*47%
49%
*115
40
3934
49%
....
*120
"
143
7
7%
46
*16%
*47%
16%
4,000
700
15,100
400
2,700
600
8%
8
2%
11%
*5%
*9%
24%
33%
12%
2%
*2%
*11
*47%
....
40
National Oil Products Co
8
:
2%
12%
4
No par
25
preferred
conv
..40
6J$% prior preferred
6% prior preferred
Apr 26
384 Apr 21
14% Jan 3
16
Apr 18
11% Jan 23
71% Jan 16
66
112
4
May
41
June
20%May
11
23% Jan
13%
86
Feb 14
14%May 21
20
5% Apr 21
78 May 12
14% Apr 22
168%May 29
142
May 9
16% Apr 21
26
Feb 19
534May
49%May
4% Apr
8% Feb
29
27
23
19
300
5,600
""206
Feb
2384
Dec
10
9
16%
18%
175%
13%
88%
17%
984
Jan
16% Dec
155
Jan
Dec
19
Apr
Nov
99%
Apr
Oct
20%
Jan
984 May
16%
86
15%
Apr 28
Jan 15
14% Jan 10
6% Jan 14
6
May
11% June
3
734
Oct
June
26%
Apr
Jan 16
7% June
15%
8% Jan 13
5% May
12%
Jan
96
Jan
93%
Jan 10
1784 Jan
6
17
66
June
14% May
Jan
2
*160
May
176
Dec
154
Jan 16
132
June
15334
Dec
27
Jan
23% Jan 10
3
13% May
y2834 Dec
7% Mar 20
5% May
31
Jan
68% Jan
6% Jan 10
12
May 21
48
7334
Jan
984
Jan
200.
Nov
49%
Nov
3
Apr 22
5
8%
9
Apr 30
Apr
Apr
8
Feb 19
3% Jan
7% May
8% Oct
13
Feb
10% Jan
9% Apr 18
Feb 17
16
Jan 18
14
76
Apr
July
Apr 28
Feb 14
79% Feb 10
45% Jan 16
72
38
38
May
100
June
107
22% Apr 28
5% Apr 23
110
Jan 17
8'4
6% preferred series A...100
NYC Omnibus Corp..No par
York Dock
..No par
25
40%May
6% preferred-...—.NO
par
N Y & Harlem RR Co.
Feb 14
15%May 15
4%May 16
8
Apr 12
27'% Jan
Jan 10
Jan
30% May
9% May
8% May
15
May
20% May
684 Jan
3% May
May
Jan 10
434 May
109
Mar
112
Jan
7
104
May
112
Apr
115
Feb 24
110
Apr
47
45
June
Jan
54% Apr 29
100
•«
Jan
100
»u
Jan
{N Y Ontario & Western.. 100
Sblpbldg Corp partstk__l
Noblitt-Sparks Indus Inc
5
*11
Jan
% Jan 13
1% Feb 6
% Jan 10
3134Mar 17
3234 Jan 8
Conv preferred
10
23366
8
700
*2
2%
100
*11
12%
30
6
1034
*5%
6
*5%
6
*9%
24%
33%
13%
24
1034
24%
*33%
13%
33%
13%
*934
2334
33%
1234
10%
23%
33%
4,800
1,600
1234
1,300
10
100
a Def.
delivery,
Apr
Jan
be
Oct
fan
18%
Jan
21%
Jan
39
8%
Apr
12% Apr
115% Mar
117% Aug
58% Nov
%
2
Jan
Jan
20
100
191%May 17
215
Jan 25
175
May
Jan
3134 Dec
35% Apr
220% May
100
109
117
Jan
105
10
12
6% preferred series
50
5M pref ?erles
50
50%
60"%
12%
96%
634
Norfolk & Western Ry.
Adjust 4% preferred
North
American
Co
...
North Amer
24% Feb 14
2438May
110
7
Feb 25
7
May
58'4 Jan
Apr 29
57% Jan 20
17% Jan 10
Apr21
Mar 7
Feb 14
7
May
8
May 23
34
Jan 15
Norwalk Tire 4 Rubber No par
Preferred
60
23
Norwich
Telegraph
Pharmacal
Ohio Oil Co
—
...
Equip
8% preferred A
Oppenheim Collins
234
27
Jan 11
Jan 11
1334 Feb
No par
No par
6»4 Feb 19
1334 Feb 19
20
6
4-%May 23
10
100
May 15
Feb 19
14%May
143% Apr
6% Apr
40% Apr
16%May
49%May
1st pref. .No par
5
var
100
Glass Co. 12.50
Pacific Amer Fisheries Inc
Pactflo Coast Co
80
3
No par
Outboard Marine & Mfg
Outlet Co
No
Owens-Illlnols
Apr 25
7%May 8
113% Feb 1
10% Mar 31
39%May 28
ll%May 28
Elevator........No par
6% preferred
100
Otis Steel Co.........No par
conv
l%May 17
120
29
26
23
16
29
1st preferred
No par
2d preferred
No par
Pacific Finance Corp (Call). 10
Pacific Gas 4 Electric
25
9%May 21
May 29
Jan
6
104% Jan 7
3% Jan 10
1734 Jan 8
150
Jan 11
Jan 17
Mar 26
4% Apr 17
Cash sale,
z
Ex-dlv.
y
Jan
15
May
26%
Jan
84% June
4% May
97%
9%
114
Dec
Jan
8ept
39
Nov
101
May
27
May
2% May
25% Aug
11
Dec 1
5% June
10% May
7% May
95
May
2% May
11% June
12484 June
5%
Jan
42% Jan
16% May
884 May
23%
Apr
14% Mar
112
5%
18%
150
Mar
Apr
Jan
Dec
May
12%
21
May
47
19
June
3234
Apr
May
55
Jan
115% May
120
47
42
Jan
Nov
Jan
Jan
Apr
6
Jan
6
8
6
3% May
9% May
23%
12%
Feb
7% Jan
33a Jan
16
May
Jan
Jan
14
Apr
25% May
34%
Apr
8
33
May
50
Jan
14%May 10
8
May
16%
Jan
11
r
Jan
68
Dec
10%
034
Pacific Ltg Corp......No par
New stock,
Jan
59
4®4 June
2
May
6
Pacific Mills....
n
23
64%
8
11% Jan 28
28% Jan 24
Feb 19
117
June
49% Jan
9% Jan
934May 24
2334May 29
32%May 5
No par
May
53% Jan 10
26% Jan 6
55
%
14% May
47% May
47% May
7
120
1
9
13%
10% Jan 10
26
7% Apr
134 Apr 23
10
May 3
10
7
Mar 26
3834May
5
6
97% Apr 16
Co..2.50
Otis
¥5.50
17% Jan 10
Apr 29
50
Northwestern
2
>n Dec
Jan
33% Mar
Dec
%
60
Jan
May
N Y
Preferred
40
Apr
53%
Deo
10534 Nov
Jan
15%
50
1NYNH& Hartford
91
110
110%
Jan
45
12
25% Mar
Dec
Feb
Dec
50
non-cum pref
10% June
30%
14%
2734
110
24%
10-%
6% May
23% Nov
Jan
16
May
20% July
3184 Jan
II84 Feb 19
*115
40
14% May
48
N Y Chic & St Louis Co...100
300
16%
49
I
May
4% May
8
May
Aug
May 22
11% Apr 22
Oliver Farm
46
8%
26% May
Omnibus Corp (The)
13200
3884 Sept
34
preferred....No par
1,900
200
Apr
170
56%May 23
1
7,600
13266
22%
Jan
60
North States Pow ¥5 pf No par
Northwest Air Lines..-No par
3
7% Nov
May
5% May
No par
No par
4,400
1434
Jan
13% Mar
18% Apr
Feb 19
'"266
80
Jan
Dec
Jan
6
Apr
24%
176
12%
Jan 15
8'4 Sept
Sept
June
Feb24
13% Mar 20
11
June
Feb 14
Aviation
1
Northern Central Ry Co....60
Northern Pacific Ry
100
'"306
Jan
43
*43600
200
Apr
Jan
6% July
7% June
No par
2,000
40
Mar
63
Jan
New York Central
600
9,800
83
111% Dec
8% Nov
Jan
2034 Feb 14
106% Mar 8
31% Apr 24
80
7,000
Jan
5% Nov
56% Nov
1634 Mar
9
No par
200
26%
7%
22%
N Y Lack & West Ry Co.. 100
400
Apr
Apr
41
N'portNewsShlp&DryDock 1
10%
Feb
16
18%
June
384 May
7% Jan
30%
10%
Feb 17
7% Apr21
15%May 26
160%May 27
10%May 27
8% May
May
97% May
8% Jan 11
61% Jan 27
6% Jan 4
5%May 16
7
Feb 19
Oct
No par
5
t In receivership.
45
2% May
May
20
N Y Air Brake
conv
Jan
100
Nelsner Bros Inc
¥5
Jan
100
4%% conv serial pref.-.lOO
Newberry Co (J J)
No par
5% pref series A
100
Newmont Mining Corp
10
Newport Industries
1
100
8
4078
Bid and asked prices: no sales on this day.
Nat Mall & St'l Cast Co No par
National Pow & Lt
New
7
16%
10
7% preferred A........100
6% preferred B.
100
500
143
*42%
49
*115
40%
12
National Lead Co
9
7
2
6
Jan 15
Nat Gypsum Co...........1
¥4.50 conv .preferred-No par
20
*120
*42
*8
8%
33%
1238
81%
80
145
16%
1034
478
15
7
46%
24%
8%
19
9%May
61% Apr 17
110% Apr 23
4% Apr 23
Jan 13
4% Jan
1,400
900
11%
18%
45
2%
11%
5%
*11%
4%
678
45%
...
11%
11%
May
67
Feb 19
10
28
*130
1478
145
24%
33%
12%
9
9%
*9%
24%
35
12%
11%
*23
15
24%
6
234May 15
Jan 30
2,800
13
13%
13%
13%
*97
97%
*97
97%
97%
6%
6%
6%
6%
6%
*10834 110% *108
110% *10834 110% *10834 109% *10834 109%
8
*8
8
*734
8
*734
8%
*734
8%
*38%
41
*38%
41
*38%
40
3978
3978
3934
3934
*1%
2
1%
1%
*1%
178
1%
1%
*1%
178
28
May
12
20
53%
12%
*9634
53%
13%
12
100
400
56%
ht
53%
12%
par
4
18%May
ll%May 20
8% Apr 1
1234 Apr30
4% Feb 15
7% Feb 14
par
6
46
6'%May 27
No
No
Jan
17% Jan
12
8% Mar 20
24% Jan 11
115
53
27%May 29
4
Jan
6%May 29
14% Apr 21
Apr 26
¥2
% June
9% May
33% May
21%June
8% May
17
75
53%
23
No par
Nehl Corp
53
8
43% Jan 23
10
300
53%
1234
97%
8
39% Jan
10
Dairy Products
9%
14%
53%
*115s
...100
Natomas Co
54
*23
10
100
Nat Dept Stores
500
54
28
6
Nat Bond & Share Corp No par
500
54
Jan
31% Apr 30
38%May 24
10
conv preferred
Aviation Corp
3%
9%
54
*23
1
Co
National Tea Co
5334
28
5
National Can Corp..
190
3%
%eMay 14
15% May 19
88% Jan 7
% Jan
1
1
7% preferred
500
3%
Jan
Jan
9
13% Feb 15
Sg
%
193a
No par
100
Jan
434
Dec
Jan
National Biscuit Co
60
1%
Dec
hi
Feb
Nat Bond & Invest Co.No par
200
*u Dec
1%
6% preferred...
1,600
7% May
Jan
Apr
64% Deo
II84 Nov
•11 Jan 14
Nat Enam & Stamping No par
80
May
56
6%
Nat
26
4%
4
Nat Distillers Prod
2"6oo
58%
53%
478
700
Apr
110
2% May
1134May 6
%May 10
3
June
Dec
Deo
54
45
Nash-Kelvlnator Corp...
Nat
95
45
124%
122
Nashv Chatt & St Louis...100
Acme
Jan 16
4% Jan 11
67
Jan 13
May
33% May
113% May
3134 May
300
5,400
50
53%
*23
110
103
120
No par
Munslngwear Tnc.....No par
Murphy Co (G C)._—No par
5% preferred...——..100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
National
Jan 14
45% Jan 10
6
National Cylinder Gas Co—1
58%
53%
28
125
Mar
Nat Cash Register
5534
*5,
*4
%
*%
%
*%
*1
%
*%
14
*%
%
25
26
2 634
2534
26%
27% 28%
25%
*24-% 25%
*2478 25% *24% 25%
190
*188
19134 *189
189% *188
189%
111% *111% 113
113
111% 111% *111
12%
12%
1278
13
12%
13
13
*23
6% May
11% May
23% May
6
115
par
200
11%
54
17%
3,100
58%
.
97%
6%
Jan
9%
Feb
July
5
5% pref series A
'"loo
56
54
12%
200
4,900
*9
9%
*110% 115
*%
2534
May
May
¥7 preferred
100
11
*110
26
5,600
58%
*110% 115
*2534
700
55%
*110
%
24
28% May
z38% Deo
12% Apr
17% May
119
National Steel Corp
*110% 112
56%
Jan 16
Jan
26
119
National Supply (The) Pa..10
*110
5s
Aug
Nov
1,000
111
•sa
10
May
2,300
700
115
*53
2
110
5%
11
111
«4
%
30% Apr
6%
z79
50
50
534
*110
316
May
4% Jan 3
25% Jan 10
34% Mar
Jan 31
Motor
"""460
700
18
112
56%
May
82
Apr
Nat Automotive Fibres Inc..l
*5
115
*?32
85
117
Mulllns Mfg Co class B
70
*110
*%•
Feb
53% Feb
24% May
2% May
11% May
4
Feb 14
50
300
*110
*53
64
Jan 10
Mar 27
Motor Products Corp. .No par
600
39%
*38%
39
*38%
39%
*38%
39%
107% 107% *106% 107% *106% 107% *100% 107%
25%
26
26%
26%
27
z26%
27
20%
6
6
5%
6
6
578
578
6
22%
2234
22%
22%
23
2278
23%
23%
107% 107%
107% 107%
107% 107%
107% 107%
34%
34% *33%
34%
33% 33%
3234
3234
12
12
12
12%
12%
12%
12%
12%
*13%
14%
14%
14%
*14%
15
14%
14%
35
*34%
35
36%
36
36
35% 36%
16
16
16
16
16
*15%
16%
16
*4
*4
*4
4%
4%
*4
67#
578
16%
*8%
*56%
,
Jan 16
Feb
No par
3
*2%
Jan
Dec
May
77
No
Co
20
20
*
112
Essex
Morris &
14
10
No
Montg Ward & Co. Inc.No par
Morrell (J) &
3
9% Feb
9%
108%
par
Co
Wheel Corp
Mueller Brass Co..
200
*38%
36%
*4
11%
*9
14
*16
6
*9
39%
107%
25%
6
2234
108
35
12%
14
500
1,200
1434
1
8%
6
*5%
200
*5%
584
584
7%
7%
7%
*7%
734
8
7%
7%
8
8%
8%
15%
1534
15% 15%
15%
1534
160% 160% *156% 165% *161
165%
10%
10%
*1034
11%
*10%
11%
*84% 91
*84%
90%
*84%
90%
15%
15%
*14%
15
*14%
14%
634
7
7%
7%
7%
7%
*11%
12
*11%
12
11«4
11*4
9%
9%
934
9%
39*4
9*4
12%
13%
13
12%
13
13%
5% *
6%
*5%
5%
5%
5%
*8
*8
8%
*8
8%
8%
1934
19%
19%
Stock
19%
19%
1934
*13%
15%
*13%
15%
*13%
15%
6
6
6
6%
6%
6% Exchange
80
80
*78%
80
78%
78%
14%
15
15
1434
15
Closed—
14%
170% 171% *168% 169%
168% 169
*142
145%
143
143 i*143
Memorial
145
20
13%
¥4.60 preferred
Preferred series B
0,900
7%
97g
13
5%
Monsanto Chemical
20
52
1434
52
534
145% 145%
1834
29
*43
4
12
80
145%
2%
52
*18
15
15
15% 15%
*170% 172% *170% 172
*142
46
4%
7%
6
82
2%
18%
7
6%
1434
20%
*50%
534
7%
19%
1334
15
*19%
234
52
17%
*8
8%
20
20
4%
534
7%
7%
7%
7%
*734
8
15%
15%
15%
15%
*156% 162% *160% 165%
*10%
11%
*10%
11
*84%
90%
*84% 87
15%
*14%
15% *14%
7%
*14%
*18
*7%
7%
15%
7% preferred series A—100
{Missouri Pacific RR
100
5% conv preferred ...... 100
Mohawk Carpet Mills
20
May
May
7% May
33%
2
4%
*5
*5
Feb 14
2%
234
19
*17%
66
%
52
46
*18
107% Feb 19
2% Apr 16
2%
20
4%
4%
1734
'
84
16.50 preferred
*10
11
*10%
11
*10
11
62
62%
62
6234
*61%
62%
62%
111
*110
111
11134 *110
*110
111
5%
5%
5%
5%
5%
5%
5%
6234
63
111
pref series B —100
Mollne Power Impt...l
234
ht
2%
52%
11%
*10
11
*6234
*110
conv
10%
20
234
52%
100
8% cum 1st pref
6
'
75
17%May 21
38% Jan 9
Mar
26% Apr 21
105% Apr 21
39%May 29
par
5
90
70
37
No par
10
*14%
14%
*19%
No
9
Jan 13
Highest
share ¥ per share
per
7% Jan 15
9
13
6
Copper
Minn-Honeywell Regu.No par
234
58%
...
zU
14
*14
15
*14
15%
15
*14%
15% *14%
78
*79
78% *77%
78
78%
78%
78
78
79%
118% *116% 118% *116% 117
*116% 118% *116
116% 116%
*11634 120
11634 120
*117% 120
*117% 120
*11634 120
33
33
33%
33%
33%
33%
33%
33%
33%
33%
*38
*38
41
*38
39%
39%
38% 39
*38%
39%
27
27
2634
27
2634
27%
27%
26% 27
27%
7
7
7
7
7
7%
*7%
734
6%
6%
14%
Miami
per
27%May 23
6% Apr 21
5
Midland Pteel Prod
Feb 14
14
Mld-Contlnent Petroleum..10
3,600
8
May
10%
*%
34!
2%
15
20%
3
Melville Shoe Corp.
*2%
*%
*%
10%
10%
«4
10%
*%
*14%
65
Mengel Co (Tbe)—— 1
,*108
234l
*2%
*55
27%May 29
3% Feb 15
21% Feb 15
28%
108
*2%
....1
I
preferred
conv
*3%
7%
1534
108
109% Jan
6%
Mead Corp...
40
70
101% Apr 30
7 May 21
70% Mar 19
McLellan Stores Co
10
¥
share
f
100
No par
¥6 preferred series A .No par
¥5.50 pref ser B w w.No par
300
Year 1940
Lowest
Highest
¥ per share
6
Feb 15
27%
2434
26%
28%
73g
15%
16%
Par
6%
108
>65%
70
27%
3%
*23%
*27%
25%
28%
7%
10734 10734
....
*2%
10%
8%
30% *29% 30% *29%
♦2912
31%
117% *116
117% 117% *116
117% *116
117%
40%
40%
40%
41%
3934 3934'
3938 40
*55
69
*55
66%
27%
*10734
234
...
*6
61
66%
2834
*734
*28%
*3%
*7214
*6
6%
6%
*103% 108
102% 102% *103
734
*734
8%
*74
75
75
*102% 108
*10212 108
8
8
Lowest
40
Jan
Ex-rights.
1 Called for redemption.
=
Volume
New York Stock
152
Record-Continued—Page
3459
8
AND
PRICES—PER
SALE
HIGH
SHARE,
Week
$ per share
S per share
$ per share
Shares
Wednesday
May 24
May 26
May 27
$ per share
$ per share
8 per share
*116i2 119
*151
*314
33s
7i2
*7
*7
1138
1034
9
9
1078
9
*n2
*27
I34
27%
112
III4
1*2
2714
10%
2l2
1078
2%
1H8
9
*1%
*26l8
H2
275g
212
IH4
*8l2
ll2
11
10
1%
275S
1*2
*26i8
*2678
10238 *101
10238 *101
*101
*634
25S
*834
113s
7
7
212
*318
*3%
314
7
33s
9
314
10238
11
98%
*93
98lg
*1018
1038
10
10l8
*15
*15
15l8
15
1%
2534
173g
112
H2
2534
17
26
1714
2534
17%
*34
17i8
7g
1%
2534
*17
8%
*712
46
46
*45
8214
83
82
*214
838
z7%
82
2l4
2
39
*2
2i4
2i8
40
*14
15
*4514
81U
4634
78
878
712
4634
*53
*812
.
712
*4514
82
82
%
8%
734
2
5,700
2,100
7,600
10%
Ids
15l8
*%
*15
112
I
2514
*1634
*5g
834
712
*134
5
*458
I
59
4H8
31s1
*214
*45
49
*1718
1712
*70
*32
5"
*2l4
*4512
17i8
33U
75
*1012
*4512
3l8
49
1718
*16i4
1714
*214
*62
11
584
612
*10
*1012
11
49
1714
534
3l8
*163
*163
176
176 ^ *175
5
514
17512 *175
*163
...
514
*47
4712
6U
4712
6I4
4712
*45
31
3H2
31
31
*30i2
3178
*54
56
*50
56
*53U
10l2
*10
IOI2
*10
*97g
*163
15
""34
1534
16
*l2
1512
*15
*534
63s
778
978
*934
*3234
778
*534
758
978
938
1034
*938
*32i8
50i4
50U
35
5012
*11514 11712
22l2
*
6I4
9912
*10812
*121
*142
*11478
2712
*116
*12
34
1534
1538
*15
16
9l2
99
8978
89%
*89%
11
11
1034
*93s
10
*938
35s
334
5114
51%
*80
234
45
*18U
1834
*12
*15U
938
35s
5034
25g
*42l2
9I2
99
914
9812
8918
*89 i8
*1038
11
*l03g
*938
10
*93g
89i8
358
334
334
5012
*258
258
45
*4212
18l2
*18l2
5034
234
45
19
*258
*42l2
1178
1178
24
24
*14
15
*2412
2614
*25%
*ll8
1*8
*1%
2612
2314
1%
24%
*25
*2234
26l2
2334
812
*7
*2234
*2234
2434
*24i8
*7
8
*7
*2234
2314
23
*118
158
2234
*23
8I2
8
103s
8
*7iS
8
*7l8
1038
*9i2
1038
778
*912
8
*56
34
18
IOOI4 IOOI4
87iS
8i2
20
77g
"1
*53
56
*734
*17
10318 *100
86
*857g
*734
8I2
19
103i8
60
6212
60
*1134
12
1178
86
86
7
*60
1134
*85
6I2
6I2
6i2
28s4
29
52U
2878
29
293g
*50
*8%
5214
838
*634
*4i2
734
53s
*634
1512
*1512
*50
20
*17
103i8 103i8 *102
11%
86
*17
*50
62
*60
5214
8I4
7
*50
8%
11
15%
*1034
*40%
*%«
1
*7i«
1
8%
200
103%
"""50
*60
62%
12%
20
62%
12
12
52%
5l2
1512
7%
*4%
8%
7%
5%
1534
11
44
1
*50
l",206
8
300
5
1534
""eoo
1578
1034
*40%
1034
44
29%
*3J2
'l«
*%2
31«
71S
51S
51«
*5is
300
50
1
1,500
29%
*hi
*61S
hi
3J2
ht
*618
71«
*35s
5%
*334
*334
*618
1378
*618
♦111U 112i2
455s
45%
IIII4
512
1378
3712
11112
4514
*6l4
37U
111
45%
Bid and asked prices; no
512
1378
37l2
112
4812
*334
*6%
*37%
*111
48%
5%
14
4878
sales on this day.
=
*334
100
100
ht
5%
3% Jan
2
1% May
II84 May
44
Jan
May
6
14%May 13
112% Mar 1
25% Apr 4
24% Jan 27
43% Jan 23
2% Apr 9
ll%May 6
60
May
38
May 10
6
984 June
15
15
14
38%
600
220
5,900
5034
t In receivership,
d Def.
===
delivery,
4% Mar
25% Apr
10
June
1
Jan
45%
Apr
105% Dec
1078 Dec
99
Nov
11% Deo
18
Feb
2% Nov
44%
Apr
2338 Nov
238 Mar
12% Mar
10% May
62% Jan
96% May
4% Jan
4
Feb
46% Deo
16% Jan
May
1% June
5% May
17% May
11% May
23%
73g
778
3578
Apr 15
15
Apr 4
Jan 23
Jan 2
6% May
25% June
Mar 29
37% May
Jan
9
May
584
Dec
70
June
12% Jan 10
II84
80
68
Jan
7
Dec
May
108% Apr 18
7
Jan 17
3% May
30
18
14
50
6
Apr 22
Feb
7
Jan
23% Jan 11
22
May
78
35
May
Mar 28
784 Jan
2
46% Jan
2
884 Jan
2
84
Jan 30
15
Jan
174
Jan
8% Nov
May
May
23
8
3% May
16
May
6% May
6434 May
181
Mar
13% Nov
434 Apr 26
6
May 3
7% Jan
9% Jan 10
May
167
Feb
June
4% May
6
May
45% Feb 14
27 May
1
65
43% Jan
10
May
5384 Apr 29
75% Jan
19
May
Ma.
9% Feb 19
164
Mar 31
»i«May
Jan
16% May
1384 Jan 10
164
Mar 31
78 Jan
3
7
151% July
%
6
Feb
6
14% Apr 21
167g Jan 17
15
21
12% Jan
5% May
434 Oct
6% May
Poor A Co class B
conv
1st pref
6% conv 2d pref
5
60
No par
Procter & Gamble
.....No par
...100 2:108 May 14
100 127 May 7
100 139%May 19
Pub Ser El A Gas pf %6.No par
11478May 26
Pullman Inc
No par
22% Feb 14
Pure Oil (The)
No par
7
6% preferred
100
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
$5 preferred B
No par
$3.50 conv 1st pref..No par
2-94
21
7
7
Apr 22
61
Feb 13
84 Apr 10
I684 Feb 14
100
May
101% Jan 8
90% Jan 10
11% Jan 11
10
Jan 17
84
June
73% May
9
June
9% Sept
4
4% May
62% Jan
2
48% May
3'4 Jan
2
3
2% Nov
Apr
34
June
46
Apr
20
Jan 23
15% May
17
Jan
13% May
24
May
9% May
19®4 June
2
28% Jan 14
16% Apr 4
26% Apr 24
24
Jan 13
178 Jan 11
28»4 Feb
9% Jan
4
7
17
May
I84 May
25
Dec
6
June
Mar 18
61
Apr
7
13s Jan 11
2284 Jan
6
101% Feb 10
97
Jan 13
11
Jan
3
24
Jan
2
8
Aug
6
May
60
May
1
May
14
May
70% May
60
May
82% Apr 21
7% Apr 19
17 May 6
97
Apr 21
113
Jan
8
70
June
60
Apr 17
73
Jan
8
39
May
10
100
Feb 16
133s Jan
9
8% May
94% Jan 16
10% Jan 6
75% Mar
6% May
30% Dec
62
May
6% May
484 May
3% Aug
11% May
12% Dec
45% Oct
% Deo
81%May
6%May
9
5
28%May 29
62
Jan 17
7% Feb 14
6
Apr 15
4% Mar
1484May
8
1
984 Feb 15
42%Mar 1
'i.Marll
100
5
7
preferred.....—-.100
% Jan
4
Stores.......-No par
2% Jan 18
484 MM-20
35
Apr 19
100
109% Feb 17
Southwestern... 100
100
37
No par
Cash sale,
143
114% Oct
16% May
684 Oot
Jan 26
28%May 22
10 May 10
x37»4 June
*11 Jan
r
158% Feb 11
117%
12% Jan 7
10% Mar 10
67% Jan 23
2838May
New stock,
June
6% May
10
Francisco...100
Corp
May
110% May
4
9% Apr 30
$2.60 conv preferred-No par
Savage Arms
100
126
Jan
7«4 Jan 21
7% Apr 21
57%May 23
10
6% preferred......
June
112% May
28% Dec
6% Mar 26
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberoid Co (The)
No par
Rustless Iron A Steel Corp—1
n
Jan
1% Apr 9
22% Mar 12
Hosiery
Richfield Oil Corp
Safeway
Jan 11
63
137
478 Jan
23%May 28
12% Feb 14
23% Jan 8
5H% preferred...
100
Reynolds Metals Co..-No par
6H% conv preferred—100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
6%
6% May
May
21
22
29
90
Preferred
ISt Louis-San
110
10
21
iMay
123% Jan 15
2% Apr 21
38% Mar 14
1778May 1
11 May 2
preferred
100
Manhattan.No par
Rayonler Inc..........
1
$3 preferred
25
Reading Company........60
4% 1st preferred
60
4% 2d preferred...
60
t Rutland RR 7% pref
St. Joseph Lead—
8% Jan
8%May
13% Jan
13% Jan
4034 Jan
58% Jan
119% Jan
29% Jan
50%May 29
conv
7% preferred.....
7
Jan
2
3%May
Raybestos
5
100
Reis (Robt) A Co 1st pref.. 100
Reliable Stores Corp—No par
10
Reliance Mfg Co....
Remington-Rand....
1
Preferred with warrants..25
Rensselaer A Sara RR Co.. 100
Reo Motors v t c
1
Republic Steel Corp...No par
6% conv preferred—...100
6% conv prior pref ser A.100
Revere Copper A Brass.....5
Class A
10
Feb 14
Mar
8384 Feb 15
978May 2
8% Apr 1
1
Radlo-Keith-Orpheum
5% preferred..
*6%
3734
487g
June
1% May
154
No par
Plymouth Oil Co...
ISt Louis
111% 111%
38%
112
100
100
pr pf.100
Pittsburgh & West Va
100
Pit Youngs Asht Ry 7% pf 100
Common
'
8%
*7ie
2934
80
500
3,800
52%
8
Z29%
2914
1,500
7
8%
*4%
2984
3012
1
20
103% *102
*7is
4514
100
28%
44
3712
140
87%
86
*1034
*38
100% 100%
86
*4038
*8ie
900
8,400
*678
28%
44
ht
"""16
78
86%
1034
*3J2
T.ioo
56
78
8
Dec
71
934 Apr 22
7% pref class B
Real Silk
""16
10
678
2878
4312
30
100
1%
*6%
11
3114
100
285g
447g
*30l4
700
18
*17
20
300
60
*85%
43
2
2
634May 27
Apr 23
5% pref class A
5H% 1st ser conv
6%
""300
100
86
*44
1
500
10
634
29
*107g
*7i«
897g
1034
87
8I4
15l2
500
600
1178
7
*412
100
12,100
11,400
934
12
8I4
7
5l2
1534
10%
8I4
*4i2
"""96
8%
56
78
7g
1734
18%
100% *100% 10078
87%
87 lg *86
*734
8%
8I2
7
Jan
2®4 Jan
7%
27% May
2% May
36
May
69
No par
1
Pitta Ft Wayne & C Ry Co.100
7% guar preferred
100
6% preferred
7% preferred
8% preferred
8
*8
7g
I8I4
preferred
$5 preferred
8%
*7
56
1,i«
conv
300
25
*9%
5% June
6
69% Jan 18
Jan 21
30
100
Pitts Coke & Iron Corp No par
600
23%
*56
::
6% preferred
6% pf (ser of Feb 1 *29). 100
*23
8
9% Jan
Dec
42%May 22
3% Feb 7
4% Apr 22
100
Pittsburgh Coal of Pa
Pub Serv Corp of N J..No par
23
60
l
16
61
30
2534
8
2
23
20
25
Flour Mills
4,200
45
19%
12%
25%
*56
1784
18
lOOU 100U *10014
*60i8
1
2,400
*42%
*18%
*11%
*2334
14%
2534
*7
434May
51%May
3584 Feb
234 Mar
*38% Feb
Pirelli Co of Italy "Am shares"
PUlsbury
5%
""300
234
45
18i2
115g
23%
10%
100
Preferred
Mar 28
105
9% Apr 21
9% Apr 21
32%May 15
50%May
116
May 28
21%May 19
97%May 26
300
60
1778
86
*9%
7%
No par
100
No par
5
4
484 Feb 14
2 34
8%
Phillips Jones Corp
7% preferred
Phillips Petroleum
7284 Feb
1
2%
*1%
984 Jan 10
84 May
638 May
87
No par
17~400
*23
13% May
4
Jan
46
8%May 17
Pressed Steel Car Co Ino
"l",500
1%
6
1
Feb 20
79
.....3
Philip Morris A Co Ltd
10
1% May
2038 Jan
25%May 5
40% Feb 18
Phllco Corp
7
29%
Phelps-Dodge Corp
25
Philadelphia Co 6% pref___60
16 preferred
No par
Postal Teleg'h Inc pref.No par
334
25
Jan
May
30% Jan 10
2:5% Apr 17
6
May 19
1,200
50%
*1%
2
6% May
16
15% Jan 31
Petroleum Corp of Amer
6
Pfelffer Brewing Co
No par
2,400
""500
534
7%
10%
*80
15
Jan 31
l6%May
6% Apr 22
99
8934
1034
*93g
3%
*53
56
»i«
8
9%
*56
59i2
*5312
56
84
•
900
Day
116
99
Feb 15
4% May
May
64
9
Pond Creek Pocahontas No par
15%
50%
334
*7
*7ig
*778
58
10
20
50%
*7
2234
*9l2
778
8934
1078
10
35s
50'2
15
1812
9l2
98i2
*80
*80
5034
12
1512
116
116
138Mar24
7
No par
11
116
2
21
Pittsburgh Steel Co
10
50%
5078
9
42% Feb 16
20% Feb 14
500
Exchange
35
117
Jan
3684 Jan
No par
16
*15
16
Feb 14
No par
Pittston Co (The)
15%
Feb 14
21
Pitts Screw A Bolt
Memorial
*163
50%
*2412
C
S4
15i2
22
500
Stock
Closed—
35
*3218
5012
24
*6i2
300
10%
*10
*10
24
86
....
59
10%
111
5
100
tPeorla& Eastern Ry Co..100
Pere Marquette Ry Co
100
5% prior preferred
.100
5% preferred
100
Phoenix Hosiery
90
10%
34
51
10l2
34
*1H2
*100
1034
Jan 30
12
50
Peoples Drug Stores Inc
Peoples G L & C C (Chic)
Preferred 4% series—100
6%
10
*14i4
*8
500
31
48%
934
1434
12
*17i2
*6%
934
24U
*86i2
120
20
31
34% Apr 23
par
No par
100
5% preferred
Pennsylvania RR
$5
5%
Feb 19
2
No par
pref ser A...No
conv
I84 Feb 15
10
Pittsburgh Forglngs Co
7%
*2312
177g
300
1,400'
100
534
*1414
*56
6,400
6%
7%
zl8%
11%
23U
*14%
*5312
600
100
5%
99
*80
*4212
12
"i"66o
33%
55g
5078
10
*258
100
650
100
*45
$7
Penn G1 Sand Corp
II84 Jan
Pet Milk Co
""266
5%
*50
56
56
*10U
*163
*15
16
100
10
712
*116
8958
1034
Jan
87
""40
8
934
*9%
99
48
5,000
534
*3218
95s
934
4
300
215s
9912
43% Mar
7484 Feb 20
5
778
9&s
50i4
117'
No par
13" 100
22
22%
22
2178 2214
2258
22%
*9734
98%
9812
100
9712
98% *97l2 9812 *9734
108% 108%
110l8 10812 10834 *10812 11012 *108l2 111
*118
12234 *119% 122
*118
123
123
125i8 *118
14 ll4 14H4
141% 14134
142
142
142l2 142l2
14212
*112
117
116%
11618 *112
11478 11478 *114
1157g
27% 2734
2712
2734
27l2 275s
273g
275g
275g
22l2
9&8
*
34
15i2
6i8
1284 Mar 28
99% Jan 10
No par
4134
3%
534
7%
938
10
34
*9918
.
56
1034
*163
*163
*58
1534
•
6I4
1
Jan 11
Penney (J C) Co..
Penn-Dlxle Cement
17%
5
106
Penlck & Ford
100
*175
*5
% May
26% June
99
Sept
6% Apr
*163
*175
9
Patlno Mines A Enterprises. 10
2.50
Penn Coal & Coke Corp
11
...
6
100
76
*57g
6
800
Parker Rust Proof Co
No par
200
17%
*4%
Jan
Parmelee Transporta'n.No par
Pathe Film Corp
1
1,000
Davis A Co
«
134May
1% Feb
25%May
17 May
s4 Feb
7%May
50
49
FeD
10
1
xnc
6% Oct
2% May
12
May
684 Jan
6
1038May
1
11
32
6i2
Paramount Pictures
75
48
*614
Feb 27
3,800
*10
*31
*5
101
8118
214
*62
*4714
5
100
278 June
37% Jan 10
7
% Feb 15
7% Jan
3,100
75
514
6i8
48i2
*5
Apr 22
60
4l3g
*2%
*30
6l2
*534
*1012
11
458
32
*62
—
*163
27
Park
734
76
32
75
*70
75
*51
*45i2
1714
45g
5
34
*32
3314
*534
*458
5
4134
*70
*45s
5
No par
300
49
3l8
10
preferred
May
3% Jan
16
Apr 21
Airways Corp
5
Pan-Amer Petrol A Transp__5
Panhandle Prod & Ref
1
800
60
2% Apr 30
Park Utah Consol Mines
214
*458
8
5% Feb 18
2,700
42
14l2
41%
*2l4
4% Jan 10
9
19
29
27
21
1
21
1412
*52
3
1484 Apr
*2I8
5
Deo
Mar
3
1
1
*3914
41%
Mar
160
Park & TUford Inc
15
60
41
139
June
978May 27
42
*70
*412
*30
*534
*62
*51
4114
May
144
95% Feb 14
15
*458
5
59
4078
*70
"
*412
*4%
*51
413s
115
Jan 10
10
2,300
11134
11134 *108
*10934 11134 *10914 11134 *108
11134 *108
24
24%
2312
24
235g
2312
23l2 23%
2334
2334
2212 *2214 22l2
*2112
2214
22i2 *224i
2214
*2134 2214
*3734
3812
*37a4
3818
*37i2 38
3734 3734
*3714 38
*112
212
*H2
2l2
*112
*n2
2l2
2l2
2i2
*112
*834
9%
9
9
87g
878
*834
9%
*914
912
5234
5234 *5212 5334
5312
5214
52i4
53i2
5318
5314
32
33
32
33
32
32 34
32% 32%
32l2
32%
*22
23%
*21
*22
2312
2312 *22
22l2
*2112 23
6%
6%
612
634
634
684
678
678
678
678
*6
6
6
6%
6%
*6
6'8
6i8
6l8
6%
28% 29%
283g 28 34
2834 29
2778
2834
2838 2834
*43
43
43
4278 4278
43
43
*42l4
43
433s
*82
84
84
84l4
*8312
835g
84
84i2
8312 83l2
834
834
9
9
834
9
9l8
9i8
*834
9
74
74
*7334
7434
73
7314
*7312 74%
73U
7314
*107
107i2 *10612 107l2 *106l2 10712 *10612 10714 *10634 107%
*50
Jan 27
160
10
*14
2i8
126
8
100
*39
2i8
6
6% 1st preferred
6% 2d preferred
200
share
May
300
26
I7I4
78
per
116
Pan Amer
conv
Highest
share S
per
147% Apr
No par
Packard Motor Car
4%
$
share
per
1,600
46
80
$
share
100
Pacific Tin ConsoI'd Corp
Pacific Western Oil Corp
9812
1018
per
Year 1940
Lowest
100
6% preferred
""""26
10%
$
Range for Previous
Highest
Parafflne Co Inc
400
1,800
158
*9314
*45
46
8234
2
500
40
39
*14
15
*15
214
2i8
2
-
1018
10l8
15
17
17
*9314
98
978
8
2i8
*3758
23g
2
39
*14
*93
*58
8
7%
1078
IHs
9884
IOI4
15lg
H2
26
1034
112
25i2
*1%
151s
1*8
2534
10%
1038
1078
*96
200
314
714
2*8
115S
9
27%
1023s
*99
101
101
*27
Par
60
*15118 152
7
314
212
151
151
151
7%
3U
*2%
151
Lowest
Pacific Telep & Teleg
*11514 11534 *11514 116
*11534 116
152
On Basis of 100-Share Lots
EXCHANGE
May 28
Tuesday
152
Range Since Jan. 1
NEW YORK STOCK
the
Friday
May 30
Monday
*11612 120
CENT
Thursday
May 29
Saturday
*151
NOT PER
STOCKS
for
LOW
Sales
x
Feb 19
Ex-dlv.
x
34% Jan
7
53% Jan 13
9
Jan 22
9% Jan 27
584 Jan 16
1734 Mar 20
13% Jan 3
4884 Jan 14
7s Apr 5
38% Jan 10
% Feb 8
% Apr 15
6 May 6
8'
Apr 29
7% May
17% July
26
June
hi
%
Dec
Oct
2
Jan
3
Dec
Jan 13
34
May
112% Jan 11
96
May
17
May
45
51%May
7
Ex-rlghts. 1 Called for redemption.
New York Stock
3460
WW
AND
HIGH HALE PRICES—PER HHARE,
Saturday
Monday
May 24
May 26
% per share
i
01.
oi„
9%
9%
*79
81
*7,
*7i«
%
'it
♦1434
15
*1%
2
70
70
♦8i2
*10%
65
8%
*10%
62%
3%
5312
6%
3634
14%
4%
1714
♦4
17%
♦H2
378
May 30
$ per share
$ per share
$ per share
Shares
9%
10%
80
10%
*79%
80
*51%
*4
17
*1%
♦23%
27%
2734
♦101
2814
102% *101
109
♦113
*113
—
*13
*16%
17
13%
*14%
9%
*1634
*132
135
23%
23%
31%
1%
3%
*3
74
-
*17%
32%
1734
*28
327#
30%
*58%
60
5%
"
5%
47
47
9
10%
*62%
*3%
*51%
5%
*36%
4
53%
5%
11
Servel Inc
400
65
*62%
65
4
*3%
*51%
*5%
4
1%
25
*1%
*23%
1%
25
28
28%
14%
*4
53%
5%
4,200
*4
17
17
*1%
*23%
102
*101
113
113
40
40
16%
13
*12%
13%
14%
*14
14%
14%
9%
17g
*13%
14%
9%
147g
10%
11
12%
2278
*28%
*1%
*3%
*—-
147g
16%
*14%
15%
1734
33
*29%
30
60
5%
47
9%
135
23
30
107g
12%
23%
*28%
1%
9%
1%
14%
16%
15%
135
*10%
11%
11%
12%
127g
23%
12%
23
23%
30
30
1%
1%
*3
3%
17%
—
17%
*17%
*17%
33%
33%
30
30
*58%
*5%
245%
35%
60
30
.
34%
4,900
31%
100
*58%
5%
45%
36%
60
*38
*4%
*34%
6%
35%
3
38%
4'%
37
*2%
234
*4
4%
*5%
*32%
*2%
38%
6%
35%
278
*5%
*32%
*2%
38%
4%
4%
37
*38%
4%
*34%
*2%
*34%
2%
*4
2-%
4%
*2534
*34
*11%
97g
26%
7g
9%
978
*97
98l2
307g
42%
97%
98
30%
42%
4%
3034
42%
10
10
*30%
42%
4%
*10
*7%
*1%
*61
*4%
*978
*5
1*16%
*1%
*18
13
4%
11
*81
*11%
*27%
3778
934
*11%
*34
*11%
8%
*7%
1%
1%
*61
66
2578
7g
13
10
4%
10%
5%
5%
17%
*1634
17%
4%
*1%
1%
*17%
18%
634
*30%
10%
68
6
31
1034
68%
112% 112%
137g
137g
37
*2%
2%
4
4
26%
*%
26%
13
10
978
*96%
13
2,400
400
500
1,900
2,500
500
5,900
300
*1%
17
*411
10%
*9%
5%
5%
17%
1%
17%
*6%
7
30% 31
10%
10%
67% 68%
112% 112%
*13% 14
79% 80%
*81% 82%
11% 11%
*27% 28
39% 40%
9%
9%
11% 11%
111
43%
*17%
111
2",000
500
1,900
900
8%
82%
11%
*27%
Z38
9%
11%
'"166
4%
10%
5%
I/266
60
6,400
470
700
1,400
82%
500
11%
700
28
"8",300
2,000
40
Jan
4
23
66
Jan 11
56
8~I6o
%
22
t In receivership,
15
4
5,700
a Def.
Apr 14
Apr 7
Feb 28
l9%May
5
17% Mar
4
w.l
5% Feb 14
50
Telautograph Corp
32
5
Tennessee Corp
Texas Corp. (The)
delivery,
127
4
10
30
n
7
Dec
36
Dec
5
MarlS
3
May
20
June
4% Jan
Jan
2% June
30
6
6
6
34
Jan 10
1% Jan 18
June
2%
Feb
4
Jan
25% May
1
May
8
May
8% May
Jan
9
10%May
6
Mar 17
99% Jan
6
34% Jan
6
18
51% Jan
2
35% May
4% May
10% May
5
Feb 17
Feb 19
18
5% Jan 13
17% Jan 2
8% Jan
7
2
Jan
9
75
Jan
9
Jan
9
5%
10
Jan 16
May 23
7% Jan
6
19% Jan
7
1
Mar 25
16% Feb20
6%May 22
30
par
FeD 14
9'4 Feb 14
par
60
par
Feb 14
par
*111% Jan 30
25
100
1234 Jan 2
75% Mar 28
80
Mar
4
ll%May 26
25% Feb 19
34% Apr 19
9%May 15
5
5
No par
ll%May 27
109
May
1
40%May 2
16% Apr 23
«»May 26
18% Apr 21
par
No par
Cash sale,
10% Jan 23
40% Jan 21
37%May 13
1
Jan 17
100
r
Oct
3% July
May
16%May20
par
New stock,
5%
6
May 28
4
...1
Corporation...No
2% May
26% May
6
x
Ex-dlv.
y
1% Jan 10
24
9%
Jan 10
Jan 13
34% Jan
12% Jan
70% Jan
115
6
4
6
81
May
May
4% May
1% May
64
Aug
3% May
6% May
5
May
14
May
l%May
13% May
6% May
21% June
9% May
59% June
Jan 15
105
14%May 6
85% Jan 10
85% Jan 13
13% Jan 2
112
May
May
71
May
70
June
13
Dec
29% Jan 10
22%
44% Jan
9
31% July
17% Jan
9
12
14
Jan
May
Jan
9
113% Feb
6
12% May
108% Nov
50% Jan 10
42% May
20% Jan 15
12
1% Jan 7
30% Jan 10
26
Ex-rights.
Dec
Jan
Apr
Jan
Feb
65% May
125
Dec
Jan 18
9% Jan 30
par
8%
12%
12%
May
45
9%May 15
6% Mar 25
1
Apr 16
66 May 16
10
Feb
May
May 21
4%Mav 26
100
53 preferred
12%May
Jan
38%
80%
8%
May
6%May 12
5 May 29
Jan
Jan
Jan
May
33
Jan
Jan
Apr
May
27% Feb 19
Union Prem Food
Stores.Inc. 1
Union Tank Car
No par
United Aircraft
United
3%
4%
28%
2%
4%
Dec
29
May
39
Twin City Rapid
Tran.No par
Un Air
Jan 24
3
Apr 22
Feb
Jan
Apr
Apr
46%
xl7% May
16% Aug
4% May
ll%May 14
9%Mar 6
.No par
No par
7%
18%
22%
26%
Oct
96
TrI-Continental Corp.——.1
2%
May
3
% Apr 16
par
Corp
Lines Transport
19% Jan 14
7% Jan 2
6% Jan 7
4% Jan 8
35% Apr 7
2534 Apr 30
10
Tlmken Roller
Bearing.No par
Transamerica Corp
..2
Transcont'l & West Air Inc._5
Transue & Williams St'l No
66%
40%
9% May
20
3
2% Apr 23
4
1%
6
4
38
Feb
Apr
Dec
58%
11%
7% May
12% May
6
Jan
23% Jan 2
4%May 2
24% Jan 27
18
2% Mar
63.50 cum preferred.No
par
Tide Water Associated
Oil.. 10
54.50 conv pref
No par
Timken Detroit Axle
Co.
Jan 10
2%May
4
5%May 19
32%May 14
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Inc._No par
Tompson-Starrett Co.No par
4% preferred
4
38
1
7% preferred
Jan
14
100
CorpNo
46% Aug
118% May
22
19
47
38%
5
3% Jan 16
9% Jan 8
40%May 21
4%May 12
.........No par
—
6
5
May
5^4 May
Jan 22
122%May
9
Dec
6
8% Jan
par
Texas Pacific Coal & Oil... 10
Texas Pacific Land Trust
1
Texas & Pacific Ry Co
100
Truscon Steel Co
20 th Cen Fox Film
Jan
2%May 2
7% Apr 23
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur...No
63 div conv preferred
Feb 15
4
8% Jan 10
8% Jan 7
58% Jan
May
May
4% May
8% Jan 10
5% Jan 28
34% Feb
2% Feb
31% Apr
5%Mar
3s4 Feb
5
25
5% preferred
100
United Carbon Co
No par
Unlted-Carr Fast Corp .No
110
700
*19
116
Sweets Co. of Amer (The)..60
Swift & Co
25
Swift International Ltd
Truax-Traer Corp
May
Apr 16
United Biscuit Co
18%
6
4%May26
Apr
112% Dec
7% Apr
Feb 14
60
May
2334
113
12% Mav
16% Oct
20% May
29% June
6
6%Mar 4
3%May 5
5% Apr 23
Jan
72
May
62
800
43
23%May
31
17
Under Elliott Fisher Co No
Union Bag & Paper
No
Union Carbide &
Carb.No
Union EI Co of Mo 55
pfNo
Union Oil of Calif
onrla
Union Pacific RR
111
21%
34% Feb 19
Jan
Apr
June
1
May
2% May
9% May
38%May 6
39%May 21
21
400
43
21%
Feb 14
3%
7
98
1% Jan
4% Mar 20
21% Mar 21
22% Mar 21
33
Dec
39
5
%Mar21
2% Feb 15
10% Feb 19
12% Feb 14
17% Mar 4
25% Mar 6
May
112
113% Feb 14
Apr21
56 preferrred
Jan 24
6% Jan
Jan24
13g Feb 27
11% Apr 14
18%May 15
Twin Coach Co
1,400
116
5% Apr26
Superior Oil Corp..—
1
Superior Steel Corp
100
Sutherland Paper Co.—-.10
200
38%
9%
11%
lll%May29
111
4% May
34
51.50 preferred...„No
par
111
*17%
Bid and asked prices; no Bales on this day,
""700
1%
65
*16%
17%
*1%
1%
*16%
18
6%
6%
*30% 31%
10%
10%
67% 69
*112% 112%
13%
14
x78% 78%
43%
18%
•i#
21%
1%
*61
46
117%May 29
734 Apr 22
The Fair
33
May
19
May
45% May
26% May
5
200
60% Oct
14% May
38% Jan
z37% Jan
Apr 21
3%May 10
"MOO
Mar
10
100
w
1% May
3% June
20% Jan
Class A pref (434%
cum) 100
Sunshine Mining Co.100
Superheater Co (The)..No par
Symington-Gould Corp
Jan
par
No par
preferred
Jan
Jan
36% Jan
5
Jan
20%
34%
4% Jan
60
15%
May
31% Feb 19
Webster.....No par
Studebaker Corp (The).
1
6%
8
44%May 10
Stone &
Sun OH Co
2
6% May
13% May
17% Nov
58% Jan 21
6% Jan
57% Jan
1
600
4%
26
Apr 21
9
2,100
65
29
27% Apr 25
66% Mar 19
Without warrants
10%
*61
5
Talcott Inc (James)
534 % Partlc pref
50
200
10%
97%
Mar
100
13
9%
*96%
60
700
*7
*16%
12
2778
39%
200
*9%
18
39
100
8%
1%
17%
1%
*11%
700
500
978
17%
*6%
*30%
10%
67%
*27
500
5
9
Stewart-Warner Corp..——5
Stokely Bros & Co Inc
1
30
280
1,703
978
*16%
*1%
28
700
4%
*4%
*97g
5%
81%
11%
2,400
2,600
4%
4%
10%
5%
81%
11%
500
4%
*4%
*97g
5%
79%
81%
700
400
aa
*7
79%
81%
Starrett Co (The) L S—No
Sterling Products Inc
100
27
%
8%
1%
14
Standard OH of Ohio
100
800
*4%
1%
prior pref
No par
prior pref
No par
Standard Oil of Calif..No par
Standard Oil of Indiana
25
Standard Oil of New Jersey. 25
900
""300
31%
14
24,700
May
May
par
par
42
10%
68%
112% 112%
13,600
10,300
100
2%
4%
42
7
31
cum
37
42
65
cum
67
No
Preferred
42
*61
66
200
preferred
Therm old Co
42%
4%
978
978
64
100
140
42%
4%
1,700
400
31
97g
-100
May
23% May
28% Jan
zl7%May 22
1
Brands..
No par
64.50 preferred—..No par
Standard Gas & El Co.No par
128
26% Apr
32%May
Standard
4%
*11
97%
"i'soo
Square D Co
5% conv preferred
38%
31
81%
27
78
*11
3834
97g
9%
9
12
11%
12
10
110
*109
11434 "110
114%
4334 4334
4334 4334
*43%
44%
*17%
18%
*17%
19
*17%
18%
%
»ie
'
%
%«
21
21%
21%
21%
21% 21%
•
*35
5,300
36
30%
80
3834
978
*11%
*4
250
16
Mar 31
2
1
May
Aug
MarlO
150
11% Apr 26
12%May
14%May
Jan
3
1]
10
21
Jan30
19% Feb 14
23% Mar 13
par
7% May
1% July
2% Apr
15»4 Jan 23
11% Feb 15
conv
Thatcher Mfg
No par
63 60 conv pref..—.No
2%
Dec
8
pref A......No par
Spiegel Inc..—.
.......2
Conv 64.50 pref....No par
120
1,800
6
97%
79
*27
26%
78
36
278
38%
4%
*38%
*5%
*32%
2%
38%
4%
*34%
2%
*3%
30
80
1134
29
39%
97g
12
2%
41,1
6%
97g
97%
*7
66
35%
2%
38%
4%
37
*5%
*32%
*2%
30
*1
5%
1%
*11
1%
4%
*978
19
26%
*%
8
4%
10%
7
*634
*30% 31
10%
10%
68% 69
*112% 11234
*137g 14%
80
257g
*4
6%
63
1,700
-
*5%
*32%
*2%
Sperry Corp (The) v 10
Splcer Mfg Co........No
30
45%
*35
35
35
3534
36%
37%
112% 112% 112% 112%
112% 112%
111% 112%
5%
5%
5%
5%
5%
5%
5%
5%
*107
111% *106
110
11034 *106
*108
110% *107% 110
7J«
716
716
*%«
%
%
7u
%
%
%
2%
2%
2%
2%
2%
2%
2%
2%
*2%
2%
*15
16%
17%
17% *15
15
15
<16% *15% 16%
*1734
18% *15
1678
17%
*17
17%
18
*16%
18%
22%
22% v 21%
22
2178
22%
21% 217g
21%
21%
29% 2934
29%
29%
287g
29%
Stock
28% 29%
28% 28%
36%
37%
36%
3634
36%
37
37
36% 37%
37%
39
39
*3734 39
38%
39
39
39
238% 387g
Exchange
*35
35
35
35%
*34%
35% *34% 35% *34% 35%
55
55
55
5434 5434
55
55%
55
53
Closed—
55
*678
7%
7
67g
67g
*67g
26%
6%
6%
6%
*3%
3%
*3%
3%
3%
3%
3%
3%
*3%
3% Memorial
6
6
534
534
5%
5%
5%
5%
5%
5%
*434
478
4%
434
4%
478
4%
47g
4%
Day
4%
54% 54%
*53
54
54%
55
53% 53%
53%
53%
*116% 116% *116"iiU6% 11613JJ1161332 *116»«116%
*11613a2ll6%
*121% 1217g
120% 121% 119% 120
*118% 119% 117% 118%
8% r 8%
8%
8%
8%
28
8%
8%
8%
8%
*15%
16
15%
15%
15%
15%
16
15% 15%
16
*2
*2
2%
2%
2
2%
2
2
2%
2
*12%
13%
12%
12% *12%
13
*12% 13%
12%
12%
*18%
19
*18%
19%
187g
*18
187g
20
*18
19
*4
6
*4
5%
*4
4%
4%
*4
5%
5%
21
21%
207g
21%
20%
21
20% 2078
Z20%
20%
18%
18%
*18%
18%
18%
18%
18%
18%
18%
18%
*5%
6%
534
57g
*5%
6%
5%
5%
*5%
6
*534
578
5%
534
5%
5%
5%
5%
5%
5%
*4
*4
*4
4%
4%
4
4
4%
4
*3%
35% 35% *34
36
*34
35%
35% 35% *34
38
*3
*2%
3%
*3
3%
3%
3%
3%
3%
3%
*7%
778
*7%
734
*7%
7%
*7%
8
*7%
7%
39
39
3934
39
39%
39%
39% 39%
391.1 39%
334
334
3%
3%
3%
3%
3%
3%
3%
3%
34% 34% *33% 34%
33%
34%
34% 34% Z33
34
*6%
(
6%
6%
*6%
6%
6%
6%
6%
6%
4%
4%
4%
4r,8
4%
4%
4%
47g
4%
5
*10%
11
107g
11
*10%
11
*10
11
*10
11
May
14
22%May 8
10%May 16
65.50 preferred
No par
Spencer Kellogg & Sons No par
S^g
5
1534 Jan
9%May
3
15%May 29
Mobile & Ohio stk tr ctfslOO
33%
*30%
5%
45%
1334 Apr
Sparks Wlthlngton...No par
Spear & Co—.—-.-1
17%
May
May
10% May
8
135
100
200
Jan
67
105
19% Mar 17
1% Jan 2
13
Feb 19
Southern Calif Edison
25
Southern Natural Gas.Co.7.50
1,100
1%
Jan 27
9
Southern Pacific Co..-No par
Southern Ry.......—No par
5% preferred---
Jan
8% Mar
8% preferred-.-...——100
300
1% May
13% Feb 28
80 Porto Rico Sugar...No par
19,400
2,700
1,300
112
114
5
14% Feb 19
South Am Gold & Platinum-1
S'eastern Greyhound Lines..6
"i'soo
Feb 15
Feb
112
10
Smith & Cor Type v t c.No par
3%
74
74
33%
58%
58%
5%
5%
46%
46%
34%
35
112% 112%
5%
5%
1%
*3
3%
*
95
No par
Socony Vacuum Oil Co Inc. 15
30
May
7% June
3% May
17% May
12% June
300
12%
23%
4
Jan
12% May
Snider Packing Corp...No par
11
34
May 20
5
21% Jan 10
2,100
23%
Jan 30
15
May
2% Jan 20
2734May 12
2834May 10
200
11%
40
Apr 18
3
1% Mar 28
200
135
23
40% Aug
4% May
16% Apr 16
22,700
2,000
15%
*132
23%
10%
4
May
23% Mar 28
18% Feb 19
J6 preferred..
Smith (A O) Corp
500
1%
14%
30
74
*17%
16
23%
10%
1078
1%
*3
—
32%
*29%
*132
23%
10%
11%
12%
23%
*10
3%
*58%
5%
47
1%
147g
16%
74
*17%
3234
1%
14%
9%
*1%
9%
16
Oct
%
10
Simms Petroleum
2,600
*112
16
13
8% June
8% May
51% Aug
Jan.
% May
Slmonds Saw & Steel-.No par
Skelly Oil Co
15
Sloss Sheffield Steel & Iron. 100
100
"
28%
102%
1% Sept
61% May
14
35% Apr 19
10% Jan 21
Simmons Co.......—No par
11
7134 Jan 17
4% Feb 8
5534 Jan 14
534May 7
4% Feb 19
4
May
107% June
101% June
10% Jan 21
61
Feo 19
3% Apr 23
61% Feb27
Shell Union OH
15
Silver King Coalition Mines. 5
"""666
1%I
28
102
90
25%
No par
No par
$3.50conv pre!BerA.No par
Shattuck (Frank G)
No par
Sheaffer (W A) Pen Co .No par
"""866
37%
14%
4%
No par
Sharpe & Dohme
900
*36%
14%
1
Sbaron Steel Corp
$5 conv preferred
50
*17
28%'
102%
4,700
11
8%
17
14%
4,900
9
Seagrave Corp
No par
Sears Roebuck & Co...No par
16%
11%
13
23%
♦28%
*1%
9
10%
69
7% May
64% July
34
2% Mar 11
7834 Jan 2
100
69
Highest
5 per share
% Jan 3
% Jan 9
15% Jan 10
% Jan20
12% Mar 3
1% Apr 29
67% ADr 22
8%May 22
10% Apr 23
*4
*132
9
preferred-.—.—100
Seaboard Oil Co of Del.No par
13
23%
10%
11%
12%
23%
31
1%
% Jan
par
share
per
38% Mar 28
115% Mar 27
111% Jan 10
Feb 14
200
16%
135
108
600
13
23%
par
par
%
4-2%
Year 1940
Lowest
11% Jan 10
87% Jan 24
2
14%
2%
69%
*113
*132
May
*%«
17
134
14%
16 34
80
33%May27
111% Jan 4
*14%
*1%
17
134
*1434
16%
8% Apr 15
,v
par
7ie
2%
69%
13%
23%
10%
*10%
11%
♦12%
50
1,700
5
14%
53%
5%
37%
14%
4%
17%
9%
5
100
Scott Paper Co
20
%
*16
14%
9%
1%
14%
17
*%,
*13
14%
9%
]34
147g
109
%«
3634
14%
4%
102% *101
800
112%
Schenley Distillers Corr
5H% preferred
..No
14.50 preferred
No
$4 preferred
No
tSeaboard Air Line..-No
500
34
112
share
per
7i»
65
♦334
*51%
5%
3634
28
81
234
$
*14%
2%
69%
9
11
1%
*23%
27%
Par
4,600
Range for Previous
Highest
%
2%
*10%
17g
26
Lowest
14%
*62
53%
5%
3634
14%
4%
17%
5%
26
*%«
%«
10%
May 31, 1941
Range Since Jan. 1
On Basis of 100-Share Lots
Week
*16
14%
*178
6834
834
4
*36%
14%
1%
♦23
178
69%
8%
11%
♦62
3%
*51%
6%
*36'2
14%
%
1434
2%
70
8%
11%
62%
14%
*
%e
9
EXCHANGE
Friday
34%
34%
*33% 34
*112% 113% ♦112% 113% *112% 113
♦10812 1097s ♦108% 10978 *108% 109
108% 108%
%«
STOCKS
NEW YORK STOCK
the
Thursday
May 29
113
<■1#
Sales
Wednesday
May 28
$ per share
9%
93j
*79i2
81
3378
34 %
3434
3414
113
CENT
for
Tuesday
May 27
$ per share
oic
ax.
9%
*79%
81
NOT PER
Record—Continued—Page
May
1% Dec
Dec
^ Called for redemption.
Dec
Volume
New York Stock
152
Record—Concluded—Page 10
3461
AND
May 24
$
*3%
*1%
*6112
6%
108
3i8
*li2
3%
1%
21
334
35i2
62
7
*2034
*3%
»34i2
$ per share
3
3
67g
108
110
878
87g
*27«
318
234
3
*2%
*8512
*11%
*258
*85i2
90
12
*834
11%
*8%
934
5812
58
*85i2
*10i2
11%
9l2
57
*175
65s
*6%
678
42
42
*41
44l2
23
23
*2212
*684
23
312
312
3%
*6i4
*67%
6%
612
*41
2234
3%
*3i8
*26%
2634
1*29%
^*21%
3134
22
H8
32
*295g
22
*2H2
*67i2
26i4
26l2
*26i4
*2958
*2114
3134
22
1
21%
2014
91
91
*62
*8912 90%
*61% 63%
71% 71%
5218
52%
11734 11778
23%
2334
*44i2 47%
6314
71U
*70l2
5314
5234
118
118
2312
45-%
*1
23l2
453s
*"i«
*43
*11
13
*11
*46l4
*140
*14612 153
*%
*15
2312
*12%
*25i2
IUI4
*3912
%
1714
2,300
1
1
207g
2 lis
14,400
*44i2
8978
61i2
71i4
5384
11714
23%
47i2
1
1
*43
49l2
*11
13
*11
5278
x23i2
300
*11
13
150
conv cl
*15
15g
*21
*15s
15g
223g
2114
134
2H4
*21U
2134
2134
*21
22
*H2
134
1%
1%
*1&8
*2n2 22l2 *2112 22i2
*116
116i2
*11614 117
163g
*1434
16%
*1434
*11614 117
*116
117
*13i2
16
*14
16
*3718
40
*38
40
*32i8
3234
32
3218
32i8
*32
96
93
93
*91
96
*91%
96
141
*136
141
*136
141
116
3234
*91%
*21%
*136
*l8
^8
*18
'<
*16
9ie
1
10
50
50
100
25
1
United Stores class A
5
No par
No par
100
Universal Pictures 1st pref.100
Yadsco Sales
No par
1914
*8%
*187S
99%
4'8
26
26
137g
*1312
*131s
*l2
«16
*15i2
1714
*12
*15i2
314
16
*59i2
64
*59i2
64
*334
414
*26l2
1912
*1414
*25
26i2
*25
*1834
195g
*18i2
19i2
*14
15
*14
15
*18%
*14%
15U
*15%
2%
*2%
197g
14i4
1512
*15i2
2%
*238
15l2
2i2
2l2
*23g
21
*2114
22"
21
"21
*65
725g
*65
72%
*65
72
*65
*95
98
*95
98
*95
98
*96
21
104
114
*15
16
99
27
*234
27g
*234
3
*6
7
*6
7%
*5g
2234
18%
8818
*%
2238
1834
84
2314
1834
2834
29%
109
*55
2834
29
29
109
*55
76i2
*2212
*22
&*63%
68
*61
1H2
*1H8
L*1338
4ig
40
,
tWabash Railway Co
100
5% preferred A........100
No par
Walgreen Co
No par
108
108
600
2234
97%
2234
*66
697g
1112
*11%
76l2
97l2
23%
*9514
*22l2
68
*61
2234
6712
*9514
*2214
11*2
*11%
11%
76%
97%
1312
13%
13i2
1334
1334
1334
13%
43g
*41S
43g
*4i8
4%
*4%
4
*4
*45
50
*45
50
*45
220
130
""166
1,600
**21%
w.
2
* *lh
*21
23l2
*2112
23%
*21%
5,600
2,900
2,400
*2
2
lh
15g
23g
2
1*2
*2
2
15s
15s
2
23g
1%
H2
33g
3i8
3U
*3i8
3%
3's
3%
4i4
43g
414
67%
675s
414
67&s
414
6714
414
67i4
43g
67i4
6734
1%
*3%
43g
6734
*314
♦
115
*26%
27
27is
2714
*1834
l-»i4
*90i2 100
*86
92i2
*5512
5712
*59
60
*88
95
*60
64l2
*18l2
19
13
13
*11734 11812
10
*9i8
3278 327g
*83
15%
*11
1^4
•
91
*
115
*26%
26i8
26%
27
*
115
*26"
27l2
26i8
26i2
♦
*26 "
2612
*19
4%
68
2634
2634
19%
'"""90
100
100
600
1%
3.300
3%
400
4%
1,600
68
500
*25%
26%
26%
2634
19
19%
"""166
11,400
500
*90% 100
*9012 100
*90% 100
92l2
*86
*86
9212
*86
92%
*55i2
57%
*56
57i2
56i2
5612
*56
58
100
5934
5934
*59l2
6012
5912
61%
200
*86
95
59i2
94l2
627g
*59
91
*88
*6234
1834
64%
*6234
1834
127g
19
64%
*91
627g
93
*62%
*1834
93
64%
10
100
19%
200
13%
1183s 1183g *11714 11S12 *11714 118i2 *117% 118%
10
10
934
9l2
9i2
*9%
97g
97g
33
325s 3234
3234
33U
3214
3212 32i2
2,900
127S
*81
89
15%
1H2
*155g
157g
Ills
Ills
1^4
1?8
2
-
1278
*82
19
13
86
*18
13
*81
1534
III4
1534
III4
1534
*m8
178
178
193g
13
*81
1534
*15
*178
Bid and asked prices; no sales on
13%
86
1H2
this day.
2
11%
*178
12
Apr
38
3
May 23
31% Mar 29
20
300
1,600
86
15%
"300
11%
300
2
t In receivership,
Jan 2
Jan 11
2%
27%
117%
20%
Feb
Jan
1
2
Jan
4
33% Feb
5
42
89
Feb 15
100
Mar 12
135
Mar 27
136
Apr 17
% Apr 15
4
*i« Jan
8
Jan
2
62
Oct
60
Aug
1% May
14
May
109
May
May
5
48
35
Jan
Nov
120
June
135
May
%
Oct
»u
Dec
5% May
3%May 13
13%May
5% Jan
9
6
No par
% Mar 24
..100
13% Apr 19
2% Feb 19
7% preferred..
6
No par
preferred
100
No
par
100
100
7% preferred
6% preferred
63
Jan
2
% Mar 11
6
Feb
4
4% 2d preferred
6% pref... 100
Western Union Telegraph. 100
Westlnghouse Air BrakeNo par
Westlnghouse El & Mfg
Jan
2
3
500
d Def. delivery,
16%
9%
Feb
Jan
13% Aug
2
May
May
30
% May
3% May
1%
25%
Jan
Jan
4%
Feb
60% Dec
2% Sept
12% Sept
34% Nov
28% Feb
22
May
May
13% May
20%
14
24
6
Feb
5
80
Feb
6
80
16% Mar
3
2%May
80
65% Mar 6
97%May 29
101%May 29
97
May 19
112
Mar 31
104% Apr 26
23% Mar 3
100
100
Mar 21
Jan
June
3% Dec
% May
10
20
100
Co.-.10
1
9% Apr
35%
9
15% Feb 19
Maryland...
63
6% Nov
18% May
6
6
7
No par
Western
6
2% Apr 28
Jan
5
T« Feb
1
6
18% Feb 13
17% Apr 22
86%May 5
120%May 2
28
May
8
30
Jan
23% May 10
74% Jan 18
106% Jan 25
115
Jan 10
1077g Jan 18
117% Jan
18
Jan
3
7
105% Feb 10
28% Jan 2
3% Jan
7% Mar
l%May
24%May
22
28
13
21
May
2% May
Dec
4%
80
Apr
Jan
Feb
Dec
15% May
58% Aug
29%
75
Jan
June
110%
Apr
115
Apr
June
198
Jan
108% May
120
91
96% May
80
11
May
100% May
June
21
2% May
4% May
Dec
14% May
15% May
%
22% Jan 10
105
Jan
2
76
Mar 22
110
May
May
34% Jan 10
26
Jan
141
Jan
23% May
10478 Deo
16% Jan
20% Jan
4% Jan
Feb 19
19%May 23
14
May 14
15%May 28
pf. 100
Western Auto Supply
Jan 22
378 Apr 17
1%
Jan
2% Jan
9% Nov
23% Jan 13
25
West Penn Pow Co 4
6% preferred..
1
177g Jan
Jan
Apr
110
112% Feb 13
May
15%
Jan
Nov
May
No par
4
4%
31%
120
71
30% Jan
17% Apr 22
97
31% Mar
36% June
28% May
% Jan 10
"it Jan 17
27% May
Apr
Oct
25% May
105
407i
Apr
Apr
5
Jan
8%
Apr
1
Jan
28%
Jan
28%
Jan
118
Jan
140
Nov
37% May
38% Feb
109% Deo
Jan
3
110% Jan
6
108
Dec
50
May
80
Oct
Apr 28
100
Jan
2
85
May
103
Nov
Wheeling Steel Corp...No par
$5 conv prior pref—No par
White Dental Mfg(The SS).20
21% Apr 18
64
May 19
10% Jan 7
30
Jan
3
18% May
76
Jan 14
12
Jan 22
1
12% Feb 14
17% Jan 9
7% Jan 13
Prod..No par
No par
$4.50 preferred
Wheeling & L E Ry Co
5 Yi% conv preferred
White Motor Co
27% Apr 17
Apr 16
105
36
100
100
C0N0 par
White Sewing Mach Corp.-.l
$4 conv preferred..—No par
Prior preferred
20
Wilcox Oil & Gas Co
..6
Willys-Overland Motors
1
6% conv preferred
10
White Rock Mln Spr
.No par
No par
6% pref.100
Woodward Iron Co
10
Woolworth (F W) Co
10
Worthlngt'n P&M(Del)No par
7% preferred A
—100
6% preferred B
100
Prior pref 434% series...100
Prior pf \W7o conv series 100
Wright Aeronautical—No par
Wrlgley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
Yellow Truck <fc Coach cl B..1
Preferred
100
Young Spring <fe Wire..No par
Youngstown SAT... -No par
5 H % preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Wilson & Co Inc
$6 preferred
92
4
Apr 21
4
Feb 14
41
Feb 15
5% Jan 10
Apr
8
n
New stock,
r Cash
sale,
7478 Nov
11% Apr
17% Deo
11% Apr
7% May
57% Mar
24% May
4% Mar
3% May
38
14% May
3
1% Apr 16
3% ADr 18
5% Jan 13
4% Apr 24
65% FeD 15
5% Jan 25
Jan
Oct
Jan
3%
Jan
1%
3%
Apr
3
Jan
6%
Apr
1%
Apr
4
3% May
25% Apr 21
26%May 26
16% Feb 19
93
Mar 15
85
Jan 30
54% Feb 17
58
Feb 13
86
Apr 23
6278May 28
17% Apr 24
11% Apr 21
114
Feb 25
9% Feb 19
30% Apr 18
83
Apr 26
13% Apr 16
10% May 16
1% Apr 23
t Ex-dlv.
33% Jan
34% Jan
7
7
9
99% Mar 27
92
Apr 3
60% Jan 28
64% Jan 28
101% Jan 9
24% Jan
80
Jan 11
22% Jan 8
17% Jan 10
120
12%
42%
94%
18%
45
June
116
74
Jan
1584 May
May
30
13% May
55
June
Apr
Mar
102%
Oct
July
95
Oct
29
June
68
Nov
39
June
91
June
129
Apr
73
May
93
Apr
25
Jan
15% May
9% May
08
Jan 11
Jan 6
Jan 31
Jan 6
26% June
80
May
3
8% May
6
2
t Ex-rights.
7%
70
121% Mar
34% Nov
42% Apr
24% May
60
Jan 10
16% Apr
2% Jan
Apr
May
50
l%May
35%
7% Aug
7% May
61
25% Mar 28
2%May 12
2% Jan 11
20% Feb 14
Wisconsin El Pow
*86
92l2
1% Apr 14
19% Apr 22
115% Feb 17
Jan
Aug
25% Mar 24
Westvaco Cblor
230
1834
*9012 100
1914
Feb
May
May
300
*19
1834
Apr
19
56%
June
100
210
115
*_
115
2
Mar 26
3
60
1st preferred..
60
Weston Elec Instrument. 12.60
23%
*4%
414
July
35% May
16% May
Western Pacific
50
23%
4
112
89
$4 conv preferred
300
4
50
*21
2
9
6
2
West Penn El class A..No par
4%
4
*45
4i4
115% Jan
44% Jan
6
Wesson OH <fc Snowdrift No par
1,500
50
Jan
3
*i» Nov
6% Jan
"""16
13%
4%
23l2
*4
Dec
June
105% Jan
Class B
400
11%
Ji *45
I
Jan
128
69
1
No par
Dlv redeem pref
*67
*lll8
*55
18% Nov
70
159
May 21
W7c pref with warrants 100
Walk(H)Good & W Ltd No par
76%
*95%
2234
76%
95
Apr
Dec
May
45
4
4
4
7
109
12% May
Apr
2%
63%
134% June
9% Apr
22% Jan
Walworth Co
200
*55
*55
June
Deo
2%
60
West Va Pulp & Pap Co
23%
19%
*108
.100
......
Waldorf System
16
2234
187g
86%
41
Ward Baking Co cl A..No par
600
840
3
*4i8
1312
41g
5% pf 100
Virginian Ry Co
25
6% preferred...
25
Vulcan Detlnnlng Co
100
300
19%
109
No par
7% preferred
8634
86i2 87l4
87&g
129%
12978 *124
12334 12334 *124
29%
*27%
29%
*2714
29i4
*27i4
29
29
*28%
30%
*28)4
30l2
*108
40%May 23
24% Jan 15
6% dlv partlc preferred-100
Va El & Pow $6 pref
2%
233g
9
67
Wayne Pump Co....—
1
Webster Elsenlohr
No par
187g
% Jan
2
Mar 13
500
22i2
Mar 10
Mar 26
No par
Va-Carollna Chem
100
78
78
158
20
16
19
Jan 21
67
Waukesha Motor Co...—...6
23
16% Jan 10
59% Jan 15
157
6
100
*%
Jan 10
100
.100
non-cum pref
Victor Chemical Works
100
*6
1% Jan
50
Apr
60
39% Mar
117% Apr
49% May
100
78
7
4
39%
22%June
15
7%
1% Jan
Nov
130
Jan 15
13.85
*5g
29% Dec
42% June
1% Dec
1
May
4
26
26%
19%
*234
103% May
Jan
48
Feb 13
JWarren Bros Co
No par
$3 preferred....
No par
Warren Fdy & Pipe
No par
Washington Gas Lt Co-No par
112% 113
*15
Jan 13
33% Jan 13
Feb 14
5
Vlck Chemical Co
120
23.4
*6
7
185g
8678
*108
2934
23
*m8
98
234
278
*5g
2212
87%
95
,
78
124i2 124I2
29i4
*27i4
95
95
16
1834
88i2
109
*15
*234
*55g
23
1297g
*123
16
*1514
104%
130
Apr 10
72%
114
97%
67% Nov
*73% Dec
76% Nov
114
""600
22
113
39% May
60
May
42
May
222
934
97%
97%
101% 102
98
97%
104
Jan
Apr 4
Jan 29
70% Jan 6
Apr
6
7% 1st preferred
5,000
97%
Jan
117
100
2,700
3%
*21%
1%
41%
68% May
Van Raalte Co Inc
Warner Bros Pictures
*65
% May
May
Apr 4
Jan 11
19
•u
7212
15
25%
94%
65%
76%
Jan
437g Mar
Memorial
10434 10434 ♦1045g 105&S *104% 105% *104% 105%
2634
26i2
26%
2634
26l2
26l2
2612 26%
*10434 1055g
*26i2
~22
11334 114
11434
9712
*21
Nov
May
*80
10414 10414
99
*97l2
104
10412 104i2
99
*9712
<114% 114l2
15i2
*1514
*634
*80
*80
*80
*80
1512
15U
*2%
16
58
7
24
38%
June
"it
*25
26i2
*2l2
62
%
634
26i2
15l2
33g
Apr
Dec
12
62
*59i2
64
6
1414
*59%
3U
*n Jan
39
22
25
200
16%
•16
6i2
*19
*%
*15%
3%
618
26i2
58
6i2
15
15i2
*i2
133
27% June
4
4%
15is
2
May 20
Jan 17
21% June
6
1378
*334
3U
9u
*9u
1912
*13%
4U
»i«
*59i2
%
27
1378
*334
48%May
140
31% Jan 11
34% Feb 7
25% Jan 6
17g Jan 11
Jan
500
Day
414
3U
612
*»i«
*6
26
*13l2
1512
*%
15
314
26
% Apr28
44% Apr 25
12
May 10
Apr
May
Mar 17
Va Iron Coal & Coke
4%
1378
*334
•u
4%
4U
26
26
26
*2534
1334
4%
4%
414
May 10
Apr
12%
74
15
19%
*97
4
1
Aug
17
200
Closed—
99is
Mar 27
May
34% Jan
Exchange
*1834
Feb 24
22% Apr30
42
6
48
Apr 21
'1
"it
*97
117
6
May 14
7%
Apr 18
Preferred...
9
Apr 29
8% Jan
70
3% May
12
141
834
191.1
*13i8
3%
*9u
1
17% Feb 14
80% Feb 15
65% Mar 13
69% Apr 25
49% Apr 21
4
15
"ioo
*%
316
9
par
100
United Stockyards Corp
5%
Stock
9914
26l2
33g
*136
26% Apr 26
29%May 6
18% Apr 12
10
May
4% Jan
23
100
3234
96
6% Apr 24
54% Feb 24
20
7% preferred
90
39
*32
*97
4i8
Apr
28% Jan 10
100
16%
834
*1S12
*8*8
Deo
28
42
Apr 22
Van Norman Mach Tool__2.50
10
19i4
9
35
14
Feo10
Apr 18
3
Vanadium Corp. of Am.No par
1%
99is
9
25% July
33
20
100
22%
*38
141
*is
*916
916
'May 13
Preferred
116
*91%
38i2
Jan
200
600
*97
*2534
*334
*136
*l8
*8
38l2
Nov
6% Mar
69% Jan
1,000
22
*1812
9
9
*19
1914
*95l2 100
418
4i8
32
*9u
316
*9i»
39
*3734
11
89
2% May
Preferred
17%
*1434
Deo
May 13
Playing Card Co
Vlcks Shreve <fe Pac Ry
21%
5% May
Jan
May
12%
7
U S Smelting Ref & Mln
85"
85
85
85
21
21
10% Jan 27
4
97
4% Feb 17
6
8% preferred
23
23
23
23% 24%
2312 24
2334
23%
*12
12
1234
1214
*12U
13
*12i4
12i2
13
*25l2
26l2 *25% 26%
*2514
26
2514
2514
27
*114% 116
*114U 116
*11414 116
1151s ♦114% 116
41%
403g
*39%
*3912 41i8
403s *40
40i8
40i8
85
21
May
100
Universal Leaf Tob
700
5
182% May
Universal-Cyclops Steel Corp 1
5ie
Jan
6
May
A...No par
$6 conv preferred
20
Dec
3%
80
Jan
June
No par
150
9
Jan 17
14
Apr
50
U 8 Tobacco Co
13
3% Jan
90
Oct
7%
7%
165
1,100
48
*46%
*140i2 148
148
May
8
8% 1st preferred
49%
3
Jan 14
No par
1,100
*43
3% Jan 10
13% Mar
183
U S Steel Corp
Preferred
100
June
Apr 23
JU S Realty & Imp....No
30
6
May 14
U S Rubber Co
100
Jan 13
4
Mar
8% Mar
1,700
22,700
11
118
55
Prior preferred
U S Pipe & Foundry
500
117
4958
*140
"""366
J(.n22
Deo
170
U S Plywood Corp
49
*46
*4512
495g
*140l2 148
*140l2 148
149
150
*150
150
150
152%
*3g
38
3g
*38
12
*15
16
*15
*15
1738
173g
*46
4812
148
Partlc &
U S
49i2
»is
100
Dec
107% June
9% Feb 19
84
No par
3134
*7012
Jan
May
9%
117
8% Apr 25
2% Apr 10
2% Feb 19
5H% conv preferred
.50
U S Industrial Alcohol.No par
XJ 8 Leather Co
22
7H2
5312
"i#
200
*2112
*7012
34
1,100
3%
32
6112
Jan
15
9
3
65% Mar
5% Jan
20
U S Hoffman Mach Corp
22
*59
*1
100
23
89i2
6H2
85%
6%May
105 May
Jan
70% Jan 10
10% Jan 15
May 29
Sept
Dec
26%
100
7% preferred
6%
6H2
44%
ll»
500
44i2
1
41
60
10
U S Gypsum Co..
74%
2634
61%
44l2
i",66o
*6i4
90
52
"
*67i2
♦26U
*295g
90
25% May
United Paperboard
65g
21
2% May
8
United Mer & Manu Inc vtc 1
7412
265s
90
Jan 11
U S Distrlb Corp conv pref.100
U S Freight Co
No par
634
*2212
*3l8
6
No par
No par
30
*41
334
20%
1175s 1175g
23l2
2334
97g
5712
Apr
Mar
6
42
60
U. S. & Foreign Secur..No par
$6 first preferred
No par
175
634
44l2
23
21
1%
*43
*9
5712
7%
5
United Gas Improv't
$5 preferred
'
67g
90
203g
115g
2
33%May
1,000
90
3% May
3% Jan 11
5
"""".30
3
*85i2
4% Jan 13
5
No par
400
234
Highest
$ per share % per share
Jan 11
900
•
9
$ per share
32
United Fruit Co
10,700
Year 1940
Lowest
l%May 6
20%May 16
3% Apr 21
100
400
*1012
*7012 71%
523g
533s
11718 117i2
2334
2334
*44i2
47i2
*1
lis
34
*5g
*43
49i2
*"it
"u
4912
1
1
1
*8%
234
*234
5
10
Preferred..
United Electric Coal Cob
United Eng & Fdy
107
175
13
*1
118
223g
*3is
*30
1%
2n8
1
*41
*614
*67i2
J265g
80
107
3
634
*2U2
80
1,800
67g
90
115s
9%
57 I2
United Drug Inc
Range for Previous
Highest
% per share
3
May 27
Par
United Dyewood Corp
3514
603s
67g
60
177
6l2
75
2634
*6i4
634
*67
2114
67g
44i2
2234
35g
2,300
3
10
87g
3%
5712
*175
f-'f-
*343g
107
*9
57i8
177
Lowest
1%
23i2
334
7
*234
*85i2
*1012
,
*1%
*2034
*3i2
6034
834
*234
90
11&8
97g
*87S
58
17414 175
*57
177
65s
2%
3
90
Shares
3
*6%
234
2%
S per share
334
35%
87S
3
3
*173
87S
8%
*8%
$ per share
60%
2:107
108
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Week
3
*3%
STOCKS
NEW YORK STOCK
the
CENT
May 29
*343g
334
61%
714
6034
7
67g
*108
108
6112
PER
Friday
May 30
178
23%
*2034
35
*34
35i2
61%
21
*35g
3%
*312
*34
3
*1%
178
*n2
21
21
NOT
Thursday
1
May 27
3i8
1%
*2034
SHARE,
Wednesday
May 28
$ per share
Tuesday
$ per share
share
per
SALE PRICES—PER
HIGH
Monday
May 26
Sales
for
LOW
Saturday
May
6% June
12% May
Mar
65%
Oct
19% Jan
126% Sept
14
Apr
48%
Jan
99%
28%
17%
4%
Deo
Jan
Apr
Apr
1 Called for redemption
May
3462
1941
31,
Bond
Record—New York Stock Exchange
THURSDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such such sales in computing the range for the year.
The italic letters m the column headed "Interest Period" indicate in each case the month when the bonds mature.
Thurs.
Week's
Lost
BONDS
Range
Sale
STOCK EXCHANGE
Week Ended May 30
N. Y
Price
Bid
A
Treasury 4*8
1944-1954
3*s_......—1946-1956
3*8
1943-1947
3*8
...1941
3*s
1943-1945
3*8
1944-1946
3*s
1946-1949
3*8
1949-1952
3s
1946-1948
3s
—-—1951-1955
2*8
1955 1960
2*8
..1945-1947
2*s
1948 1951
25*8.
—-*1951-1954
2*s
1956 1959
2*s
1958-1963
2*8
1960-1965
2*8
1945
Treasury 4s
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
&
Low
0. S. Government
Treasury
0
J
D
M
8
BONDS
Since
N. Y. STOCK EXCHANGE
Jan. 1
Asked
High
119.9
No.
119.12
2
Low
119.4
High
121.26
111.19113 18
113.3
113.3
113.3
*100.13
101.21102.19
107
107.2
108.4
108.4
106.26 108.6
1
107.29109.9
110.11112.12
112.19
112.19
8
110.14
112.15114.9
112.4
"I
111.2
14
Sale
Bid
«fe
Low
♦Ryextl.sfds
Jan 1961 J
.Jan 1961 J
12%
10%
10%
♦Extl sinking fund 6s..8ept 1961 M
♦6s assented
Sept 1961 M
8
O
1962 A
...1962 A
♦External sinking fund 6s
♦6s assented....
♦Chile Mtge Bank 6%a
8
10%
8
111.2
8
108.15 108.15
108.16
5
108
M
8
109.15 109.14
109.15
5
♦Guar sink fund 6s
D
109.10
109.13
4
107.27110 9
107.2 109.31
8
109.26
109.30
5
107.1
110.22
♦Guar sink hind 6s
1962 AfN
♦6s assented—...
—1962 AfN
10
M
J
D
J
D
J
D
*110.18110.31
111.4
110.14
111.4
11
*107.30108.4
8
113.2
♦6)4 s assented..
107.8
109.24
111.9
107.22108.14
♦Sink fund 654s of 1926
*10
D
1961 J
......
D
10
10
1961
♦6s assented—.—..
D
1961 J
♦6548 assented.......
A
O
11%
11%
1961 A
O
10
♦Chilean Cons Munlc 7s
♦7s assented
1960 M
1960 M
8
♦Chinese (Hukuang Ry) 5s
1951 J
107.5
2
105.2
107.30
10
2
105.4
108
Treasury
M
S
103.22
104.5
30
102.8
104.6
Colombia (Republic of)—
♦6s of 1928...
*106
106.12
103.5
105.25
105.23
106.7
"24
103.5
106.7
*106
106.12
"~3
104.28106.28
100.24102.14
*108.27109.6
D
J
D
J
D
J
D
106.7
M 8 6102.15 eI02.15el02.15
107.16109.22
9%
D
*105.23106.1
104.12106.7
./
D
*104.7
101.24103.28
104.24
I
M
8
3*8
1944-1964
38
*106.26107.5
AT
107.11
106.28108
101.28
8
106.26107.28
*107
1944-1949 AfN
J
1942-1947 J
101.30
1944-1952 M N
J
*101.26102.5
Govt.
D
102.15103
104
103*
104
151
100
104J4
23
23
♦21*
1
23
23
1
8
8*
"13
24
22%
24%
23
40
23
26
7)4
7)4
9%
9%
1945
8
8
f 7s series C
1945
8
8
5
7%
9
f 7s Beries D
1945
8
11
7)4
♦External
s
f 7s 1st series....1957
TVs
*7%
♦External
sec s
f 7s 2d series. 1957
7 *
♦External
sec s
f 7s 3d series. 1957
7%
9%
8%
8%
8%
Antwerp (City) external 5s
1958
Argentine (National Government)—
♦15 *
1948 M N
1971 MN
2
8
6%
7*
"l
7*
2
18
8 f extl conv loan 4s Apr
External 5s of 1927
External g 4*8 of 1928
♦Austrian (Govt) 8 f 7s
79*
79
79)4
48
78
66
66 54
19
65
A
59*
59 *
60
58
1972 AO
59)4
24
58%
J
59 *
59 %
69
60
1955 J
60
41
53%
61
8
60
59 *
60
27
53%
61
50)4
53
30
47
7
6
5354
8%
.1972 F
1956
1957
AfN
J
J
"7 *
7
7*
*12
Belgium 25-yr extl 6*s
1949 M 8
*72
1955
Y" J
*72
75
1955
"6
72
74
20
With declaration....
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
ser
33
23%
24
21
31%
21%
31%
80
72
77
*76
*15%
16%
*99%
*102%
.....
1949 F
A
*97%
62%
60%
s
17)4
27
19 *
19
't.'-i;
*52)4
60
5
57
5
5
15
5
1984 J
J
*55
45 *
81%
8454
17%
17%
19%
6%
♦Farm Loan
46
34
4
47)4
34
"7
2
52
45%
52%
51)4
5254
37
47
32%
101*
F
A
J
J
101
J
1968 MJV
...1954 /
f 6s..July 15 1960 J
93 X
92 54
89
8854
95
89
6%
88%
29
97
19
89
96%
79%
90%
97%
88%
88
4
95 H
10
92
86*
12
86
14
76%
76%
*7)4
K
7%
8
35
85)4
86
9
9
28
16)4
K
16
16)4
14%
98
102
9%
1
"~i
1942 M N
♦10)4
12)4
10%
O
12
12
"3
O
10)4
10%
39
♦Extl Blnklng fund 6s
Feb 1961 F
A
12
12
3
Feb 1961 F
A
1054
10%
3
87%
13%
3
73
87*
8*
10
8*
9*
31*
38*
29*
33*
55*
69*
51*
57
57
27*
49*
52
31
52
58
58
58
52
58
52*
52*
58
58
*55
58
O
58
52
58
58
*57%
59*
52*
*57%
58*
52*
59*
16
8
A
62*
104
45
O
1969
49*
44%
50%
1948 J
J
8%
1967 J
J
Finland
1945 M
8
1953 AfN
16%
99
(Republic) ext 6s
♦Frankfort (City of) s f 0*8
27
7%b unstamped
*51%
54%
so"
55
16%
14
27
99
20*
73*
D
el00%
..1949 J
7a unstamped
German Govt International—
D
93 "
93
1949
♦5*s of 1930 stamped
♦5)48 unstamped
1965 J
10%
9%
99*
11
93
64*
10%
7%
97*
63
93
7%
1965
26*
100
69*
*85
D
,
84
e99% elOO
97%
97%
1941
External 7s stamped..
With declaration
8*
8
*_—.
8%
20%
With declaration
French Republic 7%a stamped. 1941 J
With declaration
67
44
7*
2
5*
8*
8*
14*
11*
♦5*s stamp(Canadlan Holder)'65
♦German Rep extl 7s stamped. 1949 A
♦78 unstamped
.1949
German Prov & Communal Bks
O
9%
9%
♦(Cons Agrlc Loan) 6%b
1958 J D
♦Greek Government a f ser 7S..1964 M N
♦7s part paid
...1964
17%
17%
.
7
♦Sink fund secured 6s
♦6s part paid
1968 F
♦Haiti (Republic) s f 6a
ser A—1952 A
1946 A
6*
8*
15
26*
1*
O
A
*6%
1968
♦Hamburg (State 6s)
9%
17%
12*
*7%
O
6%
♦52*
9
6%
55
25
With declaration
6*
10
38*
14*
66
22*
26
ext 7%s 1950 J
♦7s secured sfg
1946 J
Irish Free State extl s f 5s
*49
26
30
t
J
26
27
57
49*
52
0
*5%
7
5
*5%
*5%
J
♦Hungarian Land M Inst 7)48.1961 AfN
♦Sinking fund 7%b ser B
1961 AfN
Hungary 7%a ext at 4%b to...1979 F A
6
4*
5*
9*
5
6
5
5
5
5
15
15
12*
75*
65
75
26*
27*
26*
*22*
1960 M N
29*
19*
46*
30*
18
29*
14
♦74
23*
24
26%
25
♦Italy (Kingdom of) extl 7s
1951 J
D
♦Italian Cred Consortium 7s ser B'47 Af 8
♦Italian Public Utility extl 7s_. 1952 J
J
27%
21
21
63
62*
63
58*
71
55%
54*
55*
41*
55*
s f 6)4s...l954 F A
Extl sinking fund 5%a
1965 AfN
♦Jugoslavia (State Mtge Bk) 7s;i957 A O
♦Leipzig (Germany) s f 7s
1947 F A
♦Medellln (Colombia) 6%a
1954 J
(Prov) 4s read J
...1954 J
D
7
D
65
Mendoza
♦4)4b stamped assented
1943 MN
♦Mexico (US) extl 5s of 1899 £.1945
Q /
♦Assenting 5s of 1899
..1945 Q
J
♦Assenting 4s of 1904
1954 J
D
2654
14
♦Assenting 4s
12%
5*Treas 6s of *13
1154
12%
9
9
12
12%
12
3467.
19*
8*
20*
7*
65
6*
61
9*
70
Mexican Irrigation—
14
10%
28
6
D
10%
10
6
♦Lower Austria (Province)
7%a 1950 J
of 1910
*5%
5%
♦Milan (City. Italy) extl
6)4s._1952 A
O
Minas Geraes (State)—
♦See extlsf 6)4s
♦Sec extl
s f
6%a
♦Montevideo (City) 7s
1958 Af
...1959 M
5*
5*
8
S.
19%
5*
5*
5*
5*
19*
.
J
assent
5*
"5%
5%
1945
1933 J
♦6s series A
100
64%
48%
♦El Salvador 8s ctfs of dep
♦Estonia (Republic of) 7s
854
"3
♦External sinking fund 6s...1960 A
♦6s assented
1960 A
For footnotes see page
35
53
5%b 2d series
1969 A O
♦Dresden (City) external 7s../. 1945 MN
14
24
"12"
16
14
"l6~~
J
~0
~N
1942 M
8
86
"86 *
J
1950 M S
97%
101%
93)4
554
654
97*
97 *
♦6s July coupon on
1960
s f 6s...Oct 15 1960 A
♦6s Oct coupon on
1960
♦6s assented
68
45
46
47)4
34
65i
*6)4
O
♦Farm Loan
♦7s assented
53
378
Japanese Govt 30-yr
1960 A
1967 J
♦Chile (Rep)—Extl s f 7a
46
"47"
J
1944 J
s
4554
e
68
85
45 *
1968 M N
...1961 J
30-year 3s
5%b 1st series
101*
62%
102%
44%
50%
Helsingfors (City) extl 6)4s
1960 A O
Hungarian Cons Municipal Loan—
♦7*s secured s f g
1945 J
J
60
D
96
101
18
103*
104*
56
O
M
65
D
1976 F A
1976 A O
1975 AfN
Aug. 15 1945
30-year 3s
*
♦Carlsbad (City) 8s
♦Cent Agrlc Bank (Ger) 7s
1940 A
1940 A
♦Heidelberg (German)
"i
1952 AfN
10-year 2*s
25-year 3*8
7-year 2 >£8
|*lst ser5)4s of 1926
§*2d series sink fund 5%b
Customs Admin 5%b 2dser__1961
61%
33
53
1967 J
5s
Dominican Rep Cust Ad 5)4s„1942 M S
64
19)4
60
53
1977 Af 8
Canada (Dom of) 30-yr 4s
O
52%
24
70
83
(Prov of)—
f 7s
Apr 15 1962 A
52%
30
17)4
1961 Af 8
s
External g 4%b
With declaration
21%
16
14%
54%
48%
"57"
1754
15)4
15%
16%
17)4
♦68 stamped
24*
101
51%
F-A
26
17
External
♦Secured
1955
26%
17
8
51%
61
External gold 5%s
With declaration
26
17
1962 J
♦Stabilization loan 7*8
J
14
17
1950 /
3% external s f $ bonds
Bulgaria (Kingdom of)—
1942 J
17)4
O
D
26%
33
101
*8%
2654
O
♦Budapest (City of) 6s
4*-4*s
Refunding s f 4*-4*s
External read) 4 *-4 *8
External s f 4*-4*s
*8%
1952
75
21)4
A
f
1951
15
21
1958 F
b
86%
♦Czechoslovakia (Rep of) 8s
♦Sinking fund 8s ser B
72
21
Sinking fund gold 5s
20-year s f 6s
Buenos Aires
"87%
14
f
_
102
1554
D
1957 A
0*s of 1927...1957 A
♦7s (Central Ry)
1952 J
Brisbane (City) 8 f 5s
1957 M
♦External
"26%
1944 Af S
26
With declaration...
D
36*
31%
26%
—1951 M N
A
75
75
o
1941 J
36*
30
23%
Y"j
20H
72
With declaration
♦Brazil (U 8 of) external 8s
♦External s f 6 Ms of 1926
26*
22%
21%
23%
......
Cordoba (Prov) Argentina 7s..1942
16
♦Berlin (Germany) s f 6*8
1950
With declaration...
♦External sinking fund 6s... 1958
15
30
31%
1953 AfN
43%
43%
4354
43%
49)4
48%
With declaration
External 30-year s f 7b
58%
14
With declaration
f 6s
10*
10*
17
82%
7054
64%
6454
1945 F A
8
7
14
66
♦Bavaria (Free State) 6*8
With declaration
External
6%
1957 M
8 f extl conv loan 4s Feb
Australia Com'wealth 5s
11*
11
36%
36%
*23
1949
s
4*s
4*a
10%
31%
With declaration
25-year gold 4 %b
1977
a
8 f external
8%
8%
8%
23*
4%b external debt
103
101.29103.2
♦External
8 f external
8%
9%
23*
23%
External loan 4%b
*102.21102.30
♦External
f 7s series B
10
23
External 5s of 1914
♦Gtd sink fund 6s
1948 A O
Akershus (King of Norway) 48.1968 M 8
J
♦Antloqula (Dept) coll 7s A—1945 J
s
10%
10*
11%
30
102.9
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947 F A
♦External
11%
"10%
10%
11
8%
*23
102.15
Municipal
&
8%
10
"l0%
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
...1952 J D
Denmark 20-year extl, 6s
With declaration
J
10%
12
11%
22%
*102.6
D
13
9%
9%
10%
25
106.17107.26
Transit Unification Issue—
Foreign
12%
11%
9
11*
*23
♦Public wks 5)48...June 30 1945
1980
10%
O
106.27
City
3% Corporate stock
1
13
12
21%
35%
35%
Jan 1961
106.27 100.27
J
J
♦6s of 1927
D
Sinking fund 5*8—.Jan 15 1953
New York
11%
101.28103.3
Home Owners' Loan Corp—
1942-1944
1945-1947
8%
9%
*7%
Oct 1961
♦Colombia Mtge Bank 6*s.—1947 A
J
Federal Farm Mortgage Corp—
2*8 series G
1 *s series M
12%
""3
*10%
♦Cologne (City) Germany 6 %s. 1950 Af S
107.15
1942-1947
12%
*11
8
107.15
series A
10%
8%
*11
106.31110.15
J
110.4
107.14111.13
1
High
10%
*11
8
110.11
Low
10%
M
107
3a
15
12
M
8
2*s
13
10%
10%
D
1957 J
...1957 /
M
38
12%
12
*12
1963 VN
J
Treasury
Treasury
Treasury
No.
10%
M
112.4
Since
Jan.
High
10%
O
Treasury 2*b
Treasury
la
*12
1963 Xf N
Treasury 2*s
Treasury 2*8
Treasury
Treasury
Asked
Chile (Rep)—Concluded—
M
1948
...1949-1953
.......1950-1952
2*8—
— 1952-1954
2*s
...1951-1953
2*8
1954-1956
2s.....
1947
2s._-.-Mar 16 1948-1950
2s
Dec 15 1948-1950
2s
1953-1955
Range
or
Thursday's
Foreign Govt. & Mun. (Conl.)
♦6s assented
109.24111.21
Week's
Range
Lost
Price
♦External sinking fund 6s
5
3
*110.5
£3
♦68 assented
115 7
106.18107.25
el 10.20 ell0.20
Thurs.
Week Ended May 30
*106.16106 20
—
—
Range
*111.24111.30
ll'i.3"
D
J
£
or
Thursday's
20*
♦10*
*10*
D
*57
12
12
-.1952 J
5*
3%
3%
4*
18*
8
8*
5%
5%
6
30
10*
10*
54
*60
...1959 MN
5*
3*
"3% "5%
70
62*
53
60
Volume
New York Bond Record -Continued—Page 2
152
Thurs.
BONDS
N.
Y.
STOCK
It
EXCHANGE
Last
Range
Asked
A
Low
High
58
No. Low
55 Vi
Stamped 4s
51
55
58 Vi
61 Vi
58 Vi
Conv gold 48 of 1909
Conv 4s of 1905
34 Ji
32 Vi
40 Vi
34 Vi
36 Vi
41
Conv gold 4s of 1910
Conv deb 4 Vis
♦31
34
31
34 Vi
40
33
40
31 Vf
31 Vi
29 Vi
3454
40
31 Vi
31 Vi
27 Vi
13
27
*55 Vi
59
P
V
34 X
40 Vi
...1965
"a "o
1963
f"A
1970
j
n
1952
f 4 Vis
With declaration
F
34 H
A
_
f extl loan
With declaration
Mimlcliml Bank extl
f 5s
8
*25Vi
With declaration
♦Nuremberg (City) extl 6s
Oriental Devel guar 6s
Extl debt 5 Vis
39Vi
37 Vi
38 Vi
37 Vi
44
3
57
57
56 Vi
81
56 Vi
57 Vi
56 Vi
81 Vi
75
92
Austin A N W 1st gu g 5s
M
1959
I960
J
1961
h
1940
7
1947
♦Extl loan 7 Vis
A
1950
♦Prague (Greater City) 7Vis.__
♦Prussia (Free State) extl 6 Vis
With declaration....
6Vi
8
6 Vi
6Vi
6
7V4
7V4
7
♦4
4
4
3Vi
3Vi
9Vi
10Ji
9Vi
10M
lOVi
8
f 6s
1
O
A
95 Ji
64
64
1911
1947
F
♦Rhlne-Maln-Danube 7s A
1950
M
8
♦Rio de Janeiro (City Of) 8s
♦Extl sec 6 Vis
1946
1953
A
O
¥
A
7Vi
85.
7Ji
1946
A
O
11 Vi
11 Vi
J
D
Rio Grande do Sul (State
s
f g
.......1968
"""3
32
1
9Vi
29
10
10 Vi
3
10 Vi
10 Vi
9Vi
M K
♦7s municipal loan
♦Rome (City) extl 6Vi8-....
♦Saarbruecken (City) 6s—
1967
...1952
1953
J
D
10 Vi
A
O
21 Vi
J
J
Santa Fe extl
...1964
M
a
"66 Vi
57
M N
*1154
13 Vi
........
8
f 4s—
....
♦Sao Paulo (city of. Brazil) 8s
♦6 Vis extl secured 8 f
1952
J
J
1956
M
1968
/
J
1940
A
O
1945
J
-.1946
Serbs Croats A Slovenes (Kingdom)—
~5i~H
♦Sinking fund g 6Vis.-.
♦7s series B
♦4 Vis assented.......
.
-
7H
19
32
Sept 1
gen
13 Vi
12 Vi
30 Vi
20
1554
1st A ref 5s series C
F
6B|
VN
30
{{♦Abltlbf Pow & Pap 1st 58.1953
1948
F
A
39 Vi
54
59
59
55
59
Bkiyn Union EI 1st
54 5i
Bklyn Un Gas 1st
5054
t^Boston A N Y Air L 1st 4s. 1955
Bklyn Edison cons M 3Vis.. 1966
•
J
*107 Vi
g
5s
cons g
F
108 Vi
„
F
91 Ji
44 Vi
28
3Vi
8
44 Vi
Stamped
12 Vi
3 Vi
Vi
3
10
fcl
Eltg
Thurs
&
Rating
4V4
41
5754
modified
aS
See
Price
a
Range
or
at 3% to 1946) due
1957 MN yb
^Burlington Cedar Rapid A Nor
{♦1st A eoll 5s
1934 A O zee
zee
♦Certificates of deposit
&
Asked
Since
0305
D
J
z
cccl
50 Vi
50
52 Vi
45
1
1015i
102
6
1
101 Vi
101H
1
105
106
8
1
1943
D X
a a
1943
D
aa
105
*l8Vi
♦109V4
106Ji
3
3
x
O y cccl
Albany Perfor Wrap Pap 68.1948
6s with warr assented..... 1948
*40
Jan.
1
O y cccl
46
83 Vi
*79Vi
1946 A. O y bbbl
—1946,A O y bbbl
46
83 Vi
71
46
46 Ji
13
73 Ji
73 Vi
73 Ji
5
107 Vi
107 Vi
6
81 Vi
82 Ji
6
96 Vi
1960
1966
1962
54 Vi
84
80
85 Vi
97 Vi
"89
5s.l944jF A
y
bb
D
y
b
86 Vi
73
85 Vi
1949,</
72 Vi
73
19
72 Vi
86
1950 A
O
y
b
47
47
50
27
47
62 J4
1998 A O
1942 MS
debs. 1951 F A
y
bb
69
7254
Allls-Chalmers Mfg conv 4s. 1952 M
S
M
aa
x
bbb2
72 5i
102Vi
103Ji
107Vi
S
♦Alplne-Montan Steel 7s....1955
Am & Foreign Pow deb 5s...2030
x a
107 Vi
104
107 Ji
2
5
18
8
102 Vi 104
102
104 Ji
106 Vi 108
25
8 y
M
2
72 Vi
102Vi
b
I
Amer I G Cbein conv 5 Vis—1949 M N x bbb2
J y b
Am Internat Corp conv 5 Vis, 1949 J
"54 j|
"54"
103 Vi
102 Ji
100
99Ji
55
"70
52
60 Ji
103 Vi
17
100
13
102 V4
108 Vi
50
102
45
22
10654 110
10654 109 Vi
101 Ji 108
100 Ji 104 Vi
99Ji 103
v
Amer Telep & Teleg—
20-year sinking fund 5Vi8.1943 UN
aa
102l«
102
1961 A O x aa
1966 J D x aa
J ybb
deb. 1950 Jf
108 Vi
10754
x
108
O
Anaconda Cop Mln deb 4Visl950 A
x
aa
♦Anglo-Chilean Nitrate deb..1967 Jan y ccc2
{Ann Arbor 1st g 4s
1995 Q J ybb 1
105
10754
108
104 V4
109Vi
Am Type Founders conv
Am Wat Wks & Elec 6s ser A .1975 UN y bb
104 V4
109Vi
104
105
*27 Vi
"56"
Ark A Mem Br A Term 5s
1964 M S
x
bbb3
Armour A Co. (Del) 4s B
1955 F
1957 J
A
x
bbb2
Toivi
J
x
bbb2
105J4
56
*99 Vi
105Vi
105J4
29
56
99Ji
106 Vi
106 Vi
2
2
16
100 Ji
96 Vi
lOOJi
16
!
101
100
101
17
1970 F
4 Ji s—June 15 1955 J
aa
;
ioi
100 Ji
101
aa
:
aa
:
aa
aa
104»xi
108 V4 111
103 Vi 106
26 V4
49
^♦Carolina Cent 1st
guar
.
25
:
97 Vi
98
11
:
107 Vi
107 Vi
56 Vi
J
aa
:
35
58
98 Ji 100
106 Vi
105
105 Vi 106 Ji
103 Ji
75 Ji
J
b
I
b
Celotex Corp deb 4 Vis w w„ 1947 J
♦Cent Branch UP 1st g 4s... 1948 J
D
bb
D
cccl
2
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g 4s—1951
♦Mobile Dlv 1st g 5s
1946
ccc2
z
cccl
z
cc
1
4
1
4
z
13 Vi
cc
x
b
z
4s registered
Central N Y Power 3Jis
16 Vi
cccl
cccl
-
z
Through Short L 1st gu 4s. 1954 A
cccl
„
O
x
a
48
13
14 Ji
~
«
*110 Ji
63 Vi
*12 Vi
107 Ji
74
Prod 5Vis A...1948 M
2
y
b
2
*60
2
S y b
13 Vi
....
6
10
'
%i
«.
....
63 Vi
2
-
6
15
74 Vi
b
7
24
4
17
J„„
y
Vi
4Vi
16 Vi
13 Ji
107 Ji
1960 F A
Central RR A Bkg of Ga 5s_1942 MN
12
13 Vi
*14 Vi
3
Guaranteed g 5s
12
96 Ji
25 Vi
A y bbbl
O y bbbl
A
Cent Pac 1st ref gu gold 4s... 1949 F
Certain-teed
cccl
z
1987
1962
„
z
1987 J
16
95 Vi
10
10
1
J
1987
2
....
99
•J 4
aaa3
z
.
....
49 Vi
*5Vi
2
1966
{♦Cent New Engl 1st gu 4s..1961
{♦Central of N J gen g 5s
1987
5s registered
102
98 Vi
4'
cccl
8
-
*44 Vi
z
z
50
*21 %
95 Ji
18
21
Vi
105
*47
98 Ji
zee
O
71
102
102
a
6
103 Ji
75 Ji
103 Vi
74 Vi
*40
b
1945 MN
78
83
*104
a
A
♦Ref A gen 5 Vi" series B...1959 A
7
56 Vi
70
J
{Central of Georgia Ry—
♦
1st mtge 5s
Nov 1945 FA
107 Vi
51
82 Vi
D
A
♦General 4s
6
99
98 Vi
bbbi
Carolina Clinch A Ohio 4s...1965 M S
Carriers A Gen Corp 5s w w—1950 MN
Cent Illinois Light 3 Vis
10
98 Vi
97 Ji
bbb:
1960 J
4s_1949 J
{♦Consol gold 5s
99 Ji
98 Vi
98
S
5s equip trust ctfs
1944 J
Coll trust gold 5s...Dec 1 1954 J
Collateral trust 4 Vis
35
14 Ji
•
-
....
—
——
29
108
54
74 Vi
76
....
55 Vi
66
55 Ji
54
78 Ji
79 Ji
8
85
84 Vi
85 Vi
46
Champion Paper A Fibre—
8 f deb
4Jis (1935 Issue)...1950 M S
S f deb 4 Jis
(1938 Issue)—1950
Attention la directed to the column Incorporated In this tabulation pertaining
aa
Cart A Adlr 1st gu gold 4s... 1981 V
Celanese Corp of America 3s. 1955 F
Coll & conv 5s
x
:
aa
107 X
25
79
5
aa
Oct 1969 A
100 5i
20
46
a
82 Ji
Can Pac Ry 4% deb stk perpet... J
Coll trust 4Vis...
1946 M
♦Ssstamped
86 Vi
x
52 Vi
81H
1
71
46 Ji
10254
10354
1
6
*5
71
ccc2
43 Vi
4
M
81 Vi
....
bb
99 Ji
69
5Vi
37
42 Ji
y
101
54
41 Vi
*5Vi
41H
y
Guaranteed gold 4 Vis
1956 F
Guar gold 4 Vis
Sept 1951 M
Canadian Northern deb 6 Vis. 1946 J
106 H 107 Ji
55
....
1955
Consolidated 5s
Guaranteed gold 5s
Guaranteed gold 5s
109 Vi 110 Vi
106 %
8
1952
Bush Terminal 1st 4a
Canadian Nat gold 4 Vis
1957 J
Guaranteed gold 5s. .July 1969 J
Range
Thursday's
Bid
1
18
92
104 Ji
112 Vi
(interest
Bush Term Bldgs 5s gu
Week's
Last
Sale
16
lllVi
91 Ji
103 Vi
*112
9
4Vi
^
*109 Vi
17 Vi
•
....
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110
aa
36 Vi
.
12
w
•
109 Ji
aa
36 Vi
*3
108 Vi
108 Vi
lllJi
1st Hen A ref 6s series A...1947 MN x bbt
1950 J D y bb
1957 M N x bbt
1st Hen A ref series B
143
18 Vi
*103
x
"lTvi
*3
_
x
45
44 Vi
—
109 Ji
a
A
41 Vi
A
27 Ji
D
36 Vi
A
^
17
26 Vi
1981 F
43 Vi
D
77 Vi
70
Buff Nlag Elec 3 Vis series C.1967 J
42 Vi
F
£
12
85
Vi
69
27 Vi
„
14
76
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x
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101
*
69
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Buffalo Rochester A Pgh Ry—
4154
J
83
83 Vi
15
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41 Vi
3554
O
25
100 Ji
101
A
1950 F A
5s. .1945 M N
17
100 Ji
103 Ji
103 Vi
4454
iiiii
J
A
WW;
-
71
106 Vi
104 %
'
3954
37 Vi
D y bb
10-year deb 4Vis stamped. 1946 F A y bb
♦Adriatic Elec Co extl 7s....1952 A O
3467.
#>:
35 Vi
M 8 ybb
For footnotes see page
X
J y bb
♦Inc mtge 4Vis ser A. July 1970 MN
4554
25
.....
39Vi
20
100
1960 J
1st mtge 48 series RR
37 Vi
M N
»
100 Vi
aa
42 Vi
43 Vi
«
104 Ji
bbt
19
.....
I
a
x
38
D
1
a
x
Buffalo Gen Elec 4 Vis B
J
1
x
1950
354
33
•
2
»
I
x
1944
19Vi
43
41 Vi
I
I
105 Ji
104
106
Boston A Maine 1st 5s A C—1967 M S y bb
1st M 5s series II
1955 M N y bb
1st g 4Jis series JJ
1961 A O ybb
39
40 Vi
I
1
BlawKnox 1st mtge 3 Vis
19Vi
W N
1979
Coll trust 4s of 1907...... 1947 J
C (Del)..
•
*
Big Sandy 1st mtge 4s
39
*49
I6Vi
l»Vi
Debenture gold 5s
Adams Express coll tr g 4s
ser
16 Vi
5
554
2654
41H
15
98 Vi
A
6V4
70
Vf N
1979
33
131
*97 Ji
1
a
8 Vi
20 Vi
53 Vi
llOJi
130 Vi
*104
aaa
3 Vi
61
•53 Vi
—
liovi
HO Vi
aa
5
19Vi
42 Ji
19
48
„
»
8V4
Vi
67 Vi
A
17
45 Vi
Vi
45
*83
With declaration......
67 Vi
M N
45Ji
*40
bbbZ
aa
Consol mtge 3s ser G
1960
Coasol mtge 3 Vis ser H...1965
COMPANIES
f 4a
45 Vi
1960
26 Vi
Guar gold
s
y b
44
45 Vi
7
85
*83
b
y
With declaration...
♦Debenture 6s
........1955 AO
19Vi
AC
52
52
ybb
♦Debslnking fund 6Vi8—.1959 F
f
RAILROAD and INDUSTRIAL
1st
44
♦Berlin City El Co deb 6 Vis. 1951
With declaration
39
Bank
3Vis debentures
8
46 Vi
53
Beth Steel 3 Vis conv debs... 1952
Cons mtge 3 Vis ser F
1959
'37)
EXCHANGE
3Vis debentures
64 )i
45
♦Berlin Elec El A Undergr 6Vis'56
4
►
1946
BONDS
Allied Stores Corp 4 Vis
53 Vi
46
3 Vis
1943
Beneficial Indus I^>an 2Vis.. 1950
Canada Sou cons gu 5s A
Allegb Val gen guar g 4s
53 Vi
2
yb
yb
cons
Calif-Oregon Power 4s
Allegb & West 1st gu 4s
402
Beech Creek ext 1st g
Bell Telep of Pa 5s series B—1948
1854
&
Alleghany Corp coll trust
42
27 Ji
x
53
4
—
Alb & Susq 1st guar 3Vis
3 Vis registered...
._
34 Vi
26
1950
26 V4
4 Vi
1971
1978
1978
1984
1952
♦Vienna (City of) 6s
1952
♦Warsaw (City) external 7s.......1958
♦4 Vis assented
....
..1958
Yokohama (City) extl 6s
-.1961
1st cons 4s series B
34
27
yb
67 Vi
...1961
A 5s
28
3s—1989
3 Vis.. 1951
•19
26 Vi
1947
3Vi-4Vi-»»i« extl conv
4-4 Vi -4 Vir extl readj
3 Vis extl readjustment
♦Venetian Prov Mtge Bank 7s..
cons
93
34 Ji
F (Int at 1 %
1946) due-1996 MS
43 Vi
4Vi
..1955
3 Ji -4-4 Vis (J bonds of 1937)—
E tsrnal conversion
Ala Gt Sou 1st
41 Vi
34
ser
Sept 1
Belvldere Del
63
16
1
4
.....1964
Week Ended May
40
34 Ji
Battle Cr A Stur 1st gu
25 Vi
Vi
54 H
9
1958
.......
readjustment
STOCK
40
1946) due. .2000 M S
Con ref 48............—1951
4s stamped...
.1951
9 Vi
10 Vi
10 Vi
8
18Vi
5
External s f 5 Vis guar
N. Y.
22
Toledo Cln Dlv ref 4s A.. 1959
11 Vi
9V4
7Vi
8V<
17 Ji
52 -
*3
8 f 6s..
76
34 Vi
5Vi
♦External a f 6s—..1980
s-4-4 Vis ($ bonds of
67 Ji
\%
(Int at
to Jan 1 1947) due
8*4
654
16 Vi
5Vi
♦Uruguay (Republic) extl 8s
external
7V4
4
Tokyo City 5s loan of 1912........ 1952
3
67 Ji
S'west Dlv 1st M (Int at 3 Vi%
18Vi
114
37
70
34
66
9V4
8 Vi
4Vi
Sydney (City) s f 5 Vis.—
Taiwan Elec Pow s f 5 Vis......
65 Ji
104 Vi
34 Vi
27
26
*3
♦Slleslan l>andown<rs Assn 6s
♦External
9
D
22 Vi
M N
1962
64 Vi
17
100 Vi
67 Vi
59
1
*5
—
104 Vi
*99 Vi
104 Ji
2
27
95
O
Pgh I.EAWVa System—
Ref g 48 extended to. .1951 UN ybb
3
.....
of) extl 7s
aa
94 Vi
95
D
A (Int at \%
1946) due...1995 J
96 Vi
11
......1958
extl
sec
With declaration
x
*29 Vi
♦Conv due......Feb 1 1960 FA
\r n
With declaration...............
18
36 Vi
32
*
27
M N
...1962
♦8s secured extl
39
72
65
to
30 Vi
n
♦Saxon State Mtge Inst 7s
♦Silesia (Prov.
5
Ref A
22
"11
D
J
7s
8 f
S
27
11
5
♦6s extl dollar loan
5
22 Vi
18Vi
18 Vi
17Vi
49Ji
86
71 Vi
J y b
27
30
30 Vi
J
♦7s extl water loan
6
23
21 Vi
it-•/
t/N
1957
{♦San Paulo 8s extl loan of 1921... 1936
♦88 external...............*...1950
{♦Secured
51
Bangor A Aroostook 1st 5s..1943
♦7s extl loan of 1926............ 1966
85 Ji
ser
Ref A gen ser
to
of)—
♦88 extl loan of 1921....
♦68 extl
24
-
46
35 Vi
J y b
27
1
,
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50
71 Vi
J
87
4
96
Queensland (State) extl s f 7s
25-year external 68......
*
78 Vi
66
!
13
20
O
A
...1952
8
77 Vi
65 Vi
86
J
14
.......
s
10
77 Vi
J y b
J y b
16
M
1
115
100 vi
102
65 Ji
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M
—
110
100 Vi
101
101
S
1941 J
-
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J
J
;
110
Ref A ger ser C(lnt at 1 \-5%
to Dec 1 1946) due...1995 3D
4 V4
10 Vi
10 Vi
854
gen
to Dec 1
4 Vi
8 Vi
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5
8
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4/ N
*111 Vi
J
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Oct 1 1946) due July 1948 A
454
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3Vi
3Vi
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3Vi
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2
11
104
Stamped modified bonds—
13
23
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3Ji
10J4
J
/
aa
Baltimore A Ohio RR—
1st mtge gold 4s
July 1948
4s registered
1948
7
.....
*12 Vi
O
J
1963
7 Vi
6Vi
*7
/
..1961
1966
1952
1951
-
6Ji
9
7Ji
6Vi
S
D
A
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assented
♦External sink fund g 8s.-♦4 Vis assented
♦Porto Alegre (City of) 8s
6 Vi
6Ji
A
f 7s
8
♦4 Vis
7Ji
,:
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A
1958
8
M
♦Nat I«oan extl sf 6s lstser
£
x
x
D y bb
1964
1945 M N y bb
10-year coll tr 5s..May 1
Vi
103 Ji
J
57
♦Nat lx>an extl
♦Stabilization loan
90
*96 Ji
103 Ji
57
56 H
1963
1947
{♦Poland (Rep of) gold 6s
♦4V68 assented
1960
JfN
1963
f 6s 2d ser
57
73
98 Vi
99 Vi
1948
Low
64
94
97 Vi
M N
1963
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
27 Vi
30 Vi
93 Vi
1955
Atl A Charl A L 1st 4 Vis A—1944 J
1st 30-year 5s series B
1944 J
Atl CoaRt 1st cons 4s July 1952 M
43
24 Vi
94 Vi
93 Ji
No
High
98
Rocky Mtn Dlv 1st 4s
1965
Trans-Con Short L 1st 4s.. 1958
Cal-Arlz 1st & ref 4 Vis A..1962 M S
Atl Knox A Nor 1st g 5s
1946 J D
46
36 Vi
109 Vi
D
,..1955 J
General unified 4 Vis A
39
25 Ji
O
Asked
108 Ji
109
......1995 M N
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf A W I SS coll tr 53—1959
Atlantic Refining deb 3s
1953
A
1963
f 5« serA
8
♦stamped assented 5s
♦Ctfs or deposit (series A)
♦Ctfs of deposit (series B)
♦External
28
30
1953
1955
(Rep^ extl
s
40 Ji
39Vi
M N
..1953
Os'o (City) s f 4 Vis
With declaration
♦Panama
24
P
M
5554
?S
A
*92 Vi
Atchison Top A Santa Fe—
General 4s
.....1995 K O
Adjustment gold 4s
1995 Nov
A
a
or
Thursday's
Bid
Price
a
Low
67
A
1956
Range
Sale
Rating
Railroad & Indus. Cos. (CtrnX.)
6454
32
F
F
Week's
Last
Eltg. A
See
High
64
declaration
s
£1
EXCHANGE
58 Vi
*59Vi
58 Vi
1943
1944
External sink fund 4 Vis
With declaration
s
STOCK
Week Ended May 30
53 li
51 Vi
O
1
61
61
4
A
With declaration
20-year external 6s
4s
Y.
40
F
1957
Apr 1958
Norway 20-year extl 6s
External
1
Jan
52
Foreign Govt. & Mun. (Concl.)
New 80 Wales (State) extl 5a
External s f 5s
With
BONDS
N.
Since
Thursday's
Bid
Thurs.
Bank
Range or
Sale
Price
Week Ended May 30
3463
Week's
M
to bank
S
x
bbb2
106 Vi
106 Vi
5
x
bbb2
103 Vi
103 Vi
1
eligibility and rating of bonds.
See
a.
New York Bond Record—Continued—Page 3
3464
'V'
EXCHANGE
Y. STOCK
Railroad & Indue. Cot.
¥. £
MA
I
/ J
J J
3 4* D..1996
3 4s ser E..1996
Potts Creek Br 1st 4s
1946
R A A Dlv 1st con g 4s. —1989
2d consol gold 4s_-——1989
♦Chic A Alton Rll ref 3s
1949
Chic Burl A Q—HI Div 34» 1949
aa
♦lllVi
x
a
x
a
x
a
x
a
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n%
♦
cccl
22
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10
18
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22
22 4
11
174
102 Vi 106
J
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22
22
4
102 4 105 Vi
y
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81 Vi
82
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A
x
bbb3
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83
1
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cccl
15
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y
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30
—
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82 Vi
83 Vi
—
76'4
—
29
m
24 Vi
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34 Vi
ccc2
36
z
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38
z
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36 Vi
cc
2
8Vi
9Vi
z
c
1
2Vi
z
cccl
22 Vi
MJV
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cccl
MAT
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MA
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Fed Inc tax.1987 M A
z
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cccl
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cccl
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{♦Secured 4 4s series
♦Certificates of
— .
3Vis—1966
1967
Cln Leb A Nor 1st con gu 4s. 1942
Cln UnTerm lstgu 34s D—1971
1st mtge gu 34s ser E——1969
Clearfield A Mah lstgu 5S..1943
3 Vis
100
17
x
bbb2
97
....
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D
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22 Vi
109 Vi
25
9Ji
9Vi
9Vi
27
114
—
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series B
9 Vi
36 Vi
9
A St Louis Ry
Deposit receipts
21 Vi
28
20
26
18V4
6 Vi
25
114
J
mm
series B...1981
4 Vis. 1961
6 Vis.-1972
1st s f 5s series B guar
1973
lBt s f 4 Vis series C
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f 5s—1943
♦5s Income mtge
1970
Colo A South 4 Vis series A—1980
z
17Vi
1
a
J
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aaa2
39Vi
40 Vi
30 Vi
40Vi
F
A'z
cc
65
30 Vi
40 Vi
F
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cc
4 Vi
10 Vi
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J
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J
x
1054
106
54
53 Vi
Vi
2Vi
199
1
15
14
x
aa
2
104 Vi
1044
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m
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~
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24
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23 H
x
aa
2
1074
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cccl
13 Vi
J z cccl
mmmmmm
J|z
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S
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1
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13 Vi
13Vi
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48
7
1
aa
3
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111
aa
3
mm*mmrn
lllVi
1114
D
x
aa
3
104 Ji
104 Vi
105
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—
'mm
24 Ji
22 Vi
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24
J
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254
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16
25 Vi
MN
16V4
25
M
~
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131
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Dow Chemical deb 2 Vis
S
ccc2
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♦General g 34s
1987
x
J
'
♦Gen Inc mtge 4
Askec
Y.
N.
Since
A
0
registered.1949
registered——
1949
General 4s-..———••••-1958
1st A ref 4 4* series B—1977
1st A ref 6s series A
1971
Chicago A Eastern 111 RR—
♦Gen mtge inc (conv)
1997
Chicago A Erie 1st gold ft.. 1982
Chicago Gt West 1st 4s ser A. 1988
BONDS
Range
or
Thursday's
Bid
♦ J
Ref Aimpt mtge
t»Chic Ind A Loulsv ref
♦Refunding g 5s serleB
Sale
Low
Ref A lmpt M
34s
Price
(Cont.)
Chesapeake A Ohio Ry-—
General gold 4 4«
----}%%*
Illinois Division
Last
See A
30
Week Ended May
Range
EUg. A
Rating
BONDS
N.
May
Bank
Week's
Thurs
Bank
in this tabulatlonpertalnlng to bank and eligibility rating of bonds. See a.
484
134
Volume
New York Bond Record—Continued—Page 4
152
Bank
BONDS
N.
| ST
(*
Week Ended May 30
Railroad
Indus. Cos.
&
Illinois Bell Telep
Rating
Price
Thursday's
Sale
Set A
a.
Bid
A
2 ?*s ser A. 1981 J
J
x
aaa3
101 34
Asked
High
Low
(Conl.)
101
BONDS
Range
Range or
Last
Elig. A
EXCHANGE
Y. STOCK
!|
N
Since
No. Low
28
High
1003* 102H
y bbbl
A O y b
2
MiV!yb
2
J
/ yb
2
yb
MiVyb
2
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MA' yb
2
F A y ccc2
J D x bbb3
Litchfield Dlv 1st gold 38..1951 J
Jjx bbb2
Loulsv Div A Term g 3 $48-1953 J
J\y bb 3
Omaha Div 1st gold 3a
1951 F 4,y b
St Louis Dlv A Term g 3a—1951 J
Gold 3 Ms
/
88
90
893*
933*
933*
♦Lower Aust Hydro El 6 348-1944 F
483*
4734
Maine Central RR 4s ser A. 1945 J
4534
4634
Manati Sugar 4s s f...Feb 1 1957 MN y
Manila Elec RR A Lt s f 58—1953 M 8 y
Manila RR (South Lines) 4s. 1959 MN x bbb2
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cccl
9534
9634
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214
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62 >4
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60
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51
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48
25
33
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74
78
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153*
1063* 1063*
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98
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101
13
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9
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1941 A O y ccc3
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1955 M S y b
2
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1947 F A y bb 3
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1955 F A y cccl
3934
3934
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81
3934
54Market St Ry 7s ser A Apr 1940
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1945
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t§*Met W Side El (Chic) 4s. 1938
8134
81
83
44
71
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f|*K C Ft S & M Ry ref g 4a 1936 AO
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1st gold 3s
1950 AO
J
Ref & lmpt 5s
Apr 1950 J
Kansas City Term 1st 4s
1960 J J
Kan City Sou
-—1961
6s—1997
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1954
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1954
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^♦Kreuger & Toll 5s ctfs
.1959
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16
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1949
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1951
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1962 MN
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1946 F A
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1949 M S
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1949 M S
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1944 A O
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1951 F A
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1978
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1946
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-.1941
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1950
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1946
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2013
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1962
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1997
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1942
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1998
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93
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57
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18
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28
1934
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1952
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1961
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5934
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45
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1960
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1981 FA
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97
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91
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86
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108
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803*
x
1949
1980
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55
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234
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1834
136
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134
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10734 109
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2003
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1960
3634
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25
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1975
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Cons sink fund 434s ser C-1954
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1944
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1954
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1954
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1964
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1964
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1974
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1974
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1943
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1952
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1955
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1953
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1950
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5%
2%
4%
3%
10%
4%
8%
7%
17%
-v':
t
il»For footnotes
see page
3407.
—mmm
55%
54%
54%
"♦Rio Or
West
-
117%
29
/
4
----
'
♦2d 4s inc bond ctfs
aa
E trust ctfa...1952 AfN
1963 F
85
52 H
95 M
43
Pat A Passaic G A E cons 5s. 1949 At 8 x aaa3 mmrnrn'mm
♦Paullsta Ry lat a f 7a— .1942 At 8 y b
1
D
1962
f 7s
♦Prior lien 5sseries B
A y b
2
Paramount Pictures 3 Ms deb *47 At 8 x bbb2
Parmelee Trans deb 6s
1944 A O y ccc2
1953
1955
105% 107%
79
89%
60
112%
111%
109%
82 M
107 X
108%
102
Paramount Broadway Corp—
lat M s f g 3s loan otfs
1955 F
Pennsylvania Company—
Guar 3 Ma trust otfs C—1942
Guar SMs truBtotfa D—.1944
70
*64 H
112
aa
a
:»*Rlo Gr June 1st
'•■i..Iv
Pacific Coast Co 1st g 5s....1946 J
—..
110%
--•
109% 113%
109% 113%
102
105%
31
99%
54
----
108% 112%
113% 117%
104
3
J
15
104
mm-—mm
Dx bbb3
aa
1952
♦Gone mtge Or of 1928
♦Godb mtge 0s of 1930
Richfield Oil Gorp—
10*
109M
3
aa
194R
1946
pir^t
With
9
3
107 M
3M« I960
4s s f conv debentures
6M
104
99
—
117
9
14
*106%
-——
2
bbb2
50%
62 %
4
1
;V< 1
103%
103%
bbb2
♦3Mr assented
mmmrn
110%
in%
—
111% 113
110% 112
110
111%
117
120%
mmmrn
mm
111%
111%
2
bbb2
Revere Copper A Brass
m
117
2
x
1964
rn
mm
D y bb
O y bb
x
1966
mmmrn
117
99%
x
5 Ms
mrn
111
"111
109
mmmm
mm
117
------
Remington Rand deb 4 M s w w '56 At B
Af 8
4M« without warrants
1956
F A
Republic Steel Gorp 4 Ms ser B '61
conv
mmmrn
m
117
bbb2
•Rhelnelbe TTnlon s f 7a
9
*109
"ll7"
103% 104%
105% 106%
2
v-
----
m
2
x
76%
109%
110%
109M
110M
—
1
'
■
*111%
*111%
2
J
4M* series B...1997
47%
12
-
aa
x
aaa3
44 %
60%
—
2
J
D y bb
x
Pur mon 1st M
59%
59
-
2
J
42
186
67
*58 M
*1C9
m'mm
-
2
3
39
21
------
—
aaa3
7
54%
103%
101% 104%
12
103%
105%
109%
*108
-
2
b
Gen mtge 4 Ms series G
72 %
— —
—
2
aa
A
A/N
y
45
3
Consol sinking fund 4Ms.-I960
General 4Mb series A
1965
2
x
80%
a
-
aa
J
45
a
Oregon RR A Nav cod g 4s.. 1946 J
Ore Short Line 1st eons K 5a. 1946 J
Guar stpd oons 5s
—.1940 J
4 Ma aeries B
x
103%
105%
------
-
1
75%
a
Penna
2
cc
Gen A ref
83
J\x
—....
Pa Ohio A Det 1st A ref 4
2
aa
Ms series A... 1997
62%
1967 M jS.x
Ontario Power N F lat g 5a. .1943 F A
Ontario Transmission 1st 5s 1945 AfN
Glass Sand 3Ma.
aa
x
Pub flerv of Nor Til 3Ms.--.1968 A
J
Purity Bakeries s f deb 6j_._1948
A
Reading Go Jersey Gent -oil 4b '51
J
Gen A ref 4
123
1966 MAx
1st mtge 3 Ma
1972
Oklahoma Gas A Elec 3Ms.. 1966
iadebentures
..,-..1946 J
Pennsyl
x
z
tlma 8teel 1st
aer
A
D
Public Service El A Gas 3M» 1008 J
J
1st A ref mtge 5s
.2037
J
1st A ref mtge 8s
2037
♦96
1948
Ohio Connecting Ry 1st 4s—1943 M S.x aaa2
Guar 4a
2
2
M
50
43
103%
103%
103%
2
aa
{♦Providence Sec guar deb 4s 1957
Af S
{♦Providence Term 1st 4s.
1956
Northern States Power Co—
28-year 4a
aa
x
J
1966
...
99
46%
71
73
53 M
67
J y bb
2047
2047
Panhandle East P L 3a B
aa
x
...
1st 5s extended to
22%
70
----
76%
42 M
J y bb
J y bb
—
44%
44 M
bbb2
(♦Pac RR of Mo lat ext g 4a. 1938
(♦2d ext gold 5s
1938
Pacific Tel A Tel 3%a ser B—1966
D
Potomac El Pow 1st M 3 Ms
Pressed Rtt,e1 Car deb 5s.
22%
22%
12
—
73
bbb2
x
61
x
A
J
1974
Port Gen Elec 1st 4 Ms
108% 109%
——
71
53
43 M
a
x
1
O
MJV
Af N
F
1st gen 5» series C
0%
113
....
-----
75 H
x
Ore-Wash RR A Na* 4s
bbb2
J
1st gen 5fl series B
103% 107
mmrnrnm
J
Ref Almpt4 Ms series A.-.204 7
Ref A impt 0s series B
2047
Otis Steel
x
A
Pitts Y A Ash 1st 4sser A...
97
102% 104
77
..
76 M
F
—
99 %
AO y bb
1st mtge 4 Ms series B
95% 101%
10
70
—1997 CI
-
45
v
..-——2047 Q A
Ohio Edison lat mtge 4s
lat mtge 4s.
5%
"103""
J
let mtge 4 Ms series C
103% 106
*
A Id g 3s Jan.. .204 7 Q
tf+Og A L Cham 1st
3%
3
*4%
102%
Xrnmm
aa
J
4 Me eerie* C
Pitts 4 WVa 1st 4 Mb ser A.
125% 127%
104
107%
103M
71
—
Ref A Inapt 5s series D
1
x
A
1904
Gen mtge 5" series B
108% 111%
3
*112
Ref A Impt 6s series C
0%
d
J
110
—
15
16%
87
5
aa
rt
4%
F
40
2
x
Registered
3
z
4%
4%
MN
126%
Gen A ref 4 Ms series A.—1974 Af S
3s
22%
6%
1
J
J
103%
104%
*115
4s Registered
16%
3%
F
108%
104%
aa
Gen lien
90
d
5%
4%
6%
z
5%
4%
105% 108%
126 M
x
—
1
104% 106
104 M
103M
North Cent gen A ref 5s.—-1974 Af S
{Northern Ohio Ry—
♦1st gtd g 68
.—
cc
194
8eriee J cons guar 4 Ma
Gen mtge 5s series A
54%
108% 110
109
6
33
20%
20%
20 M
A
F
Debenture 3Ms—
Debenture 4s
z
194
3
♦Ctfa of dep (issued by reorgan
North Amer Co deb 8
110%
76
AfN
1961
6s
108%
22%
mmmrn
7%
100
♦Ctfa o' dep (Issued bv reorgan
Izatton manager)
105"i«107%
32
20%
MN
Mb guar—
Series C 4 Me guar
48%
4
110%
109%
103%
103 M
99
----
-
96%
100%
3%
*99 M
1
-
-
----
109%
*94
cc
6
83%
♦108M
'mv»
----
13
♦
„
----
--
32%
13
—
of deposit....,
--
----
106%
*13"
cc
1943 At N
J
N Y Telep 3%sser b ——1907
D y b
N Y Trap Rock 1st 6a
1940
6s stamped
yb
-——--1946
J z c
{(•N Y WestABost lat4Msl94fl
Niagara Falls Power 3Ms...I960 M S,„
A Olx a
Nlag Lock A O Pow 1st 5s A .1955
Niagara Share (Mo) deb 6 Ms 1950 #N y b
A z cc
{(♦Norf South 1st A ref 5s .1961
♦Certificates
-
106M
cc
z
2
110%
108%
*
A
----
♦109M
♦105M
*106
4%
1%
mmmrn
49%
mibbH
J
F
2
100
49M
IIIIZI
22
5%
*95
♦Terminal 1st gold 5s
—
72
110%
"21%
J
86
♦1M
0 y b
UN
105%"
120
108
J
Series B 4
83%
--
9
108%
105llu 105«JI
108%
109
115%
109%
cccl
debs..
Series D 4s guar
83
c
2
aaa3
J
27
3%
24 M
cc
bbb3
....
114
z
F
22
33%
46
7
28%
A
N Y Queens
f*2d gold 4 Ms
(♦Oenera) gold 5s
z
z
x
vr
6
119
Pittsburgh Clno Chi A 8t Louis
10
24 M
8
a
—
Phillips
18
mm mm
83
O y b
2
x
107%
*118%
114
...
{(♦PhlMpplne Ry 1st s f 4a..
M
♦Certificates of deposit
5%
5M
D
M
{♦N Y Ont A weat ref g 4a—1992
♦General 4a
—-——-1955 J
'
x
/
Series O 4« guar
{♦N Y Prov A Boston 4s
'
■
74
107%
At 8
♦Con* deb6s
41%
mmm
41
41M
—
107%
-
-
2
74
64
106%
107%
118%
113%
26%
20%
"52
22
25 M
——
J
A
26%
23%
17%
17%
18%
18%
23
J
J
23%
mXlm
-
2
63
15
2G
J
Ms
26%
21M
22 M
O
19
♦18 M
M 8
25
a
a
67%
107%
60%
At 9
98
88
aaa2
x
x
J
101
95
A
F
56%
69%
f
05
107
67%
107%
4%
9%
107% 110
72%
83%
"32
77%
65
65
2
114% 118%
48%
54%
107%
"76%
77
2
D
J
21
~~~i
....-
2
High
108% 111
47%
*
1
Low
....
115%
8
aa
y
No
109
*45%
bb
bb
ser A 5e
1st 4s series B
100 % 103%
49%
63%
x
r
J
Since
Jan.
Higl
n~5~~
115%
1
MN
Pere Marquette
{•Phils A Read C A I ref 5s
*
--—---1957 M N
D
♦1st A ref 4 Ms ser of 1927.1967
MN
{♦Harlem R A Pt Ch 1st 4s 1954
.
20%
mlimmm
-
--
54%
♦
1947 At S
♦Non oonv deb 4s
♦Debenture 4s
♦104M
53 M
♦58 M
♦100M
54%
aaal
Range
#5
Askec
A
*
cc
M
A
1
120% 126%
113% 118%
Bid
b
A
67
At
Af N
Price
Low
63%
£
Range or
Thursdays
Sale
See k
0.
Railroad & Indus. Cos. {Cont.)
Pwlo A P#>kin T7n
I
Last
A
Rating
St fr
—
106% 108%
107% 110 M
Brie—See Erie RR
N Y Gas El Lt H 4 Pow g
Blio
fe®
<5
EXCHANGE
8TOOK
Week Ended May 30
60
60%
66 M
3
No
1
Week's
Thurs
Bank
v
N. Y.
Since
Jan
Hio>
BONDS
Range
3
AnKec
Low
Railroad & Indus. Cat. (Com.)
N Y Edison 314a ser
2
hid
Price
t
May 31, 1941
5
Thursday's
Last
Sale
EXCHANGE
30
STOCK
Y
N,
Bond Record -Continued -Page 5
Week'*
Thurs
Attention is directed to the column incorporated in this tabulation pertaining to bank eligibility and
rating of bonds.
See
a
.
Volume
Rating
Price
Bid
A
F
certificates...1935
F
a
A
a
2
a
2
97 M
10
97
97%
«7M
54
45
45%
27
71
l*2d gold 5a
♦1st lien g term 4a
♦Det A Chic Ext 1st 5a
78
*14
25
45
50
1952
Skelly Oil 3s debs
102 %
*103%
bbb2
105
aaa2
108 M
Southern Colo Power 6s A., 1947
Southern Kraft Corp 4MB— .1946
bbb2
South A Nor Ala BR gu
6s.. 1963 A
119
106 H
108M
105 M
3
103
108 %
105
105 %
31
104
106
'105
*101H
102%
101% 102 %
bbb3
*105 %
105 %
105% 107 M
x
Southern Pacific Co—
4s (Cent Pac coll)
...
.1977 MS y bb
.1908 M S y b
Gold 4Mb...
MN
.1981M.V
10-year secured 3MS-I
.1946;J
San Fran Term 1st 4s
,1950|A O
A
Gold 4 Ms
Gold 4 Ms
40 M
55%
51%
51%
52%
202
39%
51%
52%
256
65%
86
67 M
y
bbbl
bbbl
x
bbb2
"92 M
y
bb
y
1951
x
x
aaa3j
x
40
90
94%
62
78
67
80
28
75
84%
84%
81%
86%
57
79
89
84%
78
86
aaa3
1908,
85 M
{♦Spokane Internat 1st g 6b.
z
196l|/ D
x
111%
80
73%
109% 111M
106%
104 %
aaa3
J
J
O
.1961.A/N
Swift A Co 2Mb debs
J
Tenn Coal Iron A RR gen 6fl. 195 • ,'J
Term Assn St L 1st cons 5e.. .1944 F A
1953T/ J
Gen refund sfg4s
Texarkana A Ft 8 gu 6 Ms A. .1950 F A
.1959 A O
Texas Corp 3a deb.
.1905 MN
8s debentures
104
104%
17
103
105M
100 %
103 %
103 %
104%
b
2
104 M
104%
105
15
1943jJ J
gold 6s
gold 5s.. 2000 / D
A
.1979 A
Gen A ref 6e series C
_1980 /
Gen A ref 6s series D
Tex Pac Mo Pac Ter 6 Ms A .1904 M
Third Ave Ry lBt ref
4s
♦AdJ income 5s
1900
Jan 1900
O
O
U
S
Tol St Louis A West
3 M s *00
1st 48—1950
deh A. 1963
♦Tyrol Hydro-El Pow 7 Ms—1955
♦Guar sec ■ f 75
1952
UJlgawa Elec Power s f
Union Electric
{(♦Union Elev Ry (Chic) 58.1945
Union Oil of Calif 6s series A. 1942
109%
125%
110%
x
aa
110
110
x
bbb2
91
x
aaa3
105
x
aaa3
105
bb
a
1st A land grant
78
91%
91 %
105%
4
71%
73%
18
6
62%
62%
x
bbb2
101
2
51 %
52%
D
A
M
J
z
14%
15%
153
42%
43
33
39
7%
12%
12%
12%
103%
11
103 %
95
2
94 %
80
19
97
97
3
77 M
91
95
95
1
92M
28
51M
96M
61
32
34 M
65
70M
57%
56%
*33 %
57
'70
37
70
70
102
*
77
3
70%
%
124% 128%
108M
113
9j 1111 114
110M
112M
125%
108X1
111M
108M
110M
102 %
3
109% 111%
5
101% 104%
102 %
3
....
107% 109%
91%
92
34
101 %
105%
24%
102
26
25
19
15
29M
78
44
81%
43
71M
73 M
80 %
79
24%
74%
78%
77%
76%
79%
62
74
82%
14
27
92
101M
"24%
I 24%
74%
9
105M
38
25
95 %
90 %
104 %
105M 107
15
30M
100
85
16
19
50 M
60 %
15
gen
51%
47%
40M
52
92 %
"54
112M 115
92 %
93%
105%
105 %
106 M
5
105% 107 M
103 %
bbb3
104M
114M
1
103
104
1
114
36%
47
27
114M
37 M
36 %
O y bb 2
/ x aaa2
1960 J
114M
34%
114
c
2
z
c
2
z cc
1
10%
10%
zee
I-.
z
1
*8M
Ox aa
Jxa
/.zee
3
12%
109%
/
4a..l949|J
♦Certificates of deposit
x
...
N
|*8u A Du dlv A ter 1st 4s.1936
A
1971 /
{♦Wor AConn East lst4Mfl-1943;J
36%
39
*34 %
109M
7
13
7%
12
108 % 110M
106 % 108
108
*107
3
26 H
*4
1
aaa2
a
3
*94
x
aaa3
*105%
1
*8
F
z
'96%
*74
y
x
aa
3
z
cc
1
x
aaa3
x
aa
A
104^32
107%
i05K
20%
23
62
75
104 %
27
90
5
111%
43
112M
*
Thursday's bid and asked price.
♦
aaa2
104%
105%
11
106%
106%
bb
3
85
85 M
aaa3
85%
n
sale,
Under-the-rule
or reorganized
companies.
under
Bonds selling flat.
12
71
$ Companies reported as being In bankruptcy, receivership,
Section 77 of the Bankruptcy Act. or seounties assumed by such
100 %
96% 101%
102% 107
97%
71
sale,
Odd-lot
hom 114%
110
97%
3
e
t The price represented Is the dollar quota¬
Accrued Interest payable at the exchange rate of
200-pound unit of bonds.
1
98
2
2
per
7
98
a
d Ex-interest,
sale,
§ Negotiability Impaired by maturity,
24' 101% 105M
111%
delivery
104"32l07
103%
111%
111%
Deferred
$4.8484
104",2
...
b
No sales transacted during current week.
96
1
104% 107
3
70 M
65%
82 %
90%
108H 108 M
28
*108
k
Bank Eligibility and
Rating Column—x Indicates those bonds
which we believe
eligible for bank Investment.
aaal
MN
Nov 1 1941
MN
May 1 1942
MN
Nov 1 1942
1943 MN
1.00s
May 1
MN
1.125s
Nov 1 1943
MN
1.26s
May 1 1944
MN
1.3758
Nov 1 1944
MN
1.50s
May 1 1945
1945 MN
1.026s
Nov I
MN
1.75s
May 1 1940
MN
1.80s
Nov 1 1940
MN
1.86s—
May 1 1947
MN
1.00s
Nov 1 1947
1948 MN
1.95s
May 1
MN
2.00s
Nov 1 1948
2.05s
May 1 1949.M N
2.10s
Nov 1 1949 M N
MN
2.15s
May 1
MN
2.20s
Nov 1
MN
2.26s
May 1
MN
2.30s
—Nov 1
MN
2.35s
May 1
MN
2.40s
Nov 1
MN
2.45s
May 1
MN
2 60s
Nov 1
MN
2 65s
May 1
MN
2.00s
Nov 1
MN
2.65s
May 1
♦Un Steel Wks Corp0 Ms A..
♦3Mb assented A
...
♦Sec s f 6 Mb series C
♦3M« assented C
♦Sink fund deb 0 Mb ser A.
♦3Ms assented A_
United Stockyds 4Mb w w..
Utah Lt A Trac 1st A ref 5s.
Utah Power A Light 1st 5s..
*9914
aaal
*100
aaal
*100%
Indicates those bonds we believe are not
provision in the bond tending to make
*100
aaal
y
100
*100
aaal
100
*100
aaal
100%
*100
aaal
or some
100% 100%
s
aaal
100 M
100 M
101%
100%
aaal
10014
100%
100%
100
*100%
101%
aaal
*101%
aaal
*100%
101%
101%
aaal
*101
101%
aaal
*100 %
101%
aaal
101%
aaal
aaal
100%
101%
100%
1
1
101%
aaal
*101
aaal
101
101
aaal
100M
100 %
aaal
100 %
100%
2
aaal
101
101%
18
aaal
*100%
*100%
*100%
101
aaal
101%
aaal
101%
*100%
aaal
100%
100%
aaal
*100%
25
25
*
102
25
33
102%
100% 102
100
101 %
100 % 102
100% 102%
100
103%
100
102%
100 M 103
100
103%
100
103%
100 % 104%
100% 104
"21" "I' ~2~1~
*
A great
the ratings assigned to each bond
The letters Indicate the quality and the numeral Immedi¬
majority of the Issues bearing symbol
ccc or
lower are In default.
the
at
New York
Stock Exchange,
Daily, Weekly and Yearly
United
Total
Number of
Mis cell.
Municipal
State*
Bond
Share*
Bond*
For'» Bond*
Bond*
$2,115,000
3,373,000
5,034,000
$263,000
607,000
5,269,000
480,000
40,000
5,789,000
344,900
4,302,000
579,000
33,000
4,914,000
$1,535,900
$20,093,000
$144,000
$22,577,000
160,260
Monday
Wednesday.
300,780
385,790
344,170
31%
—
33%
Thursday
21%
33
Friday
91%
411,000
97
93 %
'93%
93%
3
1
103 %
103%
103%
13
102
bbb2
103 %
103%
104
54
Sal**
$2,388,000
3,793,000
$10,000
9,000
52,000
Saturday...
Tuesday
Stat*
Railroad dk
Stock*
Week Ended
May 30, 1941
20%
bbb2
All Issues
in default.
Transactions
20
32
agencies.
bearing ddd or lower are
20
36%
default. In bankruptcy, or In process of reorganization.
ately following shows the number of agencies so rating the bonds.
In ail cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating is shown.
20H
*21%
bank eligible due either to rating status
it speculative.
symbols in this column are based on
by the thee rating
100% 104
100
102%
100
103%
100H 104%
101% 103%
100% 104%
102
104%
20% 33
33
33 %
101%
aaal
2
101%
aaal
*~5
Indicates Issues In
The rating
100% 100%
100% 101
100
100%
-
..
5,693,000
HOLIDAY
102 % 105%
a
104%
Total.
x
aaal
*110%
110
111
x
aaal
*110%
109
110% 1
,
New York
$2,340,000
Week Ended May 30
Sales at
A
M.V
F
101M 103 M
96 % 103%
102 %
100 M
Cash sale.
tion
104732 107 %
104"32
111M
2
aa
a
r
15
103 %
104",2
2
aa
O
N
D
O
0
107%
20%
13%
*7%
aaa2
J
104^32
aaa2
1970 A
100%
"94" "98""
*8
J
2
f 3Ms ser D___1960 MJVza
s
102%
100
*120
J y bb
A
1st mtge
102 %
*104
x
...1948 M Sx bbb2
Conv deb 4s
78%
x
z
Stock
1940
1941
Exchange
Stocks—No. of shares
Jan. 1 to May 30
1941
-
-
-
-
-
foreign.
Railroad and industrial
Total.
directed to the column
Incorporated In this tabulation pertaining to
1940
1,535,900
3,792,862
53,151,879
111,392,190
$144,000
2,340,000
20,093,000
$1,146,000
3,484,000
16,973,000
$8,793,000
68,942,000
868,280,000
104,379,000
615,399,000
$946,015,000
$741,761,000
Bonds
Government.
State and
98
106M 108M
110
*124
84
97%
77
43
875a
Attention 1*
105M
103
79
79%
48 M
95
2
bb
IN
1967
32
*113M
1947|A
{♦Wis Cent 60-yr 1st
24
101%
14%
bbb2
x
76s
B...
11%
92%
/
1955 J
Conv deb 3%n
05
100
*100%
y
O y
S
3
51%
38
15 %
series A..1955
11
11
1949
Winston-Salem S B 1st 4s
96% 101
3Ms debs.— 1955 A
United Cigar-Whelan Sts 58. 1952 A
1953 M S
United Drug Co (Del) 5s
1944 MS
U N J RR A Canal gen 4s—
United States Steel Corp—
Cona s f 4s serlee
7M
7%
2301
Wlso Public Service 3 Ms
8
51%
United Biscuit
Vandalla eons g 4s
10
47 M
74%
72%
72%
cccl
0258
11
51
75
71%
ccc2
debentures—
14
11
23
♦Certificatesof deposit
Wisconsin Elec Power 3M8—1908
72
101
7M
1
1
2301
Wilson A Co 1st M 4s A
105% 108%
75%
62%
bbb2
72
18
73
15
Registered
94
bbb2
J y bb
1971 M
85-year 3 Ms debenture—
Ref mtge 3 Mb ser A...... 19801/
Serial
1
45 M
53%
11%
2
2
West Shore 1st 4s guar
102% 106%
x
1947
—
49
105%
O
1947 J
4s.
4s registered.....
105
07M
18M
11
50 M
7M
9%
With declaration
106%
x
Union Pac RR—
84-year 3 Mi deb
104%
12
♦Westphalia Un El Power 08.1953
94 %
88
102 M
"71H
J
J
4
41
1
17%
11%
19511J Dyb
1900 M S y b
Wheeling A L E RR 4s
91
49 %
52%
11M
Wheeling Steel 1st 3Ms ser B1966
106
20 M
61
"iik"
2
109H 113M
108% 111 M
90%
91%
bbb2
y
8,
01M
13
30
1
4Ms-1960|Af N y b
123% 128M
105%
%
2
x
110
3
x
F
__1959jF
3s debentures
3
A
78—1945 M
(Mo) 3Ms—1962
100%
*124%
aaa3
44
1
#
11%
1952 A
30-year 6s
5
"*8%
Ox bbb3
1977 J
/xbbb2
West N Y A Pa gen gold 4fl—1943 A O x aaal
{♦Western Pac 1st 5s ser A—1946'M S z cccl
♦5s assented
1940 M S z cccl
Western Union Teleg g
2 5-year gold 5fl
14
17%
47
Youngstown Sheet A Tube—
Toronto Ham A
Tri-Cont Corp 5s conv
100%
aaa2
x
J y
series C—1942
J D
Buff 1st g 48.1946
M S
Trenton G A El 1st g 5s
1949
Tol W V A Ohio 4s
Ioom
x
J
I ♦Third Ave RR 1st g 58—1937
Tokyo Elec Light Co Ltd—
J D
1st 0s dollar series
1953
Tol A Ohio Cent ref A Imp
bb 2
Western Maryland 1st 4a
1st A ref 5 Mb series A
99% 101 M
100% 100M
♦101 %
cc
55%
54%
17%
106M 108%
|
Z>^x a
109
aaa.3
z
cc
74
17
61
Sybb 1
S z cc 1
Warren RR let ref gu g 3 Ms.2000 F A y b
3
Washington Cent 1st gold 4s. 1948 Q M y bbbl
Wash Term let gu 3 Ms
1945 F A x aaa2
lBt 40-year guar 4s
1945 F Ax aaa2
Westchester Ltg 5s stpd gtd.1950 J
D x aaa3
Gen mtge 3^8
1967 J Dx aa 2
West Penn Power 1st 5s E—1963 I Sxaa 2
1st mtge 3Mb series I
1960/ J x aa 2
West Va Pulp A Paper 38—.1954 J
103 H 100 %
x
Texas A Pacific 1st
1977
104 M
O z
Oz
64M
90
65
108%
108
*
1945 J D x bbb2
1955 A O y b
2
1955 A O y ccc2
08 debentures
34
26%
9
30%
34
y
Convertible deb 4Mb
Walworth Co 1st M 4s
109
30
cccl)
Standard Oil N J deb 3s
111M
78%
111%
106%
J
1953'J
debenture
Btudebaker Corp conv deb 6s 1945 J
.1950 A
Superior Oil 3 Mb debs—
%
7814
1956 J
2Mb
♦Ref A gen 4 Ms aeries C—.1978 A
♦Ref A gen 5s series D
1980 A
Walker (Hiram) G A W—
65%
bbb2
B_. .1964
*93
61
'91%
bbb2
y
70%
57%
♦83 %
x
Gen A ref 6s serlee B
88
79
68
66
...
Texas A N O con
71
81M
y
1st A ref 3s serlee C
48%
62
2
bb 2
bb 2
St Louis Dlv 1st g 4s
55%
72
13
67
85
a
55%
39%
45
4
J
.1955 J
J
1st 4s stamped
J
Southern Ry 1st cons g 6b...1994 J
Devel A gen 4s series A....1956 A O
.1956 A O
Devel A gen 6a.
.1956,A O
Devel A gen 6M«
.1996 J
J
Mem Dlv 1st g 6s
So'western Bell Tel 3 Mb
230
52 H
4s....19551/
So Pac RR 1st ref guar
57%
52 %
bb
z
84 M
10
72%
*45
cccl
cccl
1
z
2
73%
88 %
72%
1941 M
44%
b
x
O
M S
Ms A *75 I Szcc
♦Ref A gen 5eseries B.
1976 F A z cc
88%
88 H
108 %
High
108M HOM
54M
55
1948 M
126
b
y
*
1941 A
g 4s. 1941
{♦Warren Bros Co deb 6s
55%
y
52 M
z
27
2
55
1
b
1
cccl
gen 5
Warner Bros Plct 08 debs
52 %
J
{♦Wabash Ry ref A
48%
y
.1969
/
/
53%
53%
55 M
1st 4 Mb (Oregon Lines)
1941 J
34%
b
y
17%
z
No. Low
110%
55
J'zb
37%
45
49%
49
49M
D y b
.1949 J
.1949
4s registered
(♦Toledo A Chic Dlv
bbb2
0
A
1
cccl
A
1964/
(♦Dea Moines Dlv lst4s—1939 J
120
4
105 M
aaa2
5s
♦Omaha Dlv lstg 3 %tt
108 %
121
cons
Virginian Ry 3Mb series A
{Wabash RR Co.—
107
108"
*
Southern Natural Gas—
4 Ms— .1951
103 H
33
105 M
1st
102 « 103 %
101H 104
104
104%
aaa3|
a
3'
South Bell Tel A Tel 3M«— .1962
.1979
3s debentures
Socony-Vacuum Oil 3s debe. 1904 J
5
10
103
103
bbb2
.
55%
1939 F
§♦181 gold 5a
15M
39 %
51
*43
1950.F
1st mtge pipe line
99 M
7s.. 1941
811eslan-Am Corp coll tr
Simmons Co deb 4s
1939 IN z b
94 H
97%
97 M
2%
56
1946
♦Silesia Elec Corp 6 Ms
4
214
1908 M S x aa
Since
High
110
110M
Va Elec A Pow 3 Ms ser B
Va Iron Coal A Coke 1st g 5s. 1949'M
Va A Southwest 1st gu 5a...2003 J
1
Range
Jan. 1
Asked
A
Low
2
S y ccc2
/ y bbbl
1968 A O y bb 1
1900 ISxaa 2
4
42
97%
*46
D
J
ShJnyetsu El Pow 1st 6 Ms... 1952
♦Siemens A Halske deb 6 Ms. 1951
Bid
Price
k
Railroad & Indus. Cos. (Concl.)
High
2%
Sale
Rating
See
Range or
Thursday's
Last
Elig. A
EXCHANGE
3%
97
97 M
STOCK
Week Ended May 30
1
No. Low
High
3%
2%
c
z
1961 /
f debs
3%
c
debs... 1954 J
Shell Union Oil 3M>
2Kb
z
Y.
N.
Since
Jan.
Asked
Low
Railroad & Indus. Cos. (Com.)
{♦Seaboard All Fla 6s A ctfs.1935
♦0« Series B
A
BONDS
Range
Thursday's
Sale
See k
EXCHANGE
30
Range or
Last
Elig. A
BONDS
STOCK
Week Ended May
Week's
Thurs 1
Bank
Week't
Thurs.
Bank
N. Y.
3467
New York Bond Record—Concluded—Page 6
152
$22,577,000
$21,603,000'
bank eligibility and rating of bonds.
See note k abovc^
$21,983,000
New York Curb
3468
Exchange—Weekly and Yearly Record
May 31,
1941
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling
outside
of the regular weekly range are
shown In a footnote in the week In which they occur.
No account Is taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
Saturday last (May 24, 1941) and ending the present Thursday (May 29, 1941), Friday,
May 30, being Memorial Day, and a holiday on the Exchange.
It is compiled entirely from the daily reports of the
Curb Exchange itself, and is intended to include every security, whether stock or bond, in which any dealings have
occurred during the current year.
for the week beginning on
Thurs
Par
Week's Range
for
.Sale
STOCKS
Thurs
notes
Last
of Prices
Low
High
Range Since Jan. 1,1941
Price
Low
Shares
High
Par
Mar
21%
Feb
5%
4%
May
20
Jan
Beech Aircraft Corp.....!
Bell Aircraft Corp com
16%
1
22%
6%
6%
12%
1%
Jan
Bellanca Aircraft
—..„.l
Class B
1
5%
300
5%
:
A inn worth
Mfg common—6
J)._l
Air Investors new com...2
new conv pref
*
10
10
Apr
Feb
"30
~98~% '98%
*
'it
Jan
Bell Tel of Canada
Jan
A lies & Fisher Inc com
Jan
106%
Jan
94%
2% May
*
AUlancelnvestment
ht
Jan
111%
Mar
88
Apr
103
Mar
2%
%
Mar
%
Jan
Jan
Jan
Mar
25%
Apr
500
%
pM
56 preferred.
Apr
75 %
%
Gt Southern..50
Alabama Power Co 17
May
10
20
Warrants
Alabama
*300
1
Air Associates Inc (N
May
Feb
Class A
1%
Feb
18%
100
Goods Mfg--.*
6% preferred..
118%
115
112
111% 112%
13%
14
125
1,000
250
"os"
American Beverage
24 %
24%
116
Jan
Apr
Apr
24%
May
35**
Apr
Jan
6%
Jan
Jan
Jan
%
Common class B.... 10c
Mar
1% May
*!•
Jan
*11
Jan
9%
May
Apr
11%
68%
Mar
%
Jan
*ii
Jan
16%
17%
May
May
May
28%
Feb
63
Jan
Class A...
16%
Class A with warrants.26
Class B
16%
16%
150
he
26
"'ht
500
"
...1
Amer Export Lines com..l
'35% '36%
17
2,400
17
500
Jan
Jan
Feb
15%
Apr
Apr
28%
23%
Jan
17%
79%
80
Feb
7%
Mar
600
50
"TOO
500
Jan
29%
Apr
Jan
May
%
290
103% 103%
100
1%
1%
6%
1%
6%
1%
1%
6H
82%
200
4%
200
80
1,300
70
Apr
May
Jan
8%
8%
Jan
Jan
Apr
%
15%
Jan
Feb
Mar
Jan
1%
1%
100
1 %
May
7
7%
200
7
May
Mar
Mar
38
1%
x24%
1%
1%
12
12
1%
200
Cable Elec Prod
5%
Feb
7%
Apr
3%
%
Feb
42%
May
Apr
2%
1%
Mar
Mar
May
Jan
Jan
60*
Feb
Vot trust ctfs
1
Jan
13
36%
Feb
42%
May
17% May
93% May
9% May
% Mar
19%
99%
12%
Mar
Feb
Mar
1%
Am
41%
17%
93%
9%
"42%
"""260
17%
93%
9%
17%
94%
9%
2,000
1,400
300
Jan
11%
3%
2%
Feb
13%
400
1%
1%
300
103% May
*
Jan
1%
Jan
8%
Jan
96
Mar
8%
Jan
Jan
Apr
6%
5%
Apr
11%
May
Jan
May
Mar
3
Jan
%
Jan
>18
Jan
%
Jan
1
Feo
Atlanta Birmingham A
Coast RR Co pref...100
65
108
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..!
2%
2%
300
Atlantic Coast Line C0..6O
Jan
Apr
2%
Class A voting....
Class B non vot
2%
2%
200
ht
%
"13%
14%
3%
Corp warrants
7% preferred
Canadian
3%
1%
3%
.....
6
3%
Automatic Voting Mach__*
400
400
2
200
3%
400
Avery (B F) A Sons com.5
6% preferred w w
25
6% preferred x-w
25
Mm
%
%
May
108%
May
Jan
Mar
4
,lu
Jan
Jan
5%
13% May
2% May
16
4%
Mar
Mar
2
May
Mar
Jan
1
2%
3%
12%
Mar
Feb
May
15
%
....
72
May
May
100
Jan
%
7%
Jan
3%
4%
17%
16
Mfay
May
Jan
Jan
%
Jan
Tobacco—
Class A common.....10
33
Ayrshire Patoka Collieries 1
Mar
25%
26%
600
36%
Apr
4%
Apr
Feb
31%
Jan
Apr
7%
37%
Jan
Mar
Feb]
3%
26
25
^
3%
3%
30
33
Baldwin Rubber Co oom.l
Bards town Distill Ino
1
.6
4
33%
900
150
3%
32
FeD
6
100
5%
Apr
A
2%
2%
200
*18
Jan
%
"1.
200
_
2%
Barium Stainless Steel. ..1
Barlow A Seellg Mfg—
%
Apr
I
10
A com.....6
7%
7%
,11
7%
500
9%
Jarf
100
6%
Jan
Baumann—See "Ludwlg"
Beau Brummell Ties Inc. 1
Jan
2% May
1%
Jan
6%
11
7%
4%
.
4%
20
4%
4%
100
Mar
4%
4%
Mar
5
12%
Jam
si
*
Ht
i
For footnotes see page 3473.
V
Feb
Apr
1%
May
1%
Jan
3%
Jan
Apr
18%
Jan
May
14%
May
Jan
1
718
%
%
500
*
Carib Syndicate
25c
Carman A Co class A..._*
Class B
•
~i%
Jan
£
Jan
15
Mar
k
Apr
May
1%
1%
114%
%
Feb
117%
Mar
8%
Feb
9
»i»
Jan
1% May
Jan
Jan
Castle (A M) common. .10
Catalln Corp of Amer
.1
Celanese Corp of America
7% 1st partic pref... 100
Celluloid Corp common. 15
$7 div. preferred
*
1M0
"lOO
7
35
Feb
39
""46
110
May
113
Apr
108
May
110%
7%
Apr
6% May
10%
6%
Feb
Jan
Jan
7%
7%
.....
110%
7%
1,500
.....
'""166
107%
2^706
125
107% 108
5% May
Apr
2%
Jan
107% May
Feb
4
35%
Feb
7%
Jan
8
Jan
20
Apr
3%
"~87~
'""160
Jan
134
5%
Jan
116%
Mar
Apr
Apr
13%
106%
Apr
"88%
""56
ht
'it
100
%
Jan
*32
*32
*32
1,500
*32
Jan
%
%
%
75
%
%
%
""75
82%
8
110
4%
"1,700
""166
95
95
60%
60%
3%
Feb
4% Mar
11% May
"150
95
150
60
May
Apr
*ii
7
7%
200
Apr
May
Apr
% May
% May
% May
% Mar
3% Apr
8%
100
Apr
Feb
10
116%
%
2%
Jan
%
Mar
Jan
4%
Apr
4%
Mar
5%
Jan
14%
110%
73%
Jan
Jan
Jan
Jan
10
Jan
%
Fen
3%
Feb
5%
Jan
Jan
10
1,800
*
55%
55
56%
400
48
Feb
69%
100
5
Mar
6%
48
Feb
*
Jan
7
4%
$6 preferred BB
Jan
%
4
5
Jan
ht May
Feb
ht
4%
5
Jan
Jan
95
10
Feb
Mar
Mar
46
10
1
*
May
96
Cherry-Burrell common
5
Chesebrough Mfg.
_25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
60o preferred B
Apr
106
"16% "10%
Chamberlln Metal Weather
Strip Co
...5
Charts Corp common
10
Cities Sendee common
56 preferred
Jan
17
"x3% """3"% "3%
Conv pref opt ser '29.100
Cessna Aircraft Co
1
Chief Consol Mining
Childs Co preferred
Jan
r% "T%
Cent Ohio Steel Prod....1
Cent Pow A Lt 7% pfd 100
7% preferred
100
Conv preferred—....100
Apr
Mar
""7% "7%
1st partic pref
*
Cent Hud G A E 00m..„*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref.100
Cent A South West Utll 60c
Cent States Elec 00m.
1
6% preferred
100
i*h
116"
common
„*
Carolina P A L $7 pref—.*
16 preferred....
*
Mar
Apr
2% May
Jan
1%
...100
Marconi
Capital City Products
Carrier Corp common....1
3%
*32
400
I
'16%
14
8%
1
*
Carter (J W) Co common. 1
Casco Products..
*
23%
Jan
%
13
.*
Jan
Jan
3%
1
~
2
Apr
17
%
Feb
Canadian Industries Ltd—
Jan
1%
Assoo Laundries of Amer *
"T%""jan
May
Feb
Feb
14%
Canadian Dredg A Dock.*
Canadian Indus Alcohol-
1%
4%
700
Feb
%
Canadian Car A Fdy Ltd
<18
18
»i«
3%
Camden Fire Insur Assn..5
Canada Cement Co Ltd..*
Jan
7% parti0 preferred...25
Mar
Jan
1
Jan
Apr
%
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
8
Jan
Apr
Apr
%
60c
Jan
May
May
Mar
%
7u
dep 5 %% pref she £1
1
Apr
6%
80
1%
Cables A Wireless Ltd—
12
Apr
Jan
May
Feb
60c
Apr
103% May
Jan
1%
1%
11%
dep rets..
Burry Biscuit Corp__12%o
com
10
100
12
Carnation Co
Beaunlt Mills Ino 00m.. 10
12%
17%
2%
Burma Corp Am
Jan
Jan
3
Assoc Tel A Tel class A..»
26
32%
11%
l
51.50 conv pref
% 1.60 preferred
15 1st preferred
Bunker Hill A Sullivan 2.50
66
....1
1
Jan
Mar
H
Buckeye Pipe Line
50
Buff Niagara A East Pow—
Jan
(Associated Gas A Eleo—
Basic Refractories Inc
31
*
Apr
5%
Associated Eleo Industries
Amer dep rets reg
£1
Pureh warrants for com.
Feb
Jan
7%
•
Apr
7%
4%
Assoc Breweries of Can..*
Baldwin Locomotive—
Jan
12
8
Can Colonial Airways.._.l
106%
1
conv
preferred
Apr
6
51.20
16
%
9
80
*
%
60%
11
Distillers. 1
60
3%
42%
Jan
29%
'2", 000
6%
Mar
Jan
Jan
25
""% ""%
Jan
3
May
3%
800
Jan
40% May
11%
30%
Brown Fence A Wire oom.l
Class A preferred
...»
100
""so
1%
Apr
36
Brown Forman
800
Ashland Oil A Ref Co....1
7% preferred....
200
"166
%
Feb
Jan
Mar
42%
10
Babcock A Wilcox Co
%
"11% "11%
1 Feb
1%
%
Feb
2%
Common cl A non-vot—*
Warrants
"166
"2
12%
30%
113%
21
»;
Jan
Jan
Feb
Feb
"54"
%
Apr
Feb
16%
11%
%
Jan
5
Jan
5%
8% May
11%
15
50
10
Jan
30
14
Bruck Silk Mills Ltd
79%
%
30
"2
100
Brown Rubber Co com.__l
Bruce (EL) Co common..5
79%
%
Jan
May
Apr
(Brown Co 6% pref
Jan
13%
7
Apr
Am dep rets ord reg..10s
British Col Power cl A...*
Jan
26%
38%
Apr
Jan
33
16%
Jan
27
1
7%
Jan
20
19%
13%
26%
Jan
28
*18
Apr
Arkansas Nat Gas com...*
Axton-FJsher
300
19%
Feb
Angostura-Wupperman ..1
Apex Eleo Mfg Co com...*
Appalachian Elec Power-
Automatic Products
1%
38
Apr
50
2
Atlas Drop Forge com...6
Atlas Plywood Corp
*
Auburn Central Mfg
*
Feb
Apr
15%
American Thread 5% pf..6
55 preferred
5%
Jan
Feb
26
*
Class A
Mar
Feb
Mar
'""166
*
Atlantic Rayon Corp
8%
Am dep rets ord bearer £1
Am dep rets ord reg.—£1
2%
6%
Common...
3%
Jan
Apr
British Celanese Ltd—
Jan
300
19%
"%
Art Metal Works com
Feb
%
38%
28
10
6% preferred
26%
2%
26%
.
Arkansas P A L 57 pref.
Aro Equipment Corp
7%
Co——L*
Apr
26%
A mer Seal-Kap com mo n .2
Am Superpower Corp com
.....100
8%
Jan
Apr
British Amer Tobacco—
May
May
54"
1st $6 preferred
8%
1,600
1,100
3,400
*
"\6% "l6%
1
Post Fencs
Class B
May
Amer Potash A Chemical
56 series preferred
4%
1%
7% preferred..
100
Brlllo Mfg Co common...*
Class A
•
9%
Amer Meter Co
American Republics
%
4%
8%
Apr
3
4%
8%
8%
♦
23%
25
Amer Maracalbo Co
Mar
%
100
Brill Corp class A
10b %
Amer Mfg Co common. 100
Preferred
100
Atlas
Brewster Aeronautical... 1
Bridgeport Gas Light Co.*
Bridgeport Machine
*
150
2%
25
preferred
May
Feb
*
350
20
Amer Lt A Trac com
18%
15%
31
Jan
Mar
4
Mar
33
100
$5 2d preferred
2,300
52.60 conv preferred... 1
4%% pref
7% 1st preferred
11%
107
107
Amer Hard Rubber Co..60
Amer Laundry Mach
35
*
24%
107%
11%
23%
24%
American Gas A Elec.-.IO
preferred
100
Amer General Corp com 10c
$2 conv preferred
..1
300
%
35
500
15
%
65%
xl7
Amer Foreign Pow warr...
Amer Fork A Hoe com...*
4 %%
300
35%
14%
1
BraxlJIan Tr Lt A Pow.—*
Breeze Corp common
1
Jan
%
35
Amer Cynamld class A..10
Class Bn-v
....10
14%
%
5%
British Amer Oli
Amer Cities Power A Lt—
Jan
Jan
Jan
%
6% May
3% Mar
13%
Feb
%
Feb
*
Bowman-Biltmore com
Jan
Jan
%
Mar
200
25
May
100
% May
10% May
Apr
7%
1%
10%
100
(8) A Co
111%
Fet,
34
27%
5% May
7% 1st preferred
99%
"166
1,400
Bourjols Inc
Jan
"16% ~io%
%
10%
111
38%
Borne Scrymser Co
Apr
.*
Amer Centrifugal Corp...l
23%
May
Mar
Jan
96
Jan
Jan
Jan
May
1
Jan
18%
7%
75%
56.50 prior pref
"""166
~98
32
•
Preferred
53 preferred—.....—*
~
5%
20%
%
1
May
May
1%
96
24%
May
Apr
4%
American Capital
1%
98
*
common
Jan
4
Class A common....10c
2%
7%
May
16
Apr
37
Bliss (E W) common
Blue Ridge Corp com
155
12
460
900
High
Low
4%
3,100
*
Blumenthal
65
25%
16
6%
18%
Boback (H C) Co com.
7it
100
Anchor
Blauner's
Apr
May
com..l
American Book Co
5%
Foundry
A Machine Co com
Apr
000
Amer Box Board Co com.l
6%
18%
13%
40%
Apr
""160
100
6% preferred
Week
*
J2.60 preferred....
Blrdsboro Steel
May
Mar
Range Since Jan. 1, 1941
Shares
Price
Berkey A Gay Furniture. 1
Blckforda Inc common
•
115
6%
"es"
Aluminium Ltd common
6%
100
16%
22%
93
1354
Aluminum Industries comr*
for
of Prices
Low
High
Benson A Hedges com...*
Conv preferred
*
4
com
Aluminum Co common...*
Aluminum
2
May
14
26
conv com
Altorfer Bros
com
S3 opt conv pref
Allied Intl Investing
13 conv pref...
*
Allied Products (Mich)..10
Week's Range
1
Supply Mfg—
ClaHB A
Sales
Last
Sale
(1Continued)
Acme Wire Co common-10
Aero
STOCKS
Week
70
Jan
Jan
Jan
Last
Weel's
Sale
of Prices
Low
High
Par
Price
Range
94 34
Cities Serv P A L17 pret.*
20
Mar
Emerson Eleo Mfg
102
Mar
Mar
6%
Jan
5%
Jan
6%
Feb
1
Claude Neon Lights Inc..!
15%
Feb
Jan
17
Jan
%
% May
Mar
97
Mar
8%
100
92%
92%
100
72
preferred
234
100
2%
Emsoo Derrick A
Jan
-
Feb
Equity Corp common..lOo
May
2%
Jan
53 conv preferred
Jan
~~9~"
4%
1%
4%
2%
700
71%
50
2
2
May
71%
Apr
Eversharp Inc
82%
Jan
Jan
54%
100
170
56
Feb
53
Mar
Jan
60 H
134
3
Falrchild Eng A Airplane.1
Falstaff Brewing
1
5%
18 54
"18%
19
%
%
Community Water Serv..I
May
May
May
24%
%
Jan
Jan
Florida P A L 57 pref
13%
Jan
%
Mar
33%
Mar
*
preferred
♦
Conn Telep A Elec Corp__l
Consol Biscuit Co
1
234
Consol G E L P Bait oom.*
55%
S3
600
1
1
100
2%
55%
300
115% 115%
50
70
108% 109
1%
1H
800
Apr
1
1%
Jan
55%
May
Fire Association
H
33%
Mar
Mar
5%
5%
Class B voting
25 34
Jan
6
Apr
May
1034
854
Jan
Jan
69
Jan
7%
1%
Feb
1,150
Apr
105
Feb
1%
Jan
5%
Feb
8%
Jan
Mar
Mar
Jan
Jan
98
H
Feb
May
8%
Apr
11%
30
84
83
934
May
May
20 34
22 34
44
45
100
34
1
stock
conv
5% preferred
General Alloys Co
Mar
%
Jan
1%
5%
preferred
Feb
1,000
Mar
17%
May
600
3%
May
1,200
%
Jan
H
Jan
%
1%
May
1%
Feb
preferred
15%
16%
4%
4%
%
May
2%
May
Jan
4%
Mar
«u
Apr
Feb
1%
22%
Apr
20%
56
hi
Apr
%
0%
100
preferred A
Preferred
Jan
May
Glen Alden Coal...
6%
May
19%
100
Jan
1%
Jan
7%
May
7%
May
Goodman Mfg Co
20
Mar
8
May
12
Jan
Mar
28 %
Jan
Feb
1,100
1
Dennlson Mfg ol A oom..5
5%
Feb
6%
Apr
2%
1%
6%
634
Jan
3%
Mar
50
100
104
104
10
99%
36
20
29%
36
2%
Mar
50%
Mar
Feb
Jan
1
Derby Oil A Ref Corp com*
A conv preferred
*
Feb
Jan
35
4%
Mar
107
Apr
53
preferred
Gorham
1C
Gray Mfg Co
Great Atl A Pac Tea—
Non-vot com stock
3%
3%
98%
•
Gt Northern Paper
25
1%
§ Guardian Investors
Apr
Gulf OH Corp
%
Jan
Gulf States Utll 55.60 pf.
Apr
10
11
Apr
Diamond Shoe common..*
10
May
12%
154
5%
Mar
Feb
7
3%
May
4%
1%
6%
Dlvoo-Twln Truck com.
6%
400
Dobeckmun Co common. 1
JaD
Mar
Jan
May
6
Jan
Apr
66
Draper Corp
76
Jan
Feb
May
29
May
111
Jan
3
Jan
Hecla Mining Co
Jan
Helena
28
10
29
150
21%
110
100
Dublller Condenser Corp.l
2%
2%
74
100
2%
75
400
2%
Apr
400
72 %
Apr
76 %
Duval Texas Sulphur..
7%
.10
8%
500
7%
May
10 $4
3%
Jan
Hewitt Rubber
1%
1H
1%
300
58%
Jan
Heyden
42
Jan
Apr
30
May
12%
150
11
12%
.25
*
49
12%
30
100
450
12%
25
12%
2%
300
2%
2%
50
Elec P A L 2d pref A
Option
5,200
54%
55%
400
59
2%
2
Elgin Nat Watch Co
5
2 0 34
600
""% ""%
"266
xl8
13%
Jan
Jan
Mar
3%
Jan
12%
May
58%
59%
2,200
7%
7%
100
7%
1
15
27%
27%
"loo
5%
Apr
70
Apr
Hubbell (Harvey) Inc
May
13
Jan
•32 May
1%
Feb
Feb
27 %
May
12%
32%
Mar
Jan
==
•
Hussmann-I.lgonler Co..
Vic for 1st pref
9
26
4 34
1034
1 0 34
100
10
70
70%
50
65
...
5
Jan
Jan
Apr
134
Mar
534
2634
Jan
Jan
Mar
Feo
Apr
May
May
2
Jan
Jan
25
654
Feb
Jan
12
10J4
Jan
Mar
9
Feb
Feb
2654
Jan
26
Jan
5
Feb
Apr
Apr
13 54
Jan
Feb
7754
Feb
May
10 54
Jan
9%
Apr
Jan
Apr
1534
Apr
3134
Apr
3334
Feb
234
Mar
2 34
.Feb
May
3134
11434
Jan
Apr
8 34
8
8
300
15
15
50
8
1154
13
100
5
Hummel-Row Fibre Corp
Huyler's com
4%
25
Humble Oil A Ref
preferred
Jan
65
"»•
Mar
Baking
Horn
Apr
2534
54% May
34 May
May
A Hardart
Jan
65%
11%
For footnotes see page 3473
/
Horn A Hardart
4%
Mar
Feb
20
5
Horn (A C) Co common.
Apr
2
Jan
17
Hormel (Geo A) A Co com*
May
May
Mar
854
400
200
Jan
234
200
1,000
3534 May
Feb
11054
115
Mar
5%
5%
9J4
Mar
434 May
18%
Horders, Ino..
Mar
Jan
25
Holophane Co common,
•is
Mar
954 May
10
A...10
Bollinger Consol G M....6
15%
Mar
7 34
Chemical
15%
•
200
100
.26
Apr
Apr
29
109
11134
20
5%
9%
common..5
Apr
51%
57%
warrants
Eiectrographlc Corp
Apr
11%
2%
55%
preferred
preferred
ex-warr..
•it
•
Easy Washing Mach B
*
Economy Grocery Stores.*
Elec Bond A Share oom..6
55
10
2
12%
57 preferred series A...*
56 preferred series B
May
50
30 %
2*200
134
Hoe (R) A Co class
1%
50
30
Jan
Mar
100
Henry Holt A Co part A..*
Common............
100
100
Preferred
Jan
134
25
Preferred ww
Apr
200
113
5%
x!8
50
Co common
Jan
Jan
Jan
1%
East Gas A Fuel Assoo—
Eastern States Corp
Heller
7%
Apr
54
42
Apr
...
Mar
>h« May
132
Jan
Feb
134
34
134
25c
Rubensteln......*
A
105
Feb
Jan
Jan
654
Mar
com..5
0% conv preferred
634
100
Duro-Test Corp common.1
Eastern Malleable Iron.
*
Corp
Hearn Dept Stores
Class
cl B oom •
434% prior pref
6% preferred
34
1
B non-vot common
Hazel tine
Apr
97
234
1
I
Harvard Brewing Co
36 34
1034
110
4%
20 34
Hartford Eleo Light....25
5%
23
734 May
113
•
Hartford Rayon v t 0
Apr
May
200
109
Hat Corp of America—
Dominion Steel A Coal B 25
Eagle Plcher Lead
preferred
1%
"33% ~34%
34
109
Gypsum Llme&Alabastlne*
Hall Lamp Co
.....6
Hammermlll Paper
10
May
Dominion Bridge Co Ltd.
Driver Harris Co
56
Jan
134
hi
1
25
hi
Jan
Jan
2%
Jan
99
5
May
hi May
Jan
175
99
Mar
49
Mar
Apr
54
1%
11
200
454
3 34
36 34
1%
21
4%
3%
Jan
2634 May
128 34
Grocery Hts Prod oom..25c
Jan
May
100
100
50
Jan
.10
26%
3,600
18
2%
Mar
'16
Jan
preferred
May
Jan
3634
8
Feb
17
94
%
36%
17%
1%
100
20
54 May
36J4
1
Greater N Y Brewery
6% preferred w w
20
Detroit Gray Iron Fdy___l
Det Mich Stove Co com..]
17 %
4
1st preferred....100
7%
May
May
1%
36
4%
Grand Rapids Varnish... 1
•
17%
934 May
2534 May
734 Mar
1954
1454
2634
Greenfield Tap A Die
17%
Feb
Feb
8 34
150
•
Mfg common.. 10
Jan
600
354 May
100
*
Gorham Inc class A
10
2%
Jan
134
Apr
2%
Mar
Mar
654
Jan
hi
8%
2%
100)4
Apr
3,200
96
96
1
1
10
Jan
5
4%
9%
60
7%
Detroit Gasket A Mfg
Mar
25%
9%
4%
♦
preferred
Apr
Mar
110
Goldfleld Consol Mines.. 1
Feb
25
18%
100
25
*
May
57
1034
43
Jan
*334
•
B
Class
Apr
May
98
45
Godohaux Sugars class A.*
19%
400
Gladding MoBean A Co..*
Co
8
7%
May
»
Gilchrist
Jan
3%
Jan
108
•
Feb
7
61
Mar
90
106% 108%
""5% "5%
...*
preferred
Gilbert (A C) common...*
5%
500
Mar
1034
5
7
•11
40
108%
Apr
Mar
Jan
Apr
May
•
Georgia Power 56 pref...*
15
Jan
54
46
1
53 preferred
150
1%
2.50
6
Darby Petroleum oom...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv
-.35
Deooa Records oommon._l
Jan
31
*10134
40
47
46
46
•
200
Curtis Mfg Co (Mo)
Jan
Jan
83
Jan
General Tire A Rubber—
Gen Water G A E oom
Jan
5554
34
34
__1
Common
Apr
Mar
54
6%
1
May
23
8
Mar
4 54
1634
91
34
Gen Pub Serv 50 pref....*
6%
1
Jan
52 34 May
7734
Apr
200
60
78
78
8
Curtis Llght'g Ino oom
Stores
Jan
6
4%
10
5
*
May
40
10
Apr
General ShareholdlngsCorp
2%
25
•
Durham Hosiery
Jan
Jan
Gen Rayon Co A stock...*
Feb
7% oonv preferred
Crystal Oil Ref oom
Duke Power Co
Apr
134
134
Feb
1234 May
Jan
100
•
May
Anr
86
2%
12%
1634
%
%
%
Investment oom.l
Gen Outdoor Adv 0% pf 100
4%
""h
76
•
May
Jan
Mar
50
I
Crowley, Mllner A Co
*
Crown Cent Petrol (Md).6
Crown Cork Internat A..*
Crown Drug Co com
25c
13%
76
May
Feb
£1
preferred
6554
Anr
34
%
4
General
8
»
13%
*
Jan
Feb
6
7%
9554 May
600
%
Amer dep rets ord reg-£l
Gen Flreprooflng com
56 conv preferred
Llouors
Jan
May
Gen Electrle Co Ltd—
Jan
1%
Croft Brewing Co
%
*
11
Jan
Crocker Wheeler Elec
7%
3634 May
5634 May
52
...100
Mar
90
Gamewell Co 56 conv pf._*
Gatlneau Power Co—
49
Feb
60
preferred...100
Feb
28
45
*
37
4%
Mar
Jan
Jan
834 May
18
conv
4%
Mar
17
Apr
%
Creole °etroleum
Jan
Feb
34
100
May
Jan
23
Jan
100
7
70
11
Apr
%
200
Gen Gas A El $6 pref B..*
Courtaulds Ltd—
Distilled
Feb
100
8%
18%
Jan
53
%
%
18
3%
1
Apr
8%
Mar
1 0
•
preferred A
5%
Apr
1134
18
Fuller (Geo A) Co oom___l
%
5%
134
Jan
18%
30
200
com
De VIIbias Co common.
1
934
1
Conv
Fruehauf Trailer Co
Jan
12934 May
partic pref.....16
Common
Jan
Jan
%
prior preference
Cos den Petroleum oom..
Jan
Froedtert Grain A Malt—
Jan
Jan
:
Feb
19
Feb
10
5%
Jan
7
May
300
500
1%
10
%
1H
Jan
Apr
5834
11134
125
10
2%
73
6%
1
♦
| Detroit Paper Prod
Detroit Steel Prod
500
•
Fox (Peter) Brewing Co._0
Franklin Co Distilling
1
25%
89
♦
*
Copper Range Co
♦
Cornucopia Gold Mines 6o
Corroon A Reynolds
1
f)
1934 May
10
*
Feb
1
Roll A Steel
Cook Paint A Varnish
56 prior pref
200
Gellman Mfg Co com...
Continental Oil of Mex
8% debenture
1%
£1
Jan
1%
100
100
Cuban Tobaooo oom
200
Jan
Jan
434
Ford Motor Co Ltd—
2
Continental Gas A Elec Co
Cuban Atlantic Sugar
6
20
6%
19%
125% 127
._*
1% May
22% May
105
100
100
Consol
Adrs ord reg stock
1,100
(Phiia).lO
119H
110%
May
115
3
Stores..—1
Royalty Oil..
10
Consolidated Steel Corp. *
3
,
7
Class A non-vot
1%
Jan
3
10 34
Ford Motor of Canada—
400
2
Am dep rets ord reg
434% series B pref-.-lOO
4% pref series C
100
Consol Gas Utilities
1
Consol Min A Smelt Ltd._5
2834
50
700
Flat Amer dep rets
xl%
18%
%
Jan
Jan
Mar
8
200
5
Jan
Feb
1
Conn Gas A Coke Secur—
preferred
Mfg Co
ii«
1
7% prior pref
Fedders
1%
Jan
"166
Distribution. .1
Community Pub Service 25
preferred
*
Feb
334
Jan
Fed Compress A W'h'se 25
hi
Warrants
Common
Fans tee 1
hi
2,400
Commonwealth A Southern
Compo Shoe Maoh—
V tcextto 1946
1
1,600
1%
1%
20 54
23
23
7%
2%
1
10% May
1
Apr
1% May
2134 Mar
234 May
734 May
234
Apr
534 May
2%
2%
1
Metallurgical
34
8
7
Eureka Pipe Line com..60
4%
70%
2%
23
1
Falrchlld Aviation
Mar
Apr
13
Mar
May
Mar
hi
1
com
9554
2234
500
Mar
Jan
May
Jan
21J4
Apr
534 May
"166
6
6
EquiD__fl
Fanny Farmer Candy
Columbia Oil A Gas
Delay
95
Feb
4%
£1
7154
56
Feb
68
Jan
%
Patent Fire Arms.25
mnv
70
100
5 34
3
Columbia Gas A Elec—
$3
10
91%
300
8
Colorado Fuel A Iron warr.
Cooper-Bessemer
90%
91
Esquire Ino
2 34
Cont
Mar
90J4
100
Empire Power part stock.*
Colon Development ord
8%
95
90 %
100
Jan
Cohn A Rosenberger Inc.*
Consol Retail
Feb
100
May
Cockahutt Plow Co com..*
Commonw
91
8
Apr
Apr
67%
90
41
Club Alum Utensil Co,..*
5% preferred
80
434
Apr
8534 May
90%
Jan
4
High
Feb
100
Apr
100
2%
434
Low
2
500
6% pref en ed
6%% preferred
7% preferred
5%
36%
3%
3734
37 34
Week
3%
3%
4
1%
Clayton A Lambert Mfg__4
♦
Cleveland Tractor com
♦
Cllnchfleld Coal Corp__100
Price
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
Feb
5%
Colt'
Shares
104
z8954
6% oonv preferred
for
of Prices
Low
High
Par
•
•
City A Suburban Homes 10
Clark Controller Co
Week's Range
Sale
Mar
89
preferred
Last
High
Low
Shares
City Auto Stamping
Cleveland Eleo Ilium
Range Since Jan. 1, 1941
STOCKS
(Continued)
1941
Range Since Jan. 1,
for
Week
94 34
Sales
Thurs.
Sales
Thurs.
STOCKS
{Continued)
%6
3469
New York Curb Exchange—Continued—Page 2
Volume 152
13
Jan
Apr
11334
18
18
18
5934
5834
59%
534
534
Feb
50
16 34
Feb
18
Jan
2,200
5254
Apr
63
Jan
200
534 May
634 May
34
Feb
534
Mar
6 34
Jan
734 / Jan
hi
7
Jan
Jan
3470
New York Curb
Thurs.
STOCKS
Last
{Continued)
Sale
Par
of Prices
Price
Low
for
Shares
IX
IX
oonv preferred
60
DIt arrear ctfa
200
IX
500
24 %
3 X
._
Illinois Zlne Co
26
1,000
10
50
xOX
xOX
--*
6%
ex
XOX
xOX
Imperial Tobaooo of Can.6
3,700
100
Ireland
£1
7X
3%
Indiana Pipe Line
7%
Indiana Serrtoe 6% pf.100
7% preferred.—.—100
Indian Ter Ulum Oil—
7%
4
200
1,000
18
18
18X
2X
13X
14X
10
18%
10
Non-voting class A..
.......1
10%
70%
71
Pref $3.60 series
60
Internet Industries Ino—1
Internet Metal Indus A.
Coupon shares...
Registered shares—
10%
72
3X
IX
Internet Paper A Pow warr
International Petroleum
9x
ex
IX
9%
4X
Jan
Jan
10
300
Jan
12 X
$8.60 prior pref .......*
International Vitamin.-.1
Interstate Home Equip..!
12 X
2X
Jan
Feb
5X
Apr
2X
Apr
Jan
8X
Jan
11
Jan
May
May
Mar
10%
Feb
4X
Feb
May
X
Mar
6X
May
>i«
Jan
*k
Jan
Investors Royalty
....1
Iron Fireman Mfg v t o
*
Mar
14X
Apr
May
34 X
4
200
3X
Apr
4
8%
Jan
May
600
8X
10
Jan
400
10 X
1
May
May
12
Mar
15%
11
16X
16 X
Irving Air Chute
...1
Italian Superpower A....*
1
Apr
Feb
150
Feb
IX
Jeannette Glass Co
*
Jersey Central Pow A Lt—
2
92
preferred
100
99 X
7%
preferred
14
26 %
25
26 X
800
116X H6X
10
Jan
Jan
Mar
8
8%
IX
May
Apr
Apr
104X
Jan
110
Jan
Jan
Feb
4X
May
May
H
Feb
400
1
IX
X
12
76
Mar
Feb
64
Jan
IX
Jan
2X
Apr
X
May
9
14
Apr
3X
Kobacker Stores Inc.....*
Koppers Co 6% pref...100
Apr
Feb
Jan
Feb
Jan
Feb
Jan
10%
3X May
Feb
10
96
96
96
20
100
Mar
10
Mar
94
Apr
104 X
Jan
50
Kress (S H) special
pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J).100
Lake Shores Mines Ltd
1
U X
11X
300
37
10X
3%
Lakey Foundry A Mach-.l
Lamson Corp of Del
5
Lane Bryant 7% pref.. 100
Lane Wells Co common..II—-
11 X
1,400
10%
3X
500
3X
X
Apr
Apr
Apr
50
Jan
11X
4X
42
May
May
Jan
8X
May
Apr
Jan
Apr
Jan
14%
Jan
5%
Jan
1%
May
Apr
Feb
98 X
100
Langendorf Utd Bakeries—1
13%
5%
104
10%
Jan
*
15
*
Jan
Jan
Lefcourt
Conv
Realty com
1
preferred.........*
Lehigh Coal A Nav
—
•
Leonard Oil
Develop...26
Le Tourneau (R
Q) lno-.l
Line Material Co
.....6
Lip ton (Thos J) ino—
%
Manisobewlts(The B)
2%
Jan
3
Apr
1,100
600
28 X
'n
Jan
•11
28%
6X
Jan
100
23%
Feb
ox
May
29%
8%
Jan
100
Jan
May
19
Feb
1%
14%
10%
Jan
1
'13X
8%.
X
13 X
150
8X
700
X
X
Mar
13%
8%
200
X
22 X
x5X
23
225
20 X
22 X
20X
175
20%
1%
4%
106%
X5X
X5X
600
25
25
25
18%
18X
50
Jan
%
31%
28%
2
Jan
Jan
Apr
May
Feb
Tii
Jan
Mar
Mar
27%
25%
24
X
1%
49
IX
28
3X
200
preferred
New England Tel A Tel
100
New Haven Clock
Co
•
New Idea Ino
common... •
New Jersey Zinc
New Mex A Aria
Land
New Process Co
7%
126
N Y Auction Co
com
N Y City Omnibus-
Feb
Jan
Jan
Mar
Jan
Apr
N Y A Honduras
Rosarlo 10
N Y Merchandise
10
N Y Pr A Lt
7% pref. .100
$6 preferred...
•
Common
10
Memphis Nat Gas oom._6
Mercantile Stores 00m...*
300
15
Jan
12%
12%
100
9%
10%
"250
5%
%
1,000
14%
50
16
14%
39
39%
7%
375
900
7%
12%
8
Apr
Mar
148
4%
20
Jan
Jan
2%
110
200
900
10%
10%
109% 110
100
9%
109%
3%
5%
%
7%
4
37
"111"
38%
225
ni"
"16
15
15%
200
63
450
1
1
29%
3%
6
15%
7%
16
7%
100
500
15
26
25%
105
105
8
27%
2%
2%
26%
Mar
Apr
Feb
Jan
Apr
Jan
Mar
6
Apr
29%
Apr
107%
80
8
100
104%
6%
27%
70
28
Jan
May
89
100
48%
8%
%
%
500
30
92
3%
100
>
preferred......
•
84
78%
61
Apr
May
56%
2%
May
3%
Jan
79
375
prior preferred...60
No Am
Utility Securities.
3X
3X
100
Jan
Mar
Jan
8
Mar
42
Jan
Jan
Jan
Jan
Feb
Jan
Apr
•i6
Feb
in
May
4
Feb
92
Apr
60%
Feb
Apr
Feb
Jan
Jan
Jan
10%
Jan
%
Jan
%
Jan
4
May
3%
Jan
Jan
Jan
3%
Jan
70
Jan
Mar
79%
17%
18%
50%
%
77%
;
Apr
65%
*66
May
May
X
Feb
3
May
4,400
6%
6
3%
Apr
180
North Amer Rayon
ol A._*
Class B common
*
Apr
Jan
Mar
May
105
Jan
Mar
68%
1%
29%
May
19%
7%
116%
105%
22%
Jan
Jan
Feb
Feb
15%
Feb
92
1
Mar
Apr
48%
...
Jan
7
400
Apr
Mar
Apr
99
7%
Jan
Jan
Apr
May
107
«
Jan
Jan
Mar
Mar
5%
41%
6%
66%
(18%
129%
5%
Jan
110% May
13%
61%
May
%
May
100
1
5
Jan
8%
Jan
35%
14
61%
11%
116%
Apr
3%
_•
Electric
Mar
May
Feb
Jan
400
36%
3%
62%
May
4%
25%
9%
8%
12%
3%
%
May
200
Jan
2%
Feb
50
Jan
Mar
99%
2%
Jan
%
8
111
14%
20% Mar
7%
Apr
6%
Feb
10%
Jan
2% May
%
Jan
12%
2%
Jan
Jan
12%
12%
May
4%
Apr
May
44%
Feb
%
Nineteen Hundred
Corp B1
Nipissing Mines...
6
Nor Central Texas
Oil
Apr
2%
V
Nor Amer Lt A
Power—
4
6%
%
Jan
15%
Apr
li»i
Feb
124% May
87
100
300
10%
X
17%
May
6% May
12% May
38% May
10% May
10% May
2%
Feb
200
Jan
7
71
*16 May
250
Mar
Mar
14
3,200
2%
4%
4%
97%
2%
4%
39%
10%
10%
98%
"10%
10%
10%
Jan
Mar
12%
17%
Apr
10
%
15%
140
Jan
67
3%
91%
48%
Tie
Jan
12% May
130% May
10%
Feb
9% May
6
100
Jan
Apr
175
Class A preferred
Jan
Jan
"it
3%
1,600
Nilee-Bement-Pond
18%
Jan
6%
2%
2%
Jan
26
Jan
Jan
58
Noma
Jan
Mar
Apr
May
Jan
Mar
May
66%
Jan
59%
2%
9%
174
Jan
Jan
Jan
5%
56%
Class A opt
warrants
Class B opt
warrants
Niagara Share—
Class B common..
Common
Mar
Feb
14%
66
Apr
Apr
Feb
100
"56
100
6
55X
IX
5X
100
156
100
.
6% 1st preferred
6% 2d preferred
$6
May
100
Mar
2%
Niagara Hudson Power-
10
Jan
Mar
Jan
Apr
700
6
N Y Water Serv
6% pf.100
Feb
33
%
Shipbuilding Corp—
Jan
May
9%
8%
36%
%
2%
11%
Jan
Mar
116%
4%
3,200
•
Apr
May
Apr
Jan
7%
Jan
5%
Apr
29% May
100
Warrants
2%
IX
7 X
15%
93
1,500
1
26%
27 X
*126%
4%
4X
126
May
*
Apr
100
•
Apr
2%
5%
10%
25
Apr
Jan
100
...*
Feb
%
66%
*
2X
9X
2X
*i« May
IX
28
14%
Jan
Feb
2%
5%
100
24 X
3X
Feb
Ti«
*
preferred
Jan
45%
10
...
Pow Assoc
N Y
5%
Feb
$2
Jan
*13%
4% non-cumlOO
Founders Shares
_.l
New York State El A
Gas—
5%% preferred
100
New York Transit
Co
109%
Mar
cum
8
100
Eleo—
Jan
Jan
Feb
May
Common
3%
Feb
12%
Neptune Meter olass A...*
Nestle Le Mur Co cl A
*
Jan
Apr
21X
18X
IX
1
*
May
May
May
250
38
May McEwen Kaiser Co—
McCord Rad A
Mfg B
McWilliams Dredging.
Mead Johnson A Co..
Feb
Apr
100
18X
Co.*
Master Electric Co
Feb
*3i
6X
Communication Co Ltd.
Margay Oil Corp
•
Marion Steam
Shovel..
»
Mass Utll Assoc v t
C....1
Massey Harris common..*
preferred
Apr
2X
Ma pea Consol
Mfg Co...*
Marconi Intl Marine
$4
X
7%
2%
100
Conv 7% 1st pf t I
o.lOO
Lynch Corp
oommon....6
Jan
15%
28 X
Long Island Lighting—
Common
4*.....*
7% pref class A
100
6% pref class B
100
Manatl Sugar opt warr
Mangel Stores
...1
$6 conv preferred
*
Feb
6%
hi
6% preferred....
26
Lit Brothers
common....*
Locke Steel Chain
...6
Lone Star Gas Corp.....*
Loudon Packing
.__»
Louisiana Land A
Explor_ 1
Louisiana P A L $6
pref
*
Ludwlg Bauman A Co 00m*
Conv 7% 1st pref
—|
2X
7
(Herman) Corp...5
New Engl
Jan
5%
National Tea 6 % %
pref. 10
National Transit
12.60
Nat Tunnel A Mines
♦
Nat Union Radio
30c
Navarro Oil Co
»
Nevada-California
Mar
Jan
Apr
%
Refining.*
Nebraska Pow 7% pref. 100
Nehl Corp 1st
preferred..*
8
18
117%
1%
100
"l5"
Nat Rubber Mach
*
National Steel Car Ltd...*
National Sugar
6%
15
com
Apr
Apr
Apr
600
"is"
$3 conv preferred
60
National Container
(Del).l
National Fuel Gas
•
Nat Mfg A Stores 00m
♦
National P A L $6 pref
•
National Refining com
*
Nelson
X May
6%
Jan
108%
1%
•
9
Apr
1%
11%
1
Feb
37 X
%
100
Naobman-Springfllled
7
300
preferred
Nat Bellas Hess
Apr
KlelnertG B) Rubber Co. 10
Knott Corp oommon
1
*18
National Breweries com..*
National Candy Co
•
National City Lines oom.l
118
3% May
"556
158% 161
•
Jan
Jan
23 X
6%
Apr
4% May
1,000
8
158%
10
Feb
Apr
Feb
1
Klrkl'd Lake Q M CoLtd.l
Kelln (D Emll) Co com..*
"X
Murray Ohio Mfg Co
*
Muskegon Piston Rlng_2%
Muskogee Co oommon
•
24
2%
25
6%
29%
%
5%
29%
Mountain Sts Tel A Tel 100
97 X
Jan
6%
3%
Mtge Bank of Col Am shs
Mountain City Cop com.6c
common
Mar
Jan
Feb
115
8
*
Jan
Jan
Mar
3%
.10
A
Apr
X
6%
1%
5%
100
14
112
83%
5%
Montreal Lt Ht A Pow..*
Moody Investors part pf.*
Moore (Tom) Diet Stmp.l
May
69%
51X
IX
Montana Dakota Utll
Montgomery Ward
Jan
X
1
7%
"46% "47"
47
2.60
3 X
3
Klrby Petroleum
7%
14
1
Monarch Machine Tool..*
Monogram Pictures oom.l
Monroe Loan 800 A
1
Mountain Producers
116 X
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
.100
7%
(Mountain States Power-
23 X
Kennedy's Inc..
6
Ken-Rad Tube A Lamp A •
800
Jan
5
Voehringer—
Common
Jan
103% May
Kansas G A E 7% pref. 100
Mock Jud
98
99%
%
4%
Jan
6%
Mining Corp of Canada..
Minnesota Mln A Mfg
92
.100
Johnson Publishing Co.. 10
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
100
Jan
16
Minnesota P A L 7% pf 100
Mississippi River Power—
8% preferred
100
Missouri Pub Serv com
Feb
1X
92
3%
Apr
May
X
X May
4%
Apr
%
Feb
60c
X
400
X
100
0%
"166
114% 114%
May
May
Jan
ht
IX
3%
X
18 X
Apr
X
15 X
9X
~6%
%
4%
Molybdenum Corp
4
10 x
"ox
.10
Midwest Piping A Sup...
Mar
8X
Interstate Hosiery Mills..*
Interstate Power $7 pref.*
100
2
40
•
Mid-West Abrasive
Midwest Oil Co
May
10 X
28
X
.....1
Middle West Corp com..6
Midland Oil Corp—
$2 conv preferred
Jan
IX
100
X
Jan
Mar
100
% May
1%
Jan
33% Apr
Midland Steel Products—
$2 non cum div shares.*
7X
200
16
100
Mar
108%
Mldvale Co
4X
16
5%
B r t o_.
Jan
IX
4X
1,400
10
Apr
Apr
6%
X
FeD
10
Jan
3X May
1,700
34%
Feb
78
•
Mlcromatlo Hone Corp—1
Mar
X
12 X
73%
20 X
Mar
150
34%
Middle States Petroleum
Class Art 0
Mar
X
1
Jacobs (F L) Co
Feb
Feb
Class A..............*
Class B
preferred
Preferred
May
X
X
Mar
9
Class B
Class A
Jan
3X
$1.76 preferred........*
Kresge Dept Stores—
4% conv 1st pref
$6
Jan
9X
90%
Michigan Bumper Corp._l
Michigan Steel Tube..2.60
Michigan Sugar Co......*
Jan
64 X
17 X
~i~x "l'x "d'OOO
i%
*
Kingston Products
Apr
21X
25
International Products.
preferred
Apr
Apr
9
24
800
Internat Safety Rasor B_*
International Utility-
6 %%
7X
Jan
•is
7% preferred—.—100
Insurance Co of No Am. 10
International Cigar Mach
Internal Hydro Eleo—
90%
Partlo preferred......16
Metropolitan Edison—
Jan
X
90%
4%
29%
Feb
3%
X
3%
Jan
High
Mar
28
preferred...100
May
Apr
X
Class B.
A
2X
Class
Industrial Finance—
V t o common
8%%
12X
9
Low
3%
Mesabl Iron Co
Metal Textile Corp....25c
May
Range Since Jan. 1,1941
—.,
Jan
7
for
Week
Shares
Merritt Chapman A Scott *
Warrants
Jan
7X
May
Feb
7
Jan
of Prices
High
Low
Participating preferred.*
Jan
35
Week's Range
Price
Merchants A Mfg c) A...1
Jan
3%
Jan
6
Feb
38
Mar
7X
Imperial Tobacco of Great
Britain A
Feb
2X
5X
Last
Par
IX
IX
Feb
IX May
24 X May
3% May
9X
Apr
Imperial Chemical Indus—
Registered
Jan
IX
1,200
4%
3%
10
Am dep rots regis
£1
Imperial Oil (Can) coup..*
May 31, 1941
Sales
Sale
High
31
Illinois Iowa Power Co—•
6%
IX
IX
Hygrade Sylvanla Corp..*
STOCKS
(Continued)
Low
**j6
5
3
Thurs.
Range Since Jan. 1,1941
Week
High
Hydro-Electric Securities •
Hy grade Food Prod
Exchange—Continued—Page
Sales
Week's Ranot
Jan
85% May
23%
23%
52%
%
5
Jan
Jan
Jan
Jan
May
Apr
For footnotes see
page 3473.
3k
•y
Volume
New York Curb Exchange—Continued—Page 4
152
Thurs.
Sales
Thurs.
Last
Week's Range
for
Salt
of Prices
Low
High
Week
Price
7%
Engineering _.*
Novadel-Agene Corp....*
7%
Apr
9%
100
6%
May
9%
Mar
19%
19%
100
19
May
23%
Jan
Ryan Consol Petrol
*
30
Jan
Ryerson A Haynes com..]
St Lawrence Corp Ltd...*
H
2%
18%
500
100
18%
25
Jan
Apr
110%
Jan
113%
May
Mar
May
118%
110%
Class A $2
Jan
109%
Jan
19
200
48
48
50
Pacific Lighting $5 pre!..*
l02%
ioi'%
Pacific P & L 7% pre!.. 100
Pacific Public Service.—*
78 %
Jan
1%
1%
1%
88%
87%
88%
125
.1
2%
2%
2%
800
79
%
%
%
May
21%
Jan
Savoy Oil Co
48
May
54
Jan
6%
Mar
25
9
9%
250
May
2%
Jan
Soovlll
25
26
26%
500
30%
May
34%
Jan
Scranton Elec $6 pref....*
Scran ton Lace common..*
Feb
31%
Jan
"_330
101%
May
108%
78%
May
87%
Mfg
Feb
78
Mar
Scullln Steel Co com.....*
9
Paramount Motors Corp.l
18%
Jan
67%
Jan
2%
Feb
3%
Mar
Jan
3%
Apr
Selby Shoe Co
Jan
5%
Peninsular Telephone com*
31%
5%
200
Apr
5%
Mar
13
6%
"266
Selberllng Rubber
Mar
Mar
33
31%
31
May
Apr
35%
32%
Apr
%
Apr
%
Mar
2%
Apr
2%
Apr
Am deprcts ord
Sentry Safety Control
Allotment certificates
4,500
2%
Jan
2%
Mar
9%
200
8%
May
14%
Jan
Mar
61%
May
40
Sherwin-Williams
May
115
Jan
10
May
113
162
*
1
23
23
2%
2%
Apr
May
Apr
67%
Jan
Singer Mfg Co
2%
May
4%
Jan
Feb
Mar
May
Feb
6%
118%
Mar
PhUa Eleo Pow 8% pref.25
Phillips Packing Co
Jan
Sioux City G A E 7% Pf
31%
3%
Jan
Skinner Organ..
Jan
Smith
4%
Feb
7%
Jan
113%
28
Conv S3 pref series A.
10
4%
5
5%
1,700
34%
32%
34%
250
1%
1%
1%
1,000
*
Pittsburgh A Lake Erie.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant VaUey Wine Co.l
5%
5%
200
64"
*65
"66%
'""210
14%
73%
15%
74%
800
73%
3%
3%
3%
300
9
9
100
15
7.50
600
10
25c
Potero Sugar common..
6
1%
1%
100
Powdrell A Alexander
3%
3%
300
Polaris Mining Co
Power Corp. of
5
Pratt A Lambert Co
Prentice-Hall Inc
100
18
18
1
Mar
6%
Jan
May
63
70
JaO
1
*1#
*
4%
Providence Gas
*
.*
._*
4%
%
%
*
*
300
5,400
123%
122% 123%
55
55%
94%
46
41%
98
47%
16
16
77
149
250
50
600
1,850
100
5%
109
140
104
103
5%
25
Apr
130%
Feb
Jan
2%
Mar
Jan
1%
Jan
104
Feb
7%
Feb
Jan
1%
2%
2%
100
2%
Apr
1
Feb
1%
Jan
Mar
"37%
37%
"266
36%
89%
Jan
30%
Jan
Feb
200
28
28
26
23
Apr
Apr
30
38
May
46%
500
29
400
29%
6% preferred B
5%% pref series C
28
May
31 %
May
29%
Jan
Jan
Jan
%
%
FeD
100
7% preferred
165
Jan
Jan
6
Apr
6%
Mar
8
2%
Mar
Feb
3
Jan
25
May
7%
100
20
6
25
23%
23%
25
5%
5%
300
Preferred A
Mar
4%
156
7%
Line.....10
Southern Union Gas
*
Southern Pipe
23%
Jan
Spalding (A G) A Bros-.-l
Jan
preferred
Spencer Shoe Corp
*
*
*
Jan
Apr
H
H
4%
1st
1%
300
2
May
1
Feb
% May
Jan
5%
Jan
1%
7%
Jan
Jan
2 >■: May
1%
Mar
8%
•10
Jan
81all 1-Meyer
tie May
Feb
Feb
Standard Brewing Co....*
200
*11
Jan
*10
Apr
Apr
Standard Cap A Seal com. 1
%
3%
%
5%
3%
200
3%
Mar
6%
Jan
8%
Mar
10
13%
13%
50
12%
Feb
16%
Jan
9%
Jan
4
Apr
z%
May
Jan
Mar
Ino
Conv preferred
Standard Dredging Corp—
107
Apr
114%
Mar
1%
1
10
Standard Oil (Ky)
60
12%
19%
1,100
17%
110% 110%
19
25
107%
*!•
«*»
19
18%
Jan
2
Apr
Jan
Apr
»14% nl4%
$1.60 conv preferred._20
05%
Jan
45
Jan
125%
59%
May
May
5% preferred
Standard Pow & Lt
.100
1
*
Preferred
*
Standard Products Co—1
Standard Silver Lead
1
Standard Steel Spring
6
Standard Tube clB
1
94
May
37%
14%
May
Feb
67%
18%
Feb
Jan
8%
May
Mar
6%
May
H
112
Jan
Jan
Apr
Feb
8% May
Jan
Starrett (The) Corp v t
159%
Jan
Feb
Jan
*18
*10
3%
12
3%
12
3%
12
«J0 May
7%
Jan
he
Jan
Jan
6% 1st preferred
5% 2d preferred
20%
Jan
Jan
110%
May
14%
Jan
Stetson (J B)
Apr
Stlnnes
2
Feb
1%
Jan
17%
Feb
3% May
he Jan
21
Mar
Feb
Mar
16%
Jan
5%
14%
Jan
100
15%
3%
11%
Jan
4%
1%
Jan
5%
May
Mar
1%
Jan
T»0
100
"2*366
500
he
100
Feb
Jan
4%
Feb
*10 May
*10
Jan
Jan
10
pref..100
Co....2
com....5
Tilo Roofing Inc
1
Tishman Realty A Constr •
Tobacco A Allied Stocks.!*
Tobacco Prod Exports...*
Todd Shipyards Corp
Feb
104
Feb
Feb
May
Feb
9%
9%
100
8%
2%
2%
300
1%
1
"8%
Jan
"8% "'§%
*300
4%
H
Jan
Jan
3473.
Apr
Mar
Jan
13%
10%
2%
2%
May
8%
May
%
Jan
Jan
Jan
Thew Shovel Co
May
Jan
%
Apr
27%
2
Apr
Apr
44
May
12
100
Mar
Jan
5% May
8%
'
Feb
Feb
Apr
May
.25
u*
12
400
11
100
10
10
10
8%
20%
8%
106
Jan
4
*10
Mar
Jan
14%
Jan
Jan
Jan
10%
1% May
Jan
4,000
1%
100
37%
Apr
Mar
Apr
Apr
Apr
2%
20%
Jan
Jan
Apr
5%
40
1%
15
9%
40
1%
Mar
»i« May
Feb
22%
1%
Jan
Feb
40%
9%
11%
1%
Apr
Feb
200
2%
3,450
Jan
iH
13
1%
Jan
Apr
13i0
Jan
1%
2%
1%
2%
20%
May
40
May
30%
May
Jan
12
7%
Jan
3%
Jan
Jan
26
20%
400
8%
1,600
8
Apr
9%
30
106
May
114%
Jan
Mar
106
Texon Oil A Land
114
9%
Jan
12
Texas P A L 7%
May
May
107
114
Feb
%
Co com
12
*
5%
(Hugo) Corp
Taggart Corp com
1
Tampa Electric Co com..*
Technicolor Ino common.*
Jan
Mar
Apr
18
7
5%
Swan Finch Oil Corp....15
400
%
1
50
20
•
5
*
Sullivan Machinery ....._•
Sun Ray Drug Co
1
Bunray Oil
1
5%% conv pref
50
Superior Oil Co (Calif)—25
Superior Port CementClass B common
•
Roeser A Pendleton Inc..*
2%
"366
Jan
*10
28%
10%
2%
38%
Stroock (S) Co
103%
5
18%
7%
>10
44
1%
60
104
5
400
310
•>■■■<
Jan
%
1
-1
Sterling Brewers Ino
17,
1%
114
8%
Feb
Jan
Apr
1%
5%
Jan
Jan
1%
114
8%
18%
8%
Sterling Aluminum Prod.l
Jan
100
114
50
(A) A Co common..*
Sterchl Bros Stores
.*
13
%
1%
27
Stein
44
600
200
18
27
Steel Co of Canada—...*
9%
Feb
5
27
e.l
105
10
1%
%
Rochester GAE16 % pf C100
For footnotes see page
102%
Jan
Gas Co-
11.20 conv pref...—.20
Jan
Jan
Southern Colo Pow cl A.26
50
14
Voting trust ctfs...... 1
Root Petroleum Co
Jan
23 %
May
75
46
1%
%
18
1
Roosevelt Field Inc
13
Apr
Apr
6%
25
25
Jan
147
common.*
Rome Cable Corp com
Mar
104
40%
29%
4%
3%
25
Reliance Eleo A Engln'r'g 5
Rochester Tel 0 % % prflOO
Feb
2
103%
39%
Mar
Feb
130
14
*
1
•
1
6%
22%
1%
5% original preferred. 2 5
Mar
H
Jan
Jan
Feb
6%
20
1%
18
Jan
Jan
80%
115%
Calif Edison—
Feb
220
46
1%
50c
Reiter Foster Oil Corp. 60c
Ross la International
30
23%
Southwest Pa Pipe Line. 10
Sterling Inc
*
6% preferred D
Apr
South New Engl Tel—100
he
$3 oonv preferred..—*
Richmond Radiator
65
Southern Phosphate Co. 10
Railway A Util Invest A_1
Raymond Concrete Pile—
Common.
.....*
Rio Grande Valley
*500
3%
Jan
6%
77
warrants.......
Republic Aviation
Rheem Mfg Co
Rice Stlx Dry Goods...
Jan
"68% "68%
110% 111%
68%
26
Penn Oil
Apr
100
Railway A Light Sec—
New voting com
..10
Reeves (Daniel)
Jan
4%
11
Apr
«*i«
Radio-Kelth-Orphuem—
Reed Roller Bit Co
7
Feb
8% May
Mar
12%
149%
76%
149
6%
.*
Raytheon Mfg com
Red Bank Oil Co....
Apr
3
"10
10%
6%
*
Quebec Power Co
Option
300
1%
Feb
8%
08
100
preferred
3%
Standard Oil (Ohio)—
10
Pyrene Manufacturing
Quaker Oats common
Feb
Feb
Apr
4
Common
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com
6
6%
3%
Common class B
$6 preferred
2%
Apr
Jan
Jan
Mar
105%
113%
*
Puget Sound P A L—
15 prior preferred..
%
Jan
Apr
%
%
3%
Mar
Jan
200
%
8%
11
Public Service of Indiana—
17 prior preferred
%
1%
Jan
200
4%
100
100
16 preferred
Sonotone Corp
Southern
%
1%
4%
%
%
2%
Apr
Jan
Mar
Feb
100
16%
Jan
50
H
300
96%
4
Jan
42
Jan
Jan
Mar
400
Mar
3
Public Service of Colorado
1st preferred
100
50
%
1%
May
Apr
12%
73%
%
2%
Feo
46
South Coast Corp eom... 1
45%
Jan
Apr
41
2%
Boss Mfg com
Jan
Feb
%
50
7% May
1
7%
%
46
%
Jan
7%
Metals of Am
Producers Corp of Nev
1st preferred
200
1%
%
46
Jan
2%
Jan
May
Mar
37% May
1
...1
1
1%
5%
Jan
..1
18%
200
Prosperity Co class B
6%
Jan
(H) Paper Mills.._»
Solar Mfg Co
39
*
Prudential Investors
Jan
9
Southland Royalty Co—5
*
Premier Gold Mining
Pressed
3%
100
Feb
2%
Canada..*
100
com
»u
Apr
...6
Feb
1st preferred
6%
100
Feb
1%
45%
5%
50
com
Apr
2%
Simplicity Pattern 00m..1
Simpson's Ltd B stock...*
South
Meter
%
100
Pub—
81
Pltney-Bowes Postage
Pitts Bess ALE RR
700
pref
12
Pieree Governor oommon.*
Pioneer Gold Mines Ltd__l
Pneumatic Scale
'
conv
Solar Aircraft Co
1
Plough Inc com
S3
Mar
Jan
92
Phoenix Securities-
Common.
he
1 %
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
23
200
10
115
115
*
49%
79
Philadelphia Co common.*
Pblla Eleo Co 85 pref
Simmons-Boardman
Jan
50
23
2%
"150
Jan
14
100
85
Jan
Mar
®u
8Ilex Co oommon
182
Jan
31%
2%
"52%
84%
100
Jan
1%
%
200
11
Apr
May
5%
"Si"
Penn Water 4 Power Co.*
Pharls Tire A Rubber
165
165
60
Pennsylvania Sugar com 20
14%
Apr
Mar
8
5% cum pref ser AAA 100
Sherwin-Williams of Can *
13%
106% 106%
16 preferred
Penn Salt Mfg Co
Perfect Circle Co
H
%
108%
106%
175
Apr
Jan
00m..26
25
110%
Jan
Apr
%
Shawlnigan Wat A Pow..*
A common...
Jan
%
1
1
Serrlck Corp class B
Pennsylvania Gas A Elao—
Pepperell Mfg Co
9
22
115
500
Seton Leather common...*
110
Jan
Feb
36
Shattuck Denn Mining...5
Mar
Feb
38
110%
Mar
29%
115%
45
64%
*
Apr
Jan
%
..
2%
S5 series pre!
12.80 series pref
Class
24
reg...l
2%
Pennsylvania Edison Co—
PennPr A Lt S7 pref
Jan
Selfridge Provlno'l Sts Ltd-
9%
2%
13%
2%
25
2%
1
Mar
»J0
5
15.60 prior 8took
....50c
Airlines com. 1
Jan
9
May
May
•te
1
Convertible Btock
Jan
Penn Traffic Co
Penn Cent
%
uii
78
•
Penn-M ex Fuel
26
Jan
Mar
3%
Jan
% May
%
*
com
Common
Mar
30
"31%
2%
89
Selected Industries Ino—
11
10
_ _
Feb
14%
100
9
9
Securities Corp general... 1
Seeman Bros Ino
*
May
3
3,800
Jan
1%
Jan
30
80
78
®16
Warrants
Jan
Jan
1
Feb
17% May
ScrantoD Spring Brook
Water Servloe $6 pref..*
Mar
Mar
%
1
4
Jan
114
*
Schulte (D A) com
Conv preferred
Mar
57
% May
Schlff Co common..
Jan
Segal Lock A Hardware.. 1
Parkersburg Rig A Reel
1
Patch ogue-Ply mouthM Ills*
Feb
2% May
12
Jan
67%
3%
May
70
%
5
116%
*
3%
1%
400
6%
Apr
14%
3%
Mar
May
Samson United Corp com.l
Sanford Mills
....*
Jan
18
4
American shares
Pennroad Corp com
2,500
5
100
Apr
*
11.40 preferred A
I
20
102%
Mar
pref..50
7% preferred..
Salt Dome Oil Co
Oil of Venezuela—
Parker Pen Co..
Apr
107%
25
1,700
31
78%
Pan tepee
Feb
4%
2%
29%
30%
31
1st pl.25
Page-Hereey Tubes
3%
Apr
Feb
1%
113% 113%
1st preferred...25
1st preferred
Feb
3
St Regis Paper 00m
Pacific Can Co oommon..*
SI 30
3
5%
60
Overseas Securities new.. 1
6%%
oonv
52
6
18%
$5% oonv prior pre!—*
Omar Inc
1
Pacific G A E 6%
•
2%
Co...l
Ryan Aeronautical
Apr
108
6
preferred
3%
23%
113%
15
com.
Apr
May
2%
18
107
100
1st preferred
High
2%
May
100
Oilstocks Ltd common
Oklahoma Nat Gas
S3
"266
6%
113% 113%
18%
Ohio Edison S6 pre!
•
Ohio Oil 6% preferred—100
6%
"*8% "0%
2%
4
Ohio Brass Co cl B com—•
Ohio P 8 7% 1st pre!
Russeks Fifth Ave
Low
20%
*19 %
Northwest
com
Royal Typewriter
Jan
119
Range Since Jan. 1, 1941
for
Week
Shares
50
110
9%
Northern 8ta Pow el A..25
Ogden Corp
Apr
of Prices
High
Low
RoyallteOIl Co Ltd......*
Jan
110
Price
6%
100
10
preferred
Jan
Apr
102
Par
High
Low
102%
102
Nor Ind Pub Ser 8% pi. 100
Northern Pipe Line
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1,1941
STOCKS
{Continued)
Par
3471
Sales
2%
14%
14%
""266
May
3%
Apr
14%
May
19%
Jan
May
%
Jan
14%
8%
6%
%
43
z91
89% 291
280
Mar
63
3%
82
Mar
Jan
08
4%
Jan
Jan
Jan
Jan
Jan
New York Curb Exchange—Continued—Page 5
3472
Bales
Thurs
STOCKS
Last
Par
Week's Range
for
Sale
(Concluded)
of Prices
High
Low
Toledo Edison 6% pref 10c
40
X
3 5*
X
1
•
1
Tung-Sol Lamp Works
80c conv preferred
Udyllte Corp
lUIen A Co ser A pref
Series B pref
108 X
Feb
114
Jan
1,700
>»„
Apr
1
2 X
Jan
3X
X
8%
Mar
32 X
Jan
5
IX
"ok"
100
Jan
May
354
♦Hanover (City) 7s
1939
♦Hanover (Prov) 6 44s. 1949
(City) Peru—
♦644s stamped
2X
Jan
7X
Jan
4X
Jan
Jan
X
Jan
3X
17
♦Issue of May 1927
8%
9
Feb
Apr
104*
1144
Apr
Jan
H~~Feb
1
May
BX
Feb
644
Jan
Feb
1454
Feb
Mar
944
Jan
May
644
5,000
14
1344
7
844
2244
Mar
225*
234*
Feb
11
Apr
*27
234*
94*
30 44
Apr
15
Feb
40
Mar
18
1844
23,000
Mar
16
75*
64*
the
f it
»!•
7ie
1949
♦Santiago 7s
%7%
1921
J
xio%
18 44
May
Mar
May
75*
May
%
Feb
Jan
%
1044
Apr
44
85*
15
Apr
Jan
Jan
Jan
Apr
*xi
Jan
?X
Jan
54
700
•11
Jan
Mar
114X U5X
900
106X
Feb
400
X
Jan
#i«
114 X
%
*n
7 X
X
80
A..*
33 partlc pref
Mar
X
1,200
x
X
"22 k "2354
"066
Hank
*n
Jan
85
Mar
Apr
29
25
Apr
70
70
10% preferred
Jan
62 X
44
X
1
U 8 Graphite com
~~4X
*
a
1
105X
1951
x a
1
1045*
1956 x a
1
103 54
1st A ref 5a
...1968 y bbbl
104 4*
10154
IOI54 10154
50 X
4X
4
1st 37 oonv pref
*
United Stores common_60o
United Wall Paper
2
1
60
Feb
4X
700
3
Jan
50
6%
6%
"15"
135*
2X
29 X
Jan
Mar
2%
Jan
♦Conv deb 5s
1950 z dddl
1354
Feb
444
Mar
♦Debenture 6s...
1968 z dddl
135*
1354
X
Jan
34*
Feb
AssocT&T deb 644b A...1955 y b
»ji
Jan
IX
400
08%
"is"
1
Jan
Apr
15*
54*
Atlanta Gas Lt 444a
Atlantic City Eleo 34*s
Jan
Jan
1
Jan
7
Mar
6s without warrants
Feb
Jan
2744
21
"50
14%
Jan
150
13 X
May
174*
Jan
900
1X
Jan
2X
May
25
07 X
Apr
834*
Jan
300
"i'x "ix
X
13X
2X
6
Petroleum...!
Va Pub Serv 7% pref.. 100
Feb
X
Apr
Mar
44
Convertible 6a
1964 x aa
2
1947 y bb
2
95
3
aa
1960 x aa
3
1998 x aa
Jan
Birmingham Elec 4 44s
Broad River Pow 6s
1968 x bbb3
1964 y bb 3
Jan
*n
Jan
Feb
154
Apr
May
144
Jan
Canadian Pac Ry 6s
Cent 111 Pub Serv 3 5*s
1942 x a
X
13 X
May
22
Jan
Cent States Eleo 5s
1948 y cc
2X
08%
100
60
X
8BX
Jan
Feb
103
May
May
Apr
11
Jan
2,600
8X
4X
*
3
Wagner Baking v t o
*
7X
Apr
Feb
34*
844
444
Apr
Jan
Jan
Mar
9
100
644s..
4X
*
Feb
X
100
X
»u
Apr
Apr
"lT"
"266
13 X
Apr
2X
200
IX
Apr
2
200
X
II
14
1
"l4
2X
1%
64*
X
44
14
244
Apr
Jan
Jan
Apr
1.26
West Texas Utll 36 pref..*
IX
Mar
2
98 X
Wentworth Mfg
West Va Coal A Coke....5
Western Air Lines, Ino
1
Jan
May
May
Feb
102
Feb
2 X
3%
3%
100
20
Western Maryland Ry—
7% 1st preferred
100
Western Tablet A Btatlon'y
Common
*
3X May
3%
Jan
3 44
Jan
544
Jan
44*
Feb
1968 x a
1964 y cc
Cent States PAL 544s—1953
J*Chlc Rys 5e ctfs
Cincinnati St Ry 5 44s A
rts series B
yb
1927 z bb
—1962 y bb
69
20
"iik "12 k"
"l25
Feb
72
May
Apr
20
Jan
13
...10
58 X
16
20
Jan
1944
Williams OU-O-Mat Ht_.*
Wilson Products Ino
1
Wilson-Jones Co
*
2
xll
2X
300
xll
25
Wisconsin PAL 7% pf 100
Debenture 6s
800
(Bait) 34*s ser N
~3% "3%
2,100
1454
Feb
65*
6 54
Mar
Mar
54*
Apr
1
Jan
10 X
7
3
Jan
Mar
Mar
114*
Mar
Feb
844
Jan
Mar
117
Jan
423
tl7%
47
Cent Bk of German State A
♦Prov Banks 6s B..1961
73
For footnotes see page 3473
21,000
10954 12754
25,000
1075* 10854
12,000
1055* 11154
10654 1125*
150 54 15054
102 5* 102 54
1,000
80 54
81
1075* 107?*
25,000
149
"5,666
62,000
10,000
7354
13 54
14,000
1454
36,000
12
117,000
4554
12,000
93
9154
9154
135*
8154
86
6954
105
1085*
44
1354
156
10154 1035*
10254 104
1254
100
3054
31
1005*
375*
49
9154
1,000
8654
9054
"3,666
83 54
91
3
885*
8854 134,000
875*
885*
80 54
80
895*
3
3
885*
8854
885*
9754
79
895*
975*
36,000
88
9954
97
975*
61,000
8854
99 54
1015* 10154
*12954 133
5,000
985* 10354
10954 10954
10754 10754
3,000
10,000
1075* 11154
10554 111
101
10354
22,000
12254 128 5*
1952 y b
1949 yb
1971 *
*95
4
"9754"
4
975*
3
aaa4'
1965 * a
2
1959 x bbb4
1956 y bb 2
Erie Lighting 6s
1967 * a
Federal Wat 8erv 5 44s
1954 yb
Finland Residential Mtge
5 44
Jan
ser C
Florida Power A Lt 6s
3% May
454
Jan
10754
9554
89
905*
41,000
10,000
123
9754
*5554
123 54
9854 146,000
10154 102
1015*
1015* 10254
89
90
10454
8954
57
10154"
895*
1275* 130
*1025* 103 54
9754
95
535*
985*
60
12.000
101
10254
107
15,000
101
94,000
86
8854
9154
*122
12354
85,000
785*
945*
1195* 126
10454 10454
"8,660
104
106
44
45
885*
89
*4554
3
10954 109 54
4
1035* 1035*
1,000
1,000
8954
10854 10954
Gary Electric A Gas—
Banks 0s-6s stpd
1966 * bbb3
1964 * bbb3
24
100
100
101
101
10154
10154
10054 10154
Apr
854
1978 yb
4
1953 z b
1
1965 y bb
3
75
1941 y ccc4
6s
1966 y bb
1943 y bbb2
*60
8454
8354
100
8454
102
985* 102 54
65
8454
*1754
"85"
1,000
19,000
10654
845*
85
13,000
"9954
7,000
35
72
23
55", 000
10154
8454
23
80 54
8554
49
85
Jan
654
10054 10154
Mar
26 54
12,000
12,000
Feb
Jan
10054101
755*
76 54
100
1948 z
415*
48
10454 106
104
1
76 54
1,000
4,000
93,000
2
ccc2
1963 yb
Glen Alden Coal 4s
Mar
475*
10154 1035*
1055* 106
10454 105
101
♦Gesfruel
23
104 X
3
2
1944 y bb
Georgia Pow A Lt 6s
Jan
475*
1961 y cccl
♦General Rayon 6s A
Gen Wat Wks A El 5e
Jan
U7X
tl7%
1963
11354
9054
Empire Dlst El 5s
1952 x
♦Ercole Marelll Eleo Mfg—
0 4*8 series A..
1953 z cccl
Apr
17 54
7X
805*
107 54
1045*
90 54
4
4
bbb2
Jan
22 54
24
10754 1095*
106 54 1075*
*10354 105
76
7554
3
Elec Power A Light 5s
2030 yb
Elmira Wat Lt A RR 68—1956 x a
Mar
13
Apr
27
Jan
24
22
Feb
22
Feb
466
1952
..196*
102 54
2
OX
215*
....
5",000
113
1075*
10854
I
5*Gobel (Adolf) 444s
1951
155*
69
1075*
101
13
4
45*
$
Jan 1947
106
1005* 102
9954
1944 yb
Jan
Week
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
63
4,000
"
1045*
1454
1958 y bb
6s
Apr
Jan
for
....
1254
1,000
1554
*100
1964 x aaa4
Tobacco
4X
55*
Sales
423
13 54
635*
995*
General Pub Serv 5s
Gen Pub Utll 0 44s A
Agricultural Mtge Bk (Col)
♦20-year 7s....Apr 1946
155*
3
GatJnsau Power 35*s A—-1969 x a
BONDS
1254
1354
1
Cuban
Mar
GOVERNMENT
1
1st ref mtge 3s ser P
1969 x aaa4
1st ref M 2 5*8 ser Q—1970 x aaa4
6s ex-warr stamped
AND MUNICIPALITIES—
7,000
63
2
Consol Gas (Bait City)—
Gen mtge 444s
Florida Power 4s
3%
1554
1354
.....
1951 * »a«4
Consol Gas El Lt A Power—
4
BX
1354
1045*
Conn Lt A Pr 7s A
4X
5X
Petroleum.....1
1254
3
Community Pr A Lt 6s...1967 y bb
4X
Wool worth (F W) Ltd—
Amer dep rots
6s
14,000
1955 y bb
1909 yb
CitiesServP AL644s
644s
Delaware El Pow 544s
Eastern Gas A Fuel 4a
Jan
Jan
Feb
114*
114
B
13 54
1968 yb
Debenture 6s
Cudahy Packing 35*s
5X
4%
1
WIchlta River Oil Corp.. lu
Williams (R C) A Co
»
1354
1354
1950 yb
Mar
6
Weyenberg Shoe Mfg
With declaration
2
4
Cont'l Gas A El 5s
69
...
1554
14,000
125*
1254
1960 yb
Cities Servloe 5s
Oonv deb 6s
Waitt A Bond class A...*
51
1354
135*
*100
Canada Northern Pr 6s ...1953 x bbb3
IX
OX
ox
43 4
....
2
C
200
50
29,000
45
*1075* 10754
10754 10754
2
1967 x
Jan
44
49
63 54
3
..1947 y bb
I960 z b
Bell Telep of Canada—
1st 5s series B
6s series
3
2
"266
Waco Aircraft Co
Wright Hargreaves Ltd..*
68 wltb warrants
a
X
13X
»
Wolverine Portl Cement. 10
Wolverine Tube com..
2
1977 z dddl
.1955 x
>u
1
*135*
1949 z dddl
Bethlehem Steel 6s
7
130
1065* 1075*
Baldwin Locom Works—
Feb
2X
08%
25
1065*
128
~9J)66
Avery A Sons (B F)—
X
5%
Utility A Ind Corp com..6
com
♦Conv deb 644s
Feb
Feb
Apr
14X
X
1005* 1095*
106
131
1065* 1075*
44
May
23
14X
3
1948 z dddl
Jan
200
1065*
♦Conv deb 444s
♦Conv deb 444a
3X
X
5X
*129
104
I Associated Gas A El Co—
100
44%
6
1963 y b
X
X
Class B
Associated Eleo 444s
3X
IX
X
IX
44X
Wayne Knitting Mills
Wellington Oil Co
1956 x bbb3
"506
1
Walker Mining Co
Arkansas Pr A Lt 5a__
27X
1H
2X
275*
10c
7% preferred..
Jan
May
1005*
1065*
bbb3
X
Utah-Idaho Sugar
6
Utah Pow A Lt 37 pref...*
Utah Radio Products
1
1
5
Jan
>
x
"m
"z
1
Universal Products Co...*
614*
50
8
Vogt Manufacturing
Vultee Aircraft Co
4
Appalachian Elec Pow 34*s 1970
Appalac Power Deb 6a
2024
Universal Cooler class A..*
Class B
*
Conv preferred
...2016 y bb
6,600
1075* 1075*
10454 106 5* 149,000
106
7,000
1065*
Jan
Feb
a0554 1085*
1065* 110 54
10754 10754
2
Am Pow A Lt deb6s.
X
1035* 10654
5,000
104
2
Jan
Apr
4,000
2
1970 x aa
10
BX
744
X
103
10554
10154 10354
1960 x aa
Feb
Apr
18,000
63,000
1950 x aa
Jan
May
10554 10754
1035* 1065*
1025* 10554
1,000
344s 8 f debs
35*8 8 f debs
Jan
4544
4%
7,000
3,000
10554 10554
1045* 1045*
10354 10354
25*8 s f debs—
61
50X
.
27%
U 8 Rubber Reclaiming..*
U 8 Stores common
60c
Valspar Corp com
34 oonv preferred
Mar
Apr
Mar
1
36.60 priority stock
5%
495*
"260
1
American Gas A Eleo Co.—
43 X
"4% "~4%
Since
Jan.
$
1045* 104 54
1967 .y bbbl
Jan
160
"lOO
preferred...20
Utility Equities com
.....1946 x
1st A ref 5a
Apr
7 X
*
Universal Corp ▼ t o
Universal Insurance
Universal Pictures com
1st 5s
1,025
6
Range
for
Week
High
1st A ref 6s
Jan
52 x
U 8 and Int'l Securities..*
U 8 Radiator comj...
May
Low
Mar
»n
Mar
Price
Range
of Prices
Co—
44X
5154
4354
com..
U 8 Foil Co class B..
U 8 Lines pref
U 8 Plywood Corp—
Power
7%
26
36 1st pref with warr
Alabama
1st A ref 444s
X
4 X
10
Preferred
See a
Sales
Week's
Mar
7i«
Feb
May
Sale
Jan
7u
19%
Last
Rating
BONDS
Thurs
Elig. A
«i#
Jan
118
May
22%
*
United Shoe Mach com.26
Ext 68
Jan
16
♦Russian Govt 6448—1919
»i»
♦6 series A
27
May
34
Jan
100
United Profit Sharing..26c
Danl«h 5 Us.
May
34
Apr
Feb
United NJRE4 Canal 100
♦20-year 7s
1444
16
til
9
3,800
S8 1st preferred
♦
Milk Products...♦
♦Baden 7s
3,000
4,000
X22X
X22X
♦Issue of Oct 1927
3X
Common class B
FOREIGN
17
16
6%
7% May
35*
Apr
100
United
Woodley
Jai
10
♦Parana (State) 7s
1958
♦Rio de Janeiro 6448.1959
9
X
Westmoreland Coal
Westmoreland Ino
Jan
X12X
-XGX
4%
8X
100
...
Jan
27
*
7% preferred..
Western Grocer
27
Apr
♦Mtge Bk of Chile 6s. 1931
United Gas A Elec Co—
Venesuelan
7
May
1344
1958
Jan
SX
Option warrants
conv
Jan
13
1958
♦544s
1
United Gas Corp com
1st 17 pref. non-voting
3154
7
1844
25
Mtge Bk of Bogota 78.1947
Feb
Feb
Unked Corp warrants
United Elastic Corp
United Specialties
18
X17X
♦Medeilln 7s stamped-1951
May
9
com
High
Lima
♦Maranhao 7s
1%
1(H)
3 54
Un Clgar-Whelan St6-.10c
United Lt A Pow
Loto
XBX
X17X
1952
Jan
ox
6C0
United Chemicals
A part pref
644s stmp
♦German Con Munio 7s *47
♦Secured 6s
1947
Jan
100
United Aircraft Prod
♦Ext
Range Since Jan. 1, 1941
$
Waterways
Jan
3
X
♦
_
Danzig Port A
8
200
*
com
Un Stk Yds of Omaha.
Week
Mtge Bk of Denmark 5s '72
3
3
10
Union Gas of Canada
for
of Prices
Low
High
854
40X
400
IX
OX
3X
6%
Jan
Jan
Apr
May
Jan
Jan
hi
1,000
35
35
35
Week's Range
Sale
Price
•
Union Investment
cum
Apr
*
Unexcelled Mfg Co
S3
105X
1,900
Tublze Chatlllon Corp—1
Last
High
150
1
35*
X
X
2%
X
Trunz Pork Stores Inc...*
1
Low
»n
10
Sales
BONDS
(Continued)
112
Trt-Continental warrants
Class A
Range Since Jan. 1,1941
Shares
106 5* 107
7% preferred
100
Tonopah-Belmont Dev. 100
Tenopah Mining of Nev.l
Trans Lux Corp
1
Trans western Oil Co
Thurs.
Week
Price
May 31, 1941
74X
52
Jan
81
Jan
68
May
73
May
25
Mar
68
J2254
73
4,000
39 X
Attention la directed
to the
new
265*
Apr
column in tbls tabulation
pertaining to bank eligibility ind rating of bonds.
See
a.
Volume
hank
Last
See
(Concluded)
Week's Range
for
of Prices
Week
Since
Price
k
1950
i
a
Or Nor Pow 5s stpd
1950
1903
1945
x
a
x
aa
y
b
Green Mount Pow 3%a—
Grocery Store Prod 6a
10834 108 34
1,000
105
62 34
3,000
105
105
62
1934
y c
34s,—1963 z c
1949 yb
1
*110
*3
2
*75
2
6s series B
x
aa
3
3
Idaho Power 3%a_
1907
x
aa
III Pr A Lt 1st 0s ser A
1953
x
bbb3
10734
1st A ref 6%a ser B
1954
xbbb3
1956 xbbb3
1957 y bb 3
*74
*10934
10734
10634
10634
1st & ref. 5s
ser
8 f deb 634s
C
May
1958
Indiana Service 5e_
1950 y b
1963 yb
y
♦Indianapolis Gas 5s A
1952
Indianapolis Pow A Lt 3%b1970
.7s
z
6s stamped extended——1950
Potomac Edison 5b E
1956
z
bb
2
x
a
4
x
a
4
1534
1734
Potrero Sn</78 stamped—.1947 V ccc?
110% 111
*80
92
Power Corp (Can) 4 34 SB... 1959
x
a
2
*67%
♦Prussian Electric 6a
1964
z
b
1
1964
x
aa
2
1949
x
bbb4
10934 H034
11034
"77"
75
7034
7434
7034
107% 10934
77
110
10634 108
105
108
37,000
16,000
101%
104% 107
103
98%
10034 10134
77
78
is7666
7734
23,000
7234
7134
79%
7634
75
7734
8834
33,000
75
9234
78%
♦Isarco Hydro Elec 7a„_.1952
43
4
2
2
3348—.1966
x
a
4
♦Leonard Tleta 7348
1946
z
ccc!
Long Island Ltg 6s
1945
x
bbb3
1967
x
a
32,000
108
108
123
2,000
12834
10634 107%
"3*600
10434 106%
30,000
108
107
10934
dd
z
*1734
I
25
35
25
7934
3
1948
y
b
1952
1947
1971
x
bbbi
y
b
2
x
aa
2
7,000
80
*102;
9934
4,000
10834 10834
108 34
108
1,000
99
99
......I
6,000
1966
x
aa
2
.1946
1943
1967
1978
.y
bb
y
bb
2
2
x
bbb2
10534'
x
bbb3
103 34
1955
x
bbb3
I
5,000
10534 106
103 34 104 34! 11,000
3,000
10734 107341
1955
x
bbbi
10534 10534
1957
x
bbb3
—1961
I960
x
aa
2
y
bb
4
1
bb
2
y
bbb2
{♦Nat Pub Serv 6s ctfs
Nebraska Power 434a
1946
2030
Nevada-Calif Elec 5a
New Amsterdam Gaa
10334
x
aa
x
bbb3
y
bb
x
5a—.1948
3
aaa2
1947
y
b
4
1948
y
b
4
Conv deb 6a
1960
y
1901
1948
1954
x
b
4
aaa3
New Eng Pow Asan 5a
Debenture 634s
52
|
y
bb
y
53
77
90
10434!
104
11134
11134 11134
*10134 10234!
102341
*102
10634 10634
23
*19
10834 10834
11634 11634
16", 606
104
York
N Y A Westcb'r Ltg 4s
Debenture 6s
Nippon El Pow 0348
No Amer Lt A Power—
4
x
aa
a
x
a
Penn Pub Serv 6a C
6sseries D..
3
...
Phlla Eleo Pow 5348—
93%
99
9534
4,000
93
104% 105%
4,000
103
103
102% 103%
106%
106% 106%
46,000
1,000
5,000
107%
106% 109%
31,000
60
50 34
10534 106%
101
110%
103% 105%
14,000
103% 106
-
-
53%
3
53%
10334 10434
10434
10234 10234
109
109
10534 10534
115
115
42 34
42 34
.„...
5,000
3434
40
b
b
3
86%
86%
87%
70,000
69
89%
86%
87
35,000
1951 y b
Deo 1 I960 y b
1967 y b
3
86%
86%
87% 117,000
69%
69 34
89%
89%
3
86%
86%
8734
19,000
70
87
87%
24,000
70
89%
3
86%
87%
22,000
68 34
21
21
4,000
20
89%
25%
27
27
26,000
27
32%
(stamped)..:
1948
y
Conv 0s (stamped)
Debentures 6s...
1948
y
6s
6s gold debs
4
-
3
fa
-
fa
3
1957
y
b
1950
c
z-
•
—
fa'—
-
»
-
-
«
86%
ccc2
1946
♦Starrett Corp Ino 5s
------
Corp—
7-4s 2d
27
...
7-4a 3d stamped
1946 y cccl
y cccl
Certificates of deposit
I
♦Ternl Hydro El 0 348—1963 y b
«
22
22
26%
106% 107%
107
108%
18,000
14,000
98%
99%
IKOOO
96
99%
60
60%
10,000
59
02%
8%
115%
24
6,000
7
9%
8,000
114
118%
y
99%
5348—1952
T
b
4
1950
..1949
z
d
1
x
aaa4
115
y
bb
1
*20
1979
Tide Water Power 5a
a
56%
13%
3,000
107%
107
107%
x
y
22
107% 107%
*119
121
107%
2
bbb2
bb 3
x
1956
2022
0sserle8 A
-----
19,000
118% 121%
6,000
{♦UlenACo—
Conv 6a 4th atp
8%
90% 10234
10034 102%
United Eleo N J 4a
♦United El Service 7a
1950
105% 109
♦United Industrial 0 34s
1941
z
cccl
20
20
1945
z
b
1
17
17
1975
y
b
2
97%
—1974
..1959
Lt A Rys (Del) 534s—1952
2
21
2,000
112
20
♦1st a f 0a
111%
114%
124
Debenture 0a
106
109%
Debenture 634s
y
b
let lien A oons 534a...
x
bbb3
y
bb
8834
98%
11734 12134
5934
6634
5934
6634
5834
66%
106% 10934
88
9734
9134 100
16 34
24
i:666
20
30%
1,000
15
30
98%
24,000
85
99%
99
24,000
88
99%
105
16,000
21,000
10336 105%
18,000
10134 10034
20,000
10234 106
1,000
107% 109%
10.000
103
2,000
114
1,000
38%
10634
115
45
~
United Light a Pow Co-
107
aaa2
aa a
bbb2
z
ccc2
x
bbbi
x
bbbi
x
aa
x
aa
1947
1954
x
aa
x
aa
2
99%
Un
98
98%
98%
3
Ufa
-
-
-
100%
104
100% 101%
66,000
United Light a Rya (Me)—
bbb3
1952
08 series A
b
120
y
1st Hen A gen 4 34s
1944
x
Deb 0s series a
2022
1946
xbb
1
bL
120
5,000
y
83%
x
bbt>2
x
bbt>2
1972
x
aa
3
"5:666
103
10534
I
108
106
t>.«
98%
5,000
100
102
fa
-
101%
104% 104%
101% 101 %
4,000
103
109
14.000
101% 102
5,000
102% 103
lat ref 6s series B
1950
y
bb
3
1940
v
b
3
*101
1954
z
c
1
1951
x
aa
4
4%
4%
*109% 110%
Washington Water Pow 3 34s'04
x
aa
2
x
bbb.3
x
aa
102% 102%
100% 102
101%
Waldorf-Astoria Hotel—
♦5s
income
deb
Wash Ry A Elec
4s
2030
1960
West Penn Eleo 5s..
6s
West Penn TractioD
109
109
109
106
106%
11,000
118
2
"(KOOO
118
118%
7,000
4
5%
108
1,000
109%
105% 109%
105
108%
1944
1966
6s unstamped
116% 119
Wise Pow A
Light 4s
{♦York Rys Co 5s stmp_._ 1937
♦Stamped 5s...—.....1947
65
3,000
59
68%
105% 106
6,000
105
107%
64%
x
"bibb 3 "105%
z
bb
1
y
bb
2
99%
5,000
97%
100%
8,000
99
99%
100
99%
100%
109
106%
1,000
102% 104%
1,000
104% 106%
20,000
95
35
36
'¥,000
3,000
100%
38
104% 106
106
107%
10434 106%
10534 10534
107% 108%
107% 108
109 34
*108
8,000
19,000
10634 10034
10654 10634
"4,000
10634 106%
5,000
106% 106%
3,000
102
103%
103% 104
104 34
104% 104%
11234
121
11,000
Utah Power a Light Co—
1
117
97%
100% 100%
1
.:.
97
97
2
*973
Deb 0s series A
103% 108%
93% 101%
108% 110
106% 108%
106
I
1981
1961
11,000
10534 105%
10534
106%
64%
109% 11334
*34 34
103
105%
2,000
15,000
10234 10234
10134 10434
9734
9934
t
x
7,000
49%
10734 1073-4
10934 10934
......
4
y
104
*107% 10834
10334 10334
bbbi
x
102% 103%
2,000
50 34
51
10934 10934
51
107 34
bb
7,000
10434 10434
......
89%
43
30
fa «
•
bbb4
1960
Texas Eleo Service 5a
102% 105
10234 10234
10234
x
1942
1955
1964
-1977
105
105%
102 34 103%
39%
109
64,000
......
x
Peoples Gas L A Coke—
4s series B
8534
10,000
39%
102% 106%
31,000
1970
4s series D
87%
93%
86
Western Newspaper Union—
Penn3yl Wat & Pow 334®.. 1964
3348
84
39%
1,000
9334
10234
1979
1971
1962
1st 6s
6s series H._.
7,000
Standard Gas a Electric—
5,000
91
......
1966
Okla Power A Water 5a...1948
Pacific Gaa A Elec Co—
1st 6s series B
1941
Penn Electric 4a F
86%
2
Twin City Rap Tr
88
1953 yb
Okla Nat Gas 334s B
Penn Cent LAP 4348
85%
b
10534
9134
......
1966 > bb
334a—.1947 * »»
Nor Cont 1 Utll 6348
1948 y b
Ogden Gas 1st 5a
1945 y bb
x aa
Ohio Pow 1st mtge 3%«—1968
x a
Ohio Public Serv 4a.
1962
Park Lexington 3s
75%
bbb4
103%
88
aaaa
x
x
634s series A
Pacific Pow A Ltg 6s
40
2,000
bb
3,000
------
105
No Bost Ltg Prop
Paclflo Ltg A Pow 5s
36 34
79
Tiet* (L) see Leonard-
I
x a
1954
1st mtge 334a...
20
"42"
x
Texas Power A Lt 5s
Penn A Ohio—
N Y State E A G 4348
15
*40
78%
-
Deb a f 6s
bb
y
196
1980
1904
2004
28%
16%
106% 109
133
138%
3,000
z
Va Pub Service 634 a
1949
♦Income 0s series A
♦Ext 434s stamped
90%
14
9534
.
2
x aa
6,000
"2:660
y
5934
50 3<
103% 10634
New Orleans Pub Serv—
New
bb
y
82
17 34
84
"16 34
*13234 137
«
2
------
2022
108 34
92
3
bb
10534 10934
107
11034
98% 102
.1989
106
*10734 10934
9634
9734 170,000
4,000
11734 11734
6134 62 34 69.000
'6134
62
6,000
I
6134
25,000
6234
6134'
6134
1,000
10734
10734 10734
97
101% 10334
99%
9534
100
,
34
104
2
5a
New Eng Power 334a
53
aaa2
x
1948
1966
Gae A El Aaan 5a
*10234 103
......
l
1978
1981
2022
6b series A
Nelsner Bros Realty 6a
N E.
10334
103%
13,000
98% 104
..1945
Stinnea (Hugo)
Memphis Com ml Appeal-
100
Serv 0s
Pub
Standard Pow A Lt 0s
McCord Rad A Mfg
162
27,000
5,000
Spalding (A G) 5s..
8'west
Debenture
1941
Nat Pow & Lt 5s B
b
3%s.__1970
So'west Pow A Lt 0s
0s
*1734
40
10534 10534
4
10534 108%
106
106
"17666
10734' 10734 10734
.....JJ106
10634
12534 12534
10734 10734
Mansfeld Mln A Smelt—
Nassau A Suffolk Ltg 5a
y
1951
a
150
10734 108
bbb3
48
aa
10534 107
4,000
1634
fa
86%
1965
x
Missouri Pub Serv 6s
x
-
.
bbb3
Southern Cal Edison 3s
x
Miss River Pow 1st 5s
x
3534
x a
5,000
85%
—
1947
1906
26
10534 109
17,000
*17
2
1957 y bbb2
2022
fa
.w *
•
Sou Carolina Pow 5a
Kansas Elec Pow 334s
fa
2
Sheridan Wyo Coal 6a
S'westernGas A El
fa
fa
107%
1970
1st 434s series D
fa
3
20
Kansas Gas A E ec 6s
Miss Power A Lt 6s
.
1534
42
Mississippi Power 5s
aa
24%
2,000
1st A rel 5o
x
Shawlnigan W a P 4348—1967
8,000
76%
26
*1734
74%
15
Minn PAL 4348
1
cccl
1534
4334
107%
82
4
b
6634
14
Mllw Gas Light 4348
bb
z
z
7234 160,000
31,000
28
4334
...
y
24
1
4a series G_..;
1952
534a series A
♦Ruhr Gas Corp 034a
♦Ruhr Housing 034a
1951 yb
3
69
Queens Boro'Gaa a Eleo—
Scullln Steel Ino 3a
cc
Midland Valley RR 6s
3
24
b
Middle States Pet 0348
bb
cc
z
Metropolitan Ed 4s E
V
cccl
106% 107%
100
50
fa
101% 102 34
101
1950
1st A ref 434s ser D
aaa2
"17666
-
150 34 15134
102
103
102%
101%
z
y
Mengel Co conv 4 34s
3
x
1942
Jersey Cent Pow A Lt 3 348.1965
6e stamped..
3
z
22
-
100% 101%
bb
y
1951
22
«,
-
95
110%
109% 111%
2,000
'
-
98
86%
109
72
20
*1734
107
1950 y bb
C
1937
1963
♦7s tntgesf
ser
Pub Wks 6a
—
Deb 4 34s
1st A ref 5s
•Schulte Real Est 0a
7134
26 34
93 34
5,000
18,000
109% 110
3
♦Saxon
105
14
6s stamped
m
105% 106
y aa
Sou Indiana Ry 4s
aa
Louisiana Pow A Lt 6a
6% perpetual certificates
Puget Sound PAL 6348—1949
15
cccl
Lake Sup Dlst Pow
f debs 4s
25%
12,000
*10734 10834
3
x
Italian Superpower 6a
a
21
28
ccc2
y
-
Public Service of N J—
15%
.17
z
«.
107
14%
72%
3
b
y
1958
Jacksonville Gas
1st mtge 3348
19
106 34
109
29%
26%
22 34
Public Service Co of Colo—
26
106
106 34
«
——
15
1952
Debenture 0s
Iowa Pow A Lt 4 34s
—
109%
.2034
3
a
1952
1957
2
.17
x
1955
7s series F
1961
bb
-•••fa-
'
r
1953
—1958
8afe Harbor Water 4 348—1979
San Joaquin L A P 6s B—.1952
1
94%
1940
18
♦5s stamped
17%
99%
94
27
29%
18
5,000
"78"
2
*98
1734
15
*100 34 10134
2
bb
z
2334
1
102% 106
2,000
30
1,000
16,000
100 34
*20
*1734
2
13T666
107 34
.1957
(Aug 1941 coupon) 1957
Interstate Power 6e
1
Since
Jan.
S
10534 105%
Portland Gas A Coke Co—
Range
for
Week
High
64
International Power Sec—
.6348 series C
.7s series E_...___
4
♦Pledm't Hydro El 034b—I960 yb
♦Pomeranian Elec 6a
1953 z b
Range
of Prices
Low
58
10634 106 %
106 34 10634
10134
bbbl
Indiana Hydro Elec 5s
1st lien & ref 6s
Phlla Rapid Transit 6a ..—1962 y bb
434s aeries F.
1949 yto
Hygrade Food 6s A
Price
4,000
*17 34
cccl
z
1966
Houston JLt 4 Pr 3%s
See k
18
18
18
dd
i
85
10734 10834
103 34 106%
Sale
(Concluded)
75%
Rating
30
20
*21
1934
Guantanamo A West 6a—1958 y b
{♦Guardian Investors 5a...1948
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
A St Ry 5*8
1938
5,000
Week's
bonds
I
Jan
I
83 34
82
82
Grand Trunk West 4a
High
Low
Last
Eltg. A
Range
Sale
I
Rating
Sales
Thurs.
Bank
Sales
Thurs.
.
Elig. <fc
bonds:
♦Hungarian Ital Bk 7
3473
New York Curb Exchange—Concluded—Page 6
152
11234 112%
12,000
107%
110
106% 109
109%
108
11,000
7,000
105
102% 10434
109
115
▲
1
*
No par value.
a
Deferred delivery sale,
Under-the-rule sale,
n
r
Cash sale,
i ^Thursday's bid and asked price.
d Ex-Interest.
e
Odd-lot sale,
Ex-dlvidend.
No sales being transacted during current
week.
Bonds being traded flat.
♦
{ Reported In
r
x
receivership.
Cash sale not
Included in year's range.
29 at 100%.
Above—"cod," certificates of deposit;
French 7s w. d. 1941, May
Abbreviations
Used
"cum." cumulative,
"v t
"cons," consolidated
"conv," convertible; "M," mortgage; "n-v,"
c," voting trust certificates; "w
non-voting atock;
"x w,"
1," when Issued; "w w," with warrants;
without warrants.
k
and Rating Column—x
bank Investment.
Bank Eligibility
believe eligible for
Indicates those bonds waicb we
believe are not bank eligible due either to
status or some provision In the bond tending to make It speculative,
z Indicates Issues in default, In bankruptcy, or In process of reorganization.
y
Indicates those bonds we
rating
this column are based on the ratings assigned to each
The letters Indicate the quality and the numeral
number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are all In
Issues bearing ddd or lower are In default.
The
rating symbols In
bond by the four
rating agencies.
Immediately following shows the
Attention is directed to
the new column In this
tabulation pertaining to bank
eleglblllty and rating of bonds.
See note k above.
The Commercial & Financial Chronicle
3474
May 31, 1941
Other Stock Exchanges
Sales
Thurs.
Last
Baltimore Stock
May 24 to May 30, both inclusive, compiled from official sales lists
Hales
Thurs.
Last
for
of Prices
Low
High
for
of Prices
Week
Price
Par
Range Since Jan. 1, 1941
Hhares
Low
High
29c
29c
Bait Transit Co com v t c »
10
2..50
2.45
1st preferred v t C...100
28
28
Consnl Gas E L A Pow...*
67
56
57
114
8
100
4%% pref cl B
Davison Chem Co com__.l
M.
......
20
10
Fidelity A Deposit
Fidelity A Guar Fire
.
.
Allla-Cbalmers Mfg
Co
mmmUm
Amer Tel A Tel Co cap. 100
"
40c
Mar
2.80
Apr
Armour A Co common...6
Jan
Automatic Washer com..3
Jan
Aviation Corp 'Del)
4%
27%
120%
32%
Mar
Jan
100
9
May
9%
Mar
9
Jan
Apr
BeDdlx
Aviation
9%
Feb
15
15%
27%
Feb
20%
May
May
Apr
29%
Jan
2.25
Feb
3.75
Apr
70
Jan
76
Apr
16%
182
10% May
18
Feb
1.05
1.10
1,300
1.00
1.15
Jan
10
94%
49%
97%
97%
51
52%
40
21%
21%
756
Feb
Jan
Jan
97%
Borg
—
Class A pref
Burd Piston Ring com
Mar
Butler Brothers
33%
Mar
41
$28,000
1,900
40
Jan
1975
101
101
1,000
100
Jan
Apr
May
49%
Boston Stock
102
Feb
82%
50c
Common........
Hales
Thurs.
Week's Range
Range Since Jan. 1, 1941
for
Week
of Prices
Low
High
Hhares
2,770
149% 150%
104
104
30
208
20%
89%
20%
91%
Boston Edison Co (new).25
27%
2,096
Boston Elevated
44
44
45
18%
18%
18%
50
1%
1%
1
6%
2%
Low
100
280
Jan
Mar
87%
26%
41%
168%
104%
May
Apr
100
100
%
6%
5%
2
Class A 1st pref std_.100
Class A 1st pref
100
Jan
97%
Chic Towel Co
conv
Class B 1st pref std_. 100
Copper Range
*
10
171
35
20%
Apr
Jan
1 %
1
Jan
Crane Co
Jan
7
Apr
Mar
Jan
1%
Jan
11%
May
268
5%
Aor
5%
6%
5%
6c
6c
10%
10%
1%
970
Preferred B
100
100
Preferred
*
Employers Group.
10
7
40%
20
22%
240
24%
2%
*
♦
24%
2%
24%
Lamson Corp (Del) com..5
2%
"1%
20
24%
2%
2%
1%
2
Hathaway Bakeries cl A..*
Apr
Diamond T Mot
car
Dixie Vortex Co
com
7
Dayton Rubber Mfg com. 1
Deere A Co
1%
26
8%
8%
Apr
May
Jan
25%
Fairbanks Morse
.....
.....
26%
Jan
3%
Jan
General Candy class A...5
General Foods com
•
May
2%
Jan
May
Apr
May
26
May
2
6
May
4
Mergenthaler Linotype..*
NarragansettRacg Assnlnol
National Tun & Mines...*
New England Tel A Tel 100
N Y & N H & Hrt RR.
North Butte
.
206
20%
5%
21%
5%
2%
2%
110% 111%
%
%
110%
100
5c
May
18%
May
150
52c
26
Jan
4%
10
2%
551
110%
May
May
20
'18
Jan
%
Apr
Jan
20c
Apr
10c
Feb
3
Mar
Jan
25c
25c
100
37c
8c
8c
9
4c
Jan
Feb
14
*
Pennsylvania RR
50
Shawmut Ass'n T C
.*
Stone A Webster
United Fruit Co
•
United Shoe Mach Corp_26
0%
cum pref
1
250
11%
24%
719
22
Feb
25%
9%
9%
85
9%
Apr
11
Jan
5%
5%
27
54
5%
25
Apr
8%
30%
Jan
26%
151
Apr
60%
51%
Apr
Jan
"~43c
762
49%
Apr
60%
Jan
45%
43c
580
9
43%
May
45%
May
52c
Mar
60%
May
43c
100
101% 101%
8%
9%
Vermont A Mass Ry ColOO
Waldorf System
„__*
Warren (SD) Co
*
13
99
Mar
70
7%
26%
Mar
29
29
10
35c
Apr
Apr
Jan
70%
107
Jan
Apr
9%
30
Jan
Bonds—
1960
68
70
1970
26%
27%
66%
6,500
Mar
18%
Jan
74
Mar
29%
Apr
Houdallle-Hersbey cl B
1
com
Illinois Brick Co cap
10
Illinois Central RR oom 100
Indep Pneu Tool
m
m
m
im
rn
3%
.....
Unliated
mm m m
mmmmrn.
Trading Dept. OGO. 405-400
S. La
Inland Steel Co cap
•
International Harvest com*
Jarvls (W B) Co cap
Katz Drug Co com
,1
Common
m
m
Sale
oom
Acme Steel Co com
*
46%
25
Adams (J D) Mfg com
Adams Oil A Gas com
CHICAGO
10%
2%
-
.......
....
.
18%
3%
.
.....
mmmmrn.
Feb
24% May
30
24%
25
9,500
Week's Range
of Prices
High
for
150
1 %
Jan
2%
Feb
6%
1,360
5%
Feb
6%
May
6%
Jan
44%
47%
44%
Range Since Jan. 1,1941
Week
Shares
Low
4%
14%
70
13
Apr
19%
89
20
80%
Jan
96
Jan
15
50
15
May
19
Jan
11%
Jan
8%
7%
11%
119
46
128
43%
Feb
Apr
Mar
53%
51%
Field
.....
50
8%
200
2%
Mar
4%
May
2%
11%
100
2%
May
May
3%
12%
Jan
page
3477
3%
100
50
100
300
100
20
50
3%
450
16
16%
450
50%
9%
50%
15
3%
9%
50
35%
35%
125
37
37%
2,250
3%
3%
100
2%
16%
100
16
Jan
8% May
14%
14 %
Feb
22%
Jan
May
9%
9%
Jan
Jan
11
Apr
14
Jan
3%
28%
Feb
4%
33%
Apr
2
Jan
May
34% May
5%
Feb
18% May
3% May
3
Feb
Jan
45%
Jan
6%
Jan
23
Jan
5
Jan
19
Jan
46%
Apr
9% May
33%
Feb
55%
Jan
11
Jan
39%
Jan
36% May
3% Mar
2% May
48%
Jan
4%
Jan
16
May
13%
16
May
8
May
3%
20%
10%
Jan
57
Jan
Jan
750
14%
Feb
17%
Mar
70
11%
6%
Apr
16%
Jan
7%
50
8%
8%
350
7
31%
19%
50
8
50
50
10%
31%
10%
100
he
Jan
Jan
8
8% May
9%
Jan
7
9%
Jan
200
2%
7%
May
31%
10
May
35
Jan
Apr
13%
Jan
he
Mar
%
Jan
2%
Feb
2%
500
3
Mar
7%
320
7% May
8%
May
300
21% May
18%
200
18%
May
29%
21%
3%
50
3%
70%
49%
10%
4%
122
182
69%
43%
Jan
Apr
May
100
9%
Apr
500
4
Jan
7
May
8%
Jan
3
Jan
4%
50%
May
%
Jan
22
22
18%
3%
70%
47%
10%
7%
45%
100
4%
100
25
30
46
%
%
%
4
Jan
Jan
Apr
90%
53%
14
Jan
Jan
JaD
4%
19
19
45% May
400
%
Apr
100
%
Apr
1
Feb
Jan
Jan
50
25
May
309
5
Feb
27%
7%
20
25%
5%
5
16
Jan
21
Feb
Jan
Mar
14
143%
608
13%
Jan
15%
20%
20%
7%
40
20%
Apr
28%
Jan
7%
100
Mar
3%
50
Jan
Mar
8%
3%
5%
3%
4%
Apr
26%
4%
26%
10
Apr
2,600
5%
50
26% May
4% May
3%
Feb
29%
4%
5%
*
he
he
50
Feb
he
Apr
12%
m
oonv
mm*
*
"26%
6
4%
pf A*
he
prior lien
prior Hen.
100
10%
350
3
100
9%
10%
400
3
pref cl A
100
%
%
200
100
%
of._ 24
15%
%
15%
pref cl A..
conv
1
"5%
10
6%
7
Jan
Jan
Apr
Feb
11
5%
11
1%
5%
12%
May
Apr
%
May
%
Apr
%
May
Jan
15%
% May
5% May
1%
6%
May
May
100
450
2,550
900
May
Jan
%
10
May
5
5
50
5
Apr
6%
Jan
23
24
100
23
May
Jan
Montgomery Ward
33%
33%
223
31% May
spec A...*
23
24
80
27%
39%
27%
Nachman Springfilled com*
National Bond & Inv com *
11
11
50
com
.
.
.
11
Jan
Jan
com
Northwest Bancorp com
9%
May
Feb
Jan
Jan
11
May
13
Mar
Apr
11
Jan
May
32
10%
10
9%
9%
250
27%
100
24
25
150
24%
5%
5%
100
5% May
8%
8%
150
8
May
8
200
8
May
50
10
Apr
14
Jan
40
6
May
13
Jan
10%
9%
10
20
*
23
27%
24%
1
com
com
•
Northern 111 Finance com.*
Northwest Airlines com..*
4%
150
Jan
mm
Jan
4%
aril
4%
"7%
North Amer Car
2%
11
11%
29
%
*
com
Jan
*
Aetna Ball Bearing com__l
8%
2
20
.....
*
Natl Cylinder Gas
National Standard
High
Advanced Alum Castings.5
*
10
13%
7
Noblltt-Sparks Ind cap..5
46%
Jan
2%
com 1
Modine Mfg common....*
Sales
Low
Jan
2
4%
"46"
...50
Minneapolis Brew Co
Q
see
38
4%
-
LlbbyMcNelllALlbby com?
Lincoln Printing Co—
"Miller A Hart
Q
For footnotes
Feb
50
-
*
Jr cum pref
Muskegon Mot
Abbott Laboratories
Jan
37%
38
he
m'm
La Salle Ext Univ com...5
Leath & Co cumul pref..*
6%
7%
6%
7%
May 24 to May 30, both inclusive, compiled from official sales lists
Last
Jan
5
Midland Utll—
Chicago Stock Exchange
Price
9%
72%
Feb
8% May
Kellogg Switchboard—
SI prior pref
Par
Jan
May
7
7
V t c common stock
Stocks—
112%
55%
3%
150
7%
mmmmrn'
1
Common
Municipal Dept. OGO. 531
Thurs.
Jan
Mar
395
13%
14%
Ken-Rad Tube & L com A *
Midland United
Teletype
Salle St.,
Jan
%
%
200
8
m
Mer A Mfrs Sec cl A com.l
Principal Exchanges
Bell System
Jan
30
8%
2%
mmmmrn.
37%
Indianapolis Pr A Lt com.*
Masonite Corp com
.*
McWllllatns Dredg com..*
Paal H.Davis
10
mmmmrn.
—
v t c new *
$2 cumul part pref
Middle West Corp cap
Members
Mar
107% May
Jan
1
4%
20
*
Marshall
SECURITIES
LUted and
Feb
Feb
Jan
14
56%
100
Hormel A Co (Geo A) com*
$3% preferred
CHICAGO
%
27%
8%
21%
8%
Kingsbury Brew Co cap._l
Boston A Maine RR—
4%
10
5%
Harnlschfeger Corp com.10
Helleman Brewing cap
l
Heln Werner Motor Parts 3
Ky Utll
4s
110
20
May
10% May
Jan
May
61%
52%
60%
51%
45%
%
35%
Indiana Steel Prod com_.l
25
Utah Metal & Ton Co
13
23%
♦
500
5% May
16
47
55%
2
Hall Printing Co com... 10
Hupp Motor Car
12
12%
24%
9%
•
Torrlngton Co (The)
Apr
6%
129
2.50
Pacific Mills Co
Jan
Jan
Old Colony RR(ctfs of dep)
29
4,700
5%
Goodyear T A Rub oom..*
Goesard (H W) com
*
Great I^akes DAD oom..*
20
H
%
50
35%
Gillette Safety Razor com *
Jan
10
25
%
28%
40
200
mmmmrn
Gen Outdoor Adv com...*
110
5%
16%
11
mrnmmm.
Gen Motors Corp com.. 10
2
7c
16%
11
-p-
Gardner Denver Co com..*
May
5%
Mar
-
Fox (Peter) Brewing com.5
Fuller M fg Co com
1
2%
26
May
3%
10
2
5c
32
105
28%
*
com
Four Wheel Drive Auto
100
1%
May
80
30
7% May
110
41
Jan
112%
33
110
50
Jan
24% May
Jan
%
7%
Mar
41
95%
Jan
7
2%
Jan
%
10
14%
May
May
82
50
Jan
21
%
7
May
22%
600
Jan
21
Elec Household Utll Corp.6
Elgin Natl Watch Co...16
Ever-sharp Tnc com
1
Feb
250
*16
Jan
5%
7
Dodge Mfg Corp com
1%
3%
85%
82
Jan
4
21
May
5%
60
15%
May
Feb
4%
*
May
1
pref
Mar
3
com.2
com
6c
100
cum
13
50
360
15
.*
May
5%
com
6%
120
3
4%
4%
89
*
Feb
Fen
Mass. UtilAss vto
Maine Central
13
Jan
89
"14%
25
General Amer Trans com.5
General Capital Corp
Gillette Safety Raisor
Jan
Mar
6
6
partic shs...50
com
Feb
10
50
21%
40%
9%
13%
38
-
Cudahy Packing 7% prflOO
Cunningham Drg Strs..2%
4%
380
6%
40%
»
7% May
10%
Jan
4
4
•
4c
2
2
7
*
50
500
May
Eastern Mass St Ry—
Adjustment
mmmmm
Consolidated Biscuit com.l
V t c pref
12%
Jan
.....
10
Jan
15
50
East Boston Co........10
Eastern HH Lines
7%
12%
110
26
..
Consolidated Oil Corp
Consumers Co—
11%
11%
5%
Capital
Jan
Feb
2%
2%
2%
Y"
Y%
2%
""x
Coleman L'p A Stove com *
Commonwealth Edison—
34%
Feb
%
*
com...
50%
m-rn
*
pf
Jan
%
%
5%
1%
...
Chic Rys partic efts I..100
Apr
18
60
Boston Per Prop Trusts..*
Caiumet A Heel a..
5
1% May
5%
mrnm'm.m
.
Cherry Burrell Corp com.5
Chicago Corp common...l
May
Maine-
Preferred stamped
Prior preferred
50
32
*
Chicago Yellow Cab cap..*
Chrysler Corp oommon..6
High
148% May
5
A
1%
10
110
32
pref
Cities Service Co
Common stamped—100
Jan
150
%
Preferred..
Convertible preferred
Boston
Jan
18
16%
16%
3
~
Central States P A Lt pf.*
Chain Belt Co com
*
Exchange
May 24 to May 30, both inclusive, compiled from official sales lists
Boston Herald Traveller..*
20%
Jan
16%
Jan
Central A 8 W—
Prior lien
~90~~
Apr
50
4%
1
10
Cent 111 Pub Ser $6 pref.
40
100
16
16%
Jan
14%
1%
7%
10
Bunte Bros common
Mar
48
160%
May
14% May
5%
18%
16%
6
57
38
100
Feb
13
16%
-
,
Bruce Co (E L) com
23%
Apr
48
Amer Tel A Tel
4%
12
...6
Common-..-..-.i.-.-l
May
Sonde—
Blgelow Sanf Cpt Co pf 100
Boston A Albany
100
Jan
200
5
Corp—
Warner
Common..,....
21
Bait Traslt Co. 4b flatl975
A 5s flat
1975
Hale
8%
Brown Fence A Wire—
16%
Price
37%
Apr
14%
Brach A Sons (E J) cap..*
1.05
Par
12
Apr
6
5
11
"16%
Stocks—
Jan
32%
1
100
New Amsterdam Casualty2
Last
10
960
250
Blnks Mfg Co capital
160
North Amer Oil Co com_.l
B 5s
200
34%
7%
7%
15
10
mm mm
11
33%
1
20%
73%
21%
May
Jan
11
"34%
6
com
Berghoff Brewing Corp
28
73%
.
May
Apr
Jan
15
.
10%
19%
100
150
20
.......
9% Feb
16% May
10%
Apr
Jan
Jan
17
17
108%
Apr
10%
29
Jan
2%
16%
113%
Jan
94
2,321
Barl A Seellg Mfg A com.5
"3%
3
4
Jan
36%
Apr
Bastian-Blesslng Co com.*
Belden Mfg Co com
10
20
Jan
%
6%
Feb
320
23
5%
May
306
19%
Apr
25% May
87% May
149% May
Jan
8%
31%
13
Apr
118%
22%
High
Feb
%
Jan
6%
71%
Low
10%
90
114
100
2
981
1,000
16
5
Northern Central Ry —50
20
100
2.55
Penna Water A Pow com.*
149% 150%
4%
4%
%
%
2%
3%
260
8
2.55
U 8 Fidelity A Guar
90%
115
M Vern-Wood Mis com 100
Preferred
50
May
May
28
28
21%
26%
90%
66
;;
30
Bliss A Laughlln Inc com.5
Georgia S A Fla 1st pref 100
Houston OH pref
100
300
154
9
Mon W Penn P S 7% pfd 25
10%
Apr
31
Finance Co of Am A com.5
10%
28
118% 119
.
31
Jan
Range Since Jan. 1, 1941
Shares
342
22%
East Sugars Assn pref v t cl
27c May
1.65
280
29
High
Allied Products Corp—
American Pub Serv preflOO
Brager Eisenberg Inc com 1
Low
21%
25%
10 %
Allied Laboratories com..
Week
Price
Par
Stocks—
Week's Range
Hale
Stocks (Concluded)
Week's Range
Sale
Exchange
"8%
8
10%
-
10%
10% May
8%
Apr
32%
8
10%
10%
Jan
Jan
Mar
Feb
Mar
N West Utll—
7% preferred
100
8
7%
8
Volume
The Commercial & Financial Chronicle
152
Range Since Jan. 1, 1941
Last
Peabody Coal Co cl B
Week's Range
of Prices
Low
High
Week
Price
Par
5
%
13%
May
%
Jan
100
Stocks
High
Low
Shares
May
(Concluded)
Upson-Walton
Week's Range
for
of Prices
Low
High
Week
Price
Par
%
13%
13%
16
Jan
White Motor
24
550
22
Feb
25%
Apr
70
13%
13%
a32% a32%
100
37%
38
200
36%
Jan
43%
30%
*
5%
200
5%
Apr
Pressed Steel Car com
1
4%
6%
Jan
Feb
17%
Jan
Apr
42%
Jan
Mar
Mar
Poor <fc Co cl B
High
12%
14
4%
Youngstown Sheet & Tube*
100
Low
Shares
4%
1
23%
com
Penn Elec Switch cl A. .10
Penn RR capital.
24
60
Peoples Q LtACoke
cap
10
Rath Packing com
10
260
77%
9%
150 :.i
8
Feb
13
105
13%
Jan
May
76
,_50
Jan
9%
550
45
44
10
50
5%
76%
Quaker Oats Co common.*
%
Range Since Jan. 1,1940
Last
Sale
for
Sale
Stocks (Continued)
Sales
Thurs.
Sales
Thurs.
3475
41% May
Jan
W ATLING, LERCHEN & CO.
Jan
57%
Raytheon Mfg Co—
1%
6% preferred
Schwitzer Cummins cap
-
1%
1%
1
1
7
2
Feb
Jan
1%
Jan
May
300
7
5
.1
Jan
9%
Jan
1
250
1
50c
Common
100
%
7
Sears Roebuck* Co cap..*
69
69%
349
67%
Apr
78%
30
30
200
29%
Mar
35%
5
5
60
4%
Apr
6%
Jan
699
25%
Mar
30%
Chicago Stock Exchange
Jan
2
New York Curb Associate
Detroit Stock Exchange
Jan
Sou Bend Lathe Wks cap.6
Msmbsra
New York Stock Exchanis
May
Spiegel Ino
common
26
Standard Oil of Ind
Stewart Warner
28%
6
6%
28%
*6%
29%
756
7
6%
Apr
5%
Apr
'
Storkllne Furniture
10
com.
31%
31
6%
100
31%
6%
Sunstrand Mach T1 oom.6
300
Feb
29
8%
Telephone: Randolph 6630
May
36
Jan
18%
18%
18%
200
17%
Mar
19%
*28%
20%
21%
1,450
19%
May
24%
Jan
Texas Corp caoltai
26
39%
40%
May
25
39%
9%
39
Trane Co (The) com
Detroit Stock
Jan
26
Swift International cap..16
Swift * Co
cum
9%
61%
May
9%
9%
55
57%
58%
15
53%
KM1
pref
Feb
50
449
............
com...20
United States Steel com..*
7%
34%
9%
68%
......
United Air Lines Tr cap. .5
U S Gypsum Co
358
9%
67%
Onion Carb A Carbon cap *
52%
885
53%
1
Util & Ind Corp conv pref 7
1%
May
May
Apr
49%
Feb
117
102
117% 117%
Utah Radio Products com 1
9%
53%
Feb
17
69%
70%
Jan
130
1%
1%
Mar
1%
May
150
Feb
1%
Jan
Apr
24
May
Feb
23
May
•
19%
19%
200
22%
23
144
19
86%
88
May
7
7
100
5%
Feb
2
2%
450
1
Jan
3%
Woodall Indust com
m «► m •»
3%
2
Wrlgley (Wm Jr) Co cap.*
Zenith Radio Corp com..*
............
11%
3%
150
3%
11
3%
500
11%
May
63
200
64
63
May
10%
May
Brown McLaren com
Week
Price
Low
Consumers Steel com
1
Sale
Stocks—
Par
/
*
Industries-
Aluminum
Price
Cinci Gas & Elec pref.. 100
.50
Cincinnati Street Ry
1
100%
3
lO o
2%
*
Clnci Union Stk Yards.
*
Crosley Corp
5%
1
100
50
May
76
76
76
214
68
Jan
94
Mar
20%
20%
548
20
May
23
Apr
1%
20%
1%
500
1%
2%
2%
250
1%
13c
17c
2%
Det & Cleve Nav com...10
100
com...5
Det-Michlgan Stove com.l
""13c
1
1
Apr
5
3%
Federal Mogul com
*
"ii %
5%
2%
2%
lists
11%
1%
21
20%
Mar
Jan
2%
Apr
107%
Feb
Feb
May
May
May
Jan
4
Jan
99
3%
May
14%
Jan
Jan
6%
Jan
4%
18
19
25
18
May
23
Mar
*
Gibson Art
26%
26%
25
26%
May
29
Jan
13
13
10
13
May
13%
Feb
24%
24%
25%
391
22
22
22
100
50%
51%
21%
420
20
3
3%
1&9
*
Kahn
*
Kroger
*
Lunkenheimer.
*
Procter & Gamble
*
Randall class A
20
*
U SPrinting
3%
24%
19%
Apr
30
Jan
Feb
22
Jan
50%
City Ice
Columbia Gas
m- m.
-
*
10
*
_.
_
May
58
.
-io
_
Tlmken Roller Bearing.
—
9%
*
37%
42%
Jan
Mar
30c
Mar
50c
Jan
12%
12%
100
12%
May
14%
Jan
34c
35c
700
34c May
45c
Jan
800
1
Mar
1%
Apr
Hoskins Mfg com
Jan
1%
1%
48c
48c
100
46c
Feb
1%
1%
400
1%
1%
1%
100
1%
Apr
May
22c
Kingston Products com—1
22c
23c
5,200
16c
Jan
1
1
1
200
1
77c
77c
112
60c
6%
5%
i%
1
"1%
2
Masco Screw Prods com__ 1
McClanahan Oil com
1
1
*
Micromatic Hone com—1
'6%
Mid-West Abrasive com50c
1%
Michigan Silica com
Michigan Sugar com
Motor Products com
._
*
*
Peninsular Mtl Prods com 1
Prudential Invest com___l
10%
Feb
4%
Jan
37%
468
36%
48%
Jan
Udylite
42%
51
41%
May
51%
Jan
Jan
3% May
Feb
11%
15%
Jan
Reo Motor com
Ohio Listed and Unlisted Securities
6%
Jan
1%
Jan
Feb
6%
100
1%
100
1%
7
100
7
May
5%
1%
200
5
Apr
8%
Jan
200
1%
Apr
2%
290
1%
Apr
2% May
Jan
25%
7%
3%
30%
11
Jan
827
25
Mar
Jan
11
May
Jan
'
673
7% May
90c
100
86c May
1.25
Jan
1%
300
1% May
1%
Jan
75c
75c
455
75c
Apr
1.25
Jan
2%
2%
123
2
Apr
2%
Jan
1%
17%
300
1%
Apr
Jan
125
17%
May
1%
20%
1%
1%
200
1%
1%
Mar
2%
Apr
May
1%
Jan
1%
17%
17%
1%
1%
100
Jan
50c
50c
Jan
66c
Feb
100
3
Feb
Jan
1%
605
1
Feb
4%
1%
2%
100
2
Jan
3% May
12c
12c
400
10c
Feb
13c
5
5%
101% 101%
"5%
100
3
1%
2%
1%
50c
3
""50c
—
Los
Mar
90c
1
-
Jan
1.25
1%
—
Aircraft com.—.1
Wayne Screw Prods com.4
Wolverine Brew com
1
Wolverine Tube com
.2
Preferred
-100
1%
Jan
7%
7%
Rickel (H W) com
Warner
Jan
May
25%
Parke Davis com
Apr
1%
25c
Mar
5%
1%
2%
Michigan Die Casting
1
Packard Motor Car com—*
Parker-Wolverine com
Jan
Jan
1%
1%
10
Murray Corp com
60c
2
7
*
May
May
42%
2%
4%
200
2%
36%
Jan
14
40c
8%
/
Jan
4%
17
2%
Jan
40c
969
10
Jan
1%
3%
3%
Jan
11%
Apr
1% May
3%
Apr
4%
Jan
22%
Feb
20
60
13%
2%
......
General Motors—_
13%
770
Jan
Apr
45c
3
5
2
River Eaison Paper com..*
Scotten-Dillon com
10
Standard Tube cl B com.. 1
Tivoli Brewing com
1
Tom Moore Dlst com
1
50
Unlisted—
American Rolling Mill. .25
210
1%
1%
2%
."5
Feb
Jan
10c May
1
Apr
com—1
2%
LaSalle Wines com
*
Formica Insulation
100
180
Jan
100
Kinsel Drug com
High
May
12
25
5%
1,300
1
3%
11%
2%
Grand Valley Brew
%
80
10,176
12
12
-
96
119
2%
Jan
93c May
Mar
4
Eureka Vacuum com
May
16%
111
80
2%
60c
Jan
1.00 May
68
55% May
Gar Wood Ind com
Low
4
3
80
80
Rights
2%
100
Durham Mfg com
Range Since Jan. 1, 1941
Shares
19%
2%
2%
100
100%
575
Jan
2%
Hurd Lock & Mfg com—1
for
19%
Cincinnati Ball Crank.. —5
Cincinnati Telephone..
High
78c
Detroit Paper Prods com.l
Week
of Prices
Low
140
71c
"71c
825
Feb
75c
99c
Jan
Sales
Week's Range
High
2
100
55%
Jan
5
79%
15%
May 24 to May 30, both inclusive, compiled from official sales
Last
2
93c
95c
Continental Motors com—1
Detroit Gray Iron
Mar
Exchange
Thurs.
Low
Shares
55%
5
Frankenmuth Brew com—1
Cincinnati Stock
High
2
1
Chrysler Corp com
Detroit Edison com
7
2
m.
for
of Prices
1
Allen Electric com
Jan
86%
7
Westnebs El * Mfg com.50
Par
Stocks—
Week's Range
Sale
Jan
104%
19
*
Williams Oll-O-Matic com *
Wieboldt Stores com
Range Since Jan. 1,1941
Last
Jan
Jan
Sales
Thurs.
Jan
Jan
Exchange
May 24 to May 30, both inclusive, compiled from official sales lists
Jan
70%
%
Western Un Teleg com 100
Walgreen Co com
12
400
1%
17%
DETROIT
Building
Jan
6%
Ford
300
4%
May
10
101%
Apr
Jan
Feb
5% May
Apr
101%
Angeles Stock Exchange
Members Cleveland Stock Exchange
Sales
Thurs.
GILLIS
j^j RUSSELL co.
Uolin Cimmercs Biildlni
Aircraft Accessories
60c
Cleveland Stock
Last
Sales
Sale
Par
Stocks
Akron Brass Mfg.- —..50c
5%
100
Brewing Corp of Amer—3
City Ice & Fuel
*
Preferred
100
c CI Graphite Bronze com 1
Cleve Ry
-100
Cliffs Corp com..—._—.5
Colonial Finance
--.1
Apex Elec Mfg pref
4~"
Eaton Mfg
c
General Elec com
c
Glidden Co com
-—
._*
*
Goodyear Tire & Rub-
—
5%
50
10
110
82
10
4
4
100
92
Feb
2
2
2
1,019
Corp...100
Cessna Aircraft Co
1
Chapman's Ice Cream
*
Chrysler Corp
6
Consolidated Oil Corp....*
Consolidated Steel Corp--*
Preferred
*
Creameries of Amer v t c—1
10%
14
14
365
12%
11
11
11%
135
11
a29% a30%
36
9%
25
a 28%
a28% a28%
150
al3% al4
al2% al2%
al6% al6%
65
"a 12%
9%
21
4
16%
2%
20%
May
5
401
a7%
20
Interlake Steamship.
*
Republic Steel com
Richman Bros
*
--*
25
c U
42
249
40%
11
11
373
11
22
22
22
T?r»w
tAotnnffifl
._
AAA
2%
200
Jan
9% May
35%
Jan
17
10 %
al8
31%
X477
1.15
cr55%
a6%
5%
19%
5%
68%
May
127
5%
Apr
6%
Apr
5%
400
5%
Feb
8
19%
430
5%
100
5%
5%
19
5%
Mar
91
6%
Feb
9%
May
10
Apr
11
Jan
105
16%
Feb
Jan
101
30
Apr
8%
8%
37%
37%
8%
37%
605
Co..*
Goodyear Tire & Rubber.*
Hancock Oil Co cl A com.*
Lincoln Petroleum Co. ,10c
6%
6%
6%
115
5%
al6% al6%
30
Jan
Lockheed Aircraft Corp..
1
Inveat'mt—10
Mascot Oil Co
1
Menasoo Mfg Co
1
Mt Diablo Oil Mng & Dev 1
Aeronautical Co—1
Solar Aircraft
Co
Apr
8% May
47%
Jan
Feb
7%
Mar
19%
May
Jan
17%
May
31%
30%
31%
411
30%
Apr
33%
Feb
a31c
a31c
35c
1,675
20c
Jan
46c
Mar
al6%
a22%
7%
a21% <z22%
7%
7%
Apr
28
Jan
560
5%
Jan
8
May
38c
Jan
41c
Jan
2%
Mar
75
20
39c
39c
39c
200
1%
1%
1%
710
1%
May
46c
46c
46c
320
35c
Jan
4%
4%
9%
alO
4%
9%
alO
10
791
9%
Apr
May
alO
25
10%
Apr
24%
4%
100
48c May
4%
Feb
11%
Jan
Mar
May
10%
28%
Jan
24%
24%
24%
576
30%
30%
30%
171
30%
May
34%
Apr
28%
28%
28%
100
28% May
30%
Mar
37%
37%
a33% a33%
200
37%
33%
Apr
May
40%
Mar
131
40
1.40
433
1.25
Apr
37%
a33%
1.35
1.35
8%
8%
8%
543
10%
10%
10%
100
3%
575
a2%
a2%
a2%
95
a4%
a4%
50
23%
23%
a4%
23%
40
40
40
3%
3
1,645
7%
Feb
Jan
May
2% May
5%
Apr
22% May
9%
2%
Jan
1%
Jan
10%
Feb
10% May
Jan
4%
4
Jan
6%
Feb
28
Jan
19
38
May
47%
Jan
29
May
30%
Jan
28%
31%
May
May
8%
Jan
29%
34%
Mar
12%
May
29
29%
34%
Feb
39
28%
28%
637
20
29%
28%
774
Apr
22%
35%
2%
May
2%
Feb
31%
31%
142
49%
70%
Jan
11%
11
Apr
31%
11%
161
100
Jan
Jan
Mar
Jan
1
10
Ryan
c8%
10%
10%
al7% al8%
31%
31%
a38% a38%
Mar
6
Jan
a67% a67%
7%
37%
May
Mar
Feb
20%
190
May
May
Jan
12%
Feb
,
Derrick & Equip..5
Emsco
May
43%
17
Mar
Mar
22
Apr
63
7%
Apr
Jan
100
9%
4%
Jan
1.25 May
Jan
100
1.15
72%
Feb
11%
95c
1.15
a55% a55%
a6
a6%
Feb
Corp com U
Preferred clC
10
Pacific Gas at Elec oom..26
6% 1st pref
5%% 1st pref
—
Pacific Indemnity Co...10
Pacific Lighting com
*
Republic Petroleum com.l
Richfield Oil Corp com...*
Roberts Public Markets..2
26
300
May
Pacific Finance
Jan
a52
Apr
4
May
Pacific Clay Products
15%
2%
a53%
4%
4
Jan
Jan
2%
Apr
May
4
10%
8%
6%
Jan
Apr
25
Jan
11%
68%
Jan
%
al
5%
10%
Jan
5
May
11%
26
Apr
100
14%
50
89
%
Jan
3%
9%
3%
175
14%
20%
136
36%
1%
120
176
6%
Arp
Feb
1%
120
8%
Mar
2%
36%
%
2%
36%
%
.*
DOIfP
50
36%
an% al2
'36 %
1
8 Steel com
Jan
Mar
41%
Standard Oil (Ohio) com
Troxel Mfg
Jan
Apr
7
11
National Refining (new)..1*
Ohio Oil com.
Feb
8% May
Mar
21%
c
29%
28%
12%
11%
57
0.1%
c
13
1%
4%
6%
Los Angeles
20%
Patterson-Sargent...
Apr
1%
4%
8%
Gladding McBean <fc
May
May
1%
4%
6%
Jan
Jan
2
Jan
Feb
8%
10%
100%
38%
32%
17%
Mar
2%
Jan
Jan
Mar
a67%
General Motors com
Apr
*
*
Mar
31
Douglas Aircraft Co
*
Electrical Products Corp.4
Fitzsimmons Stores
May
Interlake Iron com
*
—*
_*
*
Mar
May
3%
Jan
27%
1%
Jan
26
Industrial Rayon com —*
6%
6%
10
2%
May
2%
50
Feb
Jan
1.20
100
4%
Apr
300
3
30
Mar
25
8%
1.25
3
89%
10
c
Prior pref
3%
1.20
30
May
368
4
N Y Central RR com
82
25%
26%
c
c
Jan
Mar
14
Harbauer Co—
Nestle LeMur cl A—
4%
8
95
26
„*
Kelly Island Lime & Tr—*
Medusa Portland Cement *
High
Low
100
25%
....*
*
Goodrich (B F) —...—*
5%
Shares
a9% aloy3
98
98%
— -—-
Foetoria Pressed Steel
Week
82
_———
— -
of Prices
Low
High
9%
5
Amer Coach & Body
—
Price
Range Since Jan. 1,1941
for
1.20
High
Low
Shares
5%% pref—50
Blue Diamond Corp
2
Bolsa Cblca Oil cl A com. 10
Broadway Dept Store Inc.*
from official sales lists
Week's Range
Price
3
Barker Bros
Exchange
Thurs.
Week
30
Central Invest
May 24 to May 30, both inclusive, compiled
for
of Prices
Low
High
Bandini Petroleum Co. —1
Cleveland
A. T. & T. CLEV. 565 & 666
Telephone: OHerry 6060
Par
Week's Range
Sale
Stocks—
1,1941
Range Since Jan.
Last
625
Jan
3476
The Commercial & Financial
Chronicle
Thurs
Last
Week's Range
Sale
Stock*
(Concluded)
Par
Taylor Milling Corp
Transamerlca Corp
Low
21%
*
AH
13%
7%
26
Universal Consol Oil
Vega Airplane Co
Vultee Aircraft Inc..
10
1%
Low
904
8%
1,147
7%
100
6
351
6%
6%
Feb
13
May
Thurs.
Apr
Last
Week's Range
for
Jan
Sale
of Prices
Week
Jan
14%
Stocks—
Jan
Apr
Apr
9
8%
Jan
4%
Apr
8%
Jan
Par
ai
a4
1.20
a4
1.20
25
4%
Mar
100
1.20
Sales
Price
Low
High
Range Since Jan. 1, 1941
Shares
Low
High
Jan
Anglo Calif Natl Bank.,.20
Atlas Imp Diesel Engine..5
Byron Jackson Co
Cons Chollar G & 6 Mug.. 1
Exchange
9
6%
4%
105
Francisco Stock
6%
Mining—
Alaska-Juneau Gold.... 10
1941
May 24 to May 30, both inclusive, compiled from official
sales lists
23
8% May
4% May
1,314
San
High
18
100
4%
14
7%
5%
6%
Shares
22
13%
6
1
Range Since Jan. 1, 1941
Week
High
21%
8%
4%
8%
2
Union Oil of Calif
for
of Prices
Price
Standard OH Co of Calif—*
May 31,
Sales
1.10
Apr
8%
13%
18%
7%
6%
8%
13%
1,755
18%
253
17
Apr
Feb
51
51
84
51
May
42
42%
6%
*
Jan
Calamba Sugar com
20
Calif Packing Corp com..*
Feb
Calif
5
1.50
7%
6%
13%
"ol"
Packing Corp pref.50
325
7%
Apr
9%
6%
Jan
8
Mar
100
7 %
Apr
14
May
May
8%
14
21%
52%
Unlisted—
Caterpillar Tractor com..*
Amer Had & Std Sanl Corp
a6%
a6%
a6%
Amer Smelting & liefg
39%
39%
39%
Amer Tel Ac Tel Co. ...100
al50% al49%olf>0%
Anaconda Copper..
60
26
26%
26%
Atchsn Topk Ac H Fe RylOO
a 26%
Aviation Corp (The) (Del) 3
Barnsdall Oil Co.
Bethlehem Steel Corp...
Canadian Pacific Ry
25
Commercial Solvents Corp*
Commonwealth & South..*
Curtis-Wright Corp
a3%
a9%
Intl Tel & Tel Corp
sl«
100
26%
al%
28%
a36%
al%
1
&
•
o
Ohio Oil Co
*
Paramount Pictures Inc-.l
Pennsylvania RR......50
Pure Oil Co
a3%
a33%
2%
2%
o!2% a 13%
012% al3%
a9%
a9%
a!0% a 10%
24%
24%
a9%
a9%
03%
a3%
17%
17%
a9%
*
a69%
a9%
6%
a37%
a4%
Socony-Vacuum Oil Co.. 16
Standard Brands Inc
*
Standard Oil Co (N J)...25
Studebaker Ccrp
Swift & Co
...1
..25
a 20%
a39%
Texas Corp (The)
26
Tide Water Assoc Oil... 10
Union Carbide & Carbon.*
a9%
a67%
United Air Lines Transpt 5
United Aircraft Corp
5
United Corp (The) (Del).*
069
a 38%
53
82%
Apr
92
Jan
100
3%
Jan
8
May
8%
Apr
Apr
26%
May
101
Mar
4%
Jan
34%
Jan
Food Machine Corp com 10
25
25
Mar
195
25
36%
Mar
Apr
2%
Jan
General Motors
37%
703
37
Mar
37%
5%
425
5
33%
Feb
Feb
31%
353
32 %
31
Feb
3%
Apr
Golden State Co Ltd
Jan
Greyhound Corp com
*
Holly Development......1
39
Apr
Apr
Apr
3 %
Jan
Feb
25
7%
Mar
3%
Apr
4%
Jan
22 %
Jan
ClassB.
Preferred.
100
70 %
May
5
8%
5%
Apr
9%
May
Jan
6%
36%
May
4% May
8%
Jan
175
114
34
50
72%
Apr
May
22
Mar
23
Feb
3
37
Jan
37
Jan
No Amer Inv
9%
160
Mar
10
Jan
84H
Feb
13%
Feb
36%
Feb
% May
21%
Feb
50 %
Apr
10
66
Jan
Iliver Utd Filters clB
Pacific Can Co com
Apr
Jan
1%
68%
100
1%
May
1%
American Stores........*
9%
American Tel & Tel —100
Budd (E G) Mfg Co
*
150%
4%
6%
Budd Wheel Co..
...»
2%
24%
...50
PennaSalt Mfg........50
Phila Elec of PaS5pref._*
115%
31
Sun Oil
_._.*
Transit Invest Ccrp
Preferred
United Gas Impvmt com.*
Preferre d^*
#ie
21%
6%
106 %
Westmoreland Coal... .20
Jan
28%
36%
37%
114
114%
6
5%
419
2%
23%
117
2%
24%
May
36% May
114
May
5%
May
22
Feb
163
Apr
60
113%
Apr
Mar
Feb
125
21
Feb
285
33%
Jan
54%
7
50%
Apr
®16
200
%
200
%
96
%
20%
6%
21%
7%
106% 108%
19%
19%
;
Mar
118
29%
12%
224
7,149
156
100
Mar
Apr
Feb
Jan
31%
Jan
15%
23%
Apr
Jan
38%
58%
Apr
Jan
lit
Feb
%
Mar
%
Mar
7it
Apr
1%
30%
10%
117%
,19 %
Jan
Jan
Jan
Jan
Apr
Pittsburgh Stock Exchange
Thurs.
Last
Sale
Par
Price
Allegheny Ludlum St com *
Blaw-Knox Co...
*
Clark (D L) Candy Co...*
Col Gas & Elec Co....
*
Copperweld Steel
5
Devonian Oil Co
...10
Mt Fuel Supply Co.
National Fire proofing
10
20%
Range Since Jan. 1, 1941
Shares
Low
2%
14%
86
18%
7
39
6 %
6
135
~
—
5%
*
National Radiator Corp.10
1,715
5%
786
5%
May
60c
400
60c
May
7%
1%
100
7%
May
20
1%
27%
Jan
8%
5%
30
8%
64
1%
74%
30
73%
1%
30
56
1%
Apr
5
12
1%
105
10%
31%
Jan
1 %
Jan
73%
May
Jan
Jan
4%
Apr
200
40c
May
55c
_
.*
Jan
25
5
Vultee Aircraft
1
Walalua Agricultural Co.20
Western Pipe & Steel Co. 10
set-
1
uttge
Anaconda Copper MIn__60
Argonaut Mining
6
Bunker Hill Ac Sulllvan.2 %
26%
Idaho Mary Mines Corp__l
Kennecott Copper com
*
J&M&M Consol
,90c
14%
Jan
41% May
1.05 May
24
407
23% May
28
Jan
12%
8%
400
12
14%
Jan
521
106
10
Feb
Mar
7%
106
20%
Feb
Jan
9
Jan
May
108%
Apr
3%
1,990
2%
May
4%
Jan
18%
150
18%
May
Apr
May
23%
3
100
10
18
100
95
10
4%
13%
4%
14
6
31
8%
13
23
Feb
9%
Jan
4%
May
1,205
100
105
6%
505
23
19%
23%
19%
24%
440
1.40
100
50
170
13
Jan
.5% May
14% Mar
4%
Apr
22%
Feb
17%
Apr
21%
Jan
1.25 May
Jan
Feb
34%
Jan
40c
300
14%
102
Feb
18
6,131
6
14%
5%
25%
2.10
175
120
2.10 May
19%
Jan
2H
Apr
3% May
50c May
9% May
52c
9%
8%
30
.
5%%
preferred
25
Standard Brands Inc....*
Studebaker Corp com
1
Mar
10
May
May
40
Feb
129
Utah-Idaho Sugar
17%
Apr
22%
Jan
Warner Bros Pictures
U S
Petroleum Co.,
1
United States Steel
com..*
com
Preferred
5
7c
2%
6%
29
618
300
V'
5
4%
Feb
Feb
151
7%
Feb
165
Jan
May
May
42c
Apr
10% May
Jan
5%
14% May
7%
15%
Jan
Jan
Jan
8%
28% Mar
Jan
22%
25% May
1.50
Feb
27%
28%
Mar
178
May
7%
168
27%
3.00
Jan
Jan
Jan
Jan
30% May
5
4
Jan
Jan
1.35
Jan
12%
Jan
Jan
5%
Jan
9%
30% May
Jan
34%
600
8c
4%
May
6%
Jan
133
31%
Feb
34%
Mar
10
20%
May
22
Mar
1,500
6c
Jan
8c
Jan
a33%
125
32%
Apr
600
2%
Apr
39%
3%
Jan
2%
al2% al2 %
2%
2%
23%
23%
3%
3%
*
.
a3%
8%
a35% a35%
20%
20%
a33
100
55c
30
5
59
10
a28% a28%
a35%
*
.... ....
Feb
May
22
a3%
Schumach Wall Bd com..*
Preferred
6
149%
450
53c
Packard Motor Co com..*
Shasta Water Co com
_*
So Calif Edison
com....26
135
446
26%
10
North American
Aviation. 1
May
Jan
Apr
41% May
Jan
37%
102% May
12
2.10
1
9%
2%
101
70
a26% a27%
a3
a3%
3%
3%
*
36%
Jan
50
198
1.40
19%
Cities Service Co com.. 10
Curtlss-Wrlgnt Corp
100
2
Jan
23
5
....
150
163
161
May
30
6
Atchison TopASanta FelOO
Aviation Corp of Del
3
Bait & Ohio RR com.. .100
Blair Ac Co Inc
cap...
1
336
2%
Jan
Mar
27
Undated—
10
100
126
148
1.05
Amer Rad & Std Sanl....*
a6%
a6%
«6%
American Tel & Tel Co. 100
al50% al49%al.50%
36%
19%
2
3477
14
14%
Yellow Checker Cab ser 150
Yosemlte Ptld Cem pref. 10
100
Jan
115% May
19
4%
1 %
6%
29
10
100
472
100
140
14
2%
22%
3%
6%
Feb
Jan
Feb
17%
3%
25%
Apr
Apr
4%
Jan
May
Jari
8
Jan
Jan
Apr
29
5%
20
May
23%
28%
5%
22%
May
28
Jan
672
May
29%
Jan
5%
5%
100
28%
5%
Jan
a4%
80
4%
May
May
6%
o4%
"28%
10
5%
23%
5%
8%
Jan
35%
Apr
42%
28%
fl38%
a38% a38%
a53
a52
1.15
440
75
Jan
M rH £
7
Mar
Jan
Jan
1.25
1,400
1.00
Jan
1.30
Feb
a53%
175
49%
1%
Apr
70%
Feb
5
2%
2%
2%
5
3%
3
3%
150
7c
200
Westates Petroleum com.l
Pennroad Corp vtc
tuotnotes
Union 011 Co of Calif
Vega Airplane Co
Victor Equip Co pref
10
19%
2
United Aircraft
Corp cap.5
Unlisted—
M»r
Transamerlca Corp
36%
18%
80
Jan
Feb
10
15
Mar
70
40c
Westinghouse Air Brake
Jan
Apr
5%
100
Jan
Jan
355
1,260
.
40c
*
55
115% 116
150% 150%
27%
27%
102% 102%
41%
41%
2,552
Pennsylvania RR Co...50
Jan
5%
10
33%
101% May
42c
Radio Corp of America
Feb
40c
Vanadium-Alloys Steel
176
22%
Jan
1%
7%
5%
1
Jan
Jan
2
Renner Co
100
796
103
42c
Jan
1%
96%
7%
6% pref
6% pref
Jan
21%
Jan
6
Pittsburgh Screw & Bolt..*
Shamrock Oil & Gas Co—
28%
42c
Feb
Jan
28%
33%
33%
7c
Jan
14
Apr
30%
478
10
"~~2%
17%
Apr
Apr
Jan
1,529
Standard Oil Co of CftHf..*
1
Apr
1 %
Mar
1.65
28%
34%
31%
39%
107%
Thomas Allec Corp cl A__*
Tide Water Ass'd Oil com 10
Montgomery Ward & Co.*
Mountain City Copper..5c
May
12
9%
11%
Mar
31%
11%
Jan
2%
13%
94%
8%
28% May
4%
Apr
May
May
May
May
11
M
17
Jan
1.30
31%
Jan
12
225
26%
Jan
3% Mar
10% May
Jan
9%
23%
100
7%
1,100
22%
320
11%
21%
May
60c
—
SoCal Gas Co prefser A.25
Southern Pacific Co.. .100
6
180
1%
May
Apr
Jan
Jan
Jan
3,865
18%
Marine Bancorporation..*
1,133
10
10
1.35
106
Jan
2%
96
10
6%
Apr
Mar
Mar
24%
30%
"3%
10%
14%
12%
9%
1%
110
8%
General Electrlo Co com.,*
Jan
2%
96
7%
1.15
24
Apr
7%
1%
—....
25
14%
12%
9%
1%
High
Apr
18
112
101
12
..100
Dominguez OH Co
6
Penn Federal Corp com..*
Pittsburgh Brewing pref..*
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass..25
High
for
Week
6%
Duquesne Brewing Co...6
Fort Pitt Brewing..
1
Koppers Co pref
100
Lone Star Gas Co com.... *
Low
20%
---
sales lists
Sales
Week's Range
of Prices
Preferred..
Feb
»i6
19%
Apr
6% May
104% May
13%
Jan
4%
10%
30%
28%
Soundvlew Pulp Co com..5
Jan
Jan
2%
25%
182%
Jan
131
%■:;'■
Feb
7%
224
115%
31%
14%
22%
34%
Jan
Jan
23
167
115
Jan
120
4,983
2,338
2
55
1,178
Jan
18
1
195
40
2.35
35c May
23%
25
32%
806
18%
28
1.05
Ryan Aeronautical Co___l
May 30, both inclusive, compiled from
official
Stocks—
Rayonler Inc pref
Rheem Mfg Co
Jan
%
*
*
Apr
115%
150%
41%
Jan
"1#
25
161"
102%
7%
Apr
Feb
May
May
8%
Jan
1.30
100
.i.
71%
1%
34%
34%
48%
.25
United Corp com
Preferred
11%
168%
5%
Preferred-.
Feb
30%
27%
80c
15%
4%
10%
Phillips Petroleum cap
*
Plg'n Whistle pref
*
R E & R Co Ltd pref...100
May
14%
22%
33%
54%
2nd preferred......-.50
Scott Paper.
_____.*
Feb
5%
200
18
Jan
5% May
35c May
237
150
Feb
Jan
28%
1,332
28
.*
May
31
50
100
com
1
164
Phila Elec Power pref...25
Reading RR
Preferred
55
27%
Pennroad Corp v t C.....1
High
148% May
2% May
575
7
35c
8%
28%
50
7
56
31 %
37%
9%
100
Jan
95c
18
25
400
310
670
915
5%
9%
25
1%
6%
1
(Phila) com*
Natl Power & Light.
*
Pennsylvania RR
680
Mar
500
Richfield OH Corp com.
•
Roos Bros pref series A. 100
55%
Horn A Hardart
Low
450
149% 150%
2%
4%
Prior preferred........*
..
Range Since Jan. 1, 1941
Week
10
9%
Chrysler Corp......
.5
Curtis Pub Co com......"'
Electric Storage Battery
*
General Motors...10
for
16%
5%
44%
10
5%
9%
23%
30%
Parafflne Co's
Shares
14%
Jan
4% May
41% May
5
May
19%
Apr
5%
Jan
100
14
Jan
.
sales
Week's Range
of Prices
Mar
5%
9%
*
J:
Pacific Tel & Tel com.. 100
3%
1.50
_*
Pacific Light Corp com
*
$5 dlv
...»
Feb
800
5%% 1st pref....
Apr
Apr
1.90
1.60
6% 1st preferred
75
11%
5%
Pacific Coast Aggregates.6
Pac G Ac E Co com
25
38%'May
24
291
232
1.55
Occidental Insurance Co 10
Feb
Jan
17%
90c
Mar
13%
Mar
Mar
115
17
18
Jan
55c
10
1.60
6% pref.. 100
Feb
Apr
15%
4%
No American Oil Corns.. 10
15
May 30, both inclusive, compiled from official
sales list#
High
1
Natl Auto Fibres com__._l
N atom as Co
..*
6%
35%
47c
41%
5%
23%
5%
95c
17
Jan
Jan
Apr
7%
15%
4%
35c
1
Jan
10%
11%
13%
3%
5%
32
48%
5%
8%
400
5
May
May
Jan
50c
22
May
Feb
41%
23%
Jan
Jan
102
Apr
50c
4%
6
75
100
160
3
9%
44%
Feb
882
13
6% May
Jan
15%
Feb
96%
10
13%
3%
*
March Calcul Machine
Menasco Mfg Co com
6%
41
135
10%
50c
50
Magnavox Co Ltd
Jan
107
10
Lockheed Aircraft Corp_.l
Lyons-Magnus clA
*
Class B
*
May
May
9%
150
10%
Llbby McNeill & Libby._7
17% May
43
Low
"6%
Langendorf Utd Bak cl A.*
Philadelphia Stock Exchange
Sale
5%
31%
6%
*
87
«53%
a87% aS7%
1%
1%
5%
Gladding McBean & Co..*
75
Thurs.
to
General Paint Corp com..*
Preferred
*
Jan
17%.
8%
8%
43% 43%
99% 101%
10
com
Jan
455
350
Jan
May
Jan
a52
Price
11%
85%
9%
a53%
Par
11%
83%
17*
a87%
1%
Stocks—
5%
11%
85%
__*
11%
•
Last
5%
5
com
Feb
Westlnghousp El & Mfg.50
May 24
551
Preferred..—
Feb
10
to
Crown Zelierbach
Apr
8
14%.
45
May 24
Jan
4%
6%
a%
Motors. 1
Jan
10%
22%
a2Q% a20%
Willys-Overland
May
Honolulu Oil Corp cap...*
Hunt Brothers com
10
a38% a38%
a%
29
26
El Dorado Oil Works.... *
2%
12%
65
a%
10
Mar
11
Feb
a20%
US Rubber Co
U 8 Steel Corp
27
20% May
5% Mar
11% May
Apr
9% alO
a
Jan
135
263
21%
5%
50
a9%
u9%
6%
6%
a36% a37%
a4%
04%
a29% a20%
a39% a39%
a9%
a9%
067% a67%
al 0
30
29
1
Electrical Products Corp.4
Emp Capwell pref (w w) .50
Fireman's Fund Ins Co..25
3
215
360
24%
29
21
*
com
50
a69%
24%
Jain
Consol Aircraft Corp com. 1
Jan
37
36
Feb
Consol Chem IndclA
Jan
10
77
42%
28%
Creameries of Am Inc
%
105
100
Jan
34% May
25% May
24% May
62
May
33 %
30 %
25
4.00
175
Jan
9%
2
170
a3%
17%
Sears Roebuck A Co
60
033
a 3%
Republic Steel Corp.....*
120
a2%
Jan
34%
25%
25%
Feb
2
Jan
50
2.50 May
34%
"34%
May
28 %
35 %
Apr
400
Jan
Mar
25
20
a35% a36
a28% a28%
24%
*
Radio Corp of America...*
100
312
40%
2.65
4%
9%
83%
Jan
%
7%
315 J
Mar
2.65
Coast Count G&E 1st pf 25
Commonwealth Edison. .25
Apr
Jan
27%
30% May
Mar
3%
11
320
a35%
a28%
a3%
a33%
2%
al3%
a 13%
a
9%
a 10%
Mountain City Copper..5c
No American Aviation...1
North American Co.
*
76
15
8%
26%
al%
28%
a35%
al%
McKesson & Robbins....5
Montgomery Ward
95
44
Central Eureka Mln com.l
Clorox Chemical Co
10
Jan
39% May
Feb
18%
Jan
2%
Apr
9% May
17
7%
28%
a 35%
Loew's Inc...
158
22 %
35
26%
at%
Kennecott Copper Corp.
7
400
lit
*
Apr
39% May
149% May
150
306
8%
1
Electric Power & Light...*
General Electric Co
•
General Foods Corp.....*
6
482
a26% a27%
3
3%
a 9%
a9%
a68% a70%
a3%
a3%
a9%
a9%
3%
a9%
a70%
5
31
Jan
258
7c
200
3
Jan
Feb
6c
Feb
2% May
3% Apr
11c
Jan
1
75c
West Coast Life
Insurances
75c
106
70c
Feb
90c May
6%
6%
10
6 %
Jan
6%
Mar
Volume
The Commercial & Financial Chronicle
152
noteworthy in view of the current plan of the Government to finance a
portion of its defense program by encouraging thrift through the sale of
Defense Bonds. There is
obviously a steady flow of income which is not be¬
St. Louis Listed and Unlisted Securities
ing used
by living expenses at the present time."
up
He pointed
hundreds
Edward D. Jones & Co.
are
that
out
building and loan associations
savings,
qualifying
by
the
issuing agents for the Defense Savings Bonds
as
which they will merchandise for
Established 1922
Boatmen's Bank
3477
the
Government
along with their
own
share accounts.
Building, ST. LOUIS
Members
New York Stock Exchange
St. Louis Stock Exchange
'
FHLBB
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
New York Curb Exchange Associate
Reports
March
Mortgage Financing Activity
February and Year Ago—First
Quarter Total Also at High Level '
Phone
CEntral 7600
Chicago Stock Exoh.
Increased
Postal Long Distance
A .T .T. Teletype STL 593
Over
<
Mortgage financing activity in the United States accel¬
erated during
St. Louis Stock
May 24
Exchange
May 30, both inclusive, compiled from official sales lists
to
Thiers.
Sales
Last
Sale
Stocks—
Week's Range
of Prices
Price
Par
Low
High
of lenders since the
to the latest
Range Since Jan. 1,1941
for
Week
A.
Low
Shares
Brown Shoe
*
com.
11
*
com
mm
'
5
m'-m
mm-
—
Ely & Walk D Gds
.25
com
1st preferred
100
mm
mm
m
121X
27
201
9H
12**
mmm
*
com
Dr Pepper com
20
9%
100
12H
10
12
19
1
Columbia Brew
1,232
31
26 K
27"
Burkart Mfg com...
11
31
—mm
—
19
10
17
Feb
15
117
Jan
90
18
May
25
Jan
7
May
;; 8
Mar
121** 121**
11
May
13*4
Jan
31
Apr
29 H
26 H
28
9% May
May
,
Jan
May
Mar
12*4
Jan
15*4
Feb
19*4
Feb
121*4 May
of
the
seasonal
Hussmann-Ligonier
_*
com
com..
*
International Shoe
.
Laclede Steel
J
'
-»
*
com
7
■■■
Hydraulic Prsd Brk pref 100
18
18
18
7'
125
1.10
1.05
28
28
594
28
1.00 May
25
May
31*4
Jan
May
May
20
Jan
38
Jan
Feb
Feb
15
Feb
16
Apr
20
15
15
50
14 H
McQuay-Norrte com.
*
Midwest Pipg & Sply com *
Mo Ptld Cement com...25
34
34
10
34
14
14
110
15**
15 H
60
101H 10114
10
100
com
...
14"
15**
Natl Bearing Metals preflOO
------
National Candy com.....*
Rice-Stlx D Gds com
*
St LBk Bldg Equip com..*
St L Pub Serv cl A com.
1
_
com....
16
4
"*99"
mm
15
25
;
Mar
20
2%
Jan
3
40
1
Apr
1*4
99
9
9
9**
9
24**
25
25
75
1,000
73 H
74
19**
•
May
20
4,700
15,000
25
96 H
Feb
Home
few years.
During
of
the
first
amounted
to
1939
1941
to
28
striking difference.
75
Apr
75
68 H
Jan
74
11*4
Jan
20
May
May
May
St L P S 1st mtge. 5S..1959
25-yr
*
conv inc.
mm
m
mm
m
20
1964
a
trading privileges,
year,
x
Odd lot sales.
6 Ex-stock dividend,
d Deferred delivery.
Ex-divldend.
y
Ex-rights,
t
<
Volume
%
V
c
Admitted to unlisted
March, 1940
Volume
January to March
■■■
% of Mar.
(000)
1940
Total
Feb,
1941
1940
Pet.
Mar.
from
(000)
(000)
Ch'ge
1941
Insurance cos...
$
Bk. & Tr. cos..
32.6 +24.6
113,574
27,842
86,178
24.7 + 15.6
4.0 +20.2
14,016
59,646
47,624
Mut. sav. banks
Others.........
96,244
23,084
75,650
10,543
51,596
43,303
8.0 + 17.4
17.1 + 13.7
13.6
+ 9.9
$
I
32.0 +18.0 294,752 247,899 + 18.9
7.7 +20.6 79,249 66,423 + 19.3
25.2 + 13.9 239,681 204,057 +17.6
3.5 +32.9
30,548 +26.4
38,609
17.2 + 15.6 165,979 144,955 +14.5
14.4 + 10.0 135,113 124,849
+ 8.2
Cash sale—not Included In range for
Listed,
f In default.
348,880 100.0 + 17.5 300,420 100.0 + 16.1 953,383 818,731 + 16.4
Total
% Title changed from
An
in
Dollar Volume of Mortgage Loans Made in
State
in
Ch'ge
of Ch'ge
Total
(000)
inspection
recorded
York
16% gain
Cumulative Recordings
The Wahl Co. to Eversharp, Inc.
and
ported 29% Above March
>
a
number and 81%
in
Pet.
Individuals.....
No par value,
real
Over this two-year period
recordings have risen. 29%
$
&
75
and
non-farm
with the first quarter
comparison
Pet.
S. & L. Assns...
75
1935
on
Jan
23 H
Bonds—
St Louie Car 6s._
mortgages
lenders
$953,000,000, which is
A
year.
March. 1941
May
14*4
Jan
9*4 May
May
341,000
■
institutional
greater percentage gain in amount than in number is caused
by the larger average size mortgage currently being recorded.
99
May
May
The usual
The
amount.
Lender
9
this year
than
more
period of last
same
Mar
9
Board.
to state:
on
of
approximately
1939 gives an even more
from
goes
months
three
recorded
This
estate.
over
The letter
the
Apr
15
Bank
Loan
evident in the March rise, but the
are
Type
of
250
H
Federal
longer term trends continue the rise evident for the past
101*4 May
7*4 Mar
5*4 May
H
99
rnmrnm
^mmrn'mrn
Mar
6
100
1
Scull in Steel com........*
Stlx Baer & Fuller com..10
13H
2H
BH
2H
_
Scruggs-V-B Inc 1st preflOO
Wagner Electric
6
13 X
BH
:v> 6
BH
2%
1.10 May
26
"Mortgage Recording Letter" issued by Corwin
influences
individuals
Griesedieck-W Brew
be the highest level for all types
depression of the early 1930's, according
Fergus, Director of the Division of Research and Statis¬
High
tics
American Inv
March, carrying the total for the first quarter
of 1941 to what appears to
April by New
Associations Re¬
Loan
Savings
Mortgage loans made by all savings and loan associations
the State increased 29% in dollar volume during the
month of April, 1941 over March, 1941, according to an¬
nouncement made by Zebulon V. Woodard, Executive VicePresident of the New York State League of Savings and
Loan Associations.
There was also an increase of 40% in
the number of loans made for the month over the preceding
month, the announcement pointed out; it added:
in
the
of
size
average
of
mortgages
of
$20,000 and
less
by the different classes of lenders from 1989 to 1941 shows rises
insurance companies.
During the first quarter of 1941 the average mortgage recorded by all
lenders was $2,800—a $120 increase over the same 1939 period.
During
this same interval insurance companies showed a decrease of $170 for the
average mortgage of $20,000 or less recorded by them.
This tendency
on the part of insurance companies may be traced in part to their increased
participation in the financing of small homes—a fact borne out by their
growing proportion of total home mortgages insured by the Federal Housing
Administration, and by the decreasing average size of such mortgages
financed by insurance companies.
Each of the other classes of lenders
displayed an increase in the average size of non-farm mortgages recorded
over the two-year period.
These rises ranged from as low as $5 for msicellaneous lending instittuions to $440 for mutual savings banks.
for
averages
all
institutions
of
types
except
The figures from which these increases are revealed were submitted by
124 member associations whose assets total $287,019,223.
From these
were
FHLBB
estimated the total loans made by all savings and loan institutions in the
State during April, 1941.
The reporting associations made
a
The
mortgage loans during April, 1941, reaching a total amount of $3,932,717.
Of this number, 500 loans were made for the purchase of homes totaling
$1,811,800, 355 loans
were
tiie
made for
were
$1,375,543, 131 loans
refinanced in
a
construction of homes totaling
total of $436,634, 86 loans
a
total of $224,428.
Projecting these actual figures to include
Loan
Home
estate foreclosure
Board
Bank
announced
on
activity in the United States was materi¬
ally less than the corresponding period of 1940.
for the first three months of 1941 stood
cases
every
Federal
April 28 that for the first quarter of 1941 non-farm real
were
made for the repair and modernization of homes, totaling $84,312, and 343
other loans reached
Reports Non-Farm Real Estate Foreclosures
Quarter Were 14% Below Year Ago
First
in
total of 1,415
The 16,107
14% below
savings and loan associa¬
the same
tion in New York State, there would be a total of 2,207 mortgages estimated
for the month of April, 1941, in a grand total of $6,135,038, which is an
of 1934.
period for 1940 and 71% under the first quarter
However, improvement this year has tapered off,
that shown between the
increase of $1,374,240, or 29%, over the total loaned in March, 1941, and
and the decrease is not as great as
and increase of
first
It also is
an
40%,
633, in number of loans made for the
or
same
period.
increase of 4H%, or $277,337, in amount loaned over the same
of loans,
'
The
range
New
Savings, Building and Loan
March Highest in Ten Years
Invested in
Money
Associations
in
flowing into the savings, building and loan
associations in March at a rate 24.3% faster than in the
same month of 1940,
the United States Savings and Loan
League reported on May 17.
More new investments and
savings were received than in any March for eleven years,
according to A. D. Theobald, Assistant Vice-President of
the League, and it was the ninth successive month in which
the inflow of new money into these home financing institu¬
tions had surpassed all records for that particular month in
Money
the
was
March's $101,960,000 in new money
gave the institutions a total for the first quarter of $397,969,000. The League's announcement further said::,;;
past ten years.
Contrary to the experience of the two years previous, the inflow of
savings in March was 2.1%
1940 there
was
a
more
than in February.
In both 1939 and
slight drop in savings receipts between February and
March.
proportionately
greater
than in
any
month since
December,
and
months of 1940, witnessing to the Increasing
money as a result of the boom in employment
greater than in all except four
ability of the public to save
and wages.
-V,,.vV+;;
•'
"New savings from the public were 17.6% greater during the first quarter
than they were a year ago," said
Mr. Theobald.
were
"This circumstance is
The
Board's
Reductions
in
foreclosure
Bank districts,
Loan
the
in
this margin
of improvement is partially caused by
of the 48 States. These increases
foreclosure activity in 15
Of these 15 States, 10
from 120% for Vermont to 1% for Illinois.
east of the Mississippi River.
Home
Boston
activity
with
All
District.
downward movement,
reported in 10 of the Federal
decrease of 32% recorded
participated in the general
were
the greatest
size
groups
but: activity in the large cities (Group No. 4) showed
greater decrease (15%) than any other.
As expected, foreclosures for the month of March surpassed those esti¬
mated for the short month of February.
This 15% rise is unfavorable
when compared with the February-to-Mareh average movement of 12%.
Geographically every Federal Home Loan Bank district but two (Chicago
and Little Rock Districts)
recorded increases ranging from 3% for the
a
District
Moines
Des
to
45%
for
the
Indianapolis
District,
i
Six of
the
Pittsburgh, Winston-Salem, Cincinnati, Indianapolis
Topeka) showed unfavorable February-to-March changes, as indicated
by their respective seven-year average movements.
Of the 48 States and
the District of Columbia, 30 reported increases totaling 907 cases, while
two States indicated
no
change, and the remaining 17 (including the
District of Columbia)
showed a decrease of 174 cases, making a net
districts
(New
York,
and
,
advance
ments
1
Mr. Theobald also said that the margin of increase this March over last
was
narrowing of
the increase of
^
1940 and 1939.
quarterly periods of
announcement further said:
month last year, i.e., April, 1940, and an increase of 2H %, or 50, in number
in
March
relating March
In
down
Increases
these
February
of
733
foreclosures.
"Favorable move¬
averages,
seven-year
was
over
in Groups No. 2 and No. 4,
No. 1 and No. 3 compared unfavorably with their respective
by size of communities were shown
while Groups
11%.
were
areas
of this year with March,
1940, foreclosure activity
All the size groups but Group No. 1 revealed a decline.
in four Federal Home Loan Bank districts;
registered
included
15 of
the
March than for March a year ago.
22
Statea showing
■
,
greater Increases this
The Commercial & Financial Chronicle
3478
May 31, 1941
Canadian Markets
LISTED AND
Industrial and Public
UNLISTED
Montreal Stock
Utility Bonds
Closing bid and asked quotations, Thursday, May 30
Exchange
Thurs.
(American Dollar Prices)
Sales
Ask
Bid
Ask
48
49H
Alberta Pae Grain 6fl—1946
65H
07
Algoma Steel 6s...... 1948
08
Federal Grain 6s.....1949
Oen Steel Wares 4XS.1952
70
65
67
65
67
Gt Lakes Pap Co 1st 6s '66
Abltlbl PAP etfs 6s—1963
59
61
Stocks (Concluded)
Week's Range
for
Sale
Bid
Last
of Prices
Low
High
Week
Price
Par
23 X
——*
Imperial Tobacco of Can.5
Indust Acceptance Corp. *
Intl Bronze pref
25
_
British Col Pow 4KI-1960
65X
Canada Cement 4X*-1951
69
71
Intl Paper & Power
--
-
--
-
Intl Paper A Pow pref. .100
Lake St John Pr A Pap Co
6HS
Canada SS Lines 6s... 1957
65H
67
Canadian Vlckers Co 6s *47
34
30
Dom Steel A Coal 6H* 1965
DomTarAChem4H 1961
Donnasona Paper Co—
4s.
1966
Famous Players 4H>--1961
-
1961
Massey-Harris 4HS...1964
MoColl-Front Oil 4 He 1949
53
56
62
60
67
X
69
69
46X
66
55
57
69
72
62 X
64
48
05X
N Scotia Stl A Coal 3Hs '63
Power Corp of Can 4Hs '69
72
67X
Quebec Power 4s
1962
66
.1966
68
67
...100
-
-
69
Lang & Sons (J A) Ltd...*
------
*
------
Massey-Harris
.____*
McColl-Frontenac Oil
*
Closing bid and asked quotations, Thursday, May 30
21
40
------
......
Breweries
.
.
......
23
23
100
30
648
province of Alberta—
6a—
Jan
11948
4H*
Oct
1 1966
Prov of Brltlab Columbia—
6b
....July 131949
4Hs
OCI
1 11
Provlnoe of Manitoba—
Ask
Bid
At*
41H
6s
11942
101X 102X
38
40
6s........Sept 16 1943
6s——Map 1 1969
4s........June
11962
4 He
Jan
16 1966
Jan
Jan
1SX
Jan
25
Jan
30 X
Jan
16X
31
15
Apr
16X May
55
68
Apr
74 X
Jan
15
145
13 X
Mar
15X
Jan
50
2X
Feb
Jan
Jan
2X
2X
Jan
79X
80
30
85
Feb
3X
87 X
12
136
12
Feb
16
11X
11H
85
10
Apr
11X
Mar
Jan
6X
Feb
2
May
3X
Jan
5X
Jan
6
6
10
2
140
4X
3X
65
3X
May
21X
559
20X
Apr
29
26
26
14
26
May
30
Jan
15
15
1
15
May
51
Mar
21X
21X
37 X
200
19
May
27 X
38 X
3X
......
50
35
Mar
35X
49X
35 X
120
31
Feb
51
426
49 X
18X
150
18
151
5
5
Jan
Jan
155
90
37 X
35 X
*
50X
Ogllvle Flour Mills
*
100
151
Ottawa L H A Pow preflOO
90
Preferred
Provlnoe of Ontario—
40
Apr
14
74
Noranda Mines Ltd
Bid
10 x
16X
*
Natl Steel Car Corp
(American Dollar Prices)
26 X
Feb
18X
25
Preferred
*25
9
11X
Feb
12X May
22
May
29 X May
21
------
Mont L H A Power Cons.*
National
12X
2
2
Montreal Tram ways... 100
Municipal Issues
795
606
I: High
12
--
-
12
*
Montreal Telegraph
Provincial and
-
Lindsay (CW)
Saguenay Power—
4X*series
2X
*
Lake of the Woods
9X
12 X
:
May
15
16X
Intl Petroleum Co Ltd...*
Preferred
Low
22 X
410
74
15
International Power
Price Brothers 1st 6s..1967
70
Inti Niokei of Canada....*
9X
12X
29 X
9X
12X
Imperial Oil Ltd
24
12X
Hudson Bay Mining.....*
67
Range Since Jan. 1, 1941
Shares
Jan
38
Jan
May
57 X
Jan
21X
Jan
155
May
Feb
90
May
99
Feb
: 9
May
9
May
Feb
101 x 102 H
86
89
80
82
Oct
99X 100X
Placer Development
8X
1
89
91
Power Corp of Canada...*
94 X
96
Price Bros & Co
6% preflOO
.......
......
90
68
2 1969
68
71
80
82
76
80
6s........June 161943
60
65
87H
89 X
6 He
161946
58
93
4Hs—Oct
11961
52
65
3X
275
66
15
115
'
3X
63
May
May
5X
67X
May
14 X
10
9X
9X
8
8
28
8
89
89
10
May
106
106
93 X
104 X
9X
Apr
Apr
Apr
Jan
Mar
61
91
50
8
...»
Holland Paper vot trust.._
Province of Quebec—
3X
66
8X
9X
Quebec Power
1 1941
6a........ June 16 1964
8X
Aug
4X«--
6s........Deo
7l"
4 He
161960
16 1961
4M«......Apr
Provlnoe of Nova Scotia—
4 Ha
Sept 16 1962
1 1960
Mar
6a
88
89 h
4s
Feb
11968
84
80
4X>
Prov of Now Brunswick—
Apr
2 1960
Mar
May
11961
84
86
Preferred..
_
_
.
_
.
....
Saguenay Power pref... 100
St Lawrence
Corp
Nov
Railway Bonds
*
*
100
Woods Mfg pref
perpetual debentures.
..Sept
15 1942
1 1944
6s........July
56
80 X
103X
56
H
81H
104
1.50
1.075
1.50
May
31X
85
31X
12X
8X
12X
685
May
May
8X
5
8X
Apr
12X
Jan
8X
8X
95
8X
May
10 x
70
Mar
65 X
8X
65 X
70
70
-----
70
75c
6s
Dec
4 Hi
1 1964
July
1 I960
mmm
mmm
....-.
......
25
24X
70c
12
35
59 X
60
64
76c
94
75c
75c
120
4X
4X
5
Mar
Feb
Jan
2X
40X
Jan
17
Jan
Jan
73
Jan
May
1.15
70c May
1.00
70c
50
50
25
4X
50
24X
24X
20
24X
Jan
Jan
Jan
Feb
Feb
50
Feb
Feb
24 X
Jan
Ask
Bid
Canadian Paciflo By—
4Hs
Sept
1 1946
Jan
1,50
..100
Zellers pref
Ask
Jan
May
12X
.....25
Preferred
55
93 X
107
31X
Southern Can Power.....*
Class B
(American Dollar Prices)
ls
—
1.50
Winnipeg Electric el A...*
Closing bid and asked quotations, Thursday, May 30
6S
-
Sher-WIlllam8 of Can....*
Preferred
Canadian Pacific By-
..
.
----
Shawlnigan Wat A Power. *
Prov of Saskatchewan—
..
.
*
St Lawrence Paper pref-100
Steel Co of Canada
Bid
100
Bank*—
80
84
Commerce..
100
75
75 X
Montreal
100
71 X
Roval
100
70 X
Dominion Government Guaranteed Bonds
......
143
143
7
143
May
162
Jan
174
174
14
171
Mar
193
Jan
150
......
150
120
150
Fen
166
Jan
Montreal Curb Market
May 24 to May 30, both inclusive, compiled from official sales lists
Closing bid and asked quotations, Thursday, May 30
Thurs.
(American Dollar Prices)
Last
Week's Range
for
Sale
of Prices
Week
Bid
4 H>
4Hs
4 Hi
4Hs
6s
1 1961
.Sept
.June 16 1966
1 1956
.Feb
.July
1 1967
-July
1 1969
1 1969
6S....... .Oct
6s
1 19701
.Feb
97 X
Ask
98 X
98 x
98 X
98 X
Canadian Northern By—
6 Hi
July
1 1946
At*
107X 107H
99 X
97H
97H
Bid
100 H
ioox 101 x
100 h 101X
100
4a
Par
Jan
1 1962
90
91X
....Jan
1 1962
81
83
Bathurst Pw A Pp Co B..*
Beauharnois Pwr Corp...*
Brwrs A Dlstlrs of Vancvr 5
Brit Amer Oil Co Ltd
•
Low
Price
Abltlbl Pow A Paper Co..*
8% cum pref
100
Aluminium Ltd.........*
Grand Trunk Pacific By—
3s...
Stocks—
75c
------
mAmmmm
2.00
•
Sales
mmmmm
------
------
High
75c
5X
101
May 24 to May 30, both inclusive, compiled from official sales Hats
Thurs,
Sales
Last
Par
for
Salt
Stocks-
Week's Range
of Prices
Low
High
Week
Price
Range Since Jan. 1.1941
Shares
Low
Consolidated Paper Corp.*
Dominion Woollens
*
Acme Glove Works Ltdb
.
6H% preferred
.100
AlgomaSteel preferred. 100
Asbestos Corp..
...»
Associated Breweries
50
4
50
Jan
60
85
85
10
85
May
97
17
17
17
176
*
Batnurst Pow A Paper A.*
Bell Telephone....... 100
Brazilian Tr Lt & Power.*
British Col Pwr Corp B..*
Bruck Silk Mills
*
Bulolo
60
85
6x
"Ix
-...6
Canada Cement
Preferred
Rights
0X
704
1.75
10
4X
5X
2.50
Jan
10X
Apr
30
3X
15X
Mar
May
Feb
10
10
10
Apr
J2X
Jan
100
61
98X
May
102X
Feb
74
------
------
------
2X
------
Feb
Mar
Jan
Ford Motor of Can A
Apr
Fraser Cos vot trust
4X
Feb
5
XI Mar
100
May
19
Apr
70
14X
4X
Feb
6X
Mar
45
15
May
16X
Feb
Lake Sulphite Pulp Co...*
MacLaren Pwr A Paper..*
McColl-Frnt 016%cmpf 100
Melchers Dlst Ltd pref.. 10
5X
Jan
21X
Mar
Page-Hersey Tubes Ltd..*
125
May
iox
Jan
20X
Apr
27 X
28 X
Jan
3X
*2o"
8X
20
20
330
20
May
110
110
45
110
May
124
22 X
22 X
10
10
2X
5
19
6x
4X
32 X
19
19
21H
18X
*32X
4H
32 X
21H
18X
6X
6H
4
"69"
4%
.....
69
4X
7H
11
7X
"76"
General Steel Wares..
75
4X
100
89
Hamilton Bridge........*
2%
70 X
5
7H
11
7H
77
4H
90
Jan
Jan
22 X
Feb
23
Feb
10
Jan
11
Apr
25
2
Feb
3
23 X
23 X
70
22
Feb
25
Jan
105X
5
165
May
Mar
May
207
Jan
165
4
:
25
4
2X
2X
594
1.00
1.00
50
X
7
3X
2X
1.00 May
30
6X
25
3
X
3
110
1.50
22 X
22 X
100
3X
215
3X
15
"90c
-
-
— -
4
4
Jan
Jan
r*
1.75
Jan
Fe
Mar
7X
Jan
Feb
5X
Jan
IX May
21X May
26 X
—
—
-
80c
15X
7X
330
■■■•>=
•
6
20
90c
3X
Apr
— —
------
—
—
-'
16
Apr
10X
Jan
50c May
11
Feb
89 X
90
40
90
May
10
5
Apr
9
167
45
210
7X
41X
Feb
Feb
101
101
20
98 X
Apr
90c May
15X
96 X
5X
9X
Jan
Jan
Jan
Mar
35
6
Mar
7
69
98
May
101
38 X
38X
39
135
6X
38 X
Mar
Jan
47X
100
6X
100
Jan
Feb
104
8Xc
6X
100
Jan
Jan
45
9
---
5X
Jan
Mar
Feb
75
5X
X
7
13
5X
8X
3
15
13
—
Walk-Goojl A W Ltd(H).*
Jan
47 X
Jan
Mine*—
Aldermac Copper....
Cndn Malar tic Gold
Dome Mines Ltd
*
*
4X
Feb
6X
Jan
East Malartlc Mines
4X
Apr
5X
Jan
Francoeur Gold
*
—
304
32
May
39
Jan
19
May
28
Jan
Macleod.
21X
17H
May
27 X
35
Feb
20 X
Jan
712
6X
May
9X
Mar
2.20
100
8c
May
16c
Jan
50c
400
48c
Feb
57c
Apr
21X
190
Jan
2.20
600
2.90
Jan
36c
30c
1,100
15
May
May
36c May
16
May
24 X
2.18
21X
2X
300
1.50 May
55c
Jan
Jan
5X
—
—
— —
......
Lake Shore Mines Ltd.._l
3,000
—
— — —
"
1
15
—
8Xc
50c
21X
*
Jan
1,145
215
35
3X
Feb
7
70
May
250
4
Feb
35
6
May
350
io
125
45
5
30
X
7X
75
4X
89
Feb
11
Feb
May
3.35
Jan
*
2c
2o
1,000
IXC
3c
Feb
Sherritt-Gordon.
81s coe Gold....
1
65c
65c
200
65c
Mar
Apr
84c
Jan
55c
55c
2,000
53c
Feb
69C
Mar
1
16c
16c
100
20c
Apr
33c
Feb
1
......
1
..
Red Crest Gold
Jan
55c
1
Jan
Teck Hughes Gold
5
Jan
Upper Canada.
13
Jan
Walte-Amulet Mines..
——.
1
-
1.75
*
No par value,
May
Jan
55c
55c
700
65c
Mar
2.85
2.85
200
2.85
3.45
Jan
1.75
1.76
700
1.75
3.10
3.10
300
1.76 May
4.05
Jan
Mar
Jan
Jan
1.65
May
Jan
18X
1.10
1.28 May
2.07
8
100
Jan
40c May
100
65c
57c
1.16
200
Jan
94
May
700
6X
35
87c
40c May
65c
93X
270
100
1.30
Feb
11
1,000
[
2.07
Mar
94
40c
2.07
Sladen-Malartlc Mines
Sullivan Cons......
11
1.02
40c
1.30
Jan
94
95c
40c
Jan
1.52 May
......
1
.1
Feb
810
1.52
1
Perron Gold Mines
Preston-East Dome
9X
May
May
1.50
21
......
O'Brien Gold
Jan
Jan
12 X
"l".50
1
5X
82
16
16
■
l
Moneta-Porcupine
80 X
12H
12
Malartlc Goldflelds
Feb
85
2X
Mar
__1
May
3H
12
11
"• 4
Jan
65
400
Jan
95X
7X
SouCndnPwr0% cum pf 100
5
21x
May
27
May
3
15
Provincial Transport Co. _*
19
5
77
Mar
90
10
1.50
Mitchell Robert Co Ltd..*
Moore Corp Ltd
*
Feb
21
May
23X
1
7
*
7X
125
435
Jan
270
7X
•
175
Feb
5X
18X
90c
3
"22 X
May
Gatlneau
5X
Jan
24X
75
*
150
485
5
90c
74
5
5X
Foundation Co of Can..,.*
Hollinger Gold Mines.—6
Howard Smith Paper....*
Preferred————100
Fleet Aircraft Ltd
3X
Dom Tar A Chemical....*
Preferred
Fanny Farmer
Jan
17 X
5
Dominion Bridge.—.*
100
Jan
95
5
5% preferred.
May
13
117
5
*
1
17
160
4X
*
Dominion Textile—... *
Jan
May
May
18H
Canadian Pacific By...26
Dryden Paper
Electrolux Corp
Fairchild Aircraft Ltd
14 X
10X
137
Jan
Feb
6X
24
20
5X
2X
Dominion Coal pref—.25
Dominion Steel A Coal B 26
Preferred
Jan
1.90
24
Donnaoona Pap Co Ltd A *
4X
2X
Cousol Mining A 8meltlng6
Jan
Jan
7X
115
Apr
18H
*
Distillers Seagrams....—*
15
Apr
X
18 X
6X
Cndn Foreign Invest
*
Cndn Ind Alcohol.......*
Cockshutt Plow....
5
15X
5X
390
295
Jan
.....
25
Canadian Celanese...
•
Preferred 7%
...100
6H
15
Canada Steamship (new).*
6% preferred
60
Cndn Car A Foundry....*
295
15 X
»
Can Forgings clA
*
Can North Power Corp..*
15 X
15X
10X
10H
144H 145
1.75
145
14X
Feb
May
25
------
Canada A Dom Sugar Co. *
Can North P 7% cum pf 100
*
4
100
162
99 X
Canadian Wineries
High
60
70
5X
High
85c
9X
3X
16X
99 X
Canadian Breweries pref.*
Cndn Industries Ltd B...*
Feb
2.00
10
*
55c
9X
3X
16X
10
Canada Packers
■i: ^Low^-K
2.00
Calgary 6% cum pfd—100
Exchange
450
75c
101
British Columbia Packers *
Montreal Stock
Range Since Jan. 1. 1941
Shares
r Canadian market.
50c May
May
May
3.10 May
Volume
The Commercial & Financial Chronicle
152
3479
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Thurs.
Toronto Stock
Sales
Last
Week's Range
for
Sale
of Prices
Week
Stocks
Par
Wood-Cadillac Mines
1
Wright-Hargreaves
*
5
*
51c
51c
100
51c
Mi
20c
20c
100
25c
Feb
1.60
1.60
150
1.58
May
2.55
Jan
Low
High
5c
Shares
5c
Low
1,000
^ 5
5c
450
5
High
(Concluded)
Jan
Macassa
Jan
McL
76c
Jan
Malartlc (G F)
Manitoba & Eastern
26c
Jan
8#c
7.00
May
May
Par
Mines
.
_
Dalhousie Oil Co Ltd
20c
Home Oil Co Ltd..
»
Week's Range
for
of Prices
Low
High
Week
Price
3.90
638
Cookshutt.........1
1.50
1.60
3,350
4,476
1
53c
55c
__l
95c
1.05
May 24 to May 30, both inclusive, compiled from official sales lists
Last
Sales
Week's Range
Sale
Par
Abitibl prel
6%
of Prices
High
Low
100
Range Since Jan. 1, 1941
for
5#
10
6c
6c
500
25#
8#c
15
1,600
8c
52c
53c
1,200
46c
May
...100
33
33#
125
25
Jan
Anglo Canadian
—
.»
Arntfield
52c
1
Gold
Bankfield
5#c
6#c
2#c
2c
2#c
1,500
1
Mines..
5#C
1
Astoria-Quebec
1.69
1.59
1.65
7,816
5,700
1
5c
5#c
*
Bathurst Power clA
*
8#c
10#
8#c
10#
1,600
215
Bear Exploration........ 1
8#c
9c
800
1.05
1.09
2,740
256
8c
145#
80
8#c
1
6c
60
6#c
*
Seattle Gold
9.85
9.75
9.85
8#c
1
1.05
Bell Telephone Co
100
144#
Bldgood Kir kland
1
Bobjo
Bralorne
Brazilian Traction
•
British American Oil
»
Broulan-Porcuplne
ex
16#
»
Building Products
*
1.85
B............——
15o May
24o
Mar
900
60c
82c
Jan
Nay bob
Jan
Negus Mines
Jan
Noranoa
8c
Jan
11c
Mar
Jan
Jan
3X
Jan
lie
Jan
9.50
Feb
10.50
Apr
15#
V
;
1.65
Jan
Mar
8c
Jan
18c
3,200
28c
Jan
1.32
500
18c May
1.28
Apr
1.69
Jan
1.90
May
2.35
Mar
54c
54c
59c
4,400
54c
May
1.04
Jan
*
5c
5c
6c
1,000
4c
Apr
9c
Jan
...1
2.80
2.80
2.85
10,205
2.70
Feb
3.40
Jan
11c
11c
500
10c
Feb
13#o
Jan
166#
Jan
3#
..
Reno Gold
3#
1
Central Porcupine
Chartered Trust
Royal Bank
100
153
151
153
34
149
May
18
18
18
10
18
1.85
25
2.75
Jan
May
May
14#c
41
25
100
5#
3.5
50
5
41
3#
13
v
40
Jan
Feb
7
Mar
34
Mar
39
Jan
5
May
4#
3#
8>r; Mar
5
Feb
Jan
8c
5,700
8c
"2.20
2.15
2.20
2,112
2.03
Feb
2.65
Senator-Rouyn
1
37c
37c
39c
3,500
360
Feb
59o
Jan
Shaw key
1
l#c
l#c
500
l#c May
3c
Jan
63c May
7.15 May
3
Feb
87c
Jan
8.90
Jan
Sherritt-Gordon......... 1
Sigma.. ........*......1
Preferred.............*
Mar
61
Jan
Mar
25
Jan
Simpsons pref
145
42
143
May
163
Jan
Slsooe Gold
Jan
20
65
20
4#
20
5#
1,966
19c
1,275
18#
1
90
9o
90
...1
'"54c
64c
54c
............I
8#c
9#C
l#c
9#
Jan
South End Petroleum
*
8#C
l#o
6#
Standard Chemical
*
9#
Feb
Standard Radio
*
55c
Jan
Steel of Canada
»
1.95
Jan
Jan
21c May
May
92
Jan
.
Straw Lake.....
....*
Stuart Oil
*
SudburyBasin
T.15
1.15
1.15
155
1.10
Apr
1.65
2.50
2.50
2.50
3,000
2.40
Apr
2.90
Jan
37c
37c
39c
3,000
12c
Feb
66c
66c
1,300
66c
May
Teck Hughes.......
1
2.80
2.80
2.87
3,055
2.81
May
3.76
Jan
Texas-Canadian
1
1.25
Apr
1.04
Jan
10
10
33
183
118
90
114
May
145
Jan
22
25
22
May
25
Mar
9
14
Jan
39#
Apr
31# May
Jan
—
3c
3c
90
~~2ix\
21#
"17#'
100
90
187
30
21#
695
90
97#
Jan
Jan
21#
May
24#
8#c
East Malar tic
1
2.18
2.20
2,000
2.17
"32'c
1,500
2.55
445
22#
22#
l#c
22 X
2,300
2.55
l#c
3,500
3#
10
32c
"2.55
1
33c
11 #C 12 #c
*
*
——«1
»
125
■
6# May
4
9#
May
32c May
11 #c May
1.97
Apr
2.95
Apr
Jan
5#
16#c
May
Jan
.....1
1.74
1.80
6,960
3.35
3.40
465
3.10
3.10
1,550
"38#
Preferred—......—.—*
Wendigol
38#
39#
180
19#
19#
19#
16c 16 #c
1
16
28
Jan
6#c
Jan
3#
15
15#
278
14#
Feb
16#
3#C
3#c
4,000
3#c
Apr
8c
Jan
6
5.00
5.00
5.05
6c
5c
7,005
2,000
v
101# 101#
98#
98#
(1st).
War Loan, 2d..
10
3Xc
4#
3#c
3#c
600
22c
21#c
22c
4,800
21 #c
May
39c
Jan
12c
12c
2,000
11 #c
Mar
16 #c
Jan
7#c
7#c
2,500
5c
Mar
I3e
Jan
Thurs.
52#
2#
54#
151
52# May
55#
Apr
Last
Week's Range
for
75
3#
19#
11#
3#
Apr
Sale
of Prices
Jan
Canada Vinegars....
52 X
*
30
4#
Great Lakes V t pref..,..*
13
2#
13#
Greening Wire
10
.*
5c
1
"70c
8c
Highwood....
Imperial Bank..
12#
1.65
*
"23#
Intl Met cl A...
Preferred
........ ...
9#c
Apr
Canadian Marconi.
5#
Jan
Consolidated Paper...
Apr
1.10
Jan
Dalhousie
8c
May
15c
Jan
Dominion Bridge—
May
13#
Jan
12#
1.60
1.65
1,300
23c
2,500
1.59
355
24
1
192
Mar
99#
Mar
7#
7#
112
29#
14#
10
15
1.650
30
7
May
6#
93
Jan
Jan
*
*
Feb
112
5c
7
Low
10
High
65c
65c
300
Mar
60c May
2#
2#
2#
770
2#
21c
6#
Feb
8
JaD
85c
Feb
4
Jan
21c
1,400
21#
21#
10
21#
May
41o
41c
800
41c
May
70C
21#
21C
25
20#
Apr
29#
2#C
Jan
lc
Feb
21c May
——*
1
l#c
21#
l#c
1,000
#c
#c
#c
500
1.38
1.28
1.40
1,160
*
Pend-Orelile
5#
1 20
275
5c
5#
Rogers Majestic A
l#c May
#c May
1,000
2#
Apr
Jan
•
7# May
Jan
ft#
Feb
Range Since Jan. 1,1941
Shares
1
Pawnee-Klrkland
10#
13#
Feb
May
High
7
*
Montreal Power.
Oils Selections.
Jan
29# May
13# Mar
36#
15#
30C
27
Jan
Mar
Jan
5c May
20c
4#c May
Jan
2.10
Jan
5#
8#
Apr
Jan
♦No par value.
Jan
10
5c
Temlskamlng Mining....1
May
405
15
5c
:
8#
11#
Low
Jan
Jan
Jan
205
Price
Sales
"41C
30c
Feb
50
—...——
26#
May
7
112
2.54
May
21c May
24
195
23#
5c
12
Apr
Jan
13c
12c
13c
2,400
12c May
27c
36c
2,800
35c May
46c
9#
15
11
Apr
Mar
LOO
3.90
4.00
2,935
4.00
May
3.85
3.95
5,150
75c 75 #c
1,890
1.05
Jan
NOTICES
CURRENT
Jan
36c
Kelvinator
..1
9
_.*
9
3.05
May
Feb
■'
1
Kirkland Lake
1
Lake Shore. ............1
16#
16
*
90
Landed Bank & Loan.. 100
45
Lapa-Csdillac
......1
Laura Seoord (new)
3
Little Long Lao
Loblaw A
—
Foothills
12
36c
Kerr Lake
Lebel-Oro
101#
May
Exchange—Curb Section
*
1
May
3
1
Kerr-Addison
Lake Sulphite
Feb
98#
101
Jan
70c
100
15
Par
Stocks—
Jan
5,450
1,972
29#
Feb
1
Jack Waite
Mar
May 24 to May 30, both inclusive, compiled from official sales lists
2,000
1,235
9#
1
2
Toronto Stock
Jan
8c
12#
.»
—
Jan
74c
9#
International Petroleum..*
6
4#C
8c
7
»
International Nickel
Jason Mines.
175
12#
....100
Intl Utilities clB
7,300
12 X
7
4#
Feb
3#c May
9#
Apr
2# May
5c
Apr
"6#
£1
Jan
8c
Jan
5
*
Preferred
90
170
5
Imperial Oil Co
Imperial Tobacco ord
77# May
3
6c
Jan
70c
-
195
100
54c
13# May
3
22 #c
1
Mar
195
5c
3
......
36c
10
2#
*
.♦
7.00
Mar
Week
1
...
May
4c
7,100
77#
Goldale......I
:
5.00
$1,650
77#
5
Jan
Jan
A'!.
Bonds—
War Loan
1,500
.
Hoilinger Consolidated
Home Oil Co
Jan
"
9c
5c May
Jan
38c
Gatineau Power pref-. 100
General Steel Wares.....»
Goodyear pref........ .50
11
8
38c
Francoeur
Gillies Lake.........—:!
God's Lake.......*.....
25#
16
8
Apr
3XC
May
May
50
100
*
Jan
Jan
Jan
6c
Hargreaves
Jan
26c
9#
Wright
4.10
48
May
5c
Ymir Yankee—-——*
Jan
16c
2,700
16
Jan
4.25
20#
9#
.
Jan
2.28
Mar
5c
i
Apr
May
•
19#
9#
Westons
21# May
l#c May
3# May
3.10
37
67 ^
wiiv—W-i ■*
Western Can Flour pref 100
Jan
Jan
52c
2.95 May
Wood-CadUlac.......... 1
Jan
1.36
2.60
Feb
1.74
3.45
.......
Walkers
Jan
15
........
Foundation Petroleum.25c
Feb
Waite Amulet......—..*
53
125
Extension Oil
1.27
Upper Canada..
2,000
Jan
2#
Ventures..
10c
5#
4K
2#
100
Jan
4#
Jan
Apr
Mar
100
2#
Feb
6#
Jan
3#
24
6#
Jan
39c
14#
2#
200
4#
9#c
..
14c
May
875
FeD
1
Apr
6c
3,000
Mar
Duquesne Mining
9#c
10c
11#
3#
17
Feb
11# May
500
9c
11#
185
Jan
May ■i 80
66
9c
.....
Jan
1.80
May
11#
3#
United Steel—
,.
107
May
1.48
10
66
ll#c ll#c
100
10
700
•
25
United Fuel clB pref
May
Gas.
2
17#
66
Mar
95c
190
^
2#
Jan
Union
1.50
....1
28#
3#c May
102
1.48
1
Uchi Gold—...
2#c Feb
18# May
123
187
17#
25
1,500
19#
1.48
....... .
100
100
Toronto General TrustslOO
19#
Falconbridge
100
Tip Top Tailors pref
100
TObUm
i
..... 1
10
32#
Jan
40c May
117
Dominion Stores........*
.1
Feb
Sylvanite Gold—————J
.100!
Halcrow-Sway zey
14
May
Jan
..100!
Gypsum
11
Jan
Towagrnac
Great Lakes vot trust
Jan
Mar
32c
3c!
Golden Gate
1.78
4#c
1.74
»j
Farmer
Jan
Mar
Mar
Denlson
Fleet Aircraft
60
70
Mar
8lc
2#c May
May
,
22
1
10#
10
69#
15c
Cosmos
Eldorado-
3,500
1,000
1.10
32 X
*
3C
Feb
4c May
10# Mar
2# May
500
"16"
*i
3c
19#0
Mar
May
2# May
35
98C
Mar
8,223
*_.
.
3c
2#
65#
69c
9
v
1,075
2#
•
Feb
l#c
3,000
5
Jan
Mar
6#o May
4,650
15,400
65
95c
98c
51 #c
Jan
6#
100
Apr
16c
.100
* ——.v.
2#
Steep Rock Iron Mines...*
91
10
92
1.25
16c
..'.b
Dominion Foundry
Dominion Steel cl B
92
4#
5# May
60
5#
100
Jan
Jan
282
Jan
1.11
-.1
Gas
60
2,175
4
Jan
1.25
....... ...
Smelters...
63c
7.15
4
Feb
3# May
50c May
1.65 Feb
15,700
Slave Lake.
.
10#
4# May
4#
63c
5#
17#
22
Mar
7.15
"4"
80
21#
'"63c
*
611verwoods ...........
100
Feb
Jan
8c
i
17#
17
21
San Antonio
24
90
..
Consolidated Bakeries
Apr
156
18c
.100
.
2.00 May
35
18#
19#
18#c
Chemical Research
...1
Chester vllle ......... ...1
Chromium
...
Jan
6
Royalite......
—*
St Anthony.............I
4#
4#
#
1
.-
Hudson Bay
;
Jan
1.65
Hard Rock
3# May
3#
285
125c
.
Jan
145
19#
Jan
985
1.49
25
—
Jan
24#c
875
Hamilton Bridge
105
Apr
14c May
50c
.
May
4c
1.05 May
3#
«...
99c
4,500
'■
>
100
-
1.68
Howey
1,600
4c
4c
2,000
50c
A....
175
1.00
99c
15c
3#
Ford
Apr
1.06
50c
Fanny
Jan
17c
2.15
530
3X
Fernland..
75c
4#c May
2.10
13#
1.65
.
Feb
Apr
35c May
2#c
95#
2.10
3,500
...1
.
He
1,500
4c
Prairie Royalties
Preston E Dome
.Hi
.
1,500
2,407
3.00
17 X
-'-25
Canadian Wine
.
35c
120
May
Power Corp.
Central Patricia
»
35c
2#c 2#c
101# 102
2.25
Jan
Castle-Tretheway
Dominion Bank
Jan
11 #0
Powell-Rouyn
Apr
Feb
3,770
Jan
15
Jan
50C
1.15
2.30
18#
13# May
57#
2.25
Feb
Apr
Feb
35c May
56c May
355
2.28
Jan
6c
Mar
Pioneer
7#
Mar
Jan
2c
Pickle-Crow...
Jan
2#c
49#
Jan
75c May
l#c May
1,200
Perron
Feb
5
60c May
3,800
"99c
Porcupine..
23#
*
.
50#
Paymaster
Pamour
1.10
3#
145
.20
Canadian Car
...
l#c
3,600
6,500
35c
Pandora-Cadillac
5.95
5
_
Canadian Canners cl A
»
60c
1.30
Jan
Feb
23 %
Dome:
310
18c
Jan
1.20
160#
13#0
Apr
Canadian Brew pref..
Canadian Bank com.. .100
-
7#
38#
Feb
65c
Page-Hersey
15o
Feb
71c
18
Dlst Seagram
Preferred.
May
Mar
21 #c
63c
2#c
3.45
18 H
17 X
Consumers
30#
1,200
11 #c
Omega
May
Mar
Feb
7
25
25
23c
;
35c
Pacalta Oils
6c
Jan
65c
35c
Okalta Oils
Jan
13
Co
49#
Mines
O'Brien............
May
9c May
Jan
Apr
36#
Northern Canada
Jan
Jan
47#
188
May
2c
l#o
New bee
Jan
4c May
7
Feb
178
55
2,000
60c
Feb
4,300
125
830
7
36#
23c
9c
May
2#c
Feb
41c
270
:
178
2#c
National Sewer cl A..
National Steel Car
Jan
7c May
335
178
...1
r:V
45
44#
A_........^..100
350
..50
Cons
600
74c
9,500
35
...
....
15c
74c
4c
41
Canada Steamships...
Cochenour
15c
*
81c
5#
.
*
Mining Corp
Moore Corp
3.50
1.85
-50
Canada Cement
.........
Jan
McWatters
14c
14c
Canada Bread
C P R—.
Jan
1.32
10
1.06
'. ...1
Canada Steam pref
Canada Wire el B
Jan
51#
Apr
13#
Calgary & Edmonton:
Canada Malting
Can Northern Power.
98
May
1.01
30
"T#c
.*
Calmont-
May
46#
1,150
80c
80c
1
Buffalo-Canadian
90
220
1.06
Jan
5,000
6#
16#
6#
16#
90
2.45
1.04
Jan
Jan
5#
47#
4#C
137
3# May
Mar
1.02
Jan
29
10#
v -
Jan
37
90
3.50
1
Buffalo-A nkerlte
144
50
3#
lc
3#
47#
Apr
7c
#c May
1
2c May
1.59
,
May
Jan
5
81c
Mar
Apr
3#c
1,300
Base Metals..
100
17c
Apr
•
Jan
2
8
May
Aldermac Copper
Apr
250
11#C
Feb
4
Jan
70o
1.17
#c
Morris-Kirkland
High
25#
8#c
5#c
2.35
87c
2#
#c
3#
Class
Low
25
1.50 May
50c
FeD
2
V.
'm
4.30
McKenzle
fiGfc
*
5X
High
V
*
Massey-Harrls
Preferred
West
VY
Shares
100
Acme Gas
A P Grain pref..__
Aunor
Price
r:
FeD
5,650
3,000
*
.
Preferred
Stock s-
3.45
Mclntyre
Exchange
Thurs.1
Low
3.90
McColl
Toronto Stock
Range Since Jan. 1,1941
Shares
...1
Madsen Red Lake
Anglo-Cndn Oil Co Ltd.
Sales
Last
Sale
Stocks (Concluded!)
Price
Exchange
Thurs.
Range Since Jan. 1,1941
1
10c
16#
90
47
10 #c
570
75
Feb
5
9#
9#
1#C
1,000
investment firm of Anderson,
6#c
9
1.71
1.73
930
*
24#
24#
145
24
*
22#
22#
no
22#
1.60
Anderson
,
Plotz
their moving to these quarters inasmuch as
both started their investment careers on this same
and Mr. Anderson in 1924.
formed the present firm iml928.
Jan
53
Jan
and
Mar
Jan
Apr
10#
2#C
Feb
Apr
and
floor, Mr. Plotz in 1915
12 #0
l#c May
Plotz & Co., Inc. an¬
39 South La Salle St.
Jan
120
Jan
44
..*
21
May
90
l#c
Chicago
the removal of their offices to suite 412,
An unusual coincident occurs in
75c May
l5#
45
5,500
—The
nounces
'
2.06
Distributors Group, Inc., announce
Jan
associated with them as their Pacific
Jan
Mar
27
26
Jan
Hornblower &
an
that Harold A. Pearson has become
Coast representative.
Weeks, 40 Wall St., New York City, have published
Jan
May
They joined forces
analysis of Anaconda Copper
Mining Co.
The Commercial & Financial Chronicle
3480
Quotations
on
Over-the-Counter Securities—Thurs. May 29
New York City
a3e
Jan
1
Jane
1
1
122 X 124
1980.
a45*s Mar
I960....
16 1972....
aiH* Apr
1 1974....
a4 X* June
16 1976....
o4 Xb Feb
1 1977....
04 H* Jan
a45*sNov 15 1978
103 X
«4
mx
Apr
1 1976.
aStfs July
1 1964.
o35*s May
1 1964.
«3 5*8 No?
1 1960.
03 5*8 Mar
16 1970.
03 Hi* Jan
art
1967.
May
106 X 107 x
1105* mx
mx H7X
o45*s Mar
uex 118
117X iisx
120 x 121X
04 Hi* Nov
a4 Hi* Mar
nox mx
nox 112
112
in
art
Nov
1968.
art
1969.
art
May
May
1977.
art
Oct
1980.
122
121
122
1962.
1967....
1967....
aiX* May
123
1960.
121X 122X
a45*S Sept
oik* Mar
1 1981....
1963....
04 Xb June
a4 X« July
1965....
1967
16 1971....
dAX* Dec
04 Hit Dee
1 1979
123J*
1235* 126
124 X 126
235
100
A Trust..
1255* 1265*
Continental Illinois Natl
Bank A Trust
33 1-3
126
First National
1275*
Bid
m
122Hi 1235*
1235*
1265*
1275*
1285*
1285* 1295*
1325* 1335*
Bid
6s Jan A Mar 1964 to'71
62.00
Highway Imp 45*8 Sept '63
Canal Imp 45*8 Jan 1904__
1958 to '67
149
1405*
141
Bank of New York
Atk
6th series_._1976
2 5*0 aerial rev
1025* 1035*
1046-1962
103
1035*
62.40 2.90%
51.40 2.30%
1005* 1015*
1035* 1045*
101
1015*
107
107
109
1965
100
101
1952
109
111
65*8 Aug
Hawaii—
1941
126
128
117
5s
July 1948 opt 1943.
45*8 Oct 1966 Apr '46..
112
115
107
1085*
1105* 110J*
111
Conversion 3s 1947
•
264
269
94
435*
30
35
New York
_25
Continental Bank A Tr.10
10
12
Title Guarantee A Tr
12
125*
14
Trade Bank A Trust
10
17
21
Corn Exch Bk A Tr
42
43
Underwriters
100
80
90
435*
465*
United States
100 1340
Colonial
_
—
20
......50
Bid
10
105*
115*
1610
Kings County........ 100 1560
26
29
Lawyers
26
....
20
Preferred
_
345*
365*
20
51
53
25
Manufacturers
91
15*
Par
Art
103
98
Am Dlst Teleg (N J) com.*
Bid
94
25*
1390
Atk
112
Emp A Bay State Tel.. 100
100
com
Preferred A....
19
305*
305*
*
26
325*
325*
Rochester Telephone—
28
Int Ocean Telegraph... 100
Penlnsolar Telep
48
Franklin Telegraph
17
Atl Telegraph...25
Pao A
1115* 114
100
81
New York Mutual Tel__25
U 8 conversion 3s 1940
...100
Guaranty......
Irving
91
5% preferred
Govt of Puerto Rico—
45*8 July 1952
208
120
1005* 1015*
68
198
415*
.....
515*
185*
725*
Atk
...........100
Fulton
Ask
110
1952-
Apr
Feb
Bid
Par
339
50
Clinton
Par
U S Panama 3a June 11961
Companies
Atk
Telephone and Telegraph Stocks
Bid
45*8 July
255*
150
20
10
Central Hanover...
Empire
Ask
6a
Sterling Nat Bank A Tr 26
1470
331
.......10
County
United States Insular Bonds
Philippine Government—
1969...
45*8 Oct
235*
700
130
Bid
100
Chemical Bank A Trust
35*8 s f revenue
1980
3s serial rev 1963-1975..
Bid
295*
495*
145*
675*
Bronx
Brooklyn...
Trlborough Bridge—
3s
50
28
...175*
35
......100
Bankers
Pennsylvania Turnpike—
35*s August..
1968
104
17
45
Peoples National...
m mm
Bid
General A Refunding—
16
14
mmm
112
Atk
Port of New York—
10
26
13
Penn Exchange
50
245*
—125*
mm*
1095* 1105*
35*s6th ser Aug 15 *77
176
170
1001
Merchants.!.....
Authority Bonds
San Francisco-Oak land-
3 5*s 2nd ser May 1'76
3s
4th ser Deo 15 '76
305*
285*
Art
46
National Safety...
New York Trust
California Toll Bridge—
rt 1976
...
Bid
Bronx....
Public National
mmm
Bid
National
National City
42
85
50
Par
Public
375*
mm*
Canal Imp 4s JAJ '60 to '67
146 5*
Bank of Yorktown__60 2-3
Fifth Avenue
100 660
First National of N Y..100 1430
61.10
Barge C T 45*8 Jan 11945.
1495*
Can A High Imp 45*s 1965
4s Mar A sept
...
355*
Bk of Amer N T A S A 125*
Par
155*
145*
lit
'
Canal A Highway—
1
Atk
Bid
Par
Bank of Manhattan Co.10
13.55
Commercial National
100
45*8 April 1941 to 1949.
Highway Improvement—
530
New York Bank Stocks
1225*
1255*
1265*
1275*
World War Bonus—
mm
mmm
517
127 Hi 1285*
Chase National
Ask
61.85
61.90
100
FRANCISCO—
SAN
815*
256
249
327
Northern Trust Co
240
785*
100
317
126 J* 128
New York State Bonds
3s 1974
lit
Harris Trust A Savings. 100
American National Bank
Bensonhurst National
3fl 1981
Bid
Par
Ask
Bid
Par
Atk
122
1005* 101X
1977.
«3s
Bid
1 1964....
mx mx
16 1909.
02 5*8 JOl J
Chicago & San Francisco Banks
Bonds
Atk
Bid
May 31, 1941
19
66.50 1st pref
mmm
...
113
100
So A Atl Telegraph
25
Sou New Eng Telep
175*
145
100
mmm
195*
149
Federal Land Bank Bonds
Bid
J
Ask
Bid
,
3s 1966 OPt 1945
JA J
38 1966 opt 1946
80 1956 OPt 1946
JA3
1095* 1095*
48 1946 opt
MAN
1105*11105*
48 1964 opt
opt 1945..MAN
1944
JAJ
108"m|M8»W 31*8 1955
1944—.
JAJ
Ask
Chain Store Stocks
1095* 1095*
110*n 110»u
110
1105*
Par
Joint Stock Land
Bid
Atlanta 5*8, 15*8
Atlantic 15*8, 15*s
Burlington
99
Bid
mmm
r9
Chicago
r25*
Denver 15*s, 3e
First Carolina—
Lafayette
Atk
99
5*8, 2s
mmm
92
2
Kress (S H)
Bohack (H C) common
1
IX
Reeves
*
7% preferred
20 X
175*
100
6% pref
10
115*
100
Art
895*
125*
(Daniel)—
65*% preferred
mmm
Lincoln 5s
11
IX
United Cigar- Wheian Stores
Lincoln 4 5*8
99
.....
Bank Bonds
Ask
Bid
Par
Art
Bid
B/G Foods Ijic common._*
94
mmm
Lincoln 65*8
97
7
Fish man (M H) Co Ino..*
85*
<5 preferred
17
*
185*
99 5*
25*
New York
15*8.28
99
«•«.
-
First Montgomery—
87
5s
89
995* 100
North Carolina 5<s, Is
Oregon-Washington
r405*
Pennsylvania 15*s, 15*s
3a, 35*s
mmm
42
SPECIALIZING
99
First New Orleans—
la. 15*s
99
mmm
First Texas 2s, 25*8
First Trust Chicago-
995*
Is, 15*8
Fletcher 5*8, 85*8
99
99
mm m
Fremont 45*s, 65*a
Illinois Midwest 45*8, 5a..
72
mmm
Indianapolis 6s
Iowa 45*8, 45*8..
995*
...
Phoenix
6a
99 X
100
Phoenix
45*8
100
St. Louis.
mmm
100
mmm
98
mmm
r23
—
...
F.H.A. INSURED MORTGAGES
...
—
The best
"Hedge" eecurity for Bankt and Ineurance Co's.
25
Circular
on
request
99 5*
San Antonio 5*8, 2s
Southern Minnesota
rl55*
Southwest (Ark) 6a
925*
Union Detroit 25*s
995*
Virginian
99
17
Is
STORMS AND CO.
mmm
'
mmm
Commonwealth Building
PITTSBURGH, PA.
mmm
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Par
Bid
Ask
Atlanta
100
90
Atlantlo
100
60
.100
92
Par
100
Dallas
Denver.
100
..100
80
90
Dea Moines
100
48
100
15
19
Fremont
100
2
5
Ask
....
FHA Insured Mortgages
8
5
100
1
5
North Carolina
100
110
120
45
50
_
........
54
First Carollnaa
-
Bid
100
New York
Lincoln.
-
Pennsylvania
100
San Antonio
130
35*
Virginia
140
35*
Federal Intermediate Credit Bank Debentures
Bid
Alabama 45$s_._
Arkansas 45*8
...
6e
Delaware 45*s
District of Columbia 45*s_
Florida 45*s..........
Georgia 45*s
Illinois 45*8...
Indiana 4 5*s....._...
.....
102
Louisiana 45*s
Bid
Asked
1015* 1025*
1015* 103
102
1035*
1015* 1025*
102
1035*
101
1025*
1015* 103
1015* 1025*
New Jersey
45*s—......
6e
New Mexico 45*8—
N Y (Metrop area)
45*8
$5*% due
July 11941 b .30%
5*% due—..Aug 11941 6.25%
5*8 due
Sept 2 1941 6.25%
XX% due
Sept 2 1941 6 .30%
5*% due
Oct 11941 6.30%
Bid
Ask
June 2 1941 6. 25%
45*s__
Pennsylvania 45* s
Rhode Island 45*8—
mmm
...
mmm
1015* 1025*
102
1035*
South Carolina 45*s
Massachusetts 45*s____,
102
103
Texas 45*8
Michigan 45*s.........
Minnesota 4Hs_.......
Atk
5*% due.—..Nov 1 1941 6 .30%
5*8 due
Dec
1 1941 6 .35%
15*% due
Jan
2 1942 6.40%
5*8 due
...Feb
2 1942 6 .40%
%X% due
May 1 1942 6.60%
102
103
A servicing tee from
...
*
Obligations of Governmental Agencies
Bid
Atk
Commodity Credit Corp—
5*%—
Aug
11941 100.10 100.12
1%
Nov 161941 100.17 100.19
5*%.
..May
11943 100.22 100.24
Federal Home Loan Banks
5*8...
2s
Apr
...Apr
161942 100.9
100.11
11943 102.20 102.26
Federal Natl Mtge Aasn—
2s May 16 1943—
Call Nov 16 '41 at 1005* 101.12 101.15
15*8 Jan 3 1944—
July 3 1941 at 1015* 101.19 101.23
Bid
Corp—
X% notes July 201941 100.13 100.15
Nov
Jan
July
11941 100.17 100.19
16 1942 100.19 100.21
101.2
1 1942 101
151942 100.20 100.22
101.2
151943 101
XX%.
Oct
»5*%— -.July
Treas25*s 1956-1958
w
maturities,
z
Reconstruction Finance
X%
X%
1%
1.. 102.29 102.31
100.3
102.12
a
on
45*8——.....
Insured Farm Mtges 4 5*8
Virginia 45*8
West Virginia 45*8
102 X 1035*
Interchangeable.
quotation,
I When Issued
Now listed
Tennessee
102
1035*
1035*
102
1035*
1025* 1035*
102
1035*
102
1035*
1015* 103
1015* 1025*
101
1025*
1015* 1035*
102
1035*
5*% to 5*% must be deducted from interest rate.
n Nominal
w
»-«
6 Basis price,
r In
recelvorahlp.
With stock,
x
d Coupon.
« Ex Interest.
Quotation shown is for all
Ex-divldend.
New York Stock Exchange.
y Now selling on New York Curb Exchange.
♦
Quotation not furnished by sponsor or Issuer.
t These bonds
are
subject to all Federal taxes.
t Chase Natl. Bank announced
on
on
Dec. 31
a
distribution at the rate of 677.60
each original 61,000 principle amount of debentures;
ciple and 61.50
U S
Housing Authority—
5*% notes Nov 1 1941.. 100.1
15*% notes Feb 11944.. 102.9
No par value,
/Flat prlee.
Ask
-
North Carolina
103
1015* 1025*
1015* 1025*
102
York"State YxbIII.
New
Maryland 4 5*s
Bid
5*% due
45*8..
-
Asked
102 X 1035*
104
on account
55* on Sept. 25. 1939:
of Interest.
675.98 on account of prin¬
Previously paid 5% on July 7. 1939, and
The Commercial & Financial Chronicle
Volume 152
Quotations
Over-the-Counter Securities—Thurs. May 29—Continued
on
Guaranteed Railroad Stocks
Railroad Reorganization Securities
(When Issued)
3oscpb (£lalker$$ons
Mrmbtn J^rw Ytrk Stock
Dealers la
120 Broadway
BEAR, STEARNS & CO.
Butkcmgt
\
Members New York Stock Exchange
Tel. RE ctor
GUARANTEED
NEW YORK
3481
New
2-6600
STOCKS
York
Chicago
.
Since 1855
Reorganization Rail Issues
Guaranteed Railroad Stocks
(When,
as,
and If Issued)
(Goaraator In Parentheses)
Dividend
Asked
Bid
Asked
Bid
in Dollars
Stocks—
Alabama A Vloksburg (IlllnolB Central)
Albany a Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Greek (New York Central)
0.00
71
74
10.50
100
105
8.00
82
84
2.00
29%
...100
Chicago Milwaukee St Paul 4 Pacific RR—
9
5% preferred (par $100)...
Common (no par)
Chloago & North Western Ry—
8.75
89%
31%
91%
100
8.50
21
24
100
3.00
36
39
com (L A N-A C L)...100
Cleve Cln Chicago A St Louis pre! (N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)
..50
5.00
71
74%
3.50
81%
83%
2.00
50
50%
Common (no par)
Ctfs of beneficial Interest in J L
66
9%
3h
2h
Bonds—
....
Boston A Albany (New York Central)....
Boston 4 Providence (New Haven)
Canada Southern (New York Central)
Carolina Clinchfleld A Ohio
Betterment stock..
Delaware (Pennsylvania)
.....60
92
90
6.00
25
2.00
48%
48%
Fort Wayne 4 Jackson pre! (N Y Central)
100
Georgia RR 4 Banking (L 4 N-A C L)__
...100
Lackawanna RR of N J (Del Lack A Western)....100
5.50
62
....
149
9.00
5% preferred (par $100)
7h
8
Common (no par)......
2h
2%
27h
3%
27 h
ErieRR—
5% preferred A (par $100)
152%
Certificates ben interest in common stook
4
Norfolk & Southern RR—
4'":?;
3h
31
Roper Lumber Co
100
5.00
Northern Centra) (Pennsylvania)..
......60
Oswego 4 Syracuse (Del Lack A Western)..—
60
Pittsburgh Bessemer 4 Lake Erie (O fl Steel)...
50
4.50
37%
41
Chicago Milwaukee St Paul 4 Pacific RR—
First mortgage 4s
General mortgage income A 4%s
General mortgage Incone convertible B 4Hs
Chicago & North Western Ry—
First general mortgage 2%-4s
Second mortgage convertible Income 4%s
1.60
45
47
Erie RR—
3.00
87
92
34
Michigan Central (New York Central)..
Morris 4 Essex (Del Lack 4 Western).......
New York Lackawanna 4 Western (D L 4 W)
4 00
60
Preferred
28
26%
54%
57%
98
96
4.00
Pittsburgh Fort Wayne A Chicago (Penna) pref
100
Pittsburgh Youngstown A Ashtabula pref (Penna)..100
Rensselaer 4 Saratoga (Delaware 4 Hudson)
...100
St Louis Bridge 1st pref (Terminal RR).
...100
600
500
3.875
...50
43%
40%
50.00
.100
7.00
176%
7.00
169
52%
57
6.00
Second preferred
—..100
Tunnel RR St Louis (Terminal RR)...
....100
United New Jersey RR A Canal (Pennsylvania)
.100
174%
164%
6.64
140%
70
249
253
100
6 00
45
100
5.00
57
Vloksburg Shreveport A Pacific (Illinois Central)_.100
6.00
68 %
1989
....1999
69%
23h
24%
99
1957
102
2015
84 %
/48%
1998
2014
/17%
1996
convertible 4%s A
40
85h
48%
73
71h
144
10 00
29 h
First mortgage 4%s A
First mortgage 4s B
General mortgage Income
73
140
/28
1989
Norfolk Southern Ry—
First mortgage 4Hs
145
3.00
6.00
83 h
/38h
85
2014
2039
...
Utlca Chenango A Susquehanna (D L 4 W)
Valley (Delaware Lackawanna 4 Western)
Preferred............
..100
Railroad
to
m
m.
65
3.60
20%
3 00
55%
23%
58%
62.15
1.65
61.60
1.25
Bessemer 4 Lake Erie 2mb
Boston 4 Maine 6s
61 60
1.25
62.25
1.50
Bid
Par
Alabama Mills Inc..
*
American Arch
*
Amer Bemberg
2%
14%
Ohio Match Co
12%
11%
12%
11%
12%
3%
4%
47%l 50%
20% 21%
15%
17%
79%
83%
1%
2%
12%
10
Amer Distilling Co 5% pflO
American Enka Corp
*
25
61.75
1.25
American
6
62.15
1.65
Amer
Nasb Chat & St Louis 2%s
New York Central 4%s...
62.15
1.65
61.76
1.25
American Mfg 5% pref 100
Arden Farms com v t c
1
Hardware
Peoel-Cola
Corp..26
10
Co..........*
157
11%
165
.....1
Conversion... 1
Pilgrim
Pollak
1
Manufacturing...*
64.35
3.50
62.15
1.65
40
42
3.40
N Y Chlo A St Louis 4s...
62.50
1.75
Arlington
1.00
N Y N H A Hartford 3s...
62.20
1.75
Art Metal Construction. 10
33%
15%
36%
61.60
16%
Standard 8crew
20
Central of Georgia 4s
63.80
3.25
Northern Paclflo 2%s-2%s
61.85
1.40
Autnoar Co oom.......10
11
26
61.50
1.20
No W Refr Line 3%s-4a...
62.25
2.50
1.20
Botany Worsted Mills ol A6
$1 25 preferred
10
Stromberg-Carlson .......
61.60
12%
2%
4%
Stanley Works Ino
Chesapeake 4 Ohio 4Ha..
Chic Burl 4 Quincy 2Ha..
Chic Mllw 4 St Paul 6s..
62.25
1.75
Cblc 4 Northwestern 4 Ha.
Clinchfleld 2%s_._
61.75
1.25
Pennsylvania 4s series E..
2%s series Q A H......
62.15
1.65
Pere Marquette—
Del Lack 4 Western 4s
62 60
1 75
Denv 4 Rio Gr West 4%s.
62.00
1
Erle 4Hs
61.75
1.45
Fruit
50
Growers Express—
2%s and 2%s
..
2 %s-2%s and 4%s
62.15
■
61.75
Buckeye Steel Castings..*
18%
19%
39
41
10
4
1.40
63
Thompson Auto Arms
13%
Time Inc
25%
15%
27 %
Tokheim Oil Tank 4 Pump
Common
5
13
59%
61
Trico Products Corp
*
33
19%
7
21H
Triumph
2
2%
United Artists Tbeat com.*
%
%
49
52
13 %
15h
28%
35 h
30%
64h
34%
2%
6%
4%
7%
5%
Kansas City Southern 3s._
62.25
1 70
Lehigh 4 New Engl 4Hs..
Long Island 4Hs and 5a..
61.70
61.75
1.25
Louisiana 4 Ark
62 00
1.50
62 00
tar
Aetna Cas 4 Surety
.10
Aetna.......
.....10
tsia
62 00
Southern Ry 4s and4%s~
Western Maryland 2s.....
Wee tern Pacific 5e
61.90
1.40
62.00
1.50
Dictaphone Corp
.*,
Dixon (Jos) Crucible... 100
32 h
61.70
1.30
Domestlo Finance cum pf.
27%
1.30
West Fruit Exp 4%s-4%8.
Wheellng A Lake Erie 2%s
61.65
1.20
Draper Corp
61%
32%
...
<»*
tar
Home
29%
1%
16%
71
36
73
Jersey Insuranoe of N Y.20
6
18H
20
Knickerbocker
hh
4%
6%
8%
...
Merch 4 Mfrs Fire N Y..6
National Casualty
10
National Fire..........10
10
26
Bankers 4 Shippers
Boston..
32%
6%
34 %
2H
Automobile
Baltimore American
93 h
97 h
100
590
Camden Fire....——.5
27
610
19
10
Carolina
........
7%
21
h
29
22%
National Liberty
National Union Fire
New Amsterdam Cas
North River
40
43
}H
Northwestern
Pacific Fire
6
—10
8%
43 h
10%
45 %
59
62 %
99
102 h
Firemen's of Newark..... 5
8%
Franklin Fire........... 5
28%
10
29%
38
4q%
147
Northeastern
_
94
98
22
23%
National .25
119
124
25
116
120
Pacific Indemnity Co
10
Phoenix.
....10
Preferred Accident
6
37
39%
81
85
13%
15%
Provldenoe-Washington .10
Reinsurance Corp (N Y)_2
Republic (Texas)
10
Revere (Paul) Fire
10
2)4
St Paul Fire 4 Marlne62H
Seaboard Fire A Marine. 10
22 h
25
22
24
Glens Falls Fire.........6
41 h
9%
43 h
Seaboard Surety....
Security New Haven
11%
Springfield Fire A Mar..25
10
Globe 4 Republic.......6
Globe 4 Rutgers Fire
2d preferred..—
Great American
Great Amer Indemnity.
Halifax
15
15
6%
8%
Standard Aoddent.
59
63
Stuyveeant..
5
24%
25 %
Sun Life Assurance.
1
10
12
10
10
10
Travelers
10
9%
....
5
100
10%
100
U 8 Fidelity 4 Guar Co..2
Hanover..............10
Hartford Fire
10
24
25 h
U S Fire
83 h
86h
U 8 Guarantee
Hartford Steam Bolter..10
49
51
Westchester Fire
5%
..12.50
Gibraltar Fire 4 Marine. 10
Georgia Home
17%
.....2.50
....
Rhode Island
General Reinsurance Corp 6
142
15
Northern
121H
20
13%
4%
31h
117
8
33%
23%
Fidelity A Dep of Md—20
Fire Assn of Pbila
10
Fireman's Fd of San Fr 25
60
7
45%
21%
Federal.....
58
31%
29h
%
2
16%
6
Eagle Fire.
2H
Employers Re-Iusnranee 10
Excess..........
13%
43%
Continental Casualty
9
8
25%
11%
.2
20%
..4
...
10
2.50
31
6
26%
23
2%
239
33
Garlock
Gen
Packings
com..
..1
Knight com....*
Humor Corp
Good
Graton 4
2%
4
6%
Great Lakes SS Co com..*
5%
63%
40%
43%
Great Northern Paper..25
37%
40
Barrisburg Steel Corp
14
15%
Preferred
100
f.
5
Interstate Bakeries oom..*
preferred..........*
1%
21%
King Seeley Corp com... 1
7%
$5
Landers Frary 4 Clark..25
66%
1%
23%
8%
19
21
Lawrence Portl Cement 100
13
15
Long Bel) Lumber..
*
$5 preferred........100
20%
21
90
93
Mailory (P R) 4 Co
•
Marlln Rockwell Corp—1
11%
50%
13%
1
28%
Merck & Co com....
6%
preferred
100
Muskegon Piston Rlng.2H
*
National Casket
*
Preferred
6%
60
preferred....
52%
29%
...
0»..i901
Brown Co 5Hs ser A.. 1946
Carrier Corp 4Hs—1948
Deep Rock Oil 7s
1937
Amer Writ Paper
Stamped
Firestone Tire 4 Rub 3s *71
Koppers Co 3Hs-.--.1961
Minn 4 Ont Pap
15
35%
3%
5s...1960
Monon Coal 5s.—..1955
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Scovlll Mfg3%s deb..1950
Western Auto Sudd 354s '55
Railroad Bonds—
H1
1%
H
2%
54%
51%
18%
16%
108
4%
6%
40
2%
20%
18%
'
5%
9
50
3%
39
42
77
80%
/47%
49%
94%
96%
/59
60%
97% 97%
103% 103%
66% 68%
13
/10
7%
8%
64% 67%
104% 105%
99
99%
Bait 4 Ohio 4% notes. 1944
Cuba RR 5s
-1960
57%
18%
21
Denv 4 Salt Lake 6S-.1960
56%
58%
59
11%
Monongahela Ry 3%s 1966
50% 51
102% 103
13%
16
N Y & Hob Ferry
85
89
5s..1946
Richmond Term 3HS-1965
104
1957
57
Hoboken Ferry
118
9%
Nat Paper 4 Type com...1
3%
24
4%
27
5s....1946
Tenn Ala & Ga 4s
Vleksburg Bridge 4-6s. 1968
39
78%
40
105%
80%
7%
28
Sugar Securities
24%
4
249
8%
34%
36%
33
35
Bid
Bonds
Ask
Stocks
Par
Bid
ill
7%
120% 123%
44%
46%
4%
5%
205
245
389
399
20%
45%
71%
31%
50
100
23%
...10
New Hampshire Fire...10
New York Fire....:
5
City of New York...... 10
City Title
.........5
Connecticut Gen Life... 10
Wilcox 4 Glbbs com
Glddlngs 4 Lewis
Machine Tool........2
2
New Brunswick
Wick wire
4%
-*
2H
.100
Spenoer Steel. 10
preferred..:
Gen Machinery Corp oom •
9%
7%
26%
12%
48%
7%
72
18%
6%
23%
10%
46%
5
Warner 4 Swasey
Welch Grape Juice oom
38%
52
oom
3%
*
com
York Ice Machinery.—*
1% preferred
...100
Industrial Bonds—
48
Mercb Fire Assur
Foundation Co Amer shs *
*
Class B
United Piece Dye Works. •
Preferred
...100
14%
3%
63%
43
27
Class A..............*
Veeder-Root Ine
3%
37% 38%
105% 110
;
13%
2%
41
30
13
United Drill 4 Tool-
Fire Extinguisher...*
60%
American Re-Insuranoe.10
11
Explosives
Worcester Salt....
1
1
2
•
Federal Bake 8bope.
Preferred
8
J
...»
51
5
Mass
10
*
Dun 4 Bradstreet com...*
25%
6%
49
2%
Bonding 4 Ins.. 12H
13%
26
31
Lincoln Fire
12
American Surety
ASk
Maryland Casualty.
2H
American Reserve....
bid
6
22%
10
Dentists Supply oom ..10
Devoe 4 Raynolds B com *,
Farnswortb Telev 4 Rad.l
Companies
70
...10
Manganese. 2
1.50
20H
American Home
Pub
1.35
10
American of Newark
1.25
*
.*
61.75
25
Amer Fidel 4 Cas Co oom 6
61.70
$3 oonv pref
Croweli-Collier
1.50
Agricultural
American Equitable
1.75
5%
61.80
American Alliance
..10
1.50
1.25
Cuban-Amer
Home Fire Security..
10
Homestead Fire....
10
Ins Co of North Amer...10
Aetna Life
1
61.75
62 50
2%s
City 4 Suburban Homes 10
Texas A Pacific 4s-4%s_..
Union Pacific 2%s..
u3h h7h
49h
51h
26%
28%
4
59
1.60
nsurance
10%
Coca Cola Bottling (NY)*
62.15
I
2%
9%
Tennessee Products......*
%
Columbia Baking com...*
$1 partlc preferred
*
Consolidated Aircraft—
|
Shlppers Car Line Se
61.75
1
*
Steel common
42
39
1 25
Southern Paclflo 4%s
—.....
...6
Tampax ino oom
...1
Taylor Wharton Iron 4
1.20
1.20
Despatch—
5%
102% 104
4%
5%
37% 41
43% 45%
3%
4%
17% 19%
1,25
1.20
2Ha. 4Hs & 6s
common
*
Talon Inc com...,
5%
61.70
3.00
...
Cbliton Co
Mfg—50
27%
61.75
61.60
1 25
176
Brown 4 Sharpe
1.60
Indus Corp
54%
25%
61.65
63 75
3%s
171
1.40
61.90
Sylvama
7%
4%
51%
Reading Co 4%s
61 60
Merchants
1%
3%
2%
2%
8%
St Louis-San Fran4s-4%8.
St Louis S'western 4%s...
Great Northern Ry 2s
Illinois Central 3s
Maine Central 6s
Mills..—.100
Chlo Burl 4 Quincy—100
4s
4H» and 4Hs......
Grand Trunk Western 6a..
_
$3 partlc preferred.....*
20
2
Exploration
64.25
•
6%
5
1%
Canadian National 4 %a-6s
Products..
5h
Petroleum Heat 4 Power. *
Canadian Paotflo 4mb
Centra! RRofN J 4%s..
...
Maize
41.
9%
Permutit Co
Petroleum
8
7h
39
8
Remington Arms com
1
Safety Car Htg 4 Ltg...50
Soovlll Manufacturing. .25
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
2s-2%s and 3%s
■
•
Pan Amer Matoh
series
10
12%
A oom.r-*
Ask
Bid
Par
National Radiator.
New Britain Machine....*
American Cyanamld—
3d
Missouri Pacific 4%s-5s...
3%
34
...
Ask
Ash
31
6% conv pref 1st ser—10
2d series..
10
bid
Atlantic Coast Line 2%s-_
Baltimore 4 Ohio 4%s
■_
18h
Industrial Stocks and Bonds
50
62
Ask
....
•
Equipment Bonds
Bid
convertible income 5s
61
6.00
Warren RR of N J (Del Lack 4 Western).—...50
West Jeraav 4 Seashore (Penn-Reading)......
60
General mortgage
22%
47%
74%
33%
AntUla Sugar
Estates—
1951
6s..
m
20
Baraqua Sugar Estates—
1947
6s
Haytlan Corp 4s
1954
1989
58
57
/38%
/18%
..1940-1942
For footnotes see page
20%
............
Haytlan Corp com.
•
Punta Alegre Sugar Corp. *
Savannah Sugar Refg—1
Vertlentee-Camaguey
Sugar Co
New Nlquero Sugar—
3 H8
60
Eastern Sugar Assoc com. 1
Preferred
1
f25
3480.
-.5
West Indies Sugar Oorp..l
7%
8
21 %
23
%
1
4%
28 H
30
2
3%
5%
2%
3%
The Commercial &
3482
Financial Chronicle
Quotations on Over-the-Counter Securities—Thurs.
May 31, 1941
May 29—Continued
Investing Companies
Preferred Stocks
Public Utility
Par
Bid
Atk
Pa'
7.49
Investors Fund C—
2.21
2.42
12%
14%
2.55
2.79
InclOc
Assoc Stand Oil Shares—2
Aviation Capital Tnc
1
Quoted
,
6.33
6.98
4%
16.40
5%
17.83
9.77
10.51
3%
4%
Series 8-3..
4%
5%
Series S-4
♦Amerex
Amer Foreign Inv't
Curtis g
Jackson &
ESTABLISHED 1879
Members
';gg
Teletype N.T.
7-1600
——1
♦Common
♦5% preferred
Basic Industry Shares..10
New York City
115 Broadway
Tel. B A relay
Axe-Houghton Fund Inc.l
Bankers Nat investing—
.gg;,;
Exchanges
Principal Stock and Commodity
lno..—...5
British Type Invest A...1
Broad St Invest Co Inc..5
Bullock Fund Ltd..—..1
Boston Fund
1-1600
1
Series B-l
Series B-2—
Canadian Inv Fund Ltd—1
Century Shares Trust—.*
Chemical Fund
—.1
Utility Stocks
Commonwealth Invest... 1
Par
*7 pre!..
0% pref.25
7% pf—*
Atlantlo City El 0% pref.
Alabama Power
Amer Utll Serv
Arkansas Pr A Lt
bid
Par
| Atk
i06%:i07%
5
79%l
6
81 %
120% 123
14.26
6.88
7.56
Series K-l
14.27
15.64
Series K-2
11.45
12.62
10.75
11.84
7.79
8.59
2.93
3.25
5.41
5.96
...
Series S-2
3.16
......
Knlckbocker Fund—....1
12.77
13.73
.07
.17
19.58
21.17
11.26
12.34
84%
*7 prel-
Blrmlngham Eleo
87
>
13.00 prior preferred..50
50 %
62 %
preferred
Light—
*
7% pf 100
109
113
in %
U6 %
5%% Pf-*
Pr Assn 0%pf 100
New Eng Pub Serv Co—
14
15%
New Eng
36%
38%
pref.—.—*
$0 prior lien pref
*
50 cum preferred
•
New Orleans Pub Service.*
7%
100
100
preferred
preferred
pref.,100
Cent Pr A Lt7%
Community Pow A Lt—10
Cotisol Elec A Gas $0 pref *
_
Consumers Power $5
pref.*
99 %
101%
m% 112%
112% 115%
7
7%
105
8%
8%
100
Continental Gaa A Eleo—
100
87%
90
Derby Gas A El »7 pref..*
50%
59%
7%
preferred
$6 50 cum
50 cum preferred...
7%
cum
—*
preferred.—*
Florida Pr A Lt S7 pref..*
*
preferred... 100
Serv 0% pf.100
35%
36 %
125
37%
39%
127%
*
(4 preferred—
Electric Llgbt.25
% pf.100
Ind Pow A Lt 5 %
59%
6%
19
63%
62
8%
21%
109% 111%
53
54%
110JQ11%
Interstate Natural Gas.--*
19%
21%
Jamaica Water Supply.._•
26
29
90%
7% pf..l00
(Del) 7%
71%
73%
Ohio Public Service—
preferred
—100
preferred
100
Okla G A E 7% pref...100
0%
7%
preferred
100
pref. 100
4
%%
99% 100%
71%
73%
Long Island Lighting—
7%
.——100
preferred.
7% pf.,100
——*
*
Line Co.—
Penna Edison 15 pref
Manhattan Bond
10c
Fund Inc com
Maryland Fund Inc... 10c
12
22
23%
15%
16%
107%
115
117
16 cum
Mass
*
78%
80%
37%
66
68
3.50
22
25
24%
90
25%
81%
92%
60
63%
79
4%
5%
28%
Mutual Invest Fund Inc 10
2.01
1.91
,f
mm m
1.91
(Colo) ser B shares.
-
m
2.28
24
mum*
25%
117%
100
28
•—
30
New England Fund.....1
N Y Stocks lno—
Agriculture
Automobile.
Building
3.90
1
15.40
Deposited Insur Shs A
1
2.57
1
2.50
25c
..1
Insurance stock
.
...
....
*
£79%
*
122% 125
preferred
80%
7% pref....16
Mountain States Power.
*
50
preferred
Mountain States T A T 100
Narrag El 4%% pref...60
Nassau A Suf Ltg 7%pf 100
12%
42%
130
2
8'western G A E
100
6% pf.100
Texas Pow A Lt
7% pf.100
No Amer Tr Shares 1963.*
10.67
24.09
Series 1955..
1
14%
8erles 1956..
...J
19%
1
Series 1958
10c
Plymouth Fund lno
Fiscal Fund lno—
Insurance stk series. 10c
2.86
Fixed Trust Shares A... 10
8.04
1
3.22, Quarterly Inc Shares..10c
—J Republic Invest Fund—.1
3.15
13%
5
Fundamental Invest Ino.2
14.37
15.75
4.00
4.70
—.*
3.65
B
Putnam (Geo) Fund
Scudder. Stevens and
Pub
'
*
Clark Fund lno
3-58.1953
Amer Utility Serv 6s.. 1904
102% 104%
18%
100
Associated Electric 68.1961
Assoc Gas A Eleo
104
Corp..._•
General Investors Trust. 1
4.22
4.60
4.24
4.67
♦State St Invest
3.36
3.71
106%
shares
Aviation shares
6.54
*—*
21%
22%
22%
66%
69
4.37
4.82
shares....
5.29
5.82
6.79
7.47
Food shares
3.47
3.83
4.44
4.89
Petroleum
shares
4.68
5.16
4.09
4.51
2.69
shares
Railroad shares
1
•
Investors
Spencer Trask Fund
Sovereign
Corp—
1978
Participating
West Penn Power
2.97
22
Kentucky Utll 40
48"
49"
Lehigh Valley Tran 6s I960
Luzerne Co G A E
3%S—1969
77.11
Atk
111% 112
1966
105
Lexington Water Pow 5s'68
3% s '66
93%
104
¥.86
12.32
13.08
.21
60%
Trustee Stand Invest Shs—
♦Series
C
1
1.94
♦Series
D
1
1.89
1
1
4.80
Trustee Stand Oil Shs—
♦Series
A
♦Series
B
25c
Class B
U 8 El Lt A Pr snares A—
.07
.15
.49
10c
1.21
1.32
Investors..6
13.24
14.24
1.83
2.05
.66
.75
17.03
13%
1.50
B
Corp...1
.44
15.58
4.14
......
5.00
Trusteed Amer Bank Shs—
3.75
shares
Wellington
1
Fund
14.25
12.95
Aviation Group shares
Bank Group shares
.
.
Investment
Banking
Corporations
12.38
13.57
.94
.85
1.11
1.22
Investm't Co of Amer—10
15.66
16.93
1
%
1
♦Blair A Co
♦Central Nat Corp cl A..*
Insurance Group shares.
105% 106%
63%
8.25
5.29
22
20
•
1
♦Class B
10
14
12%
♦Schoellkopf Hutton A
Pomeroy Inc com
10c
%
♦First Boston Corp
%
105%
65%
Water Bonds
95%
104%
14
/13%
/20%
/21%
/22
/22
/52%
75.59
Income Foundation
1970
4%s
/13%
3.25
1.95
Trusteed Industry Shs 26c
Huron Holding
97% 100
Hid
Kan Pow A Lt
95%
Income deb 4%s_..1978
2.91
Corp...*
Union Bond Fund B—
Institutional Securities Ltd
65%
Income deb 4s...—1978
4.40
Super Corp of Amer AA..1
4.73
Fund Inc com
Ask
13%
.36
12.55
3.50
.18
3.54
15%
Utility Bonds
/13%
.31
11.73
57%
Utilities
3.21
shares..
Tobacco shares..
14%
21
21%
;i3
1.79
Inc. 60c
Standard
4.29
RR Equipment
Steel
units
com—*
West Texas Util 30 pref—*
Income deb 3%s... 1978
2.20
7.19
Building shares....
Mining 8hares.
20%
$3 preferred
..Jp )
Electrical Equipment
Washington Ry A Ltg Co—
Income deb 3%s
1.81
2.24
3.44
26.91
Chemical
19%
102
—*
64%
93%
Appalacb El Pow 3%s 1970
5.70
6.24
7.58
25.03
General Capital
Group Securities—
0
Utilities Corp
52.76 preferred
Hid
Amer Gas A Pow
7.65
Selected Amer Shares..2%
Agricultural shares..
15%
6.51
3.21
3.65
Incorporated
Public
7.45
5.84
Merchandise
United
14
53%' 54%
9.99
5.64
10.04
Automobile
—100
preferred
0%
Republic Natural Gas
Rochester Gas A Eleo—
44%
133
9.07,
40
No Amer Bond Trust ctfs
Independence Trust 8hs.#
Pub Serv
6.54
Selected Income Shares..!
17 prior Hen pref
29%
Monongabela West Penn
5.05
8.05
5.92
5.15!
18.03
2.25
9.83
8.08
2.911
Railroad...
2.00
4.23
6.93
Oils
15.86,
7.19
3-83
5.89
1.10
5.26
5.32
10.87
....
1.00
14.74
4.55
4.83*
...
Metals
22.40
Equity Corp 13 conv pref 1
4.10
10.08
6.75
equipment...
1
Fidelity Fund Inc
♦
First Mutual Trust Fund.5
1.10
5.06
7.30
;
Electrical
5.10
14
.98
4.70
4 57
supplies
Eqult Inv Corp (Mass)..5
Fund
,,
7.32
4.50
16.96
8.79
J
....
Railroad equipment
Steel
Balanced Fun.d
8.39
8.04
8.92
Machinery
3.05
7.80
6.5l'
Chemical
16.65
3.40
17.97
......
——
Bank stock
112
Delaware Fund
Shares
Security Series—
priced bond scries..
Low
'
Aviation
♦Common B shares..-10
Dividend
National
'
Cram A Forster Insurance
C
National Investors Corp.!
Income scries
2.28
7.96
2.50
3.10
(Md) voting shares..25c
mm
»
.
7.21
16.71
Nation .Wide Securities—
Fundament'! Tr Shares A 2
110% 111%
18% 21%
Utah Pow A Lt $7 pref—*
Mississippi P A L <0 pref.*
Missouri Kan Pipe Line..5
3.22
Bank stock series... 10c
35
Utilities Associates—
6% conv partlc pref..60
Mississippi Power 50 pref.*
%7 preferred...
*
♦8% preferred.—...100
Stock
115% 117%
Philadelphia Co—
Sierra Paclflo Pow com...*
A Lt Associates
preferred
9.22
Mass Investors 2d Fund-1
Foundation Trust Shs A.l
Peoples Lt A Pr S3 pref.26
6% preferred D
Mass Pow
25.40
8.52
Eaton A Howard—
105
Eastern Pipe
Panhandle
1
Series ACC mod
1
♦Cram A Forster com.. 10
Series A A mod
D
100
pref
Queens Borough Q A E—
Kings Co Ltg 7%
23.62
103% 100
Light—
Kansas Power A
3.05
Diversified Trustee Shares
62%
Pub Serv Co of Indiana—
Jer Cent P A L
2.40
Cumulative Trust Shares. *
108%
27% 29%
60%
Corporate Trust Shares..!
Series AA...
..1
Accumulative series...1
♦7% preferred
99
100
Northern States Power—
Penn Pow A Lt 17 pref...*
Hartford
62
Northeastern El Wat A El
Pacific Pr A Lt
Federal Water Serv Corp—
10 cum preferred
*
preferred
N Y Water
Central Maine Power—
$0
4%
3%
New Eng G A E
New York Power A Light—
Carolina Power A
17
Consol Investment Trust—
National Gas A El Corp. 10
17
Cent Indian Pow
Atk
15.64
.........
'
57 prior lien
Blrmlngbam Gas—
BUS
24.56
.......
Series B-3
Series B-4—
Mass Investors Trust..—!
Public
8.55
31.55
Keystone Custodian Funds
Amer Business Shares—1
Sold
.
Atk
1
8.35
22.37
6.89
1%
Holding Corp-10
Affiliated Fund Inc
Bought
BUS
28.82
Aeronautical Securities—1
Conv deb 4s.———1973
Conv deb 4%s
1973
...1973
Conv deb 6s
Conv deb 5%s
1973
8s without warrants 1940
Assoc Gas A Eleo
Michigan Pub Serv 48.1965
Montana-Dakota Utll—
105% 106%
24
3%
1961
Narragansett Eleo 3%s 60
New Eng G A E Assn 6s '62
NY PA NJ Utilities 5s 1950
103
54
N Y State Elec A Gas
14%
14%
23
23
23%
Coos ref deb 4%s___ 1968
Sink fund lno 4%s_.1983
Sink fund Inc 5s
1983
Sfino4%s-6%s
1980
Sink fund lno 5-0S—1986
f9
f7
ft
ft
10%
f8
10
9
9
9
Northern
1908
109% 110
61
65
97
1971
Ohio Power Co 3s
109% 110%
102
Power 58.1952
3%s 1904
102%
106% 107%
Penn Wat A Pow
Calif Wat A Tel 4s... 1969
Cent Ark Pub 8erv 08.1948
101
105
105%
%s_—1970
Central Gas A Eleo—
103
107% 108%
105% 106
104
86%
104%
88%
102% 102%
104%
/16%
18"
/16%
1st lien collt rust 08.1946
97%
98
1950
108
99%
Pub Serv of Okla
103% 103%
106
Cent Maine Power 3%s '70
108
108
3%s.l871
Community
110
Republic Servloe—
Central Pow A Lt 3%s 1969
106% 107%
Central Publlo Utility—
Income 5%s with stk '52
Cities Service deb 08—1963
94
108%
1%
88%
Water Service
1946
87%
90%
6s series A
1940
90
93
Ht A Pow
1947
CalH_Gas3%s—1970
1957
1st 5s series A
Rochester A
Lake
Water 5s
105%
105%
Ontario
1951
101%
...
Gulf Coast Water—
1948
1st 5s
Indianapolis Water—
1st mtge 3%s
1966
73
78
106% 108%
Scranton Gaa A Water Co
4%S
1958
Scranton-Sprlng Brook
Water Servloe 58.1961
103
1967
101
1st A ref 5s A—
1957
Kankakee Water 4 %s. 1959
105%
103
mmm
1st 5s series A
67%
69%
1958
103%
106% 107%
56
54%
1902
96%
97%
Southern Count Gas 3s '71
102% 102%
1962
56%
57
Tel Bond A Share 5s.. 1958
1902
55%
57%
60
62%
1st mtge 3 %S—....1970
89%
91%
s t
78%
76%
103%
107% 108%
106%
101% 102%
.1956
5a
Monongahela Valley Water
5%s
1950
Morgantown Water 5s 1905
105%
■
mmm
101
104%
•
-
102%
Wat Supply
1965
102%
74
78
108% 110%
105
103%
Union Water Service—
1951
5%s
102%
103% 105%
'
105%
West Va Water Service—
1905
...
5s
Springfield City Water—
4s A
1950
101
M uncle Water Works—
5s
Sbenango Val 4s ser B.1901
South Bay Cons Water—
5s
1950
Spring Brook
Kokomo Water Works—
Monmouth Consol Water—
Sou Cities Utll 5s A... 1958
Cons Cities Lt Pow A Trac
5a
4^8
Sou
95%
.
1951
Collateral 5s
St Joseph Ry Lt
/%
87%
1948
103
"V-:
Richmond Water Works—
108%
Pub Utll Cons 5% s
__1951
5s
1st 5s series A
Pub Serv of Indiana 4s 1969
105%
Ask
1
Joplln Water Works—
99
Cent 111 El A Gas 3% a. 1964
!
0 0 £ 103 %
Pittsburgh Sub Water—
105
5s
17%
1970
3%s
6s
o
1st lien coll tr 6%a.. 1946
—1958
Calif Water Servloe 4s 1961
Portland Electric Power—
Boston Edison 2
105%
Oregon-Wash Water Serv—
5e
1957
Atlantic County Water—
v
5%s series B
3%s.l909
Old Dominion Pow 5s. 1951
Parr Shoals
1958
5s
...
98
Indiana—
Public Service
Northwest Pub Serv 4s *70
Paclflo Gas A Elec 3s. 1970
Bfaekstone Valley Gas
A Electric 3 %s
1905
Bid
Atk
■
Corp
4s
Co—
Bid
Ashtabula Water Works—
103%
105%
mmm
1901
1st 4s
107
109
Western N Y Water Co—
Consol E A G 6s A
6s series B
Coll lnc 08 (w-s)
1954
Dallas Ry A Term 6s. 1951
El Paso Eleo
3%s
Federated Util 6%s
1970
1957
Houston Natural Gas4s '65
Inland Gas Corp—
6%s stamped
1962
Iowa Southern Utll 4s. 1970
Gen Mtge 4%s
1950
Texas Publlo Serv 5s..1901
Toledo Edison 1st 3%sl968
Crescent Public Service—
106% 107
98%
104
99%
jl04%
77%' 79%
104% 105%
102% 103%
debs 3%s_—
i960
Union Elec (Mo) 3%s_1971
United Pub Utll 6s A.I960
5s series B
6%s series A
——1951
1951
1951
108% 108%
103% 104%
1957
128
108
98% 101%
108%
108
H 0 00
102
104
5s
1
1
Western Publlo Servloe—
5%s
1900
103
101% 103%
Utlca Gas A Electric Co—
West Texas Util 3%s.l909
For footnotes
.1950
104
1st 5s series B._
1950
1951
102
1st conv 5s
deb 0s extended
101
New York Water Service—
5s
A
1950
95
1st 5 %s series
New Rochelle Water—
see page
3480.
mmm
99%
•
mm
mmm
Volume
The Commercial & Financial Chronicle
152
Quotations
3483
Over-the-Counter Securities—Thurs. May 29—Concluded
on
Real Estate Bonds and Title Co.
Bid
Id
which you have Interest.
our
r«u
Alden Apt let mtge Se.1957
Beacon Hotel lne 4s_. 1958
B'way Barclay lne 2s—1960
B'way A 41st Street—
monthly Bank and Quotation Record.
In this publi¬
cation quotations are carried for all active over-the-counter
stocks and bonds.
The classes
of securities covered
are:
28
„
Banks and Trust Companies—
Canadian
Public Utility Stocks
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real
Investing Company Securities
12
31
4734
50
20
23
1957
Mill Stocks
Mining Stocks
U. S. Territorial Bonds
7534
234
Your subscription should be sent to
1234
Dept. B, Win* B. Dana Co.. 25 Spruce St., New York City.
1400
36
35
'
8834
Lefcourt State Bldg—
1st lease 4-03(8
1948
Lewis Morris Apt Bldg—
William
&
HAnover 2-6422
Tel
29
1960
1634
1957
22
(Syraeuse)
1965
80
83
2334
2534
3s with stock
1st 3s
32
Textile Bldg—
1st 3-56—.
39
—
.1958
Trinity Bldgs Corp—
1st 634s
1939
_
_
mmm
1734
726
W
•
-
'
.
2 Park Ave
.
....1951
45
Lexington Hotel units....
Lincoln Bldg lne 534s w-s
due 1952 ($500 paid)...
CO., INC.
St., N. Y.
1947
Syracuse Hotel
mmm
36
38
49
51
London Terrace Apts—
1st A gen 3-4s
1962
BRAUNL
02
934
12
010 Madison Ave—
''mmm
47
1st 48
1st 334s....
334s with stock
13
12
1948
834
71034
+
Bldg
1st 4-5s
;
01 Broadway Bldg—
y.
4334
3034
Lefcourt Manhattan
55
1956
mmm
35
32
Graybar Bldg 1st lshld 6s '40
Inactive Exchanges
3s with stock
1st 534
Harrtraan Bldg 1st 08.1951
Hearst Brisbane Prop 0s' 42
Hotel St George 4s... 1950
Foreign Stocks, Bonds and Coupons
64
52
Sherneth Corp—
Broadway Bidg—
—
6134
1967
Savoy Plaza Corp—
mmm
14
725
1st 4s stamped .....1948
Fuller Bldg debt 6s... 1944
1st 234-4fl (w-s)
..1949
'5834
B(w-s)._
1956
60 Park Place (Newark)—
3634
42 Bway 1st 6s.——1939
mmm
27
2534
534s stamped
1961
Realty Assoc See Corp—
5s Income.........1943
Roxy Theatre—
734
33
mmm
30
f otfs 43(s (w-s.*58
s
1st mtge 4s
Corp 0S...1958
■mmm'
57
Prudence Seeur Oo—
1534
40 Wall St
Quotation Record is published monthly and
See
Broadway Bldg—
62d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '62
Film Center Bldg 1st 4b '49
6834
106 Broadway Building—
14
034b (stamped 4s)..1949
U. S. Government Securities
49
72
2d mtge 0s
.1951
103 E 67th St 1st 08—.1941
1234
32
47
1 Park Avenue—
:
1940
4934
3034
6534
:
——*
1534
1st Income 3s
600 Fifth Avenue—
'
4
4734
534s series C-2—...
534s series F-l—.
634s series Q
Ollcrom Corp v to...
134
1434
U34
50
1534
3
634a series BK
25
Eqult Off Bldg deb 5s 1952
Deb 5s 1962 legended...
68
133(
N Y Title A Mtge Co—
35
32
mmm
65
1945
—
Hotel units
Estate Trust and Land
Stocks
sells for $12.50 per year.
8 (deb 5s
N Y Majestic Corp—
4s with stock stmo. .1956
14
29
3s
let 3 34 s
i960
Dorset let A fixed 2e..l957
Eastern Ambassador
Title Guarantee and Safe Deposit
ties
80
;
Court A Remsen St Off Bid
Stocks
Joint Stock Land Bank Securi¬
50
N Y Athletic Club 2s.1955
Colonade Construction¬
ist 4s (w-B)__
1948
Public Utility Bonds
Federal Land Bank Bonds
—1947
1951
Metropol Playhouses loo—
30
Cheseborough Bldg lst6s'48
Canadian
■
1st 6s (Bklyn)
1st 6s (LI)
64
—1948
Ask
Ludwlg Baumann—
16
Chan In Bldg 1st mtge 4s '45
„
Out-of-Town)
*-0B
Bid
39
6 34
434
1434
Brooklyn Fox Corp—
Municipal Bonds—
Domestic (New York and
The Bank and
36
1st leasehold 3 34-5s 1944
Broadway Motors Bldg—
will probably ftod tbem In
Mortgage Certificates
Ask
2934
31
37
Bldg 1st 4-5s'46
,'
mm'm
Waibridge Bldg (Buffalo)—
mmm
3s
1960
.
1234
1034
Wall A Beaver St Corp—
.1951
18
1934
1948
1st 434s w-s.
30
33
Westlnghouse Bldg—
1st mtge 4s
Foreign Unlisted Dollar Bonds
Due to the European situation some of the quotations shown
v-V.--.
nominal.
.
Anhalt 7s to....
.1940
.1946
Hid
All
|
no
Antloqula 8s_...
/50
7s
below are
—
Hid
—
Barranqullla ext 4s... 1904
Bavaria 034s to
194
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ttal Bk 734» '32
Hungarian Dlsoount A Ex¬
change Bank 7s
1936
/23
/23
/32
no*
Jugoslavia 6s funding 1966
Jugoslavia 2d series 6s. 1956
Loans—Three Point Change in Law
A
/5
/10
/10
15
A8
1943
Koholyt 034s
A6
Warsaw 8s '41
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
716
—..1948
/16
A6
Mannheim A Palat 7a_1941
73834
756
716
Meridionals
Elec 7s..1957
Montevideo
scrip......
—1945
Munio Bk Hessen 7s to '46
/16
/20
/35
716
71 6
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
/16
716
Nassau Landbank 634b '38
/16
745
Nat Bank Panama—
7s
33i
rsx
6s———.
7534
634'
Brazil
1931-61
funding scrip
08...
time, which it is contended will assist the Federal Govern
/3
/16
434
4
.
I
4
3934
M
Bk
Water 7a
Munich 7s to
716
7334
ment
....19
Buenos Aires scrip..
15
of the
78
834
16
73
4
78
834
7134
1962
National Hungarian A Ind
Mtge 7s...
..1948
Hungary 7 34 8
716
Panama
13*"
711
1534
13
77
8
716
716
57
27
—
—
would the provision that
be
loans would
farm
raised
$25,000.
to
The
/16
/16
farm
1941
/7
A6
716
58
—
7%
A6
Salvador
/6
1948
8s
deposit
1948
7
7534
fx
rs
7734
OX
1947
7834
9
ments
never
15
2d series 5s........ 1966
no
A6
15
25
/23
v
_
-
Stettin Pub Utll 7s... 1946
4i""
Tobo Electric 7f—
1956
764
Tollma 7s
1947
71734
735
Hanover Hara Water Wks
716
5e
2% to
for
factors.
would
Federal
no
still
subsidy and
all
retain
necessary
and
would
give
the
farm
before—liquidity and marketability.
adequately served by lenders.';,
no
Federal money,
control
rates,
over
lending system
mortgage
something
Unterelbe Eleetrlo 68—1963
no
1947
no
Wurtemberg 7s to....1946
no
Veerten Elee Ry 7s
Waters
declared
he
.■
believed
has
it
All sections of the Nation
-
that
as
much
as
$1,-
250,000,000 of farm mortgage loans could be transferred
from Federal agencies to private interests under such a
and
plan
like
to
farm
further,
see
it
"that the Government would probably
Of the more than $7,009,000,000 of
done."
mortgage debt outstanding,
said,
hold
about
For footnotes see page 3480.
payments only from
amortization
insured
would require
titles
and
had
Mr.
Bk Jugoslavia
334
72
carry
be
would
180
AO
would
all sizes of
The third would mean that FHA
stability of interest rates in good and bad times.
It would
standardization of inspections, appraisals, mortgage docu¬
mean
would be
—1966
other
with greater
J9
A0
The second pro¬
residence loans.
adequately covered.
Government
further
State Mtge
5s
that FHA would then be in a position to
it does
as
charges, types of securities issued and commissions paid.
It would mean a uniform standardized farm mortgage
10
A6
and
system
the
12*"
Stem A Halske deb 68.2930
German Conversion Office
Hamburg Electric 6s..1938
and
This
A1
A6
loans
farm
annually
fO1
—
716
40
34
mean
just
periods from five to 40 years.
There are many farms upon which absolutely safe and satisfactory credit
can
be extended for a
five to 15-year period provided the loans are
amortized at 4% to 5% annually but upon which a longer term loan
would be economically unsound because of the hazards of erosion by water,
5%
and
—
716
716
loans would be
wind
834
would
mortgages
would extend the loan amount to $25,000 and mean that
Santa Fe 4s stamped. 1942
1951
Saxon State Mtge 6s..1947
German Central Bank
1967
farm
iusured
f 16
Rio de Janeiro 6%....1933
Rom Cath Church 634* '40
R C Church Welfare 7e '40
6348
730
1963
5%.
first change
insure
Santander (Colom) 7s. 1948
Sao Paulo (Brasll) 6s. 1943
Saxon Pub Works 7e_.1945
—
33
37
minimum of 2% and a
a
Association, Mr. Waters said:
Santa Catharlna (Brazil)—
16
76
of
would be fixed at
report to Dean R. Hill of Buffalo, President of the
a
vision
8s etfs of
7334
1946
French Nat Mail 88 6s '62
6a
The annual amortization
716
i
Farmers Natl Mtge 7s. '03
..1964
Guatemala 8s———1948
The limit for FIIA
many) 7s
1940
Prov Bk Westphalia 6s '33
6s 1930.
4s scrip...............
13
........
as
fully amortized.
In
934
...1968
7s 1957
73
716
Funding 3s........1946
and the
improvements
30
/3
7s cttt of deposit.. 1957
1938
would be eliminated,
improvements,
on
be
maximum
f54
718
1948
other
buildings and
farm
2.
1956
716
bank 634s
provisions (in paragraph D, Section 203, National Hous
pertaining to
3.
7334
Saarbruecken M Bk do.'47
—
716
Haiti 0a
it
Protestant Church (Ger¬
716
716
German scrip.
Gras (Austria) 8s
spent
J3H
City 0348....1952
5% scrip
Porto Alegre 7s
728
711
Agricultural he..
/63
700
f 16
Poland 3s
71334
Frankfurt 7s to
con
no
85
fa..
pro
---
Panama
834s—
The present
1.
ing Act)
1946
7334
...
in
templates the following three-point revision in the Act:
—.1945
Oberpfals Elee 7s
Cordoba 7s stamped..
Costa Rica funding 6s. '61
The
Mortgage Bankers Association of America.
Minneapolis, President of the Association in 1938-39,
Nat Central Savings Bk of
7s to
Centra] German Power
Colombia 4s
announced
was
of the committee, which is headed by S. M. Waters of
gram
Oldenburg-Free State—
Germany Central Bk
City Savings Bank
Budapest 7s..
financing
defense
3
Central Agrlo Bank—
see
in
May 2G by the special Farm Mortgage Committee
on
requirement that 15% of a Federnl Housing Authority insured farm loan be
B) 4s... 1940-1947
(C A D) 4s... 1948-1949
(A A
714
indirectly
Chicago
Brown Coal Ind Corp—
034s
field for life insurance
companies and other institutional lenders and, at the same
Leipzig O'land Pr 034 s '40
Land
isx
71734
7334
Brazil funding 5s.
Farm
,
farm loans which its sponsors
believe will reopen a vast investment
15
Asked
proposal to amend the National Housing Act to extend
mutual mortgage insurance to
715
8a
Farm Group to Seek
Association
Bankers
Revision in FHA Act to Permit Insurance of
no
/4
7*
34*
Bavarian Palatinate Cons
Mortgage
Ask
11%.
about
■
40%
and
,'v
Government agencies, he
life
■\,v
insurance
companies
3484
The Commercial & Financial
Chronicle
General
Corporation and Investment News
RAILROAD-PUBLIC
NOTE—For mechanical
reasons
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
The
4764
are
REGISTRATION STATEMENTS
UNDER
SECURITIES ACT
following additional registration statements (Nos.
4768, both inclusive) have been filed with the
Exchange Commission under the Securities
to
of
1933.
The
involved
amount
is
$111,353,356.
approximately
Philadelphia Co.
(2-4764, Form A-2), Pittsburgh,
Pa., has filed a
registration statement covering $48,000,000 collateral trust
sinking fund
bonds, $12,000,000 collateral trust notes and 413,794
shares of common
stock no par.
F. It. Phillips is President.
Filed May 22, 1941.
(For
further details see subsequent
page.)
Commonwealth Realty Co. (2-4765, Form D-l), Kansas
City, Mo.
The bondholders protective committee has filed
a
registration statement
covering certificates of deposit for $585,750
5% 1st mortgage sinking fund
gold bonds, due 1941.
Samuel Oppenstein et al are
members of the com¬
mittee.
Filed May 22, 1941.
New York State Electric & Gas
Corp. (2-4766, Form A-2), Ithaca,
N. Y., has filed a registration statement
covering $35,393,099 1st mortgage
bonds, due 1971 and $12,000,000 cumulative
preferred stock.
R. D.
Jennison is President.
Filed May 23, 1941 (further details
on a
subseqent
page);.
\
.
>
Virginia Land Co. (2-4767, Form S-10), Coral
Gables, Fla. has filed
a registration
statement covering registered
warranty deeds representing
interests in 1,580 acres of oil ancf
gas lands in the
Everglades, Fla., about
50 miles west of Miami.
Interests will be sold to the public at
prices from
$20 to $150 per acre.
Proceeds will be used for
development of lands,
working capital, &c.
William G. Blanchard is President.
Filed May 23,
1941.
Columbia Aircraft Industries
(2-4768, Form A-l), Portland, Ore., has
filed a registration statement
covering 5,000 shares of 6% preferred stock
(par $100) and 15,000 shares of common stock
(par $1).
Preferred wiU be
offered at $100 per share.
All of the common will be
reserved for the exer¬
cise of options.
Holder of each new preferred
share
will have the option
to acquire three new common
shares at $1 per share.
The option must be
exercised at the time the new
preferred shares are
purchased.
Proceeds
will be used for purchase of
materials, tools, and dies, and for
working
capital. No underwriter named. Josef S. Jan
Hlobel is President.
Filed
May23. 1941.
in
The last previous list of
registration statements
our issue of
May 24, page 3330.
Aero
given
was
American Colortype Co.—15-Cent Common
Directors have declared a dividend of
30 cents per share on the
class
B stock, payable June 27 to
holders of record June 13.
Like amount paid on
Dec. 23, last, and compares with
25 cents paid on
July 15, 1940; 20 cents
paid on Dec. 22,1939, and 1214 cents
paid on Dec. 23, 1938 and on Dec.
23,
1937, this latter being the initial dividend.—V.
152, p. 3010.
Aeronautical Securities, Inc.—New
Vice-President
Gilbert Colgate has been elected
a Vice-President of
this company to
fill the position
formerly held by a. Pendleton Taliaferro
Jr.. who resigned
this month to enter
the Naval Air Force as a
lieutenant commander,
Minton M.
Warren, President, announced on
May 27.
Rawson Lloyd,
Secretary-Treasurer of the company since its
formation, has oeen elected
to fill Mr. Taliaferro's
place on the board of
directors, Mr. Warren said.
—V. 152,
p. 668.
Akron Canton &
Youngstown Ryv
1941
Gross from railway
-
Net from
railway
oper. income..
Net ry.
From Jlin. 1—
Gross from
railway
Net from
railway
Net ry. oper. income..
—V. 152, p. 2840.
1940
$238,061
$171,075
46,908
Alabama Great Southern
AprilGross from
railway
Neb from
railway
Net ry. oper. income—_
From Jan. 1—
Gross from
railway
Net from
railway
Netry.
oper.
income...
—V. 152, p. 2840.
1941
July 1, 1941, all of the outstanding collateral trust 30-year sinking fund
5% bonds, series A, due Jan. 1, 1958, at 103 and accrued interest
Pay¬
expenses
Gross income
Int. & other
deductions.
income
on
1939
1938
$143,556
32,268
1,123
$119,832
16,384
def9,542
640,759
180,581
56,493
499,499
72,983
def37,918
Whitney Hart 8hepardson and A. J. Hettinger Jr., were elected members
board of directors of this
company at the regular meeting of the
Board held May 27.—V. 152, p. 2841.
American General
Corp.—Special Dividend—
Directors have declared a special dividend of 15 cents per share on the
stock, payable June 30 to holders of record June 2.
Last previous
distribution was made in 1936 and amounted to 50 cents per share.—V. 152,
p. 3011.
common
American Hair & Felt Co.
3 Mos. End. Mar. 31—
Net inc. after all charges
Equal to 53 cents
V. 152, p. 2230.
a
per
share
1940
1939
$57,953
$49,595 loss$148,481
160,054 shares of
on
common
stock.—
American Metal Co., Ltd.—Court Hears Data—
Evidence concerning the relation of the company to the formation of the
Molybdenum Co. at the time of the first World War was presented
Climax
May 23 to Supreme Court Justice Bernard L. Shientag
at the trial of a stock¬
holder's action against officers and directors of American Metal.
The suit
is for an
accounting of sums estimated at more than $50,000,000.
It was
brought originally in 1939.
The plaintiff, Alfred Turner, holder of 100 shares of
capital stock of Ameri¬
Metal, charges that the defendants entered into "fraudulent con¬
spiracies" to obtain for themselves stock of Climax Molybdenum originally
can
held by American Metal and asks return of this stock to the latter
company.
The defendants contend that the transactions
comp lained of were entirely
legitimate, resulting from wartime episodes involving relations with German
metal interests, and declare that American Metal later refused to take back
Presi¬
Board; and W. H.
(New York "Times.")—V. 152, p. 3012.
Brady, Treasurer.
American Power & Light Co. (& Subs.)—Earnings—
Period End. Mar. 31—
Subsidiaries—
1941—3 Mos.—1940
1941—12 Mos.—1940
Operating revenues
$29,247,330 $27,943,757 $109525.571 $103581.966
Oper. exps., excl. direct
taxes..
10,708,213
10,626,842
41,944,321
40,461,057
a Direct taxes.
5,228,951
4,183,770
18,807,645
14,970,884
Prop, retirement & depl.
reserve....
2,790,809
2,625,639
10,885,410
10,164,103
_____
Net oper. revenues...$10,519,357
Other income (net)
18,551
$10,507,506 $37,888,195 $37,985,922
16,460
112,643
131,480
$10,537,908 $10,523,966 $38,000,838 $38,117,402
<
3.929,366
019,137
Balance.
$6,627,679
b Preferred dividends...
1,792,936
Portion applicable to mi¬
nority interests
v
3,924,101
Cr2,568
15,832,549
15.879,390
Cr79,853
Crl6.174
$6,602,433 $22,248,142 $22,254,186
1,792,936
7,171,742
7,171.739
14,794
...
Net equity of company
in income of subs... $4,819,949
Net equity of co.as above $4,819,949
Other income
15,044
14,264
54,693
58,530
$4,795,233 $15,021,707 $15,023,917
$4,795,233 $15,021,707 $15,023,917
17,881
69,286
76,930
1940
1939
$860,075
319,037
176,423
1938
$643,714
203,712
131,254
$611,246
$523,591
192,927
136,596
103,834
87,892
Expenses, incl. taxes...
$4,834,993
152,350
$4,813,114 $15,090,993 $15,100,847
104,154
696,776
466,321
3,156,884
1,077,966
651,942
2,427,107
655,828
439,925
2,382,797
671,752
467,900
1,966,840
284,132
278,363
Balance.......
Int. & other deductions.
$4,682,643
708,834
$4,708,960 $14,394,217 $14,634,526
709,099
2,833,357
2,875,371
Total.....
18 II
$724,278
396,451
$736,840
403,788
unearned.
ill
$8,164,011
4,802,295
Comparative Statement of Consolidated Operating Revenues,
Operating Revenue
Deductions, and Net Operating Revenues of Subsidiaries Only,
for the
Month of March
$8,745,463
4.853,498
$333,051
195,178
$3,361,716
2,342,138
$3,891,965
2.342,138
$137,873
$1,019,578
$1,549,827
1941—3 Mos.—1940
$1,597,595
$462,211
1941
Operating
Operating
revenues
expenses,
Direct taxes
$9,112,815
3,561,994
1,338,895
864,081
$3,404,870
Property retirement & depletion
reserve
$3,347,845
Net operating revenues
Includes $82,290 for Federal
excess
Net sales for the 3
months ended April
30,1941, amounted to $29,490,146
against $25,872,374 for the!like
period of 1940.—V.
152, p. 3331.
Allis-Chalmers Mfg. Co .—New
Vice-President
Mr. J. A. Keogh,
Comptroller of the
company, was elected Vice-President
the annual
meeting of the
Company's directors held in Wilmington,
Delaware on May 9.—V.
151, p. 3331.
3 Months Ended March 31—
Operating
Operating
1940
$9,585,268
3,533,538
xl,730,565
approp'ns
916,295
excluding direct taxes
profits tax.—V. 152, p. 3334.
American Public Service Co. (&
1941—12 Mos.—1940
$6,488,513
$4,225,317
After deprec., interest and
provision for sub.
preferred dividends, but
before Federal income and
excess profits taxes.
x
earned surplus
$3,973,809
$3,999,861 $11,560,860 $11,759,155
Includes $272,370 and $1,077,060 for Federal excess profits tax in the
3 months and 12 months ended March
31, 1941, respectively,
b Full
dividend requirements applicable to
respective periods whether earned or
Corp. (& Subs.)—Earnings—
Period End. Apr. SO—
Profit
revenues
Subs.)—Earnings—
1941
1940
$1,373,201
923,527
$1,285,502
875,233
Other income (net)
$449,674
28,120
$410,269
28,022
Gross income
Interest and other deductions
$477,794
302,439
$438,291
311,645
$175,355
$126,647
expenses and taxes
Net operating income
at
April—
(& Subs.)—Earnings—
1941
a$146,341
Amer.P. &L.Co.—
RR.—Earnings—
$132,648
pref. stock
Alton
....
Foreign Power Co., Inc.—New Directors—
of the
x
x
Folders are
trustee.
...
American &
to
public &c.
deductions.....
Int. charged to construe.
$327,827
195,178
Balance
-V. 152, p.2690.
Allied Stores
York office of the
carried to consol
Taxes
Prov. for depreciation.,
Divs.
New
2691.
p.
Gross income....
Period End.
Apr. 30—
Gross revenue
Net
be made at the
advised that they may present their bonds for
payment immediately and
receive the full redemption price with interest accrued to July 1.—V. 152,
a
Operating
will
ment
other
743,289
247,109
137,767
953,998
396,677
241,125
American European Securities Co.—Bonds Called—
of New York, as trustee, has called for redemption
Guaranty Trust Co.
on
Interest
-Earnings-
24,424
98,487
56,213
Dividend—
Directors have declared one dividend of 15 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 5 and another dividend,
also of 15 cents payable Dec. 15 to holders of record Dec. 5.
See also
V. 152, p. 1271.—V. 152,
p. 2539.
the Climax stock.
The defendants include Harold K. Hochschild,
dent of American Metal; Otto Sussman, Chairman of the
Supply Mfg. Co.—30-Cent Dividend—
April—
^
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as
possible.
Securities and
Act
;
it is not
However, they
FILING OF
1941
May 31,
Net income
Note—Provisions for Federal income
RR.—Earnings—•
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 152, p. 2840.
1941
$1,510,231
336,984
54,121
5,959,526
1,491,042
351,439
ance
1940
1939
Statement of Income (American Public Service Co.
Only)
1938
„
$1,194,583
132,925
defll5,857
$1,221,981
168,334
def75,299
$1,122,421
137,915
defl25,067
5,601,692
854,463
4,837,672
889,045
defl26,020
4,714,183
737,314
def293,220
defl88,872
taxes have been computed in accord¬
with the requirements of the Second Revenue Act of
1940.
3 Months Ended March 31—
Total income
Expenses and taxes..
1941
$170,501
8,333
1940
$131,501
6,543
Net income
$162,168
$124,958
Note—Provisions for Federal income taxes have been computed in accord¬
ance with the
requirements of the Second Revenue Act of 1940.—V. 152,
p. 3333.
\
•"
-
'
Volume
American
V
The Commercial & Financial Chronicle
152
Republics
3485
Consolidated Income Account for Years Ended Dec. 31
Corp. (& Subs.)—Earnings—
<
■■
Consolidated
Income
Sales....
Years
Statement.
1940
i
Ended
Dec.
vj
31
1937
1938
1939
$15,980,556 $12,527,020 $11,586,121 $15,467,633
12,099,129
9,950,446
9,527.673
12.326,432
Cost of sales..
Gross profit from oper. $3,881,427
Profit from operations
Other income credits...
$2,058,448
8,520
$3,141,201
107,714
Deprec. 8c other amort.
Depletion on cost
$3,660,751
1,068,038
*160,216
671,321
11,022
$2,485,792
1,053,957
*113,472
559,100
11,503
$2,066,968
1,037,298
X76.685
566,574
4,183
$3,248,915
1,047,614
705,617
441,651
7,750
Amortiz. of undeveloped
leaseholds
125.738
182.315
168,134
173.110
191,593
57,271
355,174
138,093
197,628
42,863
215,842
212,207
73,800
293.082
187'.l66
$186,861 loss$287,754
130,805
$351,751
523,219
$9,418,611
2,160,763
$3,625,883
2,413,752
$6,039,635
676,886
219,052
165,951
Net Income.^—.—i—.——
Dividends paid—Preferred stock
:
Total income
Drilling
exps.
expenses
1
$11,579,375
525,724
48,507
296,887
$2,576,574
Dr90,782
Gen., adm. & sell.
1939
$112,363,529 $94,885,663
94,371,066
83,045,335
Selling, general & administrative expenses.......
8,487,847
8,066,562
Provision for doubtful accounts
86,005
147,883
Cost of goods sold
Z>r220,676
Other inc. & chgs. (net).
1940
Net sales
—..
Gross income
....
Losses
on retirements of property (net)
Loss from foreign exchange conversions
Interest
(net)
...
Provision for impairment of investments
Other income charges
364,546
158",774
194,084
2,506,911
Prov. for inc. & declared value excess profits taxes.
807,062
Engineer., exploration &
geophysical
Dryhole
expenses.
costs
Res. for Fed. inc. taxes.
Estimated
V'
Net
Earnings
327,012
Surplus......
$693,365
...
......
1940
:
Cash
1,104,490
Notes<fcaccts.rec. 1,982,496
Inv., less res. (at
a
cost
or
market)
Investments
1,619,433
735,852
Other assets.
93,202
167,763
Deferred assets
PixpH
aesfa
of
V".
Notes payable
•
1,080,237
1,265,600
$
1,115,258
1,296,290
Accrued expenses.
293,730
665,699
Deferred credits..
45,264
d235,942
1,973,925 Notes payable, due
after one year.. 2,688,689
735,852
3,251,119
'<*
305,126
102,305 Reserves '
339,440
13,080,490 13,080,490
240,757 c Capital stock
2,389,269
Surplus
3,082,634
Gross surplus
Dividends—Preferred stock
Total
-.22,438,732 21,776,546
a After reserve for
doubtful notes and accounts of $19,000 in 1940 and
$2,000 in 1939.
b Less reserve for depreciation, depletion, amortization
obsolescence of $9,717,279 in 1940 and $9,349,814 in 1939.
c Repre¬
sented by shares of $10 par.
d Includes other liabilities.—V. 151, p. 3548.
•
on extraordinary retirement of property, &c_.
Provision for impairment of investments in and advances
previously consolidated foreign subsidiaries.
Balance, Dec. 31,1940-———
American Tobacco Co.—Officers to Repay Bonuses—
which was settled out of court.
v.
;-::V•iv.'S
The Court ruled that the incentive compensation plan was legal but it
held that certain of the directors had benefited hugely,over the 11 years,
partly because of misinterpretation by the company's Treasurer,of a section
by-laws and because of miscomputations-found by the Court, the
principal one being the inclusion in the base for calculating bonuses of profits
not arising from the manufacture and sale of
cigarettes, little cigars or
tobacco.
The $150,000 share of the legal fees should have been paid by
the directors for their defense and not by the company, the Court declared.
Counsel for the defendants estimatedfthat George W. Hill Sr., whose
compensation has averaged more than i$400,000 a year for the 11-year
period, would be liable for about one-third of the total of $2,018,033.
The
Court granted a 30-day stay in which the defendants can appeal the de¬
cision, and suggested that attorneys for both sides .devise a plan by which
payment of the judjgment could be made over a period of years.—V. 152.
P. 3169.
f
of the
American Roiling Mill Co.—Annual Report—
for 1940 contains the following:
Financing—The management has taken advantage of the prevailing
low interest rates to refinance its existing obligations on a more favorable
basis and to cover current and possible future capital requirements for
production for defense needs and modernization of production facilities.
Company's existing long and short-term ooligacions were taken up follow¬
ing the private sale, on July 1, 1940, to two insurance companies of $5,000,000 principal amount, 10-year 3% debentures, series A.
These de¬
bentures, issued under an indenture between the company and the Chase
National Bank of the City of New York, trustee, mature July 1, 1950.
Funds realized from
the sale
of these
debentures
were
used
to
greatly guages at substantialcapacity for cost.
ghter increase this plant's savings in finishing cold reduced products in
Another $1,000,000 will be devoted to the modernization of the con¬
tinuous bar and jobbing mill at Ashland, where production of hot rolled
made at Middletown will be transferred.
The installation of a new mill at the Butler plant will
now
also increase
capacity for finishing light gauge stainless and light gauge high quality
electrical sheets.
This mill, with auxiliaries, will cost $650,000, and other
additions costing about $350,000 will be made at Butler.
The remaining $1,500,000 of this loan will be used for working capital.
1939
'''v.;,','-.;
receivable—trade
notes and accounts
Other
Inventories—Finished and in-process products.
Raw materials and supplies
Rolls, moulds, stools, spares, &c
:
Insurance fund—cash
/.
Notes and accounts receivable—employees
Investments.,
.......—.........
Property, plant, and equipment
'i
'■
599,667
12.083,046
834,691
15,946,633
12,928,989
3,797,056
393,946
379,371
91,184
10,303,129
80,360,750
1,069,138
1
—.......
Total
157,021,944 144,316,643
Liabilities— <
4 ,,*A'<,*,*.j
''
Notes and overdrafts payable—foreign operations.
2,852,378
Notes payable to banks—domestic operations—.
Trade accounts payable..-..*--.-........
Other accounts payable
—
5,581,479
699,084
Income taxes payable
Other taxes accrued
—
—
Accrued salaries and wages, interest, &c
Dividends payable Jan. 15 on preferred stock
Funded debt.--—-——---.--—.——.......
Reserves
6:—..—
Deferred credits
v
2,022,430
1,550,000
4,905,596
647,494
833,880
924,335
1,452,818
562,500
2,000,000
1,852,260
421,061
8,096
45,000,000
71,715,250
23,759
4,827,741
5,569,424
— —
2,645,019
1,111,126
1,912,040
506,261
9,500,000
1,764,523
79,470
Minority interest in capital stock & surplus of subs.
7,746
4H% cum. conv. pref. stock (par $100)
45,000,000
Common stock ($25 par).
—
—.
71,715,925
Common stock shares in fractional.scrip
23,084
Capital surplus—paid-in———si-■->—: 4,827,741
Earned
,,
682,571
1
—
Goodwill and patents.-...——.-—
Deferred charges.—
I.'//
5.529,042
15,714,924
177,348
13,604,555
659,995
18,470,220
12,692,550
2,986,356
470,631
377,193
70,534
10,314,753
80,800,311
.....
Marketable securities—at cost—
surplus
....—
—
8,796,067
157,021,944 144,316,643
a Valuation at quoted market value for
1940, $272,845; for 1939, $549,292.
b Less reserves for doubtful accounts for 1940, $696,150; for 1939,
$703,872.
c Less reserves for 1940, $18,990; for 1939, $21,849.
d Less
reserves for condition for 1940, $1,803,538; for 1939, $2,110,991.
e After
depreciation and depletion reserves of $49,424,789 in 1940 and $45,856,272
in 1939.—V. 152, p. 3012.
-
American Snuff
Co.—Earnings—
1940
1939
1938
1937
$1,880,366
103,923
$1,938,180
104,073
$2,093,217
96,992
$1,882,615
91,491
profit._ $1,776,442
176,069
4,613
$1,834,107
175,751
2,383
$1,996,226
163,477
2,152
$1,791,124
194,244
2,203
$1,957,124
$2,012,241
$2,161,854
"$1,987,571
475,877
506,870
414,168
$1,376,500
219,534
:
1,410,825
$1,536,365
218,484
1,410,825
$1,654,984
215,784
1,410,825
$1,572,682
215,634
1,410,825
$253,859
3,765,602
$92,944
sur$28,375
3,908,754
9,007,374
$53,777
9,061,151
Calendar Years-—
Operating profit.
Depreciation.
retire
$2,000,000 of 4% first mortgage serial notes of the Hamilton Coke & Iron
Co. (a wholly owned subsidiary company, the properties of which were
acquired and the obligations of which were assumed by the company on the
dissolution of that subsidiary in 1937), which were payable in series of
$400,000 annually beginning in 1942, to pay $1,500,000 in short-term bank
loans, and to provide $1,500,000 for the expansion program at the Hamilton
Works.
At the same time arrangements were made for an additional $2,500,000 principal amount of this same issue of securities to be sold on or
before March 15, 1941.
In November, 1940, the company entered into further agreement with the
same investors for the sale to them, as of Dec.
1, 1940, of 10 additional
series of debentures of $500,000 principal amount each, a total of $5,000,000.
These serial debentures, series B to series K repsectively, mature starting
Dec. 1, 1941, and ending Dec. 1, 1950.
Each series is at a progressively
higher interest rate, ranging from
on series B maturing Dec. 1, 1941,
to 2.6% on series K maturing Dec. 1, 1950.
The average interest rate for
this issue is 2.08%.
The $500,000 series B debentures were retired as of
Dec. 21, 1940, upon payment of 30 days' interest.
Plant Improvements—Of the $1,500,000 for the development program at
Hamilton, $400,000 was spent in the enlargement of No. 2 blast furnace
from a monthly rated capacity of 12,000 gross tons of pig iron to 20,000 gross
tons.
This improvement was completed in November, 1940.
The re¬
maining $1,100,000 is for the addition of 25 new coke ovens, a new turbo¬
blower and generator, and the enlargement of ore storage facilities now under
construction to support the increased furnace capacity.
The increased
output of the Hamilton furnace will enable the open hearth furnaces at
Middletown to operate with a higher percentage of molten pig iron and a
lower percentage of high priced scrap, so that raw material costs per ton
will be reduced.
This should lower fuel consumption, thereby cutting actual
cost of making steel in the existing open hearths.
Two open hearths have
been enlarged and a new soaking pit has also been installed at Middletown
in anticipation of increased ingot production.
The $2,500,000 to be obtained upon issue of the additional series A
debentures, together with the $5,000,000 obtained from the sale of series B
to series K debentures on Dec. 1, 1940, is to be devoted to modernization of
finishing facilities at the company's Middletown, Ashland, Butler and
Hamilton plants.
Of this amount, $4,000,000 is being spent at Middletown for the con¬
struction and installation of a 54-inch 4-high, 4-stand tandem cold reduction
mill, together with the related strip pickling, annealing and auxiliary equip¬
ment.
Work on this installation has already begun and the mill is expected
to be in operation in the third quarter of 1941.
This mill will supplant the
present old style hot finishing mills and the related operations and will
products
$8,796,067
31
1940
Total..
New
toV;'V'>V-,: V
113,258
.....
Consolidated Balance Sheet Dec
Materials in transit
Supreme Court Justice William T. Collins ruled May 26 that George W.
Hill, President, and four vice-presidents must repaylto the company $2,018 ,033 of the amounts received by them as bonuses under the company's in¬
centive payment plan.
The judgment, was fin a'derivative suit brought by
seven stockholders, who asserted the defendants had received excessive
bonuses and salaries during the years 1927 to 1939.
Justice Collins also ruled that<the company should recover from George
W. Hill Sr., George W. Hill Jr., Paul M. Hahn, Vincent Riggio and Charles
F. Nelley, directors of the company, the $150,000 of the legal fees paid by
the company to defend an earlier stockholders'
suitJn the Federal Court
$13,072,619
3,262,546
717,159
183,589
Loss
Assets—
and
The annual report
$5,429,905
7,642,714
....
Cash..-.i.........
....22,438,732 21,776,5461
139,518
-
l
Common stock
appraised value. 16,735,497 16.418,624
Total
-
1939
$
1,269,907 Accounts payable1,035,176
$0.69
Net income for the year.
1940
Liabilities—
$
...
Adjusted balance, Jan. 1,1940...
1939
$
$2,211,909
$3,663,009
$1.96
.
share
not consolidated in 1940
$186,861 def$418,559 def$171,468
Consolidated Balance Sheet Dec. 31
■
per
Earned Surplus Accrued Year Ended Dec. 31, 1940
Balance, surplus, Jan. 1, 1940
$5,569,424
Deduct surplus of previously consolidated foreign subsidiaries
Amortization of intangible drilling costs.
Assets—
h
Surplus
41,238
$1,020,377
income.....
Dividends
lower of
$4,011,909
1,800,000
3,262,546
717,159
prov. for sur-
tax on undistrib-profits
x
$7,642,714
-
—
Common stock
Net operating
Divs. and int. received.
Other income
_
Total income..—..—
Interest
paid.—...... -
579,914
721
———
Federal and State taxes.
Other
710
charges
Net earnings
Pref. dividends (6%)_.
Common divs.
(13%)
Balance, deficit
—
.
...
Previous surplus
Writing down book value
of trademarks, &c
5.126.996
-
paid in 1939 applic. to prior years
Taxes
50,208
Profit and loss surplus $3,511,743
yShs.com. out.(par $25)
434,100
y
$3,908,754
$9,007,374
434,100
434,100
434,100
$3.03
$3.31
;
$3.12
Not including 5,900 shares held by the company as an Investment.
:>-w;
estate,
$
Preferred stock.__
2,511,120
2,501,808
will, &c
Supplies, <fec
Securities
5,000,000
5,688,947
4,965,212
2,937,527
806,072
Notes receivable..
302,586
Cash
5,000,000
Com. div. payable
5,954,620
4,792,764
2.936,897
Ins.,advs.,dlscts.,
Accts. receivable..
Prepaid
764,781
384,643
84,096
73,836
expenses.
$
3,952,800
3,952,800
11,000,000 11,000,000
59,292
59,292
Com. stk. (par $25)
Pref. dlv. payable.
Trademarks, good¬
1939
$
Liabilities—
ma¬
chinery & flxt's.
;V/:;
1940
1939
$
Assets—
Real
<
Balance Sheet Dec. 31
■
1940
a
$3,765,602
$2.66
Earnings per sh. on com.
440,000
440,000
261,015
&c., reserve
259,166
Prov. for deprec. of
securities
777,649
760,137
492,526
443,394
Prov. for Fed. and
State taxes
Prov.
for
deprec.
real est., Ac.
1,739,091
Accounts payable-
51,184
3,511,743
on
Surplus
Total
a
22,285,300 22,419,608
Total....
Including 5,900 common shares at cost
1,699,619
39,599
3,765,602
22,285,300 22,419,608
of $198,107 and 2,939 pref.
shares at cost of $273,881
held in
^^mericarTSafety
Razor Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
b Net income
treasury^—-V. 151, p. 3386.
194()
—-—
c$U.l5
d$U.2q
MiTExclude^lfincome from wholly-owned foreign subsidiaries and from
transactions in foreign countries and which have not been realized in U. S.
Earnings per share
—
The Commercial dc Financial Chronicle
3486
dollars
restrictions
on
and income taxes,
c
due
reserves
to
transfer of funds,
b After depreciation,
On 523,400 shares of capital stock,
d On
524,400 shares of capital stock.—V. 152, p. 2693.
Co.—-Earnings—
American Stores
Consolidated Income Account for Calendar Years
1940
1939
1938
1937
2,157
2,272
2,416
2,620
$124,838,735 $114824,010 $109852,807 $114,565,593
.103,298,309
93,124,037
88,482,765
92,436,739
18,660,962
18,729,810
19,018,205
20,248,420
Number of stores.Gross sales
Cost of sales
.....
Expenses
.
Net earnings
...
$2,879,464
$2,970,163
95,570
$2,978,150
1,066,523
Total Income..
Depreciation
$2,351,837
88.674
$1,880,434
130.728
$3,065,733
1,010,309
98,686
Other income
$2,440,511
953,662
760,761
653,761
$2,011,162
931,809
485,218
Pa. chain-store tax
653,024
657,765
269,000
244,000
14.700
98,505
$989,602
975,990
$1,153,659
650,660
$57,629
$495,634
1.301,320
$13,612
1,301,320
$0.76
$502,999
1,301,320
$0.88
Social security taxes
taxes......
Reserve for
Net income*.
Dividends.
$57,627 def$805,686
1.301.320
1,301,320
x$0.04
x$0.38
x Adjusted
earnings after taxes, due to invalidation of Pennsylvania
Chain Store Tax by State Supreme Court are as follows:
For year 1938,
51c.; 1937, 65c.
Surplus for year
Shs. outstand. (no par).
Earnings per share
Earnings—Earnings of the corporation showed net profits, including
profits on securities sold, after all charges and provision
of $7,884,676 for 1940, $4,057,164 for 1939,
$1,872,978 (loss) for 1938, $9,974,220 for 1937, and $8,943,977 for 1936.
On the basis of the new capitalization, the 1940 earnings are equivalent,
after dividend requirements on the new preferred stock, to $3.85 per share
on
the 1,720,442 shares of common stock outstanding.
For the three
months ended March 31, 1941, net profit amounted to $1,913,772 after
all charges, including increased reserves for taxes; this figure compares
with $2,067,414 for the first quarter of 1940, which included net profit of
£243,125 on sales of marketable securities.
Underwriters—The purchasers have agreed to sell to the several under¬
writers named below, severally and not jointly, and such underwriters have
severally agreed to purchase the respective numbers of shares of preferred
stock and common stock set forth below, aggregating 228,480 shares of
preferred stock and 1,568,000 shares of common stock.
for estimated taxes on income,
$
c
Heal est., plants
and equipment. 12,594,333
Unamort.
fl940
Liabilities—
11,929,270
I
I
3,211,437
5,227,295
Mktable. secure.. 1,949,446 11,998,214
Mlscell. investm'ts
85,099
51,307
Inventories
14,937,534 12,687,094
Accts. receivable.
453,952
640,119
Federal
Goodwill...
Cash..
Loans to employ ees
(secured)
Deferred charges..
Total
*
1939
%
%
Capital stock...19,374,156 19,374,156
Accts. payable and
3,441,976
and
2,562.802
State
735,523
taxes
693,818
Reserve for contin¬
"*r337,958
gencies
567,590
Earned surplus...13,602,881 13,589,269
b Treasury stock.Z>r3520,109Z>r3520,109
33,972,385 33,267,526
Total
Corp.—Offering of Stocks Oversubscribed
underwriting group of 152 investment firms,
headed by Morgan Stanley & Co. Inc. and Dillon, Read &
Co., on May 26 offered to the public 228,480 shares of 5%
cumulative preferred stock (par $100) and 1,568,000 shares
of common stock (par $14).
About 500 additional invest¬
ment dealers participated in the distribution of the securities.
The preferred stock was priced at $107.50 per share plus
accrued dividend from May 1, and the common stock at
$24 per share.
Both issues were largely oversubscribed.
The securities do not represent new financing on the part
of the corporation.
Other bankers offering the stock in addition to Morgan
Stanley & Co. Inc. and Dillon, Read & Co., included the
following: Mellon Securities Corp.; Lehman Brothers; Union
Securities Corp.; The First Boston Corp.; Harriman Rinley
& Co., Inc.; Smith, Barney & Co.; Blyth & Co., Inc.; Kid¬
der, Peabody & Co.; Clark, Dodge & Co.; Dominick &
Dominick; Goldman, Sachs & Co.; Hemphill, Noyes & Co.;
Shields & Co.; White, Weld & Co.; Lazard Freres & Co.;
Dean Witter & Co.; Eastman, Dillon & Co.; Merrill Lvnch,
E. A. Pierce & Cassatt; Drexel &
Co.; Hornblower & Weeks;
Stone & Webster and Blodget, Inc.; E. S. Dickson & Co.,
Inc.; Graham, Parsons & Co.; E. H. Rollins & Sons, Inc.;
Blair & Co., Inc.; W. E. Hutton & Co.; Paine, Webber &
Co.; R. W. Pressprich & Co.; Reynolds & Co.; Spencer
—A nation-wide
Trask & Co.; Francis I. du Pont & Co.; Laurence M. Marks
& Co.; L. F. Rothschild &
Co.; Schoellkopf, Hutton &
Pomeroy, Inc.; Bear, Stearns & Co.; H. M. Byllesby & Co.,
Inc.; Dick & Merle-Smith; Equitable Securities Corp.;
Fenner & Beane; Green, Ellis & Anderson;
Hallgarten &
Co.; G. M.-P. Murphy & Co.; Riter & Co.; Swiss American
Corp.; Tucker, Anthony & Co.: G. H. Walker & Co.; Wertheim & Co.; Baker, Weeks & Harden; Starkweather & Co.;
Van Alstyne, Noel & Co.; Carl M.
Loeb, Rhoades & Co.;
Maynard,
With this offering American investors
acquired ownership of the largest
Courtaulds, Ltd.,
The corporation
a
British
was
company.
formerly an
In March a
purchased from the British Treasury
91 % of the stock of the corporation.
preferred stock is redeemable at the option of the corporation, at
™me, in whole or in part, upon not less than 30
days* notice, at $115
per share and accrued dividends.
In the
opinion of counsel for the under¬
are exempt under present laws
writers, tne
preferred and common stocks
tfTJl Pennsylvania personal property taxes
X°rI5-
a
now
aggregating 8 mills and the
legal investment for life insurance companies in New
agreed to make application for the listing of
stocks on the New York Stock Exchange.
Tne corporation has
and
common
dividend of $1.25 per share was declared on the
JT
stock and a dividend of 50 cents per share on the common stock,
d 1° stockholders of record July 15. At that time the
„JlnTounced
they expected to follow the policy of paying divi-
!uLjL£ay
sistent with
ar.e & reasonable proportion of the company's earnings
maintaining a strong working capital position.
attention— As
a
wlvi,
which
oKn
tion
c'no
i.a
250,693 shares
common
has
con¬
result of recapitalization subsequent to the purchase
Eifi? IpocIftfA Tro^smy. the
new capital structure of the corporation con-
®d shares of 5% cumulative preferred stock, of
are outstanding, and
2,000,000 authorized shares of
stock, of which 1,720,442 shares are outstanding.
The corpora¬
funded debt.
Approximately 5% of the new preferred and
common stock has been retained
by Courtaulds, Ltd., and approximately
4% by other holders of the old stock.
Business—-The corporation, incorporated in Delaware in
1922, is engaged
principally In the manufacture and sale of viscose rayon yarns, viscose
rayon staple
fiber and acetate rayon yarns.
It obtains substantially
no
OV^ raw materials in the United States and Canada
all of
its products in the United States.
and sells practically
The corporation owns six manufac¬
turing plants for the production of viscose rayon and one for the manufac¬
ture of acetate rayon, located in
Pennsylvania, Virginia and West Virginia.
According to figures in the prospectus, the corporation in 1940 and In the
5,000
3,000 20,000
2,000 14,000
5,4.50
Goldman, Sachs A Co
2,725
Harriman Ripley A Co.,Inc. 5,450
Hemphill, Noyes A Co---- 2,725
The First Boston Corp
36,450 Janney&Co—
18,200
Johnson,
-
Kidder, Peabody A Co
2,725 18,200
750
5,000
350
2,500
750
-
5,000
350
W. W. Lanahan A Co—
2,500
500
3,500
500
3,500
750
Knight, Dickinson & Co
10,830 75,650 Laird, Blssell A Meeds——
Smith, Barney & Co.
Union Securities Corp
1,500 10,000
500
3,500
Lane, Space A
Co., Inc
36,450
18,200 Johnston, Lemon & Co
5,450 36,450 Kalman A Co., Inc
10,830 75,650 Klrkpatrick-Pettls Co
5,000
5,450
8,175
2,725
1,500
White, Weld & Co.
A. C. Allyn &
Co., Inc
Almstedt Brothers
-
-
Auchincloss, Parker A
Redpath
Bacon, Whipple & Co
Baker, Watts & Co—-----
.
—. _ _ -
-
Baker, Weeks A Harden.
_
.
Ball, Coons & Co
BancOhio Securities Co—
5,450 36,450
36,450 Lazard Freres & Co
54,750 Carl M. Loeb, Rhoades A
Co
i.500
3,500
18,200
350
2,500
10,000 W. L. Lyons & Co...
350
2,500
350
2,500 Mackubin, Legg & Co
3,500 Laurence M. Marks & Co. 1,500 10,000
500
Mason-Hagan.
7,000
A. E. Masten & Co
3,500
750
350
5,000
McDonald-Coolidge & Co.
2,500
Merrill
350
2.500
7,000
Minsch, Monell & Co.,Inc.
1,500 10,000
350
2,500
Mitchum, Tully & Co
Moore, Leonard & Lynch--
Maynard H. Murch A Co.
G. M.-P. Murphy & Co—
350
2,500
1,500 10,000
500
3,500
500
3,500
1,000
7,000
W. H. Newbold's Son A Co.
1,500 10,000
2,000 14,000
Boettcher A
2,000
350
Co
—
14,000
2,500
350
2,500
350
Bosworth, Cbanute, Loughridge & Co
——
500
Newhard, Cook & Co—
350
2,500
Brush, SLocumb & Co
500
1,000
3;500
500
7,000
3,500
350
750
6,000
500
Pacific Co. of California.—
1,500 10,000
3,500
3,500
350
2,500
A
Durst
2,500
Alex. Brown A Sons.—
H. M. Byllesby & Co.,Inc.
Frank B. C'ahn & Co
The Milwaukee Co
O'Melveny-Wagenselier
George D. B. Bonbright A
Co--
& Cassatt---
3,500 25,000
500
3,500
1,000
—
500
3,500
1,850 12,500
i.i
Bear, Stearns & Co
Bodell A Co., Inc
—_—
Lynch, E. A. Pierce
7,600 Merrill, Turben & Co
A. G. Becker & Co., Inc—
Boenning A Co
350
Lawrence.---
5,000
2,500
BIddle, Whelen A Co
3,500
2,500
Maynard, Oakley A
350
Blair & Co., Inc..
500
Inc
1,000
500
750
1,000
Co
Bankamerlca
Bateman, Eichler & Co
Paine, Webber & Co.—
2,000 14,000
Piper, Jaffray & Hopwood.
350
2,500
Prescott, Jones & Co., Inc.
350
2,500
R.W. Pressprich & Co
2,000 14,000
Putnam A Co
500
3,500
350
—
2,500
2,500
Reinholdt & Gardner
350
2,500
Reynolds & Co
350
2,500
The
350
2,500
Courts & Co
500
3,500
E. H. Rollins & Sons, Inc—
2,500 17,500
Curtlss, House A Co
350
2,500
L. F. Rothschild A Co—
1,500 10,000
1,500 10,000
Childress & Co
-
E. W.Clark A Co-
—
—
Inc
-
Cooley A Co
—*-«
2,000 14,000
1,000
Riter A Co—
Richard W. Clarke & Co..
7,000
750
5,000
Robinson-Humphrey
Co
—
—
350
2,500
350
1,000
2,500
Schoellkopf, Hutton A
Pomeroy, Inc
Paul H. Davis & Co
7,000
Schwabacher A Co
—
750
5,000
Dick & Merle-Smith
1,000
7,000
Scott & Stringfellow
350
2,500
R, S.Dickson & Co., Inc—
Dixon & Co
2,500 17,500
Chas. W. Scranton & Co—
350
2,500
I. M. Simon A Co
350
Drexel A Co
3,000 20,000
750
5,000
Francis I. du Pont & Co.—
1,500 10,000
Singer, Deane A Scribner—
Smith, Moore A Co
350
2,500
Eastman, Dillon & Co
3,500 25,000
Wm. R. Staats Co
750
J. M. Daln & Co
Davenport & Co.-------
3.50
2,500
•
2,500
5,000
750
350
2,500
Starkweather A Co
500
3,500
Stein Bros. & Boyce——
1,000
7,000
Stem Brothers & Co
350
2,500
2,500
7,000
3,500
350
2,500
Stone & Webster and Blod¬
350
5.000
1,000
500
Elkins, Morris & Co.——-
Elworthy A Co
Equitable Securities Corp.
——
-
Stix &
Clement A. Evans & Co.,
Inc
-
——
Evans, Stlllman A Co
Fahey, Clark A Co—Farwell, Chapman & Co
get,
Co.—————i--
Inc..3,000 20,000
1,000
350
Ferris A Hardgrove
Ferris Exnicios & Co., Inc.
2,500
2,500
7,000
Lowry Sweney, Inc
Swiss American Corp
750
5,000
Spencer Trask & Co
2,500
500
3,500
Van Alstyne,
First of Michigan Corp.—
350
2,500
Vietor, Common A Co
Folger, Nolan A Co., Inc..
350
2,500
G. H. Walker & Co
750
5,000
350
Granbery, Marache & Lord
2,500 17,500
350
2,500
Green, Ellis & Anderson
1,000
7,000
350
2,500
Grubbs, Scott & Co—
Hallgarten & Co
1,000
7,000
Harris, Hall & Co. (Inc.)—
Hawley, Shepard A Co
1,000
7,000
Hill & Co
-
500
3,500
350
were
750
5,000
350
2,500
1,000
Noel & Co—
7,000
350
Wells-Dickey Co
Wertheim & Co
—
2,500
350
Watling, Lerchen & Co
Weeden & Co—
2,500
350
2,500
1.000 7,000
The Wisconsin Co
2,000 14,000
Dean Witter & Co
4,500 30,000
Woodard-EIwood & Co
500
3,500
Yarnall A Co.----------600
3,500
2,500
Further details regarding the company,
&c.,
2,500
1,000
7,000
2,000 14,000
1,000 7,000
Tucker, Anthony & Co
Field, Richards <fe Co.
7,000
350
Stroud & Co., Inc
350
1,000
Fenner & Beane.-
Graham, Parsons A Co
the preferred
750
Jackson & Curtis
Robert Garrett A Sons
preferred stock is
J.J. B. Hilliard A Son
W. E. Hutton & Co
& Co.
J investment banking firms
2,500
2,725 18,200
Oaklev & Lawrence; George D. B. Bonbright
Co.; Richard W. Clarke & Co., Inc.; Granbery, Marache
& Lord; Minsch, Monell &
Co., Inc., and Vietor, Common
<fe.
producer of rayon in the United States.
American subsidiary of
Shs.
350
Hornblower <fe Weeks
Ames, Emerich & Co., Inc.
American Viscose
m
Shs.
5,450 36,450
2,725 18,200
Shields & Co
P->334.
fv. ?
about
Name—
Hill, Richards & Co
Blyth A Co., Inc
CJark, Dodge A Co
Mellon Securities Corp
a Represented by
1,400,000 shares of no par value,
b Represented by
98,680 shares of common stock,
c After depreciation of $10,815,255 in
1940 and $10,758,935 in 1939,—V. 152,
'
Shs.
Kuhn, Loeb A Co
Lehman Brothers------- 8,175 54,750
82,845 £* 122,005
234,303
223,435
.-..33,972,385 33,267.526»
Com.
Pref.
Com.
Shs.
Name—*
Morgan Stanley A Co. Inc. 10,835 75,650
Dillon, Read A Co
10,835 75,650
Dominick & Dominick
accruals
423,434 £} 388,787
►
—
a
of
cost
leasehold improv
Pref.
1939
%
1941
Interest received and
'Consolidated Balance Sheet Dec. 31
1940
Assets
May 31,
about 30% of the total domestic ship¬
ments of viscose yarns, more than 12% of total domestic shipments of
acetate yarns and approximately 51% of total domestic shipments and
imports of staple fiber.
Assets and Liabilities—The corporation's total assets as shown by its
March 31, 1941 balance sheet were $121,537,953.
Property, plant and
equipment were carried at $66,467,758 after deducting reserves for depre¬
ciation
and special reserves aggregating $67,371,527.
Current assets
amounted to $53,727,487, including $9,831,430 cash and marketable bonds
carried at $24,623,163.
Current liabilities were $7,996,051.
The balance
sheet showed a total net worth of $113,541,901, including surplus reserves
of $42,000,000, available for the $25,069,300 par value of preferred stock
and the 1,720,442 shares of common stock.
This is equivalent to about
$51 a share on the common stock.
first three months of 1941 shipped
including earnings, balance sheet,
3335.
given in V. 152, p. 3170.—V. 152, p.
American Stove Co.—EarningsCalendar Years—
1940
1939
1938
1937
Sales, less discounts, re¬
allowances.—$13,821,907 $13,452,800 $11,034,284 $12,806,013
Cost of goods sold, excl.
of depreciation
9,296.325
8,312,380
8,562,119
t
9,735,723
Selling, distribution and
1,908,376
2,051,332
advertising
2,149,920
2,043,876
603,403
187,691
Admini8. & general
203,151
234,677
349,881
392,587
Charges for deprec
See a
See a
$1,382,232
$90,294
$1,877,922
Operating profit
$1,733,114
turns &
Other income
84,439
-
Total income
Other deductions
Federal income taxes
Excess profits taxes
Underprov. for
Loss
on
35,740
57.120
$1,931,184
$126,034
42,249
11,069
$1,439,352
58,250
216,000
69.937
b359,39f
c51,000
948
pr. year.
25,036
sale of securities.
Net profit
Dividends
Earns,
53,262
$1,817,553
71,121
b438,088
135,000
per
$1,173,343
674,988
■
sh.
on
$1,501,848
836,985
£47,680
210,996
$1,113,153
755,986
cap.
$0.08
$2.06
a Depreciation
charges amounted to $434,167 ($420,985_ in 1939) are
included in costs and expenses,
b Includes $9,088 ($4,399 in 1939) addi
stock.
$2.17
$2.78
Volume
The Commercial & Financial Chronicle
152
tional for
prior years- -paid
undistributed profits.
provided for.
or
Balance Sheet
1940
Assets—
as at
949,501
672,559
903,103
Receivables.... 2,199,240
777,528
1,756,043
Inventories
3,529,018
135,804
3,518,645
equipment (net) 6,119.696
Deferred charges..
167,775
6,306,416
153,072
....
Other assets
1939
1940
Liabilities—
;
$
%
Accounts payable.
Market, secure.
for surtax on
Dec. 31
1939
$
Current assets:
Cash
Provision
c
610,804
744,084
Local, Fed. capital
stock
and
State
taxes on income.
Federal tax
127,118
come
Property, plant &
103,361
87,387
577,445
357,641
In¬
on
(estd.).
Reserves
659,956
Capital stock... 5,399,900
y
Capital surplus
608,881
5,399,900
4,785,365
4,506,772
Earned surp. since
recap.May 5,'33 2,012,620
Total
14,004,138
13,311,380«
Total....
1,461,402
14,004,138
Report-
Effective Aug. 1, 1940, Arden Farms Co. (formerly named Western
Dairy Products Co.), Arden Farms, Inc., (formerly named Western
Dairy
Products, Inc., and California Dairies, Inc.) and Arden Protected Milk
Co., (formerly named California Cooperative Creamery Co.), the operating
subsidiaries, were merged into Western Dairies, Inc., and the name of
Western Dairies, Inc., was changed to Arden Farms Co.
•The company arranged to borrow $1,500,000 from the Travelers Insur¬
ance Co., at 4% to be repaid $150,000
per annum for 10 years beginning
May 15, 1941.. During 1940 the company redeemed by proceeds of this
loan the balance of $1,325,000 6 and 6J^ % bonds and debentures of
operat¬
ing subsidiaries outstanding on Jan. 1, 1940, which bore maturities 1941
to 1948.
■.>/
Other proceeds of the new 4% loan were to provide for other
outlays
required in connection with the merger or to be added to working capital.
Consolidated Income Account for Years Ended Dec. 31
13,311,380
y Represented by 539,990 shares of common stock without nominal or
par value, stated value $10 per share.—V. 152, p. 3012.
3487
Arden Farms Co.—Annual
selling,
American Water Works & Electric Co., Inc.—Weekly
1940
■'"
<
Net sales
Cost of goods sold
(incl.
delivery
1939
1938
1937
$19,937,722 $18,002,710 $17,433,612 $19,286,473
.
and
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended May
24,1941, totaled 61,948,000
kilowatt hours, an increase of 17.8% over the
output of 52,597,000 kilo¬
watt hours for the
corresponding week of 1940.
administrative exps.).
18,741,239
16,943,280
16,382,346
18,327,013
Net
Output—
$1,196,483
521,928
$1,059,429
$1,051,266
518,199
$959,461
528,747
$674,554
32,584
$526,470
Other income
$533,067
20,245
$430,713
$707,140
135,142
60,000
$548,320
Interest
$101,946
30,000
$553,313
$111,869
30,000
$445,319
$116,762
19,000
$511,998
$416,374
$411,444
$309,557
earnings
Depreciation
Net oper. income.
532,960
21.851
14,606
Comparative table of weekly output of electric energy for the last five
follows:
Week Ended—
years
May 3
May 10
May 17
May 24
—V. 152,
1941
1940
1939
1938
1937
51,054,000
51,331,000
51,895,000
52,597,000
58,097,000
62,196,000
62,098,000
.61,948,000
39,367,000
39,154,000
43,150,000
44,616,000
38,666,000
39,542,000
37,701,000
38,603,000
50,876,000
51.191,000
50.723,000
50,672,000
p. 3335.
charges
Prov. for Fed. inc. taxes
Net
earnings..
Portion of earns, applic.
to
pref. & class A stock
,
of subsidiaries
Anchor Hocking Glass
Corp.—Earnings—
1940
>3,000
11,183
8,917
8,541
$508,998
$405,191
$402,527
$301,016
$7.86
$6.64
$6.60
Dividends paid on preferred stock of former
subsidiary .
Consolidated Balance Sheet Dec. 31
$4.93
Net
Consolidated Statement of Income for Calendar Years
1939
xl938
Salds and machinery rentals, less dis¬
Earnings per share
preferred stock
a
counts, returns and allowances
Cost of sales
$24,535,409 $24,345,147 $21,549,477
18.488,427
18,385,940
16,847,081
Depreciation, incl. cost of new molds
1,098,513
1,023,783
1,003,141
Patent royalties.
878,659
820,735
684,173
Selling, admin, and general expenses.
2,353,968
2,308,666
2,007,468
Income
Assets—
v
$1,715,842
—
$1,806,023
48,027
25,911
1940
hand
on
Other
Prov.
i
$1,741,753
Federal
for
and
Canadian
Profit for the year
$6.50 preferred dividends
$5 preferred dividends
Customers' notes
<fc accts. receiv'le
1,264,405
$1,224,061
70,520
The year
share
$752,400
265,886
500.885
321,998
stock.
on common
$1.65
$0.68
purpose of
comparison.
Consolidated Balance Sheet Dec. 31
1940
1939
$
$
1940
Liabilities—
Cash in banks and
on
a
•
1939
A;
$
3,059,457
3,559,052
746,125
656,667
missions & exps.
hand
<fe accts. receiv'le
451,012
2,113,378
27,570
3,370,475
2,012,163
771.188
614,063
20,738
397,470
309,626
Cash in closed bks.
5,455
6,694
Misc. stks & bonds
6,645
6,645
Inventories
32,423
cost
Customere'deposits
3,064.177
on unfilled orders
Unearned income.
22,133
Reserve for furnace
Repair and leased
47,420
19,009
Mln.
bLand, bldgs., machin*y,eqpt.,&c. 8,861,511
int.
stock
<fc
in
19,265
409,948
repairs
machine parts &
supplies
874,935
cap'I
surplus
of subsidiary
$6.50conv. pf. stk
.
......
..
120,739
4,090,500
$5pref stock
3,787,960
Common stock...d8,944,375cl3,555,768
9.041,368
Constr. In progress
Deferred charges..
264,531
111,701
Capital surplus...
94,057
108,815
Earned surplus...
Pat. A pat. rights.
vl
1
Goodwill........
......
3,538,896
1,115,307
1,976,364
353,794
Funded
z
332,720
68,606
55,449
1,325,000
Fed'l
taxes
debt
1,350,000
*"
sidiary cos.'-.-,
■:
458,480
432,589
241,264
247,976
'
169,909
-i——
Res. for compensa¬
tion insurance
c
$3 cum.
.v
Nwq
lis,000
100,000
& part.
;
preferred stock. 2,588,400
2,440,014
d Common stock..
316,343
362,283
4,458,398
4,439,111
493,259
459.899
Capital surplus...
413,618
1,500.568
■4,169.284
Earned surplus
32.633
57,920,661 $7,423,152
405,524
Total
-..87,920,661 $7,423,152
reserves,
b After reserve for depreciation of $5,240,225 ih 1940
$4,889,747 in 1939.
c Represented by
64,710 (61,000 in 1939) no
par shares,
d Represented by shares of $1 par.—-V. 152, p. 3171. «?
a
—
After
Associated
Canadian
and State taxes.
Land & dwellings,
products,
affil.cos.(at cost)
b Plant & equip...
Deferred charges..
377,731
Federal,
(lees reserves)..
Mis cell, accts. rec_
129,872
897,891
and
Accounts payable.
Accrd. wages, com¬
Customers' notes
at
Ws.
for
Mln, stockholders'
interests in sub-
materials &
Total
Reserve
1939
842,461
902,415
payable.
Accrued liabilities.
income
and advances to
$1.43
1940
8150,000
Accounts
,
118,998
supplies
Prepaid expenses..
Investments, prin¬
cipally stocks of
129,135
572,440
1938 figures have been reclassified for
Assets—
ished
81,613
$1,445,498
265,886
1,182,589
,
Inventories of fin¬
raw
Common dividends
per
220,194
482,906
$596,100
Sundry notes and
in¬
taxes..-,...---.----..-...,
Earnings
$1,054,207
357,948
deductions—34,786
come
x
$1,854,050
50,604
Liabilities—
Notes payable
accts. receivable
Total income
1939
$1,062,771
a
$1,007,614
46,593
$3
Cash in banks and
a
Profit from operations.
Other income
on
Dry
GoocU
Corp.—Refinances
With
Bank
Loan—
been announced that corporation
It has
on April 1 borrowed $500,000
Morgan & Co., Inc., and $500,000 from Guaranty Trust Co.
bearing interest at lh % annually, will mature from April 1,
1942, through 1946.
Of the proceeds $975,171 was used to purchase from the Mutual
Life
Insurance Co., New York, a bond and mortgage of $950,000 and
bearing
interest at 4%,
The mortgage covered certain premises in New York
owned by Adrico Realty Corp., a wholly owned subsidiary.
The balance
of the bunds received will be used for general corporate purposes.—V.
152
p. 3171.
from J.
P.
The notes,
432,208
Associated Gas & Electric Co.—Funds Studied—
y'.;
1,524,398
Federal Judge Vincent L.
Leioel decided May 23 to refer to a special
$200,000 funds set up with
Paying Agency by H. C, Hopson, one for Associated Gas &
Electric Corp. and the other for Associated Gas & Electric Co.
The court
master the determination of the status of two
Transfer &
Total.........18,221,288 21,813.694
Total..
18.221,288 21,813,694
After reserve of $144,095 in 1940 and $137,296 in 1939.
b After reserve
depreciation of $7,676,162 in 1940 and $7,236,283 in 1939.
c Repre¬
sented by 715,550 shares (no par value),
d Represented by 715,550 shares
($12.50 par).—V. 152, p. 3013.
a
for
Andes Copper
net electric
Consolidated Income Account for Calendar Years
(kwh.).
This is an increase of 17,112,816 units or
duction of 94,232,082 units a year ago.—V. 152, p. 3335.
units
(Including Potrerlllos By. Co.]
V:/-;y-id39
1938
'
1937
Copper sold ilbs.)
163,187,412 120,621,227 121,923,082 116,711,843
Rev. from copper sold..$18,459,845 $12,959,209 $12,166,233
$14,817,723
Prod, cost, less value of
silver and gold.
Other income
18.2% above
pro¬
"
Associated Public Utilities Corp.—Dividend—
At a special meeting held on April 25,1941, the board of directors declared
dividend of 12 He. per share upon the common stock payable June 14,
1941, to holders of record at the close of business on June 4, 1941.
Holders of five-year convertible secured gold bonds of Utilities Public
a
11,028,963
8,023,813
7.963.648
6,974,252
$7,430,882
319,022
Operating profit
Weekly Output—
■
The Atlantic Utility Service Corp. reports that for the week ended May 23
output of the Associated Gas & Electric group was 111,344,898
Mining Co.—Earnings—
-
acted on the motion of trustees for the two companies.
The question to
be determined is whether the funds are to go to holders of uncashed coupons
of securities of Ageco and Agecorp or into their respective general assets.
$4,935,396
274.188
$4,202,585
214,330
$7,843,471
419,282
Service Co., or certificates of deposit issued in respect of such bonds, who
have not exchanged them for common stock of this corporation in accordance
reorganization, dated May 1, 1937,^of Utilities
the dividend payable upon the stock issuable
(in the ratio of 50 shares for each $1,000, principal amount of
bonds or certificates of deposit) only after surrender of their bonds or
certificates of deposit to the Huntington National Bank of Columbus,
Columbus, Ohio.—Y. 151, p. 3738.
with the amended plan of
Total
$7,749,904
*5,209.584
$4,416,915
y20,301
1.269.931
$8,262,753
1,319.796
576,318
zl,380,781
Int. Incl. disct. of debs.
Deprec. of plant & equip
1,723,978
1.267,386
y215,375
1.210,939
S. and Chilean taxes
U.
estimated
1,763,908
Net profit
$4,262,018
$2,622,402
$2,550,365
$1.19
$0.73
$0.71
Earnings per share on
capital stock_
Interest on loans only,
y
z
•
No United States surtax
on
$5,455,658
>.'/
$1.52
undistributed
income is deemed to be payable.
Consolidated Balance Sheet Dec. 31
1940
<fe
Liabilities—
Buildings,
machry
equipment, <fcc. .40,254,281 41,739,314
25,309
25,309
6,696,241
6,315,992
583,050
Accts. receivable-Cash
7,110,185
825,692
1,026,331
—
Deferred charges..
Other assets
y
•
payable...
59,906
89,638,954 88,155,4721
Surplus
245,890
16,178
940
Arbor
RR.-
15,678,996 14.999,357
Net from
railway
Net ry. oper. Income—
From Jan. 1—
Gross from railway.....
Net from railway—
Net ry. oper. income.
__
Gross from railway
89,638,954 88,155,472
1939
1938
$330,415
61,922
24,556
$265,323
def9,105
def47,886
$280,913
27,374
def9,957
1,439,949
344,687
181,406
1,330,472
221,094
80.933
1,222,898
143,245
defl ,819
def39,287
$7,635,478
13,431
$2,215,099
13,417
Net from railwayNet ry. oper. income...
—V. 152. p. 3171.
1941
1940
-Earnings1939
$339,732
55,094
def3,769
$276,219
8,267
def42,710
defl8,601
1938
$289,261
30,411
def23,496
1,408,802
237,568
13,460
1,189,521
108,960
def87,068
1,262,516
231,136
17,392
1,152,531
107,689
def96,477
$280,625
35,330
Atlanta & West Point RR.- —Earnings—
1940
$331,636
64,742
28,458
—V. 152, p. 2843.
$805,296
13,414
Atlanta Birmingham & Coast RR.~
April—
Gross from railway—
Net ry. oper. income—
From Jan. 1—
-Earnings—
1941
April—
Gross from railway
income. $2,337,056
13,431
Avge. miles operated.-—V. 152, p. 2843.
Net from railway
Total.
System—Earnings—
50,771
188,905
Accounts payable.
Reserves
Atchison Topeka & Santa Fe Ry
Period End. April 30—
1941— Month—1940
1941—4 Mos.—l940
Railway oper. revenues_$16,378,347 $13,029,407 $59,671,058I$48,131,469
Railway oper. expenses. 12,429,004
11,008,878
46.039,917
41,021,399
Railway tax accruals.—
1,696,818
1,227,269
6,191,384
4,857,713
Other debits or credits—
<>84,532
Crl2,036
0195.721
Dr37,258
Net ry. oper.
8
Represented by shares of $20 par.—V. 151, p. 3226.
Ann
■
Wages
them
1939
stock...71,647,580 71,647,580
Accrued liabilities. 2,047,388
1,210,933
1,059,467
3,018,588
1,683,619
1,158,821
Investments
Supplies & metals-
$
y Capital
concessions.—33,117,864 33,154,363
Total
1940
1939J
Assets—
Mines, claims,land
Public Service Co. will receive
to
1,090,950
98,498
April—
1941
1940
1939
$196,119
51,373
15,510
$152,377
def8,501
$139,664
14,909
defl 0,052
Gross from railway
748,552
Net from railway
200,652
623,220
85,893
defl0,504
fdef29,472
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
Net ry. oper. income—
—V. 152, P. 2843.
60,391
16,696
569,176
66,519
1938
$127,960
def584
def22,429
519,220
.
9,686
def83,368
The Commercial & Financial Chronicle
3488
Atlantic Coast Line
Period End. Apr. 30—
Operating revenues
Oper. expenses
.
_
RR.—Earnings—
$938,407
$8,360,840
$4,719,749
750,000
600,000
2,550,000
2,150,000
Operating income
$1,503,092
Equip. & jt. fac. rents.. 0220,989
$338,407
Cr276,575
.........
$5,810,840
$2,569,749
Cr907,915 Crl,026,708
1
Seeks Bids
$1,282,103
$61,832
$4,902,925
$1,543,041
$7,880,000 Equipment Issue—
the company was mailed May 24 for bids on an issue of
H equipment trust certificates to be dated July 1, 1941
on
Invitations by
$7,880,000 series
of the succeeding 10 years. The invitations specify
that the bidder name a rate for the certificates and a price bid for same not
less than 100.
Bids are to be opened June 4.
The eguipment trust will
cover 2,900 freight cars of various kinds, costing approximately $8,762,000.
The company has applied to the Interstate Commerce Commission for
authority to issue the obligations.—V. 152, p. 2843.
and due $788,000 in each
399,400
840,000
1,764,400
Common stock..
2,987,047
2,987,047
Inventories—... 8,265,299
6,644,212
Trustee
64,533
60,869
6,990
14,700
156,254
93,673
63,611
156,84#
Trade accts. rec --
Railway oper. revenues_$14,748,374
Maint. of way & structs1,503,246
Maint. of equipment
4,145,740
Traffic---!-
—
Transportation
—
Miscellaneous operations
General----.---------
Transp. for investmentINTfifv
from
tgv
3,384
13,122
4,022
Res've for diVB. on
14,545
7% 1st pref. stk.
64,533
60,869
48,744
33,404
year
Revenue stamps—
Trade creditors
Accrued wages,<fec.
Cash for
purchase
stock
fund.
Invest, in controll¬
of 1st pref.
for sinking
150,100
150,100
69,874
buildings,
equipment, &c_ 2.363,597
Cigar mach'y, li¬
b Land,
$1,296,101
20,471
89,139
$937,259
230,063
21,091
$4,034,142
783,587
663,093
$3,812,168
768,547
482,880
$1,712,879 $11,612,773
$6,576,605
1941—Month—1940
$1,239,151 $1,062,625
928,841
866,475
v'V v
1941—4 Mos.—1940
$4,659,298 $4,160,809
3,738,074
3,486,323
Net oper. revenue
Taxes
$310,310
152,576
$196,150
101,176
$921,223
509,955
$674,486
402,591
Operating income
Non-operating income--
$157,735
1,327
$94,974
1,638
$411,268
6,076
$271,896
5,693
Fixed charges.
$159,062
5,466
$96,612
5,466
$417,345
21,151
$277,589
21,151
$91,145
$153,595
A 4% and 5% debentures-
$396,193
117,603
Beatrice Creamery Co.
2,809,559
13,455,993
.
2,709,314
11,652,970
1940
1939
1937
done..$11.120,874 $12,881,752 $13,702,054 $13,814,915
11,451,579
loss$330706
511,664
Net trading profit
Other income
$180,958
Total income
364,928
Deprec., depl. & amort..
U. S.&Trinidad Inc taxes
a4,826
def$188,796
195,091
Net profit
Common dividends
14,175,003
12,752,744
$530,102 loss$472,949
536,940
542,623
$1,062,171
191,304
$69,674
365,425
37,072
$1,253,475
375,288
134,290
$544,4521oss$332,822
$743,897
390,180
$1,067,041
367,344
155,246
97.545
196,529
$2,363,141
406,500
$1,887,524
264,230
$1,647,453
202,593
201
154
44
$1,956,440
$1,623,141
$1,444,-815
469", 460
483,085
756,089
483",085
762,801
486,651
567,051
$454,047
Crl3,000
$717,266
Crl 1,000
$478,486
24,716
3,558,103
8,779
2,838,616
2,474",825
2,076,315
$4,000,434
$3.18
$3,558,103
$3.89
$2,838,616
$3 01
$2,474,825
$2.53
61,727,091
90
stocks of subs
661,570
loss on disposal of
assets of disc'd plants -
$391,023
Cr20,000
Net
114,695
Prior years taxes
Previous surplus
Profit & loss surplus--
12*,512
Consolidated Balance Sheet Feb. 28
Feb. 28 '41
$
Feb. 28 '41
Feb. 29 '39
$
Assets—
Liabilities—
•
12,222,486 12,293,379
$25)
136,948
5,060,437 Accounts payable
3,549,853 Accrued wages
124,941
4,803,877
3,973,468
9,546,650
9,453,525
484,873
35,330
570,395
55,533
local
taxes
173,021
165,099
Deferred income..
2,611,953
2,368,697
Prov. for Fed. tax.
Minority Interest.
Due fr. employees.
43,804
43,803
Due from others..
97,246
152,646
Prov.
Miscell. investm'ts
116,648
3,674
124,095
Deferred charges..
238,912
183,051
security tax
Capital surplus..
Earned surplus...
Adv. to officer....
24,494,129 24,254,7021
Total
9,661,700
.
132,905
127,888
—...
Inventories
$
9,131,700
Prov.for State and
Customers rec. un-
secured
Feb. 29 '40
$
Cum. pref. stock..
Common stk.
par
Land, bldgs. and
Inv.&adv.affll.co.
12,351,651
1,031.171
$1,465,408
182,045
Beatrice pref. dividends _
Common dividends
b Accts.¬es rec
"
1,096,374
i:i68,791
paid and accrued
Divs.
Cash
™
1938
56,508.509
$1,719,353
168,171
$1,686,308
Real estate for sale
Consolidated Income Account for Calendar Years
60,361,371
1,118,123
$2,161,918
201,223
66,308,818
$2,048,322
Minority interest—
a
Oper. exp., maint. & ad¬
ministrative expenses.
(& Subs.)—Earnings—
252
Net operating income.
Other income..
$256,438
10,741,995
45,794,179
11,084,765
51,063,389
Asphalt Corp. (& Subs.)—Earnings—
Total vol. of bus.
13,469,278 12,180,244
Total
$2,244,851
558,290
-!—
Depreciation
equipment
Barber
....
Feb. 28, '41 Feb. 29, '40
Feb. 28, '39 Feb. 28, '38
$69,525,931 $63,641,412 $59,324,236 $64,223,669
Years Ended—
Selling & admin, exps...
Earned on common
$278,590
Remainder
Revenue miles
Revenue passengers
—V. 152, p. 2844.
Surplus..
Represented
by 393,060 no-par shares,
b After depreciation of
$2,298,903 in 1940 and $2,213,612 in 1939.
c .After amortization of
$1,287,475 in 1940 and $1,287,225 in 1939.
d Advances in respect of
purchase of Havana tobacco, 1940 crop (packing not completed until
1941).—V. 152, p. 3171.
$256,438
Net income
Int. declared on series
127,928
7,038,071
a
Federal taxes
(Including Baltimore Coach Co.)
...
16,750
134,193
8,485,533
officers & em pi.
13,469,278 12,180.244
Total
$2,901,292 $17,093,595 $11,640,200
(The) Baltimore Transit Co.—Earnings—
Operating revenues
Operating expenses
14,700
15,500
95,132
Total income
Period End. Apr. 30—
609,791
6.990
Contractual obllg.
Prov. for bonus to
20,053
Patent rights
110.935
773,771
Income tax
1,375
Net sales
$1,017,224
182,462
247,655
Net ry. oper.. income.
—V. 152, p. 3337.
2,268,639
1,125
—
excess
profits taxes
Prov. for Federal
Dividends payable
Investments
censes
for
Provis.
Consolidated Income Account
$2,743,442
Railway tax accruals...
Equipment rents (net)..
Joint facility rents (net) -
176,996
Sundry accts. pay.
71,343
ed company
c
188,720
66,039
52,631
Accrued taxes
Christmas
Em pi.
for
acct.
pi. Christmas
fund.
rv.®
operations
em
within
due
Mtge.
a
d220,060
Advances
taxes, &c—
1941—4 Mos -1940
1941—Month—1940
$12,704,855 $64,927,281 $53 ,111,916
1,260,713
6,105,948
4 ,639,680
2,706,364
15,565,739 12 ,577.476
427,153
424,112
1,633,075
1 ,593,489
5,319 244
4,842,447 22,195,218 20 ,266,717
461,241
143,386
120,060
509,820
,938,394
467,131
449,867
1,825,253
Cr5,281
Cr968
C'rl,367
30—
Period End. April
$
7% 1st pref. stock,
395,848
Prepaid insurance,
RR.—Earnings-
Baltimore & Ohio
1939
$
Liabilities—
1,158.726
1,657.406
—
Cash
fund cash
Net ry. oper. income.
S
I
Assets—
1941
1940
1939
1940
1941—Month—1940
1941—4 Mos.—1940
$6,180,797 $4,464,508 $23,829,101 $19,044,060
3,927,705
3,526,101
15,468,261 14,324,311
$2,253,092
Net oper. revenues—
Deduct Taxes
May 31,
31
Consolidated Balance Sheet Dec.
for
269,910
54,131
218,609
47,438
596,521
5,416
699,892
5,428
social
57,682
102,373
4,000,434
55,642
137,546
3,558,103
24,494,129 24,254,702
Total
a
After depreciation of $17,968,428 in 1941 and $18,293,379 in 1940.
b After deducting reserve for doubtful accounts of $438,157 in 1941 and
$417,701 in 1940.—V. 152, p. 261.
def$383,887
Surplus
Shs.
Earnings
a
390,223
Nil
stk. (par $10)-
com.
per
share
$446,907 def$332,822
390,223
390,223
$1.39
Nil
$353,717
390,223
$1.90
Trinidad income taxes.
Note—Uintah Ry. was dissolved Oct. 31, 1939, operations having been
discontinued during the previous May.
The property formerly held by
Uintah Ry. was disposed of during the year with the exception of a few
blocks of real estate, located in Colorado and Utah, which were taken over
by Barber Asphalt Corp. for later sale as opportunity offers.
The aban¬
donment of this property involved a charge of $1,246,070 against the reserve
of
Beaumont Sour Lake & Western Ry.-
Beaver
1939
$
$
a
Accts.
mineral deposits,
&o
Cash
„•
Accts.,
rec.,
bills, &c.,
after res
Inventories
Investm'ts at cost.
Deferred expenses.
1940
Liabilities—
7,213,587
2,421,184
6,304,021
3,840,599
1,236,216
2,068,139
3,775
114,074
13,210,292 13,566,823
a
$
4,133,330
4,133,330
640,635
488,710
payable and
U. S. & foreign inc.
taxes
906,984
2,561,061
3,551
103,925
1939
$
;
accruals
(est.)
Contlng. reserve..
299,876
96,021
230,968
93,131
8,806,043
Capital surplus
8,806,043
Earned surplus
2,461
582,714
-....Dr768,074
b Treas.
Dr768,074
stock
cost
Total
f
Com.stk. (pari 10)
Real est., equip.,
at
Total
•
13,210,292 13,566,823
After depreciation, depletion and amortization of $2,073,631 in
and $1,724,032 in 1939.
b Consists of 23,110 shares.—V. 152,
p.
1940
2844.
filed
profit
z
Sell.,
gen.
$5,645,341
& adm. exp_
Interest (net)
Loss on sales of tobacco
& miscall, investments
Federal tax
Commonw. of Pa. tax.
-
1939
1938
1937
$5,101,635
96,211
$4,303,604
95,296
$3,858,049
196,429
Income credits
$5,197,846
2,740,481
13,321
$4,398,900
2,532,125
21,016
$4,054,478
2,448,536
32,763
Interest
21,442
612,443
108,027
4,549
■
246.694
68,366
181,340
51,800
84,760
110,935
162,723
173,859
229,704
269,667
$1,927,961
51,090
393,060
$1,782,785
82,478
$1,300,995
118,505
$985,612
132,493
393.072
393,071
393,068
1,483,811
393,061
$4.78
$1,307,235
393,060
$789,419
393,060
$3.01
$460,052
393,060
$2.17
Net profits
Surplus
Shs.
com.
outst. (no
par)
Earns, per sh. on com..
z
$4.33
_
1939
1938
1937
Other
Net
$8,570,937
6,648
J,175,174
6,382
$9,841,583
9,720
$9,547,017
Gross income
$9,537,297
$8,577,585
x671,770
1.557,094
$8,181,556
*596,872
1,398,735
$9,849,593
x699,980
1,671,993
372,605
$6,185,949
711,961
$7,105,015
942,469
762,190
2,344,586
8.011
charges
y8,850
y29,737
income
$6,431,383
$6,318,984
375,012
4,282,730
368,976
4,282,730
3,819,732
4,630*.032
$1,773,642
$1,667,278
$1,654,255
$1,532,514
2,314,989
2.314,989
2,314,989
$2.61
$2.56
2,314,989
$2.74
Pref. stock
Including provision for bonus to executive officers and employees.
on earnings and sales,
$134,193 in 1940, $127,928 in 1939, $76,556'
based
in 1938, and $49,842 In 1937.
Net oper. income
Prov. for Federal taxek..
Prov. for Fed. surtax
388,742
94,108
Corp.—Earnings—
Operating income
$22,422,289 $21,106,241 $20,585,476 $22,141,456
Oper. exp. (Incl. prov.
for doubtful loans)... 12,884,992
12,535,304
12,410.302
12,299,873
$5,756,098
2,789,491
23,075
Deprec. and amortiz
1st pref. dividends
dividends
540,240
303,004
*
1940
Undistrib. profits tax—
Fed. excess profits tax..
Common
1,115,788
before June 10.
on or
110,757
-
1,089,212
533,884
294,982
Consolidated Income Account for Calendar Years
disc.,&c.$20,538,665 $19,105,676 $16,791,246 $16,372,273
goods sold
14,893,324
14,004,041
12,487.643
12,514,224
Total income
1,081,560
523,162
285,516
Beneficial Industrial Loan
Gross sales less
Gross
1,116,822
492,215
245,364
Valley Traction Co.—Sale, dec.—
[Including wholly owned subsidiaries]
Other income
$278,882
129,677
77,572
It will show a small amount, not exceeding $25,000, available t ofgeneral
creditors, general mortgage bondholders, and to the deficiency judgment
of the first consolidated mortgage bondholders.
This of course .will mean
a very fractional amount per bond.—V.
133, p. 3462.
Consolidated Income Account for Calendar Years
Cost of
1938
$258,954
119,648
64,337
Bradshaw, McCreary & Reed, attorneys, writing to the "Chronicle,"
May 26, state:
The assets of the company have been sold, dischargedrof the lien of the
consolidated mortgage and of the general mortgage, the lien of these[mortgages being transferred to the proceeds arising from the sale.
The properties were bought in by a trustee representing theJownerTof
98% of the first mortgage bonds, and payment of the purchase pricelwill
be made by turning over the bonds.
The general mortgage bonds will not participate because the lien'of the
first consolidated mortgage exhausts the proceeds of the sale.
The receiver's account is now in course of preparation, and should be
Bayuk Cigars, Inc.—Earnings—
1940
1939
$259,707
121,945
68,064
From Jan. 1—
Gross from railway---.
Net from railway
Net ry. oper. income...
Consolidated Balance Sheet Dec. 31
1940
-Earnings—
1940
$295,134
131,116
70,405
railway
Net from railway
Net ry. oper. income—.
—V. 152, p. 2844.
$1,300,000 created for that purposes in 1935.
Assets—
1941
AprilGross from
ser. A divs..
Prior pref. dividends...
Common stock divs
Surplus
Shares of
common
stock
outstanding (no par).
Earnings per share
*
$2.34
Includes interest on employees' thrift accounts,
y Consists of un¬
realized loss in connection with stating the assets and liabilities of the
Canadian subsidiary at the U. S. dollar equivalents at Dec. 31 1940 and
x
in
1939; also other charges of $1,093.
Volume
The Commercial & Financial Chronicle
152
Mar. 31 '41 Dec. 31 '40
Afar. 31 *41 Dec. 31 '40
Liabilities—
t
^ash
5,043.606
5,263,550
b Iastalment notes
receivable
MIscell.
#
71,483,366
5,470
7.896
and
notes
Investments
2.253,713
other taxes..
...
13,106
3,988,851
3,857,038
Deferred income..
473,000
466,189
Furn. & fixtures.
758,748
580,543
debentures. 10.000,000
10,000,000
Deferred charges..
Other assets
13,106
Accounts payable.
101.700
26,976
2H%
928,139
Real estate
a
2,382,263
889.652
222,519
44,810
Res. for antic, incr.
215,215
50,447
_
150.000
in Fed. inc. tax.
12,500
12,500
7,500,000
Prior pref. stock..
7.500,000
16,585,168
Paid-in surplus... 6,167,819
6,167,819
Earned surplus... 13,355,004 13,019,102
Common stock.. 16,585,168
77,848,353 79,292,071
V.
by 2,314,989
no
shares,
par
d
1943.—
Includes $5,000,000 due
152, P. 3014.
Finance Corporation has
authorized
&c
381,099
trade
cents
share
per
distributed.—V. 152,
were
Bessemer & Lake Erie RR.* -Earnings—
April—
1941
Gross from
railway
Net from railway
Net ry. oper. income
38,722
Lifeinsur. policies.
Accts. receivable..
1,681,913
Inventories
2,844,376
$778,578
108.345
def109,359
98,587
$374,444
def 7,564
def78,773
$427,632
def134,978
From Jan. 1—
Gross from railway
2.739,316
307,196
1,817.237
1.288,247
def279,930
def391.916
286,976
4,346,336
1,450,401
1,269,765
Net from railway.
Net ry. oper. income...
def335,874
def486,677
152, p. 2844.
Bethlehem Steel
31,682
263,268
275,854
Corp.—Bonds Called—
1
Inc.—Bridgeport Conn. RFC Loan
of ordnance.
J. 8,172,360
7,446,673
$1,186,255
8,510
$1,194,765
311,933
Interest paid
in
Y.
N.
v 1940
1939
1938
$25,465,313 $24,549,629 $25,352,207
24.208,995
23,663,781
24,269,876
$885,848
3.465
$1,256,317
1,100
$1,257,417
316,753
1,850
$1,082,331
3,419
$889,314
298,597
3.056
$1.085,749
288,041
4,233
170.000
104",600
120,666
$692,229
168.205
$483,659
173,748
225,002
Consolidated Income Statement for Calendar Years
1940
Gross
&
returns
$684,184
166,435
262,502
$255,247
3,376,594
28,095
.......
Previous surplus
reserve....
_.
_
225,002
337,500
$299,022
$84,910
2,979.049
3,074,197
$160,975
2,818,074
3,259
3,375
10,238
$3,663,195
Total surplus..
y
com,
$3,376,594
$3,074,197
$2,979,049
stk.,(no par)
$1.75
$1.74
$1.03
$1.66
The net loss of $76,586 has been deducted
of Jan .31,1940.
as
Comparative Consolidated Balance Sheet
Jan. 31*41
Jan. 31 '40
S
.4 ssels—
and
Trade
on
1,501
137,079
2,464,865
143,413
2,671
6,050
88,779
,.
54,811
260.666
137,284
43,336
4,386,997
4,475,728
222,298
expenses.
Other assets
Fixed assets (net).
■W:V^V'.v 1
Goodwill
11,685,477
Total
a
74,466
Fed. taxes on inc
195,000
170,000
96.748
109,186
Miscel. expenses
3,630,748
996,897
2,625,574
-
employees.
Prepaid
143,413
93,462
82.555
71,673
Sundry creditors..
27.405
19,332
Other
band-..
Sundry debtors
137,079
Compensation,.
dale Budgets, Inc
L'ns to
421,421
Accrued liabilities:
Due fr. Blooming-
on
423,119
_
434,758
2,399,489
11,392,495
for
Res.
assess,
<fc
taxes
possible
of
1Q40
for other con¬
67,413
24,280
23,432
a$523,804
$382,434
2,367
65,423
2,046
2,443
188,812
Interest
Other income deductions
413
Sundry
28,442
76,926
72,828
6,898
68,568
"""343
""838
a$554,958
$374,655 a$3,284,075
$0.34
Nil
Net
profit
Earns.persh.
a
$311,683
on
cap.stk.
$2,057,157
649,326
202,849
$0.51
Nil
Loss.
Year Ended Dec. 31,1940
$677,967
.
Additional Federal income tax for year 1938...
Total deficit forward
Net profit for year ended
209
—..
_—..
.
$678,176
374,655
—
Dec. 31, 1940.
Deficit—Dec. 31, 1940-..-
$303,520
-
-
Consolidated Paid-in Surplus Account
Year Ended Dec. 31, 1940
Balance—Jan. 1, 1940
Excess
$917,204
par of amount received upon issuance of 360,496
capital stock, less expenses in connection therewith
over
shares of
I................
3,590,067
Balance—Dec. 31, 1940
49,809
3,356.600
Earned surplus...
3.663,195
3.376,594
.11.685,477
11,392,495
Total....
alQ^Q
$1,567,413
744.642
b252.014
$4,507,271
Consolidated Balance Sheet Dec. 31
1940
$
11 ,330,224
241,144
adv. by U.
&
(banks) 2 ,240,446
Accounts payable. 2 ,756,991
Note pay.
Accrued
S. on
685,330
5,299,800
41,435
Prov.
for
Provision
201,897
460,836
contract
,033,461
,473,120
2,296,970
Deferred charges..
321.877
39,756
33
3,604,364
taxes.....
9,253,735
33,668,885
To be issued for shares of
(deficit)
Total.
3,600,000
1Q98
and
$1,413,888
1,004,147
403,329
$1,204,982
8,836
$570,757 loss$722,973
43,686
51,361
$6,412
163,017
$614,444 loss$671,612
$169,429
639.190
75,467
9,253,735
capital stock of United Aircraft & Transport
Dec. 31, 1940,
1.097H shares as at Dec. 31, 1939.'—V. 152, p. 2844.
Scrymser Co .—Balance Sheet Dec. 31-
Borne
A sscts-
1940
-"
—
~
»
-
—
~
—
~
—
-
bonds
- - - -
—
Total
$238,238
269,873
82.893
182,098
50,167
484.120
21,350
$1,387,472
estate, plant & equip., less depreciation.....
Merchandise as per inventory
...
N otes and accounts receivable—
C/R-Sh
1939
50,169
484,120
20,351
Reai
$1,328.740
$12,828
554
$12,763
$234,462
291,143
71,991
235.237
Liabilities—
Accounts
payable
Accrued expense.
Accrued Federal taxes
--
531
74,408
...
aaA'aaa
Surplus
Capital stock
108,214
207,232
1,000,000
-V. 152. p.
Boston
1,000,000
$1,387,472
Total.
$497,847
798,755
422,066
5,486
917,204
677,967
Corp. upon presentation for exchange, 780M shares as at
Reserves
1Q17
..
4 507,271
303,520
33,668,885
Pald-in surplus...
Earned
a
81,500
in¬
Adv. on sales contrl7 670,313
Capital stock
5 408,369
3,901
aPhs.tobeissued.
come
EPF contracts..
for
188,801
under
Fixed assets (net).
645,985
sales
ment----.-.--.
contractors.....
696,289
guaranty replace¬
sub¬
to
1,114,814
on
contract
1,335,631
less res'ves 2 ,676,948
Inventories
,621,735
324,293
Investments, &c_.
3,601,566
wages,
&c
taxes,
Deposits
accounts
$
$
Liabilities— "
Unexp. bal. of cash
1939
1940
1939
$
Assets—
Prepaid items
47,515
tingencies
5C/, preferred stock 3,319.400
a Common stock..
3.600,000
$1,213,818
.
104,901
$359,002
Prov. for Federal & State
Consolidated Income Account for Calendar Years
Depreciation
129,988
a$548,086
141.342
100,701
U.S. State, municipal and other
Represented by 300,000 shares, no par.—V, 152, p. 2232.
.....
332,573
1,249
318
488,068
Treasury stock (5,100 shares)
taxes
(Sidney) Blumenthal & Co., Inc. (& Subs.)—Earnings
Gross profit...
Expenses....
279,430
$531,746 a$3,194,835
.
income tajces
Prov. for Federal surtax.
for
1,501
acc'ts
and notes rec
Mdse.
cred.
mdse. in trans
securities
Mdse. in transit-
Jan. Si'40
payable:
563.525
hand...
Market,
Customers'
91,753
$632,448 a$3,127,422
Total..
Jan. 31 "41
Liabilities—
Accounts
Trade creditors
demand
on
50,393
^
81,500
159,759
Profit
Exuendit's
from the profits for the year ended Jan. 31, 1940.
The net loss of $3,649
from the sale of these debentures at a price below such quoted prices has
been deducted from the profits for the year ended Jan. 31, 1941.
deposit
»
805
replacement
Depreciation
Advances
JVbffr—New York World's Fair debentures were written down to their
Cash
c
2,020,300
rec.,
Consolidated.
quoted price
-
$5,545,439
4,655,962
Prov. for contr. guaranty
Notes
Earns, per sh. on 300,000
shs.
«,
Prov. for doubtful accts.
Other special charges
contracts
Disct. (net) on repur. of
5% preferred stock...
$2,006,345
1,606,234
allowances.$19,390,718 $11,846,894
Cost of sales
17,859,397
11,731,877
Engineering & develop¬
ment expenses
803,616
Prov.
to
reduce flying
boats to sales value
640,000
Selling, general & admin¬
istrative expenses
343,790
118,316
Cash
Surplus...
1937
1938
1939
sales, less discts.,
$375,389
Net income..
Preferred dividends....
7,446,673
76.586
3,649
195,000
Common dividends
Excess of
8,172,360
Total.
Boeing Airplane Co. (& Subs.)—Earnings—
$673,475
175,000
World's
Fair debentures
Prov. for Fed. taxes
235,482 def409,491
a After
deducting depreciation of $3,119,614 in 1940 and $3,041,622 in
1939.
b Represented by 239,412 shares of no par value,
c Represented
Deficit—Jan. 1, 1940
Bloomingdale Bros., Inc. (& Subs.)—Earnings—
Years End. Jan. 31—
yl941
Net sales....
$26,047,123
Costs and expenses.,... 24,860,868
Loss
161,046
acq.
Consolidated Earned Surplus (Deficit) Account
Depreciation
1,500,000
1 161,046
div. &s.f.,&c._
f
The company was granted a $150,000 loan by the Reconstruction Finance
Corporation it was announced May 23.
The company will use the proceeds
in the manufacture of machines to be used in connection with the production
Other income
1,500,000
of cap.stk.
Surplus...
82,500
Surp. arising from
96,528
Other income
on July 1, 1941, through operation
sinking fund, $500,000 aggregate principal amount of its consolidated
mortgage 20-year sinking fund 3 H % bonds, series F, due July 1, 1959. The
bonds to be redeemed have been determined by lot by the trustee.
Pay¬
ment of the drawn bonds will be made on and after July 1 at a price of 101
and accrued interest to July 1, 1941, at the corporation's stock transfer
department, 25 Broadway, New York,—V. 152, p. 3014.
profit
186,615
Reserves
8urp.avail.for pref.
Corporation has called for redemption
Net
753,953
67,500
149,089
(due after 1 yr.)
dl
Total
1,387,192
mtge.
89,962
Operating profit
of the
Black Rock Mfg. Co.,
500,000
payable..
money
1,319,990
2,379,500
Investments
Deferred charges..
1,630,210
3,141,841
1,530,210
3,141,841
Accts. pay. & accr.
Pur.
.
1938
1939
1940
$1,345,526
574,868
462,422
451,855
ac-
cept'ces recelv..
.
dividend of 10 cents per share on the common
to holders of record May 22.
Previously regular
a
stock, payable June 2
quarterly dividends of 12H
stock
Notes
Cash.....
Society (Del.)—10-Cent Dividend—
Directors have declared
—V.
goodwill,
stock
c
$
$
Preferred
b Common
2,903,841
additional
an
loan of $446,510 to the corporation to be used in the construction of facilities
in connection with the completion of airplane contracts.—V. 152, p. 3337.
Beneficial Loan
Patents,
Liabilities—
$
2,860,432
1939
1940
1939
$
Fixed assets
by 13,911 shares (par $100) at redemption or liquidation preference of $110
per share,
d Saltex Looms, Inc. at nominal valuation pending outcome of
proceedings for reorganization.—V. 152, p. 2695.
Beech Aircraft Corp.—Additional RFC Loan—
The Reconstruction
a
77,848,353 79,292,071
Total
After depreciation reserves of $490,930 in 1941 and $460,464 in 1940.
b After reserves of $4,988,380 in 1941 and
$4,899,765 in 1940.
c Repre¬
a
sented
Consolidated Balance Sheet Dec. 31
1940
Assets—
Notes &
Min. int. of sub
c
Total
Looms, Inc.).
The reduction of $170,052 in 1939 was caused
largely by the adjustment of the property accounts as of Dec. 31, 1938,
from an appraisal basis to the basis of depreciated cost.
18,850,000
Emnl's' thrift accts
receivable
accts.
$
$
Notes payable... d 16,475,000
Fed'l income and
72,830,866
3489
to the Saltex
Comparative Balance Sheet
$1,328,740
3172.
& Maine RR.—Earnings—
1941—4 Mos.—1940
1941—Month—1940
$3,625,248 $17,754,771 $15,303,429
$4,554,464
Period End. Arpil 30—
Operating profit
.
—
Other income—
Total income
Write-down of inv., &c__
*
Interest, &c
Federal income taxes, &c
73,884
272,513
Excess profits taxes
134476
103,250
152,008
Operating revenues.
_ _
.
2,982,827
2,739.554
12,154.697
11,517.417
$1,571,637
448,757
302,201
7.134
$885,694
314,248
192,403
9,337
$5,600,074
1,701,805
1,055,012
7,531
$3,786,012
1,201,658
842,166
57,740
Other income..
$813,545
88,768
$369,706
82,215
$2,835,726
424.013
$1,684,448
399,701
Total income
$902,313
$451,921
$3,259,739
$2,084,149
388.023
614,920
1,576.264
2,465,569
Operating expenses.....
Taxes
-
125,706
Equipment rents (Dr)._
Joint facility rents (Dr).
Net ry. oper.
Net prof it.
7% preferred divs...—
Shs. com. stk, (no par)
Earnings per share
_
a
_
$741,714
121,721
239.412
$2.69
$376,718 lots$823,621 loss$545,227
239,412
$1.17
239,412
Nil
239,412
Nil
10, 1939. date on whicn bank¬
b The provision for depreciation of
Including Saltex Looms, Inc., to Nov.
ruptcy
proceedings were instituted.
plant property for the year 1939 was $52,014, as compared with $422,066 for
he preceding year (including $53,430 and $97,766, respectively, applicable
t
Tot.
income. _
deductions (rentals,
&c.)
interest,
Net income
—V.
152, p. 2845.
$514,290 def$162,999
$1,683,475 def$381,420
The Commercial & Financial
3490
..
-
Extraordinary charges.
Packing & ship. & transport, exps. II
Selling & sample expenses
Commissions paid to factor..
Administrative & general expenses.
..
...
...
1939
Consolidated Income Account for
1938
$15,906,712 $11,151,066
8,987,412
12,359,014
14,836,869
25,796
306,141
294,124
261,964
307^990
872,205
1,143,115
1,238,846
110,061
95,862
117,317
321,534
225,141
361,556
Net sales
GroslpSfit.::::::::::
DeDVeSation.r::::::::
Self. ^en & adm. expsl.
Net
Profit before other charges. &c_,
$402,338
40,661
$443,001
370,819
179,116
229,150
030,496
153,009
$1,714,989
468,154
235,738
256,602
0268,205
148,192
$874,508
62,433
$1,518,753
389,197
Depreciation.. .........
Refund of Federal income tax.....
241,943
237,619
.
__
Federal income taxes.
for year
■
1939
1940
1940
1939
846,002
$
820,389
Notes payable
111,232
:;'Ca
Account payable—
trade creditors.. 2,165,999
Cash res. for social
security.
104,392
93,895
7,435,350
Liabilities—
;
4,939,109
Accounts receiv
$
,y
$529,794
580,746
725,065
603.586
$3,109,282
$2,566,198
$1,254,859
$1,060,651
09,575
138
31,607
Profit from oper
Addit. prov.
of securs.
of property.
liquidat'n of sub.
credit
provided for
Trade marks, trade
Dividends on
15.073
15,073
7>ro pert y
11,819.382 11,847.926
45,140
Deferred charges..
89,380
Social
payable.......
120,676
107.595
Accrued liabilities.
259,050
4,928,668
3,687,227
13,858
--- —
1,762,630
1,134.435
50,000
Reserves for losses
Preferred stock,
1,134.435
Class B stock...
50.000
Represented by shares of $10 par value*
151, p. 2934.
Bower Roller Bearing
bonds
371,691
Sundry Investment
4,038
Marketable
Net curr. assets
Warner
$1,073,862
47,169
24,385
20,195
$2,323,029
$1,749,708
297,045
282,030
$1,094,056
249,829
297,962
Prov
382,990
261,916
.
425,666
for Fed. inc. tax..
Excess profits tax-
$2,141,222
268,210
278,613
50,000
9,300
a315,000
96,313
201,213
37,716
Bros.deb
3,180,177
8,290,516
Cash
1.556,176
property sold...
97.186
83,223
$294,421
300,000
$3.23
$149,953
$320,099
300,000
$4.06
Surplus
Shs, cap. stock (par $5).
Earnings
share
per
Includes surtax
a
on
300,000
$1.50
undistributed net income.
U.
1939
1940
Assets—
74,276
S.
disc.
Treas.
Reserve
622,000
life Insurance...
'
59,276
assets.
curr.
com.
117,196
Deferred charges.
151,654
164,593
$1,637,782
616,946
3,105
275
$941,039
311.261
3.345
$777,902
300.626
3.849
$1,196,950
389,380
3.542
339
440
359
3
991
"$626,092
$471,995
400,000
$803,670
750.000
Miscellaneous taxes
1.500.000
1.500.000
3,081.168
Interest charges
2,863.046
18,560
Misceli. income charges^
18.560
$1,017,216
$800,000
Net income
1,975,514
329,486
Tl ,0327357
60.292
Shares
500,000
$217,216
$126,092
$71,995
$53,670
200.000
200.000
$3-13
200.000
$2.35
200.000
$5.08
Balance, surplus
117,196
69,230
$626,248
Local, State & Fed. taxes
225,000
50,000
2,026,063
.
$799,153
141,886
240
371,295
50,000
est., bldgs.,
&c
373,577
$1,549,290
88.492
Dividends
2,071,643
x Real
444,042
887,932
stock
Ahlberg Bearing
Co£„„.
1937
$3,337,358
1938
$2,816,319
1,834,429
355.642
1939
$2,973,338
1,800,608
Total revenue
Capital stock...
5,545
1940
225.0(H)
y
14,819.722
by
$4,226,033
2,232.701
Non-oper. revenue
taxes,
Earned surplus...
11,200
976,392
b Represented
$148,958
$99,167
Capital surplus...
12.300
954,376
15,963,667
Total
shares,
par
Buckeye Pipe Line Co.—-EarningsCalendar Years—
Operating revenue
Operating expenses
Depreciation
....
comm'ns, Ac...
572,700
no
shares.—V. 152, p. 977.
Dividend payable.
1,000,000
613,201
Inventories
Inv. In
by 450,000
Represented
Res. for conting..
bills
Accts. receivable..
Cash surrender val.
Other
for
6.525,130
15,963.667 14,819.722
Net oper. revenue
1939
1940
Liabilities—
Accounts payable-
$413,016
$1,342,600
.Dr 54,171
for
rec.
Total
Balance Sheet Dec. 31
Cash
1,734,972
131,869
Deferred charges..
in¬
1,734,347
...
Amounts
$1,220,099
900.000
$218,122
300.000
$3.72
Dividends paid
$449,953
300,000
Fed.
taxes
come
3,130,210
common
$969,421
675,000
155,958
537,871
425,415
232,627
3,767,189
liabil.
curr.
Accrued
895,311
1,072,192
Inventories
a
$1,118,122
900,000
...
464,844
1,029,249
Sundry reserves..
138,071
21,840 Capital surplus... 3,964,792
Earned surplus... 2,647,809
813.540 b Treasury stock.
Dr54,171
of
music division..
135,000
Net profit
Common stock.
33,351
Notes A accts. rec.
_
a
Other
Deb. and rec. from
$2,103,333
37,888
4,500,000
1
Interest accrued on
1938
1939
%
3,017,300
foreign
in
1939
$
2,668,100
4,500,000
482,887
124,572 Accounts payable.
190,832
251,841 Custom's dep., Ac
362,746
19,433 Accruals....
1
Co.-—Earnings—
$1.41
1940
Liabilities—
Preferred stock...
1,097,352
1,308,467
subs,
$1,725,324
Total
$667,241
$
Goodwill,
Ac
Commercial paper
b Shares of $5 par value,
1940
sales, bofor deprec.. $2,275,860
Sell., adm. & gen. exps
Depreciation
Approp. for conting
Other charges
$1,073,965
$1.90
1939
1940'
Land, bldgs., &c.
on
fore pro v.
Other income
441.355
$1,734,972
$4,23
$2,647,809
$5.05
yy; $
Assets—
countries
Years End. Dec. 31—
$1,273,596
165,000
Consolidated Balance Sheet Dec, 31
Shares of $1 par value.—V,
Gross prof i
—-
share
716,495
29,309,577 17,872,762
Total
of year.......
Earns, per common
9,866,044
Capital surplus... 9,866,044
Operating deficit..
189,014
c
162.548
441,355
$1,677,869
Earned surplus at end
286,450
1,762,630
b Class A stock...
a
155,728
1,220,701
$3,111,401
..I..
11,102
20,309,577 17.872,762
487,219
y6,918
taxes
secur,
Notes payable
Total
$786,377
667,241
$4,118,469
pref. stock
137,296
com, stock
1.333,365
Total surplus
Dividends on
a
$1,003,710
1,073,966
x51,658
1,248,482
107,100
c
$2,037,435
422,000
sub. previously
Losses of
148,192
&c.——
115,371
1,734,9/2
ning of year
44.222
names,
04,930
166,218
Earned surplus at
153,009
accr.
8,138
Dr81,584
Drl32.121
1,496
Miscellaneous
Prop, taxes pay.—
incl.
7,342
116,930
023,470
17,896
825,000
93,879
int...
.
-
3~,378
in France
Fed. inc. tax. pay.
Inventories... £
41.000
~
Adjust, of mkt. bonds..
Foreign exchange adjust.
Miscellaneous charges..
Prov. for Fed., &c.. tax-
Y
180.000
031
06,205
.
conting
Loss on sale
Loss on
Comparative Balance Sheet Dec. 31
Asiets-
$457,065
4.261.352
$1,985,453
Netprofit—....
$2,383,497
begin'
*$336,085
Indicates loss.
x
$11,417,617
4,8.54.442
136,026
$2,563,359
&c...
545,924
profit
Profit on sale
..
Other charges...
Social security taxes
Net profit
$1,653,066
61,922
$1,456,320
1937
$16,901,234 $13,745,522 $10,797,278
7 580 758 %>,315.758
4.552.339
179.682
159,370
173.390
4,837 717
4.170.935
3.849.155
,
$527,481
Profit from operations.....—
Other income.......
Calendar Years
1938
1939
1940
Int. in notes rec.,
...
1941
Brunswick-Balke-Collender Co. (& Subs.)—Earnings—
Botany Worsted Mills— Earnings-—
1940
Calendar Years—
Net sales..- ..$18,318,898
Cost of goods sold
May 31,
Chronicle
capital stock out¬
standing (oar $50)
Earned per share
.
$4.02
Balance Sheet Dec. 31
Total
y
$5,861,823
55.176,8581
$5,861,823 85,176.858
Total
x After
depreciation of $1,554,492 in 1940 and $1,346,274
Represented by shares of $5 par.—V. 152, p, 3015.
in
U
Period End. Apr. 30—
1941—Month—1940
Gross earnings
Operating
$3,428,969
1,568,222
expenses
Net earnings
—V.
152,
Ltd.—Earns.—
$i ,860,747
1941—4 Mos.—1940
$3,087,970 $13,240,000 $11,939,899
1,516,882 f. 6,223,001
5,908.200
$1,571,088
$7,016,999
$6,031,699
2845.
p.
bonds.
1.043,800
1.698.800
Municipal bonds..
555,850
1,263.075
Accrued taxes.
Other mktable.bds.
45,000
b
Earnings
1939
$73,999
$60,162
$0.42
$0.43
$0.33
charges and provision for estimated
145,310 shares of common stock.
On
The
current
were
balance sheet
assets
assets
152, p.
In the last
of
State and
.
Federal taxes,
of the company as of March 31,
of $830,954,
$264,168.
current
V.
1940
$72,170
$0.59
share
After
a
b
1938
1941
$95,966
per
S. Govt
$787,511
including cash
1941, shows total
of $520,857.
Total liabilities
quarter of 1940 the company showed total
and total current liabilities of $319,717.—
Brown Shoe Co., Inc.
(& Subs.)—Earnings—
6 Months Ended April 30—
1941
$16,804,393
Costs, expenses, &c
Depreciation
....
15,841,021
107,681
1940
$12,891,851
12.450.091
111,573
959,585
438,626
745,465
Other current llab.
324,220
Other def'd creditsi
45,031
36,559
33.757
Carrier ins. res've.
413,535
477,351
2,385.627
2.000,525
Interest
receivable
26,422
29,252
Work, fund advs..
61,131
415,000
Total
x
14.064,096
Operating profit.
$855,691
4.785
Total income
$330,187
6,006
$378,70,5
6,494
$860,476
Net profit
Dividends..
42,456
$385,199
69,862
45,000
33.000
$554,433
246,000
.
$336,193
38,043
226,000
42,000
Interest.
Federal income tax, &c. I.
Federal excess profits tax
$248,737
246,750
478.000
13.343.438'
Shs. of
com.
$308,433
151.
p.
$35,337
246,000
246.200
$2.25
stock
Earns, per share
—V.
$1,987
$1.01
247,000
$1.14
3228.
Burlington-Rock Island RR.—Earnings-—
April—
Gross from railway.
Net from railway......
u
1941
$95,796
3.411
1940
-
$92;©67
Budd Wheel Co.—Preferred
and
Granting
Net ry. oper. income...
From Jan. 1—
defl0,070
def5,167
defl9,635
Gross from railway
Net from railway......
359,574
def590
def57,709
420,719
19,880
def46,702
Net ry. oper. income—
152. p. 2845.
—V.
1938
Annuities.
Redemption price and accrued
available to holders of preferred.
At close
441,586
12,132
def62,164
def61,602
-Earnings-
Copper & Zinc Co.
•
$4.114
General and office exps.,
taxes. &c
£
$4" 929
$5,597
$4,114
_
$4,929
$5,597
Nil
Nil
Nil
Balance Sheet Dec.
$0.17
properties.
31
Liabilities—
1939
1940
31.495
60,000
Receipts from lessee operator of company's
Assets—
6.796
$132,81
$19,048 prof$101,320
$19,351
$20,201
Earns, per sh. on 600,000
shares capital stock
24.645
24.280
24,316
Net loss............
Dividend dec ared
1937
x$126.0l9
Receipts from lessee,...
Other income
1938
1939
1940
Calendar Years—
dividends to
of 1940 there
outstanding.—V. 152, p. 2695.
1940
1939
$3,000,000 $3,000,000
1,938
? 1,406
Taxes accrued....
805 Y
737
Unclaimed divs...
1.389
Surplus..—494.134
514,335
Capital stock
mining
Accounts
claims
$3,364,117 $3,361,841
Investments Y
130,425
145,425
Accts. receivable..
455
984
Cash
1,879
9,616
...$3,496,876
$3,517,866
i
payable.
Total...
$3,496,876 $3,517,866
$122,240
392,028
def7.952
Stock Called—
are now
3,489 shares of preferred
h Total..
1 939
$95,722
defl4,954
def29,109
1940 and $12,397,581 in 1939.—
Company has called for redemption June 26, 1941, its outstanding
preferred stock at $120 oer share, plus accrued dividends of $2.39.
1 ayment will be made at office of the Pennsylvania Co. for Insurances on Lives
Mines and
Surplus..
14,064.096 13.343.438
Total
After depreciation of $12,596,198 in
V. 150. p. 1756.
x
$282,337
247,000
143
1,385
65,607
...
Total income...
Other income
205,819
49,841
12.190
832.057
Butte
1939
$12,945,823
12.449,699
117.419
8.554
269,261
20,292
Cash
were
Net sales
47,132
Mat'ls & supplies.
June 26
1585.
400.860
Wages payable...
Divs. mat'd unpd.
Accts. receivable..
Carrier ins. fund..
Brillo Mfg. Co., Inc.—Earnings—
Net profit.
8,269.467
Property A plant 9,832,867
Other def'd debits.
3Mos.E7id.Mar.Sl—
a
1939
$
Liabilities—
,
Capital stock..... 10,000,000 10,000,000
561,009
761.972
Accounts payable-
x
U
Brazilian Traction, Light & Power Co.,
S
Assets—
1940
1939
1940
1939.
21,549
3,745
—V. 152, p.3172.
.
California Packing
Co.—-Arranges $7,500,000 Loan—-
remarks to stockholders states:
which are largely seasonal,
during a Considerable period of each year
to|be a very heavy borrower.
The advancing costs of raw materials, plu
the increasing expense of doing business which appears to be
inevitabl
Alfred
W. Eames, President, in his
Financial—In order to finance our operations,
it"is necessary for the corporation
The Commercial & Financial Chronicle
Volume 152
tied
into the defense effort,
indicates we shall need additional long-time
working capital.
Directors, therefore, deemed it advisakle to strengthen
the working capital position of the corporation.
This has been accom-
Calumet
loan is effective July 1, 1941; bears interest at 2H%
and is for
$7,500,000, repayable in 15 annual instalments of 1500,000 each.
The
indenture permits the anticipation of all or any part of the unpaid balance
of the loan on any interest date at
par and interest from earned surplus,
or at a premium of
34 of 1 % from other funds.
Of the new loan, $4,000,000
is to be used to retire at par the balance of the
present loan with the John
Under the
arrangement we have strengthened our working capital
believe to be very favorable terms and have reduced
the required annual minimum amortization from $1,000,000 to $500,000,
new
what
on
we
although permitting
rapid repayment without premium should future
more
conditions make this
advisable.
seem
Years Ended—
aU. S. Treas. sees.
(at cost)
Gross profit
Prem.
$6,363,402 $11,800,869
8,000,574
8,590,676
112,500
235,000
375,000
-.-.$12,834,348 $11,661,253
9,134,493
7,701,114
5,000
110,000
128,333
Sell., admin. &
gen. exps.
debs, retired..
Interest on debson
Profit..
Other income
...»
__
$2,835,192
85,387
$3,826,806 loss$1984672
85,787
37,723
$3,589,856
68,321
_
Proportionate
Alaska
share
ofYPackers Ass'n
Y
Copper
Copper
107,177
307,161
Dr610.243
26.549
Total Income
$3,765,354 Y $3,939,142 loss$2557,192
Prov. for Fed. & foreign
income tax..........
1,071,708
644,128
19,210
Net profit
$2,693,647
Preferred divs. (cash)_112.479
Com. dividends (cash).
965,073
Com. div. paid in pf. stk.
of
(no par)
Earns, per sh.
$2,901,703
129,110
1,447,610
482,537
844,439
$2.64
965,073
965,073
965,073
$3.26
965,073
on com..
Deferred charges.
Prelim, develop
Feb. 28 •41
S
Total
Accts.
rec
Mis eel
notes
2,878, 405
2.953,280
6,920, 241
5,793,389
—trade
accts.
A
receivable
Inventories
...
294, 213
advs. to producer
1,663, 334
8,809 661
Investments Ac...
x Capital
assets.-.17,589 525
1,762,438
8,778,982
17,631.515
5,300,000
1,551,542
1,709,087
1,385,086
dend
Cambria & Indiana RR.- -Earning s-
499 783
.
_
1940
1939
1938
$7,919
def77,274
def60,613
__
Net ry. oper. income...
From Jan. 1—
Gross from railway..
$112,380
22,989
63,066
$7,886
def47,681
def26,215
$74,065
def5,214
32,589
521,835
432,190
172,809
295,214
396,756
113,289
274,228
507,519
_
Net from railway
157,383
233.437
Net ry. oper. income...
—V. 152, p. 2845.
249,555
379,802
Steamship Lines, Ltd.—Annual Report—
Consolidated Income Account for Calendar Years
Total
for
Dom.
income
150,009
37,493
138,998
18,333
&
Prov.
780,000
85,000
72,717
76,875
$956,409
$277,189
$258,563
$235,495
taxes..
18,333
......
Net profit
Consolidated Balance Sheet Dec. 31
op
1940
and cap. stk. tax
1,100,000
267,158
650,000
266,222
4,000,000
4,000,000
Funded
indebted.
a
$
3,345,134
demand
1,200,000
Common
depos.T
x
After
in 1941.
•
Total
57,665,687
58,499,990
for depreciation of $21,906,409 in 1940 and $22,484,890
Represented by 965,073 no par shares.—V. 150, p. 3503.
reserve
y
by
'
1,185,322
underwriters
.
.
_
.
on
sales.
$7,596
Other income.
Oth.accr. charges.
General and administrative expenses and taxes.
Interest on indebtedness
6.763
15,000
Provision for doubtful note receivable._.;
Amortization of preliminary mining expenses...
...
Depreciation
Depletion
1,648
uncompl. contrs 3,177,355
Deferred income..
99,901
402,000
142,100
9,339
3,415
,719,724
750,252
154,950
168,728
Reserves
,326.990
819,068
Earned surplus...
429
10,685
14,211
17,217
.
Net profit for year.
$14,089
Note—The foregoing profit and Joss statement does not include inter¬
company sales or profits or losses.
Callahan Zinc-Lead Co. has three
subsidiaries, two of which have been for some time, and are at present
inactive.
The other subsidiary, Livengood Placers, Inc., operated for
period of six weeks before being shut down on Oct. 16, 1940 for the winter.
The nature of the company's operations for the period makes inappro¬
priate the use of the above statement of profit and loss in whole or in part
for purposes of comparison with prior years or as an indication of possible
Prepaid
Dividends payable
trustees
831.255
Materials and supplies
Idarago
Mining
shares, at cost
Monitor
Mining
Co.,
...
18,097
5,753
Total
a
33,343.021 28,780.891
Liabilities—
Notes
9,515
payable
(incl.
Canadian National Lines in New
25,497
Co.,
due in 1941)
Reserve for contingencies..;
28,475
Common stock (par value $1).
Deficit
98,000
shares, at cost
Securities of sub. companies..
570,748
Property, plant A equipment.
and develop, costs on
props, held underleases. Ac.
505
1,802,409
260,650
698,029
1939
$102,847
def9,096
def52,149
Y 1938
$91,678
def20,399
def61,828
539,124
def27,052
def267,245
439,577
def42,124
def220,447
410,854
def67,949
def240,375
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V.
152, p. 2845.
Canadian National
Ry.—Earnings—-
Earnings for Week Ended May 21
Prepaid expenses, advances, Ac
Total
146,019
Earnings—
1938
1939
1940
$308,523
118,832
87,407
$247,987
98,827
70,649
$245,171
54,639
19,445
1,750,566
739,503
562,161
1,405,901
598,157
450,646
1,066,906
394,485
270,983
1,163,429
355,515
212,499
Gross from railway
1941
$102,791
Net from railway
def4,717
1940
$112,645
6,101
def22,209
Net ry. oper. income—
From Jan. 1—
Gross from railway.
152,
2845.
p.
—EarningsTotal
—
-SI,243.084
Exchange Commission and the Department Of Justice
reported May 23 the imposition of sentence by the U. S . District Court in
Los Angeles on six defendants charged with violation of the fraud section
of the Securities Act of 1933 in connection with an oil and gas lease promo¬
tion under the name of Caloma Oil Co.
Walter C. Baskette of Los Angeles was sentenced to four years imprison¬
ment and placed on three years probation to commence at the expiration of
his sentence.
Guy C. McBride of Oklahoma City, who had pleaded nolo
contendere, was sentenced to 18 months imprisonment and placed on three
years probation to commence with the expiration of his sentence.
Andreas
Atherton of San Jose, Calif., was sentenced to a two year prison term and
was placed on probation for three years following the expiration of his
sentence.
Frank Dent and Raymond J. Standish of Los Angeles were each
sentenced to two years, and both were placed on probation for a three-year
period commencing with the expiration of their sentences,
Thomas J.
Finnerty of Los Angeles, formerly a Deputy Real Estate Commissioner of
the State of California, who had been found guilty only on the charge of
conspiracy, was placed on probation for three years.
It was alleged that the defendants obtained oil and gas leases on 2,600
acres of "wildcat" land situated in Pontotoc County, Okla., and caused to
be written a geological report on the property indicating that there were
favorable prospects of finding oil.
The indictment charged that the defendants knew that the prospects
of finding oil on the property were unfavorable.
.
$1,502,481
1941
$463,636
193,564
152,847
April—
Caloma Oil Co.-—Promoters Sentenced—
■1}
$4,581,215
Canadian Pacific Lines in Maine—
April—
—V.
-V. 152. p. 3338.
The Securities and
Increase
1940
$6,083,696
—
Gross from railway
Net from railway.._—
127,863
28,728
....$1,243,084
revenues.
152, p. 3338.
Net from railway
Net ry. oper. income—
Exam,
Construe. & equip, on proper¬
ties held under leaseB, Ac
England—Earnings—
1940
$126,992
def12,884
def75,822
608,971
75,324
def184 ,285
railway.....
Net from railway
Net ry. oper. income._.
15,733
93,637
1940.—
1941
$144,373
def3,460
def82,766
April—
$28,829
$91,734
398,716
1939 and $18,148,363 in
1941
Current accounts payable
143,281
369,080
33.343,021 28,780,891
Total
After depreciation of $16,606,296 in
Gross from
—V.
Accrued payrolls, interest, Ac.
39,355
C-.
V. 152. p.1740.
Gross
Current accts. & notes recelv.
573,125
383,481
782,000
Funds depos. with
Balance Sheet, Dec. 31, 1940
Cash
262,056
Amounts billed on
88,412
expenses.
future results.
Assets-
496,622
106,134
634
Guar .dep. on contr
$127,637
49,673
•_
...
2,043
183,157
135,233
Total income
794,988
239,390
claims,
Investments
Net loss
747,736
Bond int. accrued.
740,312
Inventories
$95,859
103,455
_
3,391,600
'Prov. for taxes
69,000
Int. rec., accrued.
Earnings for Year Ended Dec. 31, 1940
expenses
3,391,500
stock
1st M. bonds,
! Accounts
payable.
erty sold
Can. Govt, bonds.
Ac.,
5%
est. amt. recov.
Gross sales, less freight and smelter charges
Operating
68,155
Def. pay. on prop¬
Ins.,
Callahan Zinc-Lead Co.—Annual Report-
11,462,500 11,462,500
,
less reserve.
57,665.687
$
stock,
series A
10,500,000 10,500,000
310,719,6% 20-yr. 1st M,
;
goldbds„Kings1,218,000
57,769:
ton El. Co., Ltd. 1,189,000
receivable,
Adjusted losses due
58,499,990
pref.
($50 par)
915,661
450,000
5%
Guaranteed invest.
Acc'ts
1939
$
Liabilities—
23 ,090,508 24,324,133
Cash
Pref. stk. ($50 par)
2,999,450
2,999,450
y Common stock..30,000,000 30,000,000
Earned surplus... 14,028,411 12,481,264
Fixed assets
1940
1939
$
Assets—
Accrued other tax.
Total
Y
1940
1939
1938
1937
$12,674,<*56 $10,491,220 $10,989,282 $10,524,119
8,534,420
8,937,028
8,524,530
9,046,707
673,231
596,920
598.680
603,053
1,004,097
1,404,099
1,005,821
1,008.241
revenue
Interest
Res.
Accrued payrolls..
Accrued Interest
479.680
1941
Gross from railway
Net from railway
Prov,for Fed.inc.
taxes, Ac
35,355,662 36.584,662
payable Jan. 16, 1940, of $501,376: balance (as above), $24,219,171.
for the year ended Dec. 31.
was published in V. 152, p. 1422.—V. 152, p. 2845.
Depreciation
debentures
miums, deferred
Total-
on
pay.
ns. pre¬
101,961
2,862,017
Our usual comparative income statement
194*.,
64,839
pref. stock,
Mav 15. '40
582,680
207,250
---..35,355,662 36,584,662
Expenses
&
ts subsidiary...
Div.
45,081
Market value Dec. 31, 1939, $532,908, and Dec. 31, 1940, $275,441.
Estimated yalue,
c After reserves for depreciation and depletion of
$47,478,899 in 1939 and $47,416,173 in 1940.
d Consists of capital surplus,
of $24,442,903 and earned
surplus of $277,643: total. $24,720,546: less divi¬
S
Alaska
Packers Assoc
283,782
19.844, 828 19,982,621
Y
trade
pay-
to
-
3.000,000
and miscellaneou
Owing
Growing .crops and
Unexpiredi
Accts.
45,080
cos
a
Feb. 29 '40
$
Notes payable
hand
on
of sub.
Cap.stk. ($5 par). 10,027,510 10,027,510
Surplus
d23,288,638d24 219,171
b
Canada
Feb. 28 *41
Liabilities—
Cash in banks and
632,422
216,349
100,708
2,798,090
_
981,462
:
$2.87
Nil
Feb. 29 '40
$
282,621
reserves
'
lands (at cost).. 1,835,016
1,866,241
Leaseholds (at cost)
20,000
20,000
cCanal,mine lands,
Plant
16,313,662 17,656,125
Consolidated Balance Sheet
Assets—
914,243
April—
326,037
outst'g
com.
1,028,214
256,197
—
Empl. retire't fund
1,050,142
$
Minority
int.
In
capital A surplus
not
Supplies at mine
$3,227,740
,295,014 loss$2576,402
187.466
151,518
.
Shares
460,335
4,746,093
961,937
_.
1939
810,063
501,376
Dividends payable
Deferred credits A
522,074
345.515
3,400,813
1,705,981
hand
ou
sold
delivered
.
Profits.
271,602
Notes A acc'ts rec.
Real est. (at cost).
'41 Feb. 29, '40 Feb. 28, "39 Feb. 28. '38
$61,973,036 $59,441,929 $52,724,423 $61,175,583
49,138,688
47,780,676
46,361,021
49,374,714
Cost of goods sold
1940
944,292
Liabilities—
Accounts payable.
Stum page A timber
Feb. 28,
Sales.
Copper Co.—Balance
I
$
5,334,809
6,497,371
b Inv. in other cos.
(Consolidated. Income Account Incl. Wholly Owned Subsidiaries)
1939
Assets—
Cash
Hancock Mutual Life Insurance Co.
position
Consolidated
1940
oan
new
& Hecla
Sheet Dec. 31—
with the John Hancock Mutual Life Insurance
{dished without payment of underwriting fees by theCo.
negotiation of a new
The
3491
Net ry. oper.
income.def32,046
GrS from"railway
Net from railway;.....
Net ry. oper. income
—V. 152, p.
1939
1939
$83,082
383,082
1938
-168,567
def 14,194
defl4,194
def39,644
def40,504
def40,504
def66,233
437,047
985
412,657
def32,515
313,987
313,987
deflOl ,639
defl01,639
252,169
def!83,089
def111,434
defl41,648
def205,544
def205,544
def287,414
2845.
Carib Syndicate,
Ltd.—Liquidation Approved—
Stockholders at a special meeting held May 27 approved a proposal of
of the company.
Under the plan of liquidation, directors propose to pay an initial liquidat¬
directors for complete liquidation
ing dividend of
$1.20 a share of outstanding capital stock.
60Alfr^°J.7Wiiliam,
a
This would
Vice-President presiding at the meeting said that
payment would be made about June 20, although the date has not yet
fixed.
actual negotiations at present for disposal or oil
properties in which the company has an interest, but that inquiries had been
received for their purchase.
"They all have been very tentative, ' he added.
—V. 152, p. 3172.
the
been definitely
x
He said there were no
,
Carolina
.
Mountain
Bonds Under Extension
Power
Corporation announces that a
have
Deposit
of
substantial majority of the bondholders
deposited their bonds under the 10-year
is stated there are not
effective.
it
Corp.*—Urges
Plan—
extension plan.
However,
enough bonds yet deposited to make the plan
3492
The Commercial & Financial Chronicle
The company is urging all bondholders who have not
done so, to forward
their bonds promptly to the Pennsylvania Co. for Insurances on
Lives and
dividend arrearages
sidiary companies.
Granting Annuities, Philadelphia, Pa.
Upon receipt of the bonds for
deposit payment of the 2% interest declared upon the
July 1, 1941 coupon
will oe anticipated.
Transmittal blanks may be obtained from the Pennsylvania Co. or
from
the office of the corporation, 100 West 10th
St., Wilmington, Del,—V. 152,
p. 1740.
'
>■
...... ....
Central
Cost
of gds.
$94,118
$145,255
sold
Net income...
1938
$4,240,303
3,284,503
3,470.177
$332,460
$770,126
660,374
(incl.
4,208,122
4,013,786
$887,462
Net profit from oper.
Other income
642.955
60* ,693
10,397
11,411
7,8*4
9.130
$317,113
54,363
$268,659 loss$258,988
57,287
53,465
$129,678
55.699
& expense.....
9,990
Other interest
13,250
11,064
—
5.396
122,375
Depreciation
Adjust, prior yrs.' taxes.
128,275
11,021
Federal income tax
CV5.510
>
_
Light Corp.—Sale of Properties
to
in accordance with provisions of the first
mortgage and indenture of trust
of both the Central States organizations.—Y.
152, p. 3016.
Certain-teed Products
12,114
3,339
101,864
""26
sale
Substantially all proceeds from the sale by Central States and Central
as well as the securities of
Utilities Production Corp.
will be payable to Chase Na(ional Bank of New York as
corporate trustee
Corp. (& Subs.)—Annual Report-
Consolidated Income Account for Calendar Years
1940
5,522
the
States of Oklahoma
29.057
11.034
3,017
89,470
that
a
~
$107,909
.
.
acquire its own mortgage
part of a general plan for liquidation of Central States in
keeping
with a plan of reorganization of Utilities Power &
Light Corp., predecessor
of Ogden Corp.
bonds is
$100,620
30,341
Net income—
Interest on funded debt.
Amort, of debt discount
.........
The record indicates, according to the
Commission,
Oklahoma Natural Gas and use of the proceeds to
$234,110 loss$283,l 17
34,549
24.129
$286,771
_
.
At the same time, it granted an
application filed by Central States to
acquire a gas lease and properties from Utilities Productions
Corp., one
of its wholly-owned subsidiaries.
general
Prov. for doubtful accts.
_
It also allowed Central States to use the
proceeds to acquire a portion
of its first mortgage and first lien
gold bonds 5J^% series, by soliciting
tenders at prices not to exceed the face value of the
bonds at the best prices
obtainable until available funds are exhausted.
1937
$3,616,963
$1,035,691
&
...^
$330,631
6,000
-
...
corporation a member of the Ogden Corp. system, was
granted
permission May 23 by the Securities and Exchange Commission to sell its
Oklahoma gas properties and certain other
properties as well as those of
Central States Power & Light
Corp. of Oklahoma, its subsidiary, to the
Oklahoma Natural Gas Co. for
$4,700,000.
,-v •
$125,184
1939
737,508
admin.
$372,597
6,475
... ... -
—
The
$4,901,248
expenses
—>
152, p. 3338.
$132,375
"
-
__—....
$358,710
16,496
2,167
9,416
$366,123
$324,631
a Provisions for Federal income
taxes have been computed in accordance
with the requirements of the Second Revenue Act of
1940.—V.
1938
1940
Gross profit
—
Central States Power &
1939
$5,243,812
—
idle plant exp.)
Be]].,
1940
1940
5,111
2,567
13,776
Gross income.-■■_...».....~,
Total interest and other deductions.
Foundry Co. (& Subs.)- -Annual Report-
Calendar Years—
Net sales
Income taxes
Mining Co.—Earnings—
-
1941
income..^...$394,052
General and administrative.
Taxes
Directors have declared a dividend of 10 cents per share on the
common
stock, payable June 16 to holders of record June 2.
Dividend of 15 cents
paid on Dec. 16, last; 10 cents paid on July 10, 1940; 15 cents was
paid on
Dec. 15, 1939 and one of 40 cents was paid on Dec.
15, 1936.—V. 152, p.
2696.
1941
•:.•
Earnings of Company Only
a
(Juar.End.Mar.M—
Oper. income before deprec.,deple.& taxes..
—V. 150, p. 3196.
the preferred stocks of certain sub¬
on
3 Months Ended March 31—
Total
Catalin Corp. of America —To Pay 10 Cent Dividend—
Central Eureka
May 31, 1941
of prior years'
1939
1938
1937
Gross sales..
Cost of sales
$18,554,013 $15,516,550 $14,625,882 $16,490,156
zl6,812,il5
11,104,515
10,383,044
11,794,395
Maintenance and repairs
574,661
675,374
Deprec.of plant & eqpt. 1
530,431
467;998
(450,850
459,914
Depl. of nat. resources. /
13,105
1 11,370
30,402
8ell., gen. & adm. exps.
See z
2,881,683
2,590,480
2,974,772
22
$64,829 loss$415,999
1obs$43 ,360
David Ford, President, states:
During 1940 the management settled all litigation with the receiver
for
Central Iron & Coal Co. and the bondholders of
that company, and as a
result of the settlement the
company issued 4,335 shares of its common stock
_
Operating profit..
and transferred to the receiver for Central
Iron & Coal Co. the securities
representing its investment in Central Iron & Coal Co. and
also the judg¬
held by it against Central Iron & Coal
Co., and in return received
certain properties located at
Holt, Ala., owned by Central Iron & Coal Co.
but used by and necessary to Central
Foundry Co. in connection with the
operation of its plant at Holt.
$1,198,061
197,804
$1,042,355
$615,477
104,462
$555,299
$1,395,865
483,848
301,634
$1,042,355
497,675
14,223
$719,939
513,548
35.381
$640,641
524,120
13,868
$610,383
Misc. income (net)..
y$530,456
$171,010
$102,654
85.343
ment
Total income
Int. on funded debt
Federal taxes
The management is pleased to
report that during the past year it suc¬
cessfully refinanced substantially all of the company's funded
debt, all of
which matured on Sept. 1,
1941, by securing a 4% 5-year first mtge. bank
loan for $350,000,
payable in instalments of $60,000 at the end of each of
the first four years and $110,000 at the end of
the fifth year, and
by calling
for redemption at 102 all of the
outstanding $350,600 5 year first mtge.
6% convertible bonds.
Company also made a proposal to the holders of
the outstanding $648,200
5% gen. mtge. bonds, and $97,000 4% convertible
notes to extend the
maturity of their obligations to Sept. 1,
1946, and in
consideration thereof, to
prepay 10% of the principal amount thereof in
cash on Sept. 1, 1940, to
improve the conversion rights so that the bonds
and notes would be convertible at
the option of the holders thereof
prior to
Aug. 17, 1946, into common stock of the
company at $5 per share, and to
increase the interest rate on the notes to
5%, which proposal was accepted
by the holders of 88% of the aggregate
principal amount of bonds and notes.
This refinancing of
company's funded debt was accomplished without
underwriting
Net
1940
y The consolidated net income of $530,456
loss arising from declines in conversion value
ordinary items and charges applicable to prior
$25,196 of Canadian subsidiaries.
The net
has
$135,133
1,148,655
700,793
Land, bldgs., mar
chlnery & equip. 2,738,346
Patents & goodwill
1
1
Invest. & advances
Cash
in
hands
49,302
31,252
58,281
36,000
related assets.
Includes charges for selling, general and
administrative expenses.
Note—The portion of the net income of Sloane-Blabon
Corp. for the year
z
$200,628
$91,931
500,000
300,000
come
11,021
37,337
74,560
5,526
Accrued taxes....
Other accrued liab
Funded
1st
debt
1939
1941......
mortgage
48,260
a350,000
Timber
6s
350,600
._
b.501,210
b83,700
648,200
97.000
370,300
637,683
2,695,119
633,348
2,688,074
383,102
471,205
$.5,173,756 $4,817,8221
Total
$5,173,756 $4,817,822
Includes $60,000 due 1941.
b Extended to
Sept. 1, 1946, the interest
rate on the notes
having been increased from 4% to
5% (see text),
c In¬
cludes $91,300 undeposited
gen. mtge. bonds
(.5% convertible), due Sept. 1,
1941, and $4,000 undeposited 4%
convertible notes due Sept. 1. 1941.-—
152, p. 2846.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 152, p. 2846.
Central RR. of New
April—
marks,
-
Net from railway
oper. income.
-
_
—V. 152, p. 3173.
Other
105,859
1,940.027
2,072,153
47,057
29,199
Corp... 3,031,925
164,285
in
Blabon
1940
1939
$2,275,971
def61,122
708,212
105,198
596,421
15,864
68,379
22,500
47,500
818,694
Taxes due &
756,205
139,823
767,802
Total
291,416
136,447
14,223
301,634
255,000
Capital surplus... 2,477,406
2,477,407
Deficit
4,041,409
4,730,353
16.429,013
1 5,838,960
Sloane-
Exp. paid in adv..
accr.
Prov. lor Inc.taxes
Debenture bonds.
261,000
238,511
..16.429,013 15,838,960
Total
c
Represented by shares of
Charleston & Western Carolina
Ry.- -Earnings—
April
1941
.
Gross from
railway.....
railway.
$252,586
96,214
_____
income.
1940
$240,480
77.095
1939
1938
$187,105
50,778
60,057
46,914
20,823
1,061,926
437,380
284,363
904,416
800,454
253.332
263.072
138.621
$175,805
39,788
13,544
144,878
__
From Jan. 1—
152, p. 2846.
734,323
149,504
46,305
1938
$2,743,276
543,570
128,739
3,031,925
Investments
Invest,
—V.
12,754,247
2,927,958
426,220
11,553,840
2,752,288
10,336,668
9,353,688
2,379,878
179,816
2,411.306
346,134.
136,091
Subs.)—Earns.
1941
1940
$8,350,265
$7,975,449
taxes.5,739,471
$2,610,794
5,507
.....
Champion Paper & Fibre
Details of Recent Note Issues—
Detail of recent note issues
5,445,970
$2,529,479
7,855
Gross income
$2,616,302
1,779,594
.....
Interest and other deductions
the Securities and
are
listed in
Co.—Report to
a
Exchange Commission.
SEC
Gives
report of the company filed with
Eight promissory notes aggregating $284,823 and
maturing in June and
July, 1942, (interest rate 3p£%) were issued
by the company in April,
1941 to
equipment companies as part of the purchase price of
property
representing improvement to Champion's divisions located
at
Canton,
N. C. and
Houston, Texas.
On April 30, five notes were
outstanding in
the amount of
$243,000.
The report states that
the aggregate principal amount of these notes
constitutes not more than two-thirds
of the cost of the property purchased
of the fair market value of
such property at the time of
purchase, which¬
ever was less.
or
In addition the
company issued six notes aggregating $1,680,000, matur¬
ing serially on May 1 of each year from 1942
through 1947, bearing interest
2% % a year.
The notes were issued on
April 21, 1941.
at
$2,537,334
1,848,677
Net income...
$836,708
$688,656
Note—Consolidated net income includes
approximately $225,000 and
$190,000 for the 1941 and 1940
periods, respectively, which could not be
_____
dividends to Central and South West
Utilities Co.
50.343
Advances secured.
Inventories
Gross from railway
Net from railway.
Net ry. oper. income
$2,712,705
revenues..
as
2,255,054
4,863,866
423,488
590,957
93,778
$2,976,209
560,964
Net operating income.
Other income (net)
distributed
8,700,000
156,841
accrued expenses
1,023,970
2,527,014
rec.
Net ry. oper.
Jersey—Earnings—
3 Months Ended March 31—
expenses and
8,300,000
Interest accrued..
Reserve for contin¬
1
Cash
def97,2l8
5,077,446
Central & South West Utilities
Co. (&
Operating
Operating
625,340
Notes payable
Accts. payable and
&c
Notes <fe accts.
1938
$1,184,544
91,081
def40,921
107,086
-
__
Netry.
1939
$1,247,516
119,348
def4,063
1941
Gross from railway....
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
5,356,040
616,464
38,686
625,340
gencies
Goodwill, trade¬
Net from
6,674,590
1,638,928
1,037,866
7,306,930
c
443.541
80,674
$
7,306,930
Common stock..
Funded debt
6,763,348
limits...
1939
$
pf.stock.
cum.
a After
depreciation,
b After depletion.
$1 par.—V. 152, p. 3016.
■Earnings—
1940'
1940
Liabilities—
6%
at Marseilles,111
V.
$1,368,365
190,308
23,611
$
Water pow. rights
370.300
a
1941
1939
$
aLands, bldgs., machin'y & equip. * 7,022,494
b Gypsum deposits
431,054
Oil development..
63,708
Total
$1,777,518
495,411
364,974
1939.
1940
Assets—
55,787
C95.300
Earned deficit
April—
for
Consolidated Balance Sheet Dec. 31
4%
notes, 1945....
5-year
1st
mtge.
Capital surplus...
Gross from railway
statement
•
pay¬
Gen. mtge. 5s
Convertible notes.
5% cum. pref.stk.
Common stock
Net from railway
Net ry. oper. income
subsidiaries
U.
S. currency at approximate
average rates of
exchange prevailing during the year, except that depreciation has been
at exchange rates
prevailing at the time of acquisition of the
Notes payable
for Federal
conv.
Central of Georgia
Ry.-
of net current assets, extra¬
income of these
Accounts payable.
able
2,059
Deferred charges..
Mortgages receiv.
been converted into
(before deducting unrealized
years) includes net income of
Prov.
of
trustee
$102,65
1939 allocable to the
1940
income tax
2,723,698
$171,010
converted
*
Liabilities—
$138,967
917.376
rec.
Inventories..
$348,099
securities of that corporation owned
by Certain-teed
Products Corp. (without giving effect to dividend
arrearages aggregating
$1,432,490 on the outstanding preferred stocks of the Sloane-Blabon
Corp.)
is $262,285.
No part of such income has been included in the above in¬
1939
1,311,813
Accts. & notes
$610,383
x Consists of $52,541
unrealized loss arising from decline in conversion
value of Canadian net current assets and deferred
charges; $76,669 loss on
sales or demolition of plants and other
capital assets, net; $46,949 adjust¬
ment of reserves for discounts and allowances as
at Jan. 1,1939, to conform
to the basis at Dec. 31, 1939, and
$6,198 Gypsum lease rentals capitalized
in prior years, charged off.
any
Consolidated Balance Sheet Dec. 31
Assets—
Cash
x!82,357
Net profit
the company.
All except approximately 300 of
the additional shares of common stock
required for the improved conversion
privileges of the extended oonds and notes were
provided from the release
of the shares
previously required for the 4% convertible notes and the re¬
deemed 5 year first mtge.
6% convertible bonds.
to
expense
income.........
deductions
Other
because
Under a written
agreement dated April 15, 1941, between the New York
Trust Co. and the
company, the bank agreed to lend to Champion
$1,680,to be evidenced
by the six promissory notes.
000, the loan
A portion of
the net proceeds of this loan
amounting to $1,210,000 was
used to pay and refund
promissory notes of Champion in the like amount.
The remainder of the
net proceeds,
amounting to $470,000 is to be applied
to
refunding certain of 21 promissory notes
aggregating $578,811.
These
The Commercial & Financial Chronicle
Volume 152
promissory notes had been issued and delivered by the company as a part
of the purchase price of property purchased and accepted by the company
for
use
in
its business.
Chicago & Illinois Western RR.—Bonds Called—
A total of $101,000
due
From April 21, 1941 to April 30, 1941, 16 of these promissory ndtes were
paid aggregating $335,811 and five notes amounting to $243,000 remained
unpaid—V. 152, p. 2846.
:
'
!
i
Chesapeake & Ohio Ry.—Equipment Trusts Offered—
Halsey, Stuart & Co., Inc., headed a group which was
awarded May 28, on a bid of 100.111, $3,100,000 (Second
Equipment Trust of 1941) 1^% serial equipment trust
certificates maturing $310,000 annually each
June 15,
1942-51, inclusive.
The certificates were immediately reoffered at prices to yield 0.25% to 1.95%, according to
maturity.
Associated in offering are; Blair & Co., Inc.;
Ladenburg, Thalmann & Co.; Otis & Co., Inc.; A. C. Allyn
& Co.;
Gregoij & Son, Inc.; The Milwaukee Co.,
Edward Lowber Stokes & Co.; First of Michigan Corp.,
merce
are
Commission.
Payment will be made at the Continental National Bank & Trust Co.,
p. 3390. Y.
,/5
Chicago, III.—V. 151,
are
issued under the Philadelphia Plan.
0C
Chicago Milwaukee St. Paul & Pacific RR.—Earnings
April—
1941
Gross from railway
From Jan. 1—
Gross from railway
type
4-8-4
all
locomotives,
passenger
with
tenders.
■'.
,■
'V '.VYY
Harriman Ripley & Co.,
100.109 for l%s; Lazard Freres & Co., 100.033 for l%s; Salomon
Brothers & Hutzler, 100.499 for \%b, and Evans, Stillman & Co., 100.313
forlj^s.
792,445
*
•
Chicago North Western Ry.—Equipments—
Earnings for April and Year to Date .
1940
1993
1941
$8,464,062
$6,504,896
$6,030,268
Gross from railway
Net from railway—
2,287,914
Gross from railway
Net from railway
2
3.314,443
29,444,131
4,519,258
118,032
The company has called for bids June 10 on $2,325,000 equipment trust
one to 10 years.
Net ry. oper. income
From Jan. 1—
and
31,266,694
5,128,101
1
certificates due in
The certificates are guaranteed unconditionally as to payment of par
value and dividends by endorsement of Chesapeake & Ohio Ky.
They are
locomotives,
1938
$7,222,833
1,089,959
16,484
>
39,385,892
11,876,171
Net ry. oper. income...
7,753.988
—V. 152, p. 2848.
1939
$7,811,066
1,010,223
def5,807
34,420,687
7,630,126
2,603,113
1,666,237
Net from railway.
secured by new standard gauge equipment, costing approximately $3,961,340 and comprising 10 type 2-6^6-6 freight locomotives, 8 type 4-6-4 pas¬
senger
1940
$8,525,491
1,481,466
418,424
$10,045,774
Net from railway
Net ry. oper. income
April—
offered subject to approval by the Interstate Com¬
They
general mortgage 6% gold bonds, dated July 1, 1907,
July 1,1947 has been called for redemption on July 1 at par and accrued.
interest.
and Walter Stokes & Co.
The certificates
3493
689,092
1,322,078
Net ry. oper. income--—V. 152, p. 3338.
def37,429
30,682,514
7,210,377
3,716,759
1938
$5,748,460
defl37,471
def919,066
260,541
def499,384
26,188,915
24,154,269
23,535,344
2,727,102
1,734,043
331,357
def745,860 defl ,620,503 def2,971,939
Other bids submitted for the certificates were:
Inc.,
April—
Gross from
Earnings for April and Year to Date
1941
1940
1939
railway
$5,290,647 $10,599,950
$4,377,236
Net from railway
Net ry. oper. income
_
From Jan. 1—
Gross from railway
Net from railway
Net
ry. oper.
def281,653
def987,436
4,408,999
3,004,369
1938
1941
2,191,956
1,218,788
—
From Jan. 1—
Gross from railway
Net from railway
Net railway operating income
income—
38,653,915
14,524,565
9,281,038
41,546,030
16,991,855
12.302,652
30,786,638
9,459,941
5,962,488
31,330,174
9,754,925
6,250,450
—V. 152. p. 3338.
1940
19.39
$7,495,344
2,244,207
1,362,848
$6,106,449
1,145,784
243,420
$5,807,818
690,706
def230,396
28,479,439
8,020,170
4,741,049
Net railway operating income.
$7,309,517
defll5,447
def601,427
Chicago Rock Island & Pacific Ry.—Earnings—
April—
Gross from railway
Net from railway
24,580,392
4,459,017
898,581
23,718,351
3,679,918
290,050
Obituary—
W. H. Burns, Vice-President and general auditor and member of the
board of directors died on May 20, after a brief illness.
He was 76 years
old.—V. 152, p. 3339.
Chesebrough Mfg. Co., Consolidated—Annual Report
Calendar Years—
Earnings for the
..
Dividends paid
as at
Dec. 31-
$2,023,033
720,000
$1,956,781
720,000
$1,924,395
780,000
$1,999,215
840,000
$1,236,781
$1,144,395
$1,159,215
foreign^subsidiaries,
$6.33
$7.87
$5.32
$6.73
shs.com.stk. (par $25)
a
1939
1940
and real estate.y$l,293,562
$1,280,824
Notes receivable..
6,060
15.000
Market, securities.
1,636,676
See y
1,375.833
mon
x
x
Furn. & fixtures.
26.017
374,993
217,156
276,410
11,495
~M50
113
113
3,695,224
1,303,033
,721,083
Accounts payable.
credits..
Redemption of pre¬
ferred stock
Autos, trucks &
1939
1940
$3,000,000 $3 ,000,000
stock
Bankloans
Deferred
10,044
Sundry
701,339
719,861
Surplus
486,941
Investments
467,021
2,922,576
2,920,608
Invents. (mdse.)._
1,456,843
1,327,908
112
117,821
77,687
stable
See
equipm't.
Cash
Accts. receivable.
-
y
reserves..
deposit account_
Total.
$8,602,013 $8,240,836
1940
1939
1938
$7,173,520
1,278,381
200,672
$7,026,909
1,135,760
43,014
$6,650,156
1,696,878
673,668
33,323,788
9,770,189
5,704,911
29,860,835
9,950,538
2,637,055
28,271,664
26,817,246
5,301,652
853,564
1941
$8,515,720
Net from railway
Net ry. oper. income
^
1,495,623
403,460
6,231,419
1,941,212
—V. 152, P. 3017.
April—
1941
$1,349,805
266,195
34,645
Net from railway
Net ry. oper. income
1940
1939
$1,138,498
$1,193,128
1938
$1,083,718
181,484
142,242
def32,624
def70,976
5,082,121
4,938,958
4,698,036
1,573,255
927.551
709,867
Net from railway
Net ry. oper. income
—V. 152, p. 3338.
128,034
def86,006
5,865,079
From Jan. 1—
Gross from railway
78,518
945,125
79,433
def41,076
#l
1938
$1,163,295
149,087
def53,348
8,135
5,659,157
5,272,992
4,927,724
942,554
50,456
railway--
Net ry. oper. income—
—V. 152, p. 3339.
553,105
def340,783
401,711
def439,963
Chicago Great Western RR.-
.!;>
# Jj
-Stricken from
810,001
'• •
def86,517
l*
4,886,964
515,417
def308,822
shortly, probably June 2,
issue of $6,860,000 funding bonds.
These will be issued to refund the
guaranteed 33^8 of 1951.
,
The new refunding issue, it is said, will mature in equal semi-annual
instalments over a period of 10 years.
Bidders are to be allowed to name
the rate of interest.
The guarantee by the four using roads will be sub¬
stantially the same as in the present issue.—V. 152, p. 2848.
Chile
Copper Co. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1940
Listing and
1939
1938
1937
Copper produced (lbs.)-332,886,586 307,161,079 326,425,736 400,804,271
Copper sold (lbs.)
338,526,363 310,200,346 358,423,787 360,122,138
Operating revenue
$37,925,193 $32,780,070 $35,040,281 $46,549,831
Operating costs
15,439,100
13,966,931
15,767,346
15,078,930
$22,*86,093 $18,813,139 $19,272,935 $31,470,901
29,098
296,462
476,306
254,953
Net oper. mcome
Other income
$22,515,190 $19,109,601
Total income
$19,749,241
$31,725,854
y5,717,715
IT. S. & Chilean Income
' 5,716,725
x
5,688,412
149,925
385,000
3,284,974
668,599
2,719,32*
Deprec., plant & equip-.
2,502,812
2,888,209
737,237
2,892,036
$13,929,216 $10,533,377 $12,907,459 $22,378,866
8,831,006
11,038,758
11,038,758
12,142,633
Net income
Dividends
Balance, surplus
$5,098,210 def$505,381
flhs. capital stock outst'g
(par $25).
4.415,503
4,415,503
Earnings per share
$3.15
$2.39
$1,868,701
$10,236,233
4,415.503
$2.92
4,415,503
$5.07
metal mines,
y No United States surtax on un¬
distributed income is deemed to be payable because of dividend credits,
Before depletion of
x
v./-',
z
Interest and discount on
bonds.
Consolidated Balance Sheet Dec. 31
1, 1959, and the
4% cumulative preferred stock have been stricken from listing and registra¬
tion on the New York Stock Exchange.
These securities were suspended
from dealings on March 17, 1941.
Securities of the new reorganized road
have already been listed.
The first mortgage
50-year 4% gold bonds due Sept.
Earnings for April and Year to Date
1941
April—
Gross from railway
$1,623,128
Net from railway
506.402
Net ry. oper. income.—
191,155
—
6,474,755
1,972,473
743,968
1939
1940
1940
1939
Serial notes
5,358,112
Work. comp. res
Res. for renew'ls
3,773,567
4,276,582
& replacement
& int. accrued
235,237
914,702
Insurance, Ac.
bSer .notes (curr.)
bSer.notes
Accts. receivable
161,636
140,061
16,772,568
15,277,673
1938
$1,436,809
360,388
$1,397,522
347,208
85,710
74,650
$1,339,498
244,461
def24,206
5,743,842
1,265,655
163,449
5,629,605
1,253,241
143,960
proc.
hand.-
5,352,666
737,017
def353,921
Notes rec.of affll.
Cash
-
Wages
1940
1941
$137,798
Gross from railway
Net from railway———
Net ry. oper. income—
$341,213
1939
$307,648
2,692
105,477
88,251
2,212
71,004
64,986
1,424,592
498,238
306,816
1,441,950
457,233
1,204,187
337,544
254,892
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
307,344
1,126,592
a
in 1939 and
p.
145,046,405 146,833,243
After reserve for depreciation of
$43,909,566 in 1940.
26,231
2847.
-
498 898
2,000,000
2,000,000
6,270,672
4,412,762
567,724
622,125
376,041
369,469
Total
68,474
90,941
23,549,683
18,451,473
145,046,405 146,833,243
plant and equipment of $41,756,476
b Payable to banks, due
May 1.—V. 150,
3197.
Cincinnati New Orleans & Texas Pac. Ry.1941
1940
1939
Earnings—
April—
$1,760,906
Net from railway-----719,540
Net ry. oper. income—441,211
Gross from railway——
$1,491,166
545,858
382,984
$1,424,206
515,499
356,071
Gross from railway
Net from railway--
292,713
200,160
10,000,000
credits
to Income
Total
1938
$267,844
68,718
46,588
payable.
Surplus
Chicago & Illinois Midland Ry.—Earnings—
1,800,000
Acer, liabilities.
liabilitiesAccts. payablepayable.
Deferred
152, p. 2847.
April—
1
$
118,828,141 Capital stock.—110,387,575 110,387,575
2,037,972
and on
1940
1939
$
Liabilities—
$
$
Assets—
Prop. In vest.-117,180,171
1,183,811
Deferred charges
5,739,414
Suppl. on hand.
a
Copper in
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—Y. 152, p.
106,810
Chicago Union Station Co.—To Sell Bonds—
Registration—
—V.
1939
$1,199,797
—
taxes, estimated
Int. on serial notes
Chicago & Eastern Illinois RR.*—EarningsGross from railway
1940
$1,235,406
76,813
defl28,084
225,948
Gross from railway
Net from
-Earnings
1941
$1,393,541
Net ry. oper. income—
From Jan. 1—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
$0.12
It is stated that the company will call for bids
Chicago Burlington & Qumcy RR. -EarningsGross from railway
$0.02
b Includes domestic subsidiaries only.—V. 152,
Gross from railway
Net from railway
After
April—
$0-53
Chicago St. Paul Minneapolis & Omaha Ry*
deducting depreciation,
y
Includes furniture and fixtures of
$47,055 and autos and trucks of $27,180, and is after depreciation charges
of $1,131,324.—V. 152, p. 3338.
x
stock
on an
113
$8,602,013 $8,240,836
Total
1938
$221,284
After depreciation, Federal income taxes and other charges, and in
includes Federal excess profits tax, and realized profits on sales to
a
.236,780
Red. of pre!. stock
Deferred charges.
profit
April-
Liabilities—
Common
Plant, wareh'ses
Net
Earns, per share on com-
Balance Sheet Dec. 31
Assets—
1939
$185,219
1941
51,303,033
bl940
$356,834
$1.56
$807,335
1.175.529
16,351
Earns. per sh. on 120.000
x
bl941
$701,032
3 Mos. End. Mar. 31—
$638,514
1,159,215
126,666
Adjustments
Total surplus
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
1937
1938
$944,458
1,144,395
Dr132.072
Previous surplus
Surplus
1939
1940
$760,393
1,236,780
25,856
year.._
6,925,730
2,873,163
6,017,105
2,207,866
5,790,219
2,147,862
Net ry. oper. income——V. 152, p. 2848.
1,953,312
1,641,458
1,569,700
1938
$1,205,655
369,078
274,851
4,707,567
1,302,629
1,009,449
From Jan. 1—
Chicago Indianapolis & Louisville Ry.—Earnings-
1941
$732,897
— -
196,248
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, 152, p. 3017.
88,158
1940
1939
1938
$731,961
201,410
63,665
$733,668
105,602
def26,012
$662,953
96,136
def42,748
3,091,800
2,809,923
848,384 !
278,081
288,785
def286,733
2,610,478
204,482
*
3,290,157
1,013,531
468,941
def379,899
Cincinnati Newport &
All of the outstanding
Covington Ry.—Bonds Called—
first and refunding mortgage bonds, series A, due
July 1, 1947 have been called for redemption on July 1 at 103 and accrued
interest. Payment will be made at the Central Trust Co., Cincinnati, Ohio.
—V. 144, p. 2991.
3494
The Commercial & Financial
Chronicle
Clinchfield
April—
'
RR.—Earnings—
1941
;
1940
Gross from railway
Net from
$705,147
railway..362,271
Net ry. oper, income—
From.Jan. 1—
Gross from
1939
$743,485
405,694
335,023
300,767
1938
$47*.389
213,592
172,560
,
railway
Net from railway
New
of
3,104,927
2,258,856
1,131,504
989,551
1,781,726
1,473,756
■
Consolidated Edison Co. of New York announced
production
electric plants of its system for the week ended
May 25, 1941,
1,960,540
793,994
664,967
Consolidated Oil Corp.—Directors
'
Continental Gas & Electric Corp.
1587.
(& Subs.)- -Earnings
12 Months Ended March 31—
April—
$498,329
137,576
39,739
Gross from railway
90,154
4,371
Net from railway......
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from
railway......
Net ry. oper. income—
—V. 152, p. 3175.
Colorado
&
1940
2,353,931
674,103
301,070
1939
2,029,573
1,850,527
410,713
32,322
def43,482
316,559
$477,517
Net from railway.
Net railway operating
From Jan. 1—
Net earnings from operations of subs
Non-operating income of subs
Interest amortization & pref. divs. of subs
2849.
$7,061,587
18,191
$7,130,153
18,255
$7,043,396
$7,111,898
441,386
210,066
142,746
Amortization of deb. disc't & expense.
Taxes on debenture interest
Earnings
1940
1939
$121,282
31,073
19,672
408,310
80,072
24,363
455,347
111,501
65,642
389,663
42,202
13,455
5,406,487
2,551,119
1,660,549
Prov.fordeprec.& amort.
Gross income...
4,685,023
1,764,446
1,509,663
1941—12 Mos.—1940
$157672,936 $145133,743
61,451,238
57,415,707
27,591,038
20,460,833
18,819,042
17,111,949
Net income..
Divs. on pref. stock....
$1,532,693
749,821
$1,336,986 $13,824,541 $13,696,367
749,809
8,997,790
8,997,638
$50,145,254
36,448,887
$1,475,520
122,092
131,090
444,245
243,043
484,028
220.433
,
1938
$831,205
104,625
190,032
1937
$927,119
116,190
259,660
149,684
161,663
$386,863
174.269
$389,606
227.149
$561,132
70,000
$616,755
y70,100
$496,141
38,283
238,476
31,412
$491,132
58,044
245,178
$546,655
65,044
393,884
$183,267
$187,970
$187,910
$87,727
190,781
190,781
$2.93
$2.42
196,142
$2.21
196,142
$2.45
$786,716
Dr39,877
$657,143
Dr26.501
Net inc. before inc. tax
Prov. for Fed. inc. tax..
$746,838
z182,000
$630,642
119,500
Approp. for advertisingNet income
Preferred dividends
Common dividends
$564,838
381,571
Bern. Schwartz Cigar div
Shares
com.
stock
!
15,000
out¬
standing (par $10)
per share
After depreciation and amortization on
buildings, machinery and equip¬
ment of $62,933 in 1940,
$76,537 in 1939, $63,346 in 1938,
x
$61,376 in 1937.
profits,
z
Includes
y Includes $7,600 Federal surtax on undistributed
provision for excess profits tax of $1,800.
Comparative Balance Sheet Dec. 31
Balance
$782,872
$587,176
$4,826,751
Southern Corp. system for the month
compared with 1,555,720,200 cu. ft.
months ended April 30,
compared with 7.6.54,771,500
cu. ft. for the
corresponding period in 1940, an increase of 6.52%.
Total
output for the year ended April 30, 1941 was
18,963,779,100 cu. ft. as com¬
pared with 17,365,571,300 cu. ft. for the
year ended April 30, 1940, an
increase
cu.
ft.
as
for
April, 1940, an increase of 5.39%.
For the four
1941, the output was 8,154,244,400 cu. ft. as
9.20%.
Electric output of the Commonwealth &
Southern Corp. system for the
April was 864,029,565 kwh. as compared with
689,801,197 kwh.
for April, 1940, an increase of
25.26%.
For the four months ended April 30,
1941, the output was 3,400,136,051 kwh., as
compared with 2,842,838,099
kwh. for the
corresponding period in 1940, an increase of
19.60%.
Total
output for the year ended April 30, 1941 was
9,451,303,871 kwh. as com¬
pared with 8,242,846,270 kwh. for the
year ended April
month of
14.66%.—V. 152,
p.
30,1940,
3339.
an
Total
given
on
Period End. Apr.
Gross revenue...
30—
expenses
Taxes
Prov. for depreciation..
Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$4,140,737
$3,710,585 $47,102,248 $42,087,525
1,515,332
1,432,350
17,957,338
17,313,522
753,570
444,194
7,827,354
4,889,991
500,000
430,000
5,440,000
4,840,000
Inventory-.
Supplies &
accrued expenses
$425,543
2,640,941
183,446
Notes pay. (curr't)
Drafts payable
150,000
3,319,981
198,349
revenue
51,950
59,466
41,156
41,174
Investments
60,659
10,388
used
bldg.
for
146,862
Appropriation
$75,300
150,000
3,300
81,047
231,809
State taxes..
151,039
&
1939
Prov. for Fed. and
Adv. to employes.
173,464
for
advertising
59,000
59,000
Note pay. to banks 1,200,000
Common stock... 1,907,810
1,350,000
1,907,810
Capital surplus
1,531,544
Earned surplus
not
plant
purposes
2,044,878
1,531,544
1,838,044
46,238
Value of life insur.
a
1940
Accts. payable and
706,755
stamps..:
Prepaid lnsur.&c."
Land
Liabilities—
$704,085
690,051
tobacco
Inventories
56,429
609,454
80,915
627,436
1,863,150
1,863,150
Prop.pl. & equip,
b Cigar macli.l'sed
Goodwill, &c
Claims agt. closed
banks (net)
47,563
82,087
6,619
Total..........$7,553,885 $7,166,209
,
first page of this department.
leaf
Cigar
increase
Commonwealth Realty
Co.—Registers with SEC—
1939
$430,752
Accts. receivable-.
b
Consumers Power
1940
Cash
The weekly kilowatt-hour
output of electrical energy of subsidiaries of the
Commonwealth & Southern Corp. adjusted to show
general business condi¬
tions of territory served for the week
ended May 22, 1941 amounted to
186,545,806 as compared with 152,488,608 for the
corresponding week in
1940, an increase of 34,057,198 or 22.33%.
Gas output of the Commonwealth &
of April was 1,639.535,800
Assets—
$4,698,728
Weekly & Monthly Output—
Operating
1939
$1,613,269
sales
x Net
operating profit
Miscell. income (net)
Earnings
$4,385,782 $49,811,618
3,048,796
35,987,077
See list
on
Adminis. and general...
134
$4,370,194
2,837,501
of
1940
1938
Int. & other deductions.
of
Income Account for Calendar Years
$87,529
6,256
_.......
expenses......
$2,896,299
$13.50
$12.99
Deisel-Wemmer-Gilbert Corp.—Earnings—
Shipping.
Selling & advertising
Commonwealth & Southern Corp.
(& Subs.)—Earns.
Operating
-
RR.—Court Denies Receivership—
Gross profit
409,053
81,220
Taxes
$2,786,070
--
-
final settlement of
$105,770
27,438
17,212
From Jan. 1—•
—
44,963
Darby Petroleum Corp.—25-Cent Dividend—
Ry.—Earnings—
Period End. April 30—
1941—Month—1940
Gross revenue.
.$13,988,350 $12,344,914
$4,216,352
1,320,053
per share of common stock.
Pipe Line Co.
a
$106,182
26.622
14,216
40,879
$4,106,123
1,320,053
Directors have declared a dividend of 25 cents
per share on the common
stock, payable July 15 to holders of record July 2.
Last previous distri¬
bution was made on Jan. 15. 1939 and likewise totaled
25 cents per share.
—V. 152. p. 3179.
The consent decree was entered after the
Government brought anti¬
trust action against Columbia Gas and
Columbia Oil & Gasoline.
The
anti-trust suit and the consent decree involve the
relationship between the
applicant, Columbia Oil & Gasoline and Panhandle Eastern
Gross from railway.....
Net from railway
Net ry. oper. income..—V. 152, p. 2849.
2,544,436
160,615
-.
_
prior preference stock.
—
Cuba
participating preferred shares is part of a plan filed jointly
by
Columbia Gas and Columbia Oil & Gasoline on June
20, 1939, after the
Department of Justice moved to reopen an anti-trust suit and set aside
a
consent decree entered on Jan. 29, 1936.
.
2,527,049
159,519
45,788
—
—
Vice-Chancellor James F. Fielder, at Jersey
City, N. J., May 26, handed
a decision
denying the application of a bondholders' committee for
the appointment of a receiver for the
company, and also denying an applica¬
tion for an injunction to restrain the
company from putting into effect a
modified bond amortization plan.
The court said the company is not
insolvent, and that it is not being conducted prejudicial to the interests of
creditors or stockholders.—V. 152, p. 2236.
latter's
1941
$6,966,365
down
of the acquisition on the carrying out of the
provisions of Section 11 of the
act; the extent, if any, of the terms and conditions which
should be imposed
with respect to such acquisition.
Columbia Gas & Electric in its application says that the
acquisition of
the five subsidiaries of Columbia Oil & Gasoline
and the surrender of the
April—
$83,595
86,014
—V. 152, p. 423.
the
The plan seeks a modification of the consent
decree and
the anti-trust suit.—V. 152,
p. 3339.
on
Balance
hearing to determine the effect of the
the capital structure of Columbia Gas & Electric; the effect
Gross from railway
Net from railway......
Net ry. oper. income...
$120,328
119,899
Balance transferred to consolidated
surplus..
Dividends
proposes to acquire the
are listed as follows:
Ohio Fuel Supply Co., Preston Oil Co., Union Gasoline &
Oil Corp.,
Viking Distributing Co. and Virginia Gasoline & Oil Co., all
engaged in the
oil and gasoline business.
Columbus & Greenville
$7,135,974
Interest
subsidiaries, which
on
24,076
$7,078,705
—
Holding Company Deductions—
on 5% debentures, due 1958..
Corp.—SEC Hearing—
Columbia Oil & Gasoline received permission on
April 19 to intervene in
the proceeding whereby Columbia Gas & Electric
acquisition
35,308
Balance
Exchange Commission on May 21 ordered a public
on the application filed by the corporation to acquire all
outstanding stock and obligations of five subsidiaries of Columbia Oil &
Gasoline Corp.
As part of the plan, Columbia Gas & Electric
Corp. proposes to surrender
for cancellation the entire outstanding issue of
400,000 snares of participating
preferred stock of Columbia Oil & Gasoline.
ordered
"
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric
Corp
hearing for June 3
Commission
4,828
$6,838,478
Total..
the
The
stock
earnings of subsidiaries
See list given on first page of this department.
Columbia Gas & Electric
...
com.
1,964,860
5,003,931
5,076,224
.$11,746,331 $11,883,407
Income of Continental Gas & Electric Corp.
(excl.
of income received from subsidiaries).
Industries—Registers with SEC—
The Securities and
-
Equity of Continental Gas & Electric Corp. in
$110,745
53,877
36,775
'
:
Columbia Aircraft
4,758,082
—
Balance
266,449
158,586
Net railway operating income..
64,381
3,749,126
—
,
Proport. of earnings, attrib. tomin.
524,753
—
1940
2,050,592
4,939,072
6,264,094
—
_
1940
$124,029
59,847
36,463
,
income
Gross from railway.;..
Net from railway...
p.
Maintenance
1,915,268
200,864
defl82,189
1941
;
1941
(after
of subs,
Provision for depreciation_ —
General taxes & estimated Federal income taxes.
55,369
def51,454
Wyoming Ry.—Earnings—
April—
152,
1938
$507,890
104,834
7,511
earnings
oper.
eliminating
intercompany transfers)^__...- ---- --v. *..$39,930,577 $38,298,565
General operating expenses
—14,930,487
14,370,142
'*
Gross from railway..
—V.
Gross
Ry.—Earnings—
1941
$585,569
Classified—
Stockholders at their annual meeting held May 21
approved a proposal
amend the certificate of incorporation, so that the directors
shall be
divided into three classes and not less than one-fourth shall be
elected
annually.
The eight directors reelected on May 21, however, will serve
for a year.—V. lo2, p. 2850.
Directors have declared an interim dividend of 75 cents
per share on the
stock, payable June 25 to stockholders of record at the close
of
business June 13.
Interim of 50 cents was paid on March 25, last;
year-end
dividend of $1.25 was paid on Dec. 24, last, and
previously interim dividends
of 50 cents were paid each three months.—V.
p.
the
to
common
152,
of
amounting
139,700,000 kwh., compared with 139,200,000 kwh. for the
corresponding
week of 1940, an increase of
0.4%.—V. 152, p. 3340.
Cluett, Peabody & Co., Inc.7—Interim Dividend—
Colorado & Southern
York, Inc.—Weekly
to
3,445,712
2,016,488
1,739,862
..
Co.
Output—
$471,334
198,877
151,115
■
Net ry, oper. income—
—V. 152, p. 2849.
May 31, 1941
Consolidated Edison
Total
$7,553,885 $7,166,209
a After reserve for
depreciation of $682,030 in 1940 and $623,446 in 1939.
Charges under contracts, less provision for amortization.—V. 152, p. 3340.
Deep Rock Oil
Securities Ready—
Corp.—Reorganization
Completed—New
The holders of certificates of
deposit for 6% con v. gold notes (originally
due March 1, 1933, in
part extended to March 1, 1937, at 7%), and shares
of $7 cum. conv.
pref. stock are notified that the 12-year 6% sinking fund
debentures and certificates representing shares of new common
stock of
Deep Rock Oil Corp., issued pursuant to the second amended
plan of re¬
organization,
as modified, together with cash provided for
by said plan,
now available for distribution.
Holders of certificates of deposit for convertible gold notes are
entitled
$500 thereof with, in the case of extended notes, interest
coupons appertaining thereto
maturing on or after Sept. 1, 1933.
(a) $275 of new debentures, dated Jan. 1, 1940, with interest
coupons
due July 1, 1940, and
subsequently attached.
(b) Certificates representing 15 shares of new common stock, and
are
Gross income.
Int. & other deductions.
Net income
Divs. on pref. stock
Amort, of pref. stk. exp.
Balance
—V. 152. p. 2700.
$1,371,835
375,644
$1,404,041
435,271
$15,877,556
4,563,083
$15,044,012
4,821,182
$996,191
285,389
65,278
$968,770 $11,314,473 $10,222,829
285,389
3,424,818
3,424.821
65,278
783,339
783,339
$645,523
$618,103
to receive for each
(c) $145
$7,106,316
$6,014,669
or
in cash, except that in the case of notes with respect to wnich
one
both of the two interim distributions of $60 each have
heretofore been
made, the
amount
of cash
distributable shall
be reduced
by the amount
Volume
The Commercial &
152
already received as evidenced oy endorsements stamped on the certificates
of deposit.
Instalments of interest due July 1, 1940, and Jan. 1, 1941, on the new
debentures will be paid upon presentation of the coupons to First National
Bank, Chicago, or Chase National Bank, New York, paying agents.
Holders of certificates of deposit for shares of $7 cum. con v. pref. stock
are entitled to receive for each share thereof certificates representing two
shares of new common stock.
of deposit for convertible
National Bank, depositary,
certificates of deposit issued
by the depositary, or to Chase National Bank, sub-depositary, 11 Broad
St., New York, in the case of dertificates of deposit issued by it, holders
will be entitled to receive new securities and cash on the basis set forthCertificates of deposit for convertible gold notes must be endorsed in blank
(or accompanied by proper instruments of transfer executed in blank) in
all cases.
Certificates of deposit for cum. conv. pref. stock must be like¬
wise endorsed if request is made for the issuance and delivery of new se¬
curities to persons other than the registered holders of certificates of deposit.
Upon surrender for cancellation of certificates
gold notes and cum. conv. pref. stock to First
38 South Dearborn St., Chicago, in the case of
—V. 152, p. 3179.
Delaware
Power
Electric
Co.—Advance
of $7,000,000
Delaware & Hudson RR.—Earnings—
April—
1941
1940
1939
Gross from railway
$2,125,981
$1,993,738 $1,998,023
Net from railway
498,964
503,674
596,435
Net ry. oper. income
285,625
315,830
418,666
From Jan.
Net ry. oper. income
—V.
1,959,906
profits tax.
Assets—
customers
Inventories
Value of life
Advs. to
Delaware Lackawanna & Western
1941
I!
1940
Gross from railway
$4,513,895
$4,156,729
Net from railway1,200,129
927,357
Net ry, oper. income—*
709,841
437,367
From J tin. 1—
RR.—Earnings—
1939
1938
$4,365,254 $3,598,976
j
706,493
1,119,634
198,371
563,675
„„„
_
mttm
18,213,927
17,242,015
16,159,586
14,065,557
4,971,349
3,081,756
3,683,969
3.520,821
1,503,112
2,523,561
income
1,650,624
66/,264
From Jan. 1—
.
income
,
6,421,761
421,560
1938
1939
1940
1941
$122,094
def8,570
$154,759
def5,252
Netry. oper. income.—
def17,254
16,348
16,125
740,647
842,518
842,518
Capital surplus...
1 ,185,839
Property, plant and
eouip. (net)
1,657,867
Earned surplus...
1 ,436,839
1,185,839
1,303,066
1,251,322
marks
■?'
3
.
4,961
4,961
Total————$7,519,978 $4,249,239
.$7,519,979 $4,249,240
,
,
Dividend Shares/
Inc.—EarningsMonths Ended April
Earnings for the
Cash dividends
$1,090,495
...
Net cash proceeds
a
40,345
.
Total
$1,130,840
-
........
184,120
Expenses
From
a
$946,720
cl,250,129
.---i-
Dividends declared_.
sales
of
----
-
received
securities
-
—
taxable dividend
as
b Excluding security profits and losses,
distributions,
Of the total amount, $1,089,399
charged to distribution account and $160,730 was charged to earned
was
c
surplus.
Note—No provision has been made for
Federal income taxes for the six
ended April 30, 1941, as the corporation expects to qualify as a
"mutual investment company" under the provisions of the Internal Revenue
Code and to make distributions during the current fiscal year approxi¬
months
mating its taxable income.
211,026
168,026
1939
Cash
$53,266
201,826
-
-
245,852
323,475
v
on
N. Y., trustee..
4,330,308
Cash divs. ree'le..
13,050
Gross from railway
Net from railway
$54,268^
5,964
-
Net ry. oper. income.
From Jan. 1—
$57,562
9,923
3,630
def3,763
4,698
«
214,971
Gross from railway..--Net from railway
199,655
206,777
217,300
7,940
17,059
27,678
20,028
Netry. oper. income.._
—V. 152, p. 28.50.
def!7,025
def6,124
def607
def6,089
RR.~Earnings—
1940,
$607,486
261,701
1939
$508,813
182,470
income._
171,441
113,471
58,943
_
From Jan. 1—•
Gross from railway..--Net from railway
y
>.
3,166,493
1,764,700
Netry. oper. income.1,079,925
—V. 152, p. 2851.
•
•
^
•.
=
_
Total-
1,751,607
a
Earns.persh.oncom.stk.
$1,191,892
$908,348
881,834
810,331
556,862
407,536
393.685
389,573
212,396
142,488
$1,505,787
$1,421,888
—V. 152, p. 2851.
Dublier Condenser
Corp.—Special Meeting—
Diamond T Motor Car
Co.—Earnings-
1939
•
1938
1937
$12,198,714 $10,340,677
$8,597,531 $13,405,822
10,696,150
8,853,318
7,604.086
11,60 ,656
$1,502,564
$1,487,359
$993-445
6,156
7,954
6,943
9,661
$1,508,720
$1,495,313
$1,000,388
$1,808,827
1,210,852
1.149.631
1.010.506
1.316.884
$297,868
23,157
$345,682
20.655
loss$10,118
15,034
$491,943
28,530
$1,799,166
of
-
& adm. exps.
-
Other income
Total income
Other deductions
$321,025
6,259
$366,337
706
profits taxes—
$4,916
3,277
75,678
64,238
486
;;
$520,473
1,889
75,523
■"
1,755
profits.
$301,395
$1,154
$441,307
168.504
105,315
410,629
z New
trucks and service parts, less discounts, returns, allowances.
Federal excise and State sales taxes,
a Depreciation included in cost of
Net income
dividends
$239,087
105,314
,
1938
$208,787
def.365,320
def495,564
$165,965
def.377,099
def436,848
3,581,683
792,080
484,767
512,050
806,263 defl ,362,553 defl ,694,185 defl ,636,072
def145,235 defl ,996,493 def2,185,062 defl ,850,813
1940
defl ,102
1939
$143,872
def16,995
def40,009
1939
$138,316
10,578
defl ,339
625,264
38,678
def23,812
532,979
def 82,187
defl56,403
defl 19,810
1941
Net from railway
$263,037
66,851
46,070
$173,117
14,985
831,652
144,851
78,953
553,865
def45.524
Duluth Winnipeg & Pacific Ry.—Earnings
1940
1941
Gross from railway.—
Netry. oper. income..
From Jan. 1—
Gross from railway
Net from railway
$108,691
12,727
deflO.835
$107,400
8,045
def 16.576
467,618
87,898
550.002
131,588
12,199
defl9,129
1938
1939
$103,052
11,792
def11,846
$72,093
def16,083
def.36,183
435,964
384,938
55,878
def3 7,764
15,688
def86,249
-
,
*
,
Dunlop Rubber Co., Ltd.—Dividends—
Directors have declared an extra
dividend of 2% in addition to
a
final
dividend of 8% on the common stock, both payable May 21 to holders of
record
May 16. —V. 150, p. 3199.
East Coast Public Service
•
Co.—Sale of Sub. Properties—
Exchange Commission announced May 23 that East
Coast Public Service Co. and its subsidiary, Northwest Carolina Utilities,
Inc., have filed a declaration (File 70-322) under the Holding Company
Act, regarding the proposed sale by the subsidiary of certain of its utility
The Securities and
'
"
'
'
'■
V
*.v
*
"')
Northwest Carolina Utilities, Inc., proposes to sell to the Blue Ridge
ctSfSPf/S
•
Electric Membership Corp., an electric
cooperative financed through the
Administration, a hydro-electric generating plant and
and distribution facilities located in the counties of Al¬
Rural Electrification
its transmission
legheny, Ashe, Caldwell, Surry, Watauga and Wilkes in North Carolina,
for $170,000.
The company also proposes to sell certain remaining proper¬
ties which will be rendered non-useful as a result of the sale to the coopera¬
tive.
The company states that these properties have an estimated sale
value of $28,850, but as yet it has found no purchaser for them.
The proceeds from the sale of the properties will be applied to the retire¬
ment of the company's 5% first mortgage bonds due 1948.
As of March 31,
1941, there were $814,000 of these bonds outstanding, all of which were
the parent company.
The parent company will use the funds received as a result of the retire¬
ment of the bonds to make a capital contribution of $25,000 to the sub¬
held by
sidiary, and to
purchase its first lien bonds in the over-the-counter market
market prices.
The parent also proposes to forgive the interest
bonds, amounting to $109,890 for the period from
Aug. 1, 1938, to Aug. 1, 1941.
The subsidiary will use the $25,000 capital contribution to pay, in part,
the construction cost of additions and improvements to its remaining
at current
on
inc. and
Prov. for Fed. surtax on
1939
$405,175
def211,898
def372,876
,
1940
Ry.—Earnings—
1940
$3,188,083
2,182,407
1,251,091
Duluth South Shore & Atlantic Ry.—Earnings—•
Netry. oper. income..
—V. 152, p. 2852.
,
meeting of stockholders has been called for June 19 to act upon
a proposal to transfer and sell all
of the right, title and interest of the
company in patents and patent rights to Cornell-Dubllier Electric Corp.
The proxy statement of Dubilier advises that the company is the owner
of certain patents and patent rights under all of which Cornell-Dubilier
Electric Corp. has a fully paid license.
Sale to Cornell, Dubilier would be
made for $7,500.
The main asset of Dubilier is its stock interest in Cornell-Dubilier Electric
represented by voting trust certificates for 101,380 shares or 38.30% of
stock of Cornell-Dubilier.
Te only other assets of Dubilier, other than
patents and patent rights, are cash, Government securities and stock of
Dubilier Realty Corp., which owns five vacant lots in the Bronx.
The lots
are carried on the realty company's books at $16,011.
The proxy states that Cornell-Dubilier, whose stock is not listed on any
exchange, has agreed that it will apply for listing on either the New York
Curb or New York Stock Exchange.—V. 152, p. 1892.
—
...
Gross from railway
A special
—
railway
Net from railway
Net from railway
Gross profit
...
51,695
def1,051
Federal and Canadian taxes, &c.—V, 152,
From Jan. 1—
Gross from
1938
Netry. oper. income—
profit on sales
used trucks-----
_
Netry. oper. income
$169,346
def5,835
1 938
$899,154
$2.23
$1.34
1941
Net ry. oper. income—
—V. 152, p. 2852.
58,564
1939
$719,548
Duluth Missabe & Iron Range
Gross from railway
Net from railway.
Net from railway
27,588
-
,
Gross from railway—
53,294
income
v':-:'-From.:Jan,:b-^':-y:yW?y;;y
Gross
•
Net ry. oper. income—
From Jan. 1—
1939
1940
$858,385
$2.03
1941
$840,911
$1.95
After depreciation, interest,
2550.
620,804
$185,665
45,949,386 45,710,387
Dixie-Vortex Co. (& Subs.)—Earnings—
\2Mos. End.Mar. 31—
Net profit..
374,222
148,976
Total
-45,949,386 45,710,387
728,040
$306,533
Net ry. oper.
Gross sales
-
1,074,280
109,878
Cost of sales.
... -
2,307,641
1940
1941
Calendar Years—
-
1,076,187
$261,884
..
Gross from railway
15,736
2,946,623
1.551,435
Detroit & Toledo Shore Line RR.—Earnings—
Gross from railway.—
Net from railway
78,691
Cap.stk.(par 25c.) 8,971,471
8,920,576
Capital surplus...35,353,156 35,210,594
Earned surplus... 1,377,877
1,385,443
37\486
-V. 152, p. 2550.
1938
$367,235
104,415
127,443
Net from railway.
55,126
45,800
miscell. taxes...
15,391
7.068
Net ry. oper. income
—V. 512, p. 2851.
$557,237
246,333
1941
82,800
.
stock. State and
on
Net from railway
<
Detroit Toledo &Ironton
expenses
Prov. for Fed. cap.
due
_
Gross from railway
crued
sub¬
$62,460
11,125
4,371
353
-
-
101,478
Pay. for sec, purch
pay. & ac¬
Accts.
4,322,675
50,698
scriptions to cap¬
ital stock
Amt.
p.
1940
59,956
16,803
stock repurch'd.
dep. with
Guar. Tr. Co. of
a
Detroit & Mackinac Ry.—Earnings—
1941
$
Liabilities-
Paym't for capital
41,583,224 41,284.137
Investments
1938
income.
3180.
oper.
803,655
116,178
Apr. 30 '41 Oct. 31' 40
Apr. 30 '41 Oct. 31 '40
^■SSCtS'
105,555
Common
V/: '
Patents and trade
^'T^:i i::<-
v
654,512
Net from railway.
excess
8,375
2
599,673
157,993
From Jan. 1—-*
Gross from railway—.-.
undistributed
4,940
23,340
Investm't
Deferred charges..
38,208
Prov. for Fed.
3,501
10,782
75,246
Security
$127,449
18,337
gen.
242",061
^
$84,871
def39,282
Balance
249,909
Res. for truck guar¬
150,000
Deferred charges..
Ry.—-Earnings—
Net from railway
Gross from railway
Sell.,
4,575
1 ,500,000
Unearned Interest.
148,534
100,838
suppliers
merchandise.
Rec. for sec. sold..
Denver & Salt Lake
Total-
39,872
7,132
Notes payable
anty expense..Com.stk. (par $2).
of
def666,055
—V.152, p.3340.
z
128,933
dep.
and credit bal.
Other accts. pay
Accrued Items
^
,
6,942,808
809,327
defl81,922
7,459,785
970,060
def83,775
8,178,613
1,187,992
293,994
Gross from railway
Net from railway
Net ry. oper.
$617,993
Balance Sheet
Denver & Rio Grande Western RR.—Earnings—*
April—
1941
1940
1939
1938
Gross from railway
$1,996,623
$1,824,367
$1,712,147 $1,560,880
Net from railway......
161,305
207,787
61,854 defl02,438
Net ry. oper. income
def64,432
def66,850 defl95,851
detf.372,679
Netry.
to
1939
1940
$2, 154,524
,„or>
—V: 152, p. 3021.
—V. 152, p.
3,315,862
insur.
87,121
suppliers
Income:
6,609,388
1.063,165
425,074
_
Gross from railway.---Net from railway
Net ry. oper.
Customers'
588,462
20,932
1,852,986
82,764
(net). 1,541,574
y- 43,996
others
b Net income
April—
-v
Trade
creditors
rec.
die costs..-.
on
Advs.
Accts. pay.:
$275,934
$542,509
Accts. rec.,
206,190
7,844,581
2,265,722
1,603,380
'
Liabilities—
1939
1940
Cash
Notes & accts.
1938
$1,664,755
513
y'-Y-".'
.
Comparative Balance Sheet Dec. 31
152, p. 2065.
Net ry. oper.
and administrative expenses amounted to $54,868
and $85,232 in 1938.
4
that it has any liability for excess
Note—The company does not consider
—V. 152, p. 3340.
„
8,404,663
2,205,186
1,494,265
in 1940, $59,522 in 1939
Total
1—
Gross from railway.9,582,070
Net from railway
2,775,055
sales and selling, general
United
by U. G. I.—To Reduce Stated Value of Capital—See
Gas Improvement Co.—V. 152, p. 1277.
3495
Financial Chronicle
the subsidiary's 5%
properties.—V. 152, p. 2852.
Eastern Gas & Fuel Associates—To Pay 6% Pref. Div.—
have declared a dividend of 75 cents per share on the 6%
Directors
preferred stock, payable July 1 to holders of record June 16. Like amount
paid on April 1, last, this latter being the first dividend paid on this issue
since April 1, 1938, when 75 cents was also distributed.—V. 152, p. 2701.
The Commercial & Financial Chronicle
3496
Eastern Massachusetts Street
Period Ended
Plan—Court Has
1941—4 Mos.—1940
$663,699
407,105
$594,759
372,886
$2,649,887
1,607,074
$2,518,986
1,578,022
$256,594
86,634
$221,873
57,396
$1,042,813
331,725
$940,964
Ry. oper. net incomeOther income.-.-....
$169,960
4.163
$164,477
5,259
$711,088
14,991
$705,537
19,915
Gross corp. income.
Interest on funded debt,
$174,123
$169,736
$726,079
$725,452
38,4.38
43,534
155.251
176,298
$135,685
$126,202
85,037
$570,828
$549,154
85,081
338,629
339,549
$50,604
$41,165
$232,199
$209,605
Railway oper. revenues.
Railway oper, expenses
_
Operating income
Taxes -> ?
„ r
„-i ..
rents, &c—
— -
Avail, for depr.,dlvs.,&c.
Depreciation
235,427
The result of the
Class
Utilities Associates (&
Operating revenues—Operation
Maintenance.
Taxes
-
-
-
constituting 99.97% of the total allowed claims,
....
per share.
Subs.)—Earnings—
1941—12 Mos.—1940
$9,528,759
$8,988,499
4,647.560
4.330,323
403,923
426,628
1,650,915
1.301,759
4941—Month—1940
$835,109
$732,713
427,581
381,910
_
holding $25,425,000 of Erie first consolidated mortgage prior
accepted the plan.
Class 2, holding $18,321,000 of Erie first consolidated mortgage general
lien 4% bonds due Jan. 1, 1996, constituting 99.96% of the total allowed
claims, accepted the plan.
Class 3, holding $14,990,500 of Erie general mortgage convertible 4%
bonds due April 1, 1953, constituting 99.86% of the total allowed claims,
accepted the plan.
Class 4, holding $45,114,500 of Erie refunding & improvement mortgage
5% bonds series of 1927, due May 1, 1967 and series of 1930 due April 1,
1975, constituting 99.21 % of the allowed claims.
Class 5, holders of $3,631,000, of Erie & Jersey RR.. first mortgage 6%
bonds due July 1, 1955, constituting 91.60% of total allowed claims.
Class 6. holders $3,451,000 Gennessee River RR. first mortgage 6%
bonds due July 1, 1957, constituting 100% of allowed claims.
Class 7. holders $20,183,000 of Erie collaterally secured promissory notes,
constituting 100% of total allowed claims.
Class 25, holders of $1,331,161 shares of Erie first preferred, second
preferred and common stock, constituting 97.85% of total allowed claims.
Class 28 (A), holders of $47,411, of unsecured claims, against Erie,
constituting 98.14% of total allowed claims.
Class 28 (B), holders of $620,400 of New York & Greenwood Lake Ry.,
prior lien, 5% bonds, due May 1,1946, constituting 98.46% of total allowed
Directors have declared a dividend of $1.50 per share on account of
on the 1st preferred stock, series A, payable June
16 to
Similar payments were made in the 10 preceding
Eastern
1,
lien bonds due Jan. 1,1996,
holders of record June 2.
Period End. April 30—
The court already has approved tbe plan.
balloting by classes, as announced by the Commission
proceeding.
follows:
accumulations
after current payment amount to $46.50
that its plan of
Commission has announced
reorganization for the road has been accepted by the principal classes of
creditors and stockholders.
The Commission, which conducted the balloting among eligible creditors
and stockholders, will certify the result to the U. S. District Court for the
Northern District of Ohio, Eastern Division, which has jurisdiction in the
Accumulated Dividend—
quarters.
Arrearages
—V. 152, p. 2852.
Interstate Commerce
The
Net income before pro¬
vision for retirement
losses..
RR.—Leading Creditors, Bond Holders Accept ICC*s
Approved Plan—
Erie
Ry.—Earnings—
1941—Month—1940
Apr."SO—
May 31, 1941
36,522
159,387
30,218
103,941
$211,618
25,183
$216,643
$2,826,360
$2,929,789
4,494
76,263
9,387
$236,801
65,500
$221,137
64,510
$2,902,623
789,959
$2,939,175
778.201
holders of 4,049 shares of Northern RR. Co. of New Jersey
capital stock, constituting 70.59% of total allowed claims.
$171,301
36,221
4,494
$156,627
$2,112,664
434,910
$2,160,974
Earnings for April and Year to Date
-
(incl. inc. taxes)—
claims.
Net oper. revenues-
_ -
Non-oper. income—net.
Balance
Retirem't
—
accruals.
res.
-
Gross income—-----
Int.
&
amortization
Miscell. deductions
36,008
4,602
$116,017
$130,585
Balance..--.------
Balance..
$1,665,381
77,652
$1,710,735
77,652
$1,587,729
Preferred dividend deductions B. V. G. & E. Co
-
.
-
—
-
-
-
24,013
$1,563,716
—
139,783
$1,713,917
$1/778,453
$1,713,917
$1,777,857
applic. to E. U. A.
Non-subsidiary income
cos.
Expenses, taxes and interest.
Balance
-
i
-
Amount not available for divs. and surplus
596
__
Balance available for dividends and surplus
1940
1939
1938
$6,172,644
1,410,987
$6,076,115
1,574,179
$5,323,642
825,427
1,366,203
543,975
774,411
17,358
31,458,732
10,143,182
26,217,786
6,473,685
3,002,959
24,493,277
5,980,492
2,823,145
21,045,535
3.034,532
def251,850
_
Net from railway—
6,148,682
Netry. oper. income-.--
Eureka Vacuum Cleaner Co.
Cuar. End. Mar. 31—
a Net profit
b Earnings per share
a
1941
$63,355
$0.31
After depreciation,
capital stock, $5
Excelsior
Earnings—
Federal income taxes, &c.
x Loss.—V. 152, p. i589.
par.
Insurance
Co.
1939
1940
x$36,207
Nil
1938
x$27,086
x$68,213
Nil
Nil
b On 201,919 shares of
(Syracuse,
N.
Y.)—To Pay
lb-Cent Dividend—r
Ebasco Services,
follows:
stock, payable June 20.
and regular
V,
Falcon bridge
;
Thousands of Kilowatt-Hours1940
72,270
92,875
National Power & Light Co.
Amount
%
18,369
14 8
7,782
11,062
Electrolux Corp. (&
Quar. End. Mar. 31—
13.5
b Earnings per share—
After all charges
any
companies not
Subs.)—Earnings—
1941
$432,916
$0.35
1940
"
payable June 28 to holders of record June 2.
Like
amount paid on April 4, last, and regular quarterly dividend of 7H cents
per share was paid on March 25,1940.—V.152, p. 3022.
common
stock,
12.1
The above figures do not include the system inputs of
appearing in both periods.—V. 152, p. 3342.
Net profit—
the
124,387
64,488
81,813
1941
Operating Subsidiaries of—
Electric Power & Light Corp.
Nickel Mines, Ltd.—Interim Dividend—
Directors have declared an interim dividend of five cents per share on
-IncreaseAmerican Power & Light Co .142,756
decla^ d a dividend of 15 cents per share on the common
Dividends of 20 cents was paid on Dec. 23, last,
semi-annual dividend of 15 cents was paid on June 28, 1940.
151, p. 3088.
Directors have
Inc.—Weekly Input—
For the week ended May 22, 1941, the System Inputs of client operating
companies of Ebasco Services Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp., and National Power &
Light Co., as compared with the corresponding week during 1940 were as
a
v •*'.rSsv-.'
—V. 152, p. 2853.
—V. 152, p. 2702.
a
of total
1941
Gross from rail way
Eastern Utilities Associates—
Earnings of sub.
89.57%
^yyfg'-'/v
$7,835,238
2.368,557
From Jan. !—
$1,918,236
159.623
Applicable to E.U.A
^
(Including Chicago & Erie RR.)
railway--.-Net from railway
Net ry. oper. income
1,608,412
309,824
Applicable to minority interest
1, 2000, constituting
^
April-—
$1,608,412
1.563,716
309,824
-
due Jan.
Gross from
$1,633,083
24,671
$1,873,540
_
holders of $27,000 of Northern RR. of New Jersey, general
Class 28 (D),
438,716
11,523
12,373
__
Class 28 (C),
mortgage 4¥z% bonds
allowed ''claims"•
1939
$521,424
$0.42
with
regard to payment of a dividend on the common shares at this time.
Divi¬
dend of 25 cents was paid on March 28, last, and previously regular quarterly
dividends of 50 cents per share were distributed.—V. 152, p. 2551.
1938
$668,246
$0.54
$443,914
$0.36
including provision for Federal income
Fifth Ave. Coach Co.—No Common Dividend—
Directors at their recent meeting decided not to take any action
b On
V
tax.
1,237,500 shares capital stock.—V. 152, p. 3342.
Engineers Public Service Co.—Tenders Accepted—
Florida East Coast Ry.—Briefs Delayed to June 6—
At
the
the request
of representatives of the Estate of Alfred I. du Pont,
Commission special examiner has delayed the
Commerce
Interstate
final date for filing briefs in support of reorganization views on the road
until June 6.
Briefs had been scheduled for filing by May 26.
C. Barnes, President of this company, announced that the directors
May 24 accepted tenders for 3,215 shares of $6 dividend preferred stock
of the company at an average cost of $87.97 per share, and for 1,785 shares
of $5.50 dividend preferred stock at $79.70 per share.
The 5,000 shares
The committee for first and refunding mortgage bondholders, headed by
A. M. Anderson, Vice-President of J. P. Morgan & Co. Incorporated, has
prepared its brief but is delaying submission for a while.
The Anderson
committee formulated the original plan carried over into trusteeship pro¬
ceedings this year, while an opposing plan has been suggested by the
purchased cost a total of $425,089,—-V. 152, p. 3022.
du Pont group.
D.
on
Earnings for April and Year to Date
Exchange Buffet' Corp.—New Secretary—
Corporation has notified the New York Stock Exchange that Maxwell
H. Hofmann has been elected Secretary and Treasurer.—V. 152, p. 1280.
Netry.
International Industries, Inc.—Earnings—
9 Months Ended
April 30—
Gross profit on sales
1940
1941
Selling, general and admin, expenses.
$291,657
280,318
$364,740
306,957
Net profit on sales
Other income and deductions, net___
$96,431
Dr7,468
$57,784
Dr36,992
15,596
$11,339
4,495
3,008
$73,368
$12,825
Net income
1941
Assets—
Cash-------
-■■
Receivables—net
-
Other assets
—
$101,021
186,789
141,369
297,501
Inventories
a
1940
$139,149
215,562
52,982
172,181
a
After
and
45,342
62,122
$901,585
reserve
—
$703,193
Operating surplus
for depreciation.—V.
Total..
.
—
-
Gross ft
railway
Net from railway
Net ry. oper. income
m
From Jan.
1941
railway
railway—
—
Net ry. oper. income—
—-V. 152, p. 2853.
9,069,559
3,834,499
2,101,155
14,273
29,723
15,596
3,008
taxes,
b$523,064
&c
$510,670
$503,556
$199,607
Equal under participating provisions of the shares to $1.31 a share on
common stock and 65 cents a share on 327,414
shares of class B common stock in 1941: $1.28 a share on 236,293 shares
of class A common stock and to 64 cents a share on 327,424 shares of class B
common stock in 1940: $1.26 a share on class A common stock and to 63
cents a share on class B common stock in 1939: and 50 cents a share on the
1.925
65,000
414,126
414,126
131,242
class A and 25 cents a share on the class B stock in 1938.
b After provision for excess profits tax.—V. 152, pi 2068.
131,242
49,387
Ford Motor Co.—Balance Sheet—
67,689
$901,585
$703,193
Condensed Balance Sheet Dec. 31
(As filed with Massachusetts Commissioner of Corporations)
'
•<'
r
1Q3Q
1938
51,348,416
358,415
182,279
$1,208,318
230,583
86,935
$886,483
6,413,686
1,965,467
1,081,100
5.538,968
1,598,570
887,167
3,463,871
311,844
def96,226
133,065
37,858
Donald Duncan and H. E. Miller as trustees in
of the corporation, of which Mr. Miller is President, was
May 23 by Judge John C. Knox.
Various committees
participating in the reorganization approved the court's action.—V. 152.
p. 2703.
1938
1939
a
Equitable Office Building Corp.—Trustees—
The appointment of J.
the reorganization
made permanent
1940
236,293 shares of class A
1—
Gross from
Net from
2,363,534
1.716,369
Net profit after depr.,
Federal & State income
152, p. 1436.
1940
5,210,215
,
1940
1941
$1,868,812
557,493
233,281
175,324
Florshelm Shoe Co.-—Earnings—
1940
Elgin Joliet & Eastern Ry. —Earnings—
April—
1938
$1,303,505
629,723
410,013
4,671,989
1,913,749
1,292,745
6 Mos. End. Apr. 30—
$57,405
78,000
on
Long-term bk. loan
Cap. stock ($1 par)
Capital surplus
goodwill
Total.-.
-
Reserve for loss
commitments
Def'd charges, lncl.
dies,
tools
molds.-.
payable..
Res. for Fed. taxes
$132,036
4,881,899
1,739,157
1,187,166
342,853
<
Netry. oper. income
—V. 152, p. 3342.'
a
1941
.
Notes payable
Taxes accrued and
10,937
179,821
Prop., plant and
equipment
Pats', tr-marks &
Liabilities—
Accounts payable
$996,203
5,329,538
2.063,690
1,402,928
income
Net from railway-
3,119
Comparative Balance Sheet April 30
1940
$1,076,986
323,374
156,218
Gross from railway
$17,673
Provision for Federal income taxes
oper.
From Jan. 1—
1939
$351,612
255,181
------
1939
1941
$1,231,183
433,139
266,682
April—
Gross from railway
Net from railway-.
19.38
1939
1937
■'
-V
Real estate
134,056,274 129,309,938 130,398,265 122,375,918
Mach'y and equipment-187,823,423 163,875,337 145,006,010 125,645,403
Inventory
101,469,372
87,499,430
83,237,332 135,943,385
a Cash
288,922,676 309,216,442 307,973,616 317,387,396
Deferred charges..918,139
2,010,802
6,881,061
3,570,439
Total
•y'"
Liabilities—-
—
-
..713,189,884 691,911,949 673,496,284 704,922,541
.-."Xi:.,
.\y.
■:
,
•/:/;,:i
b Capital stock-....-.. 17,264.500
17,264,500
17,264,500
17,264,500
Accounts payable, &c-- 70,425,746
59,534,537
57,521,618
70,387,417
Reserves
17,871,249
13,873,406
9,888,891
9,184,688
Profit and loss..
607,628,389 601,239,506 588,821,275 608,085,936
Total
—713,189,884 691,911,949 673,496,284 704,822,541
a Includes
notes and accounts receivables, securities, patent rights, &c.
b Par $5.—V. 152, p. 3342.
.
-
The Commercial & Financial Chronicle
Volume 1S2
Fort Worth & Denver City Ry.
April—
Gross from
;
railway
Net
railway..___
from
Net ry. oper. income
From Jan. 1—
..
Gross from railway.____
Net from railway._____
Earnings—
1940
1941
$464,521
96.772
26,338
'
9,007
28,416
Assets—
1938
1939
$434,814
63,695
def6,179
$463,648
1,820.501
409.812
140,705
417.099
152,421
Net ry. oper. income.._
—V. 152, p. 3182.
16,985
299.248
dustrial bonds._
—
a
Profit
After
a
152,
p.
charges, depreciation,
827.
Gar Wood
but
1939
1940
9,700,716
5,381,264
1,816,216
1,741,495
1,725,196
2.038.941
$1,367,872
39,181
$217,509
96,378
loss$21,076
35,675
$584,431
65,535
$1,407,053
63,788
$14,599
46,253
$649,966
63,334
4,900
xM.iOO
loss$36,554
Prov. for income taxes—
a595,503
$313,888
44,802
13,820
55.050
Net profit.....—..
$747,762
$200,215
$0.93
$0.25
exchange (loss)
Dividends paid
Consolidated Balance Sheet Dec. 31
1939
1940
Liabilities—
Net
114.125
108,792
expenses.
146,589
Prop.not used in
operations
202,249
d Pats.
Total.
361,148
48,494
1,174,371
1,524,880
96,595
100,889
318,437
Prov. for loss
Interest
10,157,542
1,009,192
18,884,494
3,268,200
16,485,519
246,045
165,240
104,189
11,166,734
1,822,925
24,453
113,061
309,510
23,481
15,244,077
21,496,053
15,118,063
19,118,729
2,712,814
foreign
expense
Total surplus
Common div. (cash)
91,441
...
...
—
Preferred dividend
36,740,130
10,502,880
675,000
34,236,792
11,815,740
675,000
13,577,075
16.798,284
9,206,295
19,766,858
30,375,359
10,502,880
b491,250
28 ,973,154
10 ,502,880
Excess of preferred stock
a262,5CO
liabilities, &C-'
paid for
Excess of amt.
$6,745,6601
min. int. in sub.
Total—...$9,605,444 $6,745,660
over
nominal stated amount
for doubtful accounts and notes of $140,908 in 1940 and
reserve
on
Net profit..
Previous surplus
345,459
$9,605,444
— .
15,552,663
932,856
Pref. stk. issuance exps.
sub.
...
1937
18,109,089
775,405
exchange
1,423,048
133,517
.
After
a
2,400,000
liabils.
in
1938
19,470,242
833,251
Prov. for for. income tax
of
&
licenses-
Goodwill
25,932
Int.
consolidated
,649,576
Othei assets—..
cProp., plant
equipment
26,752
Min.
Calendar Years
1939
Provision for surtax.:
27,500
Long-term
sub.
not consolidated
b
112,500
Instal.
long-term liabil.
Accts. payable
Acer, liabilities
'
Subs.)—Earnings-
72,634
15,082
Federal income taxes
15,000
914,920
263,056
2,400,000
1,174,371
Earned surplus... 2,147,642
2,138,568
Inv. in and adv. to
Canadian
30,000
1,821,493
992,685
Capital surplus...
1.297,214
3 ,018,716
$0.52
20,303,493
4,725,655
Total income
Com. stk. (par $3)
2 ,559,891
Profit from operation.
5400,000
Current
notes
1938
$845,372
1,022,095
$0.82
sales.
Other income
1
5900,000
1939
$535,546
1,032,315
152,924,209 145,615,242 135.221,301 133,126,506
Costs and depreciation.. 99,797,771
94,052,135
88,288,687
93,322,787
Exps. & other charges-. 33,246,896
33,016,220
31,086,707
29,646,177
Provision for profit in¬
centive plan fund
409,300
437,798
293,244
1939
1940
N otes payable
5841,319
.$1 ,446,478
1940
$1,241,662
1,032,315
$1.20
1940
$32,287.
(2) The accounts of Gar Wood Industries of Canada, Ltd., were excluded
as at Jan. 1, 1940, and its operations are not included
in the statement of consolidated profit and loss for the year 1940.
The net
profit for this subsidiary for the year ended Dec. 31, 1940, amounted to
$13,184, as expressed in terms of U. S. dollars.
No dividends were received
from this subsidiary during the year.
Prepaid
22,543
a22,207
64,386 adef41,990
surplus
Surplus from oper.
Consolidated Income Statement for
from consolidation
*
1,390,500
1,144,400
1,1447400
After depreciation, interest and Federal income taxes.—V. 152, p. 2395.
General Foods Corp. (&
$0.61
Nil
Provisions for depreciation and for amortization of patents
and licenses included above for the year 1940 amount to $144,046 and
&
Com. stk. (par $5)
Paid-in and capital
1
Quar. End. Mar. 31—
1941
aNetprofit.
$1,165,853
Shs. of cap. stk. outst'g1,037,728
Earnings per share.
$1.13
Notes—(1)
receivable-
65,622
6% debentures
v.1
Includes $40,000, Federal declared value excess profits tax, and $230,193, Federal,excess profits tax—1940 Act.
Accts.
40.048
71,832
500,000
$2,350,447 $2,776.0731
a
Inventories
800
_______
General American Transportation Corp. (& Subs.)—
200,000
...
Earns, per share.......
a
600,408
476
current)
Earnings—
a
Assets—
Note payable (non-
36,871
$492,532
$7,085,384
"
branch office expenses
Cash
784,524
Total...—..$2,350,447 $2,776,073
» There
was transferred to paid-in and capital surplus as at
April 30,
1939. an amount equal to the sum of (1) the deficit from operations ($1,281.782) at Dec. 31,1938, and (2) the reduction ($409,906) of patterns, &c.r
to nominal
amount, in accordance with a resolution of the board of directors
and without approval of
stockholders, no such approval being required by
charter or the applicable State law.
The $41,990 deficit from operations
Dec. 31,1939, is the deficit accrued since Jan. 1,1909.—V. 150, p. 3973.
$9,313,134
6,689.762
Sell., gen. & admin, and
Total income
112~736
610,867
deferred charges
1937
1938
trade
salaries,
wages,
&c.
Total..
$7,894,634
5,935,629
Cost of sales
Income deductions
Subcontract liabil.
Goodwill
Gross sales, less returns,
allowances & discounts$12,884,804
Canadian
107,838
13,905
14,433
Patterns, dies, &c_
Prepald exps. and
Industries, Inc. (& Subs.)—Earnings—
_
$67,381
156,106
12,354
(net)..
(net)..—
Consolidated Income Account for Calendar Years
Net profit from oper.
Other income
100,277
comm.&c
Accrued interest..
pay.,
Accrued
Patents (net)
$1,976,264
255,077
taxes.—V.
-
Accts.
61,250
362,867
re¬
Investments
Plant
prop.,
before Federal income
1939
857,530
35,035
accts.
ceivable
1940
1940
$250,000
618,890
trade
rec.,
(net)
Sundry
(Peter) Fox Brewing Co. (111.)—Earnings1941
$2,924,754
375,092
Liabilities—
Note payable (due
$849,298
currently)
Inventories
Id Months Ended April 30—
Net sales
1939
?
;
$175,244
State, munlc. & in¬
2,050,655
483,367
156,695
1,755,539
1940
Cash
$464,780
86,317
2,748
Accts.
1,787,337
3497
Consolidated Balance Sheet Dec. 31
—
249,999
—
Cost
of intangibles aoquired during year
§148,767 in 1939. and $125,000 infor depreciation ofbook value, 1940 and
126,092 in 1939
b After reserve 1940 to reduce $117,836 in
After
—
—p.;
1,671,990
••
c
for depreciation of $879,406 in 1940 and $850,565 in 1939.
reserve for amortization.—V, 152, p. 3182.
reserves
d After
Surplus at Dec. 31-—
Shs.of com. out. (no par)
Earns, per sh. on com—
Gaylord Cont ainer Corp. (& Subs.)—Earnings—
Year End.
Year End.
Dec. 31, '39 Dec. 31, '38
Gross sales, lessdisc'ts & allowances. .$16,242,423 $13,659,686 $11,914,593
Cost of goods sold....
11,805,231
10,611,419
8,840,607
Sell., admin. & gen. expenses—
2,175,139
2,209,674
1,965,015
Year End.
Period—
Dec. 31, '40
21,496,053
0,251.440
$2.77
$2.75
19,118,729
5,251,440
$2.50
16.798,284
5,251.440
$1.75
Excess of preferred stock liability over net consideration received from
a
shares
Consolidated Income Statement
25,562,250
5,251.440
upon
Feb. 1
b Includes dividend payable
charged to surplus,
issuance
1939.
Note-—Depreciation provided during 1940aggregated $2,733,533; in 1939,
$2,874,409; in 1938, $2,357,760 and in 1937, $1,816,206, of which $889,960
in 1940 $966,205 in 1939, $705,505 in 1938 and $342,350 in 1937 included
in selling, administrative and general expenses.
Consolidated Balance Sheet Dec. 31 (Company and Subs.)
Operating profitOther income..———-
$2,262,053
$838,592
$1,108,971
50,066
89,762
85,911
1939
$
Assets—
1940
Liabilities—
$
33,029.717 35.917,281
b Accts. & notes recl2,362,310
9,918,331
Inventories'-
Total income
$2,312,119
Income charges
118,392
a802,688
Taxes on income
Surtax
on
$928,354
119,320
bl46,993
$662,042
279,947
$869,070
270,145
377,455
539,128
undistributed profits
Cash
Inv. & adv8., &C--
14,366.951
5,442,064
7,890,087
5,083,586
a Property accts.-30,659,119
30,599,030
Trade marks, pat¬
Net profit
$1,391,039
Preferred dividends
290,051
539,221
Common dividends
1
Federal excess profits tax.
provision for prior year in the amount of $188.
operations..... 1,443,873
1,507,054
goodwill.
$
1940
2,057,603
1,119,318
Accounts payable.
1,304,143
1,125,417
1,979,858
Acer,
2,124,066
Sink, fund for rd.
Special
deposit...
Cash val .of liteins.
Sundry inv., adv
68,747
165,210
263,069
59,131
906,594
663,365
taxes—cap.
stock & gen
Fed. & State tax on
60,208
836,373
176,268
165,210
income, est
37,643
fund...
8,175,171
341,194
8,034,390
7,621
6,847
170,709
&c
1
1
205,054
247,785
....
Deferred charges..
168,750
conttng
for loss
5,376,300
100,224
3,795,378
700,000
on
94,937
..
15,000,000 15,000,000
97,304,035
90,915,3701
Total
-.97,304,035 90,915,370
After depreciation reserve
,
General Railway Siarnal Co.— To Pay 25-Cent Com. Div.
Res. for workmen's
Pats. & trade-mks.
Res.
65,311
471,212
;
of $24,691,017 in 1940 and $22,783,766 in
1939.
b After reserves for doubtful accounts and notes of $362,038 in
1940 and $308,861 in 1939.
c Represented by 5,251,440 shares no par
value (including 85,778 shares held by a subsidiary company for exchange
for its class A stock in hands of public), after deducting 108,311 shares
common stock reacquired and in treasury,
d Represented by 150,000 no
par shares.—V. 152, p. 2855.
1
58,747
Amt. pay. to sink.
53444
.
Prop., plant & eq.
Goodwill
$
344,971
Common stock..43,271,344 43,271,344,
Earned surplus
25,562.250 21,496,053
a
Receivables
of pref. stock
1939
$
Liabilities—
Inventories......
Cash
counted.
d Pref. stock
Total..
1939
$
2,737,264
c
Consolidated Balance Sheet Dec. 31
1940
82,987
168,750
Foreign drafts dis¬
commitments
1938.
Assets—
3,206,449
and
drafts payable..
Pref. div. payable.
Res've
Note—Depreciation and depletion and amortization included in the above
$615,276 in 1940, $627,507 in 1939 and to $588,008
1939
v. $
S
Prov. for inc. tax.
Deferred charges to
statement amounted to
jn
Acceptances
1
ents &
b After deducting over
Includes $220,000
a
$1,194,882
126,194
199,617
Accts. pay. (curr.) 4,674,298
Accr'd liabilities-. 2,631,583
73,186
com pen. claims.
Preferred stock...
5,254,750
5,315,150
Common stock
2,696,105
2,696,105
Capital surplus... 3,240,345
Paid-in surplus...
392,210
Earned surplus._.
929,362
3,233,623
392,210
306,376
64,649
Directors have declared a dividend of 25 cents per share on the common
stock, payable July 1 to holders of record June 10.
Dividend of 50 cents
paid on Dec. 24, 1940, and last previous distribution was made on April 1,
1938, and amounted to 25 cents per share.—V, 152, p. 3182.
General Motors Acceptance Corp. (&
Subs.)—Earnings
Record of Earnings, Calendar Years (Incl. Sub. Cos.)
14,531,778
Total
12,966,7011
Total
14,531,778
1940
12,966,701
1939
1938
1937
—V. 152, p. 3343.
....1498316278 1158941984 918,572,985 1394677,839
Gross income
43,152,987
38,921,974
42,426,201
50,104,006
Oper. exps.,taxes, losses,
Joss reserves, &c
26,644,056 a22,351,891 a21,295,314 <127,878,455
Interest and discount...
5,540,392
b5,532,386
6.974,088
7.633,313
Prov. for conting
1,500,000
2,500,000
Prem. & unamort. debt
discount and expenses el,742,544
cl,344,817
Adjustment_ _ .
...
fCr955,000dCrl,952,083
—
- :
Total volume
General Bronze Corp. (&
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
-
1940
earnings
1938
1937
$2,220,488
a 1,909,226
$2,279,255
1,857,179
$2,474,363
1,983,257
$501,572
316,25.3
22,267
a$311,262
269,661
a25,376
$422,076
302,625
25,033
$491,105
294,457
28,134
$163,052
13,599
a$16,224
a21,885
$94,419
55,687
$168,515
47,598
$176,651
on
1939
$2,651,668
2,150,096
Gross
$150,106
52,932
17,343
a$38,l09
83,637
aCr3,537
87,667
9,817
$216,114
95.349
10,198
called for redemption Aug. 1, 1939.
d Adjustment resulting
from reduction in established ratios to receivable of reserves for losses,
$106,376
x$41,990
$52,623
$110,567
tax
con-
_
Expenses, «&c
Depreciation
Operating profit—
Other income
,J
—
profit.Incl. divs--$10,180,994 $10,144,964 $11,656,801 $14,592,238
paid
10,000,000
10,000,000
11,000,000
13,000,000
Per cent earned on capi¬
tal funds
11.49
11.50
12.93
16.56
Net
Dividends
a
and
Profit
Interest...
Other deductions
(net)
_
.
*
a
Reclassified,
x
Loss.
Includes Federal income tax of $3,601,178 in 1940, $1,788,379 in 1939
b Interest and amortization of debt discount and
Premium and unamortized debt discount and expense on 3%
$2,513,946 in 19.38.
expense,
c
debentures
On 3 M % debentures called for redemption Aug. 6.1940.
f Of prior years'
and other accruals,
g Includes $2,954,992 Federal income tax and
$435,022 Federal surtax on undistributed profits.
e
Net profit.......
-.
—
General Refractories
Consolidated Balance Sheet Dec. 31
1940
V,','v
Assets—
_■
.
_
$46,011,038
410,626,104
1,025,342
2,130,360
651,783
317,199
690,982
251,594
252,738
$575,717,151
$461,957,141
—
-
»**—**»-
—
-
-
-
Total
-----
-
-
Liabilities—
Notes and loans payable
$296,785,495
40,102,310
Due Motors Insurance Corp
QJP'Q'i?
Other accounts payable
-------———
2,710,923
Due to General Motors
Interest
Corp. and affil. cos
$206,456,138
40,582,047
------
1,433,909
989,583
accrued
5,328,412
4,026,343
20,614,183
50,000,000
other taxes accrued _ _ - _ . . Dealers' repossession loss reserve.- -- -- -- -- -5-year 1 lA% notes due Aug. 1,1944
15-year 3lA% debentures due Aug. 1,1951
9-year 2% notes, due May 1, 1949
1 *A % serial debenture, due May 1,1942 to 1950
Canadian 3-year 2 lA % notes
_ .— Debenture and notes, called for red. and int-..
Contingencies and other reserves..-.
Capital stock ($100 par)
16,334,065
50,000,000
50,000,000
Federal income and
50,000,000
9,000,000
631,173
317,199
6,100,773
50,000,000
11,250,000
8,750,000
15,717,083
.-$575,717,151
Total----
-V. 151, p.
$461,957,141
Total income
Bond discount
Inc.
Co.,
Advertising
& expense
ing debt----*.*--*-**
Deprec. and depletion..
Extraordinary items....
Fed. & Pa. inc. tax (est.)
Net income---------
Dividends
-------—- - -
$2,258,488
$1,064,396
281,940
129,762
$2,668,256
312,914
$2,862,794
5,881
$2,540,428
27,674
320,203
$1,194,159
$2,981,170
53,241
242,809
44,736
334,405
47,455
82,686
573,283
518,938
75,995
124,487
480,682
374,071
41,983
593,340
193,154
a495,300
$1,159,065
587,085
186,208
78,300
4?g,ai5
$1,052,605
$142,190
$1,ouj,<*OU
$142,190
$0.30
$594,888
(& Subs.)—
Earnings—
$817,799
Earnings per share
$2.46
$2.24
1937
1938
1939
1940
-------$13,964,167 $14,154,683 $13,519,288 $13,788,903
Oper., selling, adm, and
general expenses, &c_ 11,911,111
12,055,749 11,849,279 11,703,713
Sales-.*
Miscellaneous income..
227,802
$2,098,935
175,309
$1,670,008
180,016
$2,085,189
182,900
Total income.---.—
$2,280,858
$2,274,244
7^850,024
$2,268,089
.359
699
178
Condensed Balance Sheet Dec. 31
—
Inventories
display plants-
1,001,415
1,020,684
Prov. for Fed. inc. tax..
184,000
65,000
150,000
1,026,234
45,000
75,000
985,685
170,000
3,680,278
*
Accrued interest receivable
618
$2,053,056
-
other
Investment in Northwest Magnesite Co
Investment in foreign subsidiary...
Cash with sinking fund trustee
Due from employees and former officers
-
Repair parts, &e—— — — - — — —
Patents, at cost, net of amortization
—
.*—«-*
Deposits inclosed banks-—-——--------a Real est., bldgs., mach'y, equip., min. 1'ds, &c._
and mortgages
Prov. for retire. & amort.
of adv.
136,794
246,579
5,027
6,244
11,269,210
contingenciesfor loss on sale of
Prov.
Notes
investments.
......
.......-
Net profit
15,000
50,000
$1,022,861
168,912
398,900
$653,612
168,912
199,600
$1,030,084
253 248
1,837,050
dividends
Preferred
65,000
Class A dividends
382,656
495,300
additional taxes.130,583
Accrued accounts.-------------------—
Allowance for taxes-——*-*——-**—*——-
$455,049
df$l060,214
Surplus
$285,100
$579,911
Advertising displayed on own plants, commercial displays and com¬
missions earned on business sublet.
a
1939
mach'y
equipment- 4,386,402
Cash
2,882,612
Notes & accts. rec. 1,192,755
-$ r
Liabilities—
est.,
and
1940
.
$
Assets—
Painted
4,604,934
6% cum. pref.stk. 2,837,825
a Class A stock
5,000,000
1939
$
2,837,825
5,000,000
1,327,986
4,817,887
655,729
20,800
b
Accounts payable-
4,817,887
147,960
626,456
Common stock.
2,865,763
36,000
83,359
Accrued exp., &c.,
displ. not
liabilities
billed to cust's--
431,102
489,252
Adv. to employees
21,330
40,862
Real est. mtge. and
Mat'ls & supplies.
233,408
248,107
purchase money
Prepd' lease rentals
376,618
395,228
obligations
223,947
318,018
25,494
17,902
Divs.
Prepaid insur. and
expenses
-
282,996
payable.
379,774
199,613
Accrued taxes
Res've for conting.
Invent'y of comm.
322*894
91,027
82,231
588,618
4,777.099
Dr123,962
Surplus
1,113,618
account..
Stock Outdoor Ad¬
vertising, Inc...
Mtges., notes and
other receivables
212,422
63,252
1,451,411
1,409,558
life Ins. policies.
297,188
276,780
Adv. displ. plants-
4,964,912
5,377,142
11
11
Stks. & other
Cash
sees.
val.
surr.
Total..
17,379,259 18,630.645
—
Represented by 100,000 no
par shares.—V. 152, p. 2069.
a
no
par
Period End. Apr. 30—•
Total.....
shares,
17,379,259 18,630,645
b Represented by 642,385
■Earnings—-
1941- -12 Mos.—1940
$503,561
217,112
223,185
$6,462 ,231
2,696 ,852
22,441
55,615
52,288
11,225
234,912
748,943
679,157
165,495
144,879
3,715
$1,893,539
28,411
$6,200,103
2.599,305
Amort, of storm, damage
incurred in 1940.
Prov. for retirements...
General taxes
*
Federal normal inc. taxes
_Net oper. income
Non-operating income.
_
Gross income.
$1,947,429
30,488
$148,595
30,621
$1,921,950
369,145
$1,977,917
367,194
72,757
72,102
868,391
859,906
$38,800
avail,
for
■
$45,872
$684,414
$750,817
3,243
3,243
38,910
38,910
_
$35,558
$42,629
$645,504
$711,907
—V: 152, p. 2706.
1,086,322
182,727
170,161
105,388
88,100
Net from railway._____
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 152. p. 3183.
Earnings—
1938
1939
1940
1941
railway
$257,545
59,748
11,700
$206,304
31,505
1,176
$193,284
40,117
4,141
$156,880
3,222
def 19,277
1,355,980
482,932
228,821
' 905,007
1 84,208
859,702
743.423
198,900
76,607
94,945
69,839
Glidden Co.— To Pag 50-Cent Common
9,111
Dividend—
share on the common
Directors have declared a dividend of 50 cents per
stock, payable July 1 to holders of record June 13.
This compares with
40 cents paid on Dec. 28, last; 30 cents paid on Oct. 1 and on July 1, 1940;
50 cents paid on Dec. 23,1939; and a regular quarterly payment of 50 cents
made on Jan. 3, 1938 —V. 152, p. 2706.
Ltd.—-Pre¬
the
5%
cumulative preferred shares will exceed $250,000.
Under
stock provisions the company may either purchase shares in
the open market between now and June 30, or redeem shares by
that date.
Under a redemption, holders would receive $52.50,
Such
cumulated dividends.
a
call would be on a pro-rata basis,
lot after
plus ac¬
all holders
participating.
The management has decided first to give holders an opportunity to tender
their stock to the company at the redemption price.
Tenders must be
received by June 24.
Holders right to receive the regular quarterly dividend
payable July 2 will not be affected by the sale.
•
In the event more shares are tendered for sale than the company desires
to purchase at this time, the company reserves the right to liquidate
redemption fund from tenders received on a pro-rata basis.
In event tenders are not received in amounts sufficient to reduce
the
the
redemption fund below $250,000, redemption by lot, in which all holders
required to participate, will be mandatory.—Y. 152, p. 1592.
will be
Grand Trunk Western
RR.—Earnings—
1940
1939
1938
$2,127,058
$1,649,470
850,318
602,728
562,955
348,673
182,345
9,402
$1,380,876
def60,952
def248,726
9,986,859
3,240,985
2,239,975
8,413,441
2,119,234
1,261,670
7,045,192
1,122,675
330,849
1941
$2,573,612
April—
Gross from railway
Net from railway
Net ry. oper. income.
From Jan. 1—
Gross from railway
_ ..
Net from railway
Net ry. oper. income
5,528,169
def106,959
def871,093
—V. 152, p. 2855.
Period Ended
Great Northern Ry.-
Earnings—
railway.$9,211,269
Net from railway
3,213,098
Net ry. oper. income—*
2,300,940
Apr.ZD—
1941—12 Mos.—1940
1941—Month—1940
$3,094,337
$2,729,037 $34,923,728 $32,315,707
1,394,720
1,073,897
15,103,578
13,831,303
Taxes
478,702
358,726
4,914,577
3,889,380
Prov. for depreciation..
335,000
290,000
3,660,000
3,200,000
Gross from railway
Net from rail way..
Gross revenue
Net ry. oper.
Operating expenses
income.
Green Bay &
—
Net income-
pref. stock—-
$885,914
399,290
$1,006,413 $11,245,573 $11,275,024
545,136
6,494,605
6,625,209
—V. 152, p. 2706, 2240.
857,520
$486,624
223,005
$461,277
245,862
$4,750,968
2,858,921
$4,649,814
2,950,350
$263,619
$215,415
$1,892,047
$1,699,464
Gross from
23,369,534
4,973,223
1,713,602
32,432
18,794,219
21,083,363
2,186,977
3,335,806
64,278def1,132,277
-
railway
Net from railway
Net ry. oper. income
1941
$156,168
50,114
25,912
1940
$139,269
37,637
18,789
628,301
209,891
110,674
558,218
162,386
87,136
1939
$132,626
33,293
11,874
1938
$109,299
18,986
1,337
From Jan. 1—
Gross from railway..!.'.
Net from
Balance
1938
$4,986,521
Western RR.—Earnings-
April—
Gross income
1939
$5,728,513
1,323,918
588,368
968,828
28,067,184
6,471,981
3,110,783
—V. 152, p. 3183.
Int. & other deductions-
1940
$6,550,619
1,790,491
1941
Gross from
From Jan. 1—
Georgia Power Co.—Earnings
on
1,153,465
Georgia Southern & Florida Ry.April—
April—
com.
stock and surplus.
Divs.
34,389
30,036
Gen. P. U., Inc.
$5 pref. stock.
Bal.
-
224,714
696,019
626,766
105,870
$140,157
28,599
Net income
on
43,334
r
20.435
$134,945
5,211
Charges of subsidiaries.
Charges of Gen'l Public
Utilities, Inc.
Divs.
7,222
26,857
53,022
59,767
1,567,612
406,747
350,770
25,047
.
(& Subs.)-
1941—Month—1940
Maintenance.
Gross from railway
Net ry. oper. income.._
—V. 152, p. 2855.
$280,208
30,988
207,408
173,800
80,061
-
$288,973
1,252,379
96,216.
Net ry. oper. income—
From Jan. 1—
1938
1939
1940
$335,748
64,.548
54,058
1941
$396,729
Net from railway
Gross from
and 472,987
Earnings—
Georgia RR.
the preferred
$525,434
Operating expense
exp.
$19,266,903 $18,177,205
in 1940 and
April—
for
General Public Utilities, Inc.
Gross oper. revenues
3,344,089
A. G. Partridge, President of this company, in letter to preferred stock¬
holders states that it is anticipated that on June 30, next, redemption fund
Patents and copy¬
rights
611,338
—
—
Goodyear Tire & Rubber Co. of Canada,
ferred Stock Tenders—
of
700,000
104,629
12,395,695
611,313
2,772,109
12,394,738
«***■**
Gross from railway
223,813
3,191,886
Treasury stock.— L>rl25,939
signs In process.
Empl. stk. subscr.
fund bonds
—.
158,732
114,049
580,000
197,122
—
stock-
Capital surplus--u——
Earned surplus
145" 810
capital stock taxes
Notes payable (non-current)
First mortgage 3 H% sinking
Net from railway
Consolidated Balance Sheet Dec. 31
1940
Real
Provision for
a After reserve for depreciation and depletion of $5,282,733
$4,883,173 in 1939.
b Represented by 469,713 shares in 1940
shares in 1939.—V. 152, p. 2855.
$1,109,963
380,052
150,000
$580,755
37,932
337,230
333,000
$972,346
44,683
payable—payable
Accounts
Total-—
......
real estate-..-...
Inc. in gen. res. against
7,647
11,613,941
——---$19,266,903 $18,177,205
Total
b Capital
for
Prov.
28,643
695,000
6,000
1,700
16,008
165,098
217,368
6,966
Liabilities—•
Provision for add'l income &
Interest on bonds, notes
664
28,609
640,000
6,000
2,300
—
Investments,
accounts
$892,395
8,739
1,972,452
2,544,585
7,394
1,952,578
. —
——
receivable, less reserve
Accounts
1939
1940
$1,285,272
~
4*'m *-
-
2,441
Balance
$3.20
Federal excess profits tax.
Consolidated Income Account for Calendar Years
•
908,562
234.806
$571,979
Includes $7,100
55,364
333,000
Balance, surplus
a
193/
$6,565,746 $12,617,539
5,501,350
9,949,283
$2,601,067
261,728
Corp. & property taxes..
Int. on bond and float¬
Deferred
700.
Outdoor
General
profit from oper.
Miscellaneous income.-.
Notes receivable. -;—
6,664,221
50,000,000
11,250,000
Undivided profits-
...
Assets—-
6,756,757
-
Gross
1938
1939
184 $10,076,980
8.718,491
10,798,117
3
_
r
_
Cost and expenses
Hag)!
8,750,000
15,898,078
Paid-in surplus
Earned surplus.---.—
sales.
Net
Co.—Earnings—
1940
Calendar Years—•
Calendar rears
- - -
$46,046,293
Notes and bills receivable (net).522,115,114
Accounts receivable—
—627,718
Investments
4,372,767
Company autos and office equip, (less deprec.)
1,037,261
Deposits to redeemable called debentures, &c. 631,173
Prepaid discount (notes payable)--695,712
Unamort. disct. and expense (long-term debt).
Other deferred charges
*
191,112
Cash.—
May 31, 1941
Chronicle
The Commercial & Financial
3498
railway
Net ry. oper. income
r-V. 152, p. 2856.
/
543,031
161,510
77,435
458,685
94,783
30,663
Volume
The Commercial & Financial Chronicle
152
Group Securities, Inc.—New Director-—
.
Harry Brick has been elected
■
-.y.
•,y; VS
■
,
Honolulu Rapid Transit Co.-—Earnings—
1
director of this company.-
a
2240.
-V.
152, p.
yy v:•' ■ v ■y•'yyv.,v-v:
Period End. Apr. 30—
Gross rev. from transp..
Operating
Grumman Aircraft Engineering
Calendar Years—
Billings
Sales
1940
.....
Corp,—Earnings1937
1938
1939
$2,295,700
$8,847,272
$5,105,600
$3,977,800
8,811,295
4,482,350
3,364.066
4,904,945
2,284,764
4,203,211
2,091.011
products and parts—
Cost of sales(incl. depre.)
Net profit on sales
Accrued loss on contracts
in progress
6.341,413
$2,469,881
42,375
.
,
$193,752
$701,733
$1,118,284
j; | 45,223
15,629
Excess prof, on contracts
governed
by
Vinson
Act
Accrued loss chgd. off in
2.555
108.953
Net
Depreciation
$43,386
1,558
$63,571
14,392
1,678
from oper'ns.
rev.
$44,944
19,743
$2,478,290
Total income
Includes
53,930
$892,063
$207,630
23.210
z45,358
$617,074
x211,581
$145,973
61,656
$764,101
14,907
xl32,119
$1,116,224
12,579
$1,415,964
.
excess
profits tax.
z
Includes surtax
on
1940
1939
$1,811,826
receivable.
Liabilities—
$814,060
Accounts
388,514
profits)..
1,111,913
246,542
17,630
23,792
Fixed assets (net).
990.007
3,057,828
428,396
5,552
Net revenue
*
64
PatentB_i.„..„...
59,007
104,292
508,060
942,340
481,060
726,340
1,528,712
747,073
Deps.
1
y,;.
payable.
(incl. inc. &
excess
591,971
1
Deferred charges..
Other assets
on
$2,694
$14,176
a
Contr.
&
orders
...$8,154,665 $2,846,1121
Total
which advance payments and
$8,154,665 $2,846,112
billings exceed accumulated costs.
-V. 152, p. 2553.
April—
Gross from railway...
_.....__...
Net from railway
Net railway operating income
From Jan, 1—
Gross from railway.....
Net from railway
........
_
.......
_
Gulf & Ship Island
April—*
from
railway
from railway—.—
ry. oper. income....
1941
$1,921,299
617,345
294,058
7,214,631
1940
$1,553,277
398,289
162,064
436,925
RR.—Earnings—
1941
$160,522
50,038
26,253
1940
$121,788
28,254
3,024
1939
$114,649
18,828
$122,652
def7,944
<lefl2,160
565,463
146,759
30,654
421,095
42,779
def54,886
402,351
33,575
def68,724
448,583
39,897
def71,731
1938
17,035
From Jan. 1—
railway——
3t ry. oper. income—
V. 152, p. 2856.
Quar. End. Mar. 31—
a Net income
Earnings per share
Gross income
Operating expenses
Depreciation
Depletion of ore bodies..
Net profit
1940
$403,866
$4.73
1939
$0.53
$81,874
$0.96
31,146,796
1,196,508
36,710,761
910,407
47,428,893
504,891
Net profit
28,107,503
29,950,288
35,800.354
Previous surplus
131.855,013 120,108,671 102.617,191
Adjust, of earned surpbDr4,135,536
Dr228,266
Dr333,194
46,924,001
74,291,458
Dr622,588
1941
$645,647
313,526
102,331
37,058
....i.
1940
$588,747
320,014
56,410
37,129
......
$175,193
1939
$Q.25>^»|
1938
$438,245
330,825
b26,016
$485,935
273,573
36,834
37,440
79,614
66,404
Joss$21,834
b43,305
$52,004
Balance.......
Earned
surp. Dec. 31-137.851.300
Shares capital stock out*
standing (no par)
Earnings
per
Nil
$0.05
the
,
year
$807,859, which compared with consolidated income of $772 903
royj»t
The proposed 4
% preferred stock will have the benefit of a sinking fund
amounting to 3 % a year of the largest amount of stock theretofore out¬
standing.
It will be redeemable for the sinking fund at $102, and otherwise
at $105 per share.
The company's common stock, of which 125 496 3-5
shares are outstanding, is listed on the New York Curb Exchange
V
151, p. 988.
was
in 1939.
Home Title Insurance Co.—Creditors to Get
$1,700,000—
H.
Pink, Superintendent of Insurance of the State of New York
an initial dividend of
25% will be paid on all of the
general claims against the Home Title Insurance Co. on or about June 1
This dividend amounts to about $1,700,000.
The Home Title Insurance Co. is
one
of the mortgage
guaranty companies
by the Superintendent of Insurance in 1933 but it was not
put
into liquidation until 1939.
Most of the claims against the company were
based on the company's guaranty of mortgages and
mortgage certificates
over
been
sold
thousands of investors.
The investors retained
their securities and in addition they had claims against the
company for
any decrease in the value of their securities.
•
to
These claims, which were determined by the Superintendent of
Insurance
confirmed by Supreme Court Judge George E. Brower
$6,733,500.
To meet these claims, the Superintendent of
Insurance had the company's free assets, on which he has
already realized
will be distributed to creditors as an initial dividend
their claims.
In addition to this 25% initial dividend
the
about $1,700,000, which
25%
on
8,987,840
$3.98
8,987,840
$5.22
of $5,136,652 in 1940, $4,881,193 in 1939, $4,673,381 in 1938,
$4,635,510 in 1937.
b Consisting of $3,145,178, the amount con¬
to the
1932 annuity trust fund to increase its reserves to the
estimated
amount required
at the end
of 1939 on an actuarial basis;
$715,379 provision for prior years' tax liabilities; $266,052 surplus deficit
of Peninsular Oil & Refining Co. included in consolidation for the first
time; and $8,927 other charges (net); balance, $4,135,536.
Balance Sheet Dec. 31
1939
1940
"Aj*
1940
$ '
S
Liabilities—
Plant
Accts.
equip..313,065,476 304,322,126
Cash
20,584,277
16,771,450
Demand l'ns rec.
3,678,241
3,678,241
b Investments..
370,865
333,978
Notes receivable
230,992
298,422
Accts. receivable
9,790,533
7,801,243
Inventories
30,166,146
32,678,709
Long-term notes
a
receivable
6.153,202
f
16,017,447
5,989,262
4,034,861
1,020,507
353,544
debt
current
Loan from trust.
of annuity tr.
6,220,989
4,333,882
Long-term debt. 42,417,736
42,721,438
Deferred credits
347,834
576,722
c Capital
stock. 175,000,000 175,000,000
Earned surplus.137,851,300 131,855,013
Capital surplus.
554,912
554,912
269,477
1,617,913
Deferred charges
'
16,826,169
Long-term
7,401,608
-
84,678
1939
$
.
payable.
Acer, liabilities.
deposits
and funds
2,379,253
386,228,709 375,447,8201
Total.......386,228,709 375,447,820
After deducting depreciation,
&c., to the amount of $180,620,891 in
b Includes 12,160 shares company's capital
9,000,000 no-par shares, including treasury
stock,
c Represented
by
stock.—V. 152, p. 1283.
Hudson Motor Car Co,
(& Subs.)—Earnings—
Superintendent of Insurance hopes to pay another small dividend in the
future when the remaining assets were sold.—V. 149,
p. 4031
near
Net sales, autos & parts$.60,631,377
Cost of sales, incl. selling,
bl938
$38,845,239
bl937
$74502,130
59,296,167
43,353.006
73,356.202
$1,259,870
21,748
$4,507,767 y$l.145,928
$1,238,122
112,156
$4,473,898 y$l,186,961
169.239
211,424
M939
$58,036,297
adv., shipping, admin,
and general expenses..
c
Loss
from
62,051,092
of""
sales
autos & parts
Int. earned & other inc..
Total loss
$1,419,714
14,406
$1,405,308
85,319
plant facilities.....
Loss on foreign exchange
33,870
41,033
95,240
......
19,913
Allowance for domestic &
dl7,153
6.472
6.956
b209,582
$1,507,780
$1,356,750
4,012,942
$4,670,004
8,682,947
y$670,716
8,409,433
$1,799,704
.
Previous surplus
$2,656,192
$4,012,942
$9,080,150
$1,799,705
1,588.810
Nil
$2,656,192
1,588.810
$4,012,942
1,588.810
2,656,192
651,293
.
f Excess reserve
.
397,203
Total surplus.
Shares cap. stk. (no par)
Earnings per share
Nil
Nil
1,588.810
$0.42
Canadian subsidiaries only,
b Including all
amortization aggregating
$2,838,171 in 1940, $2,881,837 in 1939, $2,642,644 in 1938, $3,482,663 In
in 1937 are included above,
d Domestic only.
©Includes $33,690 for
surtax on undistributed profits,
f For losses in foreign countries and other
contingencies restored by action of the board of directors,
y Profit.
a
Including domestic and
subsidiaries,
c
Allowances for depreciation and
Note—The operations of European
subsidiaries have been excluded from
the
the 1940 consolidated income account for the entire year; reports from
English subsidiary and one German subsidiary show profits for the year;
no
reports have been received for a second
1940,
or
German subsidiary since Sept. 30,
for the Belgian subsidiary since March 31, 1940.
Consolidated Balance Sheet Dec. 31
est.,
al940
bl939
al940
Liabilities—
$
$
Assets—
cReal
and
has announced that
to
8.987,840
$3.33
sum
Net loss
Corporation: has called a special meeting of stockholders for June 12 to
the contemplated issuance and sale through underwriters of
$2,000,000 4H% preferred stock,
Proceeds from the sale would be used
to retire 3,100 shares of 7% preferred stock now
outstanding and $575 000
of long-term notes payable, and to provide more than
$1,000,000 for addi¬
tions to plant capacity and working capital.
It is expected that A. G
Becker & Co., Inc., will be the principal underwriter.
Corporation, the business of which dates back to 1900, is engaged in the
manufacture and sale of synthetic organic chemicals for
industrial and
medicinal uses.
The company's most important product is
formaldehyde
of which it is said to be one of the largest producers in the
country
The
proposed financing will provide funds, among other things, for increases in
capacity for the manufacture of several products developed in recent years
for which a rapidly growing demand has been experienced.
Consolidated income of the company and its subsidiaries for the
amounted
share.....
In addition to the amount of taxes shown above, there was paid or
accrued, for State gasoline, Federal excise and social security, &c., taxes,
a
foreign income taxes..
approve
recently
131,855,013 120,108,672 102,617,191
8,987,840
$3.13
Int. & amort, of dt. exps.
on
sale of excess
$0.17
Heyden Chemical Corp.—Plans Stock Issue—
had
...165,826,980 149,830,693 138,084,352 120,592,871
17,975,680
17.975,680
17,975.680
17,975,680
Dividends paid
Loss
$0.19
profits tax.—V. 152, p. 3184.
Louis
...
—
al940
a Includes other income of $40,362 in
1941, $40,275 in 1940, $11,263 In
1939 and $16,919 in 1938.
b Contains no provision for undistributed
of
29,523,893
1,416,391
Total income.....
Interest charges....
b On 85,440 shares of capita! stocks.—V.
$192,732
—
standing (par
and
47,899,823
Dr470,930
a
1938
$45,577
Earns, per sh. on 1,000000 shs; cap. stk. out-
which
19,411,511
37,580,985
Dr870,225
1940 and $167,699,443 in 1939.
Co.-—Earnings—
Taxes accrued
taken
21,123,208
31.994,960
Dr848,164
Consolidated Income Account for Calendar Years
Hecla Mining
1940
20,342,821
Dr422,228
2942.
Quar. End. Mar. 31—
a
1941
$137,117
$1.60
After taxes and charges,
p.
1937
29,946,121
Total
Healey Petroleum Corp. (& Subs.)—Earnings—
a
1938
21,382,213
Special
from rail way
st from
151,
1939
199,500,589 205,458,293 213.266,233
130,028,211 129.434,522 130,194,610
10.922,784
11,167,422
11,239,608
6,211,813
6,152.156
4,520,680
Net oper. income
Non-oper. income (net).
6,002,991
1,349,068
1,110,540
railway operating income.
—V. 152, p. 2706.
•oss
Subs.)—Earnings—
tributed
2,327,901
....................
Net
jt
$42,651
and
Gulf Mobile & Ohio RR.—Earnings—
3t
$8,309
.
in progress
9.851
Earned surplus
•oss
......
y.
198,692,650
Costs, oper. & gen. exp.130,783,781
a Taxes
12,201,761
Depletion & lease amort4,378,774
Deprec., retirements and
uncom-
sales contracts.,
9,995
Cap. stock ($1 par)
Capital surplus...
On
512
25.000
..
Gross oper. income
58,975
Taxes
339,308
a
Crl65
......
$133,933
1,031,719
Security investm's
1939
1940
$982,728
Accrued liabilities.
685,243
4,164,980
Inventories
Total
46,465
2,934
*74,468
76,974
64
25.000
—v. 152. p. 3184.
$139,061
undistributed profits.
Balance Sheet Dec. 31
Assets—
Cash
Accts.
1,461
other amortization
Net income
x
$166,865
54,213
Consolidated Income Account for Calendar Years
$746,957
17,144
13.570
xl,008,395
Income deductions
Prov. for Fed. inc. taxes
$166,020
Profit and loss
Replacements
Anticipated abandon.'41
Cr45,223
.$1,102,654
'
$161,359
5.506
247
18,799
Humble Oil & Refining Co. (&
$2,427,506
50,784
$161,680
4,340
11,722
1940
Net prof, from opers..
Other income
1941—4 Mos.—1940
$502,229
$490,956
340,549
329,597
84,725
$61,998
1,573
Taxes assign, to ry. opers
Interest
prior
period on con¬
tracts
completed
in
current period
1941—Month—1940
$170,950
$128,112
expenses
Net rev. from transp,
Rev. other than transp..
aeronautical
of
3499
plant
equipment-16,852,418 17,819,075
3,349,148
Cash....
bl939
$
$
Capital stock...19,958,250 19,958,250
Accounts payable- 1,379,644
1,937,432
Funded debt
1,213,323
981,661
Accrued accounts- 1,513,097
1,537,159
Prov.for Inc.taxes
17,206
13,163
Cust. deposits and
credit balance.194,013
176,513
Funded debt (cur.)
500,000
981,661
Conting. res., &c.
*300,000
1,955,752
e
Drafts, accts. rec. 1,040,877
Inventories
4,497,001
3,798,601
913,993
5,451,408
Prepaid taxes, int.
462,786
insurance..
481,199
Depos. lnsur. cos.
62,354
64,444
..•
1,000,000
38,019
54,250
38,019
Capital surp. from
55,250
sale oftreas.stK.
16,815
16,815
2,656,192
1,799,705
fTreasury stock.. Drl68,206 Dr168,206
and
U. S. Treas. bills
TJ..S. Treas. bonds
Investments
Earned surplus...
Deposit with closed
banks.........
------
dNotesA accts .rec.
Deferred charges.. ?
Total
a
115,185
215,895
24,357
207,686
228,273
26,706,345 30,063,891
Including domestic and
Total
26,706,345 30,063,891
b Including all
Canadian subsidiaries only,
suteidiaries.
c After depreciation of $28,685 999 in 1940 and $29 048 128
in 1939.
d And deposits, non-current, less allowances for losses of $80,000.
e Represented by 1,596,660 no-par
tingencies only.
shares,
f 7,850 shares at cost,
g
Con¬
The Commercial & Financial Chronicle
3500
p.
■1940
bl939
bl938
C$12077 657 d$8,356,701 d$6,801,254
by
Total earnings
$11,323,367
«697,968
Operating profit
Illinois Central System—•Earnings—
April—
N et from rai 1 way —
-
-
—
Net ry. oper. income. * P From Jan. 1— ■ /
,.:"y~
Gross from railway.
Net from railway
637.075
1940
1939
1,676,576
$8,865,469
2,154,097
$7,997,004
1,802,362
1,677,140
641,502
1,110,881
731,759
37.420,665
8,674,619
4,671,228
35,188,996
33,525,158
8,188,659
8,003.523
4,321,320
3,922,759
12,348,964
—
8,698.410
1940
1939
$7,613,124
1,373,850
554,781
$7,860,248
1.939,234
1,082,290
32.635,004
7,370,061
4.179,785
30,780,755
7,067,274
3,956,568
29,057,457
6,772,689
3,325,934
1939
151,518
5.844.558
$29,207
7,621,564
7,607,046
7,896.866
$3,730,359
3,542,018
0624.489
$7,621,564
974.130
$7,607,046
974.130
$7,896,866
974,130
1938
10,869,313
7,938,318
441,478
2,046,647
725,867
416,297
1,923,061
607,392
335,244
railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.
—V. 152, p. 3026,
_.
Indiana Associated Telephone
Operating revenues..
Operating expenses.
$159,089
lease
of
1,771,966
1,649,257
423,456
172,950
498.321
269,907
$146,110
76,681
$621,128
329,543
$571,659
299,035
$69,429
$291,585
$272,624
ating property
55
428
Operating taxes.
26,885
20,568
1,656
107,177
82,121
$47,480
$48,433
37,036
$182,752
138,652
$189,926
141,865
—V. 152, p.
577
2858.
Indian Refining
110,185
Co.—Earnings—
Net profit for year... $2,478,539
Divs. paid on 7% cum.
<
preferred stock......
Earnings per share on
1940
Copper sales._$9,156,444
Costs, marketing & ad¬
min .exps.& Fed. taxes
5,763,735
......
$1.95
$1.27
$501,132
882
......
$0.39
Nil
b Including
Does not include State gasoline and
Federal excise taxes.
$1,000 provision for undistributed profits tax.
a
1940
Assets—
TAabUUies—
1939
on
notes
$716,086
1,181,113
b8,529.086
$294,773
25,844
$2,587,872
$3,422,632
pay'!e, &c.
263,045
$1,600,968
275,194
$320,617
391.502
$2,615,778
500,116
253/730
Federal income tax
Inventories
3,227,188
2,527,783
Aexc. prof. tax.
1939
601,899
a
Net profit
a
Before
Misoell.
37,210
3,000
invest'tiL
$146,220
890,000
270,000
Due Texas Corp..
5,632,293
4,955,571
2,737,725
and lands
1,094,511
Patents
64,784
73,617
Deferred charges..
71,512
80,801
b Common
aBldgs., mach.,&cl0,653,563
11,057,803
401,990
Inv. In sundry cos.
Cash deposit with
a
n
After
reserve
for
depreciation of $8,322,141 in
Indiana Pipe Line
Years End. Dec. 31—
13,564,716
$392,961
255,813
86,311
Operating revenue
Operating expenses
Depreciation—
Net operating revenue
$50,837
1939
$524,260
305,864
98,030
$8,407,037
p. 3512.
$120,365
1938
$591,718
335,970
85,741
revenue
29,317
45,660
$166,025
731
299,499
577,324
Accrued taxes
214,554
...
69,480
interest-.
49,710
60,775
59,100
Accounts payable.
252,454
4,826,256
219,146
3.204,551
' 470,987
492,899
675,867
$364,617
50,075
$414,692
774
11
52,444
65,859
74,306
104,994
$26,484
90,000
$99,432
$141,854
150,000
$309,039
240,000
$63,516
377,150
65,515
$50,568
412,481
$8,146
417,685
2,942
Total—....34,385,563 33,307,465
..34,385,563 33,307,465
After reserve for depreciation of $11,207,810 in 1940 and $10,669,955
1939.—V. 152, p. 3184.
a
n
International Great Northern RR.—-Earnings—
1941
Gross from
railway
_
From Jan.
1938
1939
$959,953
$937,802
$966,341
81,914
def45,552
77,232
def88,287
62,818
defllO,656
4,174,078
755,675
209,789
3,749,222
351,496
defl84,573
3,747,568
350,830
def284,486
4,041,728
472,208
def211,311
-
.
1940
$1,124,887
202,153
54,895
—
Net from railway..
Net ry. oper. income
.
1—
Gross from railway.
Net from railway
Net ry. oper. income.
—"V. 152, p. 2858.
Intercontinental Rubber Co. (&
Subs.)—EarningsYears
Consolidated Income Account for Calendar
1
1938
1937
$749,383
$475,751
$170,367
$502,445
73,792
25,936
59,512
35,199
60,204
36,517
57,245
33,906
4,821
$649,655
Drl5,285
$381,040
Drl9,938
$73,645
$406,473
Sundry chgs. & credits..
Cr6,547
Cr962
Prov. for U. S.& for'n tax
Depreciation
$634,370
■198,400
112,355
$361,103
109,867
$80,192
18,997
124,006
$407,435
92,285
130,915
$323,614
$141,676
$0.24
def$62.811
$184,235
$0.31
1940
Profit from operations..
General & sales exps. &
miscellaneous taxes
Shut-down expenses
1939
Mat'ls & suppl's writ, off
4
Local,State & Fed. taxes
215,367
928,310
310,727
1,920,551
397,323
659
Miscell. income charges.
3,693,466
Total
1937
$216,934
Fundeddebt
Surplus
Deferred charges..
$773,161
328,422
80,122
$170,007
46,927
$80,154
1,215
Inc. from investments..
Total
1940 and
Co.—Earnings—
1940
330,071
—.
Accts. receivable..
Total .........11,019,737 $9,574,519
b Includes five shares (old issue), par $100.—V. 150,
1939.
.23.639,340 23,639,340
4,971,000
5,910,000
Accrued wages
402,267
Supplies-l
$
(par
$20)
Accrued
1,260
trustee
12,600
Operating deficit.. 11,128,358
......11,019,737 $9,574,519
396,990
1939
%
Liabilities—
Capital stock
17,520,274
stock
(par $10)
12,702,070 12,702,070
Capital surplus... 2,515,903
2,515,903
Total
1940
$
17,523,814
4,722" 179
Accrued liabilities.
$1,899,661
$179,107
Includes
c
1939
s
Mines, min. claims
Cash
1,360,156
7% preferred stock
12,600
equipment.....
depreciation,
Balance Sheet Dec. 31
1940
;■
Assets—
1,675,751
aProperty, plant 4,
$825,658 loss$324,616
$2,212,688
b Includes
profits.
depletion,
surtax on undistributed
hand
$175,619
5% dlv. notes and
accrued interest. 1,748,787
36,547
5,235
3,000 Other long-term dt
recelv-
Long-term
388.379
c327,738
345,000
Prov.for deprec.& obsol.
27,906
Finished copper on
Prov.for Fed.inc.
.
1938
1937
$3,291,161 $11,116,958
2,996,387
Copper in process,
1940
Accounts payable
$711,288
1,272,461
1939
$6,948,425
5,372.225
at cost
Receivables
all subsidiaries,
shares.—V. 152,
$1,576,200
24,768
Other income
Balance Sheet Dec. 31
Cash
48.126,109 43,094,926
Total
$3,392,709
29,923
Profit
b55.000
......
$1,610,633 loss$379.830
......
shares
common
275,297
7,621,564
Inspiration Consolidated Copper Co.—Earnings—
-
884,069
1,473,571
1,473,571
7,650,771
Capital surplus
Years End. Dec. 31—
Prov. for Fed, income &
profits taxes
$
Including domestic subsidiaries only,
b Including
cAfter depreciation,
d Represented by 974,130 no-par
p. 2708.
Int.
1937
1940
1939
1938
$23,839.87? $20,910,637 $21,141,480 $20,021,467
18,200.080
Cost, sell. & gen. exps.. 21,039,540
18,716,316 20,313,290
Cr41,294
Miscellaneous (net)
Crl.984,860 01,104,901
0130,830
248,606
■Taxes
430,440
402,380
276,505
637,580
Depreciation
682,716
650,159
651,786
Interest
420.364
309,432
360,753
410,558
excess
202,522
a
Profit.
Calendar Year*—
Gross oper. Income
bl939
$
Liabilities—
Total-—.—.48,126,109 43,094,926
557
36,263
%
Earned surplus
605
r
■1940
bl939
%
'
Deferred charges..
84,669
.
domestic
Property account 6,695,459
1941—4 Mo*.—1940
$621,733
$572,216
oper¬
Net oper. income
Net income
$5.20
$9.83
b Includes all subsidiaries,
$6.02
2,525,500
2,525,500
7,517,569 Preferred stock
Investments
5,835,169
3,921,376 d Common stock-.27,275,640 27,275,640
Acc'ts receivable.. 4,700,057
5,295,104 Accounts payable. 2,855,799
2,994,530
75,759
75,759
Sundry acc'ts rec.
87,846
206,510 Dividends payable
Inventories
.10,387,420 10,898,711 Adv.pay .on orders 1,189,069
Bills receivable...
322,483
417,909 Res. for conting-. 1,000,000
U. S. Govt, secure. 8,016,379
7,572,550 Federal tax provi¬
sion
4,080,000
1,128,362
Cash
.ill,971,111
7,062,675
c
•
for
$7,650,771
974,130
$7.03
$366,805.
Assets—
419,231
107,582
46,337
$74,420
Net oper. revenues
$14,518 def$289,820
write-off of investment
After
amount of
Corp.—Earnings—
1941—Month—1940
159,244
$ 146,252
155
142
_
151,518
5.357.490
subsidiaries,
in certain European subsidiaries in the
d Includes proportion of profits of controlled manu¬
facturing company amounting to $444,836 in 1939, $503,602 in 1938,
and $798,004 in 1937.
c Includes $582,043 dividends received from foreign
subsidiary companies and controlled foreign manufacturing company from
1940 operations,
f Includes $1,151,000 provision for excess profits tax.
a
only
$9,726,411
151.518
5.844,534
......
a1940
457,456
137,794
77,870
119,459
63,372
Period End. Apr. 30—
Operating revenues
Uncollectible oper. rev.
„
Includes
on com.
$5,219,188'
Consolidated Balance Sheet Dec. 31
1940
525,429
188,931
110,837
Gross from
surplus
share
Earnings—
1941
.
Shs.com.stk. (nopar)..
Earns, per
—V. 152, p. 3026.
Illinois Terminal Co.-
782,833
1,077,176
6,818,665
c
Net ry. oper. income—
9.124
1.975,858
-
8urplus_.
Previous surplus
Miscellaneous..,,...,.,....,.
$6,924,484
1,498,684
637,318
37,267,042
„
$6,010,594
151,518
....
1—
From .Jan.
Gross from railway..—
Net from railway
166,012
108,843
$6,999,390'
1938
$9,010,355
2,165,835
1,295,921
136,369
181,999
$6,002,021 $11,693,146
$7,087,770
f4,063,533
Earned
1941
Net from railway
Net ry. oper. income...
$6,047,653 $11,635,977
Net profit—
Dlv. on pref. stk. (6%).
Common dividends
Earning* of Company Only
Gross from railway
709.896
Federal taxes—
•
42,432,209
bl937
d$12345,873
1,000,000
Prov. for contingencies..
Profit on securs. sold—
1938
$8,795,502
•
$12,062,923'
Prom
1941
$10,492,207
2,669,356
Netry. oper. income
Kent
$7,596,905
127,940
prof41,588
753.601
759.796
Other income
Net loss on foreign exch.
■
754,290
Depreciation..........
3025.
Gross from railway
Years
Consolidated Income Account for Calendar
adjustment against the reserve for losses in foreign
countries and other contingencies previously provided, and $218,772 has
been excluded by segregating from that reserve a specific reserve for the
amount of investments in and advances to European subsidiaries.—V. 152,
excluded
1941
Ingersoll-Rand Co. (& Subs.)—Earnings—
Note—Net assets of European subsidiaries of the book value of $979,505
excluded, as at Jan. 1, 1940, from the consolidated financial
Of the total amount of excluded net assets, $760,734 has
have been
statements.
been
May 31,
sur$69,039
348,392
Miscellaneous
taxes
Net income.
Dividends
Balance, deficit
Previous surplus
Miscell. credits (net)
150,000
15.238
Profit
254
Net profit
Earns.per8h.on
a
Earned surplus. ...—
of capital stock
$379,149
$377,150
$412,481
$417,685
outstanding (par $10).
Earns .per sh on cap.stk.
300,000
300.000
300,000
$0.09
$0.33
300,000
$0.47
Assets—
Balance Sheet Dec. 31
1940
a
Property & olant
$461,060 $1,908,993
Investments
Accts. receivable..
479,150
238,706
7,646
Materials & supers
46,927
Other
1939
Cash
1,108,450
stock
duction
b$2250000 C$3000,000
re¬
242,031
Fixed
142,038
78,721
88,414
56,353
44,044
2,954,918
assets
a
4,176
3,019,975
5,522
9,907
Divs. mat'd unpd.
661
Securities owned..
5,888
5.493
Other curr. liabll's
2,795
2,927
Rents paid in
1,875
Other def'd credits
20
27
Carrier insur. res..
240,875
Accrued taxes
225,301
41,226
Advs., claims and
deposits..
Prepaid and def.
Earned surplus...
379,149
adv.
Other def'd deblts.dl,451,506
Carrier Ins. fund..
Total....
a
225,357
$2,923,638
25,533
241,000
$3,682,0041
After accrued depreciation of
b Shares of $7.50
line property,
Wages payable
Total..
8,268
46,353
377,150
$2,923,638 $3,682,004
$608*685 in 1940 and $2,905,873 in 1939.
par.
c Shares of $10 par.
d Includes inactive trunk
$1,451,401 (cost less accrued depreciation).—V. 151, p. 1898.
1
1
388
&c-.—
740
3f028
10,475
57,556
charges...
50,323
34,804
182,848
116,125
1,390
6,396
Reserve for United
taxes....._.—_
860
reserves..
17,572
5,503
Sundry
b Capital stock.
2,980,020
Capital surplus
1,003,313
Earned surp. since
Jan, 1, 1935
147,577
2,980,020
1,003,313
62,426
56,562
860
Treasury stock...
Total
1939
$20,253
incl.
Min. Int. in sub..
Pat., trade names,
Interest receivable
pay.
States and foreign
1,564
Working fund advs
Accounts payable.
1940
$33,308
Drafts payable
Accts.
accruals
Mater. & suppl. at
cost less reserve.
13,691
4,672
5,361
1,422
account
303,957
31,686
46,984
Nil
Liabilities—
$861,617
on
band & in transit
1939
1940
b Capital stock
Capital
$1,025,709
receiv..
Shrub & rubber
Liabilities-*
;
profits tax considered necessary.
1939
1940
Cash....
Accounts
Assets—
$0.54
stk.
Comparative Consolidated Balance Sheet Dec. 31
Shares
$1.03
cap.
No provision for U. S. excess
109,559
$4,420,464 $4,224,726
Total
...$4,420,464 $4,224,726
depreciation and amortization of $2,047,738 in 1940
1939.
b Authorized 604,000 shares; issued to Dec. 31
1940, 595,592 shares; remaining to be issued to complete exchanges unde
a
After
reserves
and $2,042,830 in
for
;
The Commercial & Financial Chronicle
Volume 152
1926 reorganization plan,
per share.
Note—There
412 shares; total,
included
are
in
596,004 shares stated at $5
sheet amounts for
aggregating $2,261,905, after reserves
of which $245,641 represents cash.—V.
152, p. 3027,'
International Paper & Power Co. (& Subs.)—Earnings
and discounts._______
Other
$33,304,051 $26,204,615
358,040
309,250
$44,072,552 $33,662,091 $26,513,866
____
Cost and expenses
Interest on funded debt
Interest on other debt
1939
1940
_.__$43,410,421
662,131
income—net
Total
^
1941
24,107,638
870,853
33,717,869
714,217
2,318
83,732
2,708,315
209,220
b 2,575,541
8,499
27,787,949
1,046
87,938
1.186,743
196,206
643,645
93,439
1,167,301
169,094
75,139
6,017
500,000
16,576
17,697
$3,546,823
$2,960,573
$12,428
possible additional income and excess profits taxes,
$918,088 for Federal excess profits tax.—V, 152, p. 2884.
b Includes
Amortiz. of debt dise. and
expense
Depreciation
Depletion.
_______
Provision for income taxes.
Divs. paid on stock of subsidiary
Divs. accrued but not being currently
paid
pref. stocks of subsidiaries.
on
Reserve
a
Net profit
781.415
278
Interiake Iron Corp. (&
[Including Domestic and Canadian Subsidiaries]
1940
Domestic & Can. sales..$46,294,254
Cost of sales & expenses. 25,208,067
Depreciation
Balance
Other
taxes
1940
1939
1938
1937
$22,720,490 $17,022,424 $11,345,633 $25 ,528.878
18 .584,164
17,907,371
14,243,167
8,845,453
1 ,548,230
982,046
941,893
875,410
c
Provision for taxes
440,629
493,324
445,754
424,882
Sell., adm. & gen. exps__
403,750
489,354
499,121
478,456
on
coal
10,489
12,976
8,347
19,775
11,395
11,692
$2,910,534
139,436
operations.
Gross
$874,132
120,238
$710,038
186,730
$4,445,042
387,310
$3,049,970
325,448
$994,370
362.075
$896,768
1,170,368
377,697
$4,832,352
(449,722
1
3,417
1,948,787
0310,062
333.935
_
_
Total other income
Gross income
Interest on funded debt!
Amort .of bd .disc .&exp_ J
Int. on promissory note.
Depreciation
charges.
1,522,231
209,051
088,000
Prov. for Federal tax
370.359
1,274,273
Other
163,790
Net profit.
Less
a
d$829,450
commissions,
discounts,
*$553,978 x$l,021,655
returns
and
other
$2,406,553
allowances,
b Ex¬
Arrived
at
1939
%
¥
:p.
1940
equipment
3,839,785
AcctS. & notes rec_c2,373,484
1,672,678
11,683,058
8,493,930
10,128,600
713,830
Fed. inc. tax
Accrued
Stocks & bonds of
other companies 2,517,029
2,554,096
860,224
874,759
83,715
80,301
9,043
Other assets
Cash in closed bks.
1,980
Deferred charges..
80,875
413,897
164,722
103", 043
128,366
<
63,000
ontln-
gencles, &c
Capital surplus.__
620,125
1,316,587
926,368
Earned surplus.__
56.425.360
470,924
1,316,587
def58,272
113.511
54,924,764
by
54,924,764 56.425,360
of $21,932,582 in 1940 and $20,517,884 in 1939.
2,000,000 no-par shares,
c Accounts only.—V.
152,
2707.
Mercantile
Marine
Co,
(&
Subs.)—
Earnings—
Consolidated Income Account for Calendar Years
[Including Wholly-Owned Subsidiaries]
1940
Total income
$1,221,190
Oper. expenses, &c_____
Provision for deprecia'n.
*
1939
$1,470,884
1,097,929
128,444
$5,183
423,038
$417,855
737,153
1938
1937
$4,153,553 $11,020,439
1.387,615
$157,170
739,467
Other income
Total income.
Interest
paid
Sundry charges.
131,078
3,780,272
555,311
10,244,203
1,000,611
$47,809
204,979
182 030
477,600
$224,375
153,999
$295,570
loss$70,376
847,411
1.016,416
4,172
670
Prov .to red .market .sees
a25,000
$344,298
Net loss for year
Of
a
subsidiary
a
investment
$637,308
c60,000
$551,841
b Provision for additional
company,
Mail
Baltimore
in
b33,491
20,850
_
Prov. for Fed. income tax
:
Co.
Steamship
marketable securities to approximate quoted
$1,150,964
reserve
Provision
c
to
against
Market,
499,981
Prov.
104,813
Due from aff 11. cos.
Cash
from
sale
90,430
3,420
sundry accruals.
Consolidated Balance Sheet Dec. 31
1939
1940
-Assets**—
k
Real
660
Prop. & equip't.
3,558,299
3,678,046
U.
S.
common
stocks,
&
8,268,666
8,268,666
50,000
24,032
Payable
9,361
2,145
213,990
293,130
d4,085,000
compensa.
ins__
89,694
25,919
Reserves.________
6,931
68,260
will
10,632,168 10,732,168
_
preferred
6%
75,000
75,000
44,042
54,834
gold bonds. 11,469,000
11, 469,000
1 ,060,000
Real estate mtges.
Deferred
credits.
1,010,000
59,584
_
Capital stock__.26,735,058 26 735,058
Deficit
.27,049,068 26 649,770
a
________
Total
a
12,847,458
17,388,4731
Total
Represented by 640,734 no par shares,
_
12,847,458
17,388,473
b After depreciation
reserve of
$3,569,474 in 1940 and $3,498,005 in 1939.
accounts
payable in the amount of $4,085,000.
c
After deducting notes and
d Contra.—V, 150, p. 3663.
Kankakee Water Co.—Bonds Called—
A total of
due July
nterest.
$7,000 first mortgage series A 4 M % bonds dated July 1, 1939,
1.1959 has been called for redemption on July 1 at 104 and accrued
Payment will be made at the First Portland National Bank, Port¬
land, Me.—V. 152.
p.
1594.
$
6.653,697
3,412,216
Res. for sales pro¬
501,030
497,045
Reserve for general
3,172,024
2,549,360
16,569,657 16,910,625
1,210,086
1,417,349
company welfare
Investments
83,018,258
After depreciation,
value,
par
77,500
78,949,2951
501,030
497,045
Federal tax (est.).e3,846,076
2,436,811
Earned surplus._.29,444,478 28,766,597
Total
83,018,258 78,949,295
After deducting reserve
c
d Represented by 898,178 (855,408 in 1939) shares
Including Canadian.—V. 152,
e
77,500
14,000,000
300,000
b After amortization,
for doubtful accounts,
no
payable
indebt... 12,000,000
motion
company
Deferred assets
Mortgage
Bonded
welfare fund
Inventories
of
28,936,474 27,558,559
Accts. pay., &c___ 2,912,699
2,312,783
Contingency res've 5,300,000
3,000,000
7,330,772
General
a
d Capital stock
4,473,366
International
Telephone
3027.
p.
&
Telegraph Corp.—Pur¬
chases $7,800,000 of Bonds in Market—Rumanian Telephone
Sales
Funds
Used—-Also
to
Make
Equipment at New Jersey
Factory—
The
corporation has purchased $7,800,000 of its own 5% and 4M%
with part
$13,800,000 it received from saie of the Rumania Telephone Co.,
Wolcott H. Pitkin, Vice-President, told stockholders at the annual meeting,
of the
May 28.
Acquisition of these obligations, he said, will reduce the company's annual
$380,OOO.
The company plans to use part
of the proceeds from sale of its Rumanian
establish its own factory for production of communication
equipment needed by its western hemisphere and Shanghai properties,
Mr. Pitkin reported, and to provide cash reserves to meet interest require¬
ments on its bonds for a considerable period in the future.
Discussing the company's present position, Mr, Pitkin said with na¬
tionalism rampant and restrictions on transfer of funds from one country to
another, American investors must go without a return on capital they
provided to create international communication systems because of these
difficulties.
Consequently, he said, the outlook was not good for any pay¬
property
to
dividends
on
the stock in the near future.
Mr. Pitkin explained that corporation is proceeding to create a source of
communications
equipment in this country to take the place of those
factories in Europe which formerly performed this task.
He outlined the
company's program for creation of a manufacturing unit at Newark, N. J.,
through consolidation of International Telephone Development Co. with
Federal Telegraph Co.. which it proposes to purchase from Commercial
Mackay Corp. for $1,200,000.
Stockholders voted to amend the company's charter to provide for
indemnification of officers and directors, reelected retiring directors and
appointed Arthur Anderson & Co. to audit the company's books for the
current year.—V. 152, p. 3346.
Gross from railway
Net from railway—
Net ry. oper. income._
From Jan. 1—
96,276
55,780
796,459
_.
756,473
865.556
421.819
281,824
438,611
284,212
1940
759,082
361,787
225,012
for Calendar Years
1939
1938
zl937
$27,271,860 $25,103,802 $23,627,779 $27,371,420
of sales
and
oper.
24,508,083
Other income
Net profit
Depreciation
—
Interest..
Fed. & State inc. taxes__
Other taxes
Net profit for year.__
Previous balance
22,730.148
21,731.113
24.606.900
$2,763,777
77,473
Gross income
$2,373,654
71,974
$1,896,666
82,851
$2,764,520
46,729
$2,841,250
177,989
61,345
522,500
660,637
$2,445,628
177,989
22,349
346,000
655,772
$1,979,517
177.990
37,316
244.700
667,046
$2,811,249
177,990
49,110
466,035
585,984
$1,418,778
11,445,506
$1,243,517
11.083,745
$852,464
10,787,469
$1,532,129
10.220,992
$12,864,284 $12,327,262 $11,639,933 $11,753,121
Total
paid or declared:
606,240
271,210
196,399
Common
Preferred
Miscellaneous charges_
Balance at Dec.
Shs.
1938
$168,009
59,217
29,355
Department Stores, Inc.—Annual Report—
Net sales
Divs.
1939
$221,549
85,994
53,608
294,632
Net from railway
Net ry. oper. income.
—V. 152, p. 3348.
Cost
1940
$170,400
453.704
Gross from railway
Kaufmann
Ry.—Earnings-
$184,594
92,952
52.421
__
expenses
62,066
1st mtge.& coll.tr.
87,275
Other assets.
50,542
Subscr. for D.8.L.
13,510
Mlscell. invest
1939
$
Liabilities—
Income Account
co
Int. pay. & aecr__
210,700
210,700
c63,822 d4,148,822
1940
$
Notes and accts.
affil.
to
Res. for workmen's
pref.
&c
_
50,000
20.084
__
Pay. to for. subs..
Inv. In for. subs..
Deferred charges
20,850
mort¬
(current)__
domestic
stocks.___
Lines, Inc.,
126,684
30,646
(current)
sub.
Lines Co.
pref.
%
109,663
Federal
estate
gage
660
!:\i- -V
Plants, Ac
39,129,155 36,876,833
b Patents & good¬
a
1941
1939
Payable to foreign
der bd. indent..
U. 8.
for
Income tax
of
prop, pldgd. un¬
b
$
36,582
_
775,880
$10.42
$10.63
'
Kansas Oklahoma & Gulf
Accts. payable and
408,140
securities
Accts. receivable.
Liabilities—
$
deposit
on
1940
176,878
25,604
189,453
Secur.
814,674
Co.
reduce
market value.
1939
?
Assets—
Cash
855,408
$10.63
Mfg.
d After deducting $820,597 ($737,021 in 1937) reserve for blocked foreign
profits.
Income and profits of foreign subsidiaries and branches in countries
where exchange is at present blocked by governmental restrictions have been
eliminated from the net profit for the years 1937 and 1938 by providing there¬
from a corresponding reserve for blocked foreign profits.
In prior years
similar blocked foreign income and profits were included in net profits and
have been covered by reserves provided from surplus.
Consolidated Balance Sheet Dec. 31 (Including Subsidiaries)
1940
Hobart
$1,508,932; royalties from foreign licenses, $246,636; total, $1,755,568, less reserve for blocked foreign profits, $1,134,078, balance,
$621,490; Hobart Mfg. Co. div., $150,000; other income, $113,041; total
(as above), $884,532.
ment of
Operating loss
$8,082,513
4,645,700
1,190,282
$10.50
interest charges by about
International
$8,660,034
4,876,499
1,249,819
debenture bonds in the open market at an average cost of 44 %
Total
After depreciation
a
b Represented
p.
432,150
__
$9,092,692
5,119,728
1,312,322
assets),
Total
accr
wages.
Reserve for
own
capital
stk.res.for empl.
1,021,829
70,108
Debenture sinking
fund Instalment
Co.'s
Total...
55,325
Accrued taxes
10,778,600
688,249
_
Int. in Mather Col¬
$1,697,000
b Includes Canadian taxes.
674,244
Co
Accrued Interest..
lieries
8,350,000
642,122
_
$2,170,000
c Arrived at as follows:
Net income from and undistributed net profits
of foreign subsidiaries and branches not consolidated (after
deducting net
unrealized exchange loss of $382,791 on the conversion of net foreign
Due to Dalton Ore
Inv, In & advs. to
Dal ton Ore Co.
6,639,000
Accounts payable
1,342,302
Inventories
$
stock44,000,000 44,000,000
Funded debt
25,856,893 26,603,184
Cash
1939
$
LiabUUies—
b Common
$2,270,000
dividend, $175,000: other
income, $164,700; net income from undistributed net profits of foreign
subsidiaries and branches not consolidated, $2,139,966; royalties from
foreign licensees, $135,269; less reserve for blocked foreign prof its of $2 ,036,290; balance as above, $578,644.
receivable
Consolidated Balance Sheet Dec. 31
1940
$11,362,692 $10,830,034 $10,412,513
898,178
follows:
as
Cash.
Assets—
$9,527,365
d885.148
633,000
$9,431,013
5,375,217
1,377,915
of capital stock
outstanding (no par)
Earnings per share
c
Loss.
Land, plant and
$9,810,186
dl,019,848
Shares
stock,
a
$39,474,982 $34,717,604 $31,787,241
21,839,485
18,591,517
16,922,304
5,545.328
4,826,677
4,163,123
1,038.258
1,014,224
867,157
473,750
475,000
307,292
100,000
165,915
Net profit
Dividends—Cash
clusive of provisions for depreciation, maintenance and repairs and taxes,
c Other than Federal income tax.
d Equal to 41 cents per share of common
x
b3,500,085
_
Subs.)—Earnings—
;
1937
income
(estimated)
Federal excess prof its tax
Surtax on undistributed
Gross sales
Loss
$13,097,013
;
;
1938
$12,518,369 $10,478,160
a578,644
c884,532
income
Total income
Normal Federal
a
b Cost of goods sold
Maint. and repairs
Prov. for doubtful accts.
receivable
7,005,705
1,031,864
430,250
100,000
Devel. & patent expense
Interest.
Amort, of patents
Stock....
Consolidated Income Account for Calendar Years
a
1939
profits (estimated)
For
a
Corp.—Earnings-
Consolidatea Income Account for Calendar Years
the foregoing balance
assets located in Mexico and Sumatra
3 Months Ended March 31—
Gross sales, less returns, allowances
3501
International Business Machines
com
_
453,127
a299,115
129,515
497,708
35,429
23.052
904,434
41,067
20,150
31.__$11,790,434 $11,445,506 $11,083,745 $10,787,469
x552,662
x566,362
*564,897
y566.463
stk.outst'g-.
Earnings per share.
-
$2.07
$1.66
x Par
$1.
y Par $12.50.
x Consolidated.
preferred stock redeemed in 1939.
a
$0.95
$2.63
Includes $8,366 paid on
1940
1939
1939
■:
$
Liabilities—
$
■'[
%
Property acct... 6,617.823
295,767
Outside property.
6,795,813
311,530
5% cum. preferred 5 .523,925
stock..
552,662
5,500.000
138,773
Notes payable....
1 ,000,000
1,000,000
141,473
5,336,605
4,940,665
Goodwill
Investments
Accts, Ac notes rec.
b Common
Reserve
for
5,751,447
Insur.
131.553
73.627
131,421
and contlng's
110,532
Inventories.——. 4,026,990
3,828,987
679,435
489,583
Accts. pay., Ac...
2 .689,588
33,758
33,333
Paid -in surplus..
833,289
Prepaid accounts.
After
a
reserves
2,216,348
853.839
Earned surplus... 11 ,790,434 11,445,506
22.631,852 22,038,682
b Par $1.
Total..
22,631,852 22,038,682
Total
c
c
Resulting from change in capital structure.
Note—Effective Dec. 19. 1938, the stockholders
/
approved a merger in¬
volving a change in the capital structure whereby each share of old common
stock ("par $12.50) was exchangeable for one share of new common stock
(par $1) and one-tenth of a share of 5% cumulative preference stock (par
$100).
At Dec. 31. 1940, the exchange of the stock had not been entirely
consummated (197 shares not yet exchanged), but in the balance sheet the
capital stock and paid-in surplus have been shown as though such exchange
had been
effected.—V. 152, p. 1921.
Co.—Bonds Called—
Kansas Power & Light
Reserve for Federal
1,498,000
Inventories
822,587
c Accts. receivable
936,642
Cash
404,246
Deferred charges..
27,990
1,498,000
bonds, 3Vi% series, due 1969 have
.July 1 at 108.14 and accrued interest. Pay¬
Bank, Chicago, or at the
made at the Harris Trust & Savings
Bankers Trust Co., N. Y. City.—V. 152, p. 3186.
$9,959,695
Net operating income
Other income (net)
6.693.487
.$3,266,207
o.816
—
..
.—
__
Gross income-
...
—
$3,270,024
.
1.469.041
Net income
$1,800,983
been
—
Note—Provisions for Federal income and excess profits taxes have
accordance
computed in
Act of 1940.—V. 152, p.
with
2556.
instalment accts.
16,813
Earned surplus...
14,224
Capital surplus...
267,750
,903,950
of $208,813 in 1940 and $227,201 in
1941.
b Represented by shares of $1 par value,
c After reserves of
$50,000.
d 166,500 shares of common stock,
e $110 per share, together
with accumulated dividends of 515 shares of 8% cumulative sinking fund
preferred stock called for redemption as at April 1, 1940.—V. 152, p. 269.
Foundation—Annual Report—
Kresge
of company to withdraw its common stock ($1
registration on the New York Cirb Exchange and
change.
2.402
2,748
$2,546,285
$2,073,645
133,452
135,590
61,361
$2,056,505
134,878
2,829
paid
Insurance paid
...—
Repairs and renewals
Depreciation and amortization
Miscellaneous expenses and
Interest paid or accrued
supplies.
(1)
_
Earnings for the Year End Dec. 31,1940
Sales, less returns and discounts
$856,753
524,997
Cost of sales
Selling and administrative expenses...—
Adjustments
150,029
249
.....
_
.
-
—
Adjusted operating profit...
_
Interest, commissions and discounts earned & sundry income. .
Total income
,
Balance,surplus......—$1,413,788
Total surplus.
37,600
Provision for
14,400
profits taxes
excess
Balance, surplus, Dec. 31, 1940
Adjustments of taxes and security
1940-
reserve
Assets—
$869,076
.........
1940
$29,709
60,058
55.847
Accts. & notes rec.
128,431
90,567
Inventorles
355,742
1940
$15,000
40,218
40,533
81,629
35,674
299.569
terest, taxes, Ac.
140
77
Sink, fund paym't.
518,310
489.179
9,469
5,750
1st mtge. 7% bds.,
1942
on
expenses.
783
proposals.
nancing
Cash
3,496
with
x
.
Net worth......
cReal
Sing, fund assets..
Total
x
7,571
,188,597
$985,731
Represented by
13,942 shares,
no
par,
$6
non-cumulative preferred
152, p. 2348.
1940
$2,239,001
1
1938
$1,078,745
$3,022,016
Federal
Net from
1940
"
$530,802
119,911
626,213
_
railway.
266,406
141,686
__
1938
$34,138
def24,723
def42,389
def63,939
defl52,210
def42,543
109,840
def245,018
142,228
defl86,357
def271,5l6
152, p.2242.
Consolidated Income Account for Years Ended Jan,.
,
*941
,
sales
Cost of sales & expenses.
$5,329,600
5,111,230
Operating profit-....
$218,370
Other income
1940
$117,566 at Dec. 31, 1940.—V. 151, p. 2945.
Kroger Grocery & Baking Co.—Sales—1941—4
Period Ended May 17—
1941—20 Weeks—1940
weeks—1940
.$23,243,359 $21,065,368 $108,818,353 $97,982,868
Sales
2859.
3.886
3,634
Stores in operation
,
Lambert Co.
(& Subs.)—Annual Report—
Consolidated Income Account for Calendar Years
Net
1937
1938
1939
1940
$10,604,376a$10,747,835a$10,617,718
8,839,259
8,977.056
9.061,145
$1,556,573
earnings—— $1,841,027
$1,765,117 $1,770,779
_a$10,965,225
9,124,198
Gross sales (net)
119,715
122,199
118,141
489,524
333.593
322,727
247.262
$1,221,174
$1.311,809
$1,325,853
$1,191,170
49,972
48,054
38,983
$1,261,837
$1,277,798
$1,152,187
1,119,556
1,399.446
$53,497
746,371
$142,280
746,371
Depreciation
130,329
.......
State & foreign
Federal
income taxes........
Net profits for year..
.
48,120
minority interest—,
Net
a
$94,774
49,340
$95,587
30,306
$135,011
34,14b
$264,098
3 5,839
$144,114
34,422
$125,893
35,016
$169,157
31,699
■
234
-
2*9",274
22",023
Pa28,6S0
$80,417
$68,856
80,785
$108,545
80,996
102.945
_
profit applic. to
■
v
_.
1,119,557
$158,242 def$247.259
746,371
746,371
$1.71
$1.54
$1.69
$1.57
share.......
Includes other income less other
charges of $167,589 in 1940, $105,094
and $160,613 in 1937.
in 1939, $72,342 in 1938
Consolidated Balance Sheet Dec. 31
Land,
b Stk.
buildings,
machinery, Ac..$1,084,074
...
2,766,281
939,726
c
1,712,080
Accts.
190,101
266,984
After
tal stock....
—
.
1.659,089
1,659,089
654,764
682,037
payable and
accrued accts.
.
.
488,855
3,875
329,115
surplus. 2,841,988
2,788,491
1,393,514
1,393,514
Income tax
Res. for for'n exch.
1
names.........
a
$106,911
Res. for estimated
Goodwill and trade
■X:'
.$7,140,616
depreciation
-X:'X.'i
166,768
138,334
Other assets
1939
$98,531
Larnb't Co. capi¬
2,539.867
1,195,325
1,743.974
258,776
Accts. receivable..
,
of Lambert
Pharmacal Co..
$917,650
180,264
d Cash
Inventories
1940
Liabilities—
1939
1940
d Earned
Paid-in surplus—
$6,959,5931
436
Total......—$7,140,616 $6,959,593
in 1939 and $1,414,618 in 1940.
$1) shares (being minority interest), c Repre¬
of $1,324,139
b Represented by 28,250 (par
746,371 no par shares of common stock,
d Cash and earned
surplus are stated after deduction of the dividend of the Lambert Co.
payable Jan. 2, 1940, and 1941, respectively.—V. 152, p. 2709.
sented
by
Lamson Corp. of
$5,127,177
4,992,166
78,827
4,572,448
5.356,237
57,510,348 50,314,122
Total
57,510,348 50,314,122'
Del.—Merger, &c.—
Dietz, President, in a letter to stockholders, May 5, states in
recent merger between the parent
(American Pneumatic
Service Co.) and one of its subsidiaries (Dover Equipment Co.):
The merger became effective April 7, 1941, immediately following the
special meetings at which nearly 74% of the 346,388 outstanding shares
Carl F.
1938
$4,786,767
4,691,180
Net profit.-.$149,431
Preferred dividends..__
42.057
Prov. for Fed. inc. tax--
36.907,389 32,270,867
a Includes $101,540 held
by trustee for payment of interest due Jan. 1,
1940, on 4% collateral trust notes and $142,800 held by trustee for re¬
demption of 4% collateral trust notes,
b Approximate quoted market
value at Dec. 31, 1939. was $29,710,144, and Dec. 31, 1940, was $37,810,277.
c After deducting depreciation.
Note—Contributions pledged and unpaid which will not be taken up in
the accounts until paid amounted to $189,716 at Dec. 31, 1939, and to
reference to the
voted in favor of the merger, as
66
Depreciation
Interest paid
4,250,000
12,778
founder
31
1939
$4,933,167
4.838,393
45,728
.....
Total income
16,666
Surplus
charges..
Kresge Department Stores, Inc.-—Annual Report-
Net
1112
3,890.000
credits..
Contributions by
Total....
;
9,0~19~,666
1112
Prepaid A deferred
$39,049
190,978
defl08,221
def216,071
340,600
__
notes.111,200,000
respect of alter-
Trust fund:
Investments
1939
$106,295
25.193
def20,599
405,319
Net ry. oper. income.
—V.
profits tax.—Y. 152, p. 3348.
Superior & Ishpeming RR.—Earnings—
Net ry. oper. income.
From Jan. 1—
Gross from railway.
$
187.918
in
owing
Deferred
a
1939
After depreciation, interest, amortization, minority interests,
and State taxes, and in 1941 after excess
1941
Amount
Real estate mtges.
Earned per
Koppers Co. (& Subs.)—Earnings—
Gross from railway
Net from railway.
$
126,442
13.401,918 Accrued real estate
taxes
148,566
13,184.320
ments
Deferred expenses.
$985,731
$1,188,597
Total
12 Mos. End, Mar. 31—
1941
Net income$4,233,518
Lake
1939
1940
Liabilities—
Cbll. trust
Assets—
a
$3,842,916
Accrued interest...
lease¬
est.,
stock and 10,000 shares, no par, common stock.—V.
a
$4,572,448
1939
Balance, surplus.—..
Shs. of com. stk. outst'g
622
35,674
J
$5,356,237
$*j xiJ
640,944
holds A improve¬
156,000
757,333
147,000
869,076
sinking
572
222,311
$4,062,073
219,158
Net profit applicable to
1
fund trustee
6,097
$4,794,759
103,303
a840,672
Accounts recelv
49,696
61,896
bSecuritles owned.43,515,475 35,861,070
2,951
6 055
1
expense
—
.....—.
1940
;
ASBCtS
13,914
Bond dlsct. and fi¬
Goodwill
$5,986,235
266,455
260,240
Lambert Co. stock. $1,173,054
Dividends paid on Lambert Co. stock
1,119,557
Accounts
Securities........
Dep.
L—. .—
'
Cash In banks
1939
$15,000
Liabilities—
Bank loan (see'd).
Plant & equlpm't.
Prepaid
Dr392
......
.
Cost and expenses
payable.
Accrued wages, in¬
1939
$76,701
Cash
—
15.660
Comparative Balance Sheet Dec. 31
757,332
Dr4,426
applicable to prior yrs.
Balance Sheet Dec, 31
Life insurance
$883,972
3,172,004
59,753
12,605
3,109
18,714
230,306
$116,169
_
,
.
_ .
Balance at Dec. 31—
—V. 152. p.
Net income
4,572,448
Unamort. discount and expense.
18,748
expense
Provision for Federal income tax
$952,235
3,842,916
paid for account of noteholders
1,862
Expenses of registering stock--—_
$186,918
_______
Financing and life insurance
$181,478
5,439
596,431
29,960
1,334
10,291
25,555
Surplus at Dec. 31
Discount on coll, trust notes reacquir.
59,491
60,620
9,951
2,365
11,200
231,812
16,017
567,711
20,944
1,681
2,156
Taxes
Total
Kinney Mfg. Co.—Annual Report-
.
58,163
60,797
11.630
2,651
14,3o9
230,097
18,434
575,493
(real estate)..
Taxes paid or accrued
Salaries and wages
■
application stated the following reasons for the proposed withdrawal:
During the calendar year 1940 the total shares traded on the New
York Curb Exchange were 3,700 shares, and on the Chicago Stock Exchange
were 14,550 shares; that the expense of continuing the listing on said two
exchanges is unwarranted and places an extraordinary financial burden on
the company.
* '
(2) In 1940 the range of the stock was from a high of % to a low of M.
The last share traded was at
Company's stock quoted publicly at
these prices impairs the distribution of its products to the detriment of
the stockholders; that continued listing and registration is not in the public
interest, and retards the recovery in equity values of the stockholders.
(3) The best interests of the stockholders will be served by making the
stock available for trading in the over-the-counter market."
The order granting the application becomes effective at the close of the
trading session on June 20.—V. 152, p. 2241.
The
1,440,000
1,440,000
1,890,000
Kresge Co
Interest and other income
Total income
par), from listing and
the Chicago Stock Ex¬
$613,756
S.
of S.
Premium on notes red. in adv
Exchange Commission has granted the application
Securities and
1938
1939
$631,243
1940
$653,456
Years Ended Dec. 31—
Income—Rentals
Dividends on com. stk.
Contributions paid
Kingsbury Breweries Co.—Delisting—
The
-..$4,255,904 $4,113,836
Total
.$4,255,904 $4,113,836
After reserve for depreciation
a
Revenue
the requirements of the Second
13,691
160,376
1,903,925
14.019
819.730
525,560
Amortiz. of debt discount & expense.
Interest and other deductions
e89,810
Redemption value.
Unearned int. on
Fuel, water and light.
Operating revenues
.
Operating expenses and taxes
45,728
~2~ 610
payable—-
732,686
_
Rents
Ended
Kentucky Utilities Co.—Earnings for 12 Months
Feb. 28, 1941—
Diva,
8,526
d Inv. In The Fair
Total
103.854
Income tax
123,404
of $170,000 first mortgage
A total
been called for redemption on
ment will be
75.292
163,049
8,526
1040 and $2,662,079 in 1939.
of $2,810,068 in
$316,414
75,292
$321,572
_
leased
properties......
Sundry lnvestm't.
Improve, to
Dividends payable
Cash
equipment, Ac.
Land
1940
1941
Liabilities—
4% pref.stock
SI ,401,900 $1,401,950
250,863
250,864
b Common stock..
233,672
Accts. payable, Ac.
308,163
fixt.,
Furniture,
a
1940
1941
Assets—
566,362
5,500,000
a
Includes surtax on undistributed profits.
Consolidated Balance Sheet Jan. 31
a
Balance Sheet Dec. 31
1040
A nets—
1941
May 31,
Chronicle
The Commercial <£ Financial
3502
compared to the statutory requirement of
2-3%.
Unfinished business at the end
at
Government
work.
of 1940 was $1,189,841, as compared to
of 1939.
Of the former, approximately 50% was
and of which three-quarters represented
defense
The unfinished orders at March 31 had advanced to $1,458,743, due
$886,998
the
end
business
almost entirely to an increase in the company's regular business, much of
which has not yet reached the fabrication stage due to preliminary engineer¬
ing required.
Che Commercial & Financial Chronicle
152
Volume
take
iiirst
first
During the
over
er
year 1940, Lamson Corp. (New York) was organized to
all Ui the do»cvO duU Udt/iilUo!» Ul the jbdlllaUIl Co. (Mass.), do d
of tuc assets and liabilities of tile Lamson
/ >
as a
ojU
.
step in simplification of corporate structure> and at which time Peter Clark,
Inc. was merged into the New York corporation.
The New York and Boston Mail Tube companies continued to operate
under contracts with the Government.—V. 152, p. 3348.
77
Lautaro Nitrate Co., Ltd.- -Annual
Years Ended June 30— 777:7;
a Proceeds ofsales.i,
Other operating Income.---
Prof,
on
nitrate mfd. for
114,748
8,030
4,285
3,077
811
1,853
3,398
13,348
—*
Commercial oper.
(net)—-------Exchange differences.
i
interest earned—invest. & deposits.
-
-
-
-
994
-
e
53.004
601
6,511
1,343,091
435,665
473,688
356,185
15,292
Calendar Years—
.
Gross profit
1940
1939
reserve.-
Reorganization
£876,530
176,397
£647,131
8,887
131,545
663
806
293
"865
-
£591,908
124,233
11,092
243
583
2,0u2
.
277
Interest in account current with sales
corporation (net)
Exchange differences
Sundry,adjustment to previous years'
$342,777
1,004,367
98,890
$597,165
1,092,480
74,036
$1,458,170
732,111
97,183
$1,446,034
789,911
91.330
$1,763,681
847,501
96,435
Interest payable
709,264
31,469
'f7,
&c., taxes.343,542
come.
Carrying
1940
3,268
£498,002
£450,453
Assets—
To, and participation in profits declared by, the sales corporation in
of new production, nitrate and iodine, less cost,
c This is the
subject to service of indebtedness pursuant to defi¬
nition in sterling and dollar trust deeds as amended,
d On sales of cur¬
rencies of different rates of exchange as compared with closing rates,
e
Arising from the conversion of assets and liabilities.-—V. 151, p. 3564;
V. 150, p. 3980.
with
paying
Subs.)—Annual
(&
Co.
Navigation
Report—
Consolidated Income Account
{.Including Subsidiary Ccrmpdnies)
1939
1938
1937
$23,181,586 $22,016,867 $19,618,929 $20,324,600
Oper. exp., incl. prov. for
^workmen's comp. and
-;-•/. - «■
>V:UVuncollectible accts
20,484,148
20,392,722
18,555,122
19,488,387
1940
Operating income...
Railroad
rental
2,345,946
-
480.970
Dividends
Interest
34,790
Miscellaneous
Balance
Taxes
134.972
_
So,694,117
1.462.845
948,854
-----------
-
Deprec. and depletion.
_
Interest
1,387,020
General expenses
Spec.
prov.
319,406
$1,624,145
2,345,726
478,707
46,294
83,761
S4.578.635
$1,305,028
944,896
1,398,866
304,715
$1,063,807
2,345,703
474,601
16,132
57.394
$3,957,637
$1,372,394
833,670
1,406,146
284,496
46,965
agents..
48,401
Miscell. acc'ts rec.
190,000
281,493
375,000
x227,763
*105,715
163,304
289.610
Inventories
310,102
511,006
1,604
936,368
local
Federal taxes
12,500
4,500
130,459
139,017
126,897
151,030
Coll. not payable.
1,484,800
1,500,000
611,587
513,716
5,820,784
5,820,784
718,413
1,076,323
Mat'd fd. dt., Ac.
4,120
9,785
13,180.500
13,612,000
Fed.
Investm't
Other
facilities
$8,389,629
$9,320,361
578,753
com¬
Interest accrued
Previous surplus-.——.
6,956,476
$8,058,330
580,293
11,074
Canal prop, adjust
Goodwill accounts.
x
...
Surplus approp. for s. f.
Sundry adjustments
Adjust, for mln. interests
Adj. of res. for taxes...
Miscell.
74.483
Dr7.902
$8,090,975
193,043
285,812
519,371
94,913
40,133
Dr 1,227
192.928
Balance, Dec. 31
-
debt
;
40,000
137,023
9,465,000
Earned deficit
8,622,483
Sur.
arising
13,924,224
from
restate, of invest*
in
29,229,422 25,447,544'
Total
mining
prop.
.
4
9,631,725
29.229,422 25,447,544
Total
of $46,808,819 and surplus arising from revaluation of
b Includes $60,000 investment in Burns Bros, c After reserves
After
reserves
$8,847,044.
of $45,532,504.—V. 152, p. 2399.
Lehigh Valley Coal Corp. (& Subs.)—Earnings—
for Calendar Years
'
1940
1939
1938
1937
$15,634,671 $16,703,660 $15,557,897 $17,845,422
12,722,069
15.384,945
14,438,134
16,248,652
Sales of coal
Grossprofit
$2,912,602
Selling, gen. & adm. exp.
713,673
& Fed. & social
$1,318,714
940,916
$1,119,762
791,563
$1,596,770
787,442
355.562
397,460
373.903
300,024
$1,843.366
24,726
loss$ 19,661
97,128
loss$45,703
92,432
$509,303
95,273
profit from oper. $1,818,640 loss$116,789 loss$138,135
1,235,076
914,964
1,122,607
$414,031
1,193,735
security taxes.
124.259
Dr 142
344,022
038,857
-
Profit from mining and
selling coal.
Loss
$6,956,476
with
Mining reserve...
125.152
Capital stock..
9,465,000
200.000
$6,259,319
on
State
Dr1.496.378
deductions
acc't
Funded
Cost of sales
Total surplus
Dividends paid.
6,508
funded debt
10.078
y$306,510
9,626,871
llablls.
Mtge. payable....
01,876
8,436,444
curr.
open
y$304,634
y$46,815
un¬
Notes payable and
178,665
$18,674
8,072,301
accr.
State
Workmen's
In retail
distrlb.
&
employment tax
1,424,834
286,386
02,031
410,963
pensation insur.
bldgs.,
Consolidated Income Account
Net inc. of Lehigh Coat
& Nav. Co. & subs. $1,101,854
taxes.....
parent company
Other liabil. def'd.
est.,
$1,249,397
840,593
y$44,784
72,180
032,468
Accrued State and
1.604
995,025
$3,793,433
$22,367
Dr3,693
339,396
50,479
_
$836,213
2,345,647
479,445
29,139
102,990
118,192
$1,104,499
Apport. to zoin. interests
2,645
—
370,076
fund,
Ac
..
a
...
income
on
Account payable to
affiliated co
structures,eqpt
leases, contracts,
Ac
c23.242.660 a20916,779
Total def. charges
& unadj. items
92,858
96,712
Advanced royalties
1,264,918
,208,352
Prov. for Fed. undistrib.
profits taxes
401,454
S
debt, notes pay.,
Total sinking fund
Real
42,000
325,471
Int. accr.
42,479
assets..
1939
359,124
42,000
payable
Wages
for
coal—customers
for doubtful
accounts..—i-i.-.Prov. for Fed. inc. tax..
Net
1940
389,836
Liabilities—
Note payable
b Tot. other assets
$2,697,438
$4,584,207
Accounts payable.
1,385,997
coupon
receiv.
Acc'ts
amount of net income
.
4,584,207
$6,280,737
1939
$
.112,139
Dep.
a
respect
Calendar Years—
Gross earnings
1,394,636
$1,092,517
CY630.453
4,122,143
Consolidated Balance Sheet Dec. 31
£664,509
&
1,393.073
$1,453,633
Dr242,897
1.530
Net profit
Coal
287,961
229.665
$8,622,483
$13,924,224
Cash
Lehigh
357,938
267.414
Net loss for year
prof$771,229
$1,335,020
Profit and loss adjust. __Dr6,072,970 Dr 1,006,726
Previous deficit..
8,622,483
6.280,737
24.003
Exchange difference arising from conversion of assets and liabilites, Ac.
/
501,534
1,032,179
Deprec'n and depletion.
Deficit
operations
Prov. for legal bonus to employees...
c
382.218
241,127
1,340,551
expenses on re¬
coal lands
5,966
e
.
1937
$554,963
863,536
39,671
.
Miscell. deductions—
Federal
and
State
in-
serve
expenses
Other charges
1938
$3,389,216
-—. -
Gross income
2,398
3,413
9,944
-
156,589
6.588
11,502
Oficina stoppage expenses
Prov. for taxes on profits other than
nitrate and iodine
;-
174,626
339,387
64,605
55,712
$2,174,249
877,535
337,432
Income from other prop.
Other income
7-- -77 -77-77777; ^;
-
Approp. to working capital
1,027,679
416,421
-
$14,328,411 $14,851,000 $14,157,988 $16,156,094
12,154,162
14,296,037
13.815,211
15,558.929
Cost of sales
-
7. Total.. i -7-
1,256,940
338,951
1,371,476
Sales of coal
6,392
16,191
——
$276,487
51,101
_ .
1938
$398,571
176,783
137,005
Lehigh Valley Coal Co. (& Subs .)—Annual Report—
7
7.958
Sundry adj. correspond'g to previous
years' operations-
110,891
87,002
4.697
18,802
_
Int. rec. Art. 27 indebt
Proceeds of equipment and plant sold
and scrapped
$348,170
69.491
...
dlO.148
-
-
$296,735
railway
railway
Net ry. oper. income...
From Jan. 1—
'',77
Gross from railway
Net from railway. .7—
Net ry. oper. income
—V. 152, p. 2709.
Net from
by other
or
prod, (net).
Port operations
_
1938
£495.978
£700.320
9,948
-----
Lehisrh & New England RR.—Earninns
S
,.77
* 1940
^
%
1941
1939
Gross from
.
Report—
1939
£592,460
777: 2,818
1940
3503
$8,072,301
$8,436,442
Provision computed under individual tax returns of certain companies
included in the consolidation,
y Loss,
z On books of subsidiary com-
Tot.
.
other oper......
on
Other income
x
panies
charged
off,
■
i'•
d Fixed
Funded
Investments
Mtges. payable...
assets....62,328,570 62,271,843
3,911.547
3,932,544
Cash
3.038,063
3,105,329
bCust's' accounts. 2,823,871
2,807,039
debt
and payrolls....
865,518
Sundry creditors..
748,370
761,157
Accrued taxes
Sundry debtors...
c Def'd A suspend.
135,458
117,444
Matured
accounts....—-
1,460,832
2,268,686
8,787
8,674
708,478
475,561
Purch.
on
and
of
Loss
1,390.189
320,301
681,660
599,597
616,399
546,470
——
currently--
Net profit-
— .
"
6 ,600
15,900
-
-
Cr2,170
1,449,124
Cr8,298
1,447,878
Cr9,627
1,382.157
4,264
1,047,331
and
586,584
365,862
sus¬
415,754
204,829
371,310
543,515
53,940
Minority interest.
52,417
a Capital stock...32,152,116
32,152,117
Capital surplus... 1,041,963
1,032,889
Notes
34.5.191
250,525
Surplus approp. to
sink, fund res've
93,191
94,847
Surplus approp...
48,905
6,259,314
48,905
6,956,476
75,965,097 76.613,796
.
&
Liabilities—
505,429
42,000
42,000
payable...
403,692
1 ,298,560
1,696,861
916,254
Work. comp. ins—
126,897
372,093
151,630
422,099
Interest accrued..
325,471
339,396
820,966
878,270
Coll. notes payable
.23 219,821 20,809,581
117,376
117,376
Int. accr'don fund¬
Other assets
Inv. in property
in
retail
tribut'g
;
507,618
1 ,104,082
236,632
inventory—
Material & suppl's
Inv,
$
$
Accounts payable.
Note payable.....
2,337,688
accounts
receivable
Coal
$
4 ,266,945
Cash
1939
1940
1939
8
Wages
ed debt
liabil..
1,073,771
128,959
Federal taxes, Ac.
Deferred charges..
914,022
136,652
1,264.918
Mat'd funded debt
curr.
48,424
Accrued State and
local
Deps. with coupon
46,965
paying agents..
Advanced royalties 1, 208,352
1,604
Sink, fund assets..
513,716
152,186
134,518
Other
dls-
facils..
197,400
611,587
37,364
Inv. in Burns Bros.
through inc. and
Profit A loss surp.
$756,955df$l,548,181df$l,509,958 def$938,854
1940
Assets—
a
Fund, debt retired
surplus
— —
Consolidated Balance Sheet Dec. 31
154,323
Reserves
Total
229,665
"
2,900
...
Depletion & deprec'n.
—...
62,155
pended accounts
75,965,097 76,613,7961
267,414
distributed profit
Equity of minority stockholders in net inc. of
Fund, debt A mtg.
Total
241,127
for surtax on un-
subs..-
determined.
W
847.500
501,534
34.367
equip't
def'd paym'ts
Deferred
$1,607,766
784,537
sale of inv. in sub
on
Compensa'n claims
pay.
$984,472
732,699
.
Prov. for Fed. inc. taxes
Prov.
1,352,113
353,401
$798,175
709,264
and
coal land
serve
ac¬
interest..
crued
Sink, fund assets-
30,934,200 31,507,414
27,277
241,125
721,613
741,119
Mat'ls A supplies.
funded
Carrying charges on re¬
I
vouchers
Audited
Coal in storage...
Other assets
1939
9
Liabilities—
!'£ ''V'j i''
on
unfunded debt (net)_
1940
1939
1940
A 8S€tS~~~~~
$3,053,716
Total income
Interest
(Incl. Sub. Cos.)
Consolidated Balance Sheet Dec. 31
667,390
deferred
.
A Int. accrued..
1,604
462,262
1,287,400
taxes
fLIabils.
1.500,000
9,785
4,120
40,000
Mtge. payable..—
Represented by 1,929,127 no par shares,
b Includes notes receivable,
c* Includes stripping expenses deferred (net) of $541,198
in 1940 and
$1,483,445 in 1939.
d After reserve for depreciation and depletion.—
V. 152, p. 3186.
.
a
Deferred liabilities
Funded debt
723^919
1,083,822
13,180,500 13,612,000
137,023
125,152
<
Reserves
Minority Interests.
77,550
80,652
6% pref.stock.... 11,370,450 11,370,450
Lehigh & Hudson River Rjr.—^arnin^*
1941
1939
$147,175
51,402
19,742
Net ry. oper. income...
From Jan. 1—
Gross from railway
:
$129,346
42,919
15,967
$127,204
645,363
Gross from railway
Net from railway
Net from railway.
1940
b Common stock..
522,758
170,677
67,424
517,954
175,205
232,978
Net ry. oper. income...
—V. 152, p. 2242.
99,619
41,789
14,815
69,822
Other
1938
'
$115,097
34,444
9,436
456,615
111,198
9,733
c
e9,631,725
surplus
4,012,780
19,355,908
14,039,934
Drl58.385
d Treasury stock
...33,371,979 29,647,382
9,412,052
Surp. at organlz. 4,019,467
Deficit
Total
9,412,052
Total
.
.
Dr 158,38 5
...33,371,979 29,647,382
depreciation reserve of $42,489,205 in 1940 and
$49 059,376 in 1939.
b Represented by 1,205,437 no-par shares at de¬
clared value of $7,808 per share,
c Consisting of $2,642,319 declared by
a
After depletion and
together with $1,377,148
companies at Jan. 1, 1&29,
of parent company s capital stock
subsidiaries, including stock acquired
by purchase,
d 750 3-5 preferred and 5,000 common shares,
e Surplus
arising from restatement of investment in mining properties,
f Liabilities
deferred under plan dated Jan. 4, 1939, of Lehigh Valley Coal Co.
jSIoie—Ownership by the Lehigh Valley Coal Corp. of stock of Lehigh
Valley Coal Co. is through the medium of ctfs. of interest.
Under the
decree of the U
8. District Court, dated Nov. 7, 1923, trustees were au¬
thorized to issue 1,212,160 certificates of interest In the 189,300 shares of
capital stock then outstanding all of which capital stock Is pledged under
the Lehigh Valley RR. Co. a general consolidated mortgage
maturing
2003c-'V. 150, p. 2258; V. 151, p. 557. 2354; V. 152. p. 1922.
directors
initial surplus of parent company,
as
representing
of net assets of subsidiary
excess
statutory declaration of value
issued in exchange for capital stock of
over
Lehigh Valley Coal Sales Co .—Earnings—
Years End. Dec. 31—»
1-
Net sales
Cast of sales
Gross profit.
-——
1940
1939
1938
1937
$13,590,180 $15,850,989 $14,677,624 $16,382,223
12,806,798
15.339,309
13.970,140 15,409.694
243,096
$972,528
322,436
$707,484
281,596
$511,679
275,055
$783,382
—
Yardage & dock. credits-
furniture and fixtures in
year,
profit fromi
Total gross
c,oai sold
& other exps J.
Gross income
Res.
of
out
-
-
-
—
$1,294,964
loss$16,850
20,480
$208,476
Net profit
$59,544 loss$180,324
—,
50,507
36,421
35.763
52.791
$185,188
loss$32,791
97,992
244,980
Dividends
Includes $21,541 loss on sale of capital assets.
a
Balance Sheet Dec. 31
Notes A
accts.
State A local taxes
Fed. taxes accrued
34,922
6,659
51,299
10,816
57,375
Rents rec. in adv..
5,506
21,544
Capital stock.....
3,920,574
7,499
41,915
3,920,574
294,043
WjpjVVII
139,899
148,460
32,500
—
'
■'
■
11.829
11,828
891,183
accrued
Capital surplus
Deficit
7,969
966,573
8,857
20,645
suspense items.-
—
•' "•
'■
' •'
"•
:•. ■
20,295
■'
.
.
/ .j , •,.
of Liabilities and Litigations—During the year company has
substantial progress in disposing of a large number of trouble¬
including litigations and claims of various kinds, and
adjustments and settlements of many store leases. All liability of company
with respect to 20 burdensome leases was eliminated, and some 43 other
leases were adjusted advantageously. Some 20situations involving litigation
or claims (some dealing with company's interest in Pepsi-Cola Co. and some
dealing with alleged services rendered) were also disposed of during the year
through court action or through settlement.
The cost during 1940 of the
foregoing settlements of litigations, claims and leases, including certain
legal fees and expenses, was charged directly to the general reserve for
contingent liabilities.
In addition to the foregoing situations, the suit brought by a former land¬
lord against company with respect to alleged lease liability aggregating
approximately $280,000 was decided by the court in favor of company, and
company's counterclaim was sustained; this matter has now been entirely
settled by payment of $2,500 to company.
The action brought by company
against certain former suppliers of raw materials, was settled upon the pay¬
ment to company of $150,000, of which company retained approximately
$112,000 net after payment of legal fees and expenses. Company likewise
obtained a favorable decision with respect to the claim of United States
Government for taxes on the $195,000 paid by Pepsi-Cola Co. as a dividend
in 1936 and tied up since then in court proceedings.
Company has an
86lA% interest in this cash if and when recovered; appeal has been taken
by the Government, the case has been heard, but decision on appeal has
not yet been rendered.
Other than the aforesaid tax claim litigation, only
.
,
,
,
Statement of
These suits
remain undetermined.
suits against company now
believed to be unmeritorious and
two
are
of little practical consequence.
Consolidated Income for Year Ended Dec, 31. 1940
$3,713,866
Pepsi-Cola Co
$4,262,870 $4,271,985
Total
■
861
$3,827,068
a Rent expense, property taxes, maintenance & operation. &c—
1.642.268
Depreciation and amortization__ —
177,916
-
------
— .
1940 and $2,250,557 In
for depreciation of $2,191,374 in
Balance.
Consolidated Income Account for Calendar Years
1940
1939
1938
1937
$4,809,497
$4,285,537
$4,050,598
$4,079,302
3,357,607
3,020,184
2,920,767
2,806,075
Profit from operations $1,451,890
Income from securities,
$1,265,353
$1,129,832
$1,273,227
Cost of goods sold, sell-
advertising
<
and
administrative exps.
Balance
-_-.V
_
—
___________
--------
Salaries and
$2,096,884
-----
------
—
~
plant and store equipment
Sales, less $348,784 cost of goods
Rent of
(& Subs.)—Annual Report-—
Sales, less returns, allow¬
and discounts..
112,341
—
Rents received from subtenants.
Ing,
r
situations,
Total
.$4,262,870 $4*271,985
reserve
Life Savers Corp.
x
• ■■ ■.
Settlement
1939.—V. 151, P. 2802.
ances
' • -•
\!\ i - M .'.
,
Net recovery in certain litigation
.... —
Miscellaneous income and adjustments, net....
15,456
—.
After
1"
■
Dividends received from
insurance
premiums
Misceli. unapplied
x
■'■!■
(Other than Pepsi-Cola Co. and its subsidiaries)
Ac
Total.....
•••
made very
Real est., bldgs.,
Prepaid
'• ■
1941 company remains the lessee of 104 store properties,
leases ort 20 of which expire during the remainder of the year
1941
Most of these properties are subleased to Loft Candy Corp., and the
balance to other tenants. Only 33 of these leases are now financially burden¬
some to the company, and the officers are giving constant attention to the
problem of how best to reduce further the losses on subleases which are
presently running at the rate of about $30,000 per month and which are
provided for, among other items, in the general reserve for contingent
liabilities, the balance in such reserve on Dec. 31, 1940, being $2,545,476.
In the light of information now available, the officers are of the opinion
that this reserve is adequate to cover company's contingent liabilities and
anticipated losses on leasehold commitments.
As of March 12,
the underlying
199,443
not
_
reached for the sale to the Candy corporation
and of the furniture and fixtures in the leased candy
stores- the terms of sale are such that, after the application at this time of the
special reserve of $1,150,000 established in 1939 to permit the writedown of
fixed assets to liquidation values as appraised by the American Appraisal
Co.; Inc. as at July 31, 1939, the proceeds of the sale will exceed the amount
at which the fixed assets are carried on the books of company after such
294.043
and
rec.,
$2,017
146,111
Other liabilities...
Stock owned
x
72,180
816,531
57,375
In v. In Burns Bros
ad vs.
1939
$2,238
117,282
„
Audited accts. pay-
1,063,084
7,831
Coal on hand
Supplies
current
Wages, payable..
1.358,840
50,478
Due from affil. cos.
Notes,
$793,622
.—$1,026,311
accts. rec. 1,092,777
1940
Liabilities-
1939
1940
Assets—'
Cash.
1941
Since the first of the
the leased candy stores.
agreement has been
,
a
-
-
27,218
$235,695
$3,629.
$112,335 los8$144,562
—
1,086,488
Fed,
inc.,
taxes, &c—y
$989,080
1,005,930
$107,227 loss$156.319
5.108
11,757
Inc. from sell .coal,—
Other income...
$786,734
943,054
$1,026,479
919,252
May 31,
of the candy factory
some
Sel 1.. gen.
Chronicle
The Commercial & Financial
3504
directors' fees
-----
Legal and accounting fees
Corporate and excise taxes
—
Registrar and transfer agent—
— —
Charge by Loft Candy Corp. for use of personnel. &c.
Miscellaneous corporate expenses
i
....
Federal income and defense taxes, estimated-
-
—
—
-----
804,858
116,415
334,863
$3,263,019
.43,497
168,075
64,739
32,509
22.500
30,778
80,650
45,493
71,132
54,016
50,937
Total Income........ $1,497,383
$1,336,485
$1,183,848
$1,324,163
a Including
operation of certain stores from Jan. 1 to respective dates
closed, assigned or subleased, or to Dec. 31. 1940 in the case of six stores.
434,831
227,954
192,121
197,159
4,144
Notes—(1) The accompanying statement of consolidated income is ar¬
ranged to conform to conditions brought about by the plan of readjustment
23,846
21,828
62*949
25,465
106,955
$1,016,877
$1,024,927
$966,261
790,075
interest and other inc.
Provision
for
and
Fed.
Canadian inc
taxes..
Prov. for Federal
surtax
Foreign exchange loss..
Other losses and charges.
Net profit
Adjustments of res. for
deprec. for prior years
Previous earned surplus.
20,656
$1,015,906
1,155,896
1,024,696
Total surplus
$2,172,773
Dividends paid
893,789
$2,049,623
893,727
$1,849,647
824,951
$1,805,982
927,948
$1,278,984
$1,155,896
$1,024,696
$878,034
$2.90
$2.92
$2.76
$2.90
x
on
Includes depreciation of $76,151
in 1940, $80,002 in 1939, $92,496 in
1938 and $66,805 in 1937.
Consolidated Balance Sheet Dec. 31—
Assets-
Loans
on
1939
1940
Cash
call
1940
46,900
sees
88,900
accrued expen..
Dlvs. payable
558,874
349,636
770,340
aAccts. rec.—trade
dian inc. taxes..
156,469
43,488
yet presented...
Res. for conttng..
b Land and bldgs.,
763,455
780,026
76,742
109,976
1
mach.,equip., Ac
Advertls'g supplies
and def. charges
$189,448
938
982
Corp. for the period from Jan. 1 to April 2, 1940 when it ceased to be a
subsidiary of Loft Inc.
The Treasurer of Loft Candy Corp. advised that
the books of that corporation show a net profit of about $10,000 for the
three months ended March 31, 194C, before audit and before possible yearend adjustments.
Except for dividends received in the amount of $3,713,866, the statement
no amount with respect to the earnings, expenses or operations of
Pepsi-Cola Co.
(2) No provision is made, or is believed to be required, for Federal
excess profits tax.
includes
Statement of
419,490
-
Balance Dec. 31,
12,752
175,613
------
1,750,700
920,493
1,155.896
Treasury stock.. Dr 151,983
Total------
-—
$4,640,851
After
$4,280,929!
Dr 151,955
Balance, Dec. 31, 1940
Dec. 31. 1940
Total
..$4,640,850 $4,280,929
book amount
$1,429,00s
-
reserves
of $9,792
(Other than Pepsi-Cola Co. and its subsidiaries)
$1,093,741
Loft, Inc .-—Annual Report—
Edward A.
/,
;^V;;////;:/
LeRoy Jr., President, in his remarks to stockholders states
mpart:
The year 1940 was marked by further substantial
improvement in
affairs of this company. In it the more significant remaining litigations
the
and
claims affecting company were disposed of.
During the year,
Pepsi-Cola Co. continued to show highly satisfactory progress and paid
substantial dividends which not only cared for the immediate financial
numerous
requirements of this company, but enabled company to pay a cash dividend
of 50c. per share at the close of the year.
The plan of readjustment for company approved by stockholders in the
autumn of 1939, was put into effect; the candy business was
segregated
into Loft Candy Corp., all the stock of that
corporation was distributed as a
dividend to the stockholders of Loft, Inc., and company no longer is in¬
terested in the operation of candy stores.
Pepsi-Cola Holdings—Company's interest in Pepsi-Cola Co. consists of
(a) 207,437 shares, out of 259,277 shares outstanding of the capital stock of
Pepsi-Cola Co., and (b) options on certain shares of stock of Pepsi-Cola
Co., acquired in connection with the settlement with company's attorneys
in the Guth litigation.
Of the shares now held, 2,000 shares were acquired
in December, 1940, pursuant to an option heretofore granted by William F.
Heller and previously reported to stockholders.
The shares of Pepsi-Cola
stock now held constitute slightly more than 80% of the shares outstanding.
Other Assets and Liabilities—At the
was
the
owner
of the leased candy
beginning of the year 1941 company
factory in Long Island City, and of the
3,702,410
—
Consolidated Balance Sheet Dec. 31, 1940
($9,831 in 1939).
b After depreciation of
in 1939 and $1,129,721 in 1940.
c 6,366 shares in
1939 and
6,367 shares in 1940.—V. 152, p. 3186.
a
$3,866,633
736,629
1.701,000
—
Dividend paid in cash
— _ —
Div. paid in stock of Loft Candy Corp., at
Total surplus
Total
*$1,046,362
2,820,271
175,613
920,493
Earned surplus...
c
$2,273,412
1940
Net income for the fiscal year ended Dec. 31, 1940
1
will, Ac
1,489,832
.
Earned Surplus from Aug. 1, 1939—
Balance, Dec. 31/1939
12,306
1,278,984
Capital surplus
Trade-mks., good¬
-
-
227,000
1,750,700
Capital stock
Consolidated Surplus for the Year Ended Dec. 31, 1940
Capital surplus—
4 '
Balance, Dec. 31, 1939—
$3,763,244
Transfer as of July 31, 1940 to general reserve for contingent
liabilities, &c.
of scrip, ctfs. not
684,495
191,470
Inventories
$234,311
agent onredemp.
15.511
937,142
Other receivables.
in 1940 aggregating
the general reserve provided therefor.
The statement does not include the results of operations of Loft Candy
Payable to transfer
47,135
G. M.A.C.notes.
$2,820,271
———
—
approved by stockholders in Oct., 1939. and the segregation of the candy
business early in 1940, after which Loft Inc. became engaged primarily in
Acer. Fed. A Cana¬
Dom. of Can. bds.
—
real estate operations and in the holding of securities.
The statement does not include certain expenditures
1939
Accts. payable and
353,005
U. 8. Govt, secur.
Munlc.A other
Liabilities—
..$1,189,198 $1,140,752
368,313
249,951
—
$1,301,606, identified as lease settlements or contingencies and charged to
5,352
878,034
Balance, surplus
Earnings per share
capital stock
Net income
Assets—
Demand deposits
'
a Accounts
receivable
Inventories-
—
—
—
—
Sundry securities, &c
b Pepsi-Cola Co. capital stock
c
—
—■-_/
-
—
—
—
---------
—
-
Prepaid franchise tax, unexpired insurance, &c
—
—
—
_ —
Fixed assets
Total--
—
—
--
-
—
$9,700,811
—
.
$579,070
34,551
5,676
1,261
7,534,666
1,434,995
110,592
Liabilities—
Accounts payable and sundry accruals — — — —
Federal. State and other taxes payable, estimated
d Settlement and service contract
—
—
liabilities at July 31, 1939
f Special reserve to permit write-downs of fixed assets
Minority interest in a subsidiary
—
Capital stock ($1 par)
e
General
reserve
for contingent
-
Capital surplus.
Earned surplus
—
._
Total
$333,568
— —
236,188
212,000
2,545,476
1,150,000
47,904
1,473,259
2,273,412
1,429,003
$9,700,811
-
b 207.437 shares, judg¬
After depreciation of
$237,783.
d Payable $26,500 annually in monthly instalments to Dec. 15,
1949.
As security for payments, $106,000 is to be deposited in escrow
on Jan. 15, 1942 and $106,000 on Jan. 15, 1943.
e For rentals on leases
a
Less $9,046 allowance for
receivable and options;
ment
doubtful accounts,
at
ledger amount,
c
Volume 132
The Commercial & Financial Chronicle
in excess of fair rental values as
at said date and for losses
of leases,
f To liquidation values as at
July 31, 1939, as
American Appraisal Co., Inc., such
board of directors shall determine.
;,v:■ "■
reserve to
appraised by
■:
:
the two companies.
.
Pepsi-Cola Co., and a judgment receivable
and options, and the sum of
$350,000, constituting the cash cost of 2,000
of capital stock of
Pepsi-Cola Co. acquired in 1940.
The total
Loft Inc. holdings of Pepsi-Cola Co.
capital stock aggregate 207,437 shares,
or about
80.0059% of the total outstanding capital stock of Pepsi-Cola Co.
The aforesaid book amount of
$7,184,665 does not purport to be either cost
or fair or realizable value
but is an amount that was arrived Solely for
bookkeeping purposes, the basis for which was approved by the stock¬
holders on Oct. 24, 1939.
The amount of $7,534,666 compares with
assets
Cola
defendants aver tnat the "relative net worths" of the two
companies and
the relative values
per share of their stocks indicated the balance sheets
submitted to stockholders with the merger proposal "do not
represent the
true or correct relative
values of such net worths or of such stocK."—V.
being contested in the State Courts of Delaware.
Court decision in favor of Loft Inc. has been
appealed
Court.
The
(The) Lombardy, 109 East 56th St., N. Y. City—Plan—
Chancery
Lehigh Valley RR.—Earnings—
April—
1941;
to Loft Inc. options to purchase 10,063
option exercisable as to one-third of said 10,063 shares during a period of 60
days from July 7, 1941, the second option
exercisable as to one-third thereof
during a period of 60 days from July 7,
1942, and the third option exercisable as to the final third thereof dur¬
ing a period of 60 days from July 7, 1943, at a
price of 85% of a figure
equal to 12 times the consolidated net
earnings per share of Pepsi-Cola
Co. for a period and
computed as in said agreement provided, so long
as such shares are not
listed on the New York Stock
Exchange or New York
Curb Exchange, and at a
price of 85% of the average market price for a
period and computed as in said agreement
provided if such stock is listed
upon one of such Exchanges.
In the event that the market price of PepsiCola stock, as evidenced
by a sale on any market, shall decline 20% or
more
within any two-week period, such
options may, in effect, be ter¬
minated or suspended as provided in said
agreement.
The owners of said
the attorneys also granted
of such shares, the first
Gross from railway.
Net from railway..
Net ry. oper. income
Invest,
a
common
no
stock of the
par;
authorized,
7,100
collateral,
shares of
c Class A
outstanding 542,384 shares; reserved
1940
1,097,907
1939
$2,661,702
901,370
1938
$2,206,170
907,569
$3,718,424
256,621
$1,760,332
376,624
$1,298,601
280,659
$3,265,732
249,576
I
1,515,308
Gross profit from? ales $4,816,331
Interest charges
1937
$4,389,273
1,123,541
,136,956
$1,579,260
80,758
128.401
152,145
194,701
228,226
1,120,692
1,105,762
-
281,405
294,575
322,469
793,299
938,298
814,161
674,278
945,262
836,622
Prop, and Impt. taxes
Depletion
Prov. for depreciation
Plant moving expense
Fire fighting expenses
8,059
67,847
______
_
Miscellaneous
16",693
12,222
"8*.286
380
Fire loss.....
Abandoned
39,625
14,660
70,928
93,521
22,539
Prov. for red. of amts. for
investments in subs..
contingent
103,148
plant
69,365
State income taxes
18,143
Prov. for Federal Income
tax
(estimated)
Portion of Longview Co.
189,418
acct. written off as un-
,,
v',
28,000
■;
collectible during 1937
500,000
Net loss._..........b$l,044,493
Earns, per pref. share..
$8.51
provided partake of the nature of
The following litigations have bfeen
disposed of and the ascertained costs,
and disbursements have been
charged against the general reserve
$91,969
t
b$617,805
$537,549
c$3.33
c$0.78
b$3.83
After deducting cost of goods sold, exclusive of depletion, depreciation
b Profit,
c Deficit.
a
and taxes,
^
Balance Sheet Dec. 31
(a) Early in 1941, a settlement"was"I,effected,"of
prior to 1939 by a stockholder of Happiness
"aT litigation-commenced
Candy Stores, Inc., on behalf
Assets
management,
Tr.
misappropriation of assets, and mis¬
and seeking an accounting in connection therewith.
Loft
offer, in full settlement and subject to court approval,
Inc.; and to indemnify Happiness Candy
arising out of a certain lease and to assume the payment of settlement of
liability of Happiness Candy Stores, Inc. under such lease.
Hearings
as to the fairness of the offer were held
before a referee appointed
by the
Court; the referee recommended the acceptance of the offer; the
referee's
report was subsequently confirmed by the court and a decree
entered;
and thereafter, subsequent to Jan.
1, 1941, the settlement was consum¬
Inventories
mated.
.VvV:'
The accompanying statements give effect to this
settlement, including
Candy Stores, Inc. of the sum of $121,824 awarded
by the Court to counsel and accountants for the plaintiffs and to the afore-
the accrual by Happiness
■v-A,''•
In 1941,
a settlement was effected of the action
brought by a former
of Loft Inc. against that
company in the sum of $60,000, on an
alleged lease, in which action Loft Inc. interposed a counterclaim.
settled this action by the payment of the sum of
$4,500.
Invest. In subsids.
,879,898
Sundry securities.
notes
Receiv. for capital
assets sold
Adv.
on
2,729,880
6,585,750
498,622
$
commls'
823,488
..
assessments
160,191
Est. prov. for Fed.
income taxes...
215,105
207,561
20,043
181,528
87,491
2,173,595
375,035
Accrd.int.on notes
bTimber pur.obllg.
16,200
16,200
162,015
146,662
Accts. with subs..
170,186
105,264
8,100
44,642
Timber purch.obllg
Taxes & assess m'ts
24,300
34,994
56,091
timber-
cutting contract
1939
$
pay.,
sions, &c
1,200,368
Accrued taxes and
44,433
and
accts., less res've
25,333
Res.&unad). cred.
54,353
33,106
46,592
859,000
1,771,000
Sinking
Stumpage (stand's
timber)
6 ,514,709
7,280,608
Lands, excl.of mill
and yard sites.,
359,911
362,242
a Prop,
plant and
equipment.. —12 ,274,241 13,118,601
fund
5%
notes payable..
Pref.
stock
(par
mM
$100)
12,185,700 13,777,800
Com.stk.(par $50) 9,884,150
9,884,150
Capital surplus... 8,608,299 13,137,160
Earned surplus—
1,044,493df5,153,170
Deferred charges:
Logging spurs &
Loft Inc.
extensions
494,677
—
Other prepd. exp
In the Bartus Trew proceeding in the Loft-Guth
litigation, the special
master, appointed by the Court to fix allowances to counsel for the
petiiioner
and other parties interested in the
proceeding, recommended the award of
a total of $104,005 as
allowances, fees and disbursements to the various
applicants, and the Chancellor approved the recommendation.
The Chan¬
,548,612
Receiv. from subs.
Sundry
Trade accts.
wages,
,071,516
25,947
527,511
Special funds
the
665,359
accts.
receiv., less res.
whereby,
Happiness Candy Stores,
Stores, Inc. against liability
,095,271
notes &
1940
Liabilities—
$
$
Cash
things, Loft Inc. agreed to pay the sum of $300,000 as a
capital
contribution to Happiness Candy Stores,
Inc.; to convert the obligations
due Loft Inc. on its books from
Happiness Candy Stores, Inc. and its
subsidiaries into a further capital contribution to
1939
1940
of that corporation against Loft Inc. and
certain past and present directors
of Loft Inc., charging diversion and
(b)
550,000 shares;
Other deductions-
fees
tenant
as
$3,975,046
#
saidreferee.
150,886
$9,692,050 $9,692,156
Other income..........
A substantial part of the balance of
$2,545,475 in the reserve at Dec. 31,
1940 may be applied within the
year ending Dec. 31,1941 and to such extent
an
Total
Long Bell Lumber Co. pledged
Calendar Years—
aforestated, the reserve was provided in part for rentals on
leases
in excess of appraised fair rental
value; however, such excess rentals hereto¬
fore currently paid or accrued have been
charged to income.
Inc. made
Surplus..........
Sell., adm. & genexps..
a
and leasehold commitments, the board of
directors increased said
general reserve by a transfer thereto of $1,489,831 from
capital surplus.
Charges to the reserve from its inception in 1939 to Dec.
31, 1940 amount
to
$1,944,355 as follows: Charges in 1939,
$642,750; charges in 1940,
among other
1
Long-Bell Lumber Co.—Annual Report—
In 1939 a general reserve in the amount of
$3,000,000 was provided for
known and unknown contingent liabilities
existing at July 31, 1939, for
rentals on leases in excess of the
approximate fair rental values as at that
date of the premises covered
by such leases and for losses on settlement
of such leases.
■
9,500,000
162,464
$9,692,050 $9,692,156
and assessments
-
287
9,500,000
for outstanding scrip, 185 shares.-—V. 152,
p. 2502.
per annum.
liabilities.
473
Capital stock...
c
plus unpaid accrued dividends (dividends
Sept. 30, 1927); authorized, 750.000 shares; outstanding,
593,859 shares; reserved for outstanding scrip, 62 shares.
Class B common,
The Loft plant at Long Island
City, N. Y,, is leased to Loft Candy
(subject to cancellation by Loft Inc. on six
periods during each year) at a net rental of
was
905
Accrued interest..
132
1
1939
$28,500
have been paid to
a term of 10 years
months' notice within certain
above-mentioned.
27
1940
$39,900
791
common, no par value, preferred as to dividends at $4 per share per
year
and in liquidation to $50 per share
Corp. for
reserve
Liabilities—
b Notes payable..
Accounts payable.
a Certificates of beneficial
interest for 100,780.1 shares of common stock.
Stated at the amount applicable to such
shares, based upon net assets of
that company as indicated by its records as at Jan.
1, 1935, after giving
effect to values appraised and estimated by officials of that
company as
at
that date,
b Certificates of beneficial interest for
values of the
current
1939
depreciated cost
occupied premises as appraised as at July 31, 1939.
The
difference between such fair rental values
payable by Loft Candy Corp.
and the stipulated rentals in the
underlying leases is borne by Loft Inc.
The furniture, fixtures and
equipment in stores so transferred to Loft
Candy Corp. were leased to it for a term of 10 years at an annual rental
equal to approximately 2% of the net book amounts thereof
plus deprecia¬
tion thereon currently
charged on the books of Loft Inc.
The lease of
such furniture, fixtures and
equipment provides that Loft Candy Corp.
may, at any time prior to the termination of the
lease, purchase all or,
in certain cases, part of the leased
property at the then net book amounts
thereof.
the liabilities for which the
13,149,025
2,545,715
551,243
Long
Total
subsidiaries were transferred to Loft
Candy Corp. on or before Dec. 31,
1940.
Such transfers of stores were effected in most
cases by subleasing
to Loft Candy
Corp. the premises occupied by such stores.
In general,
these subleases are at rentals
corresponding to the approximate fair rental
As
2,282,053
1940
in
Cash, demand dep.
Candy Corp. was distributed as a dividend by Loft
on April 2,1940.
Substantially all of the stores previously operated by Loft Inc. and its
$1,301,606.
14,780,496
4,146,760
1,660,913
Furn. & fixtures at
be made,
The stock of Loft
upon a review of the then known
15,262,156
3,937,651
Bell Lumber Co.$9,692,022 $9,692,022
Inc.
July 31, 1940, based
1938
$3,156,539
629,807
152,742
Long Bell Lumber Corp.—Balance Sheet Dec.31Assets—
may
As at
1939
$3,877,164
1,118,634
688,970
—V, 152, p. 2709.
the agreement of such owners not to
make any such offer prior to Dec.
7,
1940, to extend to June 7, 1941 the time within which such such
offer
liabilities
1940
$3,532,661
798,676
267,804
16,733,644
5,403,875
3,235,145
Net ry. oper. income
From, Jan. 1—
optioned stock advised Loft Inc. that such a decline occurred on or
about
May 14, 1940, and claimed the right to offer such stock for sale to
Loft
Inc. at a price fixed by such owners
and, if such offer be not accepted by
Loft Inc., to sell such stock to
any other purchaser at not less than such
price.
Under date of Oct. 23,
1940, Loft Inc. agreed, in consideration of
$25,000
1941
$4,003,722
1,211,034
*
699,827
Gross from railway.
Net from railway
and
-
152,
A
realizable.
The options represented in the amount are
those of Loft Inc. to purchase
10,063 shares of Pepsi-Cola Co. stock. Pursuant to an
agreement of settle¬
ment dated June
6, 1939, between Loft Inc. and its attorneys in its suit
against Charles G. Guth, et al., as modified
by order of the Chancellor of
Delaware in said suit dated July
7, 1939, Loft Iflc. delivered for the benefit
of said
attorneys 32,063 shares of Pepsi-Cola stock (constituting 13 H%
of the 237,500 shares
recovered by Loft Inc. in said suit); said
attorneys
agreed that 7,000 of such shares would not be sold before
July 1,
-
'
plan of reorganization has been approved by the New York State
Supreme Court for the Lombardy at 109 E. 56th St., New York, and this
plan is now before the first mortgage bondholders for their
approval, accord¬
ing to the statistical information released by Amott, Baker & Co., Inc.
The reorganization of this
22-story apartment hotel has been going on
for over a year
according to the investment firm and unless the present
plan is rejected by the holders of the $2,164,000 first
mortgage bonds
outstanding, new securities should be issued shortly.
The first mortgage bondholders will receive new
bonds of the same par
amount and in addition stock
representing 100% of the equity ownership.
Interest on the bonds, if issued, will be
payable at the rate of 3 % and as the
issue is retired, the rate
may increase to 5%.
Asa result of negotiations at the
hearings which were held before Senator
Robert F. Wagner, the furniture in the
property is being purchased for the
benefit of the bondholders from the Hearst interests which
formerly owned
the structure.—V.
148, p. 1032.
\3 6
of Pepsi-
by the Government
Supreme Court of Delaware and is now
awaiting decision by that
Reversal on appeal will render the judgment
partly or wholly un¬
to the
3348.
p.
Co. and its subsidiaries as
reported by the latter company as at
Dec. 31,1940.
The cash judgment receivable
represented in the amount is for $195,000,
in which certain
attorneys for Loft Inc. have a 13 Yi % interest.
The judg¬
ment is subject to a claim of the
United States for taxes thereon, which
claim is
merger
/."'-'o
Answering complainant's contention that the plan would exchange each
Pepsi-Cola share for "only" 8.43 shares of Loft
notwithstanding ratios of
11.5 to 1 in relative book values and 11.73 to 1 in
1940 earnings, both
shares
net
'
In
their answers, both
corporate defendants denied that the proposed
merger confers benefits and advantages on Loft at the
expense and to the
detriment of Pepsi-Cola and its minority stockholders.
p'\:
The amount of $7,534,666, as stated in the
balance sheet, represents the
total of the sum of
$7,184,665, being the book amount attributable to 205,437 shares of capital stock of
$8,378,585 representing the equity of Loft Inc. in the
3505
through William Prickett, attorney, seeking to enjoin the
proposed
of
be applied if and when the
•
^Balance Sheet Notes
settlement
on
268,158
612,966
228,348
(c)
cellor further awarded a fee of $7,500 to the
special master.
have been assumed and paid by Loft Inc.
These awards
34,422,732 34,864,412
Total
—..34,422,732 34,864,412
1939 and $18,725,699 in
1940.-
Long Island RR.—Earnings'
(d) Loft Inc. effected a settlement of the action brought against it on a
lease involving an aggregate liability of
approximately $280,000, in which
action a judgment was rendered dismissing the
complaint and holding in
favor of Loft Inc. on its counterclaim.
The plaintiff appealed from the
judgment.
The litigation was settled by the payment of $2,500 to
Loft Inc.
Pepsi-Cola and Loft File Reply to Merger Suit~
Munichin
1941
$2,080,566
532,009
Avril—
Gross from rail way
Net from railway 1
Net ry. oper.
From Jan.
income39,918
1940
1939
1938
$1,825,492
294,486
$1,953,807
$1,800,125
336,270
368,546
111,636
defl23,414
def47,374
7,905,146
1,027,721
def358,789
7,280,492
971,834
def592,116
def418,508
,
1—>
Gross from railway
The Pepsi-Cola Co. and Loft, Inc., have filed their
answers to the suit
nstituted in the New Castle County Court of
Chancery by Harriet
Total
a
After depreciation of $18,170,857 in
b Due currently.—V. 152, p. 2709.
-
-
7,905,146
Net from railway.1,741,100
Net ry. oper. income
98,971
—V. 152, p. 2861.
6,828,015
958,025
The Commercial &
3506
I>r6v. for Fed. inc. tax..
oo5-r c$l
T—<
/
$5,266
11,670
3,577
period-....
x$2,829
14,180
x$4,494
11,221
$6,576
$17,009
$15,714
Dividends paid
1
-
paid over inc. for the
period
$6,403
Loss.
31
Balance Sheet March
Assets—
Securities at costCash in bank
1941
1940
-$1,777,576 $1,912,686
711,793
362,728
Prov. for Fed.
1940
1941
$15,566
Mobilities—,r
Dividend payable.
$14,180
and
3,111
shares, or
by the
shares have been
sold.
_
parent, Louisville Gas &
, .
Electric Co. (Del.),
exchange the 31,268 shares of 7% cumulative preferred stock
and the 3,534 shares of 6% cumulative preferred stock of the company now
owned by it for 160.089 shares of no par value common stock or the company
into which the presently authorized class A common stock and class B com¬
mon stock are to be converted.
All shares of the outstanding two issues of
preferred not exchanged by their holders will be redeemed at
accrued dividends per share.
—
A. V
Holden? of the outstanding preferred issues were offered for each share of
$100 par, (a) four shares of the new cumulative preferred stock, $25 par;
(b) $6 in cash, being the difference btetween the redemption price of the
old preferred stock and the initial public offering price of four shares of the
new preferred at $27.25 per share; and (c) a further amount in cash repre¬
senting dividend adjustments.
Holders of the company s two existing preferred issues totaled 10,867
In number as of March 31, 1941.—V. 152, p. 3348.
has agreed to
5,469
Capital stock.— 2,496,031
2,281,383
State taxes
Cash on deposit for
.
.
$llo and
Excess of exps. real¬
ized losses and divs.
x
•
the demands of existing stockholders, only 114,804
15%, of the new issue, were available for public offering
company's immediate
The
$5,266
$8,990
15,566
Profit for
Due to
less than
underwriters, and these
$7,118
11,612
securities sold
Net loss on
$10,970
5.703
225
1
r-4
$12,567
Net income
Co.,
Corp., Goldman, Sachs &
Webster and Blodget, Inc.
1938
Blyth & Co., Inc., The First Boston
Hemphill, Noyes & Co., and Stone &
Brothers and including
Lehman
Loomig-Sayles Mutual Fund, Inc.—Earning s31—
1941
1940
1939 ^
$19,720
$19,319
$13,680
Expenses
7,153
7.504
6,342
3 Mos. End. Mar.
Totalincome
1941
May 31,
Financial Chronicle
Louisville & Nashville RR.—Equipment Trusts Awarded
Central Hanover Bank & Trust Co. won the award
15,566
14,180
receiv--
1,178
1,178
—The
Divldends receiv.-
8,183
9,300
of
412
960
dividend payable
Acer, int.
capital
Fed.
Def.
stock tax
on
Represented by 31,133 (28,428 in
1940) no par shares.—V. 152, p. 1133.
Inc.—Earnings—
Loomis-Sayles Second Fund,
3 Mos. End. Mar.
Totalincome—
Expenses.—
.....
Prov. for Fed. inc. taxes.
Net loss on secur.
$35,912
2,405
42,685
sold..
94,052
$33,507
42,226
$8,043
97,143
$3,335
68,036
$8,719
$89,100
$64,701
Prior year's net.
Loss.
Balance Sheet March
X041
1940
Securities at cost.aS5.987,296 $7,358,842
581,143
Cash in bank
1,309,376
1941
1940
$38,624
$42,226
5,559
17,663
Capital stock... 7,319,523
Inc., 100.197 for l^s.
The certificates will
.
J
..
^
be secured by equipment costing not less than
;,i.c % <'■!
■
certificates will mature in 10 equal instalments on June 15, 1942-51.
Earnings for April and Year to Date
$5 522 2 23
1941
railway.
1940
1939
1938
,$7,688,590
1,978,771
1,091,569
April—
$7,688,696
1,945,503
1,378,706
$5,773,171
877,095
238,701
$5,938,993
1,047,713
454,043
31,446,725
26,978,415
6,061,142
3,560,492
24,328,567
3,991,401
1,634,708
* — '
Net from railway.
Netry. oper. income
From Jan. 1—
35,363,037
Gross from railway
-11,097,064
Net from railway
6,951,117
Netry. oper. income—
—V. 152, p. 3349.
7,344,105
4,760.590
Co.—Earnings-
Lowell Gas Light
38,624
21,722
42,226
412
6,275
b
3,175
9,753
$760,166
629,559
.....
Accr'd Int. receiv.
-
$7,363,706 $8,016,684
value $4,595,453. b Represented by 193,122 (211,219 in 1940)
Total....
$7,363,706 $8,01(5,6841
600
Loose-Wiles Biscuit
Co.—Annual Report—
$83,826
Consolidated Income Account for
Calendar Years
1937
1938
1939
1940
prof.after oper.exp $2,433,931
Depreciation
814,049
Amortization
2,477
Fed. & State inc. taxes..
422,526
Provision for employees'
pension fund
Net
$2,274,278
$2,192,260
and expense-
866.438
2,365
245.039
873.817
2,300
b244,413
50,000
Consolidated Income Account for
4,074
49,557
40,787
34,064
$1,190,805
$1,084,066
$988,074
$733,593
203,550
517,000
$203,550
520,000
$203,800
546,000
$209,050
834,400
$470,255
9,974,868
512,200
$360,516
9,448,205
520,000
$1.69
$1.537,937
76,202
79,597
89,829
118,838
$1,891,794
$1,617,534
$1,407,354
$1,424,541
17,321
137,666
29,563
510,010
12.939
101,747
16.306
433,519
7,709
105.693
3,408
362,045
d337,745
357,930
313,417
366" 656
353,848
$1,815,592
Total income
-
operation of 37th
Street property
charges..
Res. for doubtful acc't..
Profit & loss surplus
$25)
Com. shs. out. (par
$1.93
Earns, per sh. on com
on
b No provision for
Includes net miscellaneous income,
a
$238,274 def$309,857
9,208,953
8,973.364
520,000
520,000
$1.50
$1.01
Federal surtax
undistributed profits.
Consolidated Balance Sheet Dec. 31
Liabilities—
$
$
Assets—
1940
1939
1940
$
9,993,300
Common stock._.12,805,000
8,014,937
8,085,060
5% pref. stock... 4,071,000
Accts. pay. (trade)
477,948
7,451
Cash
3,105,854
Accts. receivable.. 2,157,513
Inventories
3,487,023
8,252
Prop., plant A eq. 10,520,572
Goodwill
& trade¬
marks
Patents
Miscellaneous
*
345,516
290,906
286,166
96.588
taxes
424,816
State inc. taxes.
823,666
900,347
prepaid expenses
tax
285,710
28,499
of equipment...
162,645
Earned surplus... 9,974,868
Treasury
x
9,448,205
Dr836,575
stock
Total...
206,461
Preferred Stock Called—
be paid in the usual manner.
As of the end of last year there were
outstanding 40,710 shares of the
excluding 1,290 shares held in the treasury to be
retired.—V. 152, p. 3186.
j
Gross from railway
$863,595
355,735
193,219
1940
$653,905
213,211
121.140
1939
$572,163
189,347
98,227
From Jan. 1
3,194,576
1,315,480
706,400
Gross from railway
Net from
railway
Netry. oper. income
—V. 152, p. 3348.
Louisville Gas & Electric Co.
Taken by
writers—
2,621,261
2,284,490
912,330
720,624
511,322
384,841
(Ky.)—85% of New Pref.
Stockholders-—Unexchanged Portion Sold by Under¬
'
."'v;':'
of the holders of the 7% and 6% preferred
stocks of the company have accepted the offer to exchange their holdings
for shares of the new 5% cumulative preferred stock and cash, the company
announced May 26.
Of the 195,198 shares of old preferred which were
outstanding in the hands of the public, 166,497 shares or over 85% have
been deposited in acceptance of the exchange offer which expired at 10:00
a.m. Central Standard Time May 26.
The recapitalization operation was
one of the largest of its kind made in the public utility field recently.
The new issue of 5% preferred stock, amounting to 780,792 shares of
($25 par), was underwritten by a group of 41 underwriters headed by
An unusually large percentage
527.998
$1.40
debiting $74,700 cost of
Before
c
533.860
$1.26
528.760
$1.06
5,500 shares of capital stock in treas¬
and retired on Jan. 27, 1938*
social security and miscel¬
which were purchased during 1937
d Includes all direct taxes, real estate, property,
ury,
laneous taxes,
which in prior years were included in expenses.
Balance Sheet Dec. 31
Comparative Consolidated
1939
497,431
445,341
Reserve for taxes-
323,464
143,648
Accruals
1,656,621
45,837
121,262
47,300
159,235
821,090
1,435,288
796,169
1,465,546
Cash deposits with
&
264,463
184,797
271,957
184,795
120,823
120,795
1,283,972
Divs. pay. Feb.
cost
Accts.
of
pattern
discards
Deferred credits..
1,209,159
R^crvcs
from
rec.
1.
replacem't
Res. for
Accts. & notes rec.
Inventories
$
UabUities—
$
1,671,766
postage 8tamps.
Marketable secure.
1940
Accounts payable-
1939
$
Assets—
58,896
47,380
officers & empl's
y
9,632,630
Capital stock
Earned surplus...
ing serial notes.
145,584
58,534
36,133
97,265
77,800
77,550
8,365,931
85,212
209,076
3,421,188
8,365,931
16,911.521
16,727,427
122,848
9,632,630
4,521,440
79,207
86,817
22,435
4,678,754
167,152
Def. accts. receiv.
from S. M.News
Co., Ino
Invest,
in
Weekly
Pub., Inc
Mdse. with dealers
at
cost
-
Deferred charges..
x Fixed assets
Subscrip. lists. Ac.
Ry.—Earnings—
1941
Net from railway
Net ry. oper. income
527,998
$1.59
$31,419cdef$268,317
Inv. in & acct. rec.
Company has called all of the outstanding 5% preferred stock for redemp
1 at $105 a share.
The quarterly dividend of $1.25 which has been
declared upon the stock payable July 1 to holders of record on June 18 will
Louisiana & Arkansas
' $158,821
Leasehold
tion July
April—
$100,118
to
Non-interest-bear¬
—28,562,597 28,586,115
Processing tax recovered.
preferred of $100 par,
941,797
surplus...
Shares of common stock
outstanding (no par).
Earns, per sh. on com..
Balance
-
(net)
pensions.
28,562 597 28,586,115
$673,480
530,423
postmasters,
x446,452
In dispute..
Res. for employees'
Total
$561,842
580.785
income
Cash on hand
Res. for replacem't
Deferred charges A
$739,606
739,186
Net
1940
Res. for processing
307,704
$839,304
Common dividends-...-
valorem, cap.
stock A franchise
Prov. for Fed. and
158,088
287,491
Investments
468,106
Depreciation
55.537
3.767
163
Surtax of sub. company-
Ad
2,788,429
2,124,083
4,282,353
5% pref. stk. sink¬
ing fund
8
13,707,575
4,200,000
355,413
Accrued expenses.
in process
of amortization.
1939
10,463,765
11,005,127
Reserve for taxes
0 Balance, surplus
1937
$12,242,434
10,936,731
$1,317,525 $1,305,703
11,700,147
Expenses....
Loss on
Common dividends
$13,515,739 $12,543,064 $11,781,290
sales
Net
Calendar Years
1 938
1939
1940
Operating income
13,844
13,424
of capital assets
5% pref. stock divs
Corp.—Annual Report—
McCall
Other income (net)
Losses on sales & aband.
Sundry charges
2503.
p.
$1,888,188
844,734
3,713
264,497
151,
$103,433
46,777
—
Amortization of debt discount
-V.
$154,992
50,959
600
$131,203
inco
Gross
Total interest deductions
Net income
let
■SS income
$153,349
1,643
596
Non-operating income.
a Market
shares.—V. 152, p. 1923.
a
$762,522
609,174
21,545
stock
Def, capital
1940
1941
March 31—
Years Ended
$130,607
Ftate taxes
deposit for
dividend pay'le.
Divs. receivable..
Harriman
National Bank, 101.31 for
100.099 for l^s; Lazard
Halsey, Stuart & Co.,
the issue, the others being:
7,956,796
Div. payable.....
Prov. for Federal A
on
Total
31
Liabilities—
Assets—'
six bids in all for
The road received
Ripley & Co., Inc., 100.5995 for lj^s; Chase
lks; Salomon Bros. & Hutzler and associates,
Freres & Co. and associates, 100.263 for l^s, and
The
$27,382
24,047
$102,096
$44,778
x
cost to the company
'
x$6,154
38,624
Deficit
tax
78,931
2,033
trust certificates May 27
obligations, or an interest
of 1.61% annually.
$4,970,000 l%% equipment
its bid of 100.0777 for the
Gross from
Total income
Cash
$45,985
18,604
$183,060
a514
Dividends paid
a
$63,281
26,855
$36,532
Net profit
1938
1939
1940
1941
$56,892
20,361
31—
$2,514,708 $2,301,032
Total.
..$2,514,708 $2,301,032
Total
a
a
Total
x
226,797
3,789,951
Total
y
16,911,521 16,727,427
depreciation of $4,367,296 in 1940 and
Represented by 527,998 shares of no par value.—V.
Less reserve for
1939.
$4,348,990 in
151, p. 850.
Maine Central RR.—Earnings—
Period End. Apr .30—
Operating revenues
Operating expenses
1941—Month—1940
$969,648
749,348
$1,209,415
783,464
1941—4 Afos.—1940
$4,878,851 $4,263,718
3,195,156
3,063,176
$1,200,542
314,079
117,290
91.206
Equip, rents—Dr
Joint facil. rents—Dr
Net ry. oper. incomeOther income
Gross income
22,043
$1,683,695
436,210
180,099
94,548
$238,427
35,416
$92,962
33,219
$972,838
133,718
$677,967
132,721
$273,843
$126,181
$1,106,556
$810,688
161,540
166,726
656,138
661,216
$112,303
Net oper. revenue
Taxes
def$40,545
$450,418
$149,472
$425,951
133,108
32,524
21,892
Deductions
terest,
(rentals, in¬
&c.)
-V. 152, p. 2862.
$220,300
76,707
28,588
The Commercial & Financial Chronicle
Volume 152
Marconia
International
Marine
Communications—
Final Dividend—
1940
Assets—
Directors have declared a final dividend of 5
% on the company's stock,
payable May 31 Jo holders of record May 19
V. 150, p. 3053.
1941—Month—1940
$307,613
$264,373
1,671
2,075
Operating revenues
Non-oper. income
Gross
revenues
Oper. exps. and taxes.
_
_
8,479,025
Preferred stock.
y
mtge.property
$3,179,868
21,111
sold
568,119
2,594,983
544,857
pref. stock... 22 ,173,264
Cash.
3 ,535,084
22,170,446
1,844,457
Misc. phys.prop
Wis. Cent. Ry.
$3,513,227
2,563,891
$3,200,979
2,195,031
$79,833
22,604
2.995
4,594
$949,337
271,250
33,916
15,478
$1,005,948
Special deposits.
92,016
94,426
355,250
27,588
Loans & bills rec
Int. & divs. rec.
965
1,200
42,443
Other investm't.
$56,887
13,461
$43,426
$49,640
13,461
$628,693
161,.530
%■. 402
$36,180
$467,163
Other
$413,933
,024,009
curr. assets
22,805
465,894
155,801
525,298
Unadjust. debits
Middle West Corp.—To Sell Sub. Co.*8 Securities—
Total
TheVjorporation has filed with the Securities and Exchange Commission
declaration (File 70-323) regarding the
proposed sale of all securities of
57,476
345,283
226,387
1,759,419
21,637
446,699
172,002
558,630
278,525
Miscell. accts..
Defd. deb. items
'
363
16,900
474,900
Bal. from agents
Mat'l & supplies
$580,668
166,735
Bonds,
156.794.927 153,254,344
$
25,206,800
12,603,400
"V'-
25,206,800
12,603,400
notes,
&c
..152,871,390 146,755,794
Equip, oblig..
2,671,830
Govt, grants...
2 ,700,937
.
$266,448
186,615
Cr2,748
_
Bal. avail, for com.stk.
.
Acc'ts & wages.
Tax liability...
Unmat'd
450,635
451,275
1,606,437
1,646,119
720,667 V:
716,292
rents
accrued
4,887
Misc. accounts
4,887
52,230
.
Receiver of Wis.
46,786
<
Cent. Ry....
Other
1,005,391
570,402
612,299
Traffic,&c.,bals.
445,865
428,527
...
liab.
105,145
Oth. unadj. cred
Deferred items.
509,618
116,524
389,769
13,028
41,079,307
27,040
36,714,664
curr.
Prof. & loss def.
Total.
156,794,927 153,254,344
x After
deducting reserve for equipment depreciation of $14,783,024 in
1940 and $14,620,390 in 1939.
its
subsidiaries, Michigan Gas & Electric Co. and The Albion Gas Light
Co., to Albert E. Peirce of Warrenton, Va., for $525,000.
The securities
to
387
8,481,730
1939
$
Common stock.
$79,364
22,604
2,621
Net income
Div. accr'd on $5 pf. stk.
a
1940
Liabilities—
V-
113,933,961
y
Traffic, &c., bal.
—-V. 152, p. 3029.
1939
'>VS
$
$309,284
229,921
_
Net earnings
Int. on mortgage debt—
Int. on serial notes.
Other deductions (net)
affil., &c., cos.
Deps. in lieu of
1941—12 Mos.—1940
$3,486,953
26,274
•
Road & equip.115
,280,594
Sinking funds.387
Inv. in prop, of
x
Marion-Reserve Power Co.—Earnings—?
Period End. Apr. 30—
3507
Balance Sheet Dec. 31 (Soo Line Only)
Includes interest thereon.—V. 152,
y
3351.
p.
'
be sold include stock
constituting approximately 48.14% of the voting
Michigan Gas & Electric Co. and 100% of the voting power of
The Albion Gas
Light Co.
Michigan Gas & Electric Co. and The Albion Gas Light Co. also filed
an application
(File 31-512) for an order declaring them not to be subsidi¬
aries of The Middle West
Corp. and exempting them from the provisions
of the Act.—V.
152, p. 3351.
Micromatic Hone Co.—To Pay 15-Cent Dividend—
power of
Directors have declared a dividend of 15 cents per share on the common
stock, payable June 10 to holders of record June
Dividend of 10 cents
paid on Dec. 23, last, and 15 cents paid on
April 25, 1940, and on Dec. 15,
1939, this latter being the first payment made since June 15,
1938, when
five cents per share was distributed.—V.
152, p. 1924.
Midland Valley RR.—Earnings—
April—
1941
Gross from railway
Net from railway
Mississippi Central RR.—Earnings-
1940
1939
$103,266
38,505
18,692
$104,669
34,738
16,842
$102,566
40,269
Gross from railway
Net from railway
429,744
447,492
421,684
Net ry oper. income...
—V. 152, p. 2862.
190,662
112,100
202,777
123,133
190,557
116,684
Net ry. oper. income
From Jan. 1—
22,531
1938
$97,251
30,400
15,008
398,126
140,425
68,619
April—
Gross from
1941
.
.
From Jan. 1—
Gross from railway.
^
.
.
1940
$98,105
32,187
railway
Net from railway.
Net ry. oper. income
$65,619
9,510
1939
19,016
Net from railway
Net ry. oper. income
518
396,101
.
268,951
36,569
207
Midvale Co.—To Pay $2 Dividend—
paid
on
April 1,1939.
New Director—
...James E. Gowen
the
19,257
144,948
85,591
was on
p.
May 22 elected a director of this company to
by the death on April 2, 1941, of James M.
2710.
^
def 13,676
252,984
22,924
defl7,156
19,640
Missouri & Arkansas Ry.—EarningsApril—
1941
$112,494
19,088
3,428
From Jan.. 1—
„
.
382,473
100,497
39,296
Net ry. oper. income.
$95,576
15,341
2,125
444,271
Gross from railway
Net from railway
h
created
vacancy
Milliken.—V. 152,
$53,063
def4,428
258,720
—V. 152, p. 3190.
Directors on May 22 declared a dividend of $2
per share on the common
stock, payable July 1 to holders of record June 14.
This compares with
$1.50 paid on April 1, last; $5 paid on Dec.
24, last; $1.50 paid on Oct. 1
and July 1, 1940; $1 on
April 1, 1940; $3.50 paid on Dec. 16, 1939; $1.25
on Oct, 2,
1939; $1 on July 1,1939, and 75 cents
1938
$64,489
2,746
def 7,094
29,867
1940
1939
$85,781
17,554
6*059
1938
$61,962
def3,276
def 13,121
339,933
57,346
13,351
319,152
20,924
def24,953
.
Gross from railway
Net from railway
Net ry. oper. income
81,504
—V. 152. p. 2863.
Minneapolis & St. Louis RR.—Earnings—
April—
1941
Gross from railway
Net from railway..
$777,900
118,175
30,308
1940
$724,270
85,263
12,427
3,065,211
583,617
259,622
2,802,170
488,557
159,125
_
Net ry. oper. income...
From Jan. 1—
Gross from railway.....
Net from railway.
Net ry. oper. income...
—V. 152, p. 3351.
1939
$656,921
54,648
def38,674
1938
$675,811
84,604
12,521
2.626,222
2,639,908
428,830
93,291
379,295
69,644
[Excluding Wisconsin Central Ry.]
Period End. Apr. 30—
Total revenue
1941—Month—1940
$1,311,511
Mtce. of way & struc.exp
272,499
Maintenance of equip..
248,735
Traffic expenses
35,010
Transportation expenses
525,319
General
56,092
—
_
expenses
1940
Revenue freight (tons).. 30,680,626
Rev. tons carried 1 mile. 8276121663
Rev. tons carried 1 mile
per mile of road
Avge.
$173,855
106,049
.........
Net after taxes......
Hire of equipment
1941—4 Mos.—1940
$4,567,143
847,949
931,744
136,230
2,153,333
212,700
$4,447,082
684,659
952,243
140,513
2,053,868
195,260
$149,814
100,536
$285,197
388,506
$419,540
379,506
Rental of terminals
$49,278
20,600
12,321
x$103,309
46,453
49,865
$51,170
9,159
$16,356
11,540
x$199,627
35,662
x$61,206
42,248
Income before interest
Int. being accrd. & paid
$60,329
4,397
$27,896
3,212
x$163,965
18,421
x$18,958
14,530
Balance before interest
on
bonds, &c......
$55,931
$24,684
Loss. "
x$182,387
x$33,489
1940
3,224
225,616
41,096,774
1.578 cts.
Avge. miles operated
Passengers carried.
Pass, carried 1 mile
„
1.597 cts.
1938
3,229
264,221
49,180,588
1937
3,233
339,100
57,830,306
1.608 cts.
4,824,996
1.578 cts.
6,587,234
rev. per pass, per
mile
Fgt. carried—tons
Tons carried 1 mile
Avge.
1939
3,227
248,804
50,605,506
rev.
per
ton
6,843,889
1502363433
5,682,636
1262373 656 1062953,046 1344310,222
1,039,527
1,258,940
0.921 Cts.
0.877 cts.
2,051,284
1,921.751
1,977,689
2,329,376
$2.5847
1.83 cts.
7,148
$2.5507
1.87 cts.
$2.5411
1.89 cts.
$2.4317
1.87 cts.
7,159,20
7,173.68
7,172.04
Income Account for Calendar Year
Operating Revenues—
1940
$73,915,513
Freight
Passenger-..
5,301,875
2,789,503
1,157,206
2,347,104
—
Mail
Miscellaneous
Incidental
1,254,036
358,952
Total ry. oper. revs—
1939
1938
1937
$70,860,076 $68,672,272 $79,229,616
4,901.819
5,025,530
5,664,295
2,684,394
2,774,109
2,730,010
1,139,517
1,096,967
1,235,292
2,106,355
1,857,651
2,057,560
1,221,805
1,185,803
1,342,616
145.395
136.742
159,309
87,124,190 $83,059,361 $80,749,074 $92,418,698
Operating Expenses—
Maint. of way. & structMaint. of equipment
13,034,507
16,429,623
Traffic-w-i.———i
2,887,450
Transport'n—Rail line— 31,628,862
Miscell. operations671,651
General
2,789,616
354,029
Transp. for inv.—Cr
—
-
«
—
-
.
-
-—
Total ry. oper. exp-.$67,087,679
Net rev. from ry. oper.. 20,036,510
Total op«r.
5,718,652
12,894,036
16,434,101
2,836,390
30,355,000
638.896
2,726,163
358,306
12,670 075
15,401,126
2,874,622
30,587,063
657.146
2,709,224
276,943
13,258,984
17,650,002
2,979,852
34.039,798
773,256
3,077,747
307,935
$65,526,280 $64,622,314 $71,471,705
17,533,081
5.655,112
16,126,760
5,835.450
20,946,993
y4,169,731
Income—$14,317,859 $11,877,968 $10,291,310 $16,777,262
Other Oper. Income—
Rent from locomotives..
Rentfr. pass.tr. In cars.
Rent from work & float¬
467,798
712,472
476,556
661,592
114,470
ing equipment
Jt. facility rent income—
505,293
615,406
99,918
410,352
72,286
84,834
419.895
457.909
408.362
583.014
706,813
per
mile—
1.012 cts.
1.050 cts.
1.098 cts.
0.948 cts
Income Account for Calendar Years (Soo Line
Only)
1940
1939
1938
1937
Freight.....
"... -..$15,208,573 $13,254,475 $11,667,245
$12,739,868
Passenger
652,227
808,078
790,780
912 5.54
Mail
619,170
634,088
636,152
645,055
Express
124,181
117,252
116,429
135,605
Miscellaneous
222,332
235,757
219,777
294,845
Incidental
311,094
295,439
262,334
273,503
...
Total
$17,137,579 $15,345,090 $13,692,718 $15,001,430
Maint. of way & struc..
2,935,534
2,625,302
2,214,324
2,315,037
Maint. of equipment2,682,767
2,667,320
2,669,510
2,837,621
Traffic expenses
418,095
414,144
400,094
415,684
Transportation exps
6,709,801
6,449.749
6,239,978
6,529 779
Miscell. operations
65,087
79,820
70,461
70,291
General expenses
574,417
577,133
569,702
661 334
Transp. for invest.—Cr.
26,268
13,857
19,814
38)915
Total
1,071,606
0.924 cts.
mile_290,345,571 261,873,378 265,313,431 302,314,783
Avge. rec. from each pass
Avge. rec. per pass, mile
Avge. mileage operated-
Railway tax accruals—
General Statistics for Calendar Years (Soo Line
Only)
Avge.
1,157,815
0.893 cts.
No. passengers carried._
No. pass, carried 1
$40,034
52,160
49,079
Net after rents
Other income (net) ...
1939
1938
1937
28,424,537
27,219,031
32,757,807
7671841720 7457231,356 9029169,796
received
Joint facility
$67,806
5,303
11,333
v; x
amount
Express
Net railway revenues-
Taxes
$1,173,796
196,448
243,443
36,727
497,076
50.287
Report-
Traffic Statistics—Years Ended Dec. 31
per ton mile
Minneapolis St. Paul & Sault Ste. Marie Ry.— Earnings
_
Missouri Pacific RR.—Annual
Total oper. income—$16,020,963
Deduc'ns fr. Oper. Inc.
2,674,076
204,554
844,098
1,295
148,606
Rent for pass, train cars.
Rent for floating equip..
3,174,534
3,332,351
4,524,449
199,291
781,382
206,459
773,718
391
123,203
222,045
2,065,314
91
129,999
2,027,655
Net ry. oper. Jncome- $10,083,018
$7,195,989
Rent for work equipment
Joint facility rents
-
2,006,020
712,048
1,189
136,797
2,009,926
$5,479,496 $11,003,379
Non-Oper. Income
Inc. from lease of road—
24,247
Miscell. rent income
182,118
Misc. non-op.phys.prop.
149,262
Dividend income
640,763
Inc. from funded securs.
286,125
Inc from unfd. securs11,951
Miscellaneous income
10,928
10,005
177,514
158,533
54,272
280,89b
34,082
15,780
30,093
183,197
157,705
287,115
290,617
$11,388,411
Gross Income
$13,359,436 $12,799,611 $12,144,256 $12,790,832
Net oper. revenue
3,778,143
2,545,479
1,548,462
2,210,598
Railway tax accruals, &c
1,273,346
1,230,812
1,231,309
867,243
$13,508,941 $11,921,639 $18,609,832
?
Hire of fgt cars-deb. bal.
Rent for locomotives
$7,927,072
$6,474,033
$12,473,629
113,574
37,979
31,104
137,714
38?, 902
27,800
139,497
1.55,013
37,218
23,105
40,179
17,625,031
3,339,605
131,158
173,809
171,348
701,218
226,200
51,414
35,269
10,539
15,102
—
Railway oper. income. $2,504,797
Hireof equip, (net)--.Dr
90,766
Joint facil. rents (net) Dr
377,752
Net ry. oper. incomeNon-oper. income (net)
Fixed charges-
_
$2,036,278
1.31,676
6,596,754
Net deficit to surplus.
$4,428,799
$1,314,666
307,198
164,495
$317,154
M iscel 1. tax accruals—_
161,996
$1,343,354
348,601
226,193
$842,973 def$154,896
149,998
173,301
6,625,356
6,656,714
$768,560
149,031
6,652,689
310*054
Deduc'ns fr. Gross Inc
Rent? ort eased roads—
Miscellaneous rents
Separately oper. prop.—
Int.
on
funded debt
Int.
on
unfunded debt..
Miscell. income charges,
Net deficit
y
-
------
19,350,209
1,400,033
19,969
27,854
19.375.966
1,390 563
21.507
36,754
20,690
48,345
17,303,933
3,669,160
23.610
$9,564,457 $13,093,263 $14,767,960
32.371
$8,778,894
The provision of $1,225,855 made in 1936 under the Federal
Retire¬
ment Act of 1935 has been credited to the income of 1937 as a result of the
$5,632,385
$6,638,310
$5,735,097
repeal of that Act in 1937-
The Commercial d
350S
*1939
1940
1939
82,839,500
71,800,100
Common stock. 82,839,500
1
Preferred stock. 71,800,100
equipment—557,271,303 554,326,061
Governmental
Impt. on leased
Invest. In road &
property..
812,410
626
626
ry.
Deposits In Ueu
Rec'rs & trustees
of mtge. prop.
In
—pledged
77,500,386
XnvMn afftl. cos.
625,754
449,212
Cash
17,496,107
3,254,063
Special deposits.
Traffic
and
1,220,855
1,221,480
4,253,087
Misc. accts. pay.
430,910
379,744
unpd.
int. in
811,425
863,376
430,281
Int. mat'd
13,135,145
Matured
3,173,726
133,530,511 115,261,853
default
36,981
1,326,016
1,088,885
unpaid...—
Unmat.lnt.accr.
5,348,248
5,376,620
& cond.
1,246,395
Misc. accts. rec.
2,794,932
339,225
Mat'l8 & suppl's
335,176
364,682
Int. & divs. rec.
7,034,498
31,893
1,106,563 Unmat. rents ac¬
crued--—
2,962,694
7,548,685 Other curr. llab.
Oth. curr. assets
59,700
service bal.rec
Net bal. rec. fr.
28,315
Tax liability
Work, fund adv.
27,184
Oth. def. assets.
1,575,235
1,181,044
Prem. on
976,160
1,119,375
4,271,751
unadj.cred.
applic.
Total—
— —
———
328,600
83,931,920
688.617,257
$6,062,401
790,960
29,234
687,796
def110,238
282,012
27,166,880
5,442,996
25,216,607
$9,396,753
3,991,387
538,072
2,063,553
169,316
253,443
$198,973
87,740
$2,773,898
$8,974,824
$7,969,600
$0.43
$1.33
$1.15
1939
$145,537
35,280
48,472
20,269
628,769
659,114
282,924
176,318
766,651
366,657
199,055
264,059
149,522
1,759,760
$226,401
365,414
—
$65,485
363,629
$1,022,019
1,468,635
$446,616
$298,144
$139,013
7,052
344,205
73,768
10,498
Sales-
$358,313
1,460,935
.
—
1941—4 Weeks—1940
1941—20
$5,241,877 $4,686,017 $25,277,427
def60,105
803,768
389,438
50,346
$50,917
1,076,041
965,301
575,254
211,669
1,729,129
1,033,334
1,410,395
Net from railway.
Net ry. oper. income.
defl8,641
1938
$245,876
146,353
1939
1940
$393,952
238,564
122,557
524,599
558,292
■
Ry.—Earnings1941
-
$66,930
7,097
219,251
94,060
152, P.
235,660
129,375
59,291
from railway
ry. oper.
13.383
216,055
162,823
101.999
52,317
34,280
92,108
income...
2863.
Gas
England
$41,950
30,562
20.793
40,909
From Jan. 1—_
Gross from railway
$60,121
30,342
Net ry. oper. income.--
Net
■
&
Electric
1938
1939
1940
$44,784
13,706
...
Net from railway.
Net
1,053 [V.
.
,
Nevada Northern
7,726
69,197
Association—Weekly
Output—
23, New England Gas & Electric Association
of 10,392,812 kwh.
This is an increase of 2,220,073
For the week ended May
reports electric output
kwh., or 27.16% above
production of 8,172,739 kwh. for
the corresponding
week a year ago.
Gas output is reported at
„
_
93,239,000 cu. ft., an increase of 3,014,000 cu.
ft., or 3.34% above production of 90,225,000 cu. ft. in the corresponding
week a year ago.—V. 152, p. 3353.
New Orleans &
Ry.—Earnings—-
Frpm Jan. 1—
Gross from railway
1940
$23,755,699
.
1,057
404,294
Co.—Sales—
————
operation
152, p. 3353.
—V.
$1,102,622
provision of the Securities Act of 1933.
According to the complaint, the defendants were selling securities by the
use of the mails and interstate commerce without a registration statement
covering the securities being in effect with the Commission.
The defendants consented to the injunction.
$73,294
def22,798
def80,424
$4,867,282
April—
Commission reported May 19 that Judge
John F. Symes of the U. S. District Court at Denver, Colo., had entered
a final
judgment permanently enjoining H. M. Little and the Modern
Aircraft Co. from further sales of securities in violation of the registration
--
$5,236,738
Stores in
Gross from railway.
Co.—Enjoined—-
Gross from railway
$1,504,420
$1,454,545
National Tea
The Securities and Exchange
1941
1,022,859
169,316
Period End. May 17—
New
;
596,455
1,021,018
253,443
2711.
Modern Aircraft
$1,864,246
105,917
253,909
$6,294,435
$1,877,304
—V.
Loss after fixed chgs..
94,319
$6,854,211
—
Total income
$6,200,116
$6,734,622
119,589
Expenses, incl. taxes—
Interest and deductions.
1938
1941—4 Mos.—1940
$9,808,598 $8,603,008
7,472,258
6,995,319
Period End. Apr, 30—
1941—Month—1940
Operating revenues
$2,551,987 $2,144,664
Inc.avail .for fixed chgs
1941—12 Mos.—1940
33,399
22,683
Other
$91,322
20,717
Missouri-Kansas-Texas Lines—Earnings-
1,985,724
{Company Only)
^
—V. 152, p. 2863.
Operating expenses
light Co. in income of subsidiaries.
—V. 152, P. 3352.
$161,178
62,574
42,077
income...
404,294
1,022,859
$0.37
Net income
Gross from railway
Net from railway
94,319
surplus. $2,467,470
Of National Power &
Period End. Feb. 28—
1941—3 Mos—1940
Income—From subsidi_
aries, consolidated. $1,854,621
$1,830,847
24,883,314
4,499,537
1.082,388
RR.—Earnings—
1941
1940
Net ry. oper, income-.From Jan, 1—
April—
Gross from railway
Net from railway
Northeastern RR.—Earnings—
1941
1940
1939
1938
$437,562
$259,493
$247,027
$262,382
222,106
92,473
90,882
93,171
129,370
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.—
35,473
38,580
34,047
1,529,170
712,610
382,830
1,030,515
358,464
140,912
950,193
321,516
107,200
961,288
259,555
36,987
145,687
—V. 152, p. 3192.
1940
in Service Fee Case—Show
152, p. 2863.
Monroe Auto Equipment
Earnings per share -
1941
$146,102
$1,12
——
—
On 129,834 shares of common
New
Co.-—Earnings—
9 Months Ended March 31—•
Net income after all charges-.-.
$150,371
$1.16
stock.—V. 152, p. 991.
Montour RR.—Earnings—
:■
1,133,724 $10,592,297
105,917
596,455
253,909
1,021,018
Comparative Statement of Income
1938
$5,783,331
1939
1940
1,316,902
April—
a
$9,302,434
Earns, per common share
$6,377,819
1,092,251
Gross from railway
a
1,100,325 $10,472,708
33,399
119,589
'
30
Balance carried to con-
Total——— .696,977,359
$8,106,197
2,213,874
Net from railway
—V.
$2,867,546
22,683
Expenses, incl. taxes
Int. and other deductions
a
Missouri Illinois
Net from railway
Net ry. oper. income.
$9,302,434
$2,890,229
....
94,417,367
1941
Monongahela
347
$3,100,325 $10,472,708
_
Other income.-—-
—V. 152, P. 3351.
April—
98
Net equity. .——_ $2,867,546
Light Co.—
Invested
Gross from railway
32,281,764
Net from railway..
9,281,162
Net ry. oper. income...
5,741,874
—V. 152, p.
$9,302,781
Net equity
Earnings for April and Year to Date
Fixed charges
$3,100,355 $10,472,806
28 ['Kt'•/
Nat. Pow. &
a
sol. earned
Net ry. oper.
$15,054,094
5,751,313
ority Interests-.-——
Revised figures.
Net from railway
Net ry. oper. income...
From Jan. 1—
012,408
$4,506,156 $16,096,012
1,405,801
5,623,206
to min-
289,100
Total—.... .696,977,358 688,617,257
Gross from railway
C*r56,110
$2,867,574
Balance.
Portion
1,676,244
spec.
April—
Cr3,746
$4,273,375
1,405,801
-
1,603,125
—
Appro p.sur p.not
x
11,287,643
10,029.415
Cr32,396
Balance
Pref. divs. to public—
Profit & lost def.
...
$26,329,329
2,745,194
prop,
through inc. &
surplus.
unadjust.
debits
$7,247,604 $20,069,317
$25,979,681 $26,237,902
89,636
91,427
2,473,580
Less interest charged to
construction.
a
918,089
106,497
—
Add'ns to
150,878
—
public and
to
other deductions
.2,473,488
2,739.305
—
99,417
63,630,934
Oth.
155,643
In advance
Interest
funded
debt..-
premium paid
7,614
1,793
$7,237,406
10,198
$6,714,559
(net)—_ -
Gross income.
277,988
Accrued deprec. 56,033,210
Rents and lnsur.
Other
367,436
288,284
Deferred llab...
57,878
26,673
Other income
206,462
206,462
1. agts.
6,275
2,019
matured
Dlvs.
car
$26,230,288
$6,705,305
9,254
Operating income
4,711,916
6,381,613
$7,235,613 $25,973,406
$6,703,286
(net)
car
ser'ce bal.pay.
Other—pledged.
Oth. inv. unpl'd
Loans & bills rec
and
7,181,186
6.649,732
1,259,114
1,611,751
appropriations..
Net oper. revenues—
Rent from lease of plants
85,061,878
12,757,616 Audited accts. A
wages payable
625,754
16,655,443
.
default
77,568,229 Traffic
9,115,000
serve
$77,044,476
37,251,389
$21,148,272 $19,765,941 $79,751,833
9,701,831
9,582,559 37,796,372
3.131,404
1,688,655
9,332,323
Property retirement re¬
debt
7,137,602 Long-term
Inv. lnaffll.coe.
—unpledged
8,934,000
85,992,438
securities
278,432
306,940
7,137,361
sold
Misc. phys. prop
—
7. ">■ 2'-
■'
-
Operating revenues
Operating expenses
Direct taxes—
447,731
grants——
636,847
Funded debt un¬
matured
332,708,500 335,298,600
760.518
Sinking funds..
Period End. Feb. 28—
Subsidiaries—rV.
%
$
Liabilities—
$
Assets^"
National Power & Light Co. (& Subs.)—Earnings1941—3 Mos.—1940
1941—12 Mos.—1940
31
Balance Sheet Dec.
1940
May SI, 1941
Financial Chronicle
Net ry. oper. income
From Jan. 1—
1939
1940
1941
April—
Gross from railway
Net from railway
1938
$15,584
def64,512
$161,067
58,214
loss22,346
61,137
defl,469
$87,119
12,115
23,387
529,993
143,717
168,450
615,770
210,534
249,998
428,312
93,731
151,766
435,204
90,260
130,500
Gross from railway
Net from railway
Net ry. oper. income
■
$21,432
def31,786
—V. 152, p. 3352.
England
Power
Association—SEC Takes Action
Cause Hearing June 12—
investigation into the servicing arrangements between New
England Power Service Co. and New England Power Association, Bellows
Falls Hydro-Electric Corp. and Green Mountain Power Corp., requested by
the P. S. Commission of Vermont, the Securities and Exchange Commission
on May 23 ordered public hearings for June
12 to determine whether it
should suspend its previous order permitting New England Power Service to
operate as a subsidiary service company.
At the same time, the SEC published the findings of its investigation in a
46-page report which it made available to the Vermont P. S. Commission.
On July 29, 1940, the Vermont utility body asked the SEC to investigate
the servicing arrangements between the companies.
•
Commissioner Robert E. Healy began the inquiry on Sept. 12, 1940, at
Montpelier, Vt., and continued it through Sept. 16.
The report includes
tentative findings, which the SEC adopted and made the basis of its order
for a public hearing.
'
^
'
The tentative conclusions as to the status of New England Power Service
Following
an
.
_
Morgantown Water Co.—Bonds Called—
A, 5% due Jan. 1,
1965 have been called for redemption on June 28 at 105 and accrued interest.
Payment will be made at the Chemical Bank & Trust Co., N. Y. City.—V.
All of the outstanding first mortgage bonds, series
146, p.3961.
Directors have declared a dividend of 75 cents per share on the common
stock, payable June 16 to holders of record June 6.
Dividends of 50 cents
were paid on Nov. 22 and on June 28, 1940; 40 cents paid on Nov. 22, 1939,
and on June 29,1939; 35 cents paid on Nov. 23, 1938; and a regular quarterly
dividend of 25 cents in addition to an extra dividend of 10 cents paid on
2244.
Nashville Chattanooga & St
April—
1941
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.—
—V. 152, p. 3031.
.
Louis
1939
1938
$1,610,769
478,872
L,288,120
$1
288,179
$1,216,838
234,377
267,959
175,631
121,278
$1,104,199
234,994
126,017
6,056,859
1,732,546
[,976,821
982,527
541,938
4,942,731
1,121,133
677,474
4,427,009
751,878
325,075
National Can Co.—New President—
L. Frederick Gieg has been elected President of this company to succeed
Georges F. Doriot.
Mr. Doriot was elected Chairman of the Board and
will continue as Chairman of the Executive Committee.—V. 152, p. 2559.
,
.
cumber¬
Its organization is top-heavy, its method of doing business
and its routine complicated.
(b) The salary and expenses of many individuals whose functions
activities are primarily for the benefit of the holding companies are paid
directly by the Service company and a portion or all of such salary
expenses have been charged to the operating companies in the system.
(c) The method of allocating costs has been unfair and inequitable
the operating companies have been required to bear the expenses of many
activities performed primarily for the benefit of the holding companies.
(d) Adequate records have not been kept to indicate in any practicable
manner the specific work done by the Service company for system com¬
panies, particularly as relates to services performed by its executive
supervisory staff.
,
C
,
,
(e) The method of billing serviced companies is inadequate
in¬
complete, particularly witn reference to departments other than Engineering
and Construction, in that bills have not been sufficiently detailed to enable
local directors and officers and local regulatory bodies to ascertain the
nature of services rendered and to appraise tne necessity for such services.
(f) The activities of the engineering and construction department are so
extensive and interwoven that it is difficult to ascertain the necessity of the
services rendered and the proper allocation of charges between plant ac¬
counts and operating expenses.
.
_
Moreover, because of the extensive nature of the activities conducted by
the Service company and the high ratio of indirect charges to direct charges,
a further question is raised as to the necessity of many of the activities con¬
ducted by the Service company being actually for the benefit of the serviced
companies.
(a)
some,
and
since
and
Ry.—Earnings—
1940
1,000,616
^
,
and
Mueller Brass Co.—75-Cent Dividend—
Nov. 22, 1937.—V. 152, p.
Co., follow:
and
.
Volume
The Commercial & Financial Chronicle
152
Simplification Hearing Postponed—
The SEC
May 22 issued an order postponing the corporate simplifica¬
hearing of Massachusetts Power & Light Associates and New England
Association, scheduled for May 26, until further order.
The post¬
tion
on
April—
was
requested by the respondents.—V. 152, p. 1761.
New York
Net ry. oper.
Directors have declared a dividend of 50 cents
per share on the common
stock, payable June 26 to holders of record June 13.
Previously regular
quarterly dividends of 75 cents per share were distributed.
Extra of
25 cents was paid on Dec. 27, last.—V.
152, p. 2561.
1940
1939
Passengers carried
Pass, carried one mile...
Rev. per pass,
429,863
Net ry.
1937
1938
:
425,887
27,025,225
439,407
28,191,256
477.330
33,208.042
1.58 cts.
1.69 cts.
1.75 cts.
1.69 cts.
per mile..
233,710
150,455
121,180
113,915
169,301
Incidental
Joint facility.
Total
233,254
145,051
116,645
127,812
168,247
2,352,533
2,168,693
530,495
4,725,237
29,576
607,530
4,673,247
33,157
585,728
2,274,972
2,421,825
565,296
4.847.546
29,486
605,048
13,307
Traffic expenses
Transportation expenses
Miscellaneous operations
General expenses
2,296,991
2,359,808
537,752
4,534,004
30,449
592,218
31,947
35.651
551,046
Transportation for inv.—
credit
Total...
Net oper.
10,400,757 $10,319,276 $10,368,692 $10,712,964
revenues...
$4,156,085
$4,579,736
Railway tax accruals...
887,664
868,295
_
$3,825,769
859,719
$5,046,802
x597,713
$3,711,441
$2,966,050
$4,449,089
305,302
62,625
23,694
2,306
331,871
93,008
30,546
3,162
241,283
134,802
24,380
3,742
273,422
128,581
31,930
1,695
$3,662,349
$4,170,029
$3,370,257
753,670
289,080
130,916
933,836
317,446
115,953
11,192
3.991
319,743
934,971
241,672
112,501
1,628
313,593
390,352
$2,467,863
$1,765,892
$2,894,896
25,943
32,225
25,943
110,930
Rent from work equip..
Joint facil. rent Income.
Total oper. income
of frt. cars—debit
balances
Rent for locomotives
Rent for pass, train cars.
Rent for float, equip
Rent for work equipm'ts
"
4,616
Joint facility rents
279,407
Net ry. oper. income. $2,204,659
Non-Oper. Income—
1,184,066
266,308
144.691
"
"4" 404
2,914
were reoffered at
prices to yield 0.35 to
according to maturity.
Associated with Halsey,
Stuart & Co. in the
offering were:
Blair & Co., Inc.;
Ladenburg, Thalmann & Co.; Otis & Co., Inc.; A. C. Allyn
& Co.,
Inc.; Gregory & Sons, Inc.; The Milwaukee Co.,
and Edward Lowber Stokes & Co.
The certificates mature $125,000
annually each June 15, 1942-51, incl.
Issued under the
Philadelphia Plan.
The certificates are secured by new
rolling stock, comprising 500 50-ton all-steel box cars, estimated to
cost
approximately $1,393,075.
They are guaranteed unconditionally as to
principal and dividends by the Nickel Plate.
Other bids included:
Salomon Bros. & Hutlzer,
100.134 for 2s and
Blyth & Co., Inc., 100.139 for 2s.
Extends Period for Note ExchangeThe time for
accepting the plan
35,261
property
Dividend income.
54,331
74,417
3,254
""536
""§15
yl3,105
19,083
1,004
2,351
4
84
1,304
5.606
900
19,567
*
5,016
2.632
The previous deadline
give
$2,316,687
$2,602,453
$1,923,080
$3,039,420
979
3,127
4,838
Miscellaneous income...
V
Deducts from Gross Inc.
leased roads
4,538
3,129
7,656
2,790.875
2,547
...
Miscell. tax accruals
Int.
on
funded debt.
unfunded debt..
on fund.
1,937
1,208
Plans to
July 15, 1951, to the public or to tender the present bonds to the Nickel
Plate for purchase at any time after
July 1 and before Aug. 30, 1941.
Under the terms of the arrangement, Smith Barney would get a flat fee
of $15,000, plus % of
1% of the total principal amount of all bonds pur¬
chased from holders and extended.
In addition, the firm would pay the
Nickel Plate one-half of any net profit realized by them on sale of extended
bonds.
r
April—
524,789
Net loss
Net from railway..
Net ry. oper. income...
—V. 152, p. 2864.
2,703.126
123,892
x
20,599
8,171
as a
20.599
12,354
'
';
v'>'"
'
-.
*
''u'-
.
1940
S
■■
''-,•,'• •'
<
1939
S
Assets—
■
1940
Liabilities—
Invest, in road and
S
Period End. Apr. 30—
Total oper. revenue
1939
$
Capital stock...14,832,900 14,832,900
Fund, debt unmat.40,739,900 40,851,900
Long-term debt In
equipment
71,725,765 70,885,995
Dep. inlieuofmtg.
default
48,224
92,842
property sold...
2,354,100
2,354.100
Miscell.
Non-negot. debt to
physical
2,627,587
2.540,716
affiliated cos...14,948,970 14,449,785
property
Grants
3,380,401
—pledged
3,380,630
cos.—unpledged
Other
1,894,581
1,757,631
3,989
1,415,075
1,075,370
311,330
204
Traffic & car serv.
447,436
balances recelv.
bal'ce
501,483
115,803
120,630
726,196
conductors
Miscell. accts. rec.
1,160,170
726,410
1,258,066
Int. <fc div. recelv.
176
27
Other curr. assets.
27,797
26,882
Working fund ad¬
;
5,968
<
";V:.
5,883
Insurance <fc other
funds
_
Other defd. assets-
7,393
200,652
2,463
161,204
11,407
on
Other
37,711
50,759
advance
74.496
453,815
310,546
fund.
1,226,731
Divs. mat'd unp'd
Unmat. int. accrd.
4,340
4,340
604,015
Other
current
604,900
68,074
7,394
9,318,886
9,318,886
28,687
200,547
lia¬
funds
Mat'd int. In def it
Am.
Car
&
Fdy.
equip, agreem't.
Other def. liab
199,394
6,869
Tax liability
Accrued deprec.—
182,918
208,408
6,401,229
Miscell. physical
7,814
6,263
490,577
394,789
at dates of
acq'n
thereof 5,534,283
5,534,283
Add. to prop. thru.
Inc. andsurplus- 2,532,509
2,512,706
Approp. surp. not
spec.
Total (each side) 84.578,456
x
148,329 shares of
83.610,437
common
stock,
Invested..
Deficit
par
$100.
1939
$183,778
118,863
80,535
1938
$178,836
Bk 128,071
60,062
PMt ■•*>,<*
916,777
682,519
526,045
680,572
449,377
197,447
■
Net after
1941—4 Mos.—1940
$6,443,365 $31,667,883 $26,625,595
197,585
a4,425,360
1,715,597
360,053
5,210,610
2,367,474
d758,698
b765,171
2,109,562
b310,812
charges
RR.—Earnings—
The leases of the
following companies were rejected on dates stated
below, but net railway operating income includes the results of operations
of these properties: Old Colony RR, Co., June 2, 1936; Hartford & Con¬
necticut Western RR. Co., July 31, 1936; Providence, Warren & Bristol
RR. Co., Feb. 11, 1937; Boston & Providence RR. Corp., July 29, 1938.
b Effective as of these dates, no charges for the stated leased rentals are
included covering the Old Colony RR., Hartford and Connecticut Western
RR., Providence Warren & Bristol RR,, and Boston & Providence RR.
Corp. leases.
c
For the purpose of showing the complete account for the operated
System, includes accrued and unpaid estate taxes on Old Colony and Boston
and Providence properties; also accrued and unpaid charges against said
properties for Boston Terminal Co. taxes and bond interest,
d Deficit.—V. 152, p. 3192.
New York Ontario & Western Ry.
1941
1940
railway
Net from railway
$585,056
110,004
23,681
1938
$428,440
def45,191
defl23,939
1,645,727
def70,643
def370,078
$422,243
def6,669
Net ry. oper. income
From Jan. 1—
def91,896
Gross from railway
1,760,995
41,148
Net from railway
Net ry. oper. income
—V.
2,312,874
364,351
def13,559
def328,783
1939
;
def259,415
152, p. 2864.
York
-Earnings—
$428,910
5,880
def76,795
April—
Gross from
State
■
1,986,857
def947
yv,
Electric
&
Gas
Corp.—Bonds and
Preferred Stock Registered—
Corporation on May 23 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-4766, Form A-2) under the Securities
Act of 1933, covering $35,393,000 of 1st mtge. bonds, due 1971, and 120,000
preferred stock ($100 par).
The interest and dividend
furnished by amendment.
that as soon as practicable after the registration
statement becomes effective It will publicly invite sealed written proposals
for the purchase of the bonds and stock.
The net proceeds from the sale of the securities, together with such of the
company's general funds as may be required, will be applied as follows:
(a) $3,594,700 to redemption at 103% of $3,490,000 of 4}4 % 1st mtge.
shares of cumulative
rates are to be
Excess of book val.
over cost
c
New
6,449,108
property
Other
unadjusted
1941—Month—1940
Net ry. oper. income...
al,247,663
Inc. avail, for fixed chgs
1,443,154
79,910
ofsec.ofsub.cos.
unadjusted
debits.....----
1,093,448
34,771
960,827
48,778
payable..
credits..
premium paid in
debt
305,700
2,463
wages
Miscell. accts. pay.
Int. matur. unpaid
Equipment
Rents & Insurance
Discount
67,847
255,716
Liab. for provident
from agents and
vances
654,876
bilities
recelv.
Mat'ls & supplies.
of
balances payable
5,272
609,901
Loans <fc bills rec__
Net
aid
Audited accts. and
investment
—unpledged
Cash
Special deposits...
in
construction
Traf fic&car service
Invest.in affiliated
819,930
565,771
424,903
$8,317,328
11,179,549
2,495,200
666,741
■
■
,
x
Invest, in affil.cos.
pmS
1,398,897
1,067,528
1,014,416
•
-Earnings-
1940
3,041
$346,826
$195,869
255,144
126,507
229,614 19 ,89,095
'
.
.
615,460
207,649
^
a
Consolidated Balance Sheet Dec. 31
■*
New York New Haven & Hartford
result of the repeal
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. z Re'•1
12,963,095
3,775,163
1,866,460
Net ry. oper. income...
—V. 152, p. 2864.
of the Act in 1937.
ClctSSl.fi OCl*'
14,987,774
4,566,669
2,359,746
Gross from railway.
Net from railway..
of $177,756 made in 1936 under the Federal Retirement
The provision
1938
$2,705,698
Net ry. oper. income
From Jan. 1—
$925,868 prf$177,745
Act of 1935 has been credited to the income of 1937
1939
$2,994,804
765,187
301,728
17,801,707
7,215,639
4,363,107
Net ry. oper. income...
From Jan. 1—
Gross from railway
1940
$3,553,465
1,074,889
'
544,231
New York Connecting RR.
2,692,286
119,317
$243,579
1941
$4,423,310
1,724,328
995,592
Gross from railway
Net from railway.
Gross from railway..
Net from railway
565
23,737
15,335
Refund $3,625,000 Lake Erie & Western 5s—
Smith, Barney & Co. have agreed to purchase the Lake Erie bonds
from holders at par and accrued interest on or before
Aug. 28, 1941.
The
banking firm would then be free to either sell the bonds when extended to
April "i
l"l37
611
z2,799,151
z3,685
23,738
8,994
debt
Miscell. income charges.
was
notes
1,1940.
it was reported.
"
Amort, of disc,
y
exchange for the
The
Rent from
on
in
offer of Chesapeake & Ohio to
forego the cash payment and accept
$3,583,750 of notes held by it, conditioned on the ex¬
change of $8,000,000 publicly held notes has been extended to Sept, 27.
As of May
26, $2,577,250 of the notes had been exchanged for debentures,
79,850
300
i
Inc. from funded sec urs¬
ine. from unfunded secs.
for retiring the three-year 6% notes
Sept. 29,1941, according to a letter
Lohmeyer, Secretary.
May 31.
Under the plan the road offers to
20% in cash and 80% in new 10-year deben¬
due Oct. l, 1941, has been extended
to
mailed to noteholders by H. F.
Earnings for April and Year to Date
Miscell. rent Income
Misc. non-oper. physical
Interest
certificates
proval of
Inc. from lease of road &
equipment
4,545,427
The road has applied to the Interstate Commerce Commission
for ap¬
a financial plan to
provide for the $3,625,000 Lake Erie & Western
RR. second 5s due July 1.
$4,884.71
Hire
& equipment
Miscellaneous rents
82,340
93,005,704
14,335,000
dfl ,716.403
debentures for the
Deducts.from Oper.Inc.
Gross income
14,705
103,031,160
21,286,217
30,953
Rent from locomotives..
Rent from pass.train cars
1938
1,593,059
tures due Jan.
Railway oper. Income. $3,268,421
Other Oper. Income—
1939
115,956,481
25,707,420
9,591,304
31,210
2,338.418
2,222,748
I
1940
2.10%,
$14,556,843 $14,899,012 $14,194,460 $15,759,766
Railway Oper. Expenses
Maint.of way & structs.
Maint. of equipment
—
3,078,251
The
249,301
154,897
126,955
118,966
149,122
237,272
131.584
113,637
112,201
132,477
■Earnings—
$31,714,884 $27,944,405 $23,822,995 $22,947,750
7.409,236
5,346,653
4,187,407
4,038,472
York, Chicago & St. Louis RR.—Equipment Trusts
Offered—Halsey, Stuart & Co., Inc., and associates were
the successful bidders
May 28 for an issue of $1,250,000
1% % equipment trust certificates on a bid of 100.47 for 1
%s.
Railway Oper. Revenue1940
1939
*
1938
1937
Freight
$13,320,420 $13,650,198 $12,973,149 $14,398,111
Passenger
447,861
562,414
457,803
494,139
Mail
railway
oper. income
94,720
New
Consolidated Income Account, Years Ended Dec. 31
Express
Miscellaneous
971,518
423,199
421,933
133,770,806
35,894,946
Net ry* oper.
income... 17,408,282
—V. 152, p. 3192.
1.51 cts.
28,332,694
962,364
368,029
370,565
i94i
From Jan. 1—
Gross from
railway
Net from
railway
1.764
5,861,118
956,485,358
1,757
1,759
1,765
Revenue tons carried...
5,715,559
5,457.672
5,323,257
Rev. tons carried one
m.901,113,432 877,542,761 843,577,591
Rev. per ton per mile...
1.48 cts.
1.56 cts.
1.54 cts.
947,461
378,037
395,836
40M21
April—
Gross from
railway
Net from
Average miles operated-
$231,467
91,760
971,946
391,765
income...
$225,160
81,800
86,114
New York Central RR,-
General Statistics for Calendar Years
1938
$230,234
86,112
87,617
-V.T52°Pper28640nie---
Report—
1939
$269,861
130,788
137,850
From Jan. 1—
Gross from
railway
Net from
railway
City Omnibus Corp.—50-Cent Dividend—
New Orleans Texas & Mexico
Ry.—Annual
1940
Gross from
railway
Net from
railway.
Power
ponement
3509
Earnings for April and Year to Date
43,544
16,722.553
43,544
15.892,490
The company states
g°(o)b$ 17436^90 toredemption at 102% of $17,094,500 of 4 XA % 1st mtge.
gt)b$°fe8,925 to redemption at 105% of $14,808,500 of 4% 1st mtge.
gold bonds, due 1965.
'
.
The Commercial &
3510
(d) $6,300,000 to redemption
tive preferred stock ($100 par).
at 105% of
Electric output of the
regarding the proposed issuance
petitive bidding of $35,393,000 of first mortgage bonds
shares of cumulative preferred stock ($100 par).
due 1971, and 120,000
56,193
39,276
30,833
1938
$253,276
85,769
15,129
1,193,607
From Jan. 1—
Gross from railway
Net from railway
ry. oper.
public hearing
1,054,232
1,054.357
1.054,300
476,499
405,060
395,532
377,989
205,812
180,326
109,964
89,702
-
$262,795
97,793
$247,168
$282,324
126,021
income.__
1939
1940
1941
April—
Gross from railway
Net from railway...—
Net ry. oper. income—
Net
a
application (File
and sale by com¬
Susquehanna & Western RR.—Earnings—
New York
87,387
—V. 152, P. 2192.
Property
in Dismantling
p.
3353.
May 23 granted a motion for an order
Federal Judge John C. Knox on
directing the receiver of the company to dismantle the road's properties
in Westchester County, N. Y.
The court also directed the receiver to
advertise the sale at pjublic auction of the road's rolling stock, 42 passenger
cars and several locomotives, now stored in the 180th Street, the Bronx,
yard of the company.
The dismantling order, pending for four years, was the result of failure
by New Rochelle, White Plains, Pelham, Mount Vernon and other West¬
chester County municipalities to formulate a plan under which operation of
the road, idle since Jan. 1, 1937, could be resumed.
The New York Port Authority, after an engineering survey of the
possibilities of resuming operations, rejected a request by the municipalities
to operate the road, unless the municipalities agreed to guarantee the cost
Of operations.
Judge Knox also declined to entertain a motion made on behalf of the
various municipalities through which the road passes to turn over the
properties in settlement of tax claims approximating $750,000.
He in¬
dicated that if the municipalities would offer $1,000,000 for the properties,
subject to the payment of tax claims, he might order the receiver to make
such a sale.
No offer was made, however.
"I have been very sympathetic toward the municipalities," said Judge
Knox, "and I really hoped that they might devise a plan for reopening the
road.
My duty now in the absence of such a plan after years of study, is
to stop accruing tax and other liabilities against the estate."—V. 152, p. 434.
Norfolk & Southern RR.—Earnings$426,224
98,210
41,586
1938
1939
1940
1941
April—
Gross from railway
Net from railway
Net ry. oper. income
$367,468
61,551
9,840
$382,248
79,184
25,998
Period End. Apr.
1,362,785
1,300.630
162,088
def23,066
118,076
def68,785
8,770
1,619,133
334,223
127,237
100 "lief;?!? "iiM
$932,184
408,551
$4,033,489
1,743,073
$3,617,313
1,629,881
$523,633
471,964
$2,290,416
2,054,486
$1,987,432
1,788,299
Northwestern Pacific RR.—Earnings—'
April—
1941
1940
1939
Gross from railway
$250,055
$273,747
$256,410
Net from railway
786
defl,179
def7,700
Net ry. oper. income
def41,430
def32,407
def34,025
1938
$218,636
defl24,5l3
defl54,658
911,223
defl35,526
def239,410
def488,631
def603,000
operating revenues
Operating taxes..
Net
Net operating
Net income.
—V. 152, p.
$1,049,495
394,132
$655,363
income.
588,167
/
_—
2867.
...
-
Netfrom railway......
Net ry. oper. income
—V. 152, p. 2867.
Ohio Edison
t£xS.-
-
depreciation-.
$686,427
286,094
income..
$622,404
281,395
$7,699,915
3,410,533
$7,555,680
3,399,955
$400,332
Gross income..4
Int. & other deductions.
$341,009
155,577
155,577
$4,289,381
1,866,923
$4,155,726
1,866,923
$244,756
—
$185,432
$2,422,458
$2,288,80;?
stock
Balance
....
—V. 152, p.
2714.
Oklahoma
City-Ada-Atoka Ry.—Earnings—
8,911
railway
2,912
Net ry. oper. income
From Jan. 1—
86,064
22,754
Gross from railway
Net from railway
Omnibus
$38,825
20,860
18,818
124,378
43,458
20,419
20,215
def5,992
def594
Net ry. oper. income
—V. 152, P. 2869.
1939
96,281
$24,930
Gross from railway
1938
$33,133
7,780
def 1,377
1940
$26,924
8,306
1,097
1941
April—
Net from
712,446
1941—Month—1940
1941—12 Mos.—1940
$1,628,958 $21,531,642 $19,602,320
637,174
519,708
6,978,134
6,414,664
367,778
261,846
3,953,593
3,031,975
250,000
225,000
2,900.000
2,600,000
Operating expenses
Net
def281,769
$1,941,379
Gross revenue.....
Divs. on pref.
defl59,588
Co.—Earnings-
Period End. Apr. 30—
Prov. for
918,181
957,807
def50.879
defl94,677
147,402
52,575
17,933
Corp.—10-Cent Dividend—
Directors have
declared a dividend of 10 cents per
share on the common
30 to holders of record June 13.
Dividend of 20 cents
paid on March 31 last and previously regular quarterly dividends
30 cents per share were distributed.—-V. 152, p. 2565,
stock, payable June
81,047
of
was
Oriental Development Co.,
Detroit Edison Co.
North American Co.— To Issue
.
7,779
opSS™:::
—V. 152, p. 3033.
Total income (all
Commission May 26 announced that the
company has filed a declaration (File 70-32,5) under the Holding Company
Act regarding the payment of a dividend on its outstanding shares of com¬
mon stock in shares of capital stock of The Detroit Edison Co.
The company proposes to pay the dividend on July 1, 1941, to stock¬
holders of record June 10, 1941, at the rate of one share of capital stock of
The Detroit Edison Co. on each 50 shares of its common stock.
NO
certificates will be issued for fractional shares of the stock of Detroit Edison
Co., but in lieu thereof cash will be paid at the rate of 40 cents for each
l-50th of a snare of that company's stock.
The company estimates that in order to pay the dividend it will have to
distribute not more than 155,000 shares of the 1,222,315 shares of capital
stock of Detroit Edison Co. which it owns.
The amount of cash to be
distributed in lieu of fractional shares is estimated at not more than $665,000.
Ltd.—Earnings—
Earnings for Six Months Ended Dec.
(In Japanese Yen)
Stock
Dividend—
as
1941—Month—1940
30—
UoconecUb^operfrev:I
$357,939
60,060
1,339,453
114,458
r.
From Jam. 1—
Gross from railway
Net from railway
Net ry. oper. income
Telephone Co.—Earnings—
1941—4 Mos.—1940
Northwestern Bell
Gross from railway.—-
Westchester & Boston Ry,—Order Granted
New York
Co. (Del.) —Weekly Output—
Co. system for the week
as compared with 27,930.17/
increase of 12.5%.~-V. 152,
Northern States Power
ended May 24, 1941, totaled 31,409,930 kwh.,
kwh. for the corresponding week last year, an
that State Commission.
otherwise authorized by
The Securities and Exchange Commission has ordered
June 3 at its Washington offices on the declaration or
on
70-320) of corporation
Northern States Power
60,000 shares of 5M% cumula¬
$6,000,000 to be deposited with the trustee under the company's
1st mtge. for withdrawal against expenditures for additional property or
against retirement of bonds.
Accrued interest and dividends on the securities to be redeemed will be
paid by the company out of its general funds.
The company states that in connection with the authorization of the
issuance of the bonds and preferred stocK the New York Public Service
Commission required that the proceeds from the sale of $6,000,000 par
amount of the stock be used exclusively for certain construction projects
(e)
or as
May 31, 1941
Financial Chronicle
31,1940
22,476.114
20.426,595
sources)
Expenses
...
The Securities and Exchange
W./
Debentures Called—
Net
Total...
W'M
Dividends
—
(& Subs.)—Earnings—
......
Net operating income
Other income,
Gross
$976,378
12,748
77,235
$1,191,973
952,875
(In Japanese Yen)
Liabilities-
Assets—
Discount and charges on
Capital
de¬
$1,053,613
886,829
$239,098
—
Net income
._
$166,784
Note—Consolidated net income for the 1941 and 1940 periods includes
approximately $165,000 and $75,000, respectively, net income of subsidiary
companies not available for distribution to North West Utilities Co. because
of prior years' dividend arrearages on the preferred stocks of Wisconsin
Power & Light Co., and a restriction created in connection with the refund¬
ing of long-term debt of Northwestern Public Service Co.
Provisions for Federal income taxes have been computed in accordance
with the requirements of the Second Revenue Act of
1940.
Issued
8,531,930
Expenses and taxes.*
Gross
,
Int.
$
_
_
V.
152,
p.
852
$56,540
$35,320
of the Second
Revenue Act
of 1940.—
i
Northern Illinois Finance Corp.—Earnings—
F-
3 Months Ended March 31—
Net income after all charges
Earnings per share on common stock.
Northern Pacific
A
1939
$58,229
$0.42
1940
$6,021,538
1,659,216
$5,426,677
1,202,061
1,409,288
-
1939
1938
928,959
$4,211,059
368,670
71,141
21,856,975
5,002,523
19,368,186
3,435,500
,201,519
,535,825
income...
3,893,667
£
m
2,425,205
436,835
15,698,105
792,836
def279,121
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
—V. 152, P. 3193.
50,000,000
.... - -
Buildings
Implements and furniture...
Agricultural products
Forest products
Fertilizers, salt, &c
Loans in
20,889,486
form
of fertilizers,
1,145,304
7,604,316
Suspense payments......... 11,562,443
farm lmplents, &c
Cost of works in progress
Accounts
BilLs
transfer
on
of
lands
buildings
Accounts
42,763,630
and
...
7,292,203
6,789,928
Suspense receipts
payable.
-
760,271
losses
foreign
Provision for exchange
redemption
on
of
exchange.....
Security for oblig.
Lands and buildings In process
of transfer
Loans payable..
Instalments and other receipts
....
deposited.
Employees* caution money..
Retiring allowance fund
forward from
period.....—
Net profit for current period.
4,000,000
90,603
1,393,781
542,862
Balance brought
last
1,878,410
2,049,518
13,050
4,389
receivable
receivable
13,003
Cash on hand
568,532,164
Total
568,532,16
Total
—V. 139, p. 452.
Inc.—Enjoined—
Commission reported May 20 that
District Court at Shreveport, La., bad
The Securities and Exchange
Ben C. Dawkins of the U. S.
temporary restraining order enjoining
officers from violating the registration
a
Judge
issued
six companies and certain of their
fraud provisions of the Securities
Act of 1933.
The defendants named are
The Parker Methods, Inc.,
Hugh M. Sneed; Magnetic
Joseph E. Parker,
Gold Mining Co.,
Corp., N. C. Watts and Mrs. Lenora
Wilkerson Watts; Western Black Sand Co., Inc.; Western Patent Broker¬
age Corp., and Colorado River Magnetic Black Sand Co. and Darrell C.
Walters
v..•
~ •.*...
The complaint alleged that for over a period of about a year and a half
prior to the filing of the action the defendants have been selling the capital
stock of the various corporate defendants by the use of the mails and in
and
Hugh M. Sneed; Parker Patents
interstate
V'
commerce.
In the sale of the stock
of The Parker
,
.
^
,.
Methods, Inc., Magnetic Gold
Mining Co. and Colorado River Magnetic Black Sand Co., the complaint
alleged, the registration provisions of the Act were violated in that regis¬
tration statements were not in effect with the Securities and Exchange
Commission.
Ry.—Earnings—
1,676,591
554,893
270,949
Gross from railway
Net from railway..
Net ry. oper.
1940
$60,314
$0.39
1941
$52,943
$0.36
1941
April—
3,705,003
8,685,050
208,747
3,969,823
30,348
447,462
46,236
Forests
Malcolm H. Sneed and Mrs.
income taxes have been computed in ac¬
the requirements
2564.
$57,170
630
>
_
payable to bank
Net income..
with
4,028
$36,172
payable to subs, consolidated.
F Note—Provisions for Federal
cordance
1940
$61,198
4,032
....
income.-..—
on notes
Interest on note
41,657,015
Parker Methods,
1941
$40,204
1
.
Loans and advances
Earnings of North West Utilities Co. Only
3 Months Ended March 31—
Income
subscribed
of capital 2,378,585
6,558,737
241,197,095 Reserve for equalization of
dividends
i
1,476,646
Shares and bonds..
192,007,776
Inv. in special enterprises
15,755,724 Debs, issued & outstanding. .422,230,370
24,895,355
Land irnpt. workd under contr
4,499,224 Fixed deposits
Res. for impairment
Livestock
income
Interest and other deductions.
mm
1940
$3,400,414
2,424,036
$1,179,225
;
1940
Balance Sheet Dec. 31,
Lands
$4,126,456
2,947,231
1941
3 Months Ended March 31—
Operating revenues^
Operating expenses and taxes.,...
1,887,178
-
Balance...
Deposits with banks
North West Utilities Co.
3,927,928
350,000
72,000
1,618,750
—
Reserves.
Bonus to officers..
bentures
debentures, series due 1959 have been called
for redemption on July 1 at 103 K and accrued interest.
Payment will be
made at the Central Hanover Bank & Trust Co., N. Y. City.—V. 152,
p. 2865.
A total of $10,000,000 4%
2,049,519
1,878,410
profit
Previous surplus
Patino Mines & Enterprises
President Reports
Defense Plans at
Consolidated, Inc.—Vice-
Stockholders1 Meeting—
to the United
have been no
Vice-President, told stockholders
who presided, said production
Bolivia is approaching the record figure of
The output of tin by the company continues to be shipped
Kingdom in the form of concentrates, and, to date, there
losses in transport, Alexander B. Royce,
at the annual meeting May 27.
Mr. Royce,
mines in
22,000 tons annually reported for
from the company's
1929.
Volume
The Commercial & Financial Chronicle
152
Mr. Royce also made known that Patino Mines had
presented a plan to
8. Government authorities for the erection of a tin smelter in this
country for the processing of Bolivian ore with the
cooperation of the
technical staff of Consolidated Tin Smelters of
Liverpool.
The company
had been willing to
forego smelting profits, he added, but that the contract
to erect and
manage the tin smelter now being built in Texas by the Govern¬
the U.
ment was awarded to Dutch tin interests.
approximately 18,000 tons of fine tin
Bolivian
a
object of being
prepared, a subsidiary company in Delaware under the name of the Smelters
Development Corp., so that it can undertake, without delay, and under the
most favorable
conditions, the smelting in this country of the corporation's
tin
concentrates, and those of other companies in Bolivia under the control
of Simon I.
Patino, President.
The
stockholders approved an amendment to by-laws of the company
whereby the corporation's directors and officials were to oe indemnified for
reasonaoly incurred and arising as a result of any suit or action
through their activities in connection with the corporation.
Mariano Deheza was elected a director to succeed Manuel Carrasco,
expenses
and all other memoers of the board
were
Trust
1941—4 Mos.—1940
1941—April—1940
$3,035,425
$2,759,946 $12,384,808 $10,922,135
2,252,609
2,082,796
8,794,166
8,308,449
revenues
expenses
Net operating revenue
Ry. tax accruals
$782,815
240,226
Netry.
$351,260
48,897
$2,089,563
213,270
$1,448,496
216,198
$400,158
$2,302,834
$1,664,696
7,012
23,289
24,478
5,369
267,733
23,618
1,071,928
23,622
1,070,893
$188,487
Total income
$1,899,284
347,991
102,796
5,368
268,594
oper. income..
Other income
$2,514,550
307,376
117,610
6,944
_
$494,685
86,895
56,528
$421,165
48,227
(net)..
$2,613,686
714,402
$469,393
rents
$3,590,642
1,076,092
$542,589
60,382
61,041
Operating income
Equipment
Joint facility rents (pet)
$677,150
182,465
$120,044
$1,183,998
$545,703
deductions from
income
Rent for leased roads &
Peerless Cement Corp.—Bonds Called—
at the Detroit
Operating
Operating
Miscel.
reelected.—V. 152, p. 3355.
All of the outstanding 1st mtge. s. f.
5% series A bonds, dated Jan. 2, 1935
have been called for redemption on
July 2 at par and accrued interest.
Payment will be made
P. 3355.
Earnings for April and Year to Date
and "will be processed from
The Patino management and the British
organization, Mr. Royce said,
still stand ready to go ahead with the
plan if and when such an emergency
arises.
To do this, he added, Patino has organized, with the
were
Halsey, Stuart & Co., Blair & Co.
and associates, 100,708 for
an interest cost basis of about
2.15%.
Salomon Bros. & Hutzler and associates 100.299 for
2%s and Harriman
Ripley & Co., Inc., and associates 100.7899 for 2j^s.
The output of this plant will be
year,
ores.
3511
Other bidders for the certificates
Co., Detroit, Mich.—V. 152,
(J.
C.) Penney Co.—Stock Offered—Union Securities
Corp. sold Wednesday, after the close of the market, 10,000
shares of common stock (no par) at $81.25
per share.—
equipment
Interest
on
debt
Net income
Inc. applied to
and other
sinking
funds._
Inc. bal. transferable to
profit and loss..
—V. 152, p. 2871.
res.
—
$188,487
625
575
$1,183,373
$545,128
—
$120,014
V. 152, p. 3035.
Philadelphia Co.- -Bonds,
Registered with SEC—
Pennsylvania RR. Regional System—Earnings—
[Excluding Long Island RR. and Baltimore
& Eastern RR.]
Period End. April 30—
Railway
Railway
Net
1941—Month-—1940
1941—4 Mos —1940
.$42,572,241 $34,596,837S173,138,244 $143413,376
expenses. 30,965,791
24.247,879 127,474,649 105,626,579
oper. re venues
oper.
from
rev.
railway
operations....
$11,606,450 $10,348,958 $45,663,595 $37,786,797
Rail way taxes.........
3,823,300
2,928,000
12,889,300
9,870,000
Unemploym't ins. taxes.
598,576
464,453
2,282,382
1,973,551
Railroad retire, taxes.—
598,578
464,514
2,282,568
1,973,744
Equip, rents. Dr. bal...
465,270
748,623
1,310,849
2,228,732
Jt. facil. rents—Dr. bal125,630
162,271
734,353
613,540
Net ry. oper. income
$5,995,096
-
$5,581,097 $26,164,143
$21,126,530
April—
1941
Gross from railway
1940
1939
1938
.$42,472,767 $34,521,246 $29,393,148 $27,919,068
11,624,847
10,375,594
7,714,517
7,335,109
6,025,764
5,832,542
3,762,986
3,382,765
.
.
From Jan. 1—
Gross from railway
Net from railway
.172,792,501 143,123,811 125,083,368 110,823,199
45,729.176
37,868,127
31,562,462
25,238,819
26,271,822
21,966,404
17,606.808
11,109,958
-
Net ry. oper. income.
—V. 152, p. 2876.
_
.
Pennsylvania-Reading Seashore Lines—Earnings—
April—
1941
1940
1939
1938
$499,848
def48,065
def225,262
$394,951
defll3,443
def258,504
$386,643
def91,312
def238,443
def!07,541
def251,525
1,733,964
def261,829
def889,650
1,543,579
def375,993
def945,900
1,414,822
def337,202
def886,018
1,322,568
def424,655
def957,614
Gross from railway.....
Net from railway..
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income...
$364,976
—V. 152, p. 3194.
i;
■
Pennsylvania Salt Mfg. Co.— To Pay $2.25 Dividend—
The directors have declared a dividend of $2.25 per share on the common
stock, par $50, payable June 13 to holders of record May 29.
Dividend of
$2 paid on Dec. 14, list; $1.75 paid on Sept. 14, 1940: $3.25 on June
15,
1940; $2 on March 15, 1940 and on Dec. 15, 1939; dividend of $1.25 paid
on Sept. 15, 1939; $1.75 on June
15, 1939 and $1 paid on March 15, 1939.
—V. 151, P. 3898.
Pepsi-Cola Co. (& Subs.)—Earnings—
Year Ended Dec. 31—
al940
Gross profit on sales....
—
—
...
Prov. for U. S. and Dom. of Canada inc. taxes
on
on
$6,778,559
29,504
$6,808,063
1,075,600
14,623
sale or abandonment of equipment, &c
foreign exchange conversion
...
46,201
Miscellaneous deductions
104, 921
$5,650,139
379.690
Payments, losses, &c
Payment in settlement of Margery K. Megargel
c
Extraordinary legal
expenses
$5,821,853
4,666,986
per
$4,870,479
3,889,155
$22.45
—
Dividends paid
a
120,000
279,971
—
Earnings
$18.78
share of capital stock
British subsidiary excluded,
b Before deducting extraordinary charges
special litigation. c In connection with
in connection with settlements and
settlement of the
principal amount maturing each year), and 413,794 shares of common
stock, without par value.
The interest rates are to be furnished by amend¬
ment.
..-WrY ■.,/
-v'
The company also filed an application (File 70-234) under the Holding
Company Act, regarding the issuance and sale of the securities.
The company states that as soon as practicable after the registration
statement becomes effective, it proposes to publicly invite sealed, written
proposals for the purchase or underwriting of the bonds and notes.
The common capital stock will be offered, at $7.25 a share, to holders of
the company's outstanding 5% preferred capital stock and common
capital
on the basis of 8.6 snares for each 100 shares of
outstanding 5% pre¬
ferred or common stock held.
Standard Gas and Electric Co., parent, as owner of 4,634,530 outstand¬
ing shares of common capital stock, will have the right to subscribe for
391,076 additional shares, and that company will either reduce the number
of shares to which it is entitled to subscribe or will purchase shares not taken
by the other stockholders in such amount that the gross proceeds to Phila¬
delphia Company from the sale of the bonds, notes and common capital
stock will aggregate $63,000,000,
The net proceeds from the sale of the securities will be applied to the
redemption, of 105%, of $60,000,000 principal amount of 5% secured gold
bonds, due 1967.
Accrued interest on the bonds will be paid from corporate
funds.
".
The price at which the bonds and notes are to be offered, the names of
the purchasers or underwriters, and the redemption provisions are to be
furnished by amendment.
A hearing has been set for
case
TJ. 8. and Canadian
"Loft, Inc.
excess
vs.
Charles G. Guth, et al."
d
Including
profits taxes.
due 1961, $12,000,000 of collateral trust serial notes (maturing $1,200,000
principal amount each year for ten years), and not more than 413,794 shares
of common capital stock, without par value.—V. 152, p. 3356.
Philippine Ry. Co.—Earnings—
Transportation
Miscell.
operation..—
134,160
Accounts receivable
187,142
(net)....
Marketable securities
44,707
Inventories.—
3,601,810
284,987
153,125
—
Miscellaneous assets.
.
...
Investments
oper.
expenses.
Net oper. income
April—
Gross from railway....Net from railway
Net ry. oper. income
S.
&
Can.
$61,112
2,487
5,977
$512,885
66,974
97,031
2,825
191,551
260
19,744
$527,443
62,193
89,135
2,708
212,190
617
443
"2",924
35,330
34,734
$36,731
24,851
$31,391
29,720
$402,174
125,268
$393,558
119,327
Inc.
<fc
$400,210
excess
profits taxes
^
Othertaxes
190,287
Miscellaneous accruals
Gusts, deps. on bottles &
_
cases
Capital stock ($5 par)...
Capital surplus
170,224
395,437
1,296,385
502,248
8,161,864
1,658,568
Net ry. oper. income—
—V. 152, V. 3195.
1,852,314
5,547,370
1,500,000
_
—
—
-V. 152, p.
-
8,673,825
468,276
Deferred debit items
Total
Earned surplus...
$14,323,004
—
Total
—
.$14,323,004
3356.
Marquette Ry.—Equipment Trusts Offered—ljazard
Freres & Co. and Kidder, Peabody & Co. on May 27 were
awarded
$2,77.5,000
2equipment trust certificates of
1941 on a bid of 100.233, representing a net interest cost to
the company of 2.09%.
The certificates were immediately
reoffered at prices to yield 0.35 to 2.45%, according to
maturity.
The certificates are dated June 1,
1941; due $185,000 annually June 1,
Issued under the Philadelphia plan.
National Bank
1942-1956 inclusive.
of Detroit, trustee.
approval.
.
Issuance subject to Interstate Commerce Commission
.
Proceeds from the sale of the certificates will be used toward the purchase
of equipment costing approximately $3,513,762.
The equipment includes:
12 2-8-4 type steam locomotives, 40 all steel caboose cars, 25 all-steel covered
opper cars,
200 all-steel automotilbe cars, and 300 all-steel box
cars.
$930,479
def53,255
16,849
6 ,629,423
583,469
890,745
4,805,895
3,707,552
def294,650
def7,004
1940
1941
Gross from railway
Netry. oper. income...
-tV. 152, p. 2871.
24,764
300,346
1939
1938
$61,184
5,492
def4,639
$98,634
29,466
$44,381
def3,782
def27,800
14,520
defl3,820
430.881
143,428
424,523
146,479
307,947
85,698
290,710
45,854
86,262
37,044
defl 0,439
$44,218
defl7,248
85,481
Pittsburgh & Shawmut RR.—Earnings—
1940
$115,041
47,439
1939
$15,044
defl4,246
def28,519
34,757
defl2,430
271,497
49,380
330,169
94,281
49,044
def7,577
Net from railway
1941
$19,702
def26,011
April—
v
Gross from railway.....
income—
Gross from railway
Net from railway
Pere
1939
$879,157
def210,097
defl 19,392
Pittsburgh Shawmut & Northern RR.—Earnings—
Net ry. oper.
Property accounts (net)
Tr.-mks., formulas & goodw.
1938
1940
$1 ,491,536
24,871
124,172
From Jan. 1—
Net from railway—...
2,694,387
1941.
$1,727,981
121,895
294,655
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Accounts payable...
U.
$61,581
4,056
7,768
21,639
78
2,957
■.
—V. 151, P. 2248.
Net from railway
Liabilities—
$2,401,427
Notes receivable (net)—...
expense
April—
(Other Than The British Subsidiary)
Assets—
22,909
$232,137
251,671
9,646
19,432
232
revenue
Maint. of way & struct.
Maint. of equipment—
Total
$216,327
279,289
8,918
1,238
$22,582
35,846
888
1,796
$21,616
37,927
799
Mail and express
Incidental-
Total
1940—12 Mos—1939
1940— Month—1939
Period End. Dec. 31—
Passenger
Freight
Gross from railway.....
Consolidated Balance Sheet Dec. 31, 1940
Cash
June 5 at the Securities and Exchange Com¬
mission's Washington offices on the declaration or application of company
and its parent, Standard Gas & Electric Co., regarding the issuance and
sale by the subsidiary of $48,000,000 of collateral trust sinking fund bonds,
Pittsburgh & Lake Erie RR. —Earnings—
...
suit
Net income
Company on May 22 filed with the Securities and Exchange Commission
registration statement (No. 2-4764, Form A-2) under the Securities Act
1933, covering $48,000,000 of collateral trust sinking fund bonds, due
1961, $12,000,000 of collateral trust serial notes, due 1942-1951 ($1,200,000
21,499
$5,821 853
■7"
b Net income
Stock
of
General
Gross income..
Loss
$8,558,708
66,795
$8,625, 503
d2,698 729
—
Common
a
Traffic-.-
Profit from operations
Other income
Loss
19.39
$16,295,934 $11,269,128
7,737,227
4,490,569
Selling, general and administrative expenses
and
stock
Earnings of Company Only
Net from railway
Net ry. oper. income.
Notes
Net ry. oper. income—
—V. 152, p.
17,801
169,242
def27,694
def29,074
2716.
Pittsburgh & West Virginia Ry.April——.
Gross from railway.__._
Net from railway
Net ry. oper.
income—
GroSftomraU^ay
Net from railway......
Net ry. oper.
—V. 152, p.
income..2871.
1941
$372,598
UHH?
Earnings—
1940
1939
$300,471
$193,064
oi'9£r
20.349
92,574
25,455
def6,191
1.573,969
547,439
1.365.134
392,255
471,980
328,781
990.147
257,075
194,770
Preston East Dome Mines,
Directors have declared an extra
1938 ^
$222,473
33,100
22,287
884.172
161,471
170,247
Ltd.—Extra Dividend—
dividend of 2 XA cents per share in addi¬
quarterly dividend of five cents per share on the common
both payable July 1 to holders of record June 16.
Like amounts paid
tion to the regular
stock
185,708
6,653
1938
$34,799
def4,131
def6,005
The Commercial &
3512
April 15, last and extra of
on
-y
p. 1291.x
■
five cents was paid on Jan. 15, last.—V. 152,
j ll.rmi„' -'
—
——-——------ ——
Public Service Co. of Indiana,
j.
Inc.—Hearing—
declaration and
Requests by interested persons for a hearing on the
application (File 70-317) filed with the Securities and Exchange Commission
by Public Service Co. of Indiana, Dresser Power Corp., Terre
Electric Co., Inc., Central Indiana Power Co. and Northern Indiana
Power Co. on their behalf and on behalf of Public Service Co. of Indiana,
Inc., a new corporation to lie formed through the consolidation of the fore¬
going companies, may be made in writing not later than June
requests should be addressed to the Secretary*of the Commission
state the reason for the request and the nature of the interest.
md
The application and declaration is in regard to the proposed issuance
by the new corporation of $13,738,000 of 3lA% first mortgage
series C, due 1971. of which $13,200,000 will be sold to eight institutional
investors at 102, and $538,000 will lie exchanged for a like principal amount
of 4M% first mortgage bonds/series A, due 1905, of Northern Indiana
Power Co. now pledged with the Rural Electrification Administration.
The proceeds from the sale of the bonds will be used to retire
of 5% first consolidated mortgage gold bonds, due 1944, of Terre Haute
Electric Co., Inc., and $10,038,000 of 4M% first mortgage bonds, series A,
due 1965, of Northern Indiana Power Co.—V. 152, p. 2872.
f
Haute
Any such
and should
3.
bonds,
$3,739,000
Rayonier, Inc.—Reduces
Operating income.___
$3,334,092 $38,448,044
2,147,981
23,618,275
$3,597,105
2,344,993
152,
—V.
$39,531,314
25,561,308
2718.
p.
all
after deducting
Girdler, Chairman of the Board.
In commenting on the resignation, Mr. Girdler said,' Mr.
tion is accepted by the Board of Directors with a great
ex-
progress."—V. 152, p. 3196.
•
— —
4,563,898
995,373
900,957
389,593
Riverside Cement Co., San
1939
$6,388,496
4,357,210
$3,456,387
542,466
$2,031,286
377,649
148,251
83,513
119.829
64,209
$2,682,156
$97,154
35,067
$1,469,600
24,232
$2,717,223
$1,493,832
167,230
131,956
$106,595
3,485
12,418,546
Prov. for
$3,005,194
$2,655,816
955,048
$7,833,504
5,730,327
$5,929,528
3,820,239
Research, develop. & patent expense-
955,048
$2,103,177
$2,109,289
$0.69
$2.02
Gross profit on sales—
Selling, general & admims. expense—
officers' and executive em¬
ployees' special compensation
'
Cash and United States
Other marketable securities
f1,279,147
4,762,014
22,415,256
Other securities, investments and
Other assets
claims
715,327
478,400
124,151,985
126,822,034
$235,416,308
$225,331,524
$12,753,623
$11,564,312
5,096,078
and property
Total
Liabilities
-• ■:
• -rv.'.-i-i- -- •'
Accounts payable and payrolls-- .
$340,155
Reserve for employee benefit plans
Reserve for uninsured fire and casualty
$343,044
Reserve for experimental cars
one
1,520,239
in
-
152,807,800
200,048
4,643,994
pletes sales order
Res've for Fed. in¬
175,087
3,371,984
come
(nominal
Pullman Co. (a subsidiary)--—5,927
Surplus——.-——
43,138,271
Pullman Inc
-
Common stk.
$235,416,308
United Stattes Government securities
a
carried
cost
at
which
in
the
aggregate
b Foreign subsidiary (Entreprises
in 1939 on account of war
c268,866
.2,050,000
1,189,088
1,600,000
1.189,088
Industrielles Charentaises)
de-consoli¬
conditions in France, and investment
therein included here at present carrying value,
c Not yet due, including
provision for Federal income and capital stock tax.
d Less $656,953 ex¬
pended thereon but not yet billed.
© At cost less allocated reserve,
f At
cost.——V. 152, p. 3357.
886,547
926,547
a
1,351,420
868,833
1,635,550
1,006,583
d Treas. stock—_
1225,331,524
and other marketable securities
is less than the market value,
(par
$1)
Capital surplus—
Earned surp. since
Jan. 1, 1936---
Drl,570
Dr 1,588
$9,795,711 $6,763,283
Total
..$9,795,711 $6,763,283
Total
Total.-.
1,289,670
—
6,247
41,282,182
(outstanding)—
Capital stock
216,918
and excess-
profits taxes
Bank loan..
2
value)
152,807,760
Other deferred credits.
200,135
Depos. on uncom-
584,609
4,868,371
1,338,770
deferred
325.284
335,741
Accrued liabilities.
Preferred stock—
90,665
.
269,536
struction contr.
b49,653
72.452
___
Fixed assets
$150,000
652,346
pleted under con¬
owned subs, not
Patents
$150,000
Llab.for work com¬
wholly-
383,364
642,324
4,807,697
—
payable.
year—
Accounts
34,030
104,635
Notes and accounts
Invest.
due after
lnstal.
de¬
and
Prepaid
1939
1940
Bank loan. excl. of
$936,341
675,947
..$1,170,203
a Receivables
1,338,380
Inventories...— 2,265,996
2,795
31
Liabilities—
1939
1940
Assets—
receiv., not cur-
6,640,293
1,409,392
Other reserves
Air conditioning revenue
$119,783
profits taxes.
3,190",836
reserves-
$124,050
— — —
Cash...
1,949,809
388,757
Reserve tor contingencies-- -- --
-----■
consolidated
642,324
liability
and instalations.
$121,644
2,407
$116,988
2,889
Balance Sheet Dec.
1940
6,201,581
5,941,682
2,205,155
Accrued taxes--.
22,000
$81,110
-
ferred items.---
:• * *
d Advances on muniton contracts (contra)
sold
Includes $668,000 excess
a
686,513
...
Deferred charges
271,000
$1,090,876
Selling, general and adminis. expense
Total
f3,484,300
536,003
f2,618,436
729,456
©484,301
549,838
e3,187,481
-
9,441
Note—Depreciation provided by the
corp. nas been cnarged as follows:
Cost of goods
-
-
56,368
$1,275,993
11,795,999
Equipment trust and other deferred payment
car accounts--——---j—
8,478,318
Inventories
. ——- 28,226,987
Cash on deposit, advances on munition con¬
tracts (contra)5,941,682
Investment in and advances to affil. companies—
Domestic
b Foreign
—
Provision for Federal income and ex-
$50,173,550
©792,022
14,361,401
-
Income deductions
—
1940
$48,077,380
Govt, securities
a
Accounts and notes receivable
Miscellaneous income.
$464,974
311,453
al,274,000
1941
V
-"'7
a
profit from operations
$1.53
in 1940 and
$2,292,009
1,827.035
.—8,127,537
sold--
Cost of goods
12,225,090
$1,700,768
.
-
3,068,082
$0.78
1938
1940
$11,583,924
and
;
3,086,215
a Excluding
Entreprises Industrielles Charentaises results
1941.
b No provision made for Federal excess profits tax.
Consolidated Balance Sheet March 31
General
Corp.—Earnings-—
1,049,211
Surplus tor period-- — $2,050,146
6% preferred stock
approved by stock¬
••
Yeats Ended Dec. 31—
—
609,938
162,488
Francisco—Increases—
The plan of the company to exchange present no-par
for a new issue of 5% cumulative preferred has been
3,152,723
Earns .per share of capital
stock
c
—
2,923,083
3,178,396
879,063
339,942
3,495,499
1,774,168
Net ry. oper. income.
—V. 152, p. 3196.
Net
Equipment
—
Gross from railway
Net from railway... —
520,703
Dividends paid--.*
r
,
1,008,010
-■-
.
.
,
Richmond Fredericksburg & Potomac RR. -Earnings
1938
April—
1941
1940
1939
$730,359
Gross from railway
$1,175,663
$789,094
$811,076
158.071
Net from railway.
452,524
152,919
209,933
38,649
Net ry. oper. income
253,947
29,003
73,130
Rustless Iron & Steel
5,244,601 $23,211,316 $19,397,285
$7,099,419
capital stock tax.
Charges and allowances
for depreciation-——-
,
Wick s resigna¬
deal of regret.
He has been an important member of Republic's executive family since the
company was organized and he has contributed substantially to Republic's
allowances-
and
Net Income.
corporation, effective July 1, was
Gross sales, less disc'ts,, returns
>rov. incident income
Jlenses for Fed. to oper.
Vice-President in Charge of Finance
announced on May 26
of M. A. Wick as
by T. M.
1941—12 Mos.—1940
1941—3 Mas.-—1940
Bank
Corp.—Official Resigns—
Republic Steel
The resignation
and director of this
Subs.)—Earnings-
Pullman Inc. (&
Period End. Mar. 31—
additional
the ma¬
bank loan
ended
3195.
holders.—V. 152, p. 3196.
Earns, from ail sources,
a
Debt—
The company has announced prepayment as of May 16 of an
$500,000 of a long term bank loan.
The prepayment represents
turity due Feb. 1, 1943.
Originally standing at $8,000,000, the
was reduced
by prepayments of $1,500,000 during the fiscal year
April 30, 1940.
A similar amount was prepaid the preceding year.
loans after the latest payment stands at $4,500,000.—V. 152, p.
From Jan. I
New Jersey—Earnings—
Period End. April 30—
1941—Month-r-1940
1941—12 Mos.—1940 ■
Operating revenues
$12,372,733 $11,652,446 $143248,528 $136289,158
Oper. exps., maint., &c8,775,627
8,318,353 104,800,484 96,757,844
Public Service Corp. of
Bal. avail, for divs. & sur
May SI, 1941
Financial Chronicle
of $32,072 in 1940 and $20,559 in
Reserve for Federal income taxes only,
After reserve for doubtful accounts
1939.
b Notes receivable only,
d 327 (331 in 1939) shares
c
of common stock representing
accumulated in retiring stock
fractional shares
of predecessor company.—V. 152, p.
3358.
dated
Earnings—
Rutland RR.
April—
\
,
1940
1941
.
(George) Putnam Fund of Boston —New Trustee—
rev.
18,172
45,539
27,511
Gross from railway
1,139,736
1,099.178
1,051,810
Net from railway
Net ry. oper. income._-
52,819
def 18,911
127,179
44,299
3,208
def8l,896
433,901
$1,354,541
388,725
$7,833,174
2,374,920
St* Louis Brownsville & Mexico
_
$1,082,242
Drl44,528
Crl ,023
$965,816
Dr39,002
Cr3,735
$5,458,054
Dr501,928
Crl,020
$4,113,848
Dr337,258
Crl0,912
_
Net ry. oper. income.
—V. 152, p. 2718.
$938,737
$930,549
$4,957,346
$3,787,502
$794,834
al941
$160,174
87,421
Operating revenue
Operating and general expenses
$72,753
Profit
Profit from subsidiaries
1940
$104,270
48,732
$55,539
30,012
900,316
St. Louis San Francisco
1939
$715,638
277,555
197,922
1938
$730,641
292,955
201,326
3,220,485
1,528,264
1,128,403
3,195,383
Ry.—Earnings—
Earnings of System
$4,546,119
3,528,888
664,404
Other income
def3,558
15,335
Operating revenues
Operating expenses
Net ry. oper. income
15,045
■>
3,147,796
161,259
$3,209,975
27,752
$217,535
31,794
$5,481 $3,182,222
Only)
$185,741
$11,486
6,005
$679,939
8,526
62,179
1939
Bal. avail, tor int.,&c-
$86,731
b27,475
$671,414
(Earnings of Company
1941
1940
April—
1939
$72,753
profit
Other expense, net of other income.
Provision for depletion and deprec
Taxes
_
Cr2,445
60,187
18,243
$85,690
1,787
45,424
13,551
$114,207
7.789
54,970
9,087
Gross from railway
Net from railway
Net ry. oper. income
Earnings
a
per
share
Includes subsidiaries,
x$8,924
Nil
$24,929
c$0.05
$42,361
c$0.11
b Increased $5,840 by inclusion of oil inventories
previously taken into account,
c After dividends on 5 A % cumulative
convertible preferred stock series A.
x Loss.—V. 152, p. 1930.
not
1938
$3,194,057
174,284
def38,683
$3,471,656
$3,363,080
954,937
640,163
364,447
27,407
296,934
defl8,780
17,416,093
4,225,577
3,124,860
14,157,559
13,484,533
1,196,266
def72,058
13,166,968
45 cents per share on
the common
1,497,259
289,828
642,927
674,785
—V. 152, p. 2873.
-
Net profit
56,276
$4,347,529
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Total
1,407,125
986,676
1941—Month—1940
1941—4 Mos.—1940
$3,605,669 $18,133,862 $14,724,238
3.238,783
13,746,340 13,214,483
Period End. Apr. 30—
$141,435
54,703
140
Profit on sale of capital assets
3,031,082
1,259,070
963,637
Net ry. oper. income
—V. 152, p. 2873.
304,550
224,020
3,036,371
1,341,930
Gross from railway.
Net from railway
$741,817
366,935
280,358
Gross from railway
Net from railway
Total income
Other deductions-
Republic Petroleum Co.--Earnings3 Months Ended March 31—
909,809
defl73,206
def291,579
Ryv -Earnings-
1940
1941
April-
%.
'■
Railway oper. income
Equip, rents (net)
Joint facility rents (net)
def22,979
def52,267
—V. 152, p. 3358.
$5,714,965
1,601,117
from ry. oper. $1,516,143
$244,983
$274,345
11,446
def5,179
income
Net ry. oper. income
From Jan. 1—
1941—4 Mos.—1940
Period End. Apr. 30—
1941—Month—1940
$4,765,239 $23,902,624 $19,960,967
Railway oper. revenues- $5,438,835
3,410,698
16,069,450
14,246,002
Railway oper. expenses.
3,922,692
Net
$280,891
32,659
!-
Gross from railway
From Jan. 1—
Reading Co.—Earnings-
Railway tax accruals--
$296,586
Net from railway
Net ry. oper.
Richard Osborn, formerly associated with Brown Brothers Harriman &
Co., has become a trustee of this company, it was announced on May 27
by George Putnam, Chairman.
Mr. Osborn will fill a vacancy caused by the resignation of S. H. Cunning¬
ham, in order to comply with provisions of the Investment Company Act
which require that a majority of the trustees shall have no connection with
the organization distributing shares of the Fund.
Mr. Cunningham will
continue as President of S. II. Cunningham Co., general distributors of
shares of the Fund,—V. 152, p. 2872.
1938
1939
■
Scott Paper
Co.—45-Cent Dividend—
Directors have declared a dividend of
stock, payable June 14 to holders of record June 2.
Previously regular
quarterly dividends of 40 cents per share were distributed.
Extra dividend
of 25 cents was paid on Dec. 16, last.—V. 152, p. 2874.
Volume
The Commercial & Financial Chronicle
152
St. Louis San Francisco & Texas Ry.
April—
'
1941
1940
Gross from railway
Net from railway
1938
1939
__
$94,796
def2,646
def34,071
$127,180
19,660
def 13,501
5133,634
27,270
def8,736
541,627
128,564
def 3,899
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
Sierra Pacific Power
—Earnings—
$151,567
?
49,143
15,620
_
402,428
def9,997
def141,862
458,817
39,470
defl0,947
478,038
43,333
def 112,634
—V. 152, p. 2873.
Period End. Apr. 30—
Operation.
Maintenance
Federal income taxes...
Other taxes
x
Utility oper. income
Other income (net)—
Period End. Apr. 30—
Net
revenuesexpenses-
1941—Month-1940
1941—i Months—1940
$2,068,316
$1,578,349
$8,255,865
$6,589,475
1,239,579
1,269,203
4,998,129
4,704,975
from ry. oper
rev.
x
$828,737
114,273
714,464
24,542
Railway tax accruals.__
Railway oper income.—
Other ry. oper. income..
Total ry.oper. income
$1,884,499
442,155
1,442,344
104,247
$3,257,735
450,728
2,807,006
93,207
$309,145
111,324
197,821
25,025
$739,006
$222,846
$2,900,213
$1,546,592
184,288
178,157
715,153
664,972
$554,718
7,583
$44,689
5,312
$2,185,060
29,467
$881,620
27,471
$562,301
$50,001
$2,214,527
$909,091
251,880
265,753
1,005,144
def215,752
income
Retirement
res.
1941—12 Mos.—1940
$2,333,788
$2,164,660
812,230
719,755
121,558
105,233
172,080
139,087
255,180
186,476
$73,393
3,515
$1,014,109
3,569
$80,374
11,746
$976,253
149,654
$1,017,678
>107,515
$59,628
6,229
'
Gross income.
Int. on long-term debt..
of debt prem.
$972,739
Z>r64
$73,569
13,941
—
accruals
$80,438
176
$68,628
9,624
$826,599
102,018
$910,163
115,684
9,675
Amortiz.
^
and discount
Crll7
806
5,991
841
775
11,269
9,015
$52,674
$57,423
$707,320
$775,789
Other income charges...
Net income
x
Before retirement
accruals.—Y. 152, p. 3359*
1,065,143
$310,421
Gross
Co.—Earnings—
1941—Month—1940
$197,068
$176,566
67,417
61,421
17.649
7,917
16,305
10,7.93
22,304
15,996
Operating revenues
St. Louis Southwestern Ry .—Earnings—
Railway oper.
Railway oper,
3513
■:
reserve
.
Deductions from ry. op¬
erating income——
Net ry. oper. income
Non-operating income.Gross income
Deductions
from
gross
income--
Sloane-Blabon Corp.—Annual ReportEarnings for the Year Ended Dec. 31, 1940
Gross Operating income.
Maintenance and repairs
-
$2,270,549
204,895
283,166
1,279,105
_
Provision for depreciation
Selling, general and administrative expenses.
Operating profit
!
Net income-
1,209,383'i def156,052
$503,383
Other income (net)
1,542
-V. 152, p. 3037.
Total profit..
San Antonio Uvalde & Gulf RR.April—
Gross from railway
Net from railway.
Net ry. oper. income—-
1939
1938
$128,307
21,359
def 10,632
$97,508
def8,836
def38,973
427,243
30,765
def97,168
431,061
35,647
def91,218
_
Earnings—
def36,891
1941
$131,265
22,157
defl2,254
488,325
60,818
def73,033
412,762
def38,249
def170,557
1940
$98,103
def5,255
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.-.
Savage Arms Corp.—Listing—Stock Split-Up—
The New York Stock Exchange has authorized the listing of 739,144 new
common stock
(par $5) on official notice of issuance, pursuant
shares of
split-up of shares in ratio of 4 for 1; all of said shares
are to
be issued in
lieu of 184,786 no par common shares now issued and outstanding, including
17,071 such shares held by Savage.
The split-up in the shares was approved
by stockholders May 22.
There are now issued 184,786 shares of common stock, no par (including
17,071 such shares acquired and held by Savage): the amount of capital
now represented by these shares is $3,695,720.
No additional considera¬
tion will be received by Savage for the issue of such 739,144 new shares of
common stock (par $5).
The capital of Savage will not be increased either
by transfer of surplus to capital account or otherwise.
The same amount of
capital, that is, $3,695,720, will be represented by the resulting 739,144
shares of common stock par $5.
>
Consolidated Income Account for Calendar Years
Net
profit
1938
1937
$2,398,708
162,250
$622,525
124,250
$297,516
124,250
$760,730
120,000
$2,236,458
56,234
$498,275
27,278
$173,266
7,740
$640,730
24,783
$2,292,692
Profit
Depreciation—
Operating profit
Other income
Deficiency in earned surplus from May 1, 1942 to Dec. 31,
1940-
—
.-—
—
$525,5.53
2,261
173,984
$181,006
6,128
$665,513
5,590
176,307
2.034
Federal and State taxes.
1,262,257
114,444
Federal surtax on undis¬
tributed profits
27,000
Net profit
stock (no par)
x
share—
$60,434
41,989
$139,603
167,715
$2.08
$357,526
167,715
$6.13
Surplus
com.
$349,307
209,704
$1,028,401
670,875
Dividends..
Shs.
—
—
$456,616
252,292
$18,445
167,715
$0.36
$204,323
167,715
$2.72
After deducting all expenses incident to operations, including those for
ordinary repairs and maintenance of plants and ordinary taxes.
x
1940
1939
Liabilities—
.$2,788,099 $2,692,265
Fixed assets
Revolving fund... z3,000,000
Southern Bell
Telephone & Telegraph Co.—Earnings
Period End. Apr. 30—
1941—Month—1940
1941—4 Mos.—1940
$6,319,712 $28,291,779 $25,130,793
Uncollectible oper. rev..
$7,228,907
26,442
Operating revenues
Operating expenses
$7,202,465
4,652,082
$6,296,097 $28,185,307 $25,043,899
4,007,771
17,872,529
15,909,727
$2,550,383
1,072,941
$2,288,326 $10,312,778
907,343 , 4,352,700
$9,134,172
3,620,711
$1,477,442
$1,380,983
1,186,108
$5,513,461
4,728,121
revenues
_
Net oper. revenues...
Net operating income.
23,615
Net income.1,248,995
106,472
$5,960,078
5,074,553
—V. 152, p. 2876.
'::
Cash
3,697,663
386,464
...
2,682,582
Deferred assets...
40,025
Inventories
Common
i
822,604
260,608
1,704,807
22,167
1939
$1,000
stock.
Earned surplus
&C-
Acc'ts & notes rec.
1940
Capital surplus.
Adv.
rec.
3,354,300
1,374,238
3,354,300
1,016,711
711,016
712,022
..
under
contract
April—
Gross from railway
Net from railway.——
Net ry. oper. income...
Co.—Earnings—
1941
1940
1939
1938
$16,957,441 $13,363,185 $12,285,865 $11,346,981
5,460,370
3,215,906
2,853,909
1,426,488
3,378,076
1,206,045
991,845
def404,ll2
From Jan. 1—
Gross from railway
64,086,560
20,116,885
12,157.501
Net from railway..
Net ry. oper. income—
51,154,131
10.816,982
3,245,215
47,276,144
44,110,718
9,962,170
5,354,858
2,857,153 df1,944,585
-i'
Prepayments
261,777
116,619
by
customers
-:A
188,969
1,078,872
Res. for taxes, &c.
$12,594,835 $5,502,453
Total
z
Total
—12,594,835 $5,502,453
$6,854,761 for depreciation in 1940 and $6,783,743
Represented by 167,715 shares of common stock (no par.
Revolving fund—restricted under contract.
1939.
Stock
y
Split-Up Voted—
Southern
$604,345
72,643
57,343
$527,832
12,048
def2,814
3,190,380
327,712
203,923
2,946,179
244,766
151,136
2,344,487
179,775
117,470
2,065,536
defl76,107
def240,401
M
ment
than $12,517,000.
Bidders are asked to name
of 1% and no bids under par and interest will be
costing not less
multiples of
rates in
ftnfiftyt)3/irifyfi
•
freight
baggage-express cars, and five switch engines.
of various types, 25
Earnings for April and Year to Date
Service
Co.—Hearing
Net from railway
Net railway oper.
From Jan.
Seaboard Air Line Ry.
1941
Gross from railway
Net from railway
Net
fy
oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry oper. income--—V. 152,. p. 2874.
1940
1939
*
41,276,337
14,862,570
9,543,057
income
$4,145,615
830,516
376,077
$3,927,634
844.812
347,174
$3,829,633
854,265
341,691
21,109,874
5,653,994
3,457,152
17,707.390
4,124,026
2,096,114
16,039,219
3,534,940
1,503,811
15,043,504
3,115,452
1,080,249
30.931,134
8,785,820
5,08},773
Net from railway
Net railway operating income
—Third
Gross earnings (est.)—
—V. 152, p. 3359.
Week of May
1940
$3,311,042
Southwestern Associated
Period End. April 30—
Operating revenues
Uncollectible oper. rev._
_____
Jan.
1 to May 19
1941
1940
$2,579,463 $64,497,836 $52,225,076
Telephone Co .—Earnings—
1941—Month—1940
$145,890
$116,060
400
300
1941—4 Mos.—1940
$564,246
$458,534
1,300
1,200
$115,760
69,881
$562,946
85,251
$60,239
19,625
$45,879
10,816
$233,251
78,075
$181,872
42,668
$40,614
$35,063
$155,176
$139,204
$145,490
Net oper.
revenues..."
Operating taxes.
...
income.
2877.
Net operating
Southern Natural Gas Co.—SEC Sanctions Deal—
The Securities and Exchange Commission on May 23 granted an applica¬
acquire at a price of $1 per share of not less than
999,000 shares nor more than 1,099,000 shares of common stock (par $1)
which is to be issued by Southern Production Co., Inc., 999,000 of said
shares to be acquired immediately and the remainder thereof to be acquired
at any time prior to June 30, 1942.—V. 152, p. 3359.
33,539,290
9,547,285
5,760,524
—
1—
329,695
$457,334
275,462
1938
$5,048,853
1,155,399
* 654,310
tion by the company to
1939
$7,638,780
2,191,649
1,302,036
Gross from railway—
Operating revenues
Operating expeases
Earnings—
April—
$8,226,577
2,412,317
1,482,330
——
—
1941
and
1940
1941
-.$10,217,607
3,651,709
2,318,581
Gross from railway—
Exchange Commission on May 20 announced the
postponement from May 21 to Aug. 19, 1941, of the public hearing on the
declarations
and applications (File 70-243)
of Federal Water Service
Corp., Scranton-Spring Brook Water Service Co., and Carbondale Gas Co.
in regard to the separation by Scranton-Spring Brook Water Service Co.
of its gas and water properties and the proposed sale of the water properties
to a public authority representing the counties of Lackawanna and Lucerne.
—V. 152, p. 2719.
Securities
*'
Proceeds from the sale are to be applied on the purchase of 4,000
Postponed—
The
^
The road has invited bids to be opened June 3 on $11,250,000 equipment
trust certificates due in 1 to 10 years.
The issue will be secured by equip¬
(Includes Northern Alabama Ry.)
Morgan & Co. Incorporated, as trustee, has drawn by lot for
redemption on July 1, 1941, out of moneys in the simcing fund, $480,000
principal amount of Scovill Mfg. Co. 10-year 3M% debentures, due July 1,
1950, at 104%.
Payment will oe made on and after July 1 at the New
York office of J. P. Morgan & Co. Incorporated.—V. 152, p. 1604.
Water
$675,223
def6,140
def29,568
April—
P.
Brook
1<V*R
Ry.—Seeks Bids on%11,500,000 Eouipment Notes
proposal for
Scovill Manufacturing Co.—Bonds Called—
Scranton-Spring
1Q1Q
From Jan. 1—
Net from railway.-—
Net ry. oper. income—
four-for-one split-up in the stock.—V. 152, p. 3358.
J.
1Q40
$703,753
46,130
15,245
Net from railway.
Net ry. oper. income.—
cars
Stocksholders at their meeting held May 22 approved the
a
106,858
194,942
After deducting
x
in
Gross from railway
.
Lines—Earnings—
1Q41
—V. 152, p. 2876.
2,625,664
Accrued Items
Southern Pacific SS.
Anril-
Gross from railway.
3,000,000
Accounts payable-
86,894
•
Southern Pacific
—V. 152, p. 3359.
2d pref. stock
y
„
goodwill
Patents,
:
,
$621,154; accounts receivable (trade), less reserves for
discounts and bad debts, $109,703),
$1,218,537; miscellaneous trade
accounts and claims receivable,
$43,634; inventories, $2,087,682; land,
buildings, machinery and equipment (after reserves), $4,195,854; blocks
and moulds, $106,671; factory stores, pqrts and supplies, $67,688; deferred
charges—engravings,
advertising
supplies,
unexpired
insurance,
&c.,
$130,999; organization expense, goodwill, trademarks, &c., $1; total,
$8 472,221
Liabilities—Accounts payable, $310,934; accrued taxes, payroll and
expenses, $185,003; reserve for Federal income tax, $123,375; reserve for
sales allowances, $34,692; deferred income, $3,750; class A, 6% preferred,
stock, $2,420,800; class B, 5% preferred stock, $1,502,700; common stock,
$1,890,825; capital surplus, $2,512,964; deficiency in earned surplus from
May 1, 1932, $512,822; total, $8,472,221.—V. 152, p. 3038.
Consolidated Balance Sheet Dec. 31
Assets—
$512,822
———
Balance Sheet Dec. 31,1940
Operating taxes
Total profit
Other deductions
Earned per
$383,387
896,209
Deficiency in earned surplus from May 1, 1932 to Jan, 1, 1940.
Operating
1939
1940
x
$504,924
123,375
Crl ,838
Assets—Cash,
■—V. 152, p. 2873.
to
'
...
Provision for income tax (no excess profits tax payable)
Excess income tax provision of prior year.
—V. 152, p.
.
.
Spokane International Ry .-Earnings1941
April—
Gross from railway:
Net from railway
Net ry. oper.
income
OrossTrom"railway
Net from railway
Netry. oper. income—.
—V.
1*2.
n.
2877.
*
1940
$77,085
14,844
$65,269
3,175
1939
$62,709
6,842
1938,
„
$62,475
5,863
def5,306
8,335
1,189
255,468
60,122
231,841
44,24 5
235,290
208,293
19,167
25,491
11,420
47,680
28,005
def9,077
Texas Mexican
Southwestern Gas & Electric Co.—Earnings—
Oper. exps. & taxes.
$7,831,166
4,914,084
5,464,095
—--
———
Gross Income
Int. & other deductions--
$2,917,082
8,032
$2,879,140
957,685
$1,570,762
$1,986,993
938,121
—592,851
Pref. stock dividends--
$1,570,762
Balance
$1,394,142
Spokane Portland & Seattle
$673,373
152,263
$556,121
60,445
29,881
27,775
def55,945
3,417,370
1,120,443
2,694,391
698,176
2,548,088
623,575
2,398,556
539,843
600,354
241,074
146,478
114,353
Income—.
From Jan. 1—
Net from railway
Net ry. oper. Income-—
—V. 152, p. 2877.
Standard Commercial Tdbacco Co., Inc.—Delisting—
Commission, May 23, announced a public
hearing on June 17, 1941 at the Commission's New York Regional Office
on the application of the New York Stock Exchange to strike from listing
and registration the common stock ($1 par) of the company.
The appli¬
cation states that the reason for the proposed striking of this security from
listing and registration on the Exchange is that registrar facilities for the
stock in the Borough of Manhattan are no longer available.—V. 152,
p. 2252.
Standard Gag & Electric Co.—Weekly Output—
kwh.
152, p. 3359.
Standard Oil Co. of Ohio—To Sell $5,000,000 Debentures
Privately—The directors on May 28 authorized the issuance
serial debentures for the purpose of securing
additional working capital.
The debentures, which will
be sold privately, will mature serially over the period 1949
to 1956, and will besyr interest at rates averaging from
2.65% to 3%.
of $5,000,000
proposed to issue $15,000,000 4% pre¬
5%
preferred and increasing working
The company abandoned this plan and is substituting the new
$5,000,000 issue for the purpose of providing the additional working capital.
—V. 152, p. 3360.
capital.
Standard Power & Light Corp.—Underwriting Inquiry
by SEC—
May 22 instituted pro¬
Securities and Exchange Commission on
ceedings against five underwriting concerns to determine if they jointly or
severally exercise a controlling influence over the management of Standard
Power & Light Corp. or its subsidiaries.
They are Blair & Co., Inc., Schroder, Rockefeller & Co., Inc.; Emanuel
Co.; A. C. Allyn & Co., Inc., and Granbery, Marache & Lord.—V. 151,
2811.
Staten Island Rapid Transit Ry.—Earnings—
1941
1940
1939
1938
April—
$146,350
69,881
defll,756
550,848
40,745
def95,292
railway
Net from railway
income--From Jan. 1—
Gross from railway
Net ry. oper.
Net from railway
Net ry. oper. income-__
def25,006
$135,588
11,070
def24,028
$119,702
def486
def34,049
517,258
20,352
defl09,152
535,532
19,441
defl23,990
481,956
def9,395
defl44,140
$132,374
5,400
2877.
Steel Products Engineering Co.—Earninqs—
31—
1941
-
,
of common stock.—V. 152, p.
1940
$53,273
$0.70
1770.
$0.23
Stonewall Electric Co.—Note Sale to REA Allowed—
The Securities and Exchange
Commission
on
May 20 granted company
Sermissionproceeds of which mortgage note to Rural Electrification Adminto sell a $216,000 will be used to construct electric distributing
itration,
lines adjacent to facilities owned by Albuquerque Gas & Electric Co.
At the same time, it approved a lease of the proposed properties to the
company
and execution of an option purchase agreement
which would enable Albuquerque to buy at cost.
between the two companies
Strawbridge & Clothier, Inc.—Accumulated Dividend—
Directors have declared a dividend of $1
June 14.
per
share
on account
of accu¬
the 7% cum. pref. stock, payable July 1 to holders of record
Dividends of like amount were paid on March 26 and Jan. 30,
on
last; Dec. 30, 1940, and in preceding quarters.—V. 152, p. 1451.
Tennessee Central
Ry.—Earnings—
1941
Net ry. oper. income--From Jan. 1—>:/..•,:/•
Gross from railway
Net from railway
Net ry. oper. income--—V. 152, p. 3201.
1939
1938
$208,507
44,346
16,965
$184,931
38,912
10,984
$168,905
33,390
5,035
917,425
253,189
133,497
railway
Net from railway
1940
$213,123
45,536
26,081
April—
Gross from
891,130
231,413
105,949
*
768,299
166,535
721,251
146,119
32,385
50,782
v
Tex-O-Kan Flour Mills Co.—Accumulated Dividend—
Directors
a dividend of $1.75 per share on account of
cumulative preferred stock, payable June 1, to
15.
Last previous distribution was the regular
have declared
accumulations on the 7%
holders
of record
May
quarterly dividend of $1.75 paid on Dec. 1, 1940.—V. 150, p. 3375.
$162,728
20,188
$1,463,246
180,252
$1,365,410
229,272
$196,819
213,171
$182,217
212.292
$1,643,499
2,139,394
$1,594,683
2,163,245
$29,375
$495,895
$568,562
1941
April—
34,497
way.—870,808
railway
350,825
758,741
247,682
665,032
202,718
132,507
107,892
1938
$177,599
38,632
10,717
$174,867
47,603
84,502
Net from railway.
Net ry. oper. income—
From Jan. 1—
Gross from rail
Net from
RR.—Earnings—
1940
1939
$183,016
43,281
13,483
$224,386
82,221
Gross from railway
-
Net ry. oper. income---
19,268
674,834
203,921
72,007
—V. 152, p. 3039.
Union Carbide &
Carbon Corp.—New Chairman, &c.—
Ricks, formerly President of the corporation, was on May 27
elected Chairman of the Board, and Benjamin O'Shea, formerly VicePresident, became President.
Both promotions were ordered at a recent
Jesse
J.
James A.
Rafferty, a Vice-President, was
Matthew J. Carney,
elected a director to succeed
Robert W. White, Secretary and Treasurer,
resigned.
made a Vice-President as well.
The duties of Chairman and President of the company
was
solidated in the presidency since the death of C. K. G.
Chairman of the Board, in 1937.—V. 152, p. 3361.
had been con¬
Billing3, the previous
Co. of Missouri—Securities Offered—
of $80,000,000 of first mortgage collateral
trust bonds, 3%% series due 1971, and 150,000 shares of
preferred stock (no par) $4.50 series was made May 27 by a
large group of underwriters headed by Dillon, Read & Co.
The financing represents the largest public offering for a
utility company to be carried out so far this year.
The
bond issue, priced at 107%, plus int. from May 1 has been
oversubscribed and the preferred stock is being offered at
Union
Electric
Public offering
$105.50 per share, plus accrued dividends from May 15.
Other bankers in the offerings syndicate include: The First
Boston Corp.; Spencer
Trask & Co.; Stone & Webster and
Blodget, Inc.; Blythe & Co., Inc.; Harriman Ripley & Co.,
Inc.; Mellon Securities Corp.; Smith, Barney & Co.; Union
Securities Corp.; Shields & Co. and Coffin & Burr, Inc.
In addition to the present financing company has proposed an increase in
stock from 2,295,000 shares to 3,300,000 shares,
subject to the action of stockholders at a meeting to be held in July.
The
company has entered into an agreement for the sale to The North American
Co., owner of all of its common stock, from time to time during the period
its authorized common
ending Dec. 31, 1941, of an aggregate of 400,000 shares of common stock
an aggregate consideration of $10,000,000
The sale of the additional common stock will finance in part an expansion
for
program now under way by the
the construction of a new plant by
Co. of 111. at
an
company
and its subsidiaries, including
the company's subsidiary. Union Electric
The first section of this
estimated cost of $19,900,000.
plant, which will have a rated
$12,600,000 and is scheduled
same
capacity of 80,000 kw., is estimated to cost
for completion early in 1942.
A second
capacity, estimated to cost $7,300,000, is
be ready for operation
$163,089
Earnings per share
$178,708
18,110
2878.
section of the
3 Months Endpd March
Net income after charges
$2,879,887
1,514,477
meeting of the directors.
the Standard
1941, totaled
for the corre¬
Electric output of the public utility operating companies in
& Electric Co. system for the week ended May 24,
Some months ago the company
stock for retiring the old
$2,986,798
1,523,551
Toledo Peoria & Western
The Securities and Exchange
ferred
$312,531
149,803
$16,352
—
Net loss
—V. 152, p.
July 1.—V. 151. P. 1736.
146,982,684 kwh., as compared with 126,171,474
sponding week last year, an increase of 16.5%.—V.
$336,832
158,124
Gross income
Deductions
of 10 cents per share on account of
payable July 10 to holders of record
Gas
1941—Month—1940
1941—10 Mos.—1940
$1,236,541 $1,215,146 $12,003,460 $11,991,942
899,709
902,615
9,016,662
9,112,055
Non-oper. income
Standard Coated Products Co.—'Preferred Dividend—
Directors have declared a dividend
accumulations on the preferred stock,
mulations
2,461,727
356,938
Earnings of System
30—
Operating income.—-
of 50 cents per share on the common
stock par $10, payable June 20 to holders of record June 10.
This compares
with 30 cents paid on Dec. 20, last; 40 cents paid on June 30, 1940 and on
Dec. 20, 1939; 20 cents paid on June 30, 1939; 30 cents paid on Dec. 20,
1938, and an initial dividend of 20 cents paid on June 21, 1939.—V. 152,
P. 3039.
Albuquerque
13,610,517
Net oper. revenue
(A. E.) Staley Mfg. Co .—50-Cent Dividend—
On 234,000 shares
13,946,162
3,394,142
1,304,599
Taxes
Directors have declared a dividend
a
14,955,453
3,794,847
1,488,173
-
of recently completed
additions to its laboratories and the balance has been added
to working capital.—V. 152, p. 1769.
a
17,342,418
5,548,424
3,200,295
Third Avenue Ry.—-Earnings—
Period Ended Apr.
Operating revenues
Operating expenses
to pay the cost
bank notes,
—V. 152, p.
539,400
35,787
declared a dividend of 50 cents per share on the common
payable May 31, to holders of record May 26.
This compares
with $1 paid on Dec. 20, last; 50 cents paid on Aug. 15, 1940; $1 paid on
Dec. 20, 1939; 50 cents on Aug. 15, 1939; Dec. 20, 1938; and Dec. 23, 1937;
a dividend of $2 paid on Aug. 25, 1937; and one of 50 cents per share dis¬
tributed on Dec. 15, 1936, this last being the first payment made on the
common shares since Dec. 15, 1931."—V. 151, p. 2958.
due May 1, 1961.
proceeds have been used to refund $2,500,000 10-year
Gross from
889,678
stock,
20-year Z]4% sinking fund debentures
&
$3,220,034
788,821
238,248
Co.—50-Cent Dividend—
Thew Shovel
(E. R.) Squibb & Sons —Bonds Placed Privately—Com¬
has sold to a New York insurance company $5,000,000
p.
1938
1939
$3,476,251
2878.
—V. 152, p.
pany
The
10,506
37,218
Directors have
Gross from railway.
serial
income—
280,261
1940
GrossTrom*railway
oper.
387,330
64,286
37,381
$3,727,146
893,365
348,147
$4,544,581
1,471,994
Net ry
14,981
RR.—Earnings
1941
railway
Net from railway
Net ry. oper. income—
Net from railway
181,678
Net from railway--
89,536
Texas & New Orleans
April—
1938
$706,470
151,319
Net ry. oper.
12£4Z»
Gross from
$1,303,033
$961,597
260,351
Gross from railway-
405,335
railway——
Net ry. oper. income—
—V. 152, p. 2878.
$1,921,455
618,422
1939
24.413
Gross from
Ry,—Earnings—
1940
1941
45,890
35,129
Net from railway
—V. 151, p. 3359.
April—
railwayincome—
1938
■$100,409
26,792
344,669
85,598
48,175
$83,834
Net ry. oper.
$2,865,250
1939
$124,742
50,067
38,749
_ j
$118,511
Net from
13,890
$2,925,114
Ry.—Earnings—
1941 , ,
1940
Gross from railway.—-.
4,713,489
$2,492,602
4,066
-----
-
April—
1939
$7,578,739
$2,496,668
925,906
Net oper. Income
Other income (net)
Net income-
1940
1941
$7,956,697
12 Mos. End. Mar. 31—
Operating revenuest
The
May 31, 1941
The Commercial & Financial Chronicle
3514
expected to
late in 1942.
Improvement Fund—Provision has been made for an annual improvement
fund for the new bonds, beginning in 1946, based on an amount equal to 1 %
of the aggregate principal amount at the time outstanding, subject to ad¬
justment for certain credits.
Provision has also been made for a main¬
tenance fund, beginning in 1942, based on an amount equal to 15% of the
gross operating revenues of the company and its subsidiary. Union Electric
Co. of 111., subject to adjustment for certain credits, including the amounts
provided for the improvement fund.
Company—Company is engaged primarily in the transmission, distribution
sale of electric energy, which it generates and purchases from its sub¬
The territory served by the company includes the City of St.
Louis, Mo. (population 816,000), portions of five counties in Missouri
adjacent to St. Louis, and portions of three counties in Missouri near the
company's Osage hydro-electric plant.
Company in 1940 did approximately
85% of the public utility electric business in St. Louis, the balance of such
business having been done by Laclede Power & Light Co., a competitor.
The major portion of the electric energy requirements of the company is
purchased from subsidiaries and substantially the entire balance is pro¬
duced by the company in its Osage plant located in central Missouri,
approximately 136 miles west of St. Louis and in its steam electric plants at
St. Louis and Rivermines, Mo.
Company also furnishes steam heating
and
sidiaries.
service in the downtown business section of St.
Louis.
more important subsidiaries of the company are engaged primarily
following businesses:
Union Electric Co. of 111. produces electric energy in its Cahokia steam
electric plant located on the Illinois bank of the Mississippi River opposite
St. Louis and in its smaller Venice plant, transmits and sells energy to the
company and to Illinois Iowa Power Co.
(an affiliated company,) and
distributes and sells energy directly in three areas on the Illinois side of the
Mississippi River, including the cities of East St. Louis and Alton with
populations of 75,000 and 31.000, respectively.
Union Electric Co. of 111.
also distributes and sells in Alton a mixture of manufactured and natural
The
in the
which it purchases from Illinois Iowa Power Co.
Mississippi River Power Co. produces electric energy
gas
hydro-electric plant
the
Mississippi
in its Keokuk
(approximately 144 miles north of St. Louis), located in
between Keokuk, Iowa and Hamilton, III., and
River
The Commercial & Financial Chronicle
Volume 152
transmits and sells such energy to the company, to Union Electric Co. of 111.
and Iowa Union Electric Co., subsidiaries of the company, to Illinois Iowa
Power Co. and Missouri Power & Light
Co. (affiliated companies), to non¬
but it does not
affiliated utility companies and to industrial customers,
distribute electric energy at retail.
The
operations
of other subsidaries
of minor importance in com-
are
Jarison with Electric Co. distributes electric energy in small areasain Iowa
the business of the company and its subsidiaries as whole,
Union
owa
Illinois near the Keokuk plant, including tne cities of
Fort Madison, Iowa, with populations of 15,000 and 14,000,
and
Keokuk and
respectively,
and sells manufactured gas in Keokuk.
ment Co. holds for sale extensive acreage
Union Electric Land & Develop¬
surrounding the lake at the Osage
plant.
St. Louis & Belleville Electric Ry. operates an electric freight
railway extending from East St. Louis to Belleville, 111., principally for the
transportation of coal for use by Union Electric Co. of 111. in its steamelectric plants.
Union Colliery Co., a subsidiary of Union Electric Co. of
111., operates a coal mine near Duquoin, 111., sells coal to Union Electric
Co. of 111. and the company and to commercial customers, and holds
mining rights on certain undeveloped coal properties.
Company was incorp. in Missouri as Missouri Electric Light & Power
Co. in November, 1922 and the name was changed to Union Electric Light
& Power Co. in December, 1922.
On May 29,1937, the name was changed
to Union Electric Co. of Missouri and the corporate existence was made
perpetual.
Company is the successor to a number of predecessor com¬
panies, the oldest of which was organized in 1881.
Funded Debt and Capital Stock Giving Effect to Present
Financing
Outstanding
Authorized
$80,000,000
3%% series due 1971, due May 1,1971-a
Preferred stock (no par)
750,000 shs.
130,000 fills.
$5 pref. stock (stated value $100)
150,000 shs.
$4.50 series, (stated value $100
Common stock, (no par)
b2,295,000 shs. c$,295,000 shs.
Decides to Pay
3515
$175,000 Fine—
The company agreed May 26 to pay a $176,000 fine imposed by Judge
Edgar B. Woolfolk at St. Charles, Mo., on May 14 when he found the
company guilty of violation of the State corrupt practices act and declared
its charter forfeited.
But the court ruled at that time that payment of the
fine within 120 days would act as a stay against the charter forfeiture.
Judge Woolfolk on May 26 also relinquished the jurisdiction he had said
would be retained by the court over the company.
Defense attorneys
requested this action before agreeing to pay the fine, explaining it would
aid in new financing.
Union Electric, an affiliate of North American Co., was alleged to have
made illegal contributions in municipal elections in 1937 and 1938. Company
attorneys pointed out that there had been a change in management since
that time.—V. 152, p. 3361.
Union Pacific RR.—Earnings—
Period End. April 30—
1941—Month—1940
1941—4 Mos.—1940
Railway oper. revenues.$l5,371,812 $12,298,589 $58,511,284 $48,284,751
Maint. of way & structs.
1,978,519
1,204,836
6,461,407
4,297,781
Maint. of equipment...
3.633,988
2,493,352
13,875,246
9,667,157
Traffic
494,195
501,633
1,690,785
1,681,445
Transportation.
4,980,319
4,257.007
19,994,594
17,575,708
Miscellaneous operations
291,023
236,274
1,113,360
957,138
General
472,285
488,799
1,884,555
1,824,407
Net rev. from ry. opers. $3,521,483
$3,116,688 $13,491,337 $12,281,115
Railway tax accruals—_
1,745,343
1,382.482
6,301,239
5.426,962
First mtge. & coll. trust bonds—
a Additional bonds may be issued under the mortgage upon compliance
b A meeting of stockholders is to be held in
July, 1941 for the purpose of increasing the authorized common stock from
2,295,000 shares to 3,300,000 shares. Company has entered into an agree¬
ment with North American Co. providing for the sale by the company to
North American Co. from time to time during the period ending Dec. 31,
1941, of an aggregate of 400,000 shares of common stock for an aggregate
Railway oper. income. $1,776,140
$1,734,206
$7,190,098
$6,854,153
548,800
614,416
2,151,937
2,395,883
54,705
28,193
200,949
179,305
Net ry. oper. income $1,172,635
„
$1,091,597
$4,837,212
$4,278,965
Equipment rents (net)._
Joint facility rents (net).
—V. 152. p. 2879.
with the provisions thereof,
consideration of $10,000,000.
Co.
c
Union Premier Food Stores,
^
Inc.—Sales—
1941—4 Weeks—1940
Period End. May 17—
Sales...
Stores in operation..........
—V. 152, p. 3361.
1941—20 Weeks—1940
$2,286,636 $12,461,290 $11,390,223
$2,567,175
73
———
—
69
1
All owned beneficially by North American
United Electric Coal
Purpose of Issue—The net proceeds to be received by the company from
the sale of the securities offered will amount to $99,546,050.
Company
intends to apply funds equal to such amount as follows:
(a) To redemption, on or about July 1, 1941, of outstanding
$80,000,000 3H% bonds (red. at 104 and int.), which, ex¬
clusive of int. accrued to redemption date (to be provided
from other corporate funds), will require
$83,200,000
(b) To redemption, on or about July 1, 1941, of outstanding
$15,000,000 3% notes (red. at 100H and int.), which, ex¬
clusive of int. accrued to redemption date (to be provided
from other corporate funds), "will require
.
...,--$15,075,000
Depletion
&
1941—9 Mos.—1940
$795,557
$856,844
164,389
27,388
143,624
28,891
526,092
82,784
456,421
92,547
7,767
5.757
aCr33,600
5,449
20,630
7,767
13,913
16,000
$82,694
$149,002
deprec'n..
on
$281,288
x$51,154
&
$120,548
sale of land
Interest.
Write-off
Cos,—Earnings-
1941—3 Mos.—1940
Period End. Mar, 31—
Profit from
operations
before depl. & deprec.
equip, at mine aban¬
doned in prior years
Other deductions (net)—
Federal income tax.——
:
46,317
12,540
52,850
.
Net Income
$98,275,000
Total
The remainder of such funds is initially to
become part of the company's
general funds and no allocation thereto to any specific purpose has been
made.
First
Mortgage & Collateral Trust Bonds—The first mortgage & collateral
3%% series due 1971 to be issued as a new series under the
trust bonds,
mortgage dated June 15, 1937, between the company and St. Louis Union
Trust Co., as trustee and under an indenture supplemental thereto, dated
May 1.1941.
Bonds of i971 series are to bear Interest at rate of Z%% Per annum,
payableM&N i, are to be dated May 1,1941 and aretojjbe due May 1,1971.
Principal and interest payable in any coin or currency of the U. S. of
America which at the time of payment is legal tender for public and private
debts.
Principal and int. are payable at the agency of company in New
York, and St. Louis.
Definitive bonds of 1971 series are to be issued in coupon form, registerable as to principal only, in the denom. of $1,000, and in fully registered
form in the denominations of $1,000, $5,000 or any multiple of $5,000.
150,000 shares of preferred
Stock—The
Preferred
now
offered
are
stock,
$4.50 series,
shares of a new series of preferred stock.
of 1934.
the common stock shall be paid or declared
or
apart for payment, the preferred stock is entitled to cumulative cash
dividends when and as declared out of funds legally available therefor, at
set
for the particular series (and
Aug. 15 and Nov. 15.
rate fixed
the dividend
Feb. 15, May 15,
more), payable
no
Underwriters—The list of underwriters and their respective participations
in the bonds and the preferred stock are as
follows:
Pref.
\
Bonds
Pref.
S
Bacon, Whipple & Co..
Shs.
I
$
Shs.
Baker, Weeks & Harden
BancOhio Securities Co.
Lehman Brothers.
Laurence
400,000
Blair, Bonner & Co
150,000
600,000
Blyth & Co., Inc
3,000.000
Bodell AOo., Inc.--.—
150,000
Bonbright & Co., Inc..1,600,000
Y. E. Booker & Co....
100,000
Alex. Brown & Sons....
400,000
Central Republic Co...
E. W. Clark & Co
Coffin & Burr, Inc
600,000
300,000
1,600,000
Crago, Smith & Canavan 100,000
Curtlss, House & Co—
100,000
Dominick & Dominick.
400,000
_
....
Marks
2,250
3,500
&
1,750
...
ridge <fc Co
McDonald, Coolidge &
Co.-
7,000
100,000
200,000
Mellon Securities Corp.3 ,000,000
Merrill
3" 500
E.
Lynch,
Merrill, Turben & Co..
250,000
St.
1,000
—
.
.
F. S. Moseley &
Co——
Murch
H.
800.0(H)
100,000
100,000
-
-
-
200,000
Otis & Co
100,000
9,000
350,000
Arthur Perry & Co.,Inc.
R. W. Pressprich & Co.
Exnlcios & Co.,
Relnholdt
&
Gardner.
....
1,750
To Sell Arizona
15.4%.
Properties—
& Electric Co.—V. 152, p. 3361*
United Light & Power Co.
(& Subs.)—Earnings—
31—1941
1940
Gross operating earnings of subsidiaries..... _____ $99,136,649 $93,658,605
General operating expenses45,867,193 43,430,561
Maintenance
4,779,740
4,726,818
Provision for depreciation.
9,464,164
9,451,248
General taxes & estimated Federal income taxes- - 15,089,470
12,217,456
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
300,000
2,000
L. F. Rothschild <fc Co..
200,000
Glore, Forgan & Co
800,000
Goldman, Sachs & Co..l,600,000
1,350
Rollins &
1.50,000
1,000
2,250
2,250
Sons,
Inc
Schwabacher & Co.
400.000
250,000
Shields A Co
1 ,900,000
....
....
4,500
2,250
I. M. Simon A Co
200,000
1,500
3,500
Smith, Barney A Co...3 000,000
Total income of subsidiaries
Int., amortization and pref. divs. of
Smith, Moore & Co
350,000
900,000
William R. Staats Co..
2,282,879
2,160,817
Equity of the United P. & L. Co. in earns of subs.
Income of the United Light & Power Co. (exclusive
Of income received from subsidiaries)
$8,029,260
$7,955,212
150,000
Stern Brothers & Co...
3.000.000
7.000
Harris,Hall & Co.(Inc.) 1,200,000
3,000
Hawley, Shepard & Co.
Hayden, Miller & Co—
Hayden, Stone & Co...
Hemphill, Noyes & Co.
Hill
Brothers
Illinois Co. of Chicago..
Jackson & Curtis
Johnston, Lemon &
Co.
Edward D. Jones <fc Co.
Kidder, Peabody & Co.
Kuhn, Loeb & Co
Ladenburg,
& Co-
250,000
500,000
600,000
700,000
100,000
150,000
250.000
100,000
50,000
1,200,000
4,000,000
-
,——
800,000
Co... 1.250,000
900.000
Lazard Freres & Co....
Stern, Wampler &
200,000
1,500
Co.,
Inc.
400.000
1,650
200,000
1,500
3 ,000.000
7,000
7,000
1,000
Spencer Trask A Co
3 ,000,000
800,000
Tucker, Anthony & Co.
Union Securities Corp..3 ,000,000
G. H. Walker A Co....
900,000
3,000
Whitaker & Co
100,600
White, Weld & Co.-...
600.0(H)
L750
Stix A Co
Stone
,500
A
Blodget,
Webster
and
Inc
Whiting, Weeks &
Stubbs, Inc..
Co
2,500
Wisconsin
2,500
Dean Witter & Co
—
400,000
900,000
400,000
471,856
$7,504,153
2,353,334
2,396,269
Lt. & Pow. Co..
Balance
Int. on long-term debt,
460,101
$7,579,828
Expenses and taxes of the United
bond disc. & exp., &c., of
holding company— —
—...
$5,226,493 $5,107,884
Earnings for 12 Months Ended March 31 (Company Only)
Balance transferred to
consolidated surplus
1941
1940
$5,203,329
$4,948,103
and taxes............———————.
460,101
Expenses
Int. and amort,
of debt discount and expense
Other deductions
400,000
Inc—.—------i—„
20,797
$7,976,009
Gross income.—..——
Stlfel, Nicolaus A Co.,
Thalmann
W. C. Langley &
250,000
^
10,669
$8,039,929
Total
100,0(H)
Starkweather & Co—
$10,312,139 $10,116,029
min. com. stk.
1,500
400,000
Hallgarten & Co
TnC___
1,979,290
1,970,593
—$25,906,675 $25,811,812
subsidiaries. _ 15,594,535
15,695,783
-
Proportion of earns., attributable to
7,000
Graham, Parsons & Co.
Halsey,Stuart&Co.,Inc.
Harriman Ripley & Co.,
$23,936,082 $23,832,522
—
800,000
E.
H.
350,000
800,000
.
200,000
100,000
Inc
I. system companies for the week just
kwh.; an increase of 13,413,961 kwh,, or
Balance
....
1,500
400,000
Riter & Co
Jordan &
....
2,250
&
—
Richards & Co..
Bros.,
—
....
600.000
McKinney,
-
1,500
200,000
Gatch
Weekly Output—
.closed and the figures for the same week last year are as follows:
Week
ended May 24, 1941, 100,752,200 kwh., same week last year, 87,338,239
"
Newhard, Cook & Co..
Newton, Abbe & Co
Ftancis Bro. & Co
....
150,000
Co.
Morgan Stanley & Co.,
Inc
4 ,250,000
400,000
Corp.
Folger.Nolan&Co., Inc.
7,000
300,000
Milwaukee
3.500
Maynard
Co.
First of Michigan
Delaware Electric Power Co. then proposes to dis¬
stock of Delaware Power A Light Co. to The United
Co. by way of a partial liquidating dividend.
12 Months Ended March
....
Louis
Co
G. M.-P. Murphy & Co.
150,000
First Boston Corp..... 4,250.000
First Cleveland Corp...
150,000
$3,600,000.
— —
Metropolitan
100,000
Ferris,
than
tribute the capital
Gas Improvement
,
400,000
400,000
Field,
1,000
A.
Pierce & Cassatt.....
Edgar, Ricker & Co
Estabrook & Co..
Chapman & Co.
standing in the principal amount of $6,920,000, thereby releasing all the
capital stock of Delaware Power & Light Co., a subsidiary of Delware
Electric Power Co., which capital stock is pledged as security for the
debentures.
It is further proposed that Delaware Electric Power Co. will
reduce the stated value of its own capital stock from $12,000,000 to not less
See Washington Gas
300,000
P^astman, Dillon&Co-.
Far well,
The Securities and Exchange Commission on May 24 granted the U. G.I.
contribution of not exceeding $7,000,000 to Delaware Electric
so as to enable the latter to retire its 5}4%
debentures out¬
Power Co.
McCourtney-Brecken-
150,000
Blair & Co., Inc
M.
Co....
250,000
A. G. Becker & Co., Inc.
800,000
1 ,600,000
15,0001 Lee Higginson Corp.
150,000
Co.—To Adv a nee $7,000,000
Subsidiary—
The electric output for the U. G.
Bonds
Dillon, Read & Co
7,500,000
A. C. Allyn & Co., Inc.
250,000
United Gas Improvement
to
to make a cash
Company has agreed that it will use its best efforts to procure in due course
the listing of the preferred stock, $4.50 series on the New York Stock
Exchange and the registration thereof under the Securities Exchange Act
Before any dividends on
$196,169
Represents reversal of portion of year-to-date provision due to losses
x Loss.
,Notes—(1) Profit from operations for the three months' period ended
April 30, 1941, in the amount of $120,548, is after a reserve provision, in
the amount of $70,000, to cover the cost of transferring and altering equip¬
ment now in progress.
An additional provision in the amount of $70,000,
for the same purposes, will be provided in the quarter ending July 31, 1941.
(2) Profit from operations for the nine months' period ended April 30.
1941, in the amount of $795,557, is after a reserve provision in the amount
of $140,000, of which $53,930 has actually been expended, to cover the
cost of transferring and altering equipment now in progress.
An additional
provision in the amount of $70,000, for the same purposes, will be provided
in the quarter ending July 31, 1941.
(3) The company sustained a loss from operations of $108,883 in April,
1941, due to the coal strike.—V. 152, p. 1298.
a
sustained in quarter ended April 30, 1941.
2,2.50
7,(KM)
7,000
1,000
....
2,250
....
Net income--.——.
————————-
-
471,856
2,313,565
39,769
2,357,729
$2,389,893
$2,079,977
38,540
—V. 152, p. 2880.
United
Shipyards, Inc.—Distribution—
Pursuant to the
provisions of the plan of complete liquidation, resolutions
adopted by the board of directors in dissolution, directing a further
(third) distribution of 40 cents per share to the holders of class A stock at
the Commercial National Bank & Trust Co. of New York, as agent, 46
Wall Street, New York, N. Y.
♦
This amount is to be paid on and after June 2, 1941, only upon pre¬
sentation of "receipts" (for class A stock) for endorsement of such payment.
Holders of class A stock who have not received distributions Nos. 1 and
2 should present their certificates at once in order to receive the distribu¬
tion noted above as well as the two previous ones.—V. 152, p. 133.
were
„
,
The Commercial & Financial
3516
Maintenance
Depreciation.
$215,477
118,389
7,675
25,362
398
14,228
6,653
25,991
....
398
15,089
-St 3,186
Amortization of franchises.
Taxes, other than income and excess profits
Income taxes...........
.
.....
Net operating income.
Interest on long-term debt
1940
12,338
-
,
.....
-
$26,626
...
Amortization of debt discount and expense...
General ihterest..
.............
Amortization of flood rehabilitation cost
Other income deductions
United States Leather Co. (&
16,859
2,022
Net
x
15,982,266
15,752,298
......
......
940,098
Surplus net credit......
Add'l prov.
&
prior
$110,130
16,261,570
Total surplus...
Earns, per
sh.
Dr600,000
taxes...
on com...
$16,274
15,349,192
919,380
Dr500,000
$16,031,977 $16,261,570 $15,982,257 $15,752,298
$3.40
$4.12
$3.95
$4.24
$
Feb. 28 *41 Feb. 29'40
Feb. 29 '40
$
Assets—
Liabilities—
$
$
properties.. 14,058,969 13,558,278 Preferred stock...10,597,700 10,597,700
58,239,726 58,239,726
400,000
400,000 Common stock
Cash
6,303,212
6,392,555 Accts.payable and '
accrued taxes... 5,050,592
4,659,594
Govt. A municipal
6,932,025
6,796,706
bonds, Ac...... 9,627,833 11,258,630 Reserves
16,031,977 16,261,570
Accts. & notes reo. 3,574,612
2,849,490 Surplus
x
-Earnings—
1940
1941
$55,135
$70,108
taxes.—V. 152, p. 1454.
After charges and
2088.
;
">,<
.•
declared
Directors have
Co.—Accumulated Dividend—
dividend of $1.75 per share on the $7 cum.
a
pref. stock, and a dividend of $1.50 per share on the $6 cum. pref. stock,
both payable on account of accumulations on July 1 to holders of record
June 2.
Like amounts were paid on April 1, Jan. 2, and Oct. 1, last.—
V. 152, p,
'
:
Utah
2881.
Ry.—-Earnings-
Net ry. oper. income.-.,
From Jan. 1— ;;
-
Net ry. oper. income
—V.
294,123
57,142
23,791
$34,941
defl2,218
1,663
defl9,160
285,778
56,021
24,592
def3,863
259,312
43,224
12,770
1938
$52,395
6,069
$49,327
394
$15,992
def21,384
def19,448
railway
Net from railway---...
Gross from railway
1939
1940
1941
April—
Gross from
def38,039
,
213,001
7,876
152, p. 2881.
Utility Equities
Patent rights
Investments.....44,454,809 45,062,961
Deferred assets...
276,098
296,585
x Stock
of United
Shoe Mach.Corp 6,318,207
6,257,497
Inventories
11,938,280 10,479,299
(& Subs.)
—
Utah Power & Light
Plant
Corp.—Accumulated Dividend—
declared a dividend of $1 per share on the
16 to stockholders of record
and June 15, 1940.—V. 152,
The board of directors has
$5.50 dividend priority stock, payable June
June 2.
Like amount was paid on Dec. 16,
p.3203.
Co.—25-Cent Dividend—
Van Norman Machine Tool
25 cents per share on the common
$2.50, payable June 20 to holders of record June 10.
Like
amount paid on March 20, last, this latter being the first dividend paid
on the new $2.50 par stock, two shares of which were exchanged for one
share of old $5 par stock.
Dividend of $1 was paid on the old stock on
Dec. 20, last, and previously quarterly distributions of 40 cents per share
were made.—V. 152, p. 1300.
Directors have declared a dividend of
stock,
..96,852,019 96,555,296
Total
96,852,019 96,555,2961
Total
Loss.—V. 152, p. 3040.
Net from railway---—
Comparative Consolidated Balance Sheet
Feb. 28 '41
11",887
x$33,659 x$l,284,014
S. industrial Alcohol Co., Inc.—New Director—
George D. Olds Jr. has been elected a director of this company.—V. 152,
p.
for conting.
years
30,000
15,614
th
Feb. 29, '40 Feb. 28, *39 Feb. 28. '38
$9,861,266
$9,477,129 $10,146,153
405,878
414,689
411,236
9,176,085
9,172,570
9,741,191
$229,594 sur$279,304
Deficit
$206,807
3 Months Ended April 30—
Consolidated net income
a
Consolidated Income Account
Previous surplus
$342,391
J
profit.
United Stockyards Corp.
United Shoe Machinery Corp.—Annual Report—
.
6,581
175,000
__
412
2,689
138
a
Years Ended-—
Feb. 28, '41
Net income after taxes.. $8,204,130
Preferred dividends
401,841
Common divs., cash
8,031,882
_
$489,920
163,196
45,000
70,000
4,917
Res've for contingencies.
—
.....
1939
1938
$192,418 x$l,133,425
180,463
138,702
1940
1941
$739,488
50,516
165,000
Federal income taxes
Interest accrued (net)
$5,173
$20,650
Note—Provisions for Federal income taxes have been computed in accord¬
ance with requirements of the Second Revenue Act of 1940.—V. 152, p. 2573.
Net income—
1941
Subs.) —Earnings—
~
ftMos.End. Apr. 30—
Operating profit
_
Deprec. & depletion
$42,770
16,199
1,946
433
2,689
185
....
May 31,
agreements with TT. S. Maritime Commission,
g Since Jan. 1. 1938 of
which it is estimated that approximately $1,580,000 is subject to dividend
restrictions under agreements with U. S. Maritime Commission.—V. 150,
p. 3681.
United Public Service Corp.—Earnings—
(Including Kentucky Power & Light Co.)
3 Months Ended March 31—
1941
Operating revenues..,
$222,095
Operation
...
138,466
Chronicle
157,382 shares preferred and 34,037 shares common in 1941 and 155,137
in 1940.—V. 152, p. 847.
shares preferred and 35,057 shares common
Virginia Coal & Iron Co.—Bonds Called—
United States Lines Co.—Earnings—
{Including Wholly-Owned Subsidiary Companies]
1939
1940
Years Ended Dec. 31—
Results of vessel operations:
Revenue
par
$16,748,467 $19,086,314
14,451,387
14,339,221
vessel operations before subsidy $2,297,080
Operating differential subsidy (partly estimated)..
1,418,713
$4,747,093
2,552,347
3,715,793
xl25,620
$7,299,440
63,557
$3,590,173
2,579,755
1,492,300
Provision for depreciation of vessels, &
31,744
Interest expense
373,191
Advertising expense
115,505
Taxes, other than Federal income tax
102,222
Miscellaneous expenses....................
_...Cr1,498,858
a Expenses allocated to operations..
$7,362,997
2,429,608
1,283,977
$394,254
237,778
$3,065,304
100,288
$632,032
This company, assignee of and successor to Keokee Consolidated Coke
Co., has called for redemption on July 1, 1941, $6,000 principal amount of
the purchase money mortgage and deed of trust 5%, 50-year gold bonds,
due July 1, 1959, of the latter company at par and accrued interest.
The
bonds, drawn by lot, "will be redeemed at the office of the successor trustee,
City Bank Farmers Trust Co., 22 William Street, New York, N. Y.—V.
151, p. 3258.
$3,165,592
Expense.
-
.
,
Gross profit from
Virginia Land Co.—Registers with SEC-—
See list given on
Gross profit from
vessel operations
Profit from terminal and other shipping operations.
first page of this department.
Virginian Corp .—Notes Called—
A total of $1,400,000
Gross profit from shipping
operations
....
Administrative and general exp. (net)
.
_
74,764
369,805
117,762
21,777
....
_
....
....
Profit--.-.
Commissions
on money
orders, interest, &c.....
.
.
Net profit from regular operations
a
Loss from operation of vessels (net)
plus a premium of one-third of 1 % of such principal for each year or major
fraction thereof by which the maturity date of any note so to be redeemed
is anticipated or accelerated by the call for the redemption of such note,
together in each case with accrued and unpaid interest thereon to July 3,
1941. On the redemption date, the said series G and H notes will cease to
bear interest and coupons maturing subsequent to said redemption date
will be null and void.
Holders of notes are required to present them for payment and redemption
at
tne
principal office of the Union Trust Co.
1941
April—
818,858
114,537
Gross from railway.-.
Net from railway.
$3,801,180 c$3,051,055
stock..392,999
196,499
Provision for Federal Income tax..85,000
b From insurance indemnities on chartered vessels
it is estimated that approximately $974,000 is
aUnder Relief Act
lost
at
sea
c
Of which
subject to possible recapture by the U. S. Maritime Commission,
x
Loss.
Conslidated Balance Sheet Dec. 31
1940
$2,485,298
5,760,612
Assets—
Cash in banks and working funds
Accounts receivable...........................
Advances to pursers
........
Special funds and deposits
7,125,251
Investments, &c—
.....
............
1,149,824
European accounts....435,744
Inventories—vessel stores, spare parts, &c
138,556
Insurance claims pending
266,997
Due from American Lines Co. for subscription to
7,500 shares preference stock
75,000
a Property and equipment...
26,165,392
Unterminated voyage expense (net)
Unexpired insurance, &c —
Tradenames..........
767,252
10,500
.....................
48,177
2,978,589
490,470
375", 161
418,014
75,000
19,888,126
146,534
573,383
1940
$1,821,834
Prov. for Federal income tax
Due to affiliated companies..
625,346
41,667
compensation
&
1,422,256
1,207,418
406,973
1,090,000
17,531,603
334,781
Reserve for contingencies..
......
5,614,270
3,500,000
3,090,000
d Common stock.......120,000
e Capital surplus_
466,558
preference stock
Junior preferred
.
.. -
_
.. .
stock
g5.801,731
Earned surplus.................
Total
265,065
1,404,638
—.—.
275,856
144,631
5,614,270
3,500,000
3,086,886
87,500
502,172
f3,483.550
$44,380,426 $31,781,710
b Including an undetermined
portion which will be refunded in cash,
c SuDject to possible recapture by
the U. S. Maritime Commission,
d Represented by 1,200,000 shares,
par 10 cents in 1940 and of no par value in 1939.
e After deducting $3,794,*•
398 operating deficit as of Jan. 1, 1938.
f Since Jan. i; 1938 of whicn it is
a
Vessels
at
cost,
less
depreciation,
estimated that approximately $2,698,540 (including approximately $1,306,000 subject to possible recapture) is subject to dividend restrictions under
8,369,198
4,643,336
3,580,354
6,213,977
3,018,895
2,237,443
6,027,963
2,776,963
2,205,319
1941
.. ...
...
Net ry. oper. income.
From Jan. 1—
Gross from railway
...
...
Net from railway.
Net ry. oper. income.
486,651
$3,520,389
17,648,845
14,845,909
3,088,504
813,364
-.
5,218,059
2,775,903
1938
1939
1940
$4,312,669
1,162,524
567,679
...
630,060
57,167
$3,085,326
531,886
def60,576
$3,343,134
568,404
def20,871
12,327,313
13,833,714
2,751,017
1,597,332
def713,054
409,607
—V. 152, p. 3362.
Walworth Co. (& Subs.
Earnings-
1941
1940
$926,848
$286,601
8,228
3 Mos.End. Mar. 31—
Profit
on notes
& drafts
9,601
Int.on mtge.bds.of subs.
Int.on mtge.bds.& debs.
74.012
Res. for Fed. inc. taxes.
Reserve
cess
for
Federal
profits tax.
_
78,645
79,053
81,378
109,510
109,008
109,802
693
20,540
ex¬
_
_
_
Net profit
Earnings
1QOO
1QQQ
$146,889 Ioss$172,549
1,580
5,480
2,117
1,716
114,992
175,468
of Walworth Co.
Deprec'n taken on plant
and equipment
mon
9,861,792
$1,375,620
598,634
Wabash Ry.—-Earnings—
April—
Gross from railway.
Net from railway
a
pier
rehabilitation
Preference stock ......
282,867
69,555
866,145
...
—
453.489
205,583
i...
Sundry operating reserves
Note payable—
........
Construction mortgage notes, &c., payable
b Advance passenger ticket sales and deposits
Undetermined voyage revenue (net)
Deferred profit—.—'
c Prov. for estimated profits.
.....
Long-term debt
Reserves
for
workmen's
$1,883,294
885,233
215,173
Liabilities
Accts. pay. & sundry accruals
Due to U. S. Maritime Commission
1939
...
...
Int.
$44,380,426 $31,781,710
Total
Prior
1939
$3,506,616
3,281,640
Net from railway
Net ry. oper. income.
—V. 152, p. 2881.
$573,184
def26,095
def 110,499
3,897,403
2,115,542
_..
$1,962,692
1,057,865
810,872
7,779,388
...
...
Net profit
Dividend on prior preference
1938
1939
1940
$601,610
245,258
846,099
Net ry. oper. income.
From Jan. 1—
Gross from railway...
...
of Pittsburgh, or, at the
Guaranty Trust
option of the holder thereof, at the principal office of the
Co. of New York.—V. 151, p. 1009.
Virginian Ry. —Earnings—
3,170,300
902,706
Profit on sale of vessels
b Profit arising.
collateral trust 5% serial notes, series G and H
principal amount thereof
have been called for redemption on July 3 at the
125,000
$427,775
$69,678
b$0.04
a$0.31
per share
On 1,358,052 shares of common
stock,
loss$48,368 loss$368,118
Nil
Nil
b On 1,357,632 shares of com¬
stock.—V. 152, p. 1939.
Ward Baking
Corp.—President Resigns—
Wilbur C. Cook has resigned as President,
Executive Committee of this corporation, he
director and member of the
announced on May 21.—V.
152, p. 3362.
Warren Brothers
Co.—Referee's Report Modified—
Referee Arthur Black's report as special master in connection with the
valuation of the company was modified, May 27, by Federal Judge Elisha
V. Brewster at Boston who added nearly $4,000,000 to the value of the
company.. •
The Court's action places a
total value on the company's assets of $13,151,607, whereas Referee Black's valuation was $9,277,972.
The protest by stockholders and the Securities and Exchange Com¬
mission against the master's valuation of the Cuban bonds, with a par
value of $8,000,000, which he had appraised at less than $5,000,000, was
concurred in by the Court.
In ordering the increase in valuation of the company, Judge Brewster
said that no plan of reorganization had been submitted to the Court.
With¬
out undertaking to anticipate the form or detail of the plan, the Court said
,
„
The Commercial & Financial Chronicle
Volume 152
that it would note that a plan requiring forced liquidation of the Cuban
bonds or a distribution among bondholders at less than par might be held
to be unfair to the stockholders.-^-V.
152,
p.
2725.
Washington Gas & Electric Co.—Corporate Reorganiza¬
tion and Simplification—U. G. /. to Sell Arizona
Property—
North
American
Gas
&
Electric
and its subsidiaries, Washington
Gas & Electric Co. and Southern Utah Power Co., have filed an application
with the Securities and Exchange Commission for approval of a plan of
Co.
corporate reorganization and simplification and of physical
integration.
Wheeling & Lake Erie Ry.
April—
electric assets in
Washington and Oregon, the acquisition of the physical properties of South
ern Utah Power Co. and the retirement
through dissolution of all of the
securities of that corporation.
Upon consummation of the plan, the Wash¬
ington Gas & Electric properties will comprise an integrated utility in
Arizona and an additional system in Utah.
Its foreign subsidiary, Domin¬
ion Electric Power, Ltd., will be retained.
The plan provides for the surrender and cancellation of the Washington
first lien and general mortgage bonds, the satisfaction of that mortgage and
the surrender and cancellation of Washington preferred stock.
It further
provides for the surrender of all
stock of Washington,
which is
Electric Co., and the distribution
of substantially all of such stock among the first lien and general mortgage
bondholders and preferred stockholders of Washington Gas & Electric Co.
The first mortgage bonds of Washington Gas & Electric Co. are undis¬
turbed by the plan, except to the extent that bonds are to be retired from
proceeds of sale of miscellaneous assets.—Y. 152, p. 2257.
common
Wentworth Manufacturing
_
a
Net profit.
b
Earnings
a
_________
_
_
__
share
per
_____
common
stock,
par
1940
$2,615,991
$0.22
...
After depreciation. Federal income taxes, &c.
Operating
161,792
339,054
40,932
355,121
6,001
48,128
Cr550
__
expenses
Miscell. operations
General expenses_______
Transp.
1941—Month—1940
$1,251,369
revenues
Maint. of way & structs.
Maintenance of equipt__
Traffic expenses.
for investment.
Net oper. revenue
Taxes.
'
$300,891
160,000
Operating income...
Equipment rents.
Joint facil. rents (net) Dr
$140,891
Wisconsin
Net ry. oper. income.
Otherincome
All other
$1,431,182
163,119
296,375
39,714
383,571
4,838
46,849
Crl,632
1941—4 Mos.—1940
$6,763,156
$6,277,560
708,717
705,819
1,473,452
1,313,969
165,579
159,151
1,715,401
1,656,021
24,697
26,853
189,922
185,056
Crl,518
Crl6,806
$498,348
$2,486,906
$2,247,497
110,000 r
660,000 /
440,000
11,806
$126,152
6,572
$393,139
9,920
$1,829,422
25,478
$1,817,929
$132,724
279,225
$403,059
278,343
$1,854,900
1,114,302
$1,860,258
1,120,061
loss$146,501
Net income.
$124,716
$740,598
$740,197
_
Dr2,933
47,959
42,329
3047.
Western Pacific RR.—Earnings—
April—
Gross from
1939
1940
1938
b$38,927
b$34,114
$71,421
•
Total revenues
$4,648,228
536,470
678,177
112,383
1,775,513
459,442
40,139
406,263
38,083
150,054
$3,824,056
427,211
682,696
115,780
1,697,239
141,106
$493,598
$195,767
79,868
$1,395,631
389,986
$760,025
316,633
31,419
$115,899
42,336
29,719
$1,005,645
161,694
128,342
$443,392
151,830
122,244
$281,554
Dr2,759
$43,844
Dr3,150
$715,609
Drl5,264
$169,318
Drl6,335
$278,795
$40,694
$700,345
$152,983
8,292
9,253
33,327
37,874
$270,503
$31,441
$667,018
$115,109
revenues.
Taxes
144,785
Net after taxes
Hire of equipment
$348,814
35,841
_
Rental of terminals
Other income (net)
Income before interest
Interest
$3,509,377
79,269
235,410
$985,479
140,236
174,876
30,254
General expenses
railway
1941—4 Mos.—1940
$4,284,605
85,325
278,298
$1,411,707
206,680
182,999
28,848
Transportation expenses
Net
Ry.—Earnings—
1941—Month—1940
$1,290,360
$903,566
24,147
20,999
97,200
60,913
being
accrued
and paid..
Balance before interest
$1,807,497
Cr58,391
Fixed charges
p.
revenue
Mtce. of wy. & strc. exp.
Mtce. of equipment
Traffic expenses.
107.634
$1,826,906
CV54.636
52,120
Gross income.
152,
Central
April 30—
Freight revenue
Passenger revenue
b On 410,016 shares of
$388,348
Crl5,655
10,864
_
—V.
1941
b$30,702
$1.25.
April 30—
Transportation
3204.
p.
Period End.
bonds, &c
Maryland Ry.—Earnings—
End.
2,893,278
464,150
289,069
After
on
Period
3,999,858
1,073,189
843,221
charges and taxes,
b Equal to 5 cents per share of common in
1941 and 1940, and to 7 cents per share of common in 1939.
•
Note—No provision made for excess profits tax.
a
Note—No provision made for excess profits tax, if any.
Western
4,903,746
1,567,617
1,255,537
Net after rents
1941
$2,078,452
21,618
$0.01
_
5,903,432
1,941,229
1,336,000
Net profit
Co.—Earnings—
6 Months Ended April 30—
Net sales.
1938
$710,905
109,798
63,504
Quar. End. Mar. 31—
a
owned by North American Gas &
now
1939
$720,967
68,139
44,176
White Rock Mineral Springs Co .—Earnings—
Electric Co.
The plan also contemplates the sale of water, gas and
152,
1940
$1,166,548
369,537
288,824
Net from railway
Net ry. oper. income
—V.
-Earnings-
$1,349,329
325,303
229,628
Net ry. oper. income
From Jan. 1—
Gross from railway
tric and steam properties in
Longview, Wash., in large part for the acquisi¬
unit in
Public
Service Co., a unit in the Community Power & Light System.
Since the
Arizona law requires that public utility properties in Arizona be owned and
operated by a corporation of that State, the plan provides for such Arizona
corporation which will carry out the plan in place of Washington Gas &
1941
Gross from railway
Net from railway
Incident thereto, Washington Gas & Electric Co. proposes that there be
expended approximately $6,000,000 proceeds from condemnation of elec¬
tion of the properties of Tne Arizona Power Corp., Prescott, Ariz., a
the U. G. I. System, and four Arizona subsidiaries of Southwestern
3517
1941
$1,686,882
417,192
221,030
railway
Net from railway
Net ry. oper. income
1940
$1,388,684
227,042
45,322
6,063,520
1,427.324
645,199
4,862,909
699,048
49,466
1939
1938
$1,209,320
123,777
def25,606
$
956,310
def337,930
def473,134
4,359,785
390,838
Wolverine Tube
Co.—Earnings—
3 Mos. End. Mar. 31—
1941
1940
1939
$123,646
$86,106
$96,237
$0.30
$0.20
$0.23
1938
Net inc. after oper. exp.,
deprec. & Fed. inc.txs.
Earns, per sh. on 396,122
shares
stock.
common
loss$15,185
Nil
—V. 151, p. 3260.
Worthington Pump & Machinery Corp.—Earnings—
Consolidated Income Account for Calendar Years
1940
:v
Operating profit
a
$2,983,109
1937
3,049
$2,060,636
94,883
$2,986,158
Gross profit
profits
$976,706
$126,036
$2,155,519
13,000
291,000
202,000
of
taxes
15,000
subsidiary
Federal income tax
Surtax
735,000
160,000
undist. profits
on
'
-
1938
$73,368
52,667
Otherincome
Excess
1939
$972,151
4,555
83", 325
Red. of obsolete invent'y
b~40~,540
Special charge
Netprofit
$2,236,158
on prior pref. stks.
146,922
$816,706
$29,711 c$l,621,979
Divs.
a After deducting cost of sales,
including all operating and maintenance
charges, depreciation of plants and equipment, selling, general and admin¬
istrative expenses,
b Expenses in connection with liquidation of the
Virginia corporation,
c
whereof, amounts are applicable as follows to
the Virginia corporation period from Jan. 1, 1937 to March 20, 1937.
$93,199 and to the Delaware corporation
period from March 21, 1937 to
Dec. 31, 1937, $1,528,779.
3,597,348
def942,600
From Jan. 1—
Gross from
railway
Net from railway
Net ry. oper. income--.
Consolidated Balance Sheet Dec. 31
1940
—V. 152, p. 3362.
Property,
x
and
Western Ry. of
Alabama—Earnings—
1941
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. 152, p. 2882.
1940
$183,641
34,688
16,558
$148,210
20,044
8,344
714,468
150,992
70,252
578,231
69,490
24,328
Cash
1939
$147,649
31,408
17,765
1938
-3,128,876
1,859
def6,325
560,016
523,365
36,522
def7,337
82,323
32.675
Period End. Mar. 31—
Miscell. securities.
460,405
Accts. & notes rec.
6,198,986
531,499
4,507,201
10,371,125
8,795,570
Inventories
of
Sec.
not
1941—3 Mos.—1940
Amort,
affil.
consolidated
from
TJ.
adjustments, &c
192,000
Operating income
$3,534,551
Non-operating income..
50,161
237,250
882,761
942,700
$3,755,192 $13,321,279 $13,410,719
50,608
356,935
232,235
llab.
Notes pay.
(U. 8.
Govt, contracts)
Capital surplus
Profit & loss surp.
31,162,872 26,576,535
After
Total
100,062
137,651
160,000
208,628
100,000
50,992
241,703
v
268,646
2,301,751
3,393,706
2,309,495
1,304,470
—31,162,872 26,576,535
depreciation of $9,986,015 in 1940 and $9,703,258 in 1939.
in liquidation amounting to $191,430 in 1940 and $256,676
Includes property
in 1939.
y Represented by 65,392 (65,038 in 1939) shares of 4M% conv. series (par
$100); 65,392 (65,038 in 1939) shares 4H% series (par $100); 5,652 (6,193
1939) shares class A 7% cum. pref. stock (par $100); 8,622 (8,790 in
1939) shares class B 6% cum. pref. stock (par $100): and 251,138 (250,364
in 1939) no par shares common stock.
in
Preferred Dividend—
'
Directors have declared dividends of S1.12K Per share on both series of
4H% prior preferred stocks payable June 15 to holders of
record June 5.
Dividends of like amounts were paid on March 15 last and
company's
$3,805,800
1,176,157
1,187,960
4,782,116
4,744,320
158,623
158,065
557,937
557,937
632,290
2,414,615
91,329
76,997
70,330
24,026
24,986
635,338
2,231,747
309,032
264,771
95,047
$1,499,643
$1,806,522
$5,360,163
$5,515,450
is the help it will furnish in refunding the corporation's indebtedness to
provide later maturity at a lower interest rate. Legal proceedings brought
by certain objectors in Federal District Court, Wilmington, Del., are
scheduled for hearing June 13.—V. 152, p. 3364.
66,050
65,300
263,627
257,206
(L. A.) Young Spring & Wire Corp. (& Subs.)—Earns.
1,657
1,657
10,577
12,933
6,630
23,374
6,630
23,581
$13,678,214 $13,642,954
subs.—
(net) and exp_.
Preferred dividends
Minority int.—Public-Minority int., parent co.
mium
*
Balance
233,954
102,325
Deductions—The West
Penn Electric Co.—
Interest
-
Amort, of debt disc, and
expense.
Miscellaneous
Dec. 14, 1940, these letter being the first dividends paid since Septem¬
on
Amort, of debt disc., pre¬
ber,
1938.—V.
152, p. 2107.
York Ice Machinery
Co.—Merger Voted—
After two adjournments—March 25 and May 20, the stockholders of
this corporation at a meeting held May 28 voted to adopt an agreement of a
merger with the York Corp.
One of the major considerations in the merger
^
_
Consolidated Earnings for the 9 Months Ended April 30, 1941
'
Gross profit—
$2,638,236
847,555
Expenses..^
—$1,421,359
7% and 6% pref. divs_.
566,962
Class A dividends
103,470
$1,726,632
$750,927
Net income
Balance
1,704,035
$3,584,712
Gross income
Deductions
Interest
Miscellaneous
curr.
750,000
210,671
100,000
80,486
328,083
285,526
Adv. pay. on contr
342,061
1941—12 Mos.—1940
x
180,684
Res. for self. Ins..
pl't facili¬
Total
3,250"666
2,578,844
167,285
Accrued commls..
Misc. accruals
revenues
of electric plant
Accounts payable.
485,343
Govt, und.emer-
ties contracts...
S
Notes payable....
Accrued payrolls..
Accrued taxes
449.685
S.
1939
$
..
Mscell.
459,448
321,470
(foreign)
Rec.
1940
Liabilities—
yCapltal stock.., ..17,017,190 17,009,499
4% s. f. debens.
3,500,000
Res. for Fed. taxes
cos.
Deferred charges..
(& Subs.)—Earnings—
$12,070,378 $11,108,320 $45,150,806 $41,451,129
expenses
3,756,295
3,545,971
14,507,402
13,932,232
Maintenance
858,467
845,248
3,502,476
3,293,237
Taxes, Fed. normal inc1,158,450
604,225
3,622,084
1,903,782
Fed. excess profits—
276,425
821,780
Other
1,157,464
1,078,604
4,336,159
4,061,064
Prov. for deprec., retire¬
ments and depletion..
1,136,726
1,041,830
4,156,865
3,907,395
Operating
Operating
$
plant
equipment.il,515,689 10,841,740
965,495
1,493,687
gency
West Penn Electric Co.
1939
$
Assets—
defl71,980defl,549,616
-
103,470
$5,066,532
2,267,847
413,882
$5,228,033
2,267,847
413,882
$1,056,200
$2,384,803
$2,546,304
566,962
Note—The consolidated income accounts of the company and its sub¬
months and 12 months ended March 31, 1941 are not
sidiaries for the 3
comparable with the similar periods for 1940 principally because no pro¬
vision was made in the 3 months ended March 31, 1940 in respect of excess
profits and increased normal income taxes subsequently imposed by laws,
retroactive to the first of the year, passed in June and Oct., 1940, and
additional provision is made in tne first quarter of 1941 for further tax
increases which are anticipated.—Y. 155, p. 2726.
Balance
—
Other income.
$1,790,681
_
___
—
84,712
;_
Total income.
$1,875,393
Interest
49,086
Miscellaneous deductions.
Normal income taxes
20,219
436,307
352,586
Excess profits taxes
Net profit...
Earnings per share
$1,017,195
$2.49
-
a
a
On 408,658 no par
shares of common stock.—V. 152,
p.
2414.
3518
COMMERCIAL EPITOME
Thursday Nighty May 29, 1941.
Coffee—On the 24th inst. futures closed
unchanged from
previous finals, with sales totaling 57 lots.
At
time
one
^during the session prices showed net gains of 11 points.
Overnight news that exchange officials were in accord with
the request of O. P. A. C. 8. officials to lift the margin
requirement on speculative accounts from $250 to $625,
following
no
a
meeting in Washington on Friday afternoon, had
apparent effect
trading
was
on
today's market.
Most of today's
in the nature of week-end selling, with new
buying and hedge covering being entered for trade account.
In Brazil spot
prices of Santos coffee were 400 to 600 reis
On the 26th inst. futures closed 8 to 13 points net
higher.
higher, for the Santos contract, with sales totaling 35 lots.
The Rio contract closed 6 to 3
points net higher, with sales
Official Brazilian spot prices were 200
reis higher on soft Santos 4s; unchanged for hard 4s; and
700 reis higher on type 5 Rio.
The coffee trade was awaiting
word on the opening of bids by the Government on about
totaling
15 lots.
100,000 bags of coffee today.
On the 27th inst. futures closed 3 to
the Santos contract,
contract closed
The Rio
unchanged to 1 point off, with sales totaling
Interest centered around the
9 lots.
6 points net lower for
with sales totaling 73 lots.
question of bids opened
by the Government yesterday against 13,000,000 pounds
Prices "reported.in trade
In New York
2,000,000 pounds were at 10.88 cents and two million at
1097; in New Orleans prices on two million bags ranged from
bags of green
(100,000
circles ranged
coffee).
from 10.74 cents to 12.07 cents.
The Government has accepted
10.74 cents to 11.25 cents.
bids
only two lots aggregating 16,000 bags, one New
Feelers
on
York bid of 10.88c. and one New Orleans of 10.74.
84,000 bags were rejected.
on
On the 28th inst. futures closed 13 to 18 points net lower
for the Santos contracts, with sales totaling 90 lots.
There
were
7 contracts traded in the Rio contract, Sept. delivery,
which latter closed 9 points off.
The easier tone was at¬
pounds of coffee,
accepting only 2,050,000 pounds, on the ground that the
tributed to rejection of bids on 11,000,000
OPASC had advised the department that the prices were too
It was reported that the price administrators had
pointed out that the bulk of Brazil's quota had been bought
at less than 9c. per pound and that therefore the prices of
high.
11 to 12c.
too much above that basis.
were
Coffee trade
interests explain that where coffee has been hedged in the
futures market, the seller must reckon in his price the loss
on this hedged "futures" position when selling his actuals.
price of Rio 7s was off 300 reis. Today
points net lower for the Santos con¬
tract, with sales totaling 112 lots.
There were 5 contracts
traded in the Rio contract, which closed 1 to 4 points net
lower.
The easier tone reflected the overnight news that
the Inter-American coffee board has increased first year
In Brazil the spot
futures closed 11 to 8
coffee quotas
by the maximum permitted under the
agree¬
ment, 5%.
Rio coffee
July.......
September
.
.
prices closed
*———
.
-
7.10
7.151
Santos coffee
July.
September
as follows:
7.161 December
.
. .
prices closed
i.
. .
December
as follows:
-Trad. 10.071 March, 1942. .
Trad. 10.21 May
Trad.l0.20(
Trad .10.28
Trad 10.38
Cocoa—On the 26th inst. futures closed 4 to 3 points net
A little Wall Street and
professional trading accounted for the limited business.
Every one is wondering what the outcome of recent Washing¬
lower, with sales totaling 136 lots.
ton intervention in the market
will be.
Warehouse stocks in¬
creased 7,000 bags over
the week-end.
They total 1,385,597
bags compared with 1,041,626 bags a year ago.
Arrivals this
year have set a new high record of 2,507,696 bags compared
with 1,454,976 bags in the comparable period last year.
Arrivals this month have reached 488,623 bags against
235,205 bags in the corresponding period of 1940.
On the
27th inst. futures closed 14 to 11 points net higher, with
sales totaling 213 lots.
News that 10 merchant vessels had
been sunk by German U-boats off the west coast of Africa
and 52,000 tons of shipping destroyed, caused a stir in the
cocoa
trade.
While it
was
doubted that any cocoa
cargoes
had been lost, prices were bid up 9 to 12 points on the New
York Cocoa market with July selling at 7.50 cents. Turnover
to mid-afternoon was 170 lots.
30
lots
stocks
Open interest was reduced
It now totals 7,140 lots.
Warehouse
1,800 bags.
They total 1,387,752 bags
yesterday.
increased
compared with 1,041,626 bags a year ago.
Local closing
July, 7.54; Sept., 7.61; Dec., 7.71; March, 7.78; May, 7.85.
On the 28th inst. futures closed 16 to 18 points net lower,
with sales totaling 261 lots.
Cocoa traders were nervous
over
developments in Washington, more especially with
reference to price control.
Being in doubt they followed
traditional usage and liquidated.
The result "was a fall of 15
to 17 points in the market.
Turnover to mid-afternoon was
175 lots.
Open interest was reduced 53 lots yesterday. It
stood at 7,088 lots this morning.
Warehouse stocks con¬
tinue to accumulate. The overnight increase was 5,300 bags.
So far arrivals this year have reached 2,543,004 bags, com¬
pared with 1,472,121 bags a year ago.
Local closing: July,
7.38; Sept., 7.45; Dec., 7.53; Mar., 7.62; May, 7.68. Today
futures closed 10 to 9 points net lower, with sales totaling
617 lots.
General liquidation in cocoa brought a fall of 10
to 13 points in prices up to mid-afternoon.
Offerings were
absorbed by the trade.
No Wall Street interest was mani¬
fest.
Sales to late in the session totaled 375 lots.
The open
interest diminished 37 lots yesterday and has decreased 360
lots in the last two weeks. Warehouse stocks were unchanged
at 1,393,054 bags compared with 1,048,591 bags a year ago.
Today's decline reflected nervousness over Government
price control.
Local closing: July, 7.28; Sept., 7.35; Dec.,
7.43; Mar., 7.52; May, 7.59.
Sugar—On the 24th inst. futures closed unchanged for the
Sales totaled only 20 lots.
Raw sugar
was firmer today, but the futures market ruled quiet.
In
the world contract sales today were 59 lots and prices were
Y<l point to \l/i points net higher. Most of the activity was
covering for the week-end adjournment.
The immediate
trend, observers believe, is expected to be determined by the
action of the raw market, but not until a broader interest
domestic contract.
develops at the prices paid today, is
it likely to be con¬
sidered that the advance is anything more than temporary.
1 point higher
totaling 61 lots. The
world sugar contract closed 3 to 1H points net lower, with
sales totaling 233 lots.
Domestic sugar was dull and un¬
changed in price during most of the session. There were no
further sales reported in the raw market and the refined
market was without new developments.
One 12,000 bag
lot of Puerto Ricos due to arrive this week, was understood
to be available at 3.35c., while 10,000 bags clearing June 2d
and a similar parcel clearing June 26th, were held at 3.40c.
Some Cubas and two or three lots of June Philippines were
also offered at that figure.
Scattered selling heavily de¬
pressed the world sugar market.
On the 27th inst. futures closed 1 to 2 points net higher
for the domestic contract, with sales totaling 139 lots.
The
world sugar contract closed H to 1 point net higher, with
sales totaling 22 lots.
The improved tone reflected a steady
note in the raw market, which in turn was influenced by a
reported sale of a cargo of Cubas, loading today, to National
at 3.37c. or 4 points over the last spot sale.
Offers of raws
were generally at 3.40c., or better, but on 12,000 bag lot
of Puerto Ricos, due today, was understood to be available
at .3.35c., and because of its "distress" position, might be
sold for less.
Interest in refined sugar was slightly better.
Cuban freights were said to be offered at 40c. for a prompt
position.
On the 28th inst. futures closed 1 to 2 points net higher
for the domestic contract, with sales totaling only 62 lots.
The world sugar contract closed unchanged to 1 point higher,
with sales totaling 48 lots.
In the raw market two sales were
reported. National bought 13,000 bags of Puerto Ricos,
clearing June 8, at 3.39He., or 1H points above yesterday's
spot price, while an operator paid 3.45c. for 4,500 tons of
Philippines due late June-early July.
Sellers were with¬
drawn on the advance.
Puerto Ricos in port, were offered
at 3.40c., while June cargoes were held at 3.45c.
According
to reports from Havana, official data of the Cuban Sugar
Institute discloses that about 400,000 tons have yet to be
shipped against Cuba's 1941 United States quota. Today
On the 26th inst. futures closed unchanged to
for the domestic contract, with sales
contract
1 point up to unchanged for the domestic
with sales totaling 116 lots.
The world sugar
closed 1H to H points lower, with sales totaling
^34 lots.
The advance reflected the higher raw market,
futures
closed
contract,
which in turn
was regarded as mirroring some apprehension
regarding shipping facilities in the future. Late yesterday
National paid 3.42c. for a cargo of Puerto Ricos loading
June 5.
This was 2H points higher than a spot sale made
earlier in the day and 9 points above the spot level ruling a
week ago.
The high price for raw sugar so far this year,
has been 3.45c., made first in March and touched several
times since.
Demand for refined has picked up slightly.
Prices closed
as
follows:
July
September
2.47 January, 1942. ....
2.50 March
November
2.52 May
2.52
2.54
-.2.56
Volume
The Commercial & Financial Chronicle
152
Lard—On the 24th inst. futures closed 5 to 10
points net
Influenced by reports that the Government pur¬
chased a small quantity of lard and also that further quan¬
tities would be purchased next week, the lard market de¬
veloped considerable firmness, prices advancing as much as
12 to 15 points.
However, week-end profit taking erased
about half of the gains and on the close values were 5 to
10 points net higher.
The hog market was quiet. Western
hog marketings were light and totaled 13,500 head against
12,700 head for the same day last year. On the 26th inst.
futures closed 5 to 10 points net lower.
The lard market
ruled easier to day in face of the stronger grain and hog
markets.
Chicago hog prices were 10 to 13c. over Friday's
finals. Sales of hogs ranged from $9 to $9.60.
Western hog
receipts totaled 76,000 head against 78,000 for the same
day last year. On the 27th inst. futures closed unchanged
to 2 points net lower.
Trading was light and without in¬
teresting feature.
Chicago hog prices were off 10c. Sales
ranged from $9 to $9.35. Western hog receipts were 84,900
head against 121,300 last year.
On the 28th inst. futures closed 2 to 5 points net lower. At
one time during the session prices dropped 10 to 12 points.
In the later trading a fairly substantial demand developed
and prices recovered a substantial portion of the earlier
losses.
Hog receipts at the principal packing centers in the
West as reported yesterday totaled 59,800 head, compared
with 61,500 head for the same day last year.
Hog prices at
Chicago remained steady, with sales ranging from $9.10 to
$9.50.
Today futures closed 12 to 13 points net lower. The
weakness of grains and other commodity markets had their
depressing influence in the lard market.
higher.
DAILY CLOSING PRICES
Man.
9.80
Sat.
July
September.
OF LARD
9.90
10.07
9.97
FUTURES IN CHICAGO
Tues.
9.77
9.97
Wed.
10.02
10.20
October
.10.15
10.10
10.02
December
.10.35
10.25
10.22
9.75
9.92
Thurs.
9.62
Fri.
H
O
L
9.80
9.90
10.07
Pork—(Export), mess, $27.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $20.25 (200-pound barrel).
Beef: (export), steady.
Family (export), $21.50 per barrel
(200-pound barrel).
Cut meats: steady.
Pickled hams:
picnic, loose, c. a. f.—4 to 6 lbs., 14^c,; 6 to 8 lbs., 14)4c.;
8 to 10 lbs., 1434c.
Skinned, loose, c. a. f.—14 to 16 lbs.,
Bellies: clear, f. o. b. New York—
22c.; 18 to 20 lbs., 20)4c.
6 to 8 lbs., 18%c.; 8 to 10 lbs., 19c.; 12 to 14 lbs., 16^c.
Bellies: clear, dry salted, boxed, N. Y.—18 to 20 lbs., 1234c.;
16 to 18 lbs., not quoted; 20 to 25 lbs., 1234c.; 25 to 30 lbs.,
12)4c.
Butter: firsts to higher than extra and Premium
marks; 35 to 3534c•
Cheese: State, held '39, 25 to 26; held
'40, 23 to 24c.
Eggs: mixed colors: checks to special packs:
2234 to 2634c.
Oils—Linseed oil prices were generally reduced 2 points,
reflecting the lower seed prices now prevailing. Quotations.
Chinawood: Tanks, spot—2934 offer; drums—3134 offer.
Coconut: Crude: Tanks, nearby—.07 bid; Aug., forward—
.06M hid; bulk—.0634 hid; Pacific Coast—.06 bid.
Corn:
Crude: West, tanks, nearby—1034 hid.
Olive: Denatured,
drums, spot—$4.00 bid.
Soybean: Tanks, old crop—.09 to
.09)4; New York, 1. c. 1., raw—11.3 bid. Edible: Coconut:
76
degrees—1334 hid.
Lard: Ex. winter prime—1134 offer;
Turpentine:
Cod: Crude: Not quoted.
Rosins: $2.25 to $3.20.
strained—11 offer.
50 to 52.
Cottonseed Oil sales
Crude S. E.,
contracts.
as
yesterday, including switches, 288
val. 9)4-9/4 nom.
Prices closed
follows:
10.30@__ nom
10.38sale
10..38@_- nom
10.26@28 sale
June
July
August
September
October
November
10.22 @
10.22®
December
10.21 @10.22
January, 1942
10.24 @10.26
sale
nom
Rubber—On the 24th inst. futures closed 42 to 25 points
net lower.
Although the market opened 6 to 21 points
higher, subsequent selling weakened prices which closed
only a few points above the low levels for the day. Traders
hold that rubber consumers are waiting to see what course
the market will take in the next week
or so
as
a
result of
increasing original margins requirements on rubber contracts
to $1,200.
The outside market was also weak. Only a small
amount of factory business was reported at lower quotations.
standard No. 1-X ribbed smoked sheets in cases
dropped to 23c. per pound.
It is interesting to note that
spot reached a high level of 25c. per pound only a short time
ago.
Local closing:
May, 22.95; July, 22.70; Sept.,
22.40; Dec., 21.95; Jan., 21.85; March, 21.50.
On the
Spot
26th inst. futures closed 25 to 10 points net lower, with sales
totaling 110 lots.
consumption was
from the Office of
of
shipping
serves.
was
a
The rubber market was irregular. High
favorable factor, and there were reports
Production Management that the shortage
a
menace
to accumulation of desired
re¬
A little buying was done for speculative account,
The market is waiting
price policy. During
early afternoon the market stood at 5 points net lower to
12 points higher.
Sales to that time totaled 30 lots. Ten
tons were tendered on the May contracts.
Open position
this morning was 1,921 lots.
The London market was 34d.
to
%d. lower.
Singapore was l-32d. to l-16d. lower.
Local closing:
July, 22.55; Sept., 22.25; Dec., 21.70;
with dealers supplying the contracts.
for clarification of the Government's
March, 21.40.
On the 27th inst. futures closed 1 to 15 points net lower for
the
new
standard
contract,
with sales totaling
196
lots.
3519
Buying of forward positions by commission houses
feature of the rubber market.
was the
Prices this afternoon stood
3
points lower to 5 points higher, with July selling at 22.57,
2 points.
Transactions to that time totaled 89 lots.
Open interest this morning stood at 1,945 lots, an increase of
up
25.
London closed unchanged.
The Singapore market was
)4d. lower.
Local closing:
July, 22.52; Sept.,
22.22; Dec., 21.69; March, 21.25.
On the 28th inst. futures closed 7 to 15 points net lower.
Sales totaled 1,810 tons.
On the general fear that the
Government might fix a price on rubber, the futures market
closed substantially lower, after showing net gains of 21 to
28 points at the opening.
The market's early strength was
attributed to reports of ship losses and general political un¬
certainties.
Spot standard No. 1-X ribbed smoked sheets
in cases declined to 22 %c.
Today futures closed 28 to 35
points net lower, with sales totaling 173 lots.
Liquidation
induced by fears that a price ceiling would be placed on
rubber next, caused prices to fall 28 to 36 points-by early
afternoon.
Sales to that time totaled 113 lots, including 30
tons exchanged for physical rubber.
The open interest in
rubber this morning was 1,975 lots, an increase of 9 lots.
l-32d.
to
Certificated
stocks
total of 450 tons.
in
warehouses
decreased
10
tons
to
a
The London market closed
34 to 3-16d.
higher.
Singapore was 1-32 to )4d. lower.
The Controller
of Rubber in Malaya has fixed the rate of release of rubber
during the third quarter at 9734%Local closing: New
Standard: July, 22.12; Sept., 21.80; Dec., 21.25; Jan, 21.22;
Mar., 20.80.
Hides—On the 24th inst. futures closed 10
to 2 points
higher.
On the opening prices ruled about 14 points
better, but scattered selling weakened the market slightly.
Some commission house support during the closing lifted
prices. In general the market was reported as thin. Sales
totaled only 67 lots.
The discussions on margins, price
ceiling and Merrill Watson's warning that tanners and
leather consumers may be stocking up too heavily, caused
some uneasiness in the market.
In face of these develop¬
net
ments there
was a
fair amount of actual hides sold last week
at
slightly higher prices.
In the western packer markets
between 81,000 and 86,000 hides were sold to tanners.
The turnover in South America was limited mostly to type
and special selections. Packers are reported as not offering
freely, refusing tanner bids at steady levels. Local closing:
June, 15.00; Sept. 15.19; Dec., 15.39; March, 15.49.
On the 26th inst. futures closed unchanged to 2 points
lower. Sales totaled 88 lots. Switching operations accounted
for 46 lots. During the final trading there were 51 lots sold.
The September was switched for the December contract
at a discount of 20 points; the June delivery for the Decem¬
ber position at 38 points and the June contract for the
September at 20 points. There were 27 transferable notices
issued against the June delivery today. Little or no activity
was reported in the actual markets.
Packers are refusing
steady bids from tanners. Local closing: June, 14.98; Sept.,
15.18; Dec., 15.38; March, 15.48; June, 15.33. On the 27th
inst. futures closed 10 points higher to 17 points lower.
The June delivery was 10 points up, while the December
and March contracts
were
weaker.
On the uncertainties
surrounding the margin developments and the President's
speech tonight, raw hide futures closed irregular in a quiet
session today.
There were 13 more notices issued today,
bringing the total so far this month to 40 notices.
Sales
totaled 117 lots.
In the western packer markets tanners
bought 9,000 native bulls at 1234c., which is a gain of 34c.
above the previous transaction; 2,000 northern point light
native cows at 16)4c. and 800 branded cows at 16c. There
were
11,500 frigorifico reject cows sold in Argentina to
United States dealers at 1434c. Local closing: June, 15.08;
Sept., 15.17; Dec., 15.30; March, 15.33.
On the 28th inst. futures closed 73 to 65 points net lower.
Hide futures reacted sharply today, the extent of the decline
contrasting with the general reactionary trend in markets
following the President's proclamation of an unlimited
emergency.
The rejection of all bids on Army and CCC
shoes by officials Tuesday, accompanied by the warning
from O. P. A. C. S. that a ceiling would be fixed on hides,
brought spot trading to a standstill. It is generally expected
that an official proclamation will be made next week fixing
the maximum price of light native cows, July take off, at
15c., and setting differentials for other types of hides. Local
closing: June, 14.35; Sept., 14.50; Dec., 14.63; Mar., 14.66.
Today futures closed 16 to 13 points net higher, with sales
totaling 98 lots.
The opening was unchanged. The market
was steady during the morning session, with prices at noon
ranging from 12 to 13 points advance.
Open interest stood
at 1,311 lots, a decrease of 19.
There were 1,080,000 pounds
tendered for delivery against the June contract.
Local
closing: June, 14.51; Sept., 14.66; Dec., 14.76.
Ocean
Freights—Tonnage is reported scarce in all mar¬
unfavorable in regard to more
kets and the outlook continues
ships becoming available due to the heavy withdrawals of
merchant ships from their regular runs.
Charters included:
Time Charter: West Indies trade, $9 to $11 asked per ton.
Canadian trade, $9 to $11 asked per ton. North of HatterasSouth African trade, $7.50 to $8 per ton. North of HatterasEast Coast South America, $8 to $9; West Coast, $8 to $9
per
United States Pacific-Far East, $8.25 per ton.
Bampton Roads to Rio de Janeiro, $9 to $9.50 per
ton.
Coal:
Chronicle
The Commercial & Financial
3520
ton; Hampton Roads to Montevideo, about $10.50 to
asked per ton.
Hampton Roads to Buenos Aires,
$10.75
$10.50
per ton.
Hampton Roads to Lisbon, $16. Sugar: Philip¬
pines to United States Atlantic, $25 bid, asking $30. Queens¬
land to Halifax-St. John, $21 per ton.
Ore: South Africa
Hatteras, $17 f.i.o. per ton; Brazil to Sydney, N. S..
$12.50 per ton. Philippines to Baltimore, $18 bid. Linseed:
Plate to North of Hatteras, $22 per ton.
Flour: Pacific
to
Coast to China, $28 per ton.
Coal—The current demand for anthracite coal on the
New England is reported as
good. Many of the dealers are buying now, anticipating not
only higher prices but also fear a possible car shortage later
in the season.
Demand at Tidewater, serving the city is
slow.
As a result of the warm weather and the lack of
storage facilities little coal is reported moving.
Following
on the heels of the anthracite coal miners wage increase of
line to New York State and
7^%, hard coal producers announced their schedules.
In
prices are slightly lower than the winter quota¬
tions but higher on buckwheat, rice and barley.
On June 16
producers announce that domestic sizes egg, stove, nut and
pea will advance 10c. per ton.
A similar increase is also
scheduled for July 15.
Subsequent increases are expected
later, but details have not been announced.
Producers
point out that anticipated increases in production, not re¬
lated to the recent wage rise, leaves the future situation
some cases
May 31, 1941
unchanged to 2
points down for grease wool futures. Two lots or, 12,000
pounds clean equivalent of wool were sold. Wool top futures
closed 1 to 3 points net higher, with sales only 6 lots or 30,000
pounds. Spot tops were 131.5c. nominal and spot wool
94.5c. and 95.5c. offered.
The average price of 10 types of
apparel wool in the Boston market was quoted on Friday at
101.2c. per pound, compared with 101.0 the previous week.
The price quoted the previous Friday had prevailed for five
successive weeks.
Local closing: Wool Tops: July, 128.4;
Oct., 125.8; Dec., 124.3; Mar., 122.8. Grease Wool: July,
95.0; Oct., 95.5; Dec., 95.4.
On the 26th inst.# futures
closed unchanged to 1 point lower for wool tops, with sales
estimated at 11 contracts or 55,000 pounds. Spot tops were
nominally 131.5c. a pound. In grease wool the market closed
quiet at 3 to 6 points advance. However, only 2 lots, or
12,000 pounds clean equivalent weight of wool changed
hands. Spot wool was quoted at 95c. bid and 95.5c. asked.
Local closing: Wool Tops: July, 128.3; Oct., 125.8; Dec.,
124.2; Mar., 122.7.
Grease Wool: July, 95.4; Oct., 95.8;
Dec., 96.Q. On the 27th inst. futures closed 8 to 12 points
net higher for wool tops, with sales estimated at 50 contracts
or 250,000 pounds.
Grease wool meantime closed quiet and
unchanged to 4 points higher, with sales totaling 8 contracts,
or 48,000 clean equivalent pounds.
Spot tops were quoted
at 131.5c. nominal and spot grease wool, clean basis, at
95.2c. bid and 96.0c. asked.
Boston reported the wool
market easier today, with mills receiving some lower priced
wool contracts for last winter.
Foreign scoured wools were
reported in demand, but foreign grease wools inactive. Local
closing: Wool Tops: July, 129.2; Oct., 127.0; Dec., 125.2;
Mar., 123.5. Grease Wool: July, 95.7; Oct., 96.2; Dec., 96.0.
On the 28th inst. futures closed 2 points off to 3 points up
for wool tops, with sales estimated at about 45 contracts or
225,000 pounds, which compares with 220,000 on Tuesday.
Spot certificated tops were quoted at 131.5c. nominal.
In
grease wool interest was small, with only two lots of 12,000
clean equivalent pounds changing hands, both in December
at 96.0c. and 96.5c.
The closing was quiet and unchanged
to 3 points up based on bid levels.
Spot grease wool was
quoted at 95.5c. nominal.
Wool markets also were slow.
Boston reported no activity in domestic wool but some busi¬
ness in foreign wools for "future delivery."
Local closing:
Wool Tops: July, 129.2; Oct., 126.8; Dec., 125.0.
Grease
Wool: July, 96.0; Oct., 96.2; Dec., 96.1.
Today futures
closed 15 to 30 points net lower for wool tops, with sales
estimated at 25,000 pounds of tops up to midday.
The
grease wool market closed 10 to 11 points net lower, with
sales estimated at 24,000 clean equivalent pounds.
Local
closing: Wool Tops: July, 127.7; Oct., 125.0; Dec., 123.3;
Mar., 122.0.
Grease Wool; Oct., 95.1; Dec., 95.1.
Nine¬
despite weakness elsewhere.
oped in the silk market
issued, but they were readily ab¬
Transactions to that time totaled 21 lots.
The
June notices were
teen
sorbed.
price of crack double extra silk in the spot market advanced
2 cents to $2.93 a pound.
On the Yokohama Bourse the
market closed 5 to 18 yen higher.
Grade D silk in the spot
market advanced 10 yen to 1,560 yen a bale.
Local closing:
No. 1 contracts: June, 2.86; July, 2.87; Aug., 2.87; Sept.,
2.88; Oct., 2.88; Dec., 2.88.
Today futures closed \XA to
lc. net lower.
Sales totaled 25 lots.
Light liquidation
caused a softening of prices in the raw silk market.
During
early afternoon June silk was selling at $2,843^, off lj^c.
Sales to that time totaled only 9 lots.
Tender of 150 bales
on contract was posted.
In the spot market the price of
crack double extra silk stood unchanged at $2.93 a pound.
The Yokohama Bourse closed 3 to 8 yen lower.
Grade D
silk in the spot market also was unchanged at 1,560 yen a
bale.
Local closing: June, 2.843d£; Sept., 2.87; Oct., 2.87;
Nov., 2.87; Dec., 2.87.
COTTON
tele¬
is given below. For the week
ending this evening the total receipts have reached 65,092
bales, against 83,347 bates last week and 75,438 bales the
previous week, making the total receipts since Aug. 1,1940,
3,418,037 bales, against 6,922,249 bales for the same period
of 1939-40, showing a decrease since Aug. 1, 1940, of
The Movement of
the Crop, as indicated by our
from the South tonight,
grams
3,.504,212 bales.
Galveston
Houston
—
New Orleans
inst.
futures
closed
3^c.-off to
un¬
changed, with sales totaling 14 lots, all in the No. 1 contract.
Silk market ruled quiet during most of the session.
Eighty
bales were tendered on contract, bringing the total tenders
on May contracts to 2,430 bales.
Today was the last day
on which tenders could be made.
The price of crack double
extra silk in the New York spot market declined lc. to $2.93
a
pound. Prices on the Yokohama Bourse closed 8 to 13 yen
lower.
The price of Grade D silk in the outside market
declined 5 yen to 1,570 yen a bale.
Local closing: Sept.,
2.87; Oct., 2.87. On the 27th inst. futures closed 1 l|c. to 2c.
net higher for the No. 1 Contract, with sales totaling 69
lots.
Trading in raw silk was rather active, consisting
mainly of switches from June into later positions, chiefly
Oct., after circulation of 51 notices of delivery on contract.
Prices were unchanged.
Sales to early afternoon reached 61
lots, including 100 bales exchanged for actuals.
The price
of crack double extra silk in the uptown spot market was
2c. lower at $2.91 a pound.
The Yokohama Bourse closed
4 to 18 yen lower.
Grade D silk in the outside market
declined 20 yen to 1,550 yen a bale.
Local closing: No. 1
840
2,983
3,949
'441
441
8,346
65,092
Charleston..
Totals this week.
13,981
15,792
15,831
11,142
192
day
2
~""2
Savannah
8,570
20,769
35,118
Holi¬
133
59
Mobile-
Total
Fri.
Thurs.
1,162
2,772
10,047
1,022
5,070
9,700
3,521
6,138
6,170
2,025
3,806
5,252
Wed.
Tues.
Mon.
Sat
Receipts at-
table shows the week's total receipts, the
since Aug. 1, 1940, and the stocks tonight, compared
The following
total
with last year:
,
Receipts to
May 29
This
1, 1940
Week
Houston
Corpus Christi.
aumont
New Orleans
Gulfport
Mobile
Jacksonville.-
2
"441
16,093
29,147
7,100
20,576
Lake Charles.
161,218
54,593
1,882
63,688
33",508
28",814
22,584
10,800
25,890
13,386
1,633
4,181
7,776
24,287
15
Panama City__
Charleston
_
Wilmington
Norfolk-
459
162
9,718
22,200
New York.——
Boston
593
Baltimore
♦
38,933
92,537
628,652
60,574
70,274
*
.
1,416
113,843
500
1,946
1,275
21,497
30.472 6.922.249 2,951,770
65,092 3,418,037
Totals
6"7i',l'l"5
45,971
46,792
Savannah
760
38",565
"113
26
.
655,408
927,749
941,622
68,161
104,881
543,438
52,902
54,439
1,946
1,011
147,060
11,565 2,415,597
761
Pensacola
1940
1941
1, 1939
8,880 1,739,404
41,153
8,697 2,059,641
179,215
67,907
650,381
15,596
20,769 1,294,038
149,045
8,588
35,118 1,138,104
10,529
192
31,246
8,570
Brownsville
B
This ' Since Aujg
Since Aug
Week
Galveston
Stock
1930-40
1940-41
2,401,531
Included in Gulfport.
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
Orleans.
Mobile
7,102
1,507
6,470
973
6,217
4,926
27,006
3,968
494
618
255
276
2,515
11,964
3,832
1,062
529
864
338
"""477
229
942
1,647
113
3
2
"""459
_
162
593
All others
241
92
339
709
803
199
355
900
1,926
17,870
17,425
23,761
47,072
;
30,472
65.092
Total this wk-
1935-36
1936-37
1937-38
441
Charleston
Wilmington.
8,035
3,546
4,772
8,697
11,565
192
Savannah
1938-39
8,880
8,570
20,769
35,118
Houston
New
1939-40
1940-41
Receipts at—
Galveston-—.
Norfolk
point
devel¬
Thursday Evening, May 29, 1941
Wool—On the 24th inst. futures closed
the 26th
.
,
.
somewhat uncertain.
Silk—On
Sept., 2.89; Oct.,
2.87
Contracts: June, 2.853^; Aug.,
2.89; Nov., 2.88H; Dec., 2.88^.
On the 28th inst. futures closed 3^ point up to 1
lower.
Sales totaled 37 lots. A little buying interest
Since Aug. 1— 3,418,037 6,922,249 3,655,295 6,977,219 6,170,456 6,595.660
this evening reach a
of which 310 were to Japan, 330 to
China, and 6,414 to other destinations.
In the correspond¬
ing week last year total exports were 65,438 bales.
For the
season to date aggregate exports have been 809,761 bales,
against 5,769,752 bales in the same period of the previous
season.
Below are the exports for the week.
The
exports for the week ending
of 7,054 bales,
total
•; Exported to—
Week. Ended
—
Mag 30, 1941
Ger¬
Great
Exports from—
Britain
France
Italy
many
Galveston
Japan
310
>
China
330
310
Total
Total
5,914
Total
6,554
500
New Orleans-..-
Total 1940.
Other
.
27,567
9.885
1939.....
1,358
3,512
:
3*602
17,517
2,442
330
500
6,414
7,054
7,431
1,325
1,713
65,43o
13,564
2,961
4,718
32.157
Volume
The Commercial & Financial Chronicle
152
extent.
From
Exported to—
First
Aug. 1 1940 to
May 30. 1941
Exports from—
Great
Galveston
Total
Other
1,927
1,145
44,368
69,163
8,735
3,767 144,600
321.852
23,225
1,680
600
25,505
Orleans
115,193
_
2,280
55,372
172,845
Mobile......
28,461
Norfolk
York
28,461
m
3,573
'
3,573
26,981
27,295
56,735
48,512
2,313
6,706
112,927
20,462
15,180
6,221
45,690
314
Boston
■
Los Angeles..
San Francisco
974
i.
2,313
*
3.827
Seattle......
137
137
68,604 287,298
809,761
■
—
Total
—
——
362,040
91,819
Total 1930-40 1930,454 793,686
Total 1938-39 446,925 743,177
^
China
Japan
21,723
Corpus Christ!
New
Italy
many
164,750
Houston
New
France
xix cxuxxjLLiuii
Lu
Prices registered small net changes on the opening.
quotations
Liquidation
Ger¬
Britain
33.456 598,784
435.819 289,747
ctuuve tJApurts,
867.655 394,818 1150990 5769,752
94,250 627,241 3133,236
848,386
uur
tmygiauxa
give us the following amounts of cotton
cleared, at the ports named:
on
tuuigxxo
t»xs«x
shipboard, not
to
3521
were, 2 points lower to 2 points higher.
of July was the early feature.
It was attributed
Southern firms, possibly against acquisition of spot cot¬
ton.
Buying
connections,
credited
on the opening was done by firms with Bombay
trade interests, and Wall Street.
Mills were
with
the
several
of
purchase
distant contracts.
thousand
bales
of
After selling relaxed, the market quickly
moved
upward for net gains of from 8 to 11 points during
forenoon, with December equaling its highest price of
the season, 13.50c., for a maximum rise of 10 points.
No
the
other month equaled its highest point.
Trade price and mill
buying brought about the rise in prices.
Today prices closed 10 to 14 points net lower.
Evening
up of trades in advance of the holiday tomorrow resulted
in a general although moderate decline in
prices on the
New York Cotton Exchange.
During early afternoon the
market
was
barely
6
to
11
steady at
net lower.
points
declines
of 4
7
to
The
points,
opening
under
was
selling
pressure from the
On
Leaving
Great
Ger¬
Britain
France
Other
Foreign
Stock
Coast¬
many
wise
Galveston
Houston
454
800
6,450
924,749
941,168
536,188
147,060
33,508
54,439
25,890
278,064
3,000
"454
Orleans..
Savannah
7,250
Charleston
Mobile
——
Norfolk.
Other ports
______
Total 1941
Total 1940
—
Total 1939
6,450
11,371
2,420
Speculation
4,502
1,254
13,597
5,476
for
future
15,992
778
in
cotton
10,704 2,941,066
42,960 2,358,571
17,530 1,804,449
3,000
2,000
4,354
delivery
was
quite
active the past week, with prices generally showing an up¬
ward
trend.
versely by
a
The
market
for
a
time
was
influenced
ad¬
report that the bill freezing Commodity Credit
Corporation cotton, passed by the Senate last week, would
be killed in the House, as the House Agricultural Committee
will refuse to consider it.
frozen,
as
amount
houses.
call and carried
Total
3,000
New
South, from New Orleans, and by com¬
Offerings were absorbed by Wall Street,
the trade and local shorts.
Liquidation persisted after the
mission
Shipboard Not Cleared for—
May 29 at—
If the cotton loan stocks
are
not
prices further down, for net losses of from
6 tq 10 points by midday.
The trade bought on the decline.
Sales in Southern spot markets yesterday totaled 35,000
bales, compared with 3,000
a year ago.
The official quotation for middling upland cotton in the
New York market each day for the last week has been:
May 24 to May 30—
Sat.
Middling upland 15-16 (nom'l).13.61
Mon.
13.63
Tucs.
13.58
Wed.
13.58
Thurs.
Fri.
13.53
Hoi.
Premiums and Discounts for Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
on
contract
on
June 5.
Premiums
and discounts for
grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
on
May 28.
is indicated at present, traders thought that the
of free cotton might be more than the trade needs
immediately, and that
some
hedging might be
seen
,■
"
H
On the 24th inst. prices closed 2 points higher to 2 points
News that the Senate had passed a bill to "freeze"
cotton loan stocks for the duration of the war,
brought in
lower.
early buying today in the cotton futures market, but after
the list had made net gains of 10 to 14 points and distant
months rose to the 13b£c. level, prices reacted under Southern
selling and profit taking.
Final quotations were a shade
below and above previous finals.
Best levels were estab¬
lished at the opening when the trade, commission houses and
Bombay were on the buying side. In addition to the effects
of the bill to "freeze" some 3,000,000 bales of cotton loan
stocks, the market also responded to a belief that the Presi¬
dent would sign the 85% of parity crop loan bill over the
weekend.
Selling on the rise represented profit taking and
Southern offerings, partly on a belief that the rise had dis¬
29-32
15-16
31-32
1 Inch
Inch
in July.
Inch
Inch
Inch
and Up
White—
Middling Fair
.34
on
.45
on
.57
on
.65
on
.74
on
Strict Good Middling
.28
on
.39
on
.51
on
.59
on
.68
on
Good Middling..
.22
on
.32
on
.45 on
.53
on
.62
on
Strict Middling
.10
on
.20
on
.33
.41
on
.50
on
Middling
.21 off
.11 off
Basis
.07
on
.16
on
Strict Low Middling...
.72 off
.62 off
.52 off
.46 off
.37 off
1.44 off
1.38 off
1.32 off
1.28 off
1.24 off
Low Middling
•
on
Extra White—
Good Middling
.22
on
.32
on
Strict Middling
.10
on
.20
on
Middling...
Strict Low Middling..
.21 off
.11 off
Even
.72 off
.62 off
.52 off
.46 off
.37 off
1.44 off
1.38 off
1.32 off
1.28 off
1.24 off
.34 off
.26 off
.12 off
.07 off
.02
.46 off
.37 off
.24 off
.19 off
.11 off
1.00 off
.92 off
.79 off
.74 off
.68 off
Low Middling
.45 on
.53
on
.62
.33
.41
on
.50
on
.07
on
.16
on
on
on
Spotted—
Good Middling
Strict Middling
a
Middling
on
Middling spotted shall be tenderable only when and If the Secretary of Agri¬
a
culture establishes a type for such a grade.
New York
counted the immediate effects of the cotton loan bill and also
Quotations for 32 Years
,
The
owing to reports that the bill to freeze loan stocks was meet¬
ing with Administration opposition and favorable action on
quotations for middling upland % (nominal) at New
York on May 29 for each of the past 32 years have been
the
as
measure
was
considered
On the 26th inst.
doubtful.
prices closed 5 to 1 point net higher.
The cotton market rallied this afternoon
on
news
that the
President had signed the 85% farm loan bill.
The market
was steady on the opening,
unchanged to 3 points lower.
Traders were feeling their way while waiting for uncertainties
to clear up, including the President's action on the farm loan
bill and the Government's general policv regarding prices.
The news that the President had signed the bill making crop
loan at 85% of parity mandatory, did not reach the market
until early afternoon.
During the forenoon the market
dipped as much as 7 points.
A limited quantity of Southern
hedge selling found demand light.
There was less than the
usual amount of trade buying during the first hour.
In the
second hour buying for mill account to fix prices assumed
somewhat heavier proportions.
Sales of cotton in Southern
spot markets last Saturday amounted to more than 58,000
bales, nearly 10 times the volume for the same date last year.
On the 27th inst. futures closed 3 to 8 points net lower.
Uncertainty over details of the cotton loan and a desire to
await
the
President's
address
the
air
tonight, caused
cotton traders to operate with caution.
The opening was
easy at prices unchanged to 4 points lower, and immediately
after the first call the market slipped several points.
The
heaviness of prices was ascribed to lack of demand rather than
to selling pressure.
Volume of turnover was not large.
Mills were sellers, supposedly to liquidate contracts against
purchases of spot cotton in the South.
Bombay was a seller
of October and March contracts.
Trade buying was on a
scale down.
Prices continued in a downward trend during
on
the late forenoon when Wall Street commission houses and
locals also turned to the
selling side.
Prices were 7 to 11
points net lower in early afternoon.
Sentiment was rather
confused.
the
Remarks of President Roosevelt in announcing
mean that he
signing of the loan bill were construed to
disapproves proposals to freeze loan cotton.
prices closed 6 points up to 2 points off.
Today's cotton market was a steady but rather small affair,
which
pre-holiday evening-up operations figured to
some
13.53c. Ir1933
10.43c. |11932
1940
1939
1938..—
1937
1936
1935
*
9.25c. |[1925
22.70c.
6.15c. |[1922 .....21.35c.|[1914
7.84c. 1[1930
11.80c.
11.50c.
_11.95c.
23.35c. [1917
32.75c. |[1916
27.40c. |[1915
13.75c.
5.30c. |f 1924
8.35c. |[1923
9.81c.|[1931
__13.19c. | 1929
1934
18.40c. | 1921
| [1928
|[1927
|[1926
12.65c.
9.60c.
12.85c. |1913
40.00c. | 1912
21.15c. | [1920
17.00c. |[1919
32.80c.l1911
18.85c. 1918 —.29.00c. 1910
...
11.80c.
11.40c
15.75c.
14.50c
1941 quotation is for %ths.
Futures—The highest, lowest
York for the past
week have been
Saturday
Monday
May 26
and closing prices at New
as follows:
Tuesday
May 24
May 27
Wednesday
May 28
Thursday
May 29
Friday
May 30
JunedMl)
Range..
Closing
.
13.19K
13.24 n
13.22k
13.19K
13.10K
July—
Range..
Closing
.
13.18-13.28 13.13-13.25 13.10-13.18 13.15-13.25 13.06-13.17
13.17-13.18 13.17-13.18 13.08
13.20
13,22
August—
Range..
Closing.
13.24K
13.27 n
13.22K
12.24K
13.13K
13.28K
13.32n
13.27K
13.31K
13.18K
September Range..
Closing
.
October—
Range..
13.31-13.48 13.28-13.40 13.26-13.34
Closing
13.32-13.34 13.37
.
—
13.32
13.31-13.43 13.24-13.34
13.38
13.24-13.25
13.40K
—-
13.28K
HOLI¬
NovemberDAY
Range..
Closing.
13.36K
13.41K
13.36K
December—
Range.
.
Closing.
13.40-13.50 13.35-13.47 13.33-13.44 13.39-13.50 13.33-13.41
13.40-13.41 13.43-13.44 13.33
13.40-13.41 13.45 —
Jan. (1942)
Range..
Clewing.
13.44-13.48 13.34-13.43 13.43-13.43 13.39-13.39 13.32-13.35
13.39K
13.29K
13.39K
13.43 —
13.39n
February—
Range..
Closing
_
13.39K
13.43K
13.40K
13.39K
13.29K
March—
Range..
Closing
.
13.35-13.47 13.32-13.42 13.37-13.48 13.29-13.38
13.29-13.30
13.40 —
13.39 —
13.42-13.47 13.43 —
13.40-13.51
April—
Range..
Closing
On the 28th inst.
in
follows:
1941 *
.
13.37K
13.39K
13.43K
13.42n
13.26K
•
May—
Range..
13.41-13.51 13.39-13.47 13.35-13.40 13.36-13.47 13.24-13.32
Closing
13.42
n
_
Nominal.
—
13.43
—
13.38
—
13.36
13.24
The Commercial &
3522
ended
Range for future prices at New York for the week
May 30, 1941, and since trading began on each option:
56,957 bales more than
Market and Sales at New
York
the spot each day during the
The total sales of cotton on
1941—
1941
May 31,
receipts of all the towns have been
in the same week last year.
Range Since Beginning of Option
Range for Week
Option for—
Financial Chronicle
indicated in the following statement.
reader we also show how the
for spot and futures closed on the same days:
week at New York are
June
13.06 May 29 13.28 May 24
July
7 1940 13.28 May 24 1941
8.59 Aug.
August
the convenience of the
For
market
18 1940 13.48 May 24 1941
8.70 Oct.
May 29 13.48 May 24
13.24
October
November
9.28 Dec. 19 1940 13.60 May 24
December.- 13.33 May 27 13.50 May 24
13.32
January
29 13.48
May
May 24 10.43 Mar. 17 1941 13.51
13.29 May 29 13.51
May 24 1941
April._____
i3.24~
May
May 24 13.16 May 19 1941 13.51
May 29 13.51
May 24 1941
Saturday.__
Monday
Tuesday
Wednesday
_
Volume of Sales for
Future Delivery—The Commodity
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,
Exchange Administration of
The
which we have compiled the following table.
from
Open
Contracts
May 23 May 24 May 26 May 27 May 28 May 29
New York
.
Closed
Closed
17 1941 13.48 May 24 1941
9.49 Feb.
February
March
Market
Spot Market
May 24
Nominal
Nominal
Nominal
Nominal
Thursday— Nominal
Total
525
600
525
600
700
500
900
_
700
500
900
HOLI DAY
Friday
Total
Contr'ct
Spot
Steady.
Steady
Steady
Steady
Barely Steady
3,225
3,235
week.
1
58,206
113.209
Since Aug.
171,409
Week and Since Aug. 1—
Overland Movement for the
give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
We
reports Thursday night.
The results
since Aug. 1 in the last two years are as
for the week and
follows:
-1939-40-
-1940-41-
May 29
Since
Since
May 29—
Shipped—
1941—
SALES
Futures
1941
1942—
Week
Week
Aug. 1
July.——.
October.
_-
75,900
December..
33,400
31,200
36,900
18,300
Aug. 1
357,199
248,850
12,111
8,644
166,759
727,981
27,000
26,200
19,700
1,400
24,400
1,400
33,000
200
26,8.0
4,700
2,100
92,200
88,800
1,484,424
18,774
272
2,285
9,424
767,095
11,929
778,804
12,723
362,396
1,130
705,620
6,051
1,159,148
200
3,681
5,000
3,500
237,300 105,400 111,000
„
343
_
13,600
8,100
472
_
100
1,400
57,000
6,800
March
May
Total all futures
3,097
3,000
_
N ot
avail able
.
.
8,324
2,375
.
1942—
January
6,443
3,450
.16,481
16,481
15,000
20,200
17,200
14,700
18,000
508,791
258,230
22,993
24,826
154,063
515,521
.17,611
50,000
46,200
_
..
Deduct Shipments—
Open
_
.16,209
Contracts
May 21 May 22 May 23 May 24 May 26 May 27
New Orleans
593
21,519
8,556
332,321
201
May 27
Total to be deducted
1941—
October...
1,100
14,650
December.
9,250
July
24,200
3,750
32,100
1,900
22,350
2,300
17,150
28,450
18,950
9,350
13,450
4,400
.
♦
300
6",900
20,850
10,150
7,050
May
1,500
3,100
2,900
350
2,050
33,400
81,000
68,150
41,200
46,000
Total all futures
Canada.
foregoing shows the week's net overland movement
this year has been 1,130 bales, against 6,051 bales for the
week last year, and that for the season to date the aggre¬
gate net overland exhibits a decrease from a year ago of
453,528 bales.
The
200
March
January..
Including movement by rail to
N ot
avail able
1942—
11,050
-1939-40-
-1940-41-
The Visible Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We
are
obliged to omit our usual table of the
of cotton and can give only the spot prices
therefore
visible supply
at
Liverpool:
1939
1940
Closed
1941
Closed
May 29—
Middling upland, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
O. P. Oomra No. 1 staple, super¬
fine, Liverpool
1938
4.43d.
5.49d.
8.97d.
13.30d.
8.34d.
Not
4.31d.
8.52d.
3.68d.
10.14d.
Quoted
5.24d.
5.43d.
4.40d.
3.75d.
8.34d.
that is, the
the movement
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Interior
the
At
Towm
,
,
detail below:
Movement to May
1941
31, 1940
705,620
7,462,000
135,000
6,922,249
1,159,148
6,177,000
256,222 11,585,657
*39,860
653,123
Total marketed.
Interior stocks in excess
over
of
mill
Southern
171,523
*31,440
14,258,397
*159,361
takings
Aug. 1
6,051
922,278
...
620,488
....
140,083
216,363
week
North, spinn's* takings to May
*
Decrease.
Movement into
Week
'
consumption to May 1
Came into sight during
Total in sight May 29
14,719,524
13,161,058
29. 30,538
2,523,610
1,488,483
23,686
sight in previous years:
Bales |
Since Aug. 1—
.116,99111938
,
92,23911937
126,31511936
B eek—
1939—June 1
1938—June 2
1937—June 4
Movement to May 29,
30,472
Week
Takings
Receipts at ports to May 29..--- 65,092
Net overland to May 29
1,130
Southern consumption to May 29.190,000
Excess
Since
Since
Aug.X
3,418,037
Sight and Spinners'
In
_
Bales
10,078,156
14,473,484
13,912,403
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day of the week:
Below
Ship¬
Week
3,396
98,711
6,914
39
15,697
89
Montgom'y
625
x43
53,803
x25,873
1,427
Selmat
Ala., Birm'am
Eufaula
109
140,901
1,654
26
39,839
624
72
Ark.,Blythev.
Forest City
60,333
42,424
13,222
134,847
x54,430
164,571
65,786
435
Helena
242
Hope
Jonesboro..
162
Rock
782
Newportt--
*200
Little
Bluff.
Plne
x697
Walnut Rge
Ga., Albany..
Athenst
1,395
-
"
«.
-
-
-
Augusta
Columbusf.
Macon
Romef
La., Shrevep't
Greenwoodt
Jackson t—_
x500
x25,320
11
85
7,904
87,036
x48,019
94,530
25,180
263
16,411
66,219
26,653
31,210
23,314
122,060
Closing Quotations for Middling Cotton on—
17,111
x24,554
377
74.692
11
29,085
386
52,337
117
170,829
4,585
32,303
765
34,514
191
69,358
863
35,926
3
41,109
364
9,281
476
25,117
553
112,637
944
-
32,548
38,659
'
-
•
7,349
x700
778
123,882
23,549
139,444
3,492
67,209
62,935
788
33,910
571
10,878
3
14,949
40,018
500
37,855
3^057
155,448
156,883
2,803
104,908
2,167
118,812
:
-
-
Week Ended
125,245
23
11,730
X34.132
39,312
196,746
185
*100
936
217
2,089
x
xl5,975
xl.OOO xl96,014
51,339
30,166
xl.OOO
Southern
31
509
1
13,285
May
Week
45,026
6,632
54,827
136,785
277,881
x700
X27.800
799
36,790
xlOO
X16.481
x4,500 X141.235
150,421
Season
3,815
X36.376
500
Week
346
636
Miss., Clarksd
Columbust-
275
2,651
X100
1,739
5,224
Atlanta
1,296
•
Receipts
Stocks
ments
29
Ship¬
May
Week
Season
Stocks
ments
Receipts
Towns
2,297
In.
12.71
New Orleans. 12.77 12.97 12.79
12.86
Mobile
12.70 12.90 12.72
12.78
Savannah
13.15 13.30 13.17
13.08
Norfolk
13.10 13.30 13.10
13.20
Montgomery. 12.85 13.05 12.85
12.95
Augusta
13.35 13.60 13.37
13.48
Memphis
12.45 12.70 12.45
Houston
12.71 12.91 12.71
12.80
Little Rock.. 12.30 12.50 12.30
12.50
J2.45 12.70
Dallas
908
Robstown..
San
239,544
3,284
55,145
34,236
565
14,070
385
13,464
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
80
14,490
May 24
May 26
May 27
May 28
May 29
May 30
313
31,698
6,443
4,958
23
1,340
xl3,126
31,592
____
1"
11,291
1,566
77,212
1,269
652
223,150
98,956
896,667
15,957
2,225
334,080
5,074
176,692
118,470
36,483 3362,193
1,837
41,780
618,949
26,950
20
9,573
7,422
17
1,435
....
_
x2,398
x
2,531
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
24,442
9
15,725
1,179
__
13.476-.49a 13.48
13.436-.44a 13.466-.47a 13.34
13.436-.44a 13.446-.46a 13.316-.33a
Steady
Steady
Steady
Steady
Steady
572
4,141
37,113
""90
22,639
56,682
128
12,738
54,963 6391,484
39,860
same
Steady
Steady
Steady
Steady
1,168
3
the
13.366-.38a
Tone—
Strong
33
13.47-13.49 13.47
May
Futures...
9,326
the week
March
13.456-.47a 13.476
Spot
X19.201
decreased during
13.476
13.446
32,797
262
355,053 bales more than at the
_
22,783
x2,000
that
.
444
6,518
HOLIDAY
13.49-13.50 13.39
1942—
January
"582
52,115
X44.103
show
13.216-.22a 13.226-.23a 13.116-.13a
13.29-13.30
13.37-13.38 13.41
13.47-13.48 13.45
52,219
241
totals
13.40
13.39
76,209
312
above
13.22-13.23 13.24
_
December. 13.44
1
2,536
2,089
,
Includes the combined totals of 15 towns In Oklahoma.
The
69,337
1941—
July
October..
125
42,899
1,580
Total,56 towns 111,920 7774,247 151,780 2611,700
*
675
1,653
8,782
x300
12.58
76
.
Texarkana,
12.47'l2
57
X61.701
36,701
60
Marcos
Wacot
xlO.932
71,427
78,971
6,778
12.70
592
x28,210
x
x3,000
xl.OOO
4,839
1,299
Holl day
56,089
359,822
x
In.
12.63 12.83 12.65
Galveston
42,315
49
-
In.
1,132
1,635
607
6,394
Brenhamf
In.
164,560
21,563
2,000
2,900
Paris
In.
29,226
2,935
Dallas
In.
500
131
46,195
20,182
In.
108,304
x4,000
8,324
304
In.
29,300
8,449
....
In.
391
Oklahoma—
Austin..
In.
200
48,119
Texas, Abilene
In.
600
24,985
Tenn., Mem's
15-16
In.
16,726
251
1,182 456,110
120,818
2,068
74,335 4298,432
%
15,600
Yazoo City. ci-W/44
Gr'vllle
15-16
38,614
10,687
15 towns *.
V%
25
672
9. C.,
15-16
188
20,106
249
%
400
35
8,324
15-16
37,944
7,258
27.670
Mo., St. Louis
%
x34,957
x64,121
49,663
9,898
N.C., Gr'boro
15-16
X29.600
118
33,093
507,479
Friday
%
x500
5,475
Vlcksburg..
Thursday
15-16
1,470
11
—
Wednesday
May 30
■
Natchez
Tuesday
Monday
Saturday
*
86,403 2256,647
Estimated.
interior
bales and
stocks
are
period.last
have
tonight
The
year.
a
Asked.
6 Bid.
n
Cotton Loan
Nominal.
Repayments Announced by
CCC—-Ap¬
proximately 117,000 bales of 1940 loan cotton and 40,000
bales of 1938 loan cotton moved out of government loan
stocks during the week ended May 17, the Department of
Agriculture announced on May 21.
;
The report
issued by the Commodity Credit Corporation
loan for the 1940 season
showed total cotton entering the 1940
Volume
The Commercial & Financial Chronicle
152
at
3,162,998 bales.
Repayments to May 17 amounted to
1,725,856 bales, leaving 1,437,142 bales remaining in 1940
loan stocks.
Total
,
bales
entering
.,
the
1938-39
loan
were
programs
4,481,926 bales with repayments since that time totaling
2,733,211, leaving in the 1938 stock, 1,748,715 bales.
The Corporation announced that substantial withdrawals
had been made from the 1938 stocks in recent weeks when the
price of cotton reached
level where farmers could repay
a
their loans and still realize
some
profit from the sale of the
cotton.
3523
Losses from plant diseases and from insects other than boll weevil were
reported at about 2% each—in each case a little lower than the
10-year
average.
Reduction from plant diseases was above
average in Florida,
Tennessee, Arkansas, Oklahoma, and Texas, while in all other States the
damage was average or less.
Virginia, Florida, and Alabama were the
only States for which losses from insects other than boll weevil were greater
than average.
was
The damage was greatest in Virginia where the reduction
6%.
This statement
on losses is based upon returns from crop
reporters in
March to a crop damage inquiry in which the reporters were asked to
report
the percent of a normal yield per acre of cotton harvested the
preceding
year, and the percentage loss in yield due to each of various stated causes.
The resulting percentages represent the combined judgment of the
crop
reporters and are useful as indices of relative losses from the stated causes.
REDUCTION FROM FULL YIELD PER ACRE FROM STATED CAUSES—
10-YEAR AVERAGE
Reports by States follow:
1939 AND
1929-1938,
1940
1940 CROP
Excessive Moisture
Defident Moisture
Total Loans
Repayments
Stale
Loans Outstanding
Avge.
Stales
1929-
Bales
Amount
Ala....
Bales
Amount
Bales
S
122,981
5,883, 180.26
84,222
4,030,064.74
38,759
70,996
3,321, 247.46
28,900
1,321,928.81
Ark
128,446
6,086, 347.77
114,271
Calif...
386,038
19,234 772.86
82,445
5,424,609.38
4,051,645.31
Fla
1,853,115.52
1,999,318.65
14,175
661,738.39
303,593 15,183,127.55
151
7, 320.73
25
1,185.37
126
184,700
155,279
8,831 970.36
106,064
5.096,327.06
78,636
7,577 779.88
122,600
6,005,129.17
Miss
77,199
3,546 302.79
65,781
2,990,845.25
32,679
11,418
Mo
591 757.14
10,058
466,146.60
2,680
M_.
12,738
5,473
251 826.69
4,644
213,807.65
829
N. C-_.
47,870
2.266 147.55
Okla...
209,992
9,892 965.69
20,661
132,225
987,086.25
6,234,803.10
27,209
77,767
76,939
3,838,863.78
Ga
La
s c
122,817
Tenn...
Texas
6,204 260.11
15,130
734 165.00
1,622,489
..
77,854 844.94
33, 573.35
Va
699
Total.
12,225
589,989.33
864,501 41,472,741.55
295
14,175.38
45,878
6,135.36
3,735,643.30
1,572,650.71
1929-
1940
%
%
%
%
3
2
3.0
1
2
7.8
2
1
2
3.5
5
2
4.1
0
1
North Carolina
6.3
1
3
4.1
4
0
3.2
2
2
South Carolina
6.7
5
5
3.1
1
1
3.9
2
4
Georgia
7.5
4
2
3.0
7
4
3.8
2
5
Florida
5.1
1
1
3.9
25
4
3.9
20
6
Tennessee..
11.1
%
%
%
%
8
5
2.2
6
1
5.0
5
Alabama
7.0
4
5
3.5
13
10
3.2
5
6
125,610.54
38,019.04
Mississippi
7.6
4
2
3.7
9
20
3.6
7
Arkansas
16.4
9
3
2.1
3
5
7.0
5
5
Louisiana..
10.1
4
1
3.6
3
21
6.0
5
13
Oklahoma
24.4
23
10
1.5
0
1
9.7
11
7
Texas.-——...—
14.2
19
10
3.2
1
3
6.5
8
7
Avge. of 13 States.
12.0
3.1
4.2
6.5
5.6
1,279,061.30
3,658,162.59
2,365,396.33
8
5.5
10.1
Boll Weevil
Plant Diseases
1939
1929-
1940
1929-
5.9
6.5
Other Insects
Avge.
Avge.
8
Avge.
1939
1940
1938
1929-
1939
1940
1938
Repayments
%
%
%
%
317,598
54,299
476,262
219,539
62,100
California
195,144
48,073
177,953
150,705
Louisiana
291,970
Mississippi
762,317
110,793
183,108
.501,426
70,121
184,566
South Carolina
;
...
76,276
53,065
320,957
1,228,696
47,049
184.480
136,477
658,151
on
2
1
12.5
23
1
1.4
1
0
2.1
2
1
12.6
8
4
1.5
1
1
14
2,733,211
1,748,715
Georgia
2.0
2
2
11.7
14
10
1.5
2
1
2.2
2
3
13.2
14
14
1.2
3
2
2.0
2
3
3.1
3
1
1.8
0
1
2.2
2
2
9.8
18
12
1.3
2
2
2.0
1
1
11.5
13
10
1.2
1
1
1.8
2
2
4.9
3
2
2.2
1
1
2.0
2
1
9.7
8
10
1.8
2
0.9
1
1
6.3
4
2
3.1
2
1
2.8
2
3
7.5
5
7
5.0
4
4
Avge. of 13 States-
2.2
2.0
8.6
8.7
6,016
Comments
Concerning Cotton Report of May 23,
1941—The United States Department of Agriculture in
giv¬
ing out its report
2.1
1
570,545
136
Virginia
Total
6
North Carolina
Texas
4,481,926
Texas
0
6
Oklahoma-
108,862
150
Tennessee
1
0.9
Louisiana
4,696
Oklahoma.
2.7
2
Arkansas.-
34,009
39,188
23,734
0
32
Mississippi
40,672
5,179
19,038
108,290
*
0
6.4
Alabama
260,891
Missouri
0
0
Tennessee
27,248
New Mexico
%
2
3
Florida
147,071
Georgia
North Carolina
%
2
2.7
South Carolina
263,299
17,894
695,801
Arkansas
%
2.0
%
Balance
Outstanding
79,994
Arizona
%
Missouri
Virginia
in Loan
Alabama
*••>*•
6
555,457.54
2,905
144,175.67
757,988 36,382,103.39
404
19,397.97
Troough
May 17, 1941
1939
12.4
State
Bales
1929-
1938
11.2
1938
Stales
1940
Missouri
CROP
Total
1939
Virginia
3,162,998 152,318,462.58 1,725,856 82,739,348.73 1,437,142 69,579,113.85
1938
1940
Other Climatic
Avge.
1938
%
42,096
Ariz
1939
1938
Amount
$
■
N.
Avge.
May 23 also added the following
1.8
the eastern belt report
that
1.9
good rain is needed.
a
Rai n
■Tliermome ter
1Rainfall
Low
Inches
High
0.19
1.21
85
85
3
3.44
87
Mean
63
Days
2
Texas—Galveston.
3
In
revising estimates of acreage, yield, and production of the 1940 cotton
crop, the Crop Reporting Board estimates the area in cultivation in the
United States on July 1, 1940 to have been 24,871,000
acres, the area
harvested 23,861,000 acres, and the average yield of lint cotton
252 5
pounds per harvested acre. The production of 12,566,000 bales in 1940 is
about 749,000 bales, or 6.3% more than in 1939 but
7.2% below average
production in the period 1929-38.
Except for the year 1937, the United
States average cotton yield for 1940 was the highest on record
The acreage harvested in 1940 was approximately two-tenths of
1%
larger than the harvested acreage in 1939 and about 28% smaller than the
average harvested acreage for the 10-year period 1929-38.
The revised estimates of planted and harvested
acreages for the United
States are about 1 % below the preliminary estimates made last December
The acreage estimates are in substantial agreement with the
acreages
measured by the Agricultural Adjustment Administration.
The yield per
2.2
2.8
Returns by Telegraph—Telegraphic advices to us this
evening indicate that in Texas there has been too much
rain and cotton has made very little progress.
Portions of
com¬
ments:
6.5
69
77
61
,
'
68
75
1
0.01
86
60
5
0.41
67
79
2
0.22
90
89
68
79
2
0.46
86
67
Abilene
'
Brownsville
2
89
1.42
73
77
•
56
92
1.02
90
2
0.24
92
66
64
4
0.38
86
2
88
2
0.35
0.17
89
1
0.79
86
3
0.98
1.21
94
73
77
r
62
2
dry
Fort Worth.
.
acre as
estimated is about the
same as
Oklahoma—Oklahoma City..
2
the December estimate.
Forecasts of cotton production made by the Crop
Reporting Board for the
of each month during the 1940 season, and comparisons with
final
production are as follows:
August, 11.429,000 bales, 9% below final
production: September, 12,772,000 bales, 1.6% above; October, 12,741 000
bales, 1.4% above; November, 12,847,000 bales, 2% above; December
12,686,000 bales, 1% above final production.
The forecasts during the season are necessarily based upon indications
at the time the reports are prepared, and upon the assumption that
wheather
conditions after that time will
be about average.
off very late and continued late during the entire season.
During August
the influences affecting growth were unusually favorable and, as a result
the condition of the crop improved more during August than in
any year
of record.
In the area from Georgia to Texas, however, serious losses
ginnings reported by the Bureau of the Census with allowance for interstate
movement of seed cotton for ginning.
The report of that Bureau published
on May 21 placed the final ginnings for the 1940 crop at
12,564,640 equi¬
valent
500-pound bales.
— - — --
Atlanta
Augusta
—
Macon.—.
Chattanooga
N ash ville
-
Report
Causes in
on
Reduction in Cotton Yields from Stated
public
on
Department of Agri¬
May 23, the following:
The 1940 cotton growing season was more favorable than average for
the
United States as a whole.
According to crop correspondents the total
reduction in yield from various causes was 30.6% of a normal or full yield
compared with 36.2%, the 10-year (1929-38) average.
With the exception
of 1937 the loss from all causes in 1940 was the lowest since 1933 when the
28.6%.
In 1937 the reported reduction was 23 1 <7 •
in 1938 32.2% and in 1939 34.2%.
^
The combined losses from deficient and excessive moisture for the 1940
United States crop was reported at 12.0% compared with 14.3% in 19,39
and the 10-year average of 15.1%.
Damage from deficient moisture was
considerably less than average while the damage from excessive moisture
was double the 10-year average.
With the exception of Texas the States
loss was reported at
lying along the Gulf Coast suffered more from excessive moisture, heavy
considerable damage in Alabama, Mississippi, and Louisiana
In Texas and Oklahoma, yields were lowered by dry weather and drought
Reduction from "other climatic" influences, including frost, freeze hail
floods, heat, and hot winds, was reported at 6.5% which was slightly higher
than the 1939 loss of 5.9% and the 10-year average of 5.6%.
In Mississippi
and Louisiana losses from floods were heavy, while in most other States
rains causing
the
greater part of the reduction from
"other climatic" influences
attributed to early frost and freezing.
The loss from boll weevil damage for the entire cotton belt
was
was
reported
6.5% which was much lower than the damage of 8.7% in 1939 and the
10-year average of 8.6%.
Losses above average occurred in Florida
Alabama, and Louisiana.
Louisiana and Texas were the only States for
-
-
-
-
64
80
63
78
96
68
82
95
61
78
84
72
78
91
67
79
-
95
67
81
95
63
79
100
63
82
67
96
89
66
87
60
99
91
78
79
n
■
80
'
77
62
77
95
63
79
95
0.53
dry
dry
—- -- -
65
82
'
61
88
dry
1
--—
The following
1940—The United States
culture made
-
95
93
0.01
1
Wilmington
C—•_
Tennessee—M empbis --------
78
81
92
0.42
2
—
79
80
63
63
dry
South
Raleigh
66
0.06
1
--
--
Carolina—Charleston - _
North Carolina—Ashevillc___
71
92
dry
dry
dry
dry
dry
dry
dry
Georgia—Savannah
were
caused by an unusually early freeze which occuired during the middle of
.November.
The final estimates of cotton production by States represent the
total
90
dry
1
—
Tampa
71
0.03
1
Miami
The 1940 crop started
75
77
74
0.05
Mississippi—Meridian
Alabama—Mobile
Birmingham .J-Montgomery
Florida—Jacksonville
78
56
62
60
97
0.44
dry
Vicksburg
78
78
67
60
65
87
0.08
1
1
Shreveport--
first
78
61
78
statement has also been received by tele¬
graph, showing the heights
a. m. of the dates given:
of rivers at the points named at
8
May 29, 1941
Memphis.-.
Nashville
Shreveport
Vicksburg
May 31, 1940
Feet
New Orleans
Feet
4.4
3.1
Above zero of gaugeAbove zero of gaugeAbove zero of gauge.
Above zero of gauge.
..Above zero of gauge-
4.4
9.6
9.3
11.9
20.2
19.5
3.8
:■
*tv; 7.2
News—As shown on a previous page, the
United States the past week
The shipments, in detail, as
from mail and telegraphic reports, are as follows:
Shipping
of cotton from the
reached 7,054 bales.
exports
have
made up
Bales
•
GALVESTON—To Cuba
414
-
To Japan.
To China
—-
IndoUhina
ORLEANS—To Manila
To French
NEW
Total
-—--
---•
~ — - -
-- --—- -
-
-
-
----------
-
•ply.
5,o00
900
7,054
at
greater losses from this cause were shown in 1940 than in 1939
boll weevils in 1940 amounted to 14% in Florida'
in Alabama, 10% in Georgia. Mississippi, and Louisiana, 7% in
Texas, 4% in South Carolina, and 2% or less in the other States.
which
Damage attributed to
12%
from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Receipts
Southern
consumption; they are simply a statement of the
The Commercial & Financial
3524
weekly movement from the plantations of that part of the
crop which finally reaches the market through the out ports:
than
more
End.
1941
1939
1940
1941
1939
1940
1941
1939
1940
Feb,
41.552 138,982
25,736 3160.492 2795,204 3096,651
28,219
88,704
Nil
55,790 107.3P1
53,542 116,052
5,475
49,955
31.624
57.485
by two-thirds vote Saturday, grain men
expressed belief that the 85% of parity loans on corn will
be offered unless the Government alters present plans not
to call
fof
a
affecting corn. War news,
receipts at terminals and the
quota referendum
Nil
14.
3110,177 2737,778 3051,323
3088 259 2705,278 3012,200
21.
27,264
32,436
21,973
19,979
crop
is
producers approve a marketing quota
until
new
1941
May 31,
Although the high loan rate for wheat
cent.
a
assured
not
for the
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
Week
Chronicle
28-
weakness of securities, heavy
Mar.
7.
28-
44.562
87,760
Apr.
4.
52.719
11.
59,025
72,250
64,785
18.
68,555
46,094
25.
61,959
50.671
14,414
38,925
Nil
7,925
25,073
Nil
Nil
Nil
20,824
11,165
13,145
Nil
36,091
25,323
Nil
the 27th inst.
Nil
Weakness enveloped the
Nil
May
2.
57,306
67,696
41,104
75,438
39,262
23.
29 J
42,308
30,472
83,347
65,092
11,322
16.498 2802,116 2411,420 2757,237
10,724 2751,529 2360,407 2725,840
15,932 2697,331 2321,071 2092.155
16,953 2651,560 2288,087 2667,674
35,572
9.
16.
Nil
Nil
17,109
Nil
21,240
Nil
37,576
9,324
25,232
17,870 2611,700 2256,647 2035,929
Nil
Nil
1
Nil
plantations since Aug. 1, 1940, are 4,090,696 bales;
6,844,007 bales and in 1938-39 were 4,392,943
bales.
(2) That although the receipts at the outports the
past week were 65,092 bales, the actual movement from
plantations was 25,232 bales, the stock at interior towns hav¬
ing decreased 39,860 bales during the week.
from the
in 1939-40 were
by cable tonight from
Manchester Market—Our report
Manchester states that the market in both yarns and cloths
Stocks of goods are decreasing. We give prices
today below and leave those for previous weeks of this and
is steady.
last year for comparison:
;1940
-
1941
SH Lbs. Shirt¬
ings, Common
Middl'a
Twist
to Finest
Upl'ds
Cotton
ings, Common
Middl'g
to Finest
Upl-ds
Cotton
32* Cop
32s Cop
Twist
8% Lbs. Shirt¬
d.
d.
s.
jo
b.
d.
d.
s.
f'd.
d.
8.
12
15.55
28..
14.54
8.06
14.54
8.90
14.18
4%
1%@12
12
8.64
7%@12 10%
7.99
4%
8.03
•:l
7..
15.65
,\?■{'j
12
9
@1213
14..
15.83
12
12
@12
3
7.68
21..
16.06
12
10%@13
8.95
14.20
12
28..
15.91
12 10%@13
9.00
14.31
12
@12
@12
3
3
7.50
7,75
7.84
Mar.
9
@1213
1%
1%
Apr.
3
Closed
14.40
12
3
@12
0
available
16^90
4..
Closed
14.45
12
3
@12
6
0
14.75
12
4%@12
7%
8.09
13
Not
11..
0
@13
8.12
18..
16,19
13
@13
3
Closed
25..
16.19
13
0
@13
3
Closed
14.78
12
4%@12
7%
8.07
2..
16.19
13
0
@13
3
Closed
14.85
12
4%@12
7%
16.19
13
0
7%
8.14
16.19
Closed
14.74
14.08
4%@12
16..
11 10%@12
1%
7.42
23..
16.19
13
0
3
3
3
12
0
@13
@13
@13
Closed
13
Closed
Nominal
29..
16.19
13
0
@13
3
Closed
14.04
Cotton
York
Nominal
Closed
1%
Closed
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
wiped out most early losses. Wheat, off as
closed unchanged to %<s. lower.
at one time,
interested chiefly
are therefore obliged to omit the following
World's Supply ana Takings of Cotton.
India Cotton Movement from All Ports.
regard to the war
would no longer be in doubt.
Marketing quotas, up for
referendum among the growers next Saturday, were some¬
thing of a market influence, although the President's remarks
on the 85% of parity loan bill which he signed yesterday,
also were noted.
Another bearish influence was the reports
of a big crop of winter wheat now nearing the harvest stage
in the Southwest, with growers wondering where it will be
stored.
Much of the available storage space already is
filled with Commodity Credit Corporation owned wheat
acquired bv loan defaults.
the 28th inst. prices closed
34 to 134c. net lower.
market
harvest
of a bumper crop and availability of limited storage space.
Hedging sales in connection with increased commercial sup¬
plies due to an unusually heavy pre-harvest movement of
old grain increased the market's burden of selling.
This
pressure was not met by normal speculative demand due
to uncertainties regarding the loan program and the quota
slumped le. a bushel today as the
reflected uneasiness associated with approaching
prices
Wheat
referendum
as
well
national emergency
There
as
Government efforts to control specu¬
Grain men were not certain what
lation.
was
of what full
indication
no
effect unlimited
will have on prices or the private trade.
powers
emergency
in formulation of new wheat loan program re¬
may mean
of Saturday's marketing quota
the outcome
of
referendum.
Today prices closed
creased
much
as
as
2c.
a
At the low point
Liverpool Imports, Stocks, &c.
establishment
today, forcing prices downward
bushel to the lowest levels since
was
May 12.
prices showed net losses of about 7c.
of
since
Much of the
19.
the year's peaks May
selling represented pre-holiday
there
Selling in¬
1% to 234c. net lower.
the wheat pit
in
Alexandria Receipts and Shipments.
liquidated at official value.
Traders were
awaited speech
Early's announce¬
tonight and nodded at Secretary Stephen
Nation's foreign policy in
tables:
The Liverpool market closed at noon on Monday, Mar. 31.
All contracts were transferred to March at existing differ¬
ences
and contracts still open at close of business were
in the President's long
much as 124c.
ment that the
gardless
due to the war
in Europe prohibit cotton statistics being sent from abroad.
Foreign Cotton Statistics—Regulations
We
2£c. net lower.
grain pits today as traders pondered
turned downward in all
8.18
9..
May
1110%@12
prices closed unchanged to
probable tone of the President's speech tonight.
Prices
grains at the start, but late rallies
the
On
1%@12
12
wheat
d.
d.
Feb.
•
prospects of increasing hedging pressure when new
begins to move—also were depressing influences. On
and
Nil
(1) That the total receipts
The above statement shows:
■
prospective new crop movement were depressing factors in
the wheat pit.
Greatly enlarged receipts ahead of harvest
32,958
82,552
36.348
Nil
3063.732 2666,756 2986,670
3033,584 2617,890 2951,233
11,788 2988.790 2570,714 2907,928
21,386 2920,639 2527,094 2807,769
13,296 2873,968 2480,117 2831,695
12,397 2848,100 2454,769 2795,440
74.870
adjustment of accounts, but
considerable uneasiness in the trade about war
developments and the marketing quota refrendum Saturday.
Offering of loans at 85% of parity on the new crop depends
approval of two-thirds of eligible producers who vote.
hedging sales added to selling. Open interest in
wheat totaled 42,048,000 bushels.
upon
Persistent
BREADSTUFFS
DAILY CLOSING PRICES OP
Thursday Night, May 29, 1941.
Sal.
Flour—The local flour market has been quiet and mills
A large propor¬
reported that buyers were inactive again.
of
tion
consuming trade
are
booked ahead
and regular deliveries against same are
needs at this time of year, observers
early
Wheat
trading
prices
almost
rose
today but could not
state.
a
cent
bushel in
a
hold all the original
After dipping to around the previous close at times,
gains.
CLOSING PRICES
97%
September
December
CLOSING
prices finished
firmness
was
PRICES
OF
Sat.
H
O
May
July
was nervous,
by
due to
reinstating
price
war news,
of lines
sold
out
previously and covering of "short" sales, with some support
The market closed before there was
coming from mills.
confirmation of the sinking of the battle cruiser
of
German claims
of
progress
in Crete.
Hood and
Moderate wheat
pit support helped to offset hedging sales associated with
much larger movement
dealers,
view
of
however,
the
of grain the last several days.
were
inclined
forthcoming
to
restrict
Presidential
Most
operations
statement.
said disclosure of details about the Government's
new
in
They
wheat
policy also is needed before any material enlargement of
trade can be expected.
On the 26th inst. prices closed
34 to
about
the
J4c. net lower.
%c.
L
34 to 34c. net higher than previous finals.
promoted
Wheat prices showed net gains of
immediately after President
Roosevelt signed
85% of parity loan rate bill today, but then tumbled
Wed.
116
Fri,
Thiers.
114
HOL.
97%
98%
100
96 %
98 %
95%
97 %
98%
H
93 X
95 &
99%
97
When Made
I
Season's Low and
May 19. 19411 July
73%
May
19, 19411 September ... 73%
May 23, 19411 December
97
.
Although the market
Tues.
O
L
When Made
Feb. 17,1941
Feb. 17,1941
May 29.1941
WHEAT FUTURES IN WINNIPEG
99%
100%
_
High, and
July
100%
September
102
December
102%
DAILY
Mon.
OP WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
July
Season's
prices closed l/i to y$$. net
Wheat—On the 24th inst.
higher.
by contracts,
sufficient for their
DAILY
WHEAT IN NEW YORK
117% 116% 116
No. 2 red
Mon.
Tues.
Wed.
Fri
Thurs.
H
O
75%
.
■
L
closed 34 to 34p* net higher.
amounted to as much as a cent at times, but the
price upturn was not followed in the spot market where
quotations were 34 to 34c. net lower.
This was due largely
to increased bookings to arrive, which totaled 76,000 bushels.
Some traders anticipate an increase in marketings after
planting season inasmuch as farm stocks are large, with
supplies at record proportions for this time of year.
On
the 26th inst. prices closed 24 to 134c. net higher.
Corn was
firm most of the session and Dec. contracts, representing
Corn—On the 24th inst. prices
Corn gains
late advance with a gain of as much as
strength from reports of Government
purchase of 18,500,000 pounds of starch.
Substantial
receipts here and at other terminals were absorbed without
difficulty and hedges against 160,000 bushels booked to
the 1941 crop, led a
2c.
Corn
derived
only fractional setbacks at times.
On the
prices closed 34c. lower to 34c. higher.
Trading
was
quiet and traders appeared to be awaiting the President's
speech tonight.
arrive
caused
27th inst.
Volume
The Commercial <& Financial Chronicle
152
On the 28th inst. prices closed Ys to %c. net lower. Prices
of corn eased with wheat, but showed only fractional losses.
Showers received over parts of Illinois and Iowa, where
there have been complaints of dryness, were given a bearish
interpretation, and a forecast indicated that above-normal
precipitation is in prospect for these areas the next few
days.
As yet there has been no material enlargement of
country corn offerings after seeding.
Today prices closed
1% to iy2c. net lower.
Corn declined with wheat, due
largely to the same causes, that is, taking in commitments
over
the
week-end
interest in
due
to
the
DAILY CLOSING PRICES
„
„
OF
Sat.
,
No. 2 yellow________„_
OF
Mon.
December.
Open
,—...
_
Season's High and
July
74%
September
76^
December.... 77
When
May
May
May
...
Wed.
90%
Thurs.
90%
Mon.
Tues.
89%
Fri.
HOL.
74%
76
75%
74%
75%
Fri.
73%
74%
75%
H
O
L
74%
75%
76%
Made
|
Season's Low and When Made
26, 19411July
58^
Sept. 23,1940
26,-1941 (September
573^
Feb. 17, 1941
27, 1941)December
73%
May 23,1941
...
Oats—On the 24th
inst. prices closed He. net higher.
quiet but firm in sympathy with the other
grains.
On the 26th inst. prices closed unchanged.
This
market showed very little activity.
On the 27th inst. prices
closed ys to He. net higher.
Trading was light, but the
market was noticeably firm throughout most of the session.
This market
Y2 to lc. net higher.
The
surprising strength of oats in the face of heaviness in other
grains was attributed to good spot buying and speculative
demand
influenced
somewhat
by the strong
action of the
hog market.
Today prices closed %e. lower to Yse. higher.
Oats showed up relatively well, especially in the face of
heavy declines in wheat and corn.
CLOSING
PRICES
OATS
OF
Sat.
July...
September
July (new)
September (new)
December (new)
FUTURES
Mon.
35%
35%
35%
35%
Tues.
35%
35%
36%
.....
When
Made
15,
29,
15,
May 29,
May 29,
May
May
May
Thurs.
%
...
Milwaukee.
O
L
When Made
1941 July
30%
1941 September
30
1941 July (new)
33%
1941 Sept. (new) .,33%
1941 Dec. (new)
36%
St.
May
July
H
O
October.
Mon.
L
Tues.
37%
35%
Wed.
36%
■....
Thurs.
37
35%
33%
....
37%
....
Fri.
H
O
L
Rye—On the 24th inst. prices closed H to 1%g. net
higher.
Trading was light, with the market holding firm
during most of the short session.
Dec. delivery was ex¬
ceptionally strong, due in no small measure to switching
from near months to the Dec. delivery.
On the 26th inst.
prices closed He. off to He. up.
There was fair activity in
rye, with trading and fluctuations irregular.
On the 27th
inst. prices closed unchanged to %c. down.
This market
was also quiet, apparently awaiting the President's speech.
On
the
28th
inst.
This market
prices
closed
unchanged
to
%c.
net
heavy in sympathy with depressed
Today prices closed IY2 to l%c. net lower.
wheat market.
was
The extreme weakness of wheat and the general
to close out commitments over
135",000
Louis..
Peoria
43,000
Kansas
Omaha
St.
City
30,000
....
Joseph.
...
Tot.wk.'41
420,000
Same wk '40
400,000
disposition
the week-end in view of the
Receipts at—
Mon.
Sat.
49^
July...
...J...
September....
July (new)..
September (new)
December (new)
Tues.
CHICAGO
IN
Wed.
49
....
Thurs.
48j^
....
....
....
67%
58
60%
57^
57%
60%
High and When Made
Nov. 14, 1940
July---52%
Apr.
7, 1941
September
52
May 15, 1941
July (new)
60%
May 15, 1941
Sept. (new)
60%
Dec.
May 26, 1941
(new).. 61
DAILY CLOSING PRICES OF
RYE
May
July
L
...
....
55%
May 29. 1941
May 29, 1941
May 23, 1941
56%
Wed.
53%
55%
Thurs.
58^
56M
;
Fri.
H
O
L
OF BARLEY FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
H
O
50%
October
L
44
were as
....
49%
48$*
....
43%
43%
H
O
L
follows:
FLOUR
29,000
"4",000
"5",000
"13", 000
7,963,000
2,653,000
7,325,000
1,396,000
712,000
2,558,000
1,429,000
1,177,000
1,493,000
1,651,000
996,000
1,283,000
65,852,000 14,209,000 87,381,000
84,948,000 26.863,000 102674000
93,402,000 23,649,000 88,401.000
seaboard ports for
Saturday, May 24, 1941, follow:
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
New York.
Rye
822,000
15,000
340,000
25,000
104,000
""4~O66
2^666
Baltimore..
14,000
355,000
162,000
30,000
New Orl'ns*
21,000
69,ooo
Barley
bush 56 lbs bush 48 lbs
42,000
251,000
Boston
10,000
Galveston..
"
l",666
~
13,000
955",000
Can.Atl.pts
2,448,000
-y-—
Tot. wk. '41
326,000
5,024,000
2^5,000
84,000
14,000
5,199,00(|
72,878,000
4,157,000
1,069,000
394,000
238,000
4,879,000
365,000
47,000
11,000
1,000
5,158,000
53,410,000
13,564,000
2,166,000
1,546,000
1,125,000
Since Jan. 1
1941
....
Week 1940.
v
645,000
Since Jan. 1
1940
....
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports
from the several seaboard ports for the week
Saturday, May 24, and since July 1, are shown in
ended
the annexed statement:
,
,
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
30,000
762,000
York
New
Albany
268,000
Boston
254,000
419,000
2,448,000
487,000
Can. Atl. ports..
Total wk. 1941
4,151,000
487,000
Baltimore
a30,000
1,1940 146,194,000 22,266,000 5,892,940
Since July
140,000
540,000
996,000
72,000
43,615
1,000
Since July 1, 1939 136,684,000 26,092,000 3,773,741 4,196,000 3,554,000 10,284,000
Total wk.
a
1940
4,729,000
Complete export data not available from Canadian ports.
visible
The
granary
supply
comprising the stocks in
of grain,
at principal points of accumulation at lake
ports Saturday, May 24, were as
GRAIN
and
sea¬
follows:
STOCKS
Wheal
New York
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
--
Philadelphia
,
43,000
51,000
87,000
120,000
19,000
39,000
"1,000
16,000
88,000
157,000
10,000
Orleans.55,000
Galveston
1,523,000
245,000
15,000
7,026,000
3,444,000
6,282,000
534,000
86" 000
2,000
1,000
13,000
46,000
45",000
Baltimore
....
New
Fort Worth
—
Wichita
Hutchinson.......
1,000
3,412,000
2,087,000
25,616,000
6,734,000
7,031,000 12,094,000
640,000
1,541,000
4,613,000
948,000
City
St. Louis
58,000
2,000
89,000
3,000
211,000
8,000
1,867»66O
246,000
98,000
733,000
247,000
2,000
4,000
6,000
23", 000
"2",000
7,548,000
1,187,000
19,185,000
170,000
4,486,000
Lakes...
...
-
.....
-
-
.
Detroit
Buffalo
2,015,000
2,000
4,368,000
304,000
215,000
153,000
1,818,000
506,000
4,000
2,000
165,000
637,000
368,000
245,000
455,000
afloat—.
On Canal-------
Total May 24,
Total May
— —
58,000
,
1941 —118,841,000 56,288,000
17, 1941 — 116,892,000 57,415,000
1940— 95,345,000 25,851,000
Total May 25.
*
29,000
2,000
23,690,000
8,745,000
Duluth.
4,000
252,000
1,223,000
1,189,000
480,000
Chicago-
Indianapolis
On
7,000
6,000
45,000
143,000
1,212,000
203,000
12,999,000
52,000
418,000
507,000
2,441,000
Peoria
Minneapolis...
When Made
Feb. 21,1941
Feb. 21,1941
541^
55
Tues.
18,000
Flour
Milwaukee
....
59%
May
July.
Closing quotations
H
O
L
FUTURES IN WINNIPEG
Mon.
H
O
October
43
44
Fri.
58
....
July
September
July (new)
Sept. (new)
Dec. (new)
Sat.
DAILY CLOSING PRICES
54%
....
Season's Low and
Season's
55,000
56,000
Philadelphia
Sioux
FUTURES
25~, 000
25,660
4,000
bbls 196 lbs
tributing to today's weakness in rye futures.
RYE
26,000
Total receipts of flour and grain at the
the week ended
Omaha
OF
22,000
19,248,000 299,987,000 235,458,000
Kansas City..
PRICES
15l",666
33",000
22,000
45,000
130,000
1,000
86,000
893,000
17,683,000
St. Joseph
CLOSING
657,000
617,000
....
great uncertainties that prevail were the chief factors con¬
DAILY
26,000
2,000
54,000
209,000
409,000
Since Aug. 1
1940
17,803,000 285,074,000 237,828,000
1939
18.441,000 331,251,000 199,610,000
....
1,296,000
152,000
425,000
8,100,000
1938
24,000
14,000
7,732,000
416,000
247,000
351,000
1,283,000
158,000
212,000
8,494,000
39,000
496,000
23,000
3,628,000
443,000
58,000
420,000
37,000
Indianapolis
Exports from—
Oct.
9, 1940
Feb. 17, 1941
May 3, 1941
May 3, 1941
May 26, 1941
...
Sat.
603,000
1,611,000
647,000
....
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
lower.
22,000
Barley
386,000
322,000
30,000
1,621,000
922,000
Rye
bush 56 lbs bush 48 lbs
....
38
Season's Low and
306,000
2,447,000
Buffalo
H
....
....
36
....
190,000
...
Toledo
Fri.
36%
37%
36%
...
Season's High and
July
36%
September
37 %
July (new)
36%
Sept. (new)__ 37&
Dec. (new)
38%
CHICAGO
IN
Wed.
Oats
bush 32 lbs
Minneapolis
*
DAILY
Corn
bush 56 lbs
Duluth
was
On the 28th inst. prices closed
Wheat
bush 60 lbs
196 lbs
Samewk '39
Thurs
Wed.
Chicago
s
Sioux City.
FUTURES IN CHICAGO
73%
75%
74^
____
Tues.
Flour
bb
Wichita
YORK
NEW
IN
90%
CORN
Sat.
—
CORN
90%
....
DAILY CLOSING PRICES
July--..
September
uncertainties.
great
tonight totaled 21,457,000 bushels.
corn
Receipts at—
3525
New York also has
62",000
2,229,000
555,000
98,000
3,953,000
3,745,000
4,466,000
5,166,000
4,902,000
9,758,000
4,498,000
4,373,000
8,067,000
29,000 bushels Chilean barley in store.
Oats—Buffalo, 260,000 bushels: Buffalo
312,000 bushels, against 731,000 bushels In 1940.
Barley—
Buffalo, 10,000 bushels; total, 10,000 bushels, against 1,275,000 bushels In 1940.
Wheal—New York, 1,079,000 bushels; New York afloat, 904,000; Boston, 1,888,000;
Philadelphia, 372,000; Baltimore, 1,470,000; Portland, 617,000; Buffalo, 5,099,000:
Buffalo afloat, 185,000; Duluth, 15,661,000; Erie, 2,254.000; Albany, 3,835,000;
on Canal, 415,000; in transits-rail
(U. 8,), 4,337,000; total, 38,116,000 bushels,
against 22,592,000 bushels In 1940.
Note—Bonded grain not included above:
afloat, 52,000; total,
Wheat
I
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
5-95 @6.201 Soft winter straights ..... 5.70 @5.95
5-70@5.951 Hard winter straights
5.85@6.10
Spring patents
First spring clears
652,000
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic—114
Manitoba No. l.f.o.b. N. YCorn New YorkNo. 2 yellow, aU
rail.
93%
Rye, United States, c.i.f
39%
Barley, New York—
40 lbs. feeding...
Chicago, cash.
All the statements below
1,106,000
2,818,000
1,442,000
959,000
871,000
3,038,000
4,285,000
2,512,000
4,851,000
7,905,000
2,179,000
4,649,000
4,861,000
7,490,000
_.118,841,000 56,288,000
421,882,000
3,953,000
4,285,000
5,166,000
2,512,000
4,498,000
4,649,000
1941.. .540,723,000 56,288,000
8,238,000
7,678,000
Total May 17,
1941—542,159,000 57,415,000 8,596,000
7,438,000
25,851,000 12,371,000 11,937,000
9,147,000
9,234.000
15,557,000
Other Can. & other
Total May
47%
62%
70%
57-69
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, May 24, and since Aug. 1, for
each of the last three years:
199,000
Lake, bay, river & seab'd 46,009,000
Ft. William & Pt. Arthur 70,629,000
Total May
Oats, New York—
No. 2 white
361,000
Total May 24,
Standard Mill Quotations
elev.305,244,000
24,1941...421,882,000
17,1941...425,267,000
1940—254,150,000
Total May 25,
—
—
2,536,000
SummaryL
American
Canadian
...{
-
Total May 25,1940— 349,445,000
The world's
shipments of wheat and corn, as furnished by
for the week
July 1, 1940 and July 1, 1939, are
Broomhall to the New York Produce Exchange,
ended May 23, and since
shown in the following:
The Commercial A Financial Chronicle
3526
May 31,
1941
1, 1942 carryover
record, or more than 500,000,000 bushels.
35,000,000 bushels sold abroad during 1940-41, the July
■C0Tn
Wheat
Since
Week
1940
July 1,
1939
May 23,
1941
Bushels
Bushels
Bushels
Bushels
Since
Week
Exports
I,
July
May 23,
would be by far the largest on
Since
July
1941
State allotments,
Since
1,
1,
July
1940
national allotment
1939
age
Black Sea.
Argentina.
Australia
_
Bushels
487,000
7,117,000 193,868,000 190,216,000
3,992,000 38,764,000
2,398'65o 87,195,000 155,419,000
11,293,000
No. Amer.
Bushels
22,105,000
during the last 10 years, follow:
106,627,000
Alabama
-------
Arkansas.----
—
—
California—-——---—-—-Colorado--
Other
21,584,000
countries
6,200,000
Total...
2,520,000
9,515,000 291,255,000 417,276,000
43,105,000
.
56,514,000 180,704,000
Department of Agriculture Says by Rationing Most
of Europe Can Hold Out Until New Crop Harvest
rationing, food supplies in most countries
expected to be sufficient to prevent
Under present
of Continental Europe are
serious distress at least until the arrival of the new crop, the
Department of Agriculture reported on May 26,
although it said diets are already considerably below normal.
U.
S.
giving conditions in the different countries,
appears in the May 26 issue of "Foreign Crops and Markets."
The Department's announcement concerning the article also
The
report,
said:
In
—
65,258
countries—as well
in
as
unoccupied
is
there
—
a
undernourishment
quarters
report.
The report, by the Office of Foreign
of 1914-18.
better than in the war
Agricultural Relations, points out that food reserves have been drawn
upon
countries to meet even restricted levels of consumption and that
in all
a
further curtailment in rations may be necessary in some regions before the
Attempts
harvest.
expanding domestic agricultural output
at
are
likely to become increasingly difficult as the war is prolonged.
Indications
that grain crops on the Continent this year will be
are
but that root crops will be smaller.
what larger than in 1940
reduced.
livestock products will be considerably
in 1941-42 is not
-Production of
power,
food output of Continental Europe
expected to be any larger than in 1940-41 when withdrawals
from reserve stocks were necessary to
maintain
even a
transportation.
the heavy
difficulties of distribution and
are
Land communications are strained since they must
carry
wartime load in addition to much of the traffic formerly handled
by sea.
In the light of
all known factors it appears unlikely that total supplies
in 1941-42 will permit any larger food consumption than in 1940-41.
areas
consumption
not this outlook may
and especially on
may
have to be reduced
be modified will depend
further.
even
on
the
course
In
Whether
of the
war,
such factors as the continued effectiveness of the British
blockade, the extent of the help obtainable from the Soviet Union, and the
attitude of the Axis powers toward the occupied countries.
National
Wheat
Acreage
Allotment
for
1942
Set
at
65,000,000 Acres—Reduced Amount Is Designed to
Aid Farmers in Meeting Export Losses and Mount¬
y
865,173
Illinois—-------J--—-——
1,676,214
Indiana
1,411,459
Iowa-372,732
Kansas
11,371,809
-
-
—
373,760
Kentucky
Louisiana-
—
—
ing Surplus Problem
A
national wheat acreage
1942
allotment of 55,000,000
May 22 by the Department of
Agriculture.
This allotment, which is 7,000,000 acres
smaller than the 1941 allotment of 62,000,000 acres, is part
of the national wheat program designed to aid farmers in
meeting the problems of export market losses and mounting
surplus.
The Department states that with a prospective
carryover of around 500,000,000 bushels expected on July 1,
1942, the 1942 allotment has been established at the level of
the 1939 allotment, the minimum allotment provided by the
law.
It adds that the allotment is adjusted each year so
that with the prospective carryover it will provide wheat
enough for normal domestic consumption, normal exports
and at least a 30% reserve.
Officials point out that since
the 55,000,000 acre allotment is above the level necessary
to provide that objective, above-normal reserves continue a
definite part of the United States wheat situation for at
least 2
In
announced
was
acres
or
on
3 years.
commenting
on
3,977
Maine--*—-----——-—--
Maryland----------——M assachusetts
—-——-
-
340,920
------
13.685
New Hampshire
New
—
JerseyW—50,161
New Mexico-
316,162
New York.
-
North Carolina
364,743
North Dakota
1,488,887
1,636,308
Oklahoma
4,004,445
Oregon...
Pennsylvania
Missouri
—
Montana
.-j
—
1,658,305
Rhode Island.—
South Carolina
—
of
136,304
—
South Dakota.
2,886,655
Tennessee-
336,963
Texas
3,748,141
Utah
211,183
Vermont--
—-—
Virginia
469,278
—
1,656,687
-
West Virginia-..-
119,403
86,070
—
Wyoming-
295,940
3,346,343
3,146,579
Members
New
756,281
757,632
-
Wisconsin
Mississippi--
7,982,435
-
Ohio
660,689 Washington
MichiganMinnesota
218,748
Total
York
New
55,000,000
Coffee
and
Sugar
Ex¬
change—Burbank Roberts; Harold F. Bloomer of Soledad
Trading Corp.; and Robert C. Jones of Robert C. Jones &
Co., Washington, D. C. were elected to membership in the
New York Coffee & Sugar Exchange, Inc. at a meeting of
the Board of Managers held May 27. Corporation privileges
were granted, at the same meeting, to Compania Productora
de Azucar Yaguajay; the Eastern Sugar Associates; E. J.
Brach & Sons; and the Sabanita Trading Corp.
Coffee Contracts on New York Coffee
Exchange—At a meeting of the Board of
Managers of the New York Coffee and Sugar Exchange held
May 27, the following resolution was adopted:
Margin
and
on
Sugar
Board of Managers, acting under the provisions of
27, 1941, require that, beginning
thereafter until further notice, an original margin of $625
per contract shall be collected by members from customers who are not
members of the coffee trade as defined in Coffee Trade Rule 33The above requirement shall apply to all contracts open on June 6, as
well as contracts entered into thereafter, and such margins shall be subject
to the provisions of Coffee Trade Rule 33 of the New York Coffee and
Sugar Exchange, Inc. and the By-Laws and Rules of the New York Coffee
and Sugar Clearing Association, Inc.
Resolved that the
Coffee Trade Rule 33, as amended May
rationed level.
Unfavorable factors in the continental food outlook, in some sections at
least, regardless of crops or imports,
or
138,403
—
Nevada
some¬
Assuming normal weather
estimated shortages of draft
into account
and taking
conditions
farm labor and fertilizers, the aggregate
some
—
Georgia—
Idaho
France,
shortage of essential foods and in
is already acute, according to the
Germany's food position, on the other hand, appears to be much
Finland
and
Spain
certain
new
Florida
Nebraska
of the occupied
some
57,179
633,922
1,303,162
Connecticut
Delaware
491,000
4,944
<
———33,061
Arizona—
Acres
State—
Acres
State—
26,128,000
4,844,000
"4", 000 31,889",000
which represent an apportionment of the
the basis of each State's wheat acre¬
on
the allotment, Administrator R. M.
June 6, 1941 and
Storing Corn in Northeastern Area—Secretary
Agriculture Claude R. Wickard announced on May 23
that the Commodity Credit Corporation was moving corn
out of the Middle West for storage in Buffalo, Albany,
Philadelphia, Baltimore and other eastern cities with a view
to maintaining ample corn reserves in that section of the
county to meet all immediate needs.
The Secretary further
indicated that 10,500,000 bushels would be placed in storage
in that area and that about half of the amount is already in
storage in the area or in transit to the area.
Movement of
corn into the area serves a threefold purpose, the Secretary
said, explaining:
CCC
of
assures feeders, dairymen, poultrymen, and consumers in the
of a reserve feed supply which will guard against
transportation shortage which might develop due to the defense effort;
second, it will provide consumers in that area with corn at fairly stable
price levels and third, it will clear out space now occupied in the Middle
West and needed for the storage of the new wheat crop.
First, it
Northeastern territory
any
The
stored
corn
or
in transit to Northeastern points
follow:
Buffalo, 3,250,000 stored or in transit with boats contracted for, 2,500,000 additional.
Albany, 1,500,000 in store or in transit; Baltimore,
100,000 in store or in transit.
Arrangements are being made for the trans¬
portation of 3,000,000 more for storage in Albany, Ogdensburg, Phila¬
delphia, and Baltimore, making a total of approximately 10,500,000 bushels
to be stored.
'/ .v'.,.
Report
on
1940
bushels of 1940
corn
Loans—Less
Corn
than
entered loan stocks in the
one
million
seven
davs
preceding May 20, the Department of Agriculture said on
May 24.
Repayments of loans to the Commodity Credit
Corporation continued low with only 1,739,367 bushels
released since the beginning of the program.
Loans by States follow:
Evans of the AAA said:
State
America has about 1,250,000,000 bushels of wheat in sight for the coming
This is enough wheat to last this country nearly two years.
year.
Clearly
No. Loans
the job before wheat farmers is not to waste their soil and effort in need¬
provided by the farm program for orderly management of farm supplies,
are
and wheat farmers will vote
May 31 in
national referendum to decide
a
whether they will use marketing quotas this year.
On the
one
now
being demonstrated in the operation of the farm
hand, wheat farmers, with record
reserves
already
work through the program to adjust their production
more
limited demands.
At the
on
program.
hand,
can
downward to meet
time, the program is
same
now
encouraging
farmers to provide more of other products called for under the Department's
Food for Defense Program, such as meat, dairy and poultry products, and
processed vegetables.
The smaller allotment for 1942 in no way implies a retreat by the United
States from the world wheat market.
Our fight for a fair share of the world
market continues and after the
will go forward with renewed vigor.
We
in
to
now
war
have and will continue to have
meeting any world
or
plenty of wheat from which to draw
domestic situation that
may
arise for some time
come.
From the Department's announcement
In calculating the 1942 acreage allotment,
was
estimated at
1,236,000,000 bushels.
000,000 bushels in crop insurance
tie
This
reserves.
we
also quote:
1941-42 supply of wheat
does
not
include
the
12,-
Of the total supply, it is ex¬
pected that 675,000,000 bushels wiU be consumed domestically during the
1941-42 marketing year.
The balance of 561,000,000 bushels will be
available for export during the year and for carryover at the end of the year.
Since
exports
are
not
expected to
differ
_--
Kansas
greatly
from
the
30,000,000-
895,911
58,553,069
610,398
369,808.34
40,802,90
24
66,890
Michigan..
9
5,649
3,445.89
Minnesota-
10,092
7,764,366
4,729,245.08
3,378
2,898,046
1,766,190.17
12,841,236
113,150
259,168
3,981,477
16,581
7,814,899.60
Kentucky
Missouri
The ability of farmers to make adjustments upward or downward accord¬
ing to need is
1.034
856
Iowa
Along with
allotments and other features of the program, marketing quotas
Amount
$8,172,341.95
546,477.75
35,716,341.53
13,397,747
12,480
Indiana
less overproduction, but to manage well the reserves we have.
acreage
Bushels
58,562
Illinois
Nebraska
15,014
North Dakota....
Ohio
96
456
South Dakota-
5,448
Wisconsin..
35
Total.
Weather
:
107,484
Report for the
101,403,688
Week
Ended
52.087.28
158,092.48
2,408,375.82
9,848.61
$61,787,957.40
May 28—The
summary
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
May 28, follows:
general
weather for the week ended
The pressure weather control
that of the week
during the past week was very similar to
preceding in that high barometer readings persisted over
Southeastern States and adjoining ocean areas with relatively low pressure
much of the time over interior sections.
Rainfall was again frequent in
parts of the Southwest, with some local heavy amounts reported, such as
4.33 inches at Corpus Christi, Tex., and 2.25 inches at Roswell, N. Mex.,
on May 23, while a number of stations had more
than an inch on the
following day.
Fairly general rains occurred over a wide belt from Okla¬
homa and Kansas northeastward to New England on the 23d-24th, but
otherwise there was little precipitation in the extensive droughty area east
of the Mississippi River.
Maximum temperatures ranged upward into the high 90's from southern
Pennsylvania and the Ohio River southward.
The highest readings were
100 degrees or more in some localities in the southern Ohio Valley and the
interior of the Southeast.
On the other hand, the maximum did not reach
Volume
The Commercial & Financial Chronicle
152
90 degrees at any station in Texas and was below 80 degrees in some north¬
western sections of the State.
The week as a whole was abnormally warm over the eastern half of the
condition.
country and in northern sections of the western half.
Throughout these
areas plus departures from normal were rather
uniformly from 6 to 8 de¬
grees.
On the other hand, decidedly subnormal warmth prevailed in the
Arkansas—Little Rock: Favorable temperatures, but soil too dry for
germination and growth. Good advance in chopping early planted cotton.
Progress of corn good and cultivation well advanced, but soil dry and rain
badly needed.
Harvesting oats under favorable conditions. Wheat head¬
ing.
Rice planting completed; more rain needed for germination.
Pota¬
southern Rocky Mountain area, western Texas and eastern New Mexico,
where locally the week was 10 degrees cooler than normal.
The weekly rainfall was less than half an inch, except very locally, from
the
Ohio
Valley eastward and northeastward and practically
curred from southern Virginia southward and southwestward.
the western Lake region, upper
Mississippi Valley, and a large
toes
rain oc¬
However,
no
southwest¬
showers, but the Pacific Northwest continued dry.
The continued absence of material rainfall,
together with high tempera¬
tures, has intensified droughty conditions in much of the area from the
Mississippi Valley eastward.
Local showers provided temporary relief in
the Northeast and
northern Ohio Valley,
but drought-relieving rains
were
entirely absent over the eastern half of the country where May has
been very dry following successive
monthly deficiencies in precipitation
THE DRY GOODS TRADE
New
■
Cultivated crops have not as yet suffered materially, but some early
truck, such as strawberries, and bay, pastures and spring-seeded grains
have
been
ward.
badly affected, especially from the central Ohio Valley east¬
In
Illinois and Iowa conditions are very spotted with about half
State in fairly good shape and the other half dry, while most of
Missouri and Arkansas are needing rain badly.
In the northern Great Plains strong winds dried the soil rapidly and
more moisture is now needed in much of this
area, especially South Dakota.
On the other hand, heavy rains caused more or less flood damage in the
of each
southern Great Plains, where farm work is being retarded
by wetness, with
dry, sunshiny weather badly needed.
Mountains west¬
ward conditions remain
From the Rocky
favorable.
Small Grains—Winter wheat continues in generally good condition in
the principal producing areas,
except considerable fly damage is reported
in eastern and southern Kansas, some
lodging because of rank growth in
Oklahoma, and a prevalence of leaf rust in the lower Great Plains.
In
Texas maturity is being delayed by continued wet weather and rank growth
sunshiny weather is needed generally in the southwestern belt.
Harvest has begun locally in southwestern Oklahoma and is expected to
begin in the southern counties of the eastern half of Kansas in about two
and dry,
weeks.
Wheat has an unusual height in the southern Plains, ranging in
Oklahoma, for example, from 36 to 60 inches.
In the eastern drought area,
heading on short straw is noted, no wide¬
spread serious damage is apparent.
The outlook continues favorable in
while considerable complaint of
the far Western States.
In the spring wheat
while local showers
belt high winds dried out the soil rapidly, and,
beneficial, rain is needed in considerable areas,
were
especially South Dakota and Minnesota, with some late seeding not germi¬
nating in the latter State.
Oats are generally good, except in the eastern
drought section, where they have been seriously affected in many places.
Rice seeding is about completed in Arkansas and Louisiana, but rain is
needed for germination.
Corn—Corn planting is nearing completion and stands of early planted
mostly good, but dryness is showing its effect on growth from the
are
Potomac
Valley southward.
Nearly 90% of seeding has been accomplished
70% in southern Wisconsin.
In Iowa 96% of corn
14% more than normal and nine days ahead of average,
although about one-fourth of the acreage lies ungerminated in dry soil or
has come up unevenly.
In the southern Great Plains fields are weedy
in Illinois and about
has been planted,
because of continued wet weather.
Cotton—Moderate
subnormal
to
temperatures
and
continued
wet
weather prevailed in the western cotton belt, but above-normal warmth
and dryness characterized the weather in the central and eastern sections.
In general, conditions were rather unfavorable for cotton because of con¬
tinued wetness in the west and
some effect of dryness in the eastern States.
was poor in the northwest, with much replanting
of continued rains, and there are unfavorable reports
from the southwest, but elsewhere progress of the early crop is fair; growth
Texas
In
required
is
progress
because
unusually irregular, especially in the south.
Dry, sunshiny weather is
needed in both Texas and Oklahoma.
The soil
is
too
dry for germination and growth in much of Arkansas
and the weekly progress in Tennessee is reported as poor, but general
condition fairly good.
In the central and eastern portions of the belt
progress was reported as poor to fair in Alabama, rather poor in Georgia
and fair to good in North Carolina.
In South Carolina, because of dry¬
ness, germination is slow on clay soils of the north, but progress and con¬
dition are still fair in the southern part of the State.
A good rain is needed
from the Mississippi Valley eastward to the Atlantic Ocean.
The
weather
bulletin furnished
the
following
resume
of
conditions in different States:
North
Carolina—Raleigh:
Unfavorably hot weather first part, but
favorable last half.
Lack of rain being felt and drought becoming serious
in some sections.
Condition and progress of tobacco fair to poor. Progress
and condition of cotton fair to good; chopping begun in south. Corn, truck,
and gardens mostly in poor condition.
South Carolina—Columbia: No rain and severe drought in interior;
and wells low.
Very warm days first part further intensified
drought; some stations reported absolute highest May temperatures.
Crops up at standstill or deteriorating and late planted not germinating.
Gardens and pastures in most of interior very poor condition or dried up.
Soil too dry for growth or proper development of coastal truck.
Wheat
and oat harvests in north.
Chopping cotton in north where up; not germ¬
inating on clay soils; progress and condition still fairly good in south.
streams
Georgia—Atlanta; No rain of importance and very warm days. Favorable
for grain harvest in south and for cultivation in all areas; fields clean. Soil
moisture
badly depleted,
with
marked
effect
on
all
growing
and
crops
Corn and cotton rather poor progress; stands fair to poor account
fruit.
drought; chopping cotton in south where first squares appearing.
Florida—Jacksonville:
Favorable
temperatures,
but
no
rain
of
im¬
portance and soil drying rapidly.
Progress and condition of cotton rather
Corn fair.
Tobacco, sweet potatoes, and truck suffering from dry
weather.
Ranges poor.
Citrus groves need rain; some wilt and new fruit
dropping badly.
poor.
Alabama—Montgomery: Very warm days; no rain of importance and
more needed.
Progress and condition of cotton fairly good, except some
stands poor in north; fields well cultivated.
Corn needs rain; condition
poor to fair in north, but mostly fair elsewhere.
Upland pastures failinglowlands still mostly fair. Vegetables suffering.
Mississippi—Vicksburg: Adequate sunshine and generally favorable
No rain, except locally. Lack of rain being felt, especially
on eastern uplands.
Cotton chopping mostly good and nearing completion;
progress in cultivation good; condition and stands in east locally poor.
Progress of corn poor to fair; good cultivation.
Progress of gardens and
temperatures.
pastures generally poor.
Louisiana—New
Favorable temperatures.
Farm work well
and well worked.
Scattered showers beneficial,
Progress of cotton excellent; condition good;
Chopping good advance; late planted coming to good stands.
Progress
of corn good; condition fairly good.
Good progress in digging potatoes,
transplanting sweet potatoes, harvesting oats, and making hay. Planting
advanced;
fields
but
rain
rice
more
Orleans:
clean
needed.
end.
near
Texas—Houston:
Favorable
temperatures;
too
much
rain
in
west-
central, northwest, and south, but adequate elsewhere.
Grain crops
already rank growth, delayed by rain; prospects of winter wheat still ex¬
cellent in Panhandle.
Harvesting oats good progress until halted by rain
of barley excellent.
Some corn to be planted or replanted.
of cotton poor; much replanting in northwest necessary by
washing rains; crop in Coastal Bend and lower Valley further delayed
and damaged somewhat by additional
washing rains; elsewhere early
Prospects
Past progress
planting fair progress, but dry weather needed for chopping and cultiva¬
tion; growth unusually spotted, especially in south.
Harvesting truck
halted in wouth. Ranges abnormal growth.
Oklahoma—Oklahoma
City:
Favorable
temperatures.
Too
much
rain
washing and flooding locally, with flood damage to crops heavy
and north and south Canadian bottoms and other scattered
in
west:
in
Washita
areas.
Oats very good condition.
lodging; condition good to
will
be
general soon
Progress of wheat good, except
some
good; harvest started in southwest and
if fields dry.
Progress of corn good, except fields
very
Minor crops good condition.
Very warm and no rain, except scattered, light
Vegetation suffering account rapid soil drying.
Progress of
early planted corn fairly good; mostly cultivated; much replanting. Prog¬
ress of cotton poor; condition
fairly good; chopping continues. Condition
and progress of wheat fairly good.
Tobacco plants undersized and setting
irregular. Vegetables, grass, clover, and pastures fair.
area had
moderate to heavy rainfall; some stations in northwestern
Texas and eastern New Mexico reported weekly falls of 4 to 7 inches.
The northern Great Plains, including Montana, had light to moderate
last fall.
suffering from dryness.
Tennessee—Nashville:
showers.
ern
since
3527
weedy and considerable damage on flooded lowlands; condition mostly
good and early planted knee-high.
Minor crops very good progress and
4 ork,
Friday Night, May 30, 1941
Only moderate activity was witnessed in the markets for
dry goods during the past week.
Buyers in many instances
confined their operations to "fill-in" business on current
lines and to checking offerings against their "open-to-bu;y"
positions in an effort to estimate how nearly they could come
to keeping their stocks well assorted without running into
difficulty on prices.
Traders considered it a foregone con¬
clusion that under the emergency powers established by
proclamation the Administration will have the right to force
any mills to accept orders for cloths they are equipped to
manufacture at prices deemed fair by the War Department.
It was also taken for granted that the proclamation estab¬
lishes a legal basis for price fixing.
Consequently, there was
more or less unsettlement concerning future values.
It was
generally admitted that prices from now on would respond
more to political
developments than to the law of supply
and demand and that the markets were entering a phase
where they will be characterize^ by increased restrictions on
manufacturing and merchandising in order to coordinate the
industry in line with defense requirements.
Meanwhile,
there was considerable talk of a possible slowing down of
mill operations in various sections of the country as a result
of the drought which has affected mills which depend upon
rivers for their power.
The lack of water was also expected
to hamper operations in finishing mills in New England as
well
as
in the South.
Trading in the wholesale markets was scattered during
the week.
There were fewer buyers in the markets and their
operations for the most part were confined to "fill-in" busi¬
The general undertone of prices, however, continued
firm.
Buyers inquired for certain print cloths, sheetings and
osnaburgs and appeared to be willing to pay premiums for
spot and nearby deliveries, but trading as a rule was narrow.
Sales of gray goods were of a routine character.
According
to reports from mills, shipments were being speeded up to
customers, and it was claimed that this was partly respon¬
sible for the slowing down of demand as a number of buyers
were no longer in a position where they were in urgent need
of supplies.
Ducks were in demand and there were reports
that the Navy was seeking bids on approximately 2,300,000
yards of unnumbered and ounce ducks. It was also reported
that the bids for this business would be opened by the Bureau
of Supplies and Accounts in Washington, D. C. on June 6.
It was further stated that mills submitting bids will be asked
to furnish information as to the best deliveries they can make.
Drills and twills were in fair request with a few sales booked.
Trading in rayons continued spotty with prices displaying
a strengthening trend owing to the scarcity of supplies.
Prices
for print cloths were as follows: 39-inch 80s, 10I^c.-I0Kc.;
39-inch 72~76s, 10c.; 39-inch 68-72s, 9c.-9%c.; 38^-inch
64-60, 8c .-8 34c., and 3834-inch 60~48s, 7c.
ness.
Woolen Goods—Due to the fact
more
that sellers
were
awaiting
information from Washington as to what the industry
contribute to the national emergency
during the remainder of the year, they were reluctant about
accepting additional business for civilian account.
In fact,
both buyers and sellers took time out to weigh the possible
effects of President Roosevelt's address, and it was gener¬
will be called upon to
orders will take
precedence over ordinary civilian requirements. It was also
agreed that in all probability there would be a sharp reduc¬
tion in the amount of goods to be made for commercial usage.
ally agreed that from now on Government
In the men's wear
a few buyers in the
gabardines and tropical
impossible to locate, while other buyers
division there were
market in search of items such as
worsteds which
were
wought to place additional commitments for Fall and found
mills reluctant to do business.
Owing to their sold-up con¬
dition, a number of mills have withdrawn from the market,
and some plants which have room for extra orders for
delivery during the last quarter/are reserving equipment
for defense contracts.
On the other hand, demand for
women's wear continued to increase with unfilled orders
estimated to be around 20,000,000 yards or double what
they were a year ago. Blankets were active,
mills continued to operate at capacity.
Foreign
Dry
and underwear
Goods—More activity developed in the
the week. Demand improved with
markets for linens during
price trend upward.
Not only were prices decidedly
but concessions were not obtainable.
The growing
difficulty in securing goods owing to the bombing damage
abroad has been responsible for the strength.
Trading in
the
firm,
burlaps improved with further price gains
tening shipping situation.
Domestically,
quoted at 9.30c., and heavies at 12.40c.
owing to the tigh¬
lightweights were
The Commercial & Financial Chronicle
3528
State and
May 31, 1941
City Department
municipal finance authorities forecast better tax collections, restricted
capital outlays, increased costs of materials and wages, higher interest rates
on municipal bonds, and serious budgetary difficulties for boom towns.
Many of these predictions have already materialized, the report said,
while on the revenue side, the cities have "little hope" of adding to their
income.
Cities with defense industries, in fact, are wondering whether
they can tax defense industries or housing developments at all when they
are owned by governmental agencies.
Some cities, called upon to furnish
utility services for plants just outside their boundaries, are considering
double or triple charge of the usual utility rates.
Most of the boom cities, it was pointed out, have fixed debt limits which
do not permit sufficient borrowing to pay for more than a small part of
required new water, street, sewage, school and othe facilities; other cities
are subject to tax limitation; and some of them remember their financial
News Items
Louisiana—Delivery of State Bonds Awaits Court Action—
Unless the procedure is
stepped
up, a
taxpayer's suit attack¬
ing validity of an issue of $6,145,000 by the State of Louisiana
apparently will not reach the Louisiana Supreme Court until
after its summer vacation to begin June 1 is concluded.
Delivery hence would be delayed for that period of time.
witness May 19
Womack's court to testify as to circumstances
Liquidation of State Debt ordered sale of the issue
to refinance floating debt, pay Confederate pensions and reimburse the
State Highway Department for a loan made to the Department of Edu¬
Governor Sam H. Jones waived immunity to appear as a
in
District
Judge J.
D.
under which the Board of
cation.
Morrison, defeated candidate for Governor and counsel of the
complaining taxpayer, asserted that the Board was stripped of authority
when the reorganization Act was made effective. As alternative should the
court sustain the Board's right to act for the State, he contended that the
presence of G. T. Owen, executive counsel to Governor Jones, would in¬
James H.
validate its action.
In reply to questions as to necessity of the issue, Governor Jones said
study of the State's fiscal position had been made by Treasurer A. P.
Tugwell, Finance Director Martin Close and others, and their report was
a
basis
of the decision to sell
bonds.
His statement also
was
answer
to a
question whether a $3,000,000 increase in revenue could be used to reduce
State debt.
•
Mr. Morrison will have 10 days in which to file brief and the State's
answer will be filed in 24 hours thereafter.
Judge Womack indicated that
the trial court will take "due time" to consider the case.
Massachusetts—31st
Edition
of Municipal
Statistics
Issued-—-Tyler & Co., Inc., of Boston, are distributing the
31st edition of their booklet giving up-to-date financial
statistics of the Commonwealth
of Massachusetts, its
counties, cities, towns and districts.
New Jersey—Governor
Considers New Methods For Sinking
Transactions—Important changes in the procedure
governing the purchase and sale of securities for the State
Sinking Fund are in prospect, according to a dispatch from
Trenton to the Newark "Evening News" of May 23.
The
changes are said to have been considered at a meeting of
the Sinking Fund Commission Tuesday at which Governor
Edison insisted that only members of 'a bond syndicate in¬
terest in a $2,000,000 sale to the State should be entitled to
compensation.
\
Fund
The transaction grew out of plans to refund
the obligations of the Town¬
ship of North Bergen. The township arranged with a syndicate headed by
B. J. Van Ingen & Co. to sell $14,988,000 of 3^ bonds.
Part of the arrangement was that the sinking fund exchange $1,200,000
of the township's bonds for a similar amount or the new issue and that the
fund acquire $800,000 additional. Governor Edison approved this proposal
on the condition that the State get the earlier maturities and at such prices
that the average yield to the State would be about 3 M %.
In reaching the conclusion to approve the purchase by the State, Governor
Edison is reported to have been impressed mainly by pleas of Paul F. Cullum,
Mayor of North Bergen.
are estimated to run between $9,000
the maturities selected by the Commission.
an average return of 3 H % on what the State
was to get would materially reduce the syndicate profit.
The Governor'8 insistence also eliminated, as far as the State is con¬
cerned, a Llewellyn Park neighbor, Chichester C. Kerr, who was put
forward as an agent for the sale of $1,000,000 of bonds.
The main trans¬
action was arranged by 30 bond dealers with important connections in New
Jersey, New York and Philadelphia.
Mr. Kerr was not a member of the
syndicate.
Mr. Kerr's apparent authority was a letter from B. J. Van Ingen making
Mr. Kerr an agent. Several members of the syndicate were opposed to any
payments to non-members and insisted that commissions on sales to the
State should be divided only among the syndicate in proportion to their
contribution to the financing.
When some of the syndicate heard of the possibility of Mr. Kerr being
considered by the Commission as agent for the group they had the Gover¬
nor's attention directed to their objection.
These dealers were elated when
they heard that the State officers had decided to consider only the syndicate
as the selling agency.
Municipal bond specialists of many years' experience hope other im¬
portant changes will result from the interest that Governor Edison has
shown in such proceedings.
For decades there have been rumors that only
firms that were on good terms with certain State officials could handle pur¬
chases or sale for the sinking fund.
Dealers have heard that Governor Edison favors wider publicity for fund
transactions, especially sales by the State. Governor Edison and Controller
Murray are said to be inclined to give every reputable dealer an opportunity
to buy.
The two, with Treasurer Albright, compose the Commission.
Commissions
on
the sale to the State
and
$20,000, depending on
The Governor's insistence on
United
States—Defense Activity Brings Cities
Some
Problems—While most of the cities "ordinarily"
affected by the national defense program are meeting the
new
governmental problems in their stride, many diffi¬
culties are still unsolved, according to the report of the
American Municipal Association.
Puzzling
How to finance
increasing costs of normal services and take
care
of
new
ones brought on by defense, how to police strikes effectively, how to keep
lower-salaried employees from leaving their jobs for private industry, how
to widen welfare functions: these typical problems were still without com¬
plete answer in May, 1941.
In viewing the finance problem, cities know from the record that during
America's participation in the last World War their expenditures increased
about 10%, as against a 30% increase for State Governments, and a 25-foldrise for the Federal Government, the report said.
For the current period,
plight after heavy borrowing during the first World War.
Although little specific data are available on the increase in costs of
municipal supplies, New York City's purchasing agent reported an advance
in price of such items as manila rope, drugs, dressings and chemicals.
Personnel expenditures are going up, as public employee groups seek higher
wages in anticipation of higher living costs, while wages offered by private
industry provide competition to local government pay.
The handling of strikes—occurring in part as a result of the defense
"boom"—is a problem in several cities, and there is little good experience
for police administrators to draw on, the report said.
The National Guard,
called into Federal military service, is no longer available for acute situa¬
tions, leaving the entire responsibility to local police forces.
The need is arising for community welfare services to aid draftees and their
families on personal problems, help widen recreation programs in towns
visited by service men, and perform similar functions.
To get the defense job done properly, the report concluded, representa¬
tive American city officials feel that the three levels of government must
assume their respective responsibilities more effectively, and that a welldefined pattern for action must be set up.
In order to avoid excessive
overlapping and unnecessary confusion as to programs, the results of all
planning of defense measures, and especially recommendations for local
action, should be channeled through one designated Federal agency down
to the State and local governments, the report said.
U*
S.
Supreme Court Upholds Regulation of State
United States Supreme Court ruled on
Primaries—The
May 26 that State primaries and nominating conventions
are subject to Federal regulations the same as general elec¬
tions.
There was no disagreement over the Constitutional
right of Congress to legislate against corruption in primaries,
but the Court divided, 4 to 3, on the question of whether
Congress actually had done so in a broad 1870 statue making
it a crime to deprive a citizen of his Constitutional rights.
A
special dispatch from Washington to the New York
reported in part as follows on the Court's
findings:
"Times" of May 27
Complete Congressional power to regulate primary elections for the
Federal offices was upheld by the Supreme
today in a 4 to 3 decision overturning a principle laid down twenty
years ago by former Justice McReynolds when the court refused to sustain
the conviction of Truman H. Newberry for irregularities in his Senatorial
campaign.
The majority opinion, written by Justice Stone, was viewed here as
having great potential significance in coming primary elections.
Justice Douglas submitted a dissent, shared by Justices Black and
Murphy, in which the trio conceded Congressional right to deal rfrith
primaries, but declared that Congress "through the years" had refused
to intrude in this field.
f"This court is legislating," Justice Douglas said of the majority opinion.
Chief Justice Hughes did not participate today, as he was counsel for
Senator Newberry and argued in his behalf before the Supreme Court
nomination of candidates for
Court
in 1921.
on election procedure viewed the Stone decision as one of
regarding primaries. They even saw under
possibility of abolishing the poll tax in Southern States, perhaps
eventually finding a road to the direct mandatory primary for the selection
of the candidates for President and Vice-President and also a diminution
Authorities
the most vital ever laid down
it
the
of the often criticized convention system.
The decision reversed the action of a Federal judge in
Louisiana who
dismissed indictments against five New Orleans election officials accused
of ballot alteration and fraudulent vote counting.
The defendants main¬
tained that a primary is not an "election" within the meaning of the Con¬
stitution, but is merely a "method by which party adherents agree upon
candidates," but Mr. Stone brushed aside their argument.
"The words of Sections 2 and 4 of Article I (of the Constitution), read
plainly permissible and in the light of the Constitu¬
purpose," Mr. Stone stated, "require us to hold that a primary
a necessary step in the choice of candidates for elec¬
tion of representatives in Congress, and which in the circumstances of this
case, controls that choice, is an election within the meaning of the Con¬
stitutional provision and is subject to Congressional regulation as to the
manner of holding it."
in the sense which is
tional
election which involves
Bond
Proposals and Negotiations
Alabama
Municipals
Steiner, Rouse & Co.
Members New York Stock Exchange
NEW YORK
BIRMINGHAM, ALA.
Direct Wire
ALABAMA
HOME WOOD,
Ala.—BOND
INVITED—The First Na¬
TENDERS
Bank of Birmingham, as sinking fund agent and depositary for
Homewood, states that the city has directed it to notify holders of the
general refunding 3%-5% first series bonds, and improvement refunding
3%-5% second series bonds, all dated Jan. 1, 1938, and maturing Jan. 1,
1968, that the city will receive sealed tenders of the bonds at the above bank
until June 25, at noon (CST), and will at such time purchase sufficient
tional
bonds of each series to exhaust a
series.
sinking fund deposit of $15,000 for each
.
MARION, Ala.—BONDS OFFERED TO PUBLIC—A $171,000 issue of
ZH% semi-ann. gen. obligation secured ref. bonds is being offered by
Marx & Co. of Birmingham, for general investment.
Denom. $1,000.
Dated May 1, 1941.
Due May 1, as follows:
$1,000 in 1942 to 1944,
$2,000 in 1945 to 1950, $3,000 in 1951 to 1961, and $4,000 in 1962 to 1967.
Prin. and int. payable at the First National Bank, Mobile.
The last
$26,000 bonds maturing in addition to being general obligations of the city,
will also, according to counsel, have the privlege of forcing the levy of an
additional 5-mills tax for their sole benefit against the full value of all prop¬
erty located within the corporate imits of the city.
Legality approved
by Bradley, Baldwin, All & White of Birmingham.
The Commercial &
152
Volume
1961, incl.
The bankers reoffered the bonds at prices to
yield from 0.20% to 1.20%, according to maturity.
Other bids:
from
ARKANSAS
ROGERS, Ark.—BOND SALE DETAILS—The City Clerk states
that
the $18,000 sewer bonds sold to the American National Bank of Rogers, at
par—V. 152, p. 3376—were purchased as 3s, payable (M-S).
Dated March
1, 1941.
Due on March 1 as follows: $500 in 1942 to 1945, $1,000 in 1946
to
1955, and $1,500 in 1956 to 1959.
,
,
<
1
CALIFORNIA, State of—CONTROLLER REPORTS ON FINANCES—
The State's cash receipts aggregated $176,615,271.66, during the period
July 1, 1940 to April 30, 1941.
This, added to a cash balance of $10,952,234.46 from the previous fiscal year, gave the State $187,567,506.12, less
cash disbursements of $146,200,329.66, leaving the State with a cash balance
of $41,367,176.46 as of April 30, 1941, according to State Controller Harry
B. Riley's compilation of general fund statistics.
Registered warrants issued in the period July 1, 1940 to April 30, 1941
totaled $72,652,286.25, plus $90,417,612.55 outstanding at the close of the
previous fiscal year.
During this period $65,363,061.14 were called for
payment, leaving the State with $97,706,837,66 outstanding on April 30.
CALIFORNIA,
199.82
a
State
Bankers Trust Co. of New York and Harriman Rip-
ley & Co., Inc
Halsey, Stuart & Co., Inc., and W.
...
*
100.096
134%
Francis I. du Pont
'
1H%
and Butcher & Sherrerd
100.09
l%%
100.902
l%%
a-
Smith, Barney & Co. and Laird, BIssell & Meed
Phelps, Fenn & Co., Inc., Eastman, Dillon & Co.
Lehman Brothers,
Brown & Sons..
100.109
1H%
-
H. Newbold's
Son & Co
100.647
!
100.569
Co. and Alex.
Charles Clark &
1H%
»
SUSSEX
COUNTY
(P.
O. Georgetown),
Del.—PLANS BOND
ISSUE—County plans to issue $25,000 land purpose bonds to be used for
defense purposes.
Bill authorizing the bond issue was signed by Governor
Walter W. Bacon on May 12.
of—WARRANTS SOLD—An issue of $2,398-
general fund registered warrants was offered for sale on May 26
awarded to R. H. Moulton & Co. of Los Angeles, at 0.50%, plus
FLORIDA MUNICIPAL BONDS
_
Our
Dated May 29, 1941.
Due on or about Feb. 25,
Legality approved by Orrick, Dahlquisi, Neff & Herrington of
premium of $1,717.
long experience in handling
Florida issues gives us
background of familiarity with these
hensive
will be glad to answer any inquiry
San Francisco.
LINDSAY-STRATHMORE IRRIGATION DISTRICT (P. O.
Rate Bid
100.1602
Int. Rate
134%
Bidder—
Lazard Freres & Co. and Dick & Merle-Smith
was
1942.
1942 to
Harris Trust & Savings Bank and
&Co_
CALIFORNIA
and
3529
Financial Chronicle
a compre¬
municipal bonds.
We
regarding them at no obllgatlo
n
(Lind¬
Calif.—BOND FUNDS DEPOSITED—The U. S. District Court,
District of California, Northern Division, is said to have an¬
that funds are on deposit with the Security-First National
Bank, Los Angeles, acting as disbursing agent for the court, for the pay¬
ment of 59.978 cents on the dollar on bonds of the above district, pursuant
to the plan of debt composition confirmed by the court.
Bonds are to be
presented for payment within 30 days after May 13, 1941.^HjJj0iii3|.« «* *
say),
Southern
R E Crummer & Company
nounced recently
w
Calif.—BOND OFFERING—It is stated by
receive sealed bids until
the purchase of a $95,000
issue of fire department improvement of 1941 bonds.
Interest rate is not
to exceed 6%, payable J-D.
Dated June 1, 1941.
Denom. $1,000.
Due
$5,000 June 1, 1942 to 1960.
Payable in lawful money at the City Treas¬
urer's office.
Issue pursuant to an Act of the Legislature entitled "An Act
Authorizing the Incurring of Indebtneness, by Cities, Towns and Municipal
Corporations for Municipal Improvements, and Regulating the Acquisition,
Construction or Completion thereof," which became a law Feb. 25, 1901,
and acts amendatory thereof and supplementary thereto.
The bonds are
a direct liability of the whole city, and were authorized at an election held
on April 8, 1941, by a vote of 1,509 to 571.
All bids will be construed to
include accrued interest on the bonds to date of delivery thereof.
The ap¬
proving opinion of O'Melveny & Myers of Los Angeles, as to the legality of
the bonds will be furnished to the successful bidder by the city.
Enclose
a certified check for 3%
of the par value of the bonds bid for, payable to
SAN
1ST. NAT. BANKBLDG.
BUENAVENTURA,
Grace Woodruff, City Controller, that she will
June 9, at 5 p. m. (to be opened at 7:30 p. m.) for
the City Controller.
* SOUTH GATE
ACQUISITION AND IMPROVEMENT DISTRICT
South Gate), Calif.—BOND CALL—Louise Workman, City
Treasurer, is calling for payment at par and accrued interest on July 2,
refunding bonds numbered from 148 to 191, and 197 to 202.
The sum of
$51,500 has been made available by the City Treasurer to pav principal and
interest on said bonds to the next interest payment date, July 2.
NO. 4 (P. O.
COLORADO
O. Alamosa!,
Colo.—BONDS SOLD—An $11,000 issue of 2 34 % funding bonds has been
ALAMOSA COUNTY SCHOOL DISTRICT No.
3 (P.
purchased by Oswald F. Benwell of Denver.
Denom. $1,000.
Dated
May 1, 1941. Due $5,000 on Nov. 1 in 1942 and 1943, and $1,000 in 1944;
optional on and after Nov. 1, 1941.
Prin. and int.
the final $1,000 being
(M-N) payable at the office of the County Treasurer in Alamosa.
be approved by Myles P. Tallmadge of Denver.
Legality
to
COLORADO STATE COLLEGE OF EDUCATION (P. O.
Greeley),
DETAILS—In connection with the offering
scheduled for 10 a. m. on May 29, of the $100,000 not to exceed 3% semiann. refunding, series A bonds, it is stated that these bonds, noted in our
issue of May 24—V. 152, p. 3376—are more fully described as follows:
Dated July 1, 1941.
Denom. $1,000.
Due July 1, as follows: $6,000 in
1942 to 1945, $7,000 in 1946 to 1950, $8,000 in 1951 to 1954, and $9,000 in
1955.
Redeemable in inverse numerical order at any time on 30 day's
published notice, until July 1, 1943, at 103 plus accrued interest and there¬
after at 102 plus accrued interest.
Prin. and int. payable at the Controller's
Colo.—BOND
OFFERING
office.
to
CORTEZ, Colo.-—BONDS AUTHORIZED—The Town Council is said
have passed an ordinance calling for the issuance of $17,000 not to
bonds.
exceed 4% water extension
MONTROSE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Montrose),
Colo.—BONDS VOTED—At the election held on May 5 the voters are said
approved the issuance of the $14,000 school bonds that were sold
subject to the outcome of the election, as noted previously—V. 152, p. 2738.
to have
WRAY,
Colo.—BONDS
SOLD—It is reported that $45,000 2 34%
bonds have been purchased by Bosworth,
electric light revenue refunding
Chanute, Loughridge & Co. of Denver.
Dated July 1, 1941.
Due on
Jan. 1 as follows: $6,000 in 1942 to 1945, and $7,000 in 1946 to 1948; callable
at
CHICAGO. ILLINOIS
10234 in inverse ratio on and after July 1, 1944.
BRIDGEPORT, Conn.-NOTE OFFERING—Perry W. Rodman, City
City Treasurer, is required.
The notes will be prepared under the
supervision of the Bridgeport-City Trust Co. of Bridgeport and they will
certify as to the genuineness of the signatures of the officials and the seal
impressed on the notes.
The purchaser will be furnished with the favorable
opinion of Ropes, Gray, Best, Coolidge & Rugg of Boston.
Notes are
valid and binding general obligations of the city and for the payment of
principal and interest thereof, the city has power to levy ad valorem taxes
without limit as to rate or amount (except as to certain classes of property
such as classified timber lands taxable at a limited rate) upon all the property
within the territorial limits of the city and taxable by it.
If desired, the
the
Sirchaser will arefurnishedclasses of propertyfrom the Tax Assessor certifyg that there be
no such with a certificate within the city on the Grand
debt limitation.
They are exempt from present Federal income taxes and from taxes of the
State of Connecticut.
They are legal investments for savings banks in
rate of interest as
every
FLORIDA, State of—REPORT ON MUNICIPAL FINANCE LEGIS¬
following information is taken from the May issue of
Bonds," published by A. B. Morrison & Co. of Miami:
Florida municipal bond prices have, on the whole, changed only slightly
LATION—The
"Florida Municipal
during the past month.
Volume has been relatively small. New issues
have gone only fairly well, with fairly substantial amounts still unabsorbed.
Because of the new gas tax laws discussed below, road bonds of counties
and road districts have strengthened very decidedly.
Following Governor Holland's recommendations, the Legislature has
passed several Acts which change radically the entire set-up regarding the
gasoline tax.
In view of their importance to the holders of Florida bonds,
we are discussing this legislation briefly.
We will be very glad to furnish
detailed information on request.
Of the five bills pertaining to the gas tax, the most important calls for a
constitutional amendment to be voted on in November, 1942, and, if car¬
ried, to take effect on Jan. 1, 1943. for a period of 50 years thereafter.
Briefly, this amendment continues the gas tax in the same relative propor¬
tions as at present, but reduces the amount allocated to counties for debt
service from 3 cents to 2 cents.
Under the amendment, the State Board
of Administration has been granted additional powers.
It will have au¬
„
thority to issue refunding
bonds for outstanding bonds or interest
^
thereon
by a pledge of anticipated receipts from the gas tax
particular county.
It is also given authority to issue,
sell or exchange, on behalf of any county or road district for the sole pur¬
pose of retiring its road bonds, gas tax anticipation certificates bearing not
over 3% interest.
The most radical provision is that the Board may use
the sinking funds of any county or district to purchase matured or maturing
bonds of any county or district participating in the gas tax, providing the
price does not exceed par.
Any investment so made shall bear 3 % interest.
The object of this amendment is to pledge definitely the gas tax for road
bonds.
It is figured that in the 50-year period mentioned, there will be
enough money from the gas tax to take care of all outstanding road obliga¬
tions, principal and interest.
Where the gas tax is not sufficient to meet
maturing principal and interest in any particular county, the Board will
buy in such maturing bonds, using the surplus funds in any other county.
In other words, in effect, all the money is dumped in a common pot and the
road bonds all serviced from that.
Probably no ad valorem tax will be
levied for road bonds excepting, perhaps, in a few counties.
The other Acts mentioned above provide for one thing continuing the
and to secure these
allocated to the
tax to those
counties where it has now expired.
To bridge the period
Jan. 1, 1943, when the amendment, if carried, will go
another Act allocates the gas tax at the rate of 2 cents instead
of 3 cents, but specifies the amounts shall not be less than the 1938 alloca¬
tion.
This is approximately 15% less than the 1940 allocation.
A final
Act continues the allocation at the present 3 cents if the amendment fails
into effect
,
to carry.
"
HAINES CITY,
Paul D. Joyce,
p. m.,
Fla.—BOND TENDERS INVITED—It Is
City Clerk, that he will receive
of refunding bonds,
HILLSBOROUGH
stated by
tenders until July 2, at 8
issue of 1938, under the plan of debt composition.
SPECIAL ROAD AND BRIDGE
COUNTY
DISTRICTS (P. O. Tampa), Fla.—BOND CALL—It is stated by Charles
H
Pent, Clerk of the County Board of Commissioners, that refunding
bonds of the following districts are called for payment on July 1, at par
and accrued interest evidenced by coupons due on July 1,1941, on presenta¬
tion with all subsequent unmatured coupons attached, at Manufacturers
Trust Co., x^ew York City
:
Northeast Tampa Special Road and Bridge District, bonds Nos. 1 to 970.
Special Road and Bridge District No. 5, bonds Nos. 1 to 1275.
North Tampa Special Road and Bridge District, bonds Nos. X to 373.
Dated July 1, 1938.
Due July 1, 1968.
LEE
COUNTY (P. O. Fort Meyers), Fla.—BOND OFFERING—Sealed
received until 2 p. m. on June 4, by II. M. Stringfellow, Chair¬
bids will be
that State.
BRITAIN, Conn.—BOND OFFERING—W. H. Judd, President
Taxation, will receive sealed bids at the Mayor's
(DST) on June 3 for the purchase of $100,000 134 %
coupon sewer funds bonds, 17tb series, first issue.
Dated May 1. 1941.
Denom. $1,000.
Due May 1 as follows: $6,000 from 1943 to 1947, incl.
and $5,000 from 1948 to 1961, incl.
Principal and interest (M-N) payable
at the First National Bank of Boston, or at the New Britain National Bank,
New Britain, at holder's option.
The bonds are general obligations of the
city, and all taxable property therein will be subject to levy of unlimited ad
valorem taxes to pay both principal and interest.
They will be engraved
under the supervision of and authenticated as to genuineness by the First
National Bank of Boston; their legality will be approved by Storey, Thorndike. Palmer & Dodge, of Boston, whose opinion will be furnished the
purchaser.
NEW
of the Board of Finance and
office until 11:30 a. m.
DELAWARE
NEW CASTLE
COUNTY (P. O. Wilmington), Del.—BOND SALE—
The $500,000 coupon county airport bonds offered May 27—V. 152, p. 3055
—were
awarded to the First Boston Corp., New York, and Schmidt,
Poole & Co.,
will be dated July 1, 1940, and will have the
the A bonds as well as take the same standing in
respect.
Both issues of bonds carry the interest rate of 2% for the
five-year period, July 1, 1940, to July 1, 1945.
The interest for the next
five-year period will be 2 H
,
Completion of the Supreme Court proceedings, which will likely take
place about Juno 1, will complete the refunding program of the City of
Delray Beach undertaken over two years ago with Thomas M. Cook &
Co., of West Palm Beach, as refunding agents.
The bonded debt of the City of Delray Beach will be about $1,350,000
with interest payments amounting to 2 % yearly or $27,000 for the coming
five years.
Previous to the present refunding program, the debt had been
in default since 1928.
The new issue of bonds
same
from July 1, 1941 to
Comptroller, will receive sealed bids until noon (DST) on June 3 for the
purchase of $650,000 not to exceed 1% interest short-term notes.
Dated
June 16, 1941.
Bidders to name denom. desired.
Due June 15, 1942.
Principal and interest payable in lawful money at the City Treasurer's
office.
A certified check for 2% of the notes bid for, payable to order of
Notes are exempt from the statutory 5%
to recent press reports.
gas
CONNECTICUT
List of 1940.
FLORIDA
BEACH,
Fla.—
A final decree
BONDS
validating $352,350 bonds, series B, to refund delinquent interest on bond
issues of the above city, which had been unpaid and had accrued up to
July 1, 1938, was signed by Circuit Judge C. E. Chillingworth, according
DELRAY
Philadelphia, jointly, as 1 34s, at a price of 101.0465, a basis
Dated June 1, 1941 and due $25,000 annually on June 1
of about 1.14%.
Commissioners, for the purchase of a $380,000
bridge refunding bonds.
Interest payable
July 1, 1940.
Due July 1, as follows:
$19 000 in 1942, $55,000 in 1943 to 1945, $60,000 in 1946 to 1948, $6,000 in
1949 and $10,000 in 1952.
Issued in accordancejwith the laws of the State,
having been validated and confirmed by decree of the Circuit Court of the
county.
The Board of County Commissioners reserves the right to reserve
from such sale the earliest maturing of said bonds to the extent of 75 bonds;
such sale to be made to the bidder making the most advantageous bid.
All bids must provide for the accrued interest on the bonds and the Board
reserves the right to sell the whole or any part of the bonds and reject any
and all bids and conduct an oral auction thereof for any and all comers
after the opening of sealed bids and to otherwise sell the bonds as is pro¬
vided by law.
Each bidder is required to furnish a bidder's bond to the
approval of the Board, or at the!potion of any bidder a certified check
payable to the Board without any condition or qualifications endorsed
thereon, in a sum of not less than 2% of the amount of the bid as evidencing
stood faith and as a guarantee that the bid will be complied with.
Certified
checks if such be used, of the successful bidder, will be applied to the credit
of the purchaser; or in case of failure to comply with bid, such check or bond
and the amount thereof shall be forfeited to the county as liquidated
damages by it sustained by failure to comply with such bid.
Each.bid shall
man
issue
J-J
of the Board of County
of 4% coupon road and
Denom. $1,000.
Dated
The Commercial & Financial Chronicle
3530
state the amount of the bonds bid therefor and the
respective numbers of
such bonds, when the bid will be complied with and where
delivery of the
bonds shall be made.
Bonds are numbered from 100 to 763
(all numbers
both inclusive).
MONROE
COUNTY
rP.
O.
Key West), Fla.—BOND AWARD
DEFERRED—It is stated by Ross C. Sawyer, Clerk of the Circuit Court,
that the only bid received for the $40,000 airport bonds offered on
May 22
—V. 152, p. 2587—has been taken under
consideration, the decision to be
made
on
June 5.
PUNTA
GORDA,
is stated
Fla.—CERTIFICATES OF DEPOSIT ASKED—It
by John Hagan Sr., City Clerk, that he will receive sealed offerings
of certificates of deposit that have bee» issued
by the First National Bank
of Chicago, pursuant to the
plan of composition for the above city, until
11 a. m. on June 16.
May 31,
1941
CHICAGO, 111.—$200,000 BONDS CALLED FOR REDEMPTION—
City Comptroller R. B. Upham announces that various numbered 3%
refunding of 1937 bonds, selected by lot, aggregating $200,000, are called
for payment on July 1 at par and interest.
Dated Jan. 1,1937.
Principal
and interest payable at the City Treasurer's office or at the Guaranty Trust
Co.. New York City.
CHICAGO SANITARY DISTRICT,
III.—BOND OFFERING—James
J. Sullivan, District Secretary, will receive sealed bids until 11 A.M. (DST)
on June 5 for the purchase of $4,000,000 not to exceed
314% interest series
2 sewage treatment
construction bonds.
Dated June 1, 1941.
Denom.
$1.000. Due July 1, 1960. Optional as follows: $210,000 on Jan. 1 in years
1943 to 1960 incl. and $220,000 July 1, 1960. Bidder to name a single rate
of interest, expressed in a multiple of
% of 1 %. Principal and interest (J-J)
payable at the District Treasurer's office. The bonds may be registered as
principal.
The bonds are payable from ad valorem taxes to be levied
all of the taxable property within the boundaries of the district without
to
WINTER GARDEN, Fla.—BONDS PURCHASED—In connection with
the call for tenders of general
refunding bonds, it is stated by E. M. Tanner,
City Clerk, that the city purchased six bonds, at 90 plus interest.
GEORGIA
GEORGIA,
State
of—LOCAL
BOND
SALE
CONTRACTS—It
le
reported that Brooke, Tindall & Co. of Atlanta, have contracted to purchas ■
the following bonds, subject to approval by the voters at the
genera
election
June 3:
on
?"•'
$30,000 Catoosa County 3% semi-ann. funding bonds.
150,000 Cobb County 2H% semi-ann. funding bonds.
27,500 Evans County 4% semi-ann. funding bonds.
65,000 Jeff Davis County 3M% semi-ann. funding bonds.
85,000 Oglethorpe County 4% semi-ann. funding bonds.
600,000 Walker County 3% semi-ann. funding bonds.
$12,500
5,000
19,000
12,000
Adrian Consolidated School District 5% semi-ann. refunding bonds.
Claxton 5% semi-annual refunding bonds.
Excelsior Consolidated School District 5% semi-ann. refund, bonds.
Sanday Cross Consolidated
School
District
6%
"
refunding bonds.
20,000 Stone Mountain 4% semi-annual refunding bonds.
23,000 Wrightsville
Consolidated
School
District
4M%
semi-annual
semi-annual
County), Hawaii—BOND OFFERING—It
is
$10,000
1946
1970.
to
Bids
will also
be
received
at
BOND CALL—Frank O. Birney, District Treasurer, calls for
payment
on
July 1, 1941, the following district bonds:
$2,100,000 4% series B
refunding of 1935, $50,000 2M% series C refunding of 1940, and $214,000
2M% series one construction bonds.
The bonds should be presented for
payment at the First National Bank, Chiago.
CLINTON, III.—BOND OFFERING—Harry L. Bean, City Clerk, will
receive sealed
the
office
of the
Chemical
Bank & Trust Co., New York, up to 2 p. m. on said date.
Prin.
and interest payabe at the office of the Treasurer of the
city and county of
Honolulu, or at the Chemical Bank & Trust Co., New York.
Said bonds and
the interest thereon are payable
solely from the revenues of the Board of
Water Supply of the city and
county of Honolulu derived from the opera¬
tion of the water works plant and
system of said board, which revenues are
Said bonds do not constitute a debt
of the Board of Water Supply or of the
city and county of Honolulu within
the meaning of any limitation of law.
By the resolution authorizing the
issuance of the bonds and in pursuance of the statutes
authorizing the bonds,
the board binds itself to
pay from the gross revenues of the water plant and
system the principal of and interest on the bonds of this issue.
Said bonds
have a prior and paramount lien on the
gross revenues of the water plant
and system over and ahead of all bonds of
any issue payable from said
revenues which may be
subsequently issued, subject only to the
prior charges
against the revenues for the cost of operating and maintaining the plant
and to pay and
discharge notes, bonds or other obligations and interest
thereon for the payment which the revenues are or shall have
been Pledged,
charged or encumbered.
By the resolution the board binds itself to pre¬
scribe and collect reasonable rates, fees or
charges for the services, facili¬
ties and commodities of the water
plant and system and to revise such
rates, fees or charges whenever necessary so that such water
plant and
system shall be and remain self-supporting.
The rates, fees and charges
prescribed are required to be such as will produce revenue at Last sufficient
to pay the expense of operation and maintenance and
the amounts neces¬
sary to pay and discharge notes, bonds or other
obligations and interest
for
the
of which the revenues are or shall have been
encumbered for this issue.
The bonds and income
thereon are exempt from all State, county and
municipal taxation, except
inheritance, transfer and estate taxes. Tn the event that prior to the
delivery
of the bonds the income received
by Private holders from bonds of the same
type and character shall be declared to be taxable under
present Federal
income tax laws, either by a
ruling of the Bureau of Internal Revenue or
payment
pledged, charged
or
by
a decision of any Federal court, or shall be taxable
by the terms of any
Federal law, the successful bidder may, at his
election, be relieved of his
obligations under the contract to purchase the bonds, and in such case the
deposit accompanying his bid will be returned.
The bonds will be passed
upon as to their legality by Thompson, Wood & Hoffman of New
York,
and
successful
bidders
will
be
furnished
with
as
an
offer for all
or
part of the bonds for which applica¬
tion is made.
No bid will be accepted for less than the
par value of the
bonds bid for.
The bonds will be delivered as
may be mutually agreed
upon by the purchaser and the Board of Water
Supply.
Pending the de¬
livery of definitive bonds an interim receipt may be issued to tne
purchaser
by the Board of Water Supply.
Enclose a certified check for
par value of the bonds bid
any
2% of the
for, payable to the Treasurer.
EUREKA,
111.—BOND ISSUE DETAILS—The $70,000 3% water
bonds sold earlier in the year to Benjamin Lewis & Co. of Chicago,
p. 293—are dated June 1, 1941, in $1,000
denoms. and mature Jan. 1 as follows:
$2,000, 1943 to 1950 incl.; $3,000
from 1951 to 1964 incl. and $4,000 from 1965 to 1967 incl.
Prin. and int.
revenue
at
a
payable at the American National Bank & Trust Co., Chicago.
approved by Chapman & Cutler, of Chicago.
HEYWORTH
voters on
CALL—It is stated by D.
Summers, Treasurer of the Board of Trustees,
that refunding bonds Nos. 7
to!5, in denominations of $10,000. No. 16.
for $2,000, Nos. 17 and 18, for
$10,000, and No.
19, for $2,000, aggregating
being called for payment on July 1,
at their face value and accrued interest to
that date, at Jerome, or the De¬
partment of Public Investments, Boise.
Dated May 1, 1931.
Due on
JEROME
SCHOOL
AND
on
April 30, 1941.
LINCOLN
DISTRICT,
COUNTIES,
CLASS
A,
NO.
33
JOINT
(P.
O.
INDEPENDENT
Jerome),
Idaho—
BOND SALE—The $100,000 semi-ann.
refunding bonds offered for sale on
May 23—V. 152, p. 3222—were awarded to Boettcher & Co. of
Denver,
and Sudler, Wegener & Co. of Boise,
jointly, paving a price of 100.13. on
the bonds divided as follows:
$47,000 as 1 Ms. due on July 1 on 1942 to
1946, the remaining $53,000 as 1 xs, due in July 1 in 1947
to 1951.
The First Security Trust Co. of Salt Lake
City, and Edward L. Burton
& Co. of Salt Lake
City, bidding jointly, were socond. offering 100.66 for
1 Ms.
Third best, was the State of Utah,
bidding par for 2 Ms.
TWIN
FALLS
N0. 2 (P. O.
COUNTY
INDEPENDENT
SCHOOL
Kimberly), Idaho—BOND ELECTION—The
$35,000 2M % construction bonds will be submited to
scheduled for June 3, it is reported.
a
vote at
DISTRICT
isuance of
an
ILLINOIS
CHICAGO, 111.—WANTS LEGISLATURE TO AUTHORIZE $17,000,BOND ISSUE—City Comptroller R. B.
Upham, at the request of
Mayor Kelly, had bills drawn for presentation to the State Legislature
permitting the issuance without a referendum of $17,000,000 bonds to
pay
unpaid bills and a large number of outstanding judgments.
The proposal
would result in substantial savings to the
city, it was said.
May 10 authorized
Legality
DISTRICT,
an
III.—BONDS
VOTED—The
issue of $6,500 building bonds.
JOLIET, 111.—BONDS AUTHORIZED—City Council recently author¬
ized an issue of $25,000 water system revenue bonds.
LAGRANGE, III.—BONDS UNSOLD—H. H. Mitchell, Village Clerk,
reports that an issue of $50,000 property purchase bonds authorized at
referendum remain unsold.
a
QUINCY, 111.—BOND SALE—The $250,000 judgment funding bonds
offered May 26—V. 152, p. 3222—were awarded to the Illinois National
Bank of Ouincy as 1 Ms, at par plus a premium of
$867.50, equal to 100.347,
basis of about 1.22%.
Dated June 1, 1941 (not May 1, 1941, as origi¬
nally announced), and due Nov. 1 as follows: $10,000 from 1943 to 1949,
incl.: $15,000, 1950 to 1957, incl., and $20,000 from 1958 to 1960, incl.
Principal and interest (M-N) payable at the City Treasurer's office, rather
than at the Comptroller's office.
Second high bid of 100.093 for lMs was
made by the First National Bank of Chicago.
a
ROCK ISLAND, III.—PROPOSED BOND ISSUE—'The Board of Alder¬
a resolution calling for an issue of $120,000 swimming
men recently passed
pool revenue bonds.
UNIVERSITY OF ILLINOIS (P. O.
Chicago), III.—BOND SALE—
The $921,000 building revenue bonds offered May 24—V.
152, p. 3377—
were
net
awarded to
a
group
headed by the Milwaukee Co. of Milwaukee, on a
as follows:
$576,000 2Ms, due $21,000
interest cost basis of 2.09%,
Nov. 1,1941; $30,000 May 1 and Nov. 1,1942; $30,000
May 1 and $35,000
Nov. 1, 1943; $35,000 May 1 and Nov. 1 from 1944 to 1948
incl.; $40,000
May 1 and Nov. 1, 1949; $345,000 2s, due $40,000 May 1 and Nov. 1 from
1950 to 1953 incl. and $25,000 May 1, 1954.
UNIVERSITY OF ILLINOIS, Illinois—Other members of the
ful
group were:
Farwell, Chapman & Co.; Charles K.
Martin, Burns & Corbett, and D. T. Richardson & Co.
100.119.
The bonds
were
re-offered from
WAPELLA, 111.—BONDS VOTED—At
authorized
an
a
Morris
yield of 0.25% to
an
election
on
success¬
«fe
Co.;
Price paid was
a
price of 99.
May 14 the voters
issue of $18,000 road improvement bonds.
INDIANA
BURLINGTON
TOWNSHIP
(P.
O.
Burlington),
Ind .—BOND
OFFERING—Jean Beck, Township Trustee, will receive sealed bids until
a. m.
(CST) on June 10 for the purchase of $9,000 not to exceed 4%
interest coupon community building bonds.
Dated June 1, 1941.
Denom.
10
$900.
Due $900 on Jan. 1 from 1943 to 1952 incl.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1 %.
The bonds are
direct obligations of the civil township, payable out of unlimited ad valorem
taxes to be levied and collected on all taxable
property therein.
Legal
opinion of Matson, Ross, McCord & Ice of Indianapolis, will be furnished
CHICAGO, Ind.—BOND SALE—The $319,000
series B refund¬
to Paine,
bonds offered May 26—V. 152, p. 3377—were awarded
Webber & Co. of Chicago.
Dated June 1, 1941 and due Dec. 1
as follows:
$7,000 in 1947, 1948 and 1949; $10,000. 1950: $25,000 in 1951 and 1952;
$26,000 from 1953 to 1955 incl. and $32,000 from 1956 to 1960 incl.
C. F. Childs & Co. and Paul H. Davis & Co., both of Chicago, also
participated in the purchase of the loan, the bid being par plus a premium
of $1,597.50, equal to 100.50 for 2 Ms, a basis of about
2.21%.
Other bids:
Bidder—
Int. Rate
Prem.
2M%
2 M %
2M%
$985.75
865.75
2,264.90
5,167.80
Harriman Ripley & Co., Inc
City Securities Corp
McNurlen & Huncilman
Provident Savings Bank & Trust Co
JEFFERSON TOWNSHIP
2M%
(P. O. Hagerstown), Ind.—BOND OFFER¬
ING—Albert Bland, Township Trustee, will receive
June 23 for the purchase of $4,500 3% general
Dated July 1, 1941.
Due $450 July 1, 1942; $450
1943 to 1946 incl. and $450 Jan. 1, 1947.
Prin.
sealed bids until 1 p. m.
funding bonds of 1941.
Jan. l and July 1 from
and int. (J-J), payable
without exchange or registration at the Union Trust Co., Hagerstown.
Bidder will be required to pay accrued interest from July 1, 1941 to day of
delivery of bonds should this be necessary.
Bonds will be direct obliga¬
tions of the township.
One copy of transcript of proceedings duly cer¬
on
tified
will
be
delivered
election
BEDFORD PARK PARK DISTRICT
(P. O. Argo), III.—BOND
ELECTION—An election will be held June 26 on the
question of issuing
$15,000 park improvement bonds.
000
SCHOOL
ing
JOINT INDEPENDENT
(P. O. Jerome), Idaho—BOND
April 30, 1951, callable
price of 100.21—V. 152,
EAST
IDAHO
are
June 2 for the purchase of $35,000
the successful bidder at the expense of the township.
JEROME
AND
LINCOLN
COUNTIES,
SCHOOL DISTRICT NO. 33, CLASS A
$114,000, with interest at 4.85%,
on
follows:
the
approving opinion of
said attorneys that the bonds are
legal and valid obligations of the Board of
Water Supply of the city and
county of Honolulu, payable as aforesaid, and
unless the situation referred above
arises, are exempt from taxation. Each
bid should set out clearly the total
par value of the bonds desired and the
amount, together with accrued interest to date of
delivery, the bidder
offers to pay therefor. Unless otherswie stated in the
bid, each bid will be
understood
as
Due May 15 as follows: $1,000 in 1943; $2,000 in
1944 and $1,000 in 1945 and 1946.
20,000 land purchase and improvement bonds. Due $5,000 yearly on
May
15 from 1952 to 1955 incl.
10,000 library bonds. Due $2,000 yearly on May 15 from 1947 to 1951 incl.
pledged to the payment of the bonds.
thereon
bids until 7:30 P.M.
3% bonds, divided
All of the bonds will be dated May 15, 1941.
All of the bonds were
an election on May 20 and
an ordinance adopted by the
City Council on March 31 last provides for a direct annual tax for the
payment of principal and interest.
HAWAII
20,
be exercised by July 1 to buy $100,000 of the bonds
consisting of 100 bonds
—optional July 1, 1945, at the same average price as paid by the purchaser
for the bonds. The bonds will be delivered at the City as soon after
July 1
as is practicable and the purchaser must be
prepared to pay for the bonds
in Federal Reserve Funds payable in Chicago on the date of
delivery of the
bonds and each proposal must be so conditioned.
The printed bonds and
approving opinion of Chapman & Cutler, of Chicago, will be furnished to
the purchaser. Enclose a certified check for $80,000, payable to the
District.
authorized at
stated by D. L. Conkling, Treasurer of the
city and county, that he will
receive sealed bids until 8:30 a. m. on June
19, for the purchase of a $250,000
issue of 2M% Board of Water
Supply revenue coupon bonds.
Interest
payaHe J-D.
Dated June 20, 1941.
Denom. $1,000.
Due
June
limitation as to rate or amount. The purchaser must give to the Retirement
Board of The District Employees Annuity and Benefit Fund an option to
$5,000 fire truck bonds.
refunding bonds.
44,500 Cochran 3M% semi-annual refunding bonds.
31,000 Dade County 4% semi-annual refunding bonds.
14,500 Hazlehurst 5% semi-annual refunding bonds.
HONOLULU (City and
upon
FORT
WAYNE,
to
tlie^purchaser without cost. No^eposit is
Ind.—BONDS
OFFERED FOR PUBLIC INVEST¬
MENT—'The Weil, Roth & Irving Co. of Cincinnati is offering for public
investment $489,000 2M % sewage works revenue refunding bonds.
Dated
Aug. 1, 1941.
Denom. $1,000.
Due Aug. 1 as follows: $157,000 in 1966;
$163,000 in 1967 and $169,000 in 1968.
Callable on and after Aug. 1,1946,
at par.
Prin. and int. (F-A) payable at the Dime Trust &
Sayings Bank.
Fort Wayne.
These bonds were issued under authority of Section 48-4301
of the State Statutes, as amended, and are in the opinion of counsel, valid
legally binding obligations of the city, payable solely from revenues derived
from the operation of the sewerage system.
Legality approved by Matson,
Ross, McCord & Ice of Indianapolis.
The bonds were sold to an account which included, in addition to Weil,
Roth & Irving Co., the following:
Paine, Webber & Co., McDougal &
Condon, both of Chicago, and Magnus & Co. of Cincinnati.
Volume
The Commercial &
152
Financial Chronicle
BOND CALL—Louis
F.
Crosby, City Comptroller, announces that
3H% sewage works revenue bonds Nos, 2512 to 2668 payable Aug. 1,
1966; Nos. 2669 to 2831 payable Aug. 1, 1967, and Nos. 2832 to 3,000,
incl.
payable Aug. 1, 1968, are called for payment on Aug. 1,1941, at the
face value thereof plus accrued interest
on presentation at the Lincoln
National Bank & Trust Co., Fort Wayne.
Interest ceases on Aug. 1,1941.
Bonds are dated Aug. 1, 1938 and in $1,000 denoms.
,
GRIFFITH, Ind.—BOND SALE—The $16,000 school building bonds
& Co., of
offered May 26—V. 152. p. 3222—were awarded to F. J. Brophy
Chicago, as 2s, at par plus a premium of $109, equal to 100.681, a basis of
about 1.91%. Dated May 1, 1941 and due as follows: $500, July 10, 1942;
$500, Jan. 10 and July 10 from 1943 to 1957 incl. and $500, Jan. 10. 1958.
Second high bid of 100.409 for 2s was made by McNurlen & Huncilman, of
Indianapolis.
GRIFFITH
SCHOOL
TOWN,
Ind.—BOND
SALE— The
$13,000
school building bonds offered May 26—V. 152, p. 3222—were awarded to
F. J. Brophy & Co. of Chicago, as 2s, at par plus a premium of $92, equal
100.707, a basis of about 1.89%. Dated Aoril 1, 1941 and due as follows:
$500, July 20, 1942: $500, Jan. 20 and July 20 from 1943 to 1954 Incl. and
$500, Jan. 20, 1955.
Second high bid of 100.403 for 2s was made by Mc¬
Nurlen & Huncilman of Indianapolis.
to
MADISON COUNTY
(P. O. Anderson),
Ind.—BOND OFFERING—
John Delph, County Auditor, will receive sealed bids until 10 a. m. (CST)
on June 9, for the purchase of $9,000 not to exceed 4%
interest bridge
bonds.
Dated June 20, 1941.
Denom. $1,000.
Due $1,000 July 1, 1942:
$1.000 Jan. 1, and July 1 from 1943 to 1946, incl.
Bidder to name a single
rate of interest, expressed in a multiple of M of 1 %.
A certified check for
3% of the bonds bid for, payable to order of the Board of County Com¬
missioners, is required.
Legal opinion of Matson, Ross, McCord & Ice of
Indianapolis will be furnished the successful bidder.
The bonds will be
between the
all of the bonds may be redeemed prior to their maturity at one time or
on June 1, 1942, or on any interest payment date there
after, upon 30 days' notice, by payment of the principal amount of the
bonds to be redeemed and accrued interest, together with a premium of
or
from time to time
5% if redeemed prior to June 1,1944; 4% if redeemed thereafter and prior to
1946; 3% if redeemed thereafter and prior to June 1, 1948; 2% if
June 1,
redeemed thereafter and prior to June 1, 1950; 1% if redeemed thereafter
and prior to June 1, 1952, and without premium if redeemed thereafter and
before maturity.
Such redemption of any part of the bonds, less than the
whole thereof, shall be a redemption of such bonds in the inverse order of
Said bonds and the interest thereon will be exempt from
all taxation within the State of Maryland.
their maturities.
Bidder to name a single rate of interest for the entire issue, expressed in a
multiple of \i of 1 %.
Principal and interest (JD) payable at the principal
office of the Baltimore National Bank, Baltimore, at the option of the
holder, in such funds as are, on the respective dates ofpayment, legal tender
for payment of public and private debts.
The bonds will be issued pursuant
to the provisions of Chapter 856 of the Maryland Acts of 1941, and of a
resolution of the State Roads Commission adopted May 20, 194i, and ap¬
proved the following day by the Board of Public Works.
As authorized in
said Chapter 856, the bonds will be issued under and pursuant to a trust
indenture by and between the State Roads Commission and the Baltimore
National Bank, as trustee.
None of the bonds shall be deemed to be an obligation or debt of the State
of Maryland, or a pledge of its faith and credit, but shall be payable as to
principal and interest from the tolls and other revenues derived from the
ferry project, except such thereof as may be required to pay the cost of
maintaining, repairing and operating the ferry, which cost shall include
the compensation of the trustee and all other expenses incurred in carrying
out the provisions of the indenture.
Bonds will be delivered to the success¬
ful bidder at principal office of the Baltimore National Bank, on or about
June 10, 1941.
Proposals must be accompanied by a certified check for
$24,000, payable to order of the State Treasurer.
No conditional oids will be accepted unless such condition is waived by
the bidder to the satisfaction of the Commission before opening of the bids.
A bid conditioned upon approval of the bidder or of counsel, whether named
or unnamed, will be regarded as a conditional bid.
The legality of this
issue will be approved by Marbury, Gosnell & Williams, of Baltimore,
and approving opinion of this firm will be delivered upon request, to the
purchaser of the bonds, without charge.
A copy of the Act, authorizing the
sale of the bonds; of the Resolutions with respect to the issuance of said
bonds; a copy of the Trust Indenture in substantially its final printed form;
data with respect to the volume of traffic using the ferry system during the
years 1936 to 1940, both inclusive, and as to the Commission's share of the
one-half cent gasoline tax during the fiscal periods beginning Oct. 1, 1935,
and ending April 30, 1941, and a copy of Opinion and Order No. 35,800 filed
May 29, 1940, In the Matter of The Claiborne-Annapolis Ferry Co.—
Investigation of the Rates, Charges, Services, Property and Affairs before
the Public Service Commission of Maryland, being Case No. 4316, may be
obtained by application to William A. Codd, Chief Auditor, State Roads
Commission of Maryland, Federal Reserve Bank Building, Baltimore, Md.
to be levied and collected on all of the taxable property
MONTGOMERY
COUNTY
(P.
Crawfordsville),
O.
Ind.—BOND
26—V. 152,
SALE—The $55,000 Culver Union Hospital bonds offered May
3056—were awarded to the Harris Trust & Savings Bank, of Chicago, as
Is, at par plus a premium of $214, equal to 100.389, a basis of about 0.89%.
Dated May 15, 1941 and due as follows:
$5,000 July 15, 1942, and $5,000
Jan. 15 and July 15 from 1943 to 1947, incl.
The Indianapolis Bond &
Share Corp. of Indianapolis submited second high bid of 100.21 for Is.
p.
IOWA
GRUNDY CENTER, Iowa—BONDS VOTED—AX, an
May 19 the voters are said to have approved the issuance
system revenue bonds.
\7o
LUANA,
Iowa—BOND
election held on
of $200,000 light
$11,000 semi-ann. water system
152, p. 3377—were
premium of $135, equal
SALE—The
bonds offered for sale at public auction on May 22—V.
awarded to the Luana Savings Bank, as 2s, paying a
to
101.227, according to the Town Clerk.
Denom. $500.
Due
Dated June 2, 1941.
on
Nov. 1 as follows:
$500 in
1942 to 1949, and $1,000 in 1950 to 1956; the last $1,500 bonds maturing
callable on and after Nov. 1, 1941, giving a basis of about 1.82%.
are
WASHINGTON COUNTY (P. O. Washington),
WEBSTER
Webster
CITY
City),
INDEPENDENT
MARYLAND
Iowa—BOND ELEC¬
TION—The issuance of $48,000 county hospital bonds will be submitted
the voters at an election scheduled for June 10, it is reported.
$859,000 general bonds of 1941.
DISTRICT (P. O.
$60,000 semi-ann. building
MASSACHUSETTS
bonds offered for sale at public auction on May 26—V. 152, p. 3377—
were awarded to the
Farmers Nation!
Bank of Webster City, as lMs,
paying
a
premium of $735, equal to 101.225, a basis of about
1.63 %.
BOSTON, Mass.—note sale—The issue of $5,000,000 notes offered
May 26—V. 152, p. 3378—was awarded to a group composed of the Chase
National Bank of New York; Salomon Bros. & Hutzler, and R. W. Pressprich & Co., all of New York, on a bid of 0.28% interest, plus a premium of
$41.
Dated May 29, 1941 and due Dec. 19, 1941.
Other bids: Halsey.
Stuart & Co., Inc., 0.33%, plus $43; First Boston Corp. and Chemical
Bank & Trust Co., 0.33%, plus $35.1
Due
in 1943 to 1960.
KENTUCKY
NEWPORT, Ky.—BONDS AUTHORIZED—The City Commissioners
took final action recently on an ordinance calling for the issuance of $350,000
flood protection bonds, approved by the voters last November.
It is under¬
stood that these bonds will not be offered for sale until final approval on
construction has been received from Federal authorities.
COUNTY (P. O. Taunton), Mass.—NOTE SALE—The
$250,000 notes offered May 27—V. 152, p. 3378—was awarded to
County Trust Co. of Taunton, at 0.138% discount.
Dated
May 28, 1941 and due Nov. 12, 1941.
The National Shawmut Bank^of
Boston, second high bidder, named a rate of 0.14%.
BRISTOL
issue of
the
LOUISIANA
•
La.—BOND ELECTION—It is reported that the
will be submitted to the voters at an election
V
issuance of $40,000 sewer bonds
La .—BONDS
VOTED—AX
an
election
held
Trust Co., Fall River; National Shawmut Bank,
National Bank of Boston.
—...— --.-.0.387%
First National Bank of
PARISH
(P.
O.
semi-ann.
SALE—The
NOTEs"a\VARDED—The
Abbeville), La.—BOND AND CER¬
bonds and certificates aggregating
2902—were awarded to
discount.
Discount
Bidder—*
°^?8 %
Day Trust Co
First
LEWISTON, Me.—BOND SALE—The $100,000 coupon improvement
27—V. 152, p. 3378—were awarded to
Frederick M. Swan & Co. of Boston,
jointlv, as 1
at a price of 100.279, a basis of about 1.20%.
Dated
May 1. 1941, and due $10,000 on May 1 from 1942 to 1951, incl.
Second
high bid of 100.229 for l}£s was made by Halsey, Stuart & Co., Inc.
Other bids:
Bidder—
PORTLAND,
Me.—BOND OFFERING—John R.
Gilmartin. City
sealed bids until 11 a. m. (EST) on June 5, for the
Treasurer, will receive
permanent improvement bonds of 1941.
Due $12,000 annually on June 1
multiple
National
the city,
city will
be subject to the levy of unlimited ad valorem taxes to pay both principal
and interest.
The bonds will be engraved under the supervision of and
authenticated as to genuineness by the First National Bank of Boston.
Legal opinion of Ropes, Gray, Best, Collidge & Rugg of Boston will be
of $180,000
Dated June 1, 1941.
coupon
Denom. $1,000.
1942 to 1956, incl.
Bidder to name one rate of interest in a
of
of 1%.
Principal and interest (J-D) payable at the First
Bank of Boston. /The bonds will be valid general obligations of
exempt from taxation in Maine, and all taxable property in the
from
furnished the successful bidder ."*P*
SOUTH
PORTLAND, Me.—BOND OFFERING—The City Treasurer
bids until noon (DST) on June 3 for the purchase of
will receive sealed
$60,000 road, armory site
1961 incl.
and park bonds, to mature serially from 1950 to
/
MARYLAND
•"ALLEGANY COUNTY (P. O.
Annapolis), Md.—GOVERNOR SIGNS
bill authorizing the county to issue $800,000
school building construction bonds was signed by the Governor on May 263
BOND ISSUE BILL—The
(State of)—BOND OFFERING—Lamar H.~*SteuartT
State Roads Commission, will receive sealed bids unti
(EST) on June 2 for the purchase of $1,200,000 not to exceed 3%
interest coupon Chesapeake Bay Ferry revenue bonds of 1941.
Purpose of
issue is to finance acquisition by the State Roads Commission of the prop¬
erties of the Claiborne-Annapolis Ferry Co., as provided for in a contract
1
will be furnished
—
-.0.179%
-
the successful bidder.
TAUNTON, Mass.—NOTE SALE—'The issue of $200,000 notes offered
May 27—V. 152, p. 3378—was awarded to the Bristol County Trust Co. of
Taunton, at 0.179% discount.
Dated May 28, 1941 and due Nov. 25,
1941. Other bids:
>
V-/':
.
.
Bidder—1
:
<'
' v--;-* ■*
JMsCOUfot
Webster & Atlas National Bank of Boston (plus $5 premium)
0.19%
Machinists National Bank of Taunton..-.. — .0.19%
Merchants National Bank of Boston
-.-.0.21%
First National Bank of Boston
....0.234%
MICHIGAN
TOWNSHIP SCHOOL DISTRICT NO. 8. Wayne
County, Mich.-—BOND CALL—William II. Thorne, District Secretary,
announces the call for redemption on July 1, 1941, at par and accrued
interest, of all the outstanding refunding bonds in the a^ogate sum of
$127,000. being $124,000 1936 series A bonds, dated Jan. 1, 1936 and due
Jan
1, 1966, and $3,000 1936 series B bonds, dated Jan. 1, 1936 and due
Jan! 1,1946. Bonds are callable at par and accrued interest on any interest
DEARBORN
Series*A
151
numbers 1 to 84; 89 to 107; 116 to 132; 141 and 142; and
Denom. $1,000.
Series B numbers 4, 5 and 6, in $ 1,000 ^nom.
should be delivered to the Manufacturers National Bank, ot
Detroit, for payment.
and 152.
Bonds
MARYLAND
Secretary of the
noon
Bank of Boston
National Bank of Boston.
0.14%
-
- —
Ralph
New York.
Int. Rate _Prert ium
1 %%
$13
IH%
r138
Rollins & Sons andTChace, Whiteside"& Symonds
lh%
7503
-—
NORFOLK COUNTY (P. O. Dedham), Mass .—note offering—
D. Pettingell, County Treasurer, will receive bids until 11 a. m.
(DST) on June 3 for the purchase of $50,000 Brookline Municipal Court¬
house temporary notes.
Issued under authority of Chapter 219, Massa¬
chusetts Act of 1941. Dated June 3, 1941 and due June 3, 1942. Bidder to
name the rate of interest which the notes are to bear and no offer to dis¬
count the loan will be accepted.
Notes will be payable at the First National
Bank of Boston, and will be authenticated as to genuineness and validity by
said bank. Legal opinion of Ropes, Gray, Best, Coolidge & Rugg of Boston
and equipment bonds offered May
Shields & Co. of New York and
F. W. Home & Co
—..
Merchants National
MAINE
Second National Bank of Boston
n'lQcl?
National Shawmut Bank-.
of 2.75%.
First Boston Corp.
purchase
$500,000 notes offered
Bank of Boston, at 0.123%
NEWTON, Mass.—NOTE SALE— The issue of
May 27 was awarded to the Second National
Due Nov. 17, 1941.
Other bids:
$45,000, offered for sale on May 20—V. 152, p.
Scharff & Jones, Inc. of New Orleans, as follows:
E.'H.
0.387%
Boston
LUDLOW, Mass.—SERIAL
$18,000 sewage
disposal works serial notes offered May 28—V. 152, p. 3378—were awarded
to Tyler & Co. of Boston as 1Mb.
Dated Juno 1, 1941, and due $2,000
on June 1 from 1942 to 1950, inclusive.
ELECTION— The issuance of $18,for approval at an election scheduled
$13,000 refunding bonds at a net interest cost of 2.66%
32,000 certificates of indebtedness at a net interest cost
offered
Discount
and Merchants
tion project.•"*
TIFICATE
SALE—The issue of $500,000 notes
Bidder—
B. M. C. Durfee
^ST. FRANCISVILLE, La.—BOND
••VERMILION
FALL RIVER, Mass.—NOTE
on
May 20 the voters are said to have approved the issuance of $50,000 side¬
walk construction bonds, in connection with a Work Projects Administra¬
000 sewer system bonds will be up
for June 20, according to report,
offered
EVERETT, Mass.—NOTE SALE—The issue of $500,000 notes
May 27—V. 152, p. 3378—was awarded to Leavitt & Co., New York, at
0.365% discount. Dated May 28, 1941 and due March 20, 1942. Other bids:
scheduled for June 25.VI
PONCHATOULA,
Bristol
May 28 was awarded to the National Shawmut Bank and the Merchants
National Bank of Boston, jointly, at 0.21% discount.
Due $250,000 on
Feb. 27, 1942 and a like amount on April 2, 1942.
The Second National
Bank of Boston, next highest bidder, named a rate of 0.229%.
CALCASIEU PARISH (P. O. Lake Charles), La .—BOND ELECTION
—The issuance of $100,000 army air crops school bonds will be submitted
to the voters at an election called for June 17, it is reported.
MANDEVILLE,
(State of)—bond offering—It is reported that the
purchase of
State Treasurer will receive sealed bids until June 25 for the
to
SCHOOL
Iowa—BONO SALE—The
The
Ferry Co., dated Dec. 31, 1940.
bonds will be dated June 1, 1941.
Denom. $1,000.
Due June 1 as follows:
$75,000 inl943; $77,000, 1944; $78,000, 1945; $80,000, 1946; $81,000, 1947:
$83,000, 1948; $84,000, 1949; $86,000, 1950; $88,000, 1951; $90,000, 1952:
$92,0000. 1953; $94,000, 1954; $95,000, 19.55, and $97,000 in 1956.
Anv
unlimited ad valorem taxes
therein.
direct obligations of the county, payable out of
3531
Commission and the
EAST GRAND
assessment
RAPIDS, Mich.—OTHER BIDS— The
refunding bonds, due 1947-1950,
p
3378—were also
bid for as follows:
■
$62 000 special
incl., awarded May 19 to
par plus a premium of
Halsey, Stuart & Co., Inc., Chicago, as lMs, at
$30 38. equal to 100.049, a basis of about 1.24%,
as
reported in
V. 152,
The Commercial & Financial Chronicle
3532
Bidder—*
First of Michigan Corp., Detroit
Int. Bate
r1947-49
/19474 9
Ryan, Sutherland & Co., Toledo
Stranahan, Harris & Co., Toledo
Braun, Bosworth & Co., Toledo
John Nuveen & Co., Chicago
Grouse & Co., Detroit
—
.
'
'
.
!
'L
■
.
1949-50
1
■
Harriman, Ripley & Co., Chicago
Paine, Webber & Co., Grand Rapids--..—
—
■
$55.80
;
181.00
137.00
56.00
42.78
,
Due
$47000
Due
$3,000
Due
$3,000
Due
$3,000
Sspecial assessment obligations, have the full faith and credit of the city
ledged for the prompt payment thereof.
Interest payable semi-annually,
idder to furnish printed bonds and legal opinion.
KALAMAZOO COUNTY (P. O. Kalamazoo), Mich.—BOND OFFER¬
ING—LeRoy F. Howard, Drain Commissioner, wili receive sealed bids
until 11a.m. (EST) on June 3, for the purchase of
$48,563-61 4% Milwood
Drain special assessment district bonds.
Dated June 1, 1941.
One bond
for $563.61, others $1,000 each.
Due June 1 as follows:
$3,563.61 in 1942
and $5,000 from 1943 to 1951, incl.
All of the bonds are redeemable in
numerical order at par and accrued interest on any interest
payment date
prior to maturity on four weeks notice by publication.
Principal and
annual interest (first coupon due June 1,1942) will be
payable at the County
Treasurer's office, or at the First National Bank & Trust Co., Kalamzaoo.
Legal opinion of Miller, Canfield, Paddock & Stone, of Detroit, and the
blank bonds will be furnished without cost to the
purchaser.
A certified
check for not less than 2% of the issue must
accompany each proposal.
The bid will be accepted which produces the lowest interest cost to the said
the premium will not
be considered as deductible in determining the net interest cost and
interest
will be computed to the
maturity of the bonds without
regard to the
possibility of redemption.
These bonds are to pay the cost of the construction of a drain heretofore
determined to be necessary and are issued in accordance with the
provisions
of the General Drain Law of
Michigan, being Act 316 of the Public Acts of
.
1923, as amended, and are payable out of the instalments of drain taxes to
be hereafter collected under a special assessment theretofore made
by
County Drain Commissioner in accordance with the provisions of Chapter 6
of said Act, wherein the benefits were
apportioned- as follows:
One-half
to the County of Kalamazoo at
large, one-fourth to the Township of Kala¬
mazoo at large and one-fourth to the land situated in
the Milwood Drainage
District, said instalments of taxes to be spread over a period of 10 years,
the first taxes to be due and
payable December first, 1941.
KALAMAZOO
AND
PORTAGE
TOWNSHIPS
FRACTIONAL
SCHOOL DISTRICT NO. 6 (P. O.
Kalamazoo), Mich.—OTHER BIDS
—The $32,000 school bonds, due 1942-1946, incl., awarded
May 19 to the
American National Bank of Kalamazoo, as Is, at
par plus a premium of
$19.20, equal to 100.06, a basis of about 0.98%, as reported in V. 152, p.
3378, were Also bid for as follows:
Bidder—
Int. Rate
Premium
1
—
J1942-43
\1944-40
McDonald, Moore & Hayes, Detroit
Crouse & Co., Detroit
First National Bank,
4.70
}
6.80
63.90
IK
f 1942-43
1
Hi
1
If
19.52
58.20
48.00
4.84
1X
Kalamazoo
f 1942-43
1H\
IX
11944-46
First of Michigan Corp., Detroit
Paine, Webber & Co., Grand Rapids
Ryan, Sutherland & Co.. Toledo
5.80
137.07
IX
95.90
IX
IX
Channer Securities Co., Chicago
Cray, McFawn & Co., Detroit.
55.00
22.40
(1942-45
\
1946
Peninsular State Co., Detroit
to
name
the rate of interest.
Denom. $1,000.
1953, incl.
f
FARIBAULT. Minn.—BOND OFFERING—Both sealed and auction
bids will be received by T. A. Mealia, City Recorder, until June 2, at 10
m., for the purchase of a $20,000 issue of sewer bonds.
Interest rate is
a.
not to exceed
2X%, payable J-D.
Dated June 15, 1941.
Denom. $1,000.
Due $10,000 June 15, 1944 and 1945.
All bids must be unconditional.
Prin. and int. payable at the bank designated by the purchaser. The ap¬
proving opinion of Fletcher. Dorsey, Barker, Colman & Barber, of Minne¬
apolis, will be furnished.
Enclose a certified check for $1,000, payable to
the City Treasurer.
,
_
Myre, Village Clerk, until June 5, at 2 p.m., for the purchase of $253)00
village hall bonds.
Interest rate is not to exceed 4%, payable J-D.
Due
$500 on June 1 and Dec. 1 in 1943 to 1967.
These bonds were approved
by the voters at an election on May 9.f
KEEWATIN, Minn.—BOND SALE— The $12,000 semi-ann. sewage
disposal plant bonds offered for sale on May 19—V. 152, p. 3058—were
purchased by the First National Bank of Keewatin, as 2s.
Dated May 15,
1941.
Due $2,000 from May 15, 1942 to 1947.
KITTSON COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
75 (P. O. Lake Brongon) Minn.—BOND SALE DETAILS—In connection
with the sale of the $47,000 refunding bonds to the George
C. Jones Co. of
Minneapolis, as 3 Ms, noted here on May 17—V. 152, p. 3225—it is stated
by the Clerk of the School Board that the Allison-Williams Co. of Minne¬
apolis, and Kalman & Co. of St. Paul, were associated with the above firm
in the purchase of the bonds, paying par.
Due on Aug. 1 in 1941 to 1960;
optional on and after Aug. 1, 1946.
LONG PRAIRIE, Minn.—BOND SALE—The $50,000 general obli¬
gation sewage disposal plant bonds offered for sale on May 22—V. 152, p.
3379—were purchased by the First National Bank & Trust Co. of Minne¬
apolis, according to the Village Recorder.
Dated July 1, 1941.
Due $5,000
from July 1, 1942 to 1951 incl.
ULM. Minn*—BOND SALE—The $112,500 coupon semi-ann*
on May 23—V. 152, p. 3225—were awarded
syndicate composed of the C. S. Ashmun Co., the Northwestern
National Bank & Trust Co., both of Minneapolis, and Mannheimer-Caldwell, Inc. of St. Paul, as lMs, paying a premium of $1,101, equal to 100.969,
a basis of about 1.38%.
Dated June 1, 1941.
Due $7,500 on June 1 in
1942 to 1956 incl.
NEW
refunding bonds offered for sale
to
a
"The second highest bid was an offer of $1,050 premium on
mitted by Piper, Jaffray & Hopwood of Minneapolis.
REDWOOD
FALLS,
Minn.—CERTIFICATE
lMs, sub¬
OFFERING—Sealed
bids will be received until 8:20 p. m. on June 2, by F. B. Forbes, City
Recorder, for the purchase of $27,500 4% semi-ann. certificates of in¬
debtedness. Denom. $500. Due Dec. 1,1942 to 1951.
The city reserves the
right to prepay all or any part of certificates on any interest payment date
after one year from the date of issue, or reduce the total amount of issue as
their judgment may be for the best interest of the city |t
SAUK
CENTRE, Minn.—BOND OFFERING—Bids
will be received
Borgmann, Town Clerk, for the purchase of $25,000
Legality approved by Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis.
■
until June 17, by Evert
bridge bonds.
road and
_
?
\1944-46
Braun, Bosworth & Co., Toledo
Stranahan, Harris & Co.. Toledo
Nordman & Verral. Battle Creek
FORKS, Minn.—BOND OFFERING— Sealed "and oral
HALLOCK, Minn.— BOND OFFERING—Bids will be received by Ole
^
"Watling, Lercheri & Co., Detroit
Campbell, McCarty & Co., Detroit
6.40
126.76
RIVER ROUGE SCHOOL
DISTRICT, Mich.—ASKS BIDS ON
VARIOUS SECURI TIES— Charles W.
Schultz, District Secretary, requests
.
Minn?—
SLEEPY EYE,
BOND OFFERING—Both sealed and auction
bids will be received by Jens 8. Jensen, City Recorder, until June 9, at 8
p. m., for the purchase of a $75,000 issue of hospital bonds.
Interest rate
is not to
1941.
exceed 2M%,
payable J-D.
Denom. $1,000.
Dated June 15,
Due $5,000 from June 15, 1942 to 1956, incl.
The City Council
the right to determine as of the time of sale whether said bonds
reserves
to be subject to redemption on June 15, 1946, or any interest payment
date thereafter, or to be without option of prior payment.
Bids may be
on either basis.
Principal and interest payable at suitable bank
are
submitted
or
trust
designated by the purchaser.
All bids to be uncondi¬
opinion of Fletcher, Dorsey, Barket, Colman &
A $2,000 certified check, payable
to the city, must accompany the bid.
tional.
company
The approving
Barber of Minneapolis, will be furnished.
STORDEN,
Minn.—BOND
SALE—The
$12,000
general
obligation
bonds offered for sale on May 23—V. 152, p. 3379—were awarded to
Kalman & Co. of St. Paul, according to the Village Clerk.
Dated June 1,
1941.
Due $1,200 from June 1, 1943 to 1952, inclusive.
•firm bids until 8
p. m. pn June 5 on $25,000 nine mile halfway drain bonds
(actual bonds) with May 1, 1932 and all
subsequent coupons attached.
Bonds issued .Tune 1, 1926 and due
serially as follows: $7,000, May 1, 1932;
$2,000, May 1, 1934; $12,000, May 1,1938 and $5,000,
May 1, 1941.
TOWNSHIP
The
.1335,000
water
system
(P.
O.
Romulus), Mich.—BOND SALE—
bonds offered May 24—V. 152,
p.
McDonald, Moore & Haves,
& Co.; Siler, Roose & Co., and Wright,
Martin & Co
all of Detroit, as 4 Ms, at par plus a
premium of $9,105,
equal to 102.713, a basis of about
4.23%.
Dated April 1, l<kl and due
April 1 as follows:
$10,000 in 1945 and 1946; $13,000 from 1947 to 1967,
incl
and $14,000 from 1968 to 1970 incl.
Bonds maturing in years 1967
to 1970, incl. are redeemable in
inverse order of maturity on any interest
date on or after April
1, 1950.
3378—were awarded to
a
revenue
group composed of
Cray.. McFawn & Co.: H, V. Sattley
,
.
SCHOOL DISTRICT (P. O. Royal Oak), Mich
—
TENDERS WANTED—A. C. Dunham,
District Secretary, will receive
sealed tenders of 1935
refunding bonds of series A, dated Oct. 1, 1935, and
(EST?
S of senes B' dated Oct- 1.1935, until June 26, at 7:30 p.
m.
hould be firm for five days.
Tenders should describe securities
offered, giving series number and series letter.
Tenders should state the
®ubi
for which the
bonds, with the Oct. 1, 1941, and subsequent
coupons
attached, will be sold to the school district.
Tenders specifying the lowest
price on bonds and interest shall be
accepted up to the amount available in
the fund, provided bids are not
above par.
MINNESOTA
ei
$12,500, offered for sale
on
May 26—V. 152, p. 3379—Were awarded
public building, and $7,500
ttyStLUt? ,EAPT*j f°^NEY JP- °sale
on
V 1 stianed
June 10, at
to the
street improvement assessment
Mankato), Minn.—BOND
B- E- Lee. county Auditor,
2 p. m., a $50,000 issue of
annual drainage
funding bonds.
Dated July 1,
ft
1950.
to
1941.
exceed 2% semi¬
Denom. $1,000.
ln 1944
al^fd *0 a*?; one personsale be purchased,
to
$10,000.
No
of
any
OFFER-
that he will offer for
not
and 1945, and $10,000 in 1946 to
The bonds shall be sold for
par and for cash; and the amount of
to the amount of
person
or
at sale, shall be limited
any of the bonds shall be made to
persons
not
actually present at the sale and
reservations for the purchase of the
bonds shall be
These
are
the bonds mentioned in
no
previous
permitted.
our
issue of May 24.
CALUMET, Minn.
the
voters
are
-BONDS VOTED—At an election held on
May 19
to have approved the
issuance of $25,000 3% water
wide margin.
/0
said
system bonds by
a
Minn.—BONDSALE—The $40,000
semi-ann. hospital bonds
offeredfw sale at public auction on
May 26—V. 152, p. 3058—were awarded
to the First National Bank & Trust
Co. of
Minneapolis, as lMs, paying
premium of $475, equal to 101.187, according to the
City Recorder.
MONTANA
CONRAD, Mont.—BOND SALE—The $141,000 issue of semi-annual
water
refunding bonds offered for sale on May 26—V. 152, p. 3379—was
purchased by the State as 2 Ms, according to the City Clerk.
CUT BANK, Mont.—BOND OFFERING—It is stated by Alice Rush,
City Clerk, that she will receive sealed bids until June 23, for the purchase
$17,500 not to exceed 4% semi-ann. airport bonds, offered for sale without
success on May 19—V. 152, p. 3379.
of
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 9 (P. O.
Helena) Mont.—BONDS OFFERED—Sealed bids were received until
m., May 29, by Harry Smith, District Clerk, for the purchase of
a S3O.OO0 issue of refunding bonds.
Interest rate is not to exceed 3%,
payable J-D.
Dated June 7, 1941.
Amortization bonds will be the first
7 p
.
choice and serial bonds will be the second choice of the School Board.
If
amortization bonds are sold and issued, the entire issue may be put into
single bond or divided into several bonds, as the board of trustees may
determine upon at the time of sale, both principal and interest to be payable
in semi-annual instalments during the peroid of 15 years from the date of
one
issue.
If serial
bonds
are
issued and sold
they will be in the amount of
payable on
all of such
$1,000 each, the sum of $2,000 of said serial bonds will become
1942, and on the same day each year thereafter until
bonds are paid.
The bonds whether amortization or serial will
able in full 7X years from date of issue, and any interest due
June 7,
be redeem¬
date there¬
after.
The bonds will be sold for not less than their par value with accrued
interest, and all bidders must state the lowest rate of interest at which they
will purchase the bonds at par.
SALE—The following bonds aggregating
a? 3Ms, according to the yillage
bonds'
o
y
No bid for less than par will be accepted.
Dated June 1, 1941.
Due $2,000 from June 1, 1944 to
Prin. and int. (J-D) payable at such bank or trust company
designated by the purchaser.
The approving opinion of Fletcher, Dorsey,
Barker, Colman & Barber of Minneapolis, will be furnished.
A $500
certified check, payable to the City Treasurer, must accompany the bid.
87.20
15, 1941 and, in addition to being
on
-,y(■J'/
,
11.00
658.00
,
Interest
submitted by the Wells-Dickey Co.
Minn.— BOND SALE— The $8,000 semi-ann. sewage
disposal plant bonds offered for sale on May 14—V. 152, p. 3058—were
awarded to M. H. Bishop & Co. of Minneapolis, as 3s at par, according to
the Village Clerk.
Dated May 1,1941.
Due on Jan. 1 in 1943 to 1961.
EAST GRAND
r GROSSE POINTE WOODS, Mich.—BOND OFFERING—Philip8"!''.
Allard, Village Clerk, will receive sealed bids until 8 p. m. on June 3, for
the purchase of $52,000 not to exceed 6 % interest bonds, as follows:
district after crediting the premium bid.
was
GRAFF,
bids Will be received by A. G. Rand. City Clerk, until June 10, at 8 p. m.,
for the purchase of a $20,000 issue of coupon public bath bonds.
Bidders
GROSSE POINTE PARK, Mich.—NOTICE OF REDEMPTION—
Charles Heise Jr., Village Treasurer, announces that street surfacing bonds,
dated June 1, 1926, due June 1, 1941, Nos. 1 to 50, incl., will be redeemed
at maturity at the Grosse Pointe Bank, Grosse Pointe.
All of the bonds will be dated June
DE
58.28
r
$16,000 special assessment paving district No. 20 bonds.
annually on June 15 from 1942 to 1945, inclusive.
12,000 special assessment paving district No. 21 bonds.
annually on June 15 from 1942 to 1945, Inclusive.
12,000 special assessment paving district No. 22 bonds.
annually on June 15 from 1942 to 1945, inclusive.
12,000 special assessment paving district No. 23 bonds.
annual y on June 15 from 1942 to 1945, inclusive.
price of 101.175 for 1 Ms.
May 31, 1941
Minneapolis, (v 7■
i
IX
IX
ix ■;
1 M1
IX
1 Mi
IX
1M
1M
1948-50
1947-48
McDonald, Moore & Hayes, Detroit---—
V
IX
IX
1947
J
Premium
VAX
1950
A
a
The successful bidder must be prepared to
accept delivery of the bonds on June 7.
Legality approved by Fletcher,
Dorsey, Barker, Colman & Barber of Minneapolis.
(These
are
the bonds mentioned in
our
issue of May
17—V. 152,
p.
3225.)
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 2 (P. O.
Helena), Mont .—BOND ELECTION—The issuance of $160,000 school
building bonds will be submitted to the
on June 2, according to report.
voters
at
an
election
to be
held
«H*
4
SALE—The $17,500 semi-ann. firSequipment bonds offered for sale on May 19—V. 152, p. 2741—were pur¬
chased by the State Board of Land Commissioners, as 2 Ms, at par, according
to the City Clerk.
No other bid was received.
LEWISTOWN,
Mont.—BOND
POLSON, Mont .—BOND SALE—The $7,500 semi-annual registered
park bonds offered for sale on May 21—-V. 152, p. 3058—were purchased
by the Security State Bank of Poison,
99.66. according to the
City Clerk. ^
as
-
2Ms, less $25 discount, equal to
r
SHERIDAN COUNTY (P. O. Plentywood), Mont.—BOND SALE—
The $168,000 semi-annual refunding bonds offered for sale on May 26—
V. 152, p. 3379—were awarded to George N. Lund of Reserve and R. O.
Nelson of Plentywood, jointly, as 3s, paying a premium of $25, equal to
100.014, according to the Clerk of the Board of County Commissioners.
WHITEFISH HIGH SCHOOL DISTRICT (P. O. Whitefish) Mont.—
BOND OFFERING—Sealed bids will be received until 2 p. m. on June 12,
by Chas. C. Baldwin, District Clerk, for the purchase of $31,941.44 not to
3M % semi-ann. refunding bonds. Dated June 30, 1941. Amortiza-
exceed
Volume
The Commercial
152
tion bonds will be the first choice and serial bonds "will be the second choice of
the School Board.
If amortization bonds are sold and issued, the entire
issue may be put into one single bond or divided into several bonds, as the
board of trustees may determine upon at the time of sale, both principal and
interest to be payable in semi-annual instalments during a period of 14 years
from the date of issue.
■
>,
„
issued and sold they will be in
are
a basis of about 3.66%.
Dated April 1, 1941 and due
Oct. 1 as follows: $10,000 in 1941 and 1942; $9,000, 1943 to 1950 incl.;
$10,000, 1951 to 1953 incl.; $21,000, 1954; $22,000 in 1955 and 1956, and
price of 103.18,
$23,000 from 1957 to 1960 incl.
PENNSAUKEN TOWNSHIP, N. J .—DEBT REFUNDING APPROVED
Funding Commission on May 26 approved the township's plan
refund its entire indebtedness amounting to $3,031,000, according to
report.—V. 152, p. 3380.
—The State
the amount of $2,300
each, except the first bond which will be in the amount of $2,041.44, the
sum of $2,041.44 of the said serial bonds will become
payable on June 30,
1942, and the sum of $2,300 will become payable on the same day each
year thereafter until all of such bonds are paid. The bonds, whether amorti¬
zation or serial bonds, will be redeemable in full on any interest payment
date from and after seven years from the date of issue. Enclose a certified
check for $500, payable to the above Clerk.
If serial bonds
3533
& Financial Chronicle
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 7
(P. O.
Mont.—BOND OFFERING—Sealed bids will be received until
8 p. m. on June 16, by E. L. Fenton, District Clerk, for the purchase of
$20,000 building bonds.
Interest rate is not to exceed 6%, payable J-D.
Dated June 1, 1941. Amortization bonds will be the first choice and serial
bonds will be the second choice of the School Board. If amortization bonds
are sold and issued, the entire issue may be put into one single bond or
divided into several bonds, as the board of trustees may determine upon
at the time of sale, both principal and interest to be payable in semi-annual
instalments during a period of 20 years from the date of issue.
If serial bonds are issued and sold they will be in the amount of $500
each, the sum of $1,000 of the serial bonds will become payable on June 1,
1942, and the sum of $1,000 will become payable on the same day each year
thereafter until all of such bonds are paid.
The bonds, whether amortization or serial, will be redeemable in full 10
years from date of issue and on any interest due date thereafter. Enclose a
certified check for $2,000, payable to the District Clerk.
Laurel)
to
PERTH AMBOY, N. 3.—BOND
OFFERING—Joseph E. Hornsby, City
Treasurer, will receive sealed bids until 10 a.m. (DST) on June 12 for the
purchase of $300,000 not to exceed 6% interest coupon or registered re¬
funding bonds.
Dated June 1, 1941.
Denom. $1,000.
Due $100,000
on June 1
from 1965 to 1967 incl.
Interest J-D.
Bidder to name a
single rate of interest, expressed in a multiple of 34 or 1-10 of 1%, and the
price bid for the bonds must be not less than the principal amount of
$285,000 and accrued interest nor more than the principal amount of $301 ,000 and accrued interest.
The bonds will be general obligations of the
city, payable from unlimited ad valorem taxes and will also be additionally
by a pledge of delinquent second class railroad taxes in the approxi¬
amount of $305,731.22.
A certified check for 2% of the bonds of¬
fered, payable to order of the City Treasurer, is required.
The above bonds are redeemable at the city's option at par and accrued
secured
mate
on any interest date on 30 days' published notice.
City Treasurer will receive sealed bids at the same
interest
The
purchase of $150,000 not to exceed 6% interest coupon or
divided
as
$123,000 poor relief bonds.
Due May 1 as follows: $25,000 from 1942" to
1945 incl. and $23,000 in 1946.
27,000 fire apparatus bonds.
Due May 1 as follows: $5,000 from 1942
to 1945 incl. and $7,000 in 1946.
The above two issues will be dated May
SALE
Neb.—BOND
Village Clerk
DETAILS—The
$37,500 refunding bonds sold to the Wachob-Bender Corp.
reported—V. 152, p. 3379—were purchased at par, divided
as follows:
$10,000 as 2s, due $500 on June 1 and Dec. 1 in 1941 to 1950,
and $27,500 as 2Ms, due $500 on June and Dec. 1 from 1951 to June 1, 1978.
states that the
of Omaha, as
GRAND
ISLAND, Neb.—BOND SALE— The $119,000 issue of storm
sewer refunding bonds offered for sale on May 21—V. 152, p. 3226—was
awarded to Halsey, Stuart & Co., Inc. of Chicago, as 1 Ms, paying a premium
of $75, equal to 100.063, a basis of about 1.485%.
Due in 10 years,
optional after five
years
from date of issue.
The Wachob-Bender Corp, of Omaha, offered
$1,200 premium on 1Mb.
HAMPSHIRE
NEW
rate of
a
0.46%.
'
NASHUA, N. H.—NOTE SALE—The issue of $150,000 notes offered
May 27—V. 152, p. 3379—was awarded to the Nashua Trust Co. of
Nashua, at 0.29% discount.
Dated May 29, 1941 and due Dec.29, 1941.
Other
single rate of interest,
name a
York, will be furnished.
WALLINGTON, N. J .—BOND SALE—The $16,000 coupon or regis¬
tered municipal building bonds offered May 26—V. 152, p. 3226 were
awarded to Joseph G. Kress & Co. of Perth Amboy, as 2.70s, at a price of
100.22, a basis of about 2.67%.
Dated June 1, 1941 and due June 1 as
follows:
$1,000 from 1942 to 1945, incl. and $1,500 from 1946 to 1953,
incl.
Other bids:
„
Indian HeadNational Bank
Discount
0.297%
0.3449%
First Boston Corp..
Int. Rate
2H%
Bidder—
H. B. Boland & Co.___.._._
bids:
$150,000 bonds
1 from 1942 to
expressed in a multiple
of 1 ]4 or 1-10 of 1%.
The bonds will be general obligations of the city,
payable from unlimited ad valorem taxes.
A certified check for 2% of
the bonds bid for, payable to order of the City Treasurer, is required.
Both the $300,000 refunding bonds and the $150,000 poor relief and
fire apparatus bonds will be payable as to both principal and semi-annual
interest at the City Treasurer's office, and will be delivered to the purchaser
on or about June 20.
In the event that prior to the delivery of the bonds
the income received by private holders from bonds of the same type and
character shall be taxable by the terms of any Federal income tax law
hereafter enacted, the purchaser may, at his election, be relieved of his
obligation under the contract to purchase the bonds and in such case the
deposit accompanying his bid will be returned.
Bids to be on forms
furnished by the City.
The approving opinion of Caldwell & Raymond,
Bidder to
1946 incl.
of New
BERLIN, N. H.—NOTE SALE—The National Shawmut Bank of Boston
awarded on May 27 an issue of $100,000 tax notes at 0.45% discount.
Due Dec. 26, 1941.
F. W. Horne & Co. of Hartford, second high bidder,
was
named
Interest M-N. Denom.
1,1941.
$1,000.
They will be sold as constituting a single issue of
and the combined maturities are $30,000 annually on May
NEBRASKA
CROOKSTON,
time for the
registered bonds,
follows:
-
Rate Bid
100.32
100.117
0.346%
Bidder—
,
i
F. W. Home & Co..
Peoples Bank & Trust Co. of
H. L. Allen & Co
N. H.—BONDS AU¬
meeting held earlier in May an issue of $25,000 con¬
Passaic
-
Par
100.042
CONSOLIDATED SCHOOL DISTRICT,
RYE
THORIZED—At
bonds
struction
a
Municipal Bands
authorized.
was
NEW
MEXICO
proved by Myles P. Tallmadge of Denver.
■—»
-
■
.
**" 1
.
NEW
JERSEY
BRUNSWICK TOWNSHIP
SCHOOL DISTRICT (P. O.
New Brunswick), N. J .—BOND ELECTION—An election will be held
June 17 on the question of issuing $65,000 school construction bonds.
EAST
TOWNSHIP
SALE—The $2,317,000 3%
(P.
coupon or
O. Lyndhurst),
N. J.—BOND
registered refunding bonds offered
May 29—V. 152, p. 3379—were sold to a syndicate composed
Webber <fc Co.; B. J. Van Ingen & Co., Inc., both of New York;
of Paine,
Julius A.
Rippel, Inc., Newark; A. C. Allyn & Co., Inc. and Rogers, Gordon & Co.,
Inc., both of New York; Colyer, Robinson & Co., Inc., Newark; Dolphin
& Co., Inc., Philadelphia, and J. B. Hanauer & Co. of Newark.
The
bonds were offered for public investment at prices to yield from 1 % to
3.30%, according to maturity.
Dated May 15, 1941.
Due Jan. 1 as follows:
$129,000 in 1942; $111,000 in
1944, $118,000 in 194.5, $122,000 in 1946, $125,000 in
1948, $133,000 in 1949, $137,000 in 1950, $141,000 in
1952, $150,000 in 1953, $155,000 in 1954, $159,000 in
1956, $169,000 in 1957, and $114,000 in 1958.
JERSEY
(State
of)—SINKING
Denom. $1,000.
1943, $115,000 in
1947, $129,000 in
1951, $146,000 in
1955, $164,000 in
4
FUND OFFERS $1,025,000
H. Ellin, Secretary of the
sealed bids until 10 a. m.
O. Albany), N. Y.—BOND SALE—The
$400,000 coupon or registered tax revenue bonds offered May 28—V. 152,
p. 3380—were awarded to a syndicate composed of Lehman Bros., New
York, Manufacturers & Traders Trust Co., Buffalo, and Kean, Taylor &
Co., New York, as 0.70s, at a price of 100.045, a basis of about 0.68%.
Dated June 1, 1941 and due $100,000 on June 1 from 1942 to 1945 incl.
Re-offered at prices to yield from 0.20% to 0.70%, according to maturity.
The account of Phelps, Fenn & Co., inc. and the Boatmen s National
Bank of St. Louis made the second high bid of 100-04 for 0.70s.
COUNTY
(P.
SALE NOT CONSUMMATED—
$20,000 coupon or registered
& Traders Trust Co. of Buffalo,
basis of about 1.68%—V. 152, p. 3059—was not
ALEXANDRIA BAY, N. Y.—BOND
ISSUE
REOFFERED—The May 1 award of
street paving
as
bonds to the Manufacturers
1.70s, at 100.119, a
C°TSh^issueeis'being
reoffered for sale at 3 p.m. (DST) on June 2.
Sealed
addressed to Roy F. Pearce, Village Clerk.
The bonds will
1, 1941.
Denom. $1,000. Due June 1 as follows: $2,000
from 1942 to 1948 incl. and $3,000 in 1949 and 1950.
Bidder to name a
single rate of interest, expressed in a multiple of M or 1-10 of 1 %.
Principal
and interest (J-D) payable at the Northern New York TrustCo
Alexandria
Bay branch, with New York exchange, or at the Marine Midland Trust Co.,
New York City.
A certified check for $1,000, payable to order of the
bids should be
be dated June
Legality will be approved by
village, is required.
Alexandria Bay.
June 3 for the following blocks of registered New Jersey municipal
bonds aggregating $1,025,000:
$85,000 4% Deptford Twp. gen. ref. bonds.
Dated Nov. 1, 1936 and due
Nov. 1 as follows: $10,000 from 1950 to 1956 incl.; $11,000 in 1957
and $4,000 in 1958.
Interest M-N.
100,000 4% Gloucester Twp. ref. bonds.
Dated Dec. 1, 1936 and due
$25,000 on Dec. 1 from 1950 to 1953 incl.
Interest J-D.
18,000 5% Neptune Twp. ref. bonds.
Dated Nov. 1, 1934 and due
Nov. 1, 1953.
Interest M-N.
10,000 434 % Neptune Twp. gen. ref. bonds.
Dated Feb. 1, 1937 and due
Feb. 1, 1951.
Interest F-A.
69,000 3H % Ocean Gate (Borough) ref. bonds.
Dated Nov. 1, 1939 and
due Nov. 1 as follows:
$3,000 from 1942 to 1944 incl.; $4,000,
1945 to 1949 incl. and $5,000from 1950 to 1957 incl.
Int. M-N.
18,000 4% Point Pleasant (Borough) water impt. bonds.
Dated Nov. 1,
1935 and due Nov. 1 as follows: $2,000 from 1950 to 1956 incl. and
$1,000 from 1957 to 1960 incl.
Interest M-N.
450,000 434% Raritan Twp. ref. bonds.
Dated June 1, 1936 and due
$50,000 on June 1 from 1951 to 1959 incl.
Interest J-D.
25,000 4M% Raritan Twp. ref. bonds.
Due Sept. 1 as follows: $3,000 in
1950 and 1951; $10,000, 1952; $3,000 in 1955 and $6,000 in 1958.
AMSTERDAM, N. Y.—BOND
Treasurer, will receive sealed bids
purchase of $297,000 not to exceed
on
M-S.
Raritan Twp. serial funding bonds.
Dated Sept. 1, 1936
1 as follows: $50,000 in 1950; $36,000 in 1951 and
$35,000 in 1953.
Interest M-S.
10,000 4M% Stratford (Borough) gen. ref. bonds.
Dated March 1, 1937
and due Sept. 1 as follows: $3,000 from 1950 to 1952 incl. and $1,000
in 1953.
Interest M-S.
80,000 4% Ventnor City ref. bonds.
Dated June 1, 1940 and due Dec. 1
as follows:
$2,000 in 1951; $40,000 in 1957 and $38,000 in 1958.
121,000 4M%
and due Sept.
Interest
J-D.
(Borough) gen. ref. bonds.
Dated Dec. 1,1940 and
follows: $14,000 in 1955 and $5,000 in 1956..
proposal should state the amount in dollars and cents bid for each
block of bonds, together with the basis price.
No down payment will be
required with the bid
19,000 4% Waldwick
due Dec. 1 as
Each
NEW
MILFORD
SCHOOL DISTRICT,
N. J .—BOND SALE—The
$279,000 4% coupon school refunding bonds offered by the State Teachers'
Pension and Annuity Fund on May 28—V. 152, p. 3380—were sold to
C. F. Childs& Co. and Ira Haupt & Co., both of New York, jointly, at a
YORK
NEW
ALBANY
LOCAL MUNICIPAL BONDS—Christopher
State Sinking Fund Commission, will receive
Interest
NEW YORK, N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
$1^000,000
State of—BONDS NOT SOLD—The
issue
4% State office building revenue debentures offered on
May 26—V. 152, p. 3226—was not sold as all bids were rejected. No date
has been set for the reoffering of these bonds.
NEW MEXICO,
NEW
Gavernment Bands
Tilney & Company
76 BEAVER STREET
of not to exceed
LYNDHURST
-
Housing Authority Bands
ALAMOGORDO, N. Mex.—BONDS SOLD—A $45,500 issue of 4M%
Paving District No. 2 bonds has been purchased jointly by Oswald F.
Benwell and George W. Vallery & Co., both of Denver.
Dated May 1,
1941.
Denom. $500.
Due on May 1 as follows: $5,000 in 1942 to 1946,
$4,000 in 1947 to 1950 and $4,500 in 1951.
Prin. and int. (M-N) payable
at the office of the Town Treasurer in Alamogordo.
Legality to be ap¬
(DST)
3%
3%
334%
C. P. Dunning & Co
Wiltse & deYoung, of
OFFERING—Frank A. Howlan, City
until 2 p. m. (DST) on June 3 for the
4% interest coupon or registered bonds,
divided as follows:
1942;
$179,000 public works bonds.
Due May 1 as follows: $29,000 in
$31,000, 1943; $17,000, 1944 to 1948 incl.; $5,000, 19491 to 1951
incl.; $3,000, 1952 to 1954 incl.; $2,000 in 1955 and 1956, and
$3,000 in 1957 and 1958.
118.000 home relief bonds. Due May 1 asfollows: $13,000 in 1942;
from 1943 to 1949 incl. and $7,000 in 1950.
„
$14,000
bonds will be dated May 1, 1941. Denom $1 000.
Bidder to
name a single rate of interest, expressed in a multiple of 34 or 1-10th of 1 %.
Principal and interest (M-N) payable at the First National Bank of Amster¬
dam
with New York exchange.
The bonds are general obligations of the
city,'payable from unlimited taxes. A certified check for $5,940,
to order of the city, must accompany each proposal. Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
bidder.
In the event that prior to the delivery of the bonds the income
received by private holders from bonds of the same type and character shall
be taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit
be returned.
All of the
payable
accompanying his bid will
.
BINGHAMTON, N. Y.—BOND OFFERING—Arthur J. Ogden, City
Comptroller, will receive sealed bids until 11 A.M. (EST) on June 5 for
the purchase of $95,000 not to exceed 5% interest coupon or registered
sewer bonds of 1941.
Dated June 1,1941. Denom. $1,000. Due June 1 as
follows: $10,000 from 1942 to 1950 incl. and $5,000 in 1951. Bidder to name
a single rate of interest, expressed in a multiple of
34 or 1-lOth of 1%.
Principal and interest (J-D) payable at the City Treasurer s office.
The
bonds are unlimited tax obligations of the city and the approving legal
opinion of Hawkins, Delafield & Longfellow of New York City will be
A certified check for 2% of the bonds,
City Comptroller, is required.
BROOKHAVEN (P. O. Patchogue), N. Y.—BOND SALE—The $94,625 coupon or registered bonds offered May 28—V. 152, p.
3380—were
awarded to Tilney & Co. of New York, as 1.20s, at a price of 100.03, a basis
furnished the
successful bidder.
payable to order of the
of about
1.195%. Sale consisted
of:
The Commercial & Financial Chronicle
3534
$85,500 welfare (home relief) bonds. One bond for $500, others for $1,000
each. Due May 1 as follows: $6,500 in 1942; $6,000. 1943 to
1946,
Incl.; $7,000 in 1947, and $8,000 from ig48 to 1953, incl.
,
9,125 works projects bonds.
One bond for $125, others $1,000 each.
Due May 1 as follows:
$1,125 in 1942 and $1,000 from 1943 to
19*50 incl
* .*
v
All of the bonds will be dated May 1, 1941.
Bidder—
.
* •, ■
'•
Other bids:
Int. Rate
Marine Trust Co. of Buffalo and R. D. White <fc Co.
Rate Bid
1.40%
1.40%
1.40%
1.40%
1*£%
Halsey, Stuart & Co., Inc._
A. C. Allyn& Co., Inc. and E. H. ltollins & Sons,Inc.
George B. Gibbons & Co., Inc.
Manufacturers & Traders Trust Co. and Adams,
McEntee & Co., Inc.
—
100.111
100.419
\Vt%
_
C. F. Childs & Co. and Sherwood & Co—-
100.349
100.43
100.397
100.209
The certificates will be delivered to the successful bidder at the office of the
Comptroller or at the Central Hanover Bank & Trust Co., 70 Broadway.
New York City, (the preferred place of delivery to be specified in the bid),
on
June 16, 1941, upon the payment of the balance due, plus accrued
interest.
AND
FORT
ERIE
PUBLIC
BRIDGE
AUTHORITY,
N. Y.—$40,000 BONDS CALLED FOR PAYMENT— Holders of first lien
5% 20-year bonds series A, due Jan. 1,1954 are advised by Manufacturers &
Traders Trust Co., Buffalo, and Lynn B. Spencer, trustees, that
$40,000
principal amount of this issue has been called by lot for redemption through
the sinking fund on July 1, 1941, at 101*3% of the principal amount
plus
accrued interest.
Payment will be made at the office of the bank, 284 Main
St., Buffalo, N. Y.
DANSVILLE, N. Y.—BOND SALE—The $52,000 coupon or registered
reservoir repair bonds offered May 28—V. 152, p. 3380—were awarded to
Stone & Webster and Blodget, Inc. of New York, as 1.60s, at a price of
100.157, a basis of about 1.59%.
Dated June 1, 1941 and due $2,000
nually on June 1 from 1942 to 1967 incl. Other bids:
Bidder—
Int. Rale
.
C. F. Childs & Co. and Sherwood & Co........
Blair & Co., Inc-E. H. Rollins & Sons, Inc
—______
1.70%
—
1.90%
—
--
___
Union Securities Corp
Hemphill, Noyes & Co
Gordon Graves & Co_
EAST
100.23
Par
100 528
100.50
1.90%
1.90%
1.90%
1.90%
2%
2.10%
——-
_
1960 incl.
100.499
100.409
100.317
100 13
AURORA, N. Y.—BOND SALE—The $21,700
100]59
100.321
coupon or
regis¬
tered water bonds offered May 28 were awarded to Stevens, Dann &
Co.,
Inc. of Buffalo, as Is, at par plus a premium of $1.50.
Dated May 1, 1941
One bond for $700, others $1,000 each.
Due Nov. 1 as follows:
$1,700
Principal and interest (N-M)
payable at the Erie County Trust Co., East Aurora, with New York
exchange.
The bonds are general obligations of the village, payable from
unlimited taxes.
Legality approved by Hawkins, Delafield & Longfellow
of New York City.
The Marine Trust Co. of Buffalo, second high bidder, offered a
premium
of $27 for l*£s.
Other bids:
Bidder—
Inf. Rate
___
______
Premium
1.25%
1.40%
1.50%
1.50%
Par
__
Manufacturers & Traders Trust Co..
R. D. White & Co.-_
George B. Gibbons & Co., Inc
__
$28.31
62.73
_
Blair & Co., Inc. and Bacon, Stevenson & Co.
Union Securities Corp
follows:
$4,000 home relief bonds, series of 1941.
Due $1,000 on June
1942 to 1945, inclusive.
21.000 public works bonds, series of 1941.
Due June 1 as follows:
from 1942 to 1945, inclusive, and $5,000 in 1946.
1
from
$4,000
All of
the bonds will be dated June
1, 1941.
Denom. $1,000.
Bidder
a single rate of
interest, expressed in a multiple of M or 1-10th of 1%.
Principal and interest (J-D) payable at the City Chamberlain s office, with
New York exchange.
General obligations of the city, payable from un¬
limited taxes.
A certified check for $600, payable to order of the
city, is
required.
Legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
In the event that prior to
the delivery of the bonds the income received
by private holders from
bonds of the same type and character shall be taxable
by the terms of any
Federal income tax law, the successful bidder
may, at his election, be
relieved of his obligations under the contract to
purchase the bonds, and
in such case the
deposit accompanying his bid will be returned.
to name
HORNELL CITY SCHOOL
DISTRICT, N. Y.—BONDS DEFEATED
an issue of
77.1 ^ election on May 13 the voters refused to authorize
$115,000 construction bonds.
LOCKPORT, N. Y.—BOND SALE—The $6,000 coupon or registered
improvement bonds offered May 28—V. 152, p. 3380—were awarded to the
Marine Trust Co. of Buffalo, as 1
J£s, at par.
Dated June 1, 1941 and due
June 1 as follows: $2,000 in 1942 and 1943 and
$1,000 in 1944 and 1945.
'
Int. Rate
Manufacturers & Traders Trust Co
Lockport Exchange Trust Co
c, e. weimg, white & Co
1.40%
1 40 %
Premium
100.541
100.458
100.27
100.22
100.239
100.20
CAROLINA
NORTH
COUNTY
(P. O. EHzabethtown), N. C.—BOND SALE—
road and bridge refunding and school refunding
bonds aggregating $159,000, offered for sale on May 27—V. 152, p. 3381—
were awarded to a syndicate composed of Campbell, Phelps & Co. of NewYork, the First Securities Corp. of Durham, Ryan, Sutherland & Co. of
Toledo, Fox, Reusch & Co. and P. E. Kline, Inc., both of Cincinnati,
paying a premium of $63.60, equal to 100.04, a net interest cost of about
3.17%, on the bonds divided as follows: $145,000 as 3*4s, due on June 1,
$5,000 in 1955 and 1956, $10,000 in 1957, $20,000 in 1958 to 1962 and
$25,000 in 1963; the remaining $14,000 as 3s, due on June 1,1964.
BLADEN
The coupon semi-annual
EAST SPENCER,
N. C.—BOND SALE—The following coupon semi¬
offered for sale on May 27—V. 152.
3381—were awarded to Lewis & Hall of Greensboro as 4*4s, paying a
premiumof $27, equal to 100.056, a basis of about 4.49%:
annual bonds, aggregating $47,500,
p.
$9,500 street improvement refunding bonds.
Due on June 1 in 1942 to
1951, inclusive.
24,000 water and light refunding bonds.
Due on June 1 in 1947 to 1959,
inclusive.
14,000 school refunding bonds.
Due
on
June 1 in 1952 to 1959, incl.
NORTH CAROLINA. State of—BOND OFFERING— Sealed bids will be
(EST), on June 5, by Charles M. Johnson, State
Treasurer, for the purchase of all or none of the following coupon or reg¬
istered bonds aggregating $965,000:
$90,000 North Carolina State College building bonds.
Due on April 1 as
follows: $20,000 in 1944, $10,000,1945and $20,000 in 1946 to 1948.
275,000 school for the deaf bonds.
Due on April 1 as follows: $60,000 in
1944, $35,000 in 1945 and $60,000 in 1946 to 1948.
600,000 Eastern North Carolina Sanatorium bonds.
Due on April 1 as
follows: $135,000 in 1944, $105,000, 1945 and $120,000 in 1946 to
received
until
noon
1948.
Denom. $1,000.
Dated April 1, 1941.
A separate bid for each issue
(not less than par and accrued interest) is required.
Rate or rates of in¬
terest to be in multiples of M of 1 %; each bid may name one rate for part of
the bonds of any issue (having the earliest maturities) and another 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.
Prin. and int. payable at the State Treasurer's office, or in N. Y. City at
the holder's option; general obligations; the full faith and credit of the State
are pledged to the payment of the principal and interest of the bonds.
The
bonds will be awarded to the bidder offering to purchase the bonds at the
lowest interest cost to the State, 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.
Delivery of bonds
will be made on or about June 24, at place of purchaser's choice.
Bids are
required on forms to be furnished by the State Treasurer.
RALEIGH, N. C.—NOTES SOLD—The City Clerk states that $25,000
Bank &
bond anticipation notes have been purchased by the First Citizens
Trust Co. of Raleigh, at 0.44%.
Due in four months.
ROBESON
COUNTY
(P.
O.
Lumberton),
The $100,000 coupon semi-ann. court house and
N. C.—BOND SALE—
jail bonds offered for sale
May 27—V. 152, p. 3381—were awarded jointly to R. S. Dickson &
Co., and the Southern Investment Co., both of Charlotte, paying a premium
of $11, equal to 100.011, a net interest cost of about 2.04%, on tne bonds
divided as follows: $92,000 as 2s, due on June 1, $8,000 in 1943; $4,000,
1944; $8,000. 1945; $4,000, 1946; $8,000, 1947; $4,000, 1948: $8,000, 1949
Sherwood & Co., both of New York, jointly,
as
$7.26
1.40s, at a price of
100.11, a basis of about 1,38%. Sale consisted of:
$76,000 street improvement bonds. Due June 1 as follows:
lodnnnt3; $7&°,°n'
$6,000 in 1942
J94,6 incl- S8'000 in 1947 and 1948' and
$9,000 from 1949 to 1951 incl.
5,700 tax revenue bonds.
Due June 1
$1,000 from 1943 to 1945 incl.
as
All of the bonds will be dated June
1,1941.
follows:
$2,700 in 1942 and
140%
Rate Bid
100 019
Centre,"and
1*4%
100 405
1*1%
100:37
1 *3%
100.289
1.60%
:
100.05
MOUNT VERNON, N. Y.—BOND ISSUE DETAILS—The
$302,000
3% city bonds purchased at par by the municipal sinking funds—V. 152,
?• ?2§9~I^a^ee]Sl^ Lan8 f?dows: $41,000 in 1942; $40,000, 1943; $39,000
•n tnil andi \9A% $28,000, 1946 to 1949 incl.; $29,000 in 1950; and $1,000
in
1951 and 1952.
(CITY
AND
TOWN)
UNION
FREE
SCHOOL
DISTRICT NO. 1 N.Y .—BOND SALE—The $157,400 coupon or regis¬
tered school bonds offered May 28—V.
152, p. 3227—were awarded to
George B. Gibbons & Co., Inc., New York, as 1.20s, at a price of 100.179,
remaining $8,000 as l^s, due on June 1,1956.
NORTH
DAKOTA
BURLEIGH COUNTY (P. O. Bismarck), N. Dak .—BOND
bids will be received until 2 p. m. on June 5 by
ING—Sealed
OFFERm
Adolph
Schlenker, County Auditor, for the purchase of a $380,000 issue of refunding
bonds.
Interest rate is not
to
exceed 2*£%,
payable J-D.
Denom.
$1,000.
Dated June 15, 1941.
Due June 15 as follows;
$16,000 in 1942
to 1946, and $20,000 in 1947 to 1961.
Subject to redemption and prior
payment at the option of the county on June 15, 1946, and on any interest
payment date thereafter, at par and accrued interest.
Prin. and int.
payable at any suitable bank or trust company designated by the successful
bidder.
The county will furnish the printed bonds and approving legal
opinion of Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis
without cost to the purchaser.
No bid of less than par and accrued interest
will be considered, and all bids must be unconditional.
Enclose a certified
check for not less than $7,600, payable to the County Auditor.
DEVILS LAKE, N. Dak.—BONDS SOLD—The Secretary of the Board
3% semi-annual winter sports
building bonds approved by the voters last June, have been purchased at
par by the Workmen's Compensation Bureau.
Due as follows: $500Ain
1942 and 1943, and $1,000 in 1944 to 1952.
of Park Commissioners states that $10,000
FORMAN SCHOOL DISTRICT (P. O. Forman), N. Dak.—BOND
ELECTION—The issuance of $21,000 not to exceed 4% construction bonds
will be submitted to a vote at an election scheduled for June 3, according
to report.
fe
few
PIERCE COUNTY (P. O.
The issuance of $127,000 not
will be submitted to a vote at
Rugby), N. Dak.—BOND ELECTION—
exceed 3% semi-annual funding bonds
election scheduled for June 2, according
to report.
Dated June 1, 1941.
Due on June 1 as follows:
$7,000 in
1944; $8,000, 1945 to 1954, and $10,000 in 1955 to 1958.
to
an
OHIO
AKRON, Ohio— 70 CONCLUDE YEAR'S FINANCING—An effort to
conclude all of the city's refinancing and bond selling for 1941 in a single
sale next month is to be made.
Issues of $910,000 bond refunding and
$700,000 waterworks bonds will finish the financing for the year, according
to Philip Ferguson, finance director.
The two issues will make a total of
$1,985,000 city bonds issued this year.
Already sold are $175,000 to settle the relief and hospitalization deficits
for 1940.
On June 2, $200,000 worth of bonds will be sold to finance the
food and cotton stamp relief plan.
Bonds to be paid off this year total $3,230,188.
In addition the city will
pay $355,000 in relief notes and $1,500,000 in interest on bond debt. M
Exclusive of the relief notes, the city will make a net reduction m bond
debt of $1,245,188 this year even in the face of the new issues Mr. Ferguson
explained.* Bt
*
.
.
.
Other bids:
Int- Rate
Tilney & Co_
Nassau County National Bank, Rockville
Starkweather & Co
R. D. white & co—
Manufacturers & Traders Trust Co
H. L. Allen & Co
to 1955; the
Par
5.00
MALVERNE, N. Y.—BOND SALE—The $81,700 coupon or registered
May 28—V. 152, p. 3380—were awarded to C. F. Childs &
^NORWICH
1-40%
1.40 %
1.40%
1.40%
1*4%
1.60%
100.11
and the First National Bank of Boston.
i.70%
bonds offered
??
100.065
100.781
YONKERS, N. Y.—NOTE SALE—W. A. Schubert, City Comptroller,
reports that $100,000 tax notes were sold on May 23 at 0.25% interest
rate, as follows: $250,000 each to the Chase National Bank of New York
23.65
HORNELL, N. Y.—BOND OFFERING—Howard P. Babcock, City
Chamberlain, will receive sealed bids until 2 p. m. (DST) on June 12 for the
purchase of $25,000 not to exceed 6% interest coupon or registered bonds,
inn
100.067
1 -30%
1.40%
__—-------
Manufacturers & Traders Trust Co. and Adams, McEn¬
tee & Co., Inc.
E. H. Rollins & Sons, Inc. and A. C. Allyn & Co., Inc.
H. L. Allen & Co. and Minsch, Monell & Co., Inc.—_
Rate Bid
1.30%
1.30%
54.25
1.50%
-
Bidder—
Co—_
on
Erie County Trust Co
Union Securities Corp
as
Int. Rate
Halsey, Stuart & Co., Inc
Roosevelt & Weigold, Inc
In 1941 and $2,000 from 1942 to 1951, incl.
divided
Other bids:
Bidder—
Kean, Taylor & Co. and Langdon B. Wood &
C. F. Childs & Co. and Sherwood & Co
100.22
100.394
l%%
\%%
1.90%
Citizens Trust Co. of Fredonia
Marine Trust Co. of Buffalo
?• £' ^,hiteA?0-;-
an¬
Rate Bid
_____
A. C. Allyn & Co., Inc-.-_
George B. Gibbons & Co., Inc
Manufacture s & Traders Trust Co. of Buffalo
May 31, 1941
Dated June 1, 1941 and due June 1 as follows:
$7,400 in 1942; $7,000 from 1943 to 1952 incl. and $10,000 from 1953 to
-
Marine Trust Co. of Buffalo and R. D. White & Co__
BUFFALO, N. Y.—CERTIFICATE OFFERING—Frank M. Davis,
City Comptroller, will receive sealed bids until 11 a. m. (D8T) on June 5
for the purchase of $3,600,000 not to exceed 6% interest tax anticipation
certificates of indebtedness, consisting of $475,000series of 1936-37, $750,000
of 1937-38, $775,000 of 1938-39, $600,000 of 1939 and 1940, and $900,000
of 1940-41. The certificates will be dated June 15,1941 and mature Dec. 15,
1941.
Interest will be payable at maturity of certificates, and both prin¬
cipal and interest will be payable at the City Comptroller's office, or at the
Central Hanover Bank & Trust Co., New York City, at the option of the
holder.
Bidder to name one rate of interest expressed in multiples of any
fraction of 1% and to state denoms. desired, which must be in multiples of
$5,000. Legal opinion of Caldwell & Raymond, of New York City, will be
furnished the successful bidder.
A certified check for $70,000, payable to
order of the City Comptroller, is required.
Since certificates for any fiscal
year may not be issued in excess of the amount of taxes for such fiscal year
remaining uncollected at the time of the delivery, the right is reserved to
reduce the amount of certificates awarded for such fiscal year
accordingly.
BUFFALO
basis of about 1 -18%
a
.
..
.
BAINBRIDGE, Ohio—BOND SALE—The $26,000 municipal electric
light, heat and power plant and water system mortgage bonds offered
May 27—V. 152, p. 3382—were awarded to Bliss Bowman & Co. of Toledo.
Dated May 1, 1941 and due $1,000 on March 1 and Sept. 1 from 1942 to
1954 incl.
■
CAMDEN, Ohio—BIDS REJECTED—NEW OFFERING ANNOUNCED
issue of $111,600 not to exceed
6% interest electric light and power first mortgage revenue bonds—V. 152,
p. 2905—were rejected.
A new offering has been announced with sealed
bids to be received by S. M. Seaton, Village Clerk, until noon on June 16.
—All of the bids received May 12 for the
CLEVELAND,
It is reported
Ohio—PLANS $4,000,000 REFUNDING ISSUE—
been fixed as the tentative date on which
that July 9 has
Volume
sealed
bids
The Commercial &
152
will
received
be
for
the
purchase of an issue
of $4,000,000
refunding bonds.
Brooklyn Station, Cleve¬
land), Ohio—BOND OFFERING—George J. Gallitz, Village Clerk, will
CUYAHOGA HEIGHTS (P. O. R. F. D.,
$2O,OO0 4%
sewer bonds.
Dated June 15, 1941. Denom. $1,000. Due $2,000 annually
on Oct.
1 from 1942 to 1951 incl.
Bidder may name a different rate of
interest provided that fractional rates are expressed in a multiple of 34 of
1%.
Principal and interest (A-O) payable at the Cleveland Trust Co.,
Cleveland.
A certified check for 1 % of the bonds bid for, payable to order
of
receive sealed bids until noon on June 7 for the purchase
of the City Treasurer, is
required.
24—
Co., Inc. of Cincinnati.
FRANKLIN, Ohio—BOND SALE—The $20,500 bonds offered May
V. 152, p. 3382—were awarded to J. A. White &
Sale consisted of:
$10,000 special
assessment
Dated April 1,
bonds.
street improvement
3535
Financial Chronicle
1942 to 1951 incl.
3,000 street improvement bonds. Dated April 1, 1941 and due $300 on
April 1 from 1942 to 1951 incl.
7,500 street improvement bonds.
Dated May 1, 1941 and due May 1
as follows:
$500 from 1942 to 1946 incl. and $1,000 from 1947 to
1941 and due $1,000 on April 1 from
1951 incl.
ing group reoffered the bonds at prices to yield from
according to maturity.
Other bids:
0.50% to 1.15%,
Int. Rate
Bidder—
First Boston Corp.; Blair & Co.,
Rate Bid
Inc.; Butcher & Sher-
134%
101.489
Barney & Co.; Merrill Lynch, E. A. Pierce & Cassatt;
W. H. Newbold's Son & Co. and E. W. Clark & Co.. 1 >4%
101.416
rerd; E. Lowber Stokes & Co., and Alex. Brown & Sons
Drexel & Co.; Harriman Ripley & Co.*, Inc.; Smith,
Dougherty, Corkran
&
Co.;
Harris Trust & Sayings
Bank; Graham, Parsons & Co.; Shields & Co.; Singer,
Deane & Scribner; G. M.-P. Murphy & Co., and H. T.
Greenwood & Co
134%
101.329
134%
101.189
134%
100.801
134%
102.32
Stuart & Co., Inc.; Hemphill, Noyes & Co.;
& Co.; Schmidt, Poole & Co.; George E.
Snyder & Co., and Glover & MacGregor
Bankers Trust Co. of New York; Lazard Freres & Co.,
Halsey,
Yarnall
and Kidder, Peabody &
Co
•National City Bank of New York; Blyth & Co., Inc.;
R. W. Pressprich & Co., and Harrisburg Trust Co_.
DISTRICT (P. O. Erie), Pa.—
PLANS BOND SALE—H. C. Markwood, Secretary of the Board of Educa¬
tion reports that an issue of $34,000 2 34 % construction bonds will be offered
for sale about July 1.
MILLCREEK TOWNSHIP SCHOOL
,
GRANVILLE VILLAGE
SCHOOL DISTRICT, Ohio—BOND
TION—An election will be held June 17 on the question of
ELEC¬
issuing $138,000
construction bonds.
SCHOOL DISTRICT, Ohio—BOND ELEC¬
TION—An election will be held June 17 on the question of issuing $32,000
VILLAGE
HARRISON
ROSS TOWNSHIP
of Education.
$9,000
SALE—The
Ohio—BOND
incinerator
bonds
152, p. 3060—were awarded to J. A. White & Co. of
13£s, at par plus a premium of $37, equal to 100.411, a
basis of about 1.13%.
Dated April 1, 1941, and due Oct. 1 as follows:
$1,000 in 1942 and $2,000 from 1943 to 1946, incl.
The $5,000 parks, playground and equipment bonds offered the same
day were sold to Seasongood & Mayer, of Cincinnati, as 134s, at par plus
a premium of $12.85, equal to 100.257, a basis of about 1.18%.
Dated
April 1, 1941.
Due $1,000 on Oct. 1 from 1942 to 1946, incl.
offered May 1£1—V.
as
TOWNSHIP
PAINT
& Lynch, of Pittsburgh,
follows:
1951 to
1976 incl.
DISTRICT, Ohio—BOND ISSUE DETAILS—
The $150,000 3 34% unlimited tax refunding bonds mentioned in V. 152, p.
3228, as having been purchased by Nelson, Browning & Co. of Cincinnati,
originally had been exchanged, at par, through Walter, Woody & Heimerdinger, of Cincinnati, according to Margaret Lambe, Clerk of the Board
I RONTON SCHOOL
NORWOOD,
(P. O. Perrysville), Pa .—BOND
Due serially on April 1 from
series A bonds.
$525,000 3 34%
construction bonds.
Cincinnati,
AUTHORITY
SALE—A syndicate headed by Moore, Leonard
purchased $1,025,000 water revenue bonds, as
RURAL
DISTRICT
SCHOOL
(P.
O.
Wine-
burg), Ohio—BOND ELECTION—An election will be held .Time 3 on the
question of issuing $7,500 construction bonds to mature within three years.
SCIOTO COUNTY
(P. O. Portsmouth), Ohio—BOND
SALE—The
$22,000 2H% coupon bonds offered May 27—V. 152, p. 3382—were
awarded to Ryan, Sutherland & Co. of Toledo, as 134s, at par plus a pre¬
mium of $97.50, equal to 100.443, a basis of about 1.42%.
Dated May 15,
1941 and due Sept. 15 as follows:
$2,000 from
from 1947 to 1950, incl.
Second high bid of
1942 to 1946, incl. and $3,000
100.43 for 134s was made by
Due April 1, 1976.
All of the bonds bear date of April 1, 1941.
Denom. $1,000.
Series A
bonds maturing in years 1972 to 1975 incl. are callable on and after April 1,
1943, on 30 days' notice in inverse order of maturity at par and accrued
interest.
All other bonds of either series are callable on 30 days' notice
on and after April 1, 1946, at the following prices: 105 if called from April 1,
1946 to April 1, 1950, 104 if called thereafter to April 1, 1955, 103 there¬
after to April 1, 1960, 102 thereafter to April 1, 1965, 101 thereafter to
April 1, 1970 and 10034 thereafter if called prior to maturity.
Series A
bonds maturing in 1951 to 1971 are callable only in inverse order of maturity
500,000 334 % series bonds.
and after or
simultaneously with redemption of all series B
bonds.
Principal and interest (A-O) payable at the Commonwealth Trust Co.,
The bonds are payable solely from revenue derived from the
Pittsburgh.
Legality approved by Burgwin,
operation of the water system.
Scully &
Churchill of Pittsburgh.
SOUTH
SHENANGO TOWNSHIP SCHOOL DISTRICT
(P. O.
Jamestown), Pa .—BOND SALE DETAILS—'The $12,000 2% school
bonds reported sold in V. 152, p. 3383—were purchased by the First Na¬
tional Bank of Sharon, at par plus a premium of $120, equal to 101, a
basis of about 1.87%.
Due $1,000 on May 1 from 1943 to 1946 incl.; 1948
to 1951 incl. and from 1953 to 1956 incl.
SALE DETAILS—
Phillips, Schmertz & Co. of
bankers at a price of 101.543,
JAMESTOWN SCHOOL DISTRICT, Pa .—BOND
2% school bonds purchased by
Pittsburgh—V. 152, p. 3383—were sold to the
a basis of about 1.84% .
The $16,000
Stranahan, Harris & Co., Inc. of Toledo.
STRUTHERS,
VOTED—At an election on May
$40,000 street improvement bonds.
Ohio—BONDS
the voters authorized an issue of
20
WILLOWICK, Ohio—BONDS PURCHASED—In connection with the
on May 23 of refunding bonds, William C. Dettman, Village
$6,000 at 65, and $5,000 at 66.
call for tenders
Clerk, reports the purchase of $5,000 at 64,
MANNING, S. C.—BONDS
&
CHICKASHA, Ok 1 a.*—BOND SALE—The $85,000 semi-annual airport
152, p. 3228—were awarded to the
City, at a net interest cost of about
1.57%, divided as follows: $14,000 as 234s, due $7,000 in 1945 and 1946,
the remaining $71,000 as 134s, due $7,000 in 1947 to 1955, and $8,000 in
bonds offered for sale on May 22—V.
Baum, Bernheimer Co. of Kansas
"
SOLD—A $98,000 issue of 3 34%
semi-ann.
have been purchased by G. H. Crawford
Dated May 1, 1941.
Denoms. $1,000 and
secured refunding bonds is said to
OKLAHOMA
1956.
CAROLINA
SOUTH
SCHOOL DISTRICT NO. 47 (P.O. Lake City), S. C.—
BONDS A UTHORIZED—An act has been passed by the State Legislature
calling for the issuance of $12,000 auditorium bonds.
LAKE CITY
of Columbia, at par.
1952
$500.
Due May 1, as follows: $5,000 in 1942 to 1951, and $6,000 in
to 1959.
Prin. and int. payable at the Central Hanover Bank & Trust
of New York.
Legality approved by Samuel Want of Darlington,
Co.
and
Huger Sinkler of Charleston.
COUNTY
PICKENS
(P.
O.
Pickens),
C.—BOND SALE—The
S.
3384
•
„
Co.
$25,000 semi-annual road bonds offered for sale on May 23—V. 152, p.
awarded to R. S. Dickson & Co. of Charlotte as 2s, paying a pre¬
mium of $107.50, equal to 100.43, a basis of about 1.92%.
Dated May 1.
1941.
Due on May 1 in 1942 to 1951, inclusive.
ENID, Okla.—BOND OFFERING—Sealed bids will be received until
10 a. m. on June 2, by F. K. Beekman, City Clerk, for the purchase of a
$300,000 issue of airport bonds. Due $37,000 in 1945 to 1951, and $41,000
in 1952.
The bonds will be sold to the bidder offering the lowest rate of
interest and agreeing to pay par and accrued interest. A certified check for
2% of the amount of bid is required.
—were
McALESTER, Okla.—BOND SALE DETAILS—The City Clerk states
that the $25,000 coupon semi-annual city hall bonds awarded to the First
National Bank & Trust Co. of Oklahoma City, as reported—V. 152, p. 3383
—were purchased at an average net interest cost of 1.675%.
Due in 1944
to 1951, inclusive.
FOURCHE, S. Dak.—ADDITIONAL INFORMATION—In
connection with the $100,000 254 % semi-annual refunding bonds exchanged
with the original holders through the Allison-Williams Co. of Minneapolis—
V. 152, p. 3384—it is stated by the City Auditor that the bonds mature on
Dec. 1 as follows: $7,000 in 1942 to 1946; $8,000, 1947 to 1951; $12,000.
1952, and $13,000 in 1953; bonds maturing on and after 1952 are subject
to call on June 1,1946, or at any interest date thereafter, at par plus accrued
OKLAHOMA,
ENNIUM—In
an
State
of—REVENUES
EXPECTED
estimate made by the Oklahoma Board
IN NEXT BIof Equalization as
required by the budget balancing amendment adopted in March, revenue
of the general fund in the next biennium will be $51,182,569, including
$25,696,157 the first year and $25,586,402 in the second year.
Governor
Leon C. Phillips is reported as regarding this amount as sufficient to bal¬
ance the budget after some appropriation items are eliminated or reduced.
The Board estimated at $8,635,857 the first year and $8,672,102 the
second year the total of new and increased taxes
since the first revenue estimate was made several
voted by the Legislature
SOUTH
DAKOTA
BELLE
interest.
INDEPENDENT SCHOOL DISTRICT (P. O. Java), S. Dak.—
$45,500 semi-ann. refunding bends offered/for sale on
152, p. 3384—were purchased by the State School Fund, as 3s,
at par, according to the District Clerk.
Due on Jan. 1 in 1944 to 1961;
callable on and after July 1, 1946.
No other bid was received.
MMffl
JAVA
BOND SALE—The
May 23—V.
in
MITCHELL, S. Dak.—BOND SALE— The $10,000 s.-a. storm sewer
for sale on May 26—Y. 152, p. 3229—were awarded to Gefkeof Sioux Falls as 254s, paying a price of 100.50, a basis of
about 2.14%.
Dated May 1, 1941.
Due on May 1 in 1943 to 1961;
optional on and after May 1, 1946.
27 (P. O. Yukon), Okla.—BOND
SALE—The following coupon semi-annual bonds, aggregating $24,500,
offered for sale on May 22—V. 152, p. 3228—were awarded to the First
National Bank & Trust Co. of Oklahoma City, as 2s, paying a premium of
$80, equal to 100.326, a basis of about 1.955%:
ACCEPTED—In connection with the call for tenders on May 20 of refunding
bonds, the County Treasurer states that the county purchased $5,000
bonds, maturing in 1954, 1955 and 1956, at 92.00; $5,000 bonds, maturing
in 1951 and 1952, at 95.00, and $6,000 bonds, maturing In 1947, 1948
1957, at 97.50.
weeks ago.
Reports at the Capitol indicated a surplus of $1,000,000 at the end of
the biennium.
Such reports, however, did not alter the purpose of Gov¬
Phillips to eliminate appropriation items not considered necessary.
By terms of the amendment, the Legislature may not appropriate
of the board of equalization estimate of revenue.
ernor
excess
YUKON SCHOOL DISTRICT NO.
$11,500 gymnasium building and equipment bonds.
Due $1,000 in
to 1954, and $500, 1955.
7,500 school site repair bonds. Due $500 in 1944 to 1958, inclusive.
5,500 vocational school building and furniture bonds.
Due $500 in
to 1954, inclusive.
1944
bonds offered
Dalton & Co.
PERKINS
OREGON
O.
Bison)
S.
Dak.—BOND TENDERS
and
ROSLYN, S. Dak.—BOND
until June 9, by
1944
(P.
COUNTY
OFFERING— Sealed bids will be received
the purchase of $4,000
Pearl H. Bankol, Town Clerk, for
bonds. Interest payable J-J. Dated May 1,
1941.
Due $500 Jan. 2, 1943 to 1950.
The town has the option of re¬
deeming any and all bonds on Jan. 2, 1943, or any interest paying date
thereafter.
Prin. and int. payable at the Farmers & Merchants Bank,?
Roslyn.
Enclose a certified check for 10% of bid, payable to the Town
5%
coupon
water system
Treasurer.
SALE—The $120,000 issue of semi-annual
for sale on May 26—V. 152, p. 3382—
Commission as 234s, paying a price of
101.17, a basis of about 2.51%.
Dated July 1, 1941.
Due on July 1 in
1946 to 1953; optional on and after July 1, 1946.
SEASIDE,
Ore.—BOND
TENNESSEE
refunding, series C, bonds offered
was awarded to the State Bond
PENNSYLVANIA
BROOKVILLE, Pa.—BOND SALE—The $18,000 234% coupon water
and sewer improvement bonds offered May 23—V.
152, p. 3383—were
awarded to E. H. Rollins & Sons, Inc. of Philadelphia, at par plus a premium
of $1,058.22, equal to 105.867, abasisof about 1.61%.
DatedMay 1, 1941
and due as follows:
$4,000 in 1947, $10,000 in 1948 and $4,000 in 1949.
Second high bid of 105.195 was made by Phillips, Schmertz & Co. of Pitts¬
burgh.
COALDALE, Pa.—GRANTS OPTION ON BOND
3 % series A coupon
DAUPHIN
ISSUE—The $176,000
refunding and funding bonds offered May 22—V. 152,
3383—were taken on option, at par, by M. M.
adelphia.
Dated May 1,1941 and due Nov. 1 as
$5,000, 1943 to 1948 incl.; $10,000, 1949 to 1955
1956 to 1960 incl.
p.
COUNTY
(P.
Freeman & Co. of Phil¬
follows: $1,000 in 1942:
incl., and $15,000 from
O. Harrisburg), Pa.—BOND SALE— The
$1,700,000 coupon series B courthouse bonds offered May 27—V. 152,
p. 3061—were awarded to a syndicate composed of Stranahan, Harris &
Co., Inc., of Toledo; Stroud & Co., Charles Clark & Co., Barclay, Moore
& Co., Walter Stokes & Co. and Dolphin & Co., Inc., all of Philadelphia,
as 134s, at a price of 101.819,fa basis of about 1.11%.
Dated June 1, 1941
and due June 1 as follows: $60,000 from 1944 to 1948 incl.; $70,000, 1949
to 1953 incl.; $75,000,
1954 to 1957 incl.; $80,000, 1958 to 1961 incl.;
$85,000 from 1962 to 1965 incl. and $90,000 in 1966.
The successful bank¬
ATHENS, Tenn.—BONDS SOLD—A $46,000 issue of 3 54%
annual refunding bonds is said to have been purchased on May 19
semi¬
by a
avidson, and of Fidelity-Bankers Trust Co., both Nashville, Booker &
Soup composedthe the Cumberland Securities Corp. ofof Knoxville.
DECATUR
COUNTY (P.
O. Decaturville),
Tenn.—BOND SALE
DEFERRED—It is stated by Otto Milam, County Judge, that the sale of
$42,000 public building bonds has been delayed due to threatened
litigation.
The offering had been scheduled originally for May
152,p. 3229.
the
15—V.
CALL—It is stated by E. J. Quillen,
City Recorder and Treasurer, that the following refunding bonds are being
called for payment on July 1:
Series B, 1940, 4%, Nos. 1 to 158, $99,600.
SeriesD, 1940. 414%, Nos. 1 to 212, 220 to 224, and 227, $182,000.
Series F, 1940, 454%. Nos. 1 to 429, 432
to 462, and 464 to 468,
JOHNSON CITY, Tenn.—BOND
^Serh*7H45%, Nos. 1 to 105,107 to 158,160 to 203,209 to 238, and 240 to
24Dated96ct8ini940. Due Jan. 1,1970.
called for payment at par and accrued interest and
presented totheChemical Bank & Trust Co., New York City, with
all subsequent coupons attached .
Said bonds are
be
should
July 1,
1941, and
KNOXVILLE, Tenn.—PA YING
serially
AGENT APPOINTED—'The National
York has been appointed New York
Authority 254, 2H, and 3% series A
from June 1,1941 to 1954, inclusive.
Bank of New
Knoxville Housing
Citv
paying agent on
bonds, maturing
The Commercial & Financial Chronicle
3536
LAWRENCEBURG, Tenn.—BONDS SOLD—The City Clerk
that $200,000 city bonds
t
sold.
reports.
approved by the Legislature in February, have been
!;:v/
Tenn.—BOND SALE DETAILS—'The Town Recorder
$70,000 power system revenue bonds sold to Gray, Shillinglaw & Co. of Nashville, as reported in V. 152, p. 3384, were purchased as
follows: $9,000, maturing $3,000 June 1, 1942 to 1944, as 234s; $9,000,
maturing $3,000 June 1, 1945 to 1947, as 23^s; $12,000, maturing $4,000
June 1, 1948 to 1950, as 2^s; and $40,000, maturing June 1, $4,000 in 1951
r
PULASKI,
1955, and $5,000 in 1956 to 1959, as 3s.
WARREN COUNTY (P.O. McMinnville) Tenn^—BONDS VOTED—
an election held on May 15 the voters are said to have approved the
issuance of $125,000 school improvement bonds.
At
TEXAS
AGUA DULCE, Texas—BONDS SOLD-—The City Secretary states that
the $35,000 water works revenue semi-annual bonds offered for sale without
,
KENNEWICK (P. O.
Kcnnewlck), Wash.—BONDS
of the Port Commission states that $24,000
election held on May 21.
These
to be offered for sale In the near future.
PORT OF
VOTED—The
Secretary
bonds were approved by the voters at an
bonds are
TACOMA,
Wash.—BOND
OFFERING
NOT
SCHEDULED—It
IS
A. Swayze, City Comptroller, that no date of sale has been
$8,000,000 power plant bonds,
r.
-
stated by T.
set for the
WEST
i
AGRICULTURAL AND MECHANICAL COLLECE
OF TEXAS
(P. O. College Station), Texajs—BONDS SOLD—It is stated by E, N.
Holmgreen, Business Manager, that an issue of $1,220,000 semi-annual
building revenue bonds was offered for sale on May 23 and was awarded
to a syndicate composed of Moroney & Co. of Houston, Garrett & Co. of,
Dallas, and Dewar, Robertson & Pancoast of San Antonio, as 3)£s, paying
a premium of $8,540, equal to 100.70.
Due in 1943 to 1971.
1 from 1942 to 1956
F. W. Home & Co.
'
•
'
WASHINGTON
states that the
to
May 31, 1941
Dated May 1, 1941 and due $3,000 annually on Nov.
incl.
Second high bid of 100.31 for 2Ms was made by
of Hartford. .
VIRGINIA
CHARLESTON, W. Va.—BOND ELECTION—The voters on June 3
will pass on a proposed $500,000 234 % bond issue to finance Morris Harvey
College's removal to a site in South Ruffner into a three-story, fireproof
building.
The college would pay $22,000 a year—which would amortize
the bonds over a 34-year period—on a lease which would secure the city's
ownership until the debt is cleared.
AUTHORIZATION DEFERRED—It was stated subsequently by H. C.
Walker, City Clerk, that the ordinance calling for the issuance of the above
bonds, has been tabled.
HUNTINGTON, W. Va.—BONDS SOLD—A $377,000 issue of 3M%
last August, as noted here at the time, have been purchased by the
Wachob-Bender Corp. of Omaha, as 434s.
semi-ann. eastern section flood control revenue bonds has been purchased
CLARKSVILLE, Texas—BONDS SOLD—>The City Clerk states that
by Charles A. Hinsch & Co., and Nelson, Browning & Co., both of Cin¬
cinnati, jointly.
Dated May 1, 1941.
Denom. $1,000. Due May 1, as
follows:
$3,000 in 1944, $7,000 in 1945 to 1947. $8,000 in 1948 to 1951,
success
$15,000 drainage improvement bonds approved by the voters last October
have been purchased by the First National Bank of Clarksville at par.
DAYTON INDEPENDENT SCHOOL DISTRICT (P. O. Dayton)
Texas—BONDS SOLD—The Superintendent of Schools states that $60,000
building bonds approved by the voters at an election held on Feb. 3, have
been purchased by Charles B. White & Co. of Houston, at a net interest
cost of 1.93%.
$9,000 in 1952 to 1955, $10,000 in 1956 to 1958, $11,000 in 1959 and I960,
$12,000 in 1961 to 1963, $13,000 in 1964 to 1966, $14,000 in 1967 and 1968,
$15,000 in 1969 and 1970, and $100,000 in 1971. Redeemable as a whole or
in part on Jay 1, 1946, or any interest date thereafter, in inverse order, at
103 on May 1, 1946, or thereafter to and including May 1, 1951: at 102.50
thereafter to and including May 1.1956; at 102.00 thereafter to and including
May 1, 1961; at 101.50 thereafter to and including May 1, 1966; at 101
and including May 1, 1970.
Prin. and int. payable at the
Legality approved by Chapman & Cutler,
of Chicago.
s
thereafter to
EASTLAND,
Texas—DEBT
COMPOSITION
PLAN
FILED—'The
creditors of the above city are being notified that a petition for confirmation
of a plan of composition for the indebtedness of the city has been filed in the
United States District Court for the Northern District of Texas. A
hearing
on the petition will be held in the Federal Building,
Dallas, Texas, on
July 25, at 10:00 o'clock a. m.
Any creditor affected by the plan may file an answer to the plan at any
time not less than 10 days prior to the time fixed for the hearing.
Claims
and interest of the creditors are to be evidenced by written
acceptance of
the plan filed with the clerk of the court on or before the date of the hearing.
EL PASO COUNTY
DISTRICT NO. 1 (P.
WATER
O.
CONTROL
Ysleta),
AND
Texas—BOND
IMPROVEMENT
ELECTION—'The
issuance of $700,000 water and sewer system bonds will be submitted to the
voters at an election scheduled for June 7, according to report.
FORTH
WORTH,
Texas—FISCAL
STATUS
SURVEYED—'The
general obligation debt of the above city entitles it to be accorded a fair
credit rating despite several adverse factors, such as accumulated overdraft
in
the
general fund and slow debt retirement,
Freres
&
Co.
unfavorable
concerned
so
are
Five
far
favorable
as
influences
in the
that
more
opinion of Lazard
than
the
counter
the present
empahsized
and near-term outlook of the city are
by the investment house, following a survey
of the city's fiscal situation.
The overdraft is not particularly
issued in connection with the
disturbing, according to the report
study, "as it has not reached alarming
portions and there still is
pro¬
possibility that it will be liquidated finally
without funding."
It finds "more disconcerting," however, the lagging
progress on debt retirement, the result of a policy of issuing serial bonds
with stepped-up maturities.
Continuation of that policy, the report says, "may result eventually
in a dangerous increase in debt unless new
borrowing is kept at a mini¬
mum, by financing a substantial part of future capital requirements from
ordinary revenues."
"As yet," the report assures, "there is no indication of
any definite
trend upward in the debt from a long-term point of view."
Among the factors listed as having a favorable influence on the city's
credit are the diversified industrial and economic
background, conservative
budgetary policy in effect, continued improvement of a noteworthy nature
in tax collections, profitable
management of the water works system, and
the city's location in the center of an area of
unusually rapid industrial
and population growth.
.
a
FREEPORT INDEPENDENT SCHOOL DISTRICT
(P. O. Freeport)
the
Texas-—BONDS SOLD—It is stated by the Secretary-Treasurer of
Board of Education that $120,000
2% semi-ann. construction bonds
proved by the voters last October, have
Beane of Houston. Due in five yeras.
been purchased
ap¬
by Fenner
&
GALVESTON, Texas—BOIVD OFFERING DETAILS—In
connection
offering scheduled for June 5 of the various not to exceed 3%
semi-ann. bonds aggregating $700,000, reported on May 24—V.
152, p. 3384—it is stated by James G. Tompkins, Commissioner of Finance
and Revenue, that the bonds mature as follows:
with the
coupon
$500,000 water works of 1941 bonds. Due as follows: $20,000 in 1942 and
1943, $21,000 in 1944 and 1945, $22,000 in 1946 and 1947, $23,000
in 1948 and 1949, $24,000 in 1950, $25,000 in 1951 and
1952,
$26,000 in l953 and 1954, $27,000 in 1955, $28,000 in 1956 and
1957, $29,000 in 1958, and $30,000 in 1959 to 1961, with option
reserved to the city to call for redemption at
par and accrued
interest on any interest date
any or all bonds outstanding on and
after 10 years from their date.
100,000 paving of 1941 bonds. Due as follows: $4,000 in 1942 to
1944,
$5,000 in 1945 to 1952, and $6,000 in 1953 to I960.
50,000 sewerage of 1941 bonds. Due as follows: $3,000 in 1942 to
1951,
•
_A
and $4,000 in 1952 to 1956.
50,000 incinerator of 1941 bonds. Due
and $4,000 in 1952 to 1956.
as
follows:
$3,000 in 1942 to 1951,
LAMAR COUNTY (P.
O. Paris), Texas—BOND ELECTION—It is
an election has been called for June
7 in order to resubmit
the voters the $200,000 road construction
bonds that faded of passage
at the election on April 5.
reported that
to
THREE
RIVERS
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Three Rivers),
Texas—BOND SALE—The $10,000 semi-ann. school
house bonds offered for sale on
April 29 (V. 152, p. 2746) were purchased by
the State Board of Education as
3s at par.
Dated May 1, 1941.
Due
$1,000
on
May 1 in 1942 to 1951. incl.
WICHITA FALLS, Texas—BONDS VOTED—The
City Manager states
® electlon held on May 14 the voters approved the issuance of the
$250,000 water, airport and Technical Training School site bonds.
(Tnese bonds were sold subject to the outcome of
the election, as reported
«««
—V152, p. 2908.)
VERMONT
BURLINGTON, Vt.—BOND SALE—The John Adams Browne Corp.
°£ Burlington purchased an issue of $50,000 1H% airport bonds at a price
of
100.65,
SS
^
a
basis of about
1942 to
1.38%.
The
bonds
authorized
were
at
an
IMltacl' ,U1W 1,1941 and matUre $5,°°° annUa"r
BOND OFFERIN9~^.alter 9* Lane> City Treasurer,
will receive sealed
bids until 2 P- m. (DST) on June
3 for the purchase of $50,000 coupon
street construction
refunding bonds.
Dated July 1,1941.
Denom. $1,000.
Due July 1,1954.
Bidder is to name rate of interest and no bid of less than
iterest (J-J), payable at the
Sar and accrued interest to date of delivery willoffice. The bonds will be
Prin. and
City Treasurer's be considered.
prepared under the supervision of and certified as to
genuineness by the
Second National Bankof
Boston; their legaility will be approved by Storey,
e' "almer & Dodge, whose opinion will be furnished the purchaser.
All legal papers incident to this issue will be
filed with said bank where they
•T£Sr
may
National City Bank, New York.
WISCONSIN
BELOIT,
Wis.—BOND ISSUANCE CONTEMPLATED—It is stated
by A. D. Telfer, City Manager, that the City Attorney is now preparing
proceedings for the sale of the $550,000 school bonds approved by the
voters on April 1, but no definite offering date has been fixed as yet.
MANITOWOC COUNTY (P. O. Manitowoc) Wis.—BOND OFFER¬
a. m. (CST),
by Albert W. Tetzlaff, County Clerk, for the purchase of the following not
to exceed 3% semi-ann. coupon bonds aggregating $580,000:
ING—Sealed and oral bids will be received until June 25, at 10
$460,000 county asylum for the insane bonds.
Dated June 1, 1941.
Due
June 1, as follows:
$25,000 in 1943 to 1946, and $24,000 in 1947
to
1961.
General obligations; authorized for the purpose of
defraying the cost of building an asylum for the insane in the
county, under authority of and in full compliance with Chapter
67 of the Statutes of the State, and pursuant to a resolution duly
adopted by the County Board of Supervisors, on May 15, 1941.
Interest payable June and Dec.
1, of each year.
A certified
check for 2 % of the total principal of the bonds to be sold, payable
to the county, is required.
120,000 non-taxable highway improvement, series I bonds. Dated May 1,
1941.
Due May 1, as follows:
$108,000 in 1946 and $12,000 in
1947.
Authorized for expenditure entirely on the State trunk
highway system under a program which has been approved by
the State Highway Commission, and therefor, the principal of the
bonds will be eligible to be retired 100% with State highway
allotments to the county in accordance with Section 84.03 (4),
Wisconsin Statutes.
Interest payable May and Nov. 1, of each
each.
A certified check for $2,400, payable to the county, is
required.
Denom. $1,000.
Both issues will be payable as to both principal and
interest, in lawful money, at the County Treasurer's office. The bonds will
be sold subject to the condition that they shall be certified by the AttorneyGeneral under the
provisions of Sections 67.02 (3) and 14.53 (5a), Wisconsin
Statutes, and also subject to an approving opinion of commercial attorneys
by the successful bidder, the cost of such commercial attorney's
opinion to be paid by such bidder. The bidder's proposal shall state the total
amount bid for the bonds and the interest rate on which the bid is based.
if desired
In addition to the amount bid, the successful bidder shall pay the interest
bonds to the date of delivery and also the
accrued from the date of the
cost of
printing the bonds. In regard to the highway improvement bonds,
they shall be in the form approved by the State Highway Commission. If a
bidder submitting a sealed bid proposes to also bid orally, his certified
check should be filed
separately and not sealed with his bid; otherwise an
additional certified cneck in the
same
amount must be filed to entitle such
bidder to enter the oral bidding.
Delivery will be made", within a reasonable
time after the sale thereof at the expense of the county within a radius of
200 miles of Manitowoc, delivery beyond this radius must be paid for by
the purchaser.
OMRO, Wig.—BOND SALE DETAILS—The Village Clerk states that
the $80,000 water plant construction revenue bonds sold to Harley, Haydon
& Co. of Madison, as noted—V. 152, p. 3230—were purchased as 4s at par.
Denom. $1,000.
Dated May 1, 1941.
Due on May 1 as follows: $1,000
1954, $3,000, 1955 to 1961, $4,000, 1962 to
$5,000, 1967 to 1969, and $6,000 in 1970.
Prin. and int. (M-N),
payable at the Farmers Bank of Omro.
in 1944 to 1947, $2,000, 1948 to
1966,
PRAIRIE DU
CHIEN, W!b.—BOND ISSUANCE CONTEMPLATED—
The City Council is said to be contemplating
bridge mortgage
revenue
the issuance of $500,000 toll
bonds.
SAUKVILLE, Wig.—BOND SALE—The $15,000 3% semi-ann.
sewer
bonds
offered for sale on May 22—V. 152, p. 3230—were awarded to
Paine, Webber & Co. of Chicago, paying a premium of $1,472, equal to
109.813, a basis of about 1.89%. Due on May 1 in 1942 to 1958.
SUPERIOR, Wig.—BOND OFFERING—Sealed bids will be received
at noon (to be considered at 8 p. m.) by R. E. McKeague,
City Clerk, for the purchase of $108,000 refunding bonds.
Dated June 1,
1941.
Denom. $1,000.
Due June 1 as follows: $5,000 in 1944 to 1946,
$6,000 in 1947 to 1949, $7,000 in 1950, $23,000 in 1951 and $45,000 in 1952.
The bonds will be sold to the bidder offering the lowest rate of interest and
the highest premium at such rate of interest.
The bonds have been au¬
thorized for the purpose of refunding outstanding bonds of the city, matur¬
ing $11,000 May 15, 1941; $9,000 June 1, 1941; $21,000 July 1, 1941;
$23,000 Aug. 1, 1941; $8,000 Aug. 2, 1941; $35,000 Sept. 1, 1941; $1,000
Nov. 1, 1941, and are to be issued subject to the approving opinion of
Chapman & Cutler of Chicago.
The purchaser is to pay for the cost of
the approving opinion and the cost of the blank bonds.
The city reserves
the right to sell all or part of the bonds and to reject any or all bids.
Enclose
a certified check for
2% of the par value of the bonds, payable to the City
Treasurer.
until June 3
.
VERNON COUNTY (P. O. Viroqua) Wis.—BOND OFFERING—It is
stated by Berlie Moore, County Clerk, that he will receive sealed bids until
1 p. m. (CST), on June 10, for the purchase of a $97,000 issue of 1M%
semi-ann. coupon road improvement bonds.
Dated May 1, 1941. Denom.
$1,000.
Due May 1, 1944.
The bonds are payable from an unlimited ad
valorem tax but will be paid from State gas funds. Prin. and int. payable
at the County Treasurer's office.
Legality to be approved by Chapman &
Cutler, of Chicago. Enclose a certified check for 2% of the amount bid.
CANADA
,
be inspected.
.-FAIRFAX, Vt.—BOND SALE—The $45,000
May 27—V. lo2, p. 3230—were awarded
Inc., of Boston, as 2Ms, at a price of 100.37,
offered
ALBERTA (Province of)—OFFERS BOND
INTEREST PAYMENT—
coupon
Holders of debentures which matured June 1, 1937 are advised that interest
will be paid at the rate of 2 H % for the half year ending June 1, 1941, being
the sum of $11.25 for each $1.000 denom. Payment of interest will be made
to E.
at any
a
refunding bonds
H. Rollins & Sons,
basis of about 2.20%.
branch of the Imperial Bank of Canada
hattan Co., New York City.
' ■:/' -■
■,>
,
or
at the Bank of the Man¬
@FedFRASER