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COPYRIGHTED IN 1940 VrwTLMAM B. DANA
COMPANY, NEW YORK.
Vn I
1 ^ft
VUL.
!ssued Weekly 40 Oents
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a
Copy—
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ENTERED AS SECOND-CLASS MATTER JUNE 23, 1S79, AT THE
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i r<c roaT
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MEW YORK, NEW
YORK, MAY 4, 1940
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.
BROOKLYN TRUST
THE
B A NK
COMPANY
J
NEW|^^yPER ME ACT OF MARCH 3, 1«79.
NEW
Chartered 1866
CHASE
NATIONAL
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OF THE CITY OF NEW YORK
OF
George V. McLaughlin
President
NEW YORK
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The Commercial
& Financial
1940
May 4,
Chronicle
II
Dividends
Atlas Corporation
Dividend
on
Common Stock
that a divi¬
Notice is hereby given
25# per share has been
the Common Stock of
of
dend
declared
on
5,
Corporation payable June
Atlas
1940, to holders of such stock of
record at the close of business May
20, 1940.
Dividend No. 15
on
Stock
6% Preferred
that a divi¬
dend of 75# per share for the quarter
ending May 31, 1940, has been de¬
clared on the 6% Preferred Stock of
Atlas Corporation, payable June 1,
1940, to holders of such stock of
record at the close of business May
Notice is hereby given
20, 1940.
Treasurer
Walter A. Peterson,
May 2, 1940.
CO.
THE ATLANTIC REFINING
number
common
139
dividend
At
a
held
dividend of
April 29, 1940, a
twenty-five cents
on
Board of Directors
meeting of the
the Common
share was declared
Stock of the Company,
per
payable June 15, 1940, to stock¬
holders of record at the close of busi¬
ness
Checks will be
May 21, 1940.
mailed-
O'CONNOR
W. M.
Secretory
April 29, 1940
73oitkft/l
Common Dividend
No.
"Gee, it's swell
to hear your voice."
. . "We're all well here."
No great words of business or state are these —
just the homey, every-day conversations that are
"Hope to be seeing you
soon."
...
.
America.
and remem¬
bind families and friends together. The
The
brances that
thoughts and hopes
An
(30^)
share has been declared on
per
stock of this
the outstanding common
Company, payable June 1, 1940, to
stockholders of record at the close of
business
Checks will
1940.
May 15,
be mailed.
The Borden Company
NOETZEL, Treasurer
E. L.
that helps to make this a
flow of understanding
121
dividend of thirty cents
interim
united nation.
Always the
...
help
quickly, cheaply, courteously, in
Bell System stands ready to
to do its part
EATON
MANUFACTURING COMPANY
CLEVELAND, OHIO
Dividend No. 61
The
the
manner
of
a
friend.
clared
(75c.)
Cents
BELL
Company
TELEPHONE
of
dividend
a
April 26th,
share on the out¬
per
shareholders
of
record
C.
SUN
[SUNOCOj
Philadelphia, Pa.,
JDIUL
April 23, 1940
Board of Directors declared a divi¬
dend of $1.50 per share on the Preferred
Exchange
declared operative has been ex¬
^
tended through June 13, 1940.
Holders of Mortgage Bonds of
the Railroad not yet stamped under
the Plan are advised that sufficient Bonds have not yet been deposited
to warrant the Plan being declared operative and are urged to send in
their Bonds for stamping without delay if court reorganization is to
Stock, payable
record May 10,
Copies of pertinent documents will be
BOSTON
furnished
AND
on
request.
MAINE
Causeway Street,
Boston, Massachusetts
RAILROAD,
June 1,
1940, to holders of
1940; and a dividend of 25c.
share on the Common Stock, payable
June 15, 1940, to holders of record at the
close of business May 25, 1940.
FRANK CROSS, Treasurer.
per
ILLUMINATING AND POWER
'
be avoided.
OIL
COMPANY
The
Time within which Plan must be
April 27, 1940.
the
STUESSY, Secretary.
'gas
Railroad
at
May 6th, 1940.
1940
H.
150
de¬
stock of the com¬
payable on May 25th, 1940
pany,
close of business on
Plan of
has
Seventy-five
standing common
SYSTEM
to
Boston and Maine
of Eaton
Directors
of
Board
Manufacturing
SECURITIES
CORPORATION
regular quarterly dividend No. Ill of
$1.75 per share (154%) has been declared on the
Preferred
Stock of this Corporation, payable
May 15, 1940, to stockholders of record at the
The
April 30, 1940.
80 of $1.00 per share has been
Common Stock of this Corpora¬
tion, payable May 10, 1940, to stockholders of
close of business
Dividend No.
declared on the
record at the close
April 26, 1940
of business April 30, 1940
„
R.
F.
,
„
A
_
LEACH, Treasurer
MAY 4,
Vol.150
1940
:
,
No. 3906
CONTENTS
Editorials
The Financial Situation..
2773
Floors and
2786
Ceilings
It Is the Law.....
.
.
....
—
2787
Comment and Review
Annual
serve
Report of Board of Governors of Federal Re¬
System
2790
The Business Man's Bookshelf
Week
on
2792
...
the European Stock Exchanges
2778
Foreign Political and Economic Situation
___2778
Foreign Exchange Rates and Comment
2783 & 2821
Course of the Bond Market
2789
Indications of Business
2793
Activity--
Week
on
the New York Stock Exchange
2776
Week
on
the New York Curb Exchange—-----
2820
News
Current Events and Discussions--
-.2801
BanK and Trust Company Items
2819
General Corporation and Investment News
2865
Dry Goods Trade
2915
State and Municipal Department
2916
Stocks and Bonds
Foreign Stock Exchange Quotations.
Bonds Called and Sinking Fund Notices
..... .
...2829 & 2831
2825
Dividends Declared
Auction Sales
2825
-
♦New York Stock
New York Curb
2825
-
New York Stock Exchange—Stock
Quotations
Exchange—Stock Quotations
♦New York Curb
2832
Exchange—Bond Quotations-2832 & 2842
2848
Exchange—Bond Quotations
2852
Other Exchanges—Stock and Bond Quotations.-
2854
Canadian Markets—Stock and Bond Quotations
2858
Over-the-Counter Securities—Stock & Bond Quotations.2861
Reports
2782
Foreign Bank Statements
Course of Bank Clearings
—
Federal Reserve Bank Statements
-
2821
-.2801 & 2829
General Corporation and Investment News..
2865
Commodities
The Commercial Markets and the
Crops
Cotton,
Breadstuffs
*
on
Attention
2905
2908
2913
is
coltlmn incorporated in our tables
Exchange and New York Curb Exchange bond quota¬
directed
New York Stock
to
the
new
tions pertaining to bank eligibility and rating.
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. RIggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
Londsn—
Smith, I Drapers' Gardens, London, E.C.
,
Copyright 1940 by William B. Dana Company.
Entered as second-class matter *
New York, N. Y.. under the Act of March 3,1879.
Subscriptions in United States and Possessions, $18.00 >
per year, $10.00 for 0 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and ti
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain. Continental Europe (except Spain), Asia, Australia and Africa, $23.00 pec year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate One.
Contract and card rates on request.
NOTE; On account
of tho fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Edwards &
June 23,1879, at the post office at
The Commercial de Financial
VI
Pennies
May 4,
Chronicle
Today-
Dollars Tomorrow
The dollars received
claim
paid
In
a
to
are
as
usually
by
many
a
beneficiary from
a
death
times the number of dollars
premiums.
great percentage
of all such
cases,
pennies used
purchase insurance become dollars in the time
of need.
Those who give
use
of income
the
most
thoughtful study to the profitable
or
savings, find life insurance
one
of
satisfying of all available channels.
SttBttranrp **
(Unmpang nf America
Home Office, NEWARK, N. J.
1940
The Financial Situation
In
the first place,
let it be noted that the early
ENLARGED exports, directly or indirectly a result
European
have for months past
phase
been
pressed to the limit to fill domestic orders, were letting
of
the
war,
playing
increasingly important part in the
an
business situation in this country,
been
and
more
cited
more
of stimulation
of industrial
developments in Scandinavia during
The
the past
of the
month have, of
occupied
changed the details
greatly
appear
reduced
to
that
Gold and Goods
from whomsoever
cessation
The
which
our
goods
United States
have
be traced in¬
may
war
the
in
of
course
next year or
the
longer,
Indeed, for
assum¬
of
disposition to
of such
since the
really
warfare between
days,
or
more
hand
the
Norway
clearly to
a
tional
No
gun.
if,
Nations
where
war
may
once
in
or
and
to
British shipping
be
more or
with
of
by
It
many
in
the
May
«v
imagine, would
the
seems
to
main
The
us
we
of
our
be
of
Con¬
to date, at least, to
us
safe from the
development of
to undertake
here made,
sense
industrial managers,
keeping
such
factors,
them the good
appear,
as
a
situation
caused the Finan¬
cial Review of the "Chroni¬
contentions
cle'' to say at
us
the end of
1915:
sending our goods abroad in exchange
gold, the value of which to us is uncer¬
say
number
among
will be
that it would be well for
Time"—A
"Last
A
are
tain, to
now.
trast
"Chapter
of the Ameri¬
care
busi¬
temperate atti¬
of
issue
atti¬
extreme
months ago and
more
tude
be main¬
nations
small degree,
no
rather
community,
the
assurance
can
business
ness some
the interna¬
to
some
creditor
the
"As
the least.
what
to
justifica¬
tion will be found for the
prodigious advances in the
ene-
victims, and the possibility at least exists that
the Germans have
coun¬
events
tudes concerning war
take note meanwhile of the extent to which
for
fully entrenched themselves
Norway they will be able to be
may
return
be maintained.
in
we
refute
but it
sense
their
because
to
break out between the
Germans
mies
in the real
can
Few,
be¬
however,
certain,
can
gold standard
Notes" of the New York Chapter
can Institute of
Banking.
will feel
one now
very
the
international trade,
appearing
indeed,
ever
begin¬
probably well
year are
which in
willing to receive the major portion of debt
payments in goods.—Winthrop W. Aldrich
in a discussion of our current gold problems
likely to continue
really
The
1915.
remembered
Europe and the United States will
that it
tary operations on any siz¬
longer,
of
tlhat
position to re-establish economic liber¬
in
solved.
able scale in that country
were
the
try during the latter part
...
tained
they
yet no indi¬
that occurred in this
ex¬
that tariff re¬
lowered and other trade bar¬
riers removed, that capital movements may be
permitted to take place, and that foreign ex¬
change restrictions may be eliminated.
If, then, in the post-war period of economic
reconstruction, it is possible to remove those
barriers which have been throttling, trade be¬
tween
nations, the gold problem can be
possibility that active mili¬
much
as
even
ning of the mad turmoil
strictions may be
during the past few
not
of
doubtless, accounts for both
be in
days, strongly suggest the
are
there is
busi¬
war
the
alism
perhaps it would
come
our
toward
of Western
active
The devel¬
of events in
volume of
change
The ultimate solution of the gold problem
must
await the termination of hostilities.
At that time, it is to be hoped that the nations
plain evidence of the true
course
the
obvious
an
titudes
upon
would restrict
to emerge.
Germany
accurate to say
which has
cation
parties.
however,
has occurred in current at¬
Lowering the price of gold would
bring about an increase in our public debt,
and the imposition of tariff duties would
cause a
complicated two-price system for gold
of the past few
opments
ness,
Fortunately,
ports.
ob¬
many
and the Allies.
while
Either
signalize the be¬
of
ginning
be
ex¬
stimula¬
campaign in Nor¬
to
course,
placed by finan¬
cially responsible
gold imports differ
only in degree, rather than in kind, as to the
solution just described.
Either would cause
the foreign exchanges
to decline further.
buying here,
seemed to
way
servers
are
gold would not be solved by this means. The
lowering of the price of gold and the imposi¬
the
time there
a
substantial
tion
they
The foreign
hostilities.
pect
interna¬
our
Our export
in
continuation
was some
upon
relationships.
exchanges would decline sharply.
trade would be adversely affected,
and the Allies would be hampered in their
ability to purchase needed war materials in
this market. Furthermore, the problem of ex¬
cess reserves
resulting from past purchases of
an
trade
during
country
ing
effect
provided, of
come,
tional financial and commercial
will play
increasingly significant role
this
gold purchases by the
Treasury would, it seems to me,
disastrous
a
are
they may
of
tion of tariff duties
directly to
when orders
needed, to welcome orders
"war orders" and demand
from abroad for
perhaps tend
It is but human nature for
all of us,
have
to
expectation
of time become much
course
disappear altogether.
were
customers,
to be expected that this
was
less pronounced and in many instances
great deal, and certainly do not
a
It
war
pointing with
were
demands of regular
the
attitude would in the
apparently, altered the fundamentals
of the situation
with
largely at home.
picture quite substantially at several points,
but have not,
men,
pardonable pride to the degree in which they
activity in the coming
course,
business
daily that they considered
business undesirable business and
as a source
months.
American
when
it be known almost
and of late have
by forecasters
has .passed
so
troublesome to
whole list of the so-called 'war brides'
can
tell.
sult in
The speculative furore, so
no
small
and to Britain itself that the Allies
fined almost
less obliged to take the initiative in
these
war
measure
entirely, for
of
a
only the future
palpably the
manipulation,
re¬
was con¬
good part of the
year,
to
stocks, that is, stocks of companies sup¬
attacking Germany rather than continue past tactics
posed to have large orders, to net huge profits, in war
of
to choke the enemy into sub¬
supplies of
one
the evidence is accumulating,
countries of
Europe.
trying to starve
mission.
or
At any rate,
and its effect is cumulative,
is
as
developing for
a
variety of
in the first year or two
of course,
are
plain.
that
our
an
artificial demand
products
very
much
of the World War, although,
differences in detail and possibly in degree
The time has therefore
come
for
us
give the wThole question some careful thought.
all to
ous
kind
character of the
or
another for the belligerent
The unsubstantial and danger¬
speculation consisted not alone
in the fact that prices were
absurb
pushed to what seemed
heights, but that the realization of the
pected profits depended mainly
of the war,
was
upon
and the time when the
beyond the ken of
any man.
ex¬
the continuance
war
would
cease
Fortunately for the
The Commercial & Financial Chronicle
2774
continued with unabated fury
time during the
12 months, a stock market calamity of untold proportions might have been precipitated . Many of the
concerns engaged in the execution of war orders have
speculators, the
embarked in
line of business entirely new to them,'
a
had
have
and
war
Had peace come any
and violence.
spend large sums in providing
to
special machinery, tools and plants, in the meanneglecting or abandoning their ordinary busiIn not a few cases the ordinary business was
time
ness.
practically given up for the time being because of
inability to keep factories and
dull trade and utter
plant busy
that account."
on
corresponding date in the World War, price
dislocations had begun to put in their appearance,
dislocations which took wheat flour (patents in New
By
a
York) from $4,55
per
barrel at the beginning of 1914
the beginning of 1915, to $6.85 at the be-
to $6.40 at
beginning of
ginning of 1916 and to $9.10 at the
1917; steel billets from $20
1914 to $32 at the
at the
per
ton at the beginning of
per
beginning of 1916 and to $60
hundred pounds at the beginning of 1914 to $5.50
at the
cles
beginning of 1916; and
a
number of other arti-
proportionately, while leaving still others sub-
stantially unchanged until
a
considerably later date.
The contrast between such
and any
that have
has been
or
ton
a
beginning of 1917; caustic soda from $1.55-60
as
developments
duration in the stock market.
has
considerable
shown
great
the World
seems
purchases caused 25
at-home
and aircraft, continued to represent in March, as in
other recent months, a more important proportion
of total export trade than a year ago."
possibly
been
has
to forecast the turmoil
Prices Abroad
as
relatively stable,
inflationary effects of
fact of
mere
to create
a
war
enabling
the
axiomatic
war are so
Prices/,
moreover,
showing much
are
outbreak of hostilities appears
This Seems to be the main explana-
and neutral, than here.
buying rush and the sharp price advance
of the matter appearing in the current
this phase
available
latest
figures,
This increase
August.
parable
European conflict, raising the general
publication of price figures
occasional
active
cies
rumors
suggesting
probability of
a
commodity
markets,
while
have caused minor price reactions.
one
in this
seven
.
'peace
country has shown little change in the last
months and remains about
5% above the
really begun
on any
however, that the
war
scale of magnitude
or
moreover,
that the type
present in
The value of
this
year
Commerce
last
year
our own
during the World War
one
our
degree
or
intensity
It is true,
of influences which ulti-
mately caused such marked changes in
situation
has not
another but
busi-
are
not
only
are
growing,
exports during the first three months
are
reported
by the
Department
of
as
51% above the corresponding period
and 28% above that of 1938, while the
increase for the full seven-month
period, September
through March is shown at only 33% above 1939
and
11% above
1938.
There
has
also
evidently
of 17%
one
The ad-
are
available
for
No
corn-
France, since the
suspended when the
/was
compilation given in 'The Econo-
a
mist' last month indicates that the expenditures of
a
typical French working-class family for food have
risen
12
more
than 17%, of which it is estimated that
13% is due to
or
war
conditions.
"Some neutral countries
appear
.
.
.
to have felt the
effects of the forces making for higher prices almost
keenly
as
as
Switzerland
are
has
The price level in the
the belligerents.
Netherlands, for example,
data
comparable to that of the World War.
of
pre-
figure."
data
began; but
war
On the whole,
another, with the result that the price level
The fact remains,
ness
scares'
alternating influences have approximately bal-
anced
war
more
fighting have been followed by rising tenden-
in
these
Since then,
with
in Canada has amounted to 15%.
the start of the
commodity prices in this country
32% higher than last
is
compares
in the first six months of the World War.
vance
steadily
according to the
since the beginning of the war and,
commodity markets immediately after
5% between August and September.
pro-
Great Britain," to quote an excellent summary of
in
that swept over
level of wholesale
more
both belligerent
"The wholesale price level
nounced changes in foreign countries,
issue of the "Guaranty Survey," "has risen
say:
strong psychological influence in favor of
higher prices.
tion of the
an
our
The price situation
"Guaranty Survey" appearing this week to
that the
$13,700,000, each figure reprethe value in
the preceding months.
Other exports, including
tractors and construction machinery, also increased
by relatively large percentages in March though by
more moderate dollar amounts than those items first
mentioned. A number of commodities, namely, iron
and steel products, non-ferrous metals, chemicals
motor truck exports
senting a gain of nearly $5,000,000 over
Our export trade
enlargement,
years ago.
"but
only a few showed substantial gains. Metal-working
machinery exports reached $19,000,000 in March and
these
War, but nothing has yet occurred in
foreign trade which
an
value," to quote the Department of Commerce,
greater than at the corresponding period in
or
"The
appreciable increase in the prices at which
sold to foreign customers since,
stated in terms of value, our exports September
through March rose 33%, while in terms of quantity
the rise is estimated by the Department of Cornmerce at 25%.
The nature of the articles which
show the most substantial rise likewise point clearly
to the war as a stimulating factor of importance,
These include besides raw cotton, which, as is well
known, was governed in considerable part by special
factors, iron and steel products, non-ferrous metals,
lubricants, metal-working machinery, aircraft, motor
trucks, tractors, and chemical products. Taking the
month of March as cottipared with February, "exports of the majority of commodities increased in
been
these goods were
There
as
yet occurred is obvious.
"boom" of really important proportions
no
May 4, 1940
20%.
been
In
has risen 24%, and in
Italy, publication of price
suspended.
In Japan, where prices
subject not only to influences arising from the
European
war
but also to the effects of the campaign
in. China, the price level has risen
17% since last
August.
"In
some cases
these changes in price levels abroad
correspond roughly to the
depreciation in foreign
exchange rates, while in other instances no such relation exists.
are now
The pound sterling and French franc
24% lower in terms of the dollar than shortly
before the outbreak of the war.
The decline in the
value of the Canadian dollar has amounted to 15%,
and the yen has fallen
13%.
The Dutch guilder and
the Swiss francs, on the other hand, have remained
comparatively stable in value.
In general, it
appears
Volume 150
that in
The Commercial & Financial Chronicle
belligerent countries the price advance has
by a decline of comparable mag¬
been accompanied
nitude in
exchange rates, while in neutral countries
it has not."
It is
true, of course, that control
and
formal influence exerted
by governments in others,
applicable to both prices and the flow of goods, tend
prevent trade taking its natural course, but ob¬
viously such
countries.
other
progress can not insulate us from
For
one
thing civil
well
as
military
as
populations have to be provided for and direct
needs must be met.
at
work
here
in
That such influences
much
war
already
are
The
to be
foreign
getting into something of
competition
Treasury
some
rather
than
free
have
indicate is
have
industry is operating at
twice that of the
and machine tool industries
they
were
at
out of
was
a
situation not
this that the
In
dramatic
reviewing the
far
are
active than
more
time during the
any
rate well
a
peak of 1937, the shipbuilding
1937 boom.
It
altogether different from
developments of 1915
was
of contrasts
one
buying here) the reader has the
startling
exercised
the
stimulating influence
a
factor of great
a
new
life into many
sadly
we
many
for
wrent
on
upon
getting, but it
potency nevertheless and put
of
issue of
so
down to such cases, prefer
comes
rather than in goods which
As to all this
use.
to
we
call the attention of
informative
most
a
we
could
we
and
moderate
of the situation appearing in the current
summary
"Monthly Bank Letter" of the National City
Bank of New York:
"The
to
decline in the rate for free
sterling has given rise
anxiety
on
the part of
merchants and manufacturers
some
impulse.
to the ultimate gain
as
of domestic
response
goods in this and foreign
However, in considering the possible effects of
sterling depreciation,
long time slow, but eventually as the
and Europe's gold continued to flow
a
this way
In the first
account.
factors need to be taken into
many
place, not all British products
can be
paid for in free sterling. According to the exchange regula¬
tions, an importat list of Empire products—rubber, tin and
tin ore, jute and jute products,
whiskey and furs, together
with all Australian exports,
for
in
including wool—must be paid
'official' sterling, hence
affected
not
are
by what
happens in the free market.
''While available statistics do not permit of precise com*
parisons, it has been estimated
1938 figures that about
are
it happened,
as
quickening
some
felt
were
might be looked for, and the
wras
well
readers
our
It may have been
were
industries which,
in need
Many misgivings
war
that
money
was
that
com¬
trade and
upon
country's general activities.
trade
so
war
Slowly, but surely, this pouring of the
Europe into the lap of the United States
literally blood
were
(of
for the
reason
plete reversal of position which occurred in
vrealth of
British
exports paid for in gold, for which
use,
markets.
and of
transformations and in what has been said
directions.
at official
purposes
regard the
as
who have to compete with British
early in 1916 said:
"The year
our
no
very
arose.
1915 the "Financial Review"
year
the
stimulating the international movement
goods, when it
over
and
Evidently the Washington authorities who talk
much about
of
fact that aircraft
dither about
rule requiring that
a
customs
rates
a
markets,
and
Australian pounds sterling and the Canadian dollar.
to
for example, from the
foreign
imports be valued for
larger degree in particular
seen,
in
time ago issued
industries than the statistics of the
general situation
easily to be
of exports amounted to
excess
$410,000,000 against $173,000,000 last year
$319,000,000 in 1938, yet there are those who
seem
measures operative
belligerent countries, and formal and in¬
year were run¬
rate 51% higher than last year, our imports
a
increased 23%.
some
,
during the first quarter of this
ning at
the
in all
to
ports
2775
roughly
very
on
the basis of'
13lA% of United Kingdom exports
payable in official sterling; India, Burman and Ceylon
53XA%\ and Malaya about 88h£%.
Taking United,
about
States
imports alone from the above
based
calculations
about
33% of
our
1937
on
and
areas,
1938
similar rough
figures suggest that
imports from the United Kingdom (chiefly
whiskey) will have to be paid for at the official rate; India
about
54% (jute and burlap); Ceylon about 65% (rubber);
and Malaya about 95% (mostly rubber and tin).
;/
the cumulative effect became overwhelming,
and, other favoring developments also coming in at
payable in free sterling, the exchange rate is of
the
branch of industry after another
influence, though not necessarily
words, at first only the industries
thing, British internal prices, according to standard indexes, '
same
time,
fell in line.
one
In other
directly engaged in filling
activity, chief
among
orders
war
which
was
manifested
the iron and steel
trade; later'the movement spread until eventually all
came
within its embrace." /
From all this it
not
can
are
seen
that
have
we
really felt anything like the full force of demands
war
abroad,
just beginning to feel them—much
in the earlier months of
them this time in full
1915.
We
at the most
or
as
case
may never
There
measure.
the
feel
may
never
Unquestionably the Allied
ago.
ing with much greater
earlier
date
abroad.
buy
in
no
such
powers are
proceed¬
and system at
their
manage
They have
as were
ent at
to
care
necessary
resources
theirs last time.
They
a
much
purchases
with winch to
are,
for the
this country as
they did before.
alert and realistic
dustry.
as
to
It would ob¬
what is
to continue to be
going
We have done well to date;
on
in
we
should be
our
in¬
careful to proceed as wisely in the future.
Phase
Another
There is another
phase,
a
much broader phase, of
this matter which is of importance.
and
least the decline in sterling.
difficulties
shipping
While
are,
other
our ex¬
course an
For
one.
one
offsetting
High freight rates
And
considerations.
time when the demands
upon
her industries
and manpower for carrying on the war are so great.
"How these various factors will work out in the long run!
remains to be seen, but
so
far
of
certainly there has been little evidence
broadly harmful
consequences
recently pointed out bv Secretary Hull,
Britain since
the outbreak of
American
the
as
doubling
as
number
1
"Nevertheless,
the
fear
supplier,
of
our
trade.
same
As
exports to Great
have increased far
more
In the leading South
indicate that
compared with the
to
our
market—Argentina—figures
three months of the year
Britain
war
imports from that quarter.
our
covering
we
our
first;
shipments almost
period last
exchange
the
displaced Great
year.
dumping
persists;
prompting the Treasury last month to rule that imports into
official rather
than free rates, the regulations to apply not only to
sterling,
the Canadian dollar, the Newfoundland dollar
and the Australian pound.
Considering all that has been
but also to
said of the
us
decisive
a
this country be valued for customs purposes at
pres¬
least, without the privilege of borrowing largely
viously, however, be wrell for
goods compete with British goods
finally there is the question of Britain's capacity to expand
than
be any large scale war comparable to that 25
years
our
have risen about 30% since the start of the war,
in part at
her exports at a
readily be
growing out of large scale
"To the extent that
'folly' of trading
our
products and services for
'useless' gold 'to bury in Kentucky,' it might perhaps have;
been thought that the country would be willing to accept
some
larger
measure
of payment in usable and consumable
goods, but evidently such is not the case. Apparently we
must go on buying gold if we are to maintain our exports,
since we are unwilling also to grant credits."
If
we
are
to
enjoy enhanced business
artificially stimulated by
war
abroad,
we
activity
must in
The Commercial & Financial
2776
event, apparently, do so at the expense of the
any
absorption of further large quantities of gold, but
certainly in the circumstances now existing there is
why
reason
no
upon
gold
to take
us
should not reduce the
we
so
reasonable about accepting
It would reduce
offered.
ties
by which
terrible
we are
by that much the difficul¬
certain to be faced when this
of reconstruction
is over, and the task
war
May 4, 1940
$199,794,000 while in March, 1939,
$267,781,000 exceeded imports of $190,481,000 by $77,300,000.
and
imports
exports of
which
under
difficulties
The
pressure
far as feasible by being
goods as far as they are
Chronicle
international
the
because
exchange of goods is now obliged to operate
War
of the European
hostilities
extended
were
areas are now
enlarged in April when
were
Those
Scandinavia.
to
cut off from American shipping because
consequent extension by President Roosevelt
of the
ships
of the
Federal Reserve Bank Statement
"combat zone," and in addition their
are
confronts the world.
longer able to move with the freedom they
no
previously enjoyed as neutrals.
,
At the present stage
campaign in that territory it appears doubtful
of the
OTHER thanin the usual month-end occurred in
circulation, nothing advance of
that those countries -.will be in a
the
sell in the world
currency
weekly period ended May 1 to disturb the rapid
position to buy or
markets, outside of Germany and
upbuilding of idle bank credit in the United States.
between themselves, and
The official
in the
international exchange of goods is bound to
result.
The ultimate effect is difficult to foresee but
banking statistics for the statement week
show that currency
$7,570,000,000.
minor nature,
in use moved
$50,000,000 to
up
Together with other changes of
this served to offset the effect of another
increase of $63,000,000 in our monetary
which raised the total
Member bank
000.
Banks
Reserve
gold holdings to $18,771,000,-
of another series of record
of the credit
and
excess
The demand side
important changes
no
New York City reporting
business
loans
banks to brokers and dealers
same
down
on
Loans
security
collateral fell $4,000,000 to $476,000,000.
The
was
week, raising their holdings of such instru¬
$16,442,978,000. Other cash of the 12 banks
down
modestly, and total
institutions moved up
reserves
of the regional
$55,338,000 to $16,832,580,-
Federal Reserve notes in actual circulation in¬
000.
creased
with
$26,997,000 to $4,945,500,000. Total deposits
the
regional
banks increased
$27,441,000 to
$14,153,146,000, with the account variations
sisting of
a
drop of member bank
$13,118,000 to $12,869,916,000;
an
con¬
increase of the
Treasury general account by $20,132,000 to $490,-
106,000;
to
a
decrease of foreign balances by $19,190,000
$357,212,000, and
an
increase of other deposits
by $39,617,000 to $435,912,000.
remained
unchanged
changes in the
88.1%.
at
The
reserve
There
market portfolio,
ratio
were
no
Industrial advances
were
$585,000 to $9,333,000, while commitments to
make such advances
were
up
$500,000 to $9,225,000.
working machinery, non-ferrous metals includ¬
ing
industrial chemicals, lubricating oil and
copper,
The list is about the
unmanufactured cotton.
as
in the several
Cotton exports,
year ago, were
decline from
while substantially greater than
much lower than in February.
February to March, however, is
$26,583,000
FOREIGN trade in March continued at about the
level
preceding months
in the several
since the commencement of hostilities in
the
proportionate gain
of last year was
over
Europe, but
the corresponding month
smaller in March than in the months
immediately preceding.
Last month's exports
left and export balance
of $135,540,000.
The
ex¬
were
In
cotton
the
first
quarter
year
been
have
nearly
treble
Import
increases
marked in crude
$346,995,000
raw
year's
first
over
year
a
rubber, tin,
raw
ago
wool,
were
most
copper
higher
in
and
value
although smaller in quantity, because of the increase
in
price.
paper
Imports of
base stocks
year ago;
paper
and manufactures and
considerably smaller than
were
a
the northern European countries have in
past supplied large amounts of these products to
United
States
although Canada has been the
principal single foreign
source.
Gold arrived here in amount of $459,845,000 dur¬
ing March, the largest of
any
month since April, 1939
comparing with $201,475,000 in February and $236,-
Exports of gold were in the
negligible quantity
past
two
Silver
years.
as
in other months in the
imports
aggregated
$5,-
724,000 in comparison with $4,070,000 in February
and
$7,207,000 in
metal totaled
March,
1939.
Exports of the
$657,000.
The New York Stock Market
NERVOUS and erratic movements took place
this week
New York stock market,
on
the
February exports totaled
last
Silk imports were again
diamonds.
201,000
In
shipments of
quarter exports.
with
1920.
compared with
abroad
shipped
793,934 bales, valued at $44,283,000 in February
last.
port excess,
while smaller than February's $147,excess, was the largest for March since
season¬
346,701 bales, worth $16,973,475 in March 1939 and
aggre¬
gated $352,272,000 and imports $216,732,000 which
a
The
In March 472,267 bales, valued at
ally expected.
same
as
same
preceding months and all the items
413,000 in January.
Foreign Trade in March
same
products,
aircraft, iron and steel
were
a
ago
the
down
compared with
as
metal
the
$296,000 to $2,668,000.
countries
year
holdings of
as
those
$68,000,000.
Among the export items which produced most of
Treasury securities again were reported at $2,466,720,000. Discounts by the regional banks increased
open
from
imports
our
the increase in the March total
balances by
reserve
and
000,000
total exports to Den¬
our
suggest usefulness for war purposes.
gold certificates with the 12 regional banks in the
ments to
goods previously derived from
In 1939
amounted to about
Treasury in Washington deposited $64,501,000
statement
for
elsewhere
look
totals after
excess reserve
$10,000,000 in the period, to $1,679,000,000.
by the
re¬
prospect
course, every
their
found
absence
goods from world channels and must
of Scandinavian
mark, Norway and Sweden aggregated about $150,-
picture showed
banks
likely that the United States will be called
to fill a large part of the gap left by the
upon
those countries.
the banks.
in the statement week.
further shift
deposits with the Federal
There is, of
the currency returns to
it appears
a
slightly,
reserve
decreased
$6,110,000,000.
member
gold stocks,
legal requirements fell $10,000,000 to
over
serves
a
consequently
the
European
the
war
developments furnishing
major incentive for the swings.
thin at all
The market
was
times, and this also tended to accentuate
Volume
The Commercial & Financial Chronicle
150
the movements.
at
loss to
a
Traders and investors
plainly
were
assess
properly the momentous happenings in Scandinavia and in the Mediterranean, and
of them remained
many
business
that
sharply
higher,
others to
issues
did
and
similar
a
varied
tween the
develop
pushed
lowered
the
only
little.
a
York
Stock
Exchange.
drifted lower in the
lied
Thursday and
on
Prices
as
leaving
yesterday,
the
on
basic
the
Steel stocks
shares
moved
were
in
other industrial issues
Motor
higher.
and
Rail and
mostly did better.
utility stocks held close to former levels, while
a
few
specialties, such as Loft, Inc., and Montgomery
Ward, moved sharply lower.
The unfortunate
partly offset,
news
of the
that domestic business in
ceeding
which
began last December.
The
decline of general business.
remained
growing agitation in
growing revolt
a
third
a
All
signs neverthe-
among
the electorate
against the shackles that the New Deal has placed
upon business in the last seven years, and as more
and
spokesmen expressed this resentment the
more
on
shares;
optimism of Wall Street observers increased.
Some
Saturday
vailed.
ated
the
of
Foreign dollar securities naturally fluctu-
violently
course
varying reports
as
of the
European
still greater extension of the conflict.
a
gian and Danish bonds fell steadily,
reports from Scandinavia.
dian bonds
as
that
bonds
ury
the gloomy
Australian
Cana-
and
proceeded regarding the possible entry
into
country
were
on
Norwe-
soft, and Italian issues sold lower
were
the debate
of
received of
were
and the possibility
war
dull
the
Latin
war.
throughout.
American
United States Treas-
securities held well in most sessions, and best-
rated corporate
in
were
issues of the domestic variety also
demand.
Union Pacific
A
large refunding issue of the
appeared
on
the market and
was rap-
idly absorbed by institutional and other investors,
Speculative domestic bonds
The
were
in quiet demand,
commodity markets reflected to
some
prevailing uneasiness regarding the
European
war,
lower levels.
eschew
more
was an
pressure
use
the long route around Africa
exchange
upon
bulk of transactions
for
merchant
reflected
dealings
On
touched
New
new
still
naturally remained under
into the United States.
the
ship-
"free" sterling, but the great
trol and cleared at the official rate.
to pour
of the
exception, owing to the
the Mediterranean
Foreign
ping.
course
the principal tendency being toward
Rubber
British decision to
and
degree the
York
Stock
Gold
con-
;
on
on
Monday, 150,565
shares;,on Tuesday, 220,030 shares;
Wednesday,
on
Thursday, 196,830 shares, and
on
on
Friday, 264,380 shares.
Dulness pervaded trading in the short session
on
Saturday of last week, with stocks steady to firm
throughout.
Opening quiet, market interest
was
extended to
a
results
for
the
prices.
Paper, steel and aircraft issues displayed
substantial portion of the list, and
day
reflected
irregularly
higher
strength and received fair recognition, while other
presented
groups
mixed but moderately firm tone,
a
A discriminating market obtained
Monday, and
on
sales turnover receded to the lowest level in several
Domestic corporate
shadow
over
trading and tended to curb
of enthusiasm
was
mostly favor-
news was
situation in Europe cast its long
war
the part of traders.
on
any
display
The opening
descriptive of steady and quiet movements, tak-
ing
on
by
noon.
added strength to show fractional advances
Aviation,
shipping
and
shipbuilding
shares fell into the category of issues enjoying
ceptional gains.
period,
and
while
The
common
stocks
some
shaded, the general
vantage.
ex-
Narrowness claimed the afternoon
run
had
their
prices
of securities held their ad-
many news sources on
Tuesday
agreement that the fortunes of
were
war were
present without question in the favor of Ger-
against the Allies and, added to this, the
many as
failure of the first-quarter earnings report of U. S.
Steel to
come
against
The
to expectations weighed heavily
up
progressive movement of the market,
any
morning session
utilities
were
was
steady and promising
singled out for favor.
hour steel stocks
perked
list, and held that
way
up
as
In the second
along with the general
until near the close, when
heavy selling produced an irregular finish.
Stocks
heretofore in the vanguard of higher prices were ad-
affected
versely
on
the
day.
Lower
prices
on
Wednesday characterized a day which totally suc-
cumbed to the domination of war influences.
ousness
was
Nerv-
present throughout, with little if any
trace of firmness in the general list.
Steel shares
took the lead in declining values at the start, and no
evidence of recovery could be gleaned at any phase
of trading.
Sales volume increased with the
pass-
ing hours and worked against a better trend. Losses
for the day approached within
two points.
The
tide of receding prices was partially stemmed on
Thursday as support of
a
professional nature
was
applied to steel, motor and aviation shares, bringing with
denced
noon
an
it mild
recovery.
The initial hour evi-
inclination toward higher levels, and by
this became
a
reality.
Dealings tapered off
a
bit in the early afternoon, but improved late in the
85
fairly steady in initial transactions.
day on a spurt of trading.
stocks
high levels for the year while 113 stocks
on
continue*]
.
Exchange
92,465 shares
were
213,145 shares;
at the
pre-
Wednesday,
on
Thursday, 645,420 shares, and
on
On the New York Curb Exchange the sales
proved financial sentiment.
irregular tone
Monday, 568,150
Friday, 1,069,590 shares.
in
an
on
Tuesday, 592,280 shares;
on
S10,050 shares;
good dividend declarations also added to the imIn the listed bond market
349,010 shares;
were
able, but the
unwillingness of the
President to state his attitude.
point to
On the New York Stock Exchange the sales
Saturday
weeks.
quarters for
some
the New York Stock
on
re-
arresting of the
Domestic political con-
high levels and 77
new
low levels,
new
Exchange
evidence, in this
an
utterly confusing, owing to
term for Mr. Roosevelt and the
less
was
the United States is pro-
connection, consists mainly of
the
Europe
better basis after the long down-swing
on a
siderations
in
war
the week progressed, by indications
as
On the New York Curb Ex-
mained unchanged at 1%.
of the aviation and
some
briskly
Call loans
whole
a
fairly good earnings reports for the first
quarter of this year, and
paper
ending,
early part of the week, but ral-
position not much changed.
favor
be-
ranged
Turnover
500,000 and 1,000,000-share levels in most
now
stocks touched
for
quotations
degree, while the great bulk of
of the full sessions of the week
New
stocks
few
a
low levels.
new
change 81 stocks touched
The little
the sidelines.
on
touched
2777
Yesterday stocks ruled
However, at
the half-way mark in the first period they met sharp
The Commercial & Financial
2778
resistance which
sufficiently
was
to show better
noon
overcome
around
prices for the day, and in the
Sales vol¬
case
of the
ume
expanded beyond 1,000,000 shares, and equities
war
specialties, for the year.
falling in the war group chalked up gains of one to
two
changed
irregularly
prices
>•
quotations
Closing
points.
yesterday
with
compared
when
Electric at 6% against 6%;
Public Service of N. J.
41% against 42; International Harvester at 57
at
electric
of
for
power
Pro¬
ended
week
the
April 27 was reported by Edison Electric Institute
2,397,626,000 kwh., against 2,421,576,000 kwh. in
at
preceding week and 2,182,727,000 kwh. in the
final
Friday of last week; Consolidated Edison
N. Y. at 32% against 31%; Columbia Gas &
Co. of
and 47.8% at this time last year.
month ago,
duction
corresponding week of 1939.
on
1940
61.8% of capacity against 60.0% last week, 01.7%
a
were
General Electric closed
37%
May 4,
the
Friday of last week.
yesterday at 36% against
on
Chronicle
Car loadings of
rev¬
freight in the week to April 27 were reported
enue
by the Association of American Railroads at 644,520
increase over the previous week of 16,17S
cars, an
and over the similar week
cars,
of last
year
of
59,330 cars.' ■■;//■\^:
indicating the course of the commodity mar¬
As
against 56%; Sears, Roebuck & Co. at 85% against
kets, the May option for wheat in Chicago closed
&, Co. at 45% against
yesterday at 106%c. against 107%c. the close on
Montgomery Ward
85%;
May
50%; Woolworth at 39% against 40%, and Amer¬
Friday of last week..
ican Tel. & Tel. at
65%c. against 63%c. the close on Friday of last
1733% against 172%.
Western Union closed
22
week.
against 177% bid; E. I. du Pont de Nemours
week.
The spot
187% against 187%; National Cash Register at
13% against 13%; National Dairy Products at 17%
17%;
against
Biscuit
National
at
22%
against
closed
Loft, Inc., at 33% against 35%; Continental Can
155%;
against
Brands
Standard
at
7%
156%
against
yesterday at 19.95c. against 19.68c. the close
In London the
112%; Canada Dry at 19% against 20%; Sehenley
per ounce
the
closed
last
13% against 13%, and National Dis¬
rubber
Goodyear
group,
Tire & Rubber
yesterday at 20% against 21%
on
Friday of
week; B. F. Goodrich at 16% against 17, and
United States Rubber at
Railroad
shares sold
fractionally this week.
closed
price of bar silver closed yesterday
the close on Friday of last week, and spot
fers
the matter of
on
yesterday at 34%c., the
Friday of last week.
on
In
against 20 13/16 pence
pence per ounce
silver in New York closed
foreign exchanges, cable trans¬
London closed yesterday at
$3.51 the close
transfers
29% against 31%.
off
1/16
close
24% against 24%.
copper
yesterday at ll%c., the close on Friday of last week.
at 21
Distillers at
Domestic
Friday of last week.
7%; Westinghouse Elec. & Mfg. at 113% against
tillers at
close on
The spot price for rubber
Friday of last week.
on
45% against 45%; Eastman Kodak at
price for cotton here in New York closed
yesterday at 10.86c. against 10.93c. the
22%; Texas Gulf Sulphur at 34% against 34%;
In
Chicago closed yesterday at
May oats at
41%c. against 40%c. the close on Friday of last
at 179
at
closed yesterday at
Friday of last week; Allied Chemical & Dye
on
at
yesterday at 21% against
corn
on
$3.48% against
Friday of last week, and cable
on
closed
Paris
against 1.99c. the close
on
yesterday
1.97%c.
at
Friday of last week.
Pennsylvania RR. closed yesterday at 21% against
22
21% against 22%; New York Central at 15%
against 15%; Union Pacific at 95% against 95%;
Southern Pacific at 12
at
against 12%; Southern Ry.
15% against 15%, and Northern Pacific at 8'%
against 8%.
were
mostly higher the present week.
United States Steel closed
on
yesterday at 60% against
Friday of last week; Crucible Steel at 40%
against 40%; Bethlehem Steel at 84% against 82%,
and
Youngstown Sheet & Tube at 43 against 4234.
In the motor group,
on
Friday of last week;
54% against 53%; Chrysler at
war
remained
to the German
tension
forces, and nervousness increased as
again waxed in the Mediterranean area. On
Exchange
a
Shell Union Oil at
12% against 12%, and Atlantic
Refining at 25 against 23%.
Among
closed
of reinvestment
cause
Treasury paid
last
the
stocks,
copper
Anaconda
on
Copper
Friday of
week; American Smelting & Refining at 4834
against 49, and Phelps Dodge at 35% against 37%.
In
the
aviation
group,
yesterday at 11 against 10%
ferent.
of
funds
Curtiss-Wright
on
closed
Friday of last week;
were
and
upturn in
Steel
industrial
reports suggest
about
news
Norway
was
received.
the Amsterdam market the
The Berlin Boerse
was
week, and dealings
were
In slow trading
tendency was weak.
extremely dull early in the
suspended Wednesday and
Thursday for Ascension Day observances.
European
Avar
As the
entered its ninth month all the for¬
eign markets reflected
weariness and discourage¬
ment.
Allied Exchange
Controls
a
modest
general business in the United
States.
STEPS were takenthis week, toAvard the integra¬
in various directions by the
Powers,
esti¬
tion of their extensive external financial resources.
operations for the week ending today
mated
Industrial and rail
London, and foreign issues indif¬
The Paris Bourse started the week with a
Boeing Airplane at 24 against 24, and Douglas Air¬
craft at 88% against 87%.
Trade
soft in
which the British
acquisition of the second
for
out
rally in rentes, but the tone softened as the gloomy
on
yesterday at 29% against 29%
fair demand for gilt-
edged securities nevertheless developed, partly be¬
shares
Friday of last week;
naturally
Thursday that Southern Norway is being abandoned
batch of American securities.
on
un¬
depressant in most
The British and French centers
Hupp Motors at % a'gainst %.
Among the oil stocks, Standard Oil of N. J. closed
a
somewhat subdued after the announcement on
ivere
85% against 86%; Packard at 3% against 3%, and
yesterday at 42% against 42
The
centers, and price changes also were small.
certainties of the
the London Stock
Auburn Auto closed yester¬
day at 1% against 1% bid
General Motors at
LITTLE business the leading European financial
changes in was done this week on stock exmarkets.
:
Steel stocks
60%
European Stock Markets
Friday of last week; Atchison Topeka & Santa
on
Fe at
by American
Iron and
Steel
were
Institute
at
Allied
The
effect
is
invariably to widen the official au-
Volume
The Commercial & Financial
Chronicle
ISO
'
'
■'
■
,
thority and restrict
which
is
still
modest
the
more
private action is permissible.
hardly
but its
comforting
a
Indicative
of
in
area
This tendency
for the United States,
one
inevitability in modern
ognized.
the
warfare must be
rec-
rapid mobilization of
British Empire
resources, along lines suggested by
London
action,
was
an
announcement
Wednesday, by Canadian
Ralston.
Under
a
2779
•
Finance
at
Ottawa,
Minister
series of orders in
J.
L.
council, all
March
G
•
the
British
economic
representative,
Frank Ashton-Gwatkin, and his French
colleague,
Prof. Charles Rist, these Allied spokesmen
expressed
a
desire to minimize the inconveniences
neutral trade and
interests,
under international law.
sular
about
$250,000,000,
were
placed at the disposal of the Canadian Foreign Exchange Control Board, the Bank being reimbursed
by Dominion securities. /Canadian holders of for-
eign exchange
ordered to sell their holdings to
were
the Control Board
made to this order
by May 31,
so
some
exceptions being
that insurance companies and
business organizations
in the United States.
can
continue their activities
The immense Canadian hold-
ings of United States
securities are not affected
by
Australia, early in the week, ordered the
the order.
sale to its
own
exchange authorities of
a
selected
lisU of American
stocks held by
Australians, this
being entirely in line with the requisitioning
United Kingdom of some 177 American se-
action
in
the
curities.,
sued
series of
a
effect
The French Government
of
on
Thursday is-
exchange decrees which have
placing
foreign
exchange
holdings
the
of
French citizens under closer control.
NLY
o
as
few
a
Administration
conflict
pean
developments
bearing
in
and
can
Allied pur-
ordinary American commodities will
con-
tinue to be discussed in
Washington, it was said,
and in the meantime the restrictive measures were
described
The
"of
as
intention
ments to
policies
an
of
return
entirely temporary character."
the
British
and
French
Govern-
eventually to liberal commercial
emphasized in the statement.
was
These
general results of the Washington discussions
confirmed
don
on
Tuesday in
members
merce,
of
the
an
were
address before the Lon-
American
Chamber
Com-
of
by Ronald H. Cross, British Minister of Eco-
nomic
Warfare.
Mr. Cross urged the American
businessmen to be tolerant of Allied restrictions and
to remember that
Britain, herself,
was
the greatest
sufferer from the trade dislocations of the
The
war.
think of the blockade of
our our
men," he
be noted this week
Grand -War Strategy
repercussions.
ALL indications
President
pointed this week to
and
new
adventures in the European war, with
grave
closely
the Allies taking the initiative in the Near East,
The defeat of Britain artel France in Southern Nor-
Allies.
are
The
causing
cash-and-carry provisions of that
act
public discussion of possible future changes, if and when the financial
resources of
the
some
Anglo-French Allies
ther
prove
inadequate for fur-
buying in the United States.
notice has been taken of such
But
no
official
comments, and in the
meanwhile almost all barriers in the
way of supplying the Allies with latest types of American air-
planes have been broken down.
that the United States is
It
is
proceeding, to
undeniable
some
degree,
along paths followed early in the first World War.
But there also
neutrality
American
are
important differences, such
legislation,
and
its
ships avoid the combat
President. ;
Indications still
zone as
are
Sumner
Welles.
That
strange
aroused much criticism and it is
cial
silence
Washington.
on
the
as
An
in
Tuesday, that
Washington and
policy
supplied late last week, when the State Depart-
ment made known the results of
of discussion with
traband
war.
control
nearly two months
Anglo-French experts
and
other
on
the
con-
problems arising from
In conversations held since the
arrival
that
separates the Maginot and Limes fortifications
between Germany and France.
Activities in Nor-
possibly have overshadowed the conflict
way
high
other than in the
seas,
tiguous to the
area
Scandinavian
immediately
countries,
the
on
but
con-
it
is
likely that there has been little fighting on the
high seas. Criticism of the Cabinet headed by Prime
more
Premier Paul Reynaud also is encountering fresh
possible that offi-
American
quiet, only scouting activities by land and
in the air being reported of late from the
long line
on
The neutrality of Italy
been questioned increasingly, although
has
assurances
apparently have been extended in recent days that
Rome will not make
any
All of Southeastern
Europe is in turmoil, because
the
war
remains
is
moves
for
a
week
or
two.
expected to spread to that region. Russia
an
enigma. But it
was
announced
officially
in London, Thursday, that the British and French
Grand Fleets
ern
were
being concentrated in the East-
Mediterranean, and
were
of
growing
The Western Front
obstacles in France.
dispelled.
encouraging indication
the need for
to
States-German relations has not
yet been effected,
but reports circulated in
Washington,
Rome may soon be
list of German Nazi victories.
remains
ever,
in order to offset the
by
adventure
subject is considered wise
relations between
pointedly than
success
Minister Neville Chamberlain has mounted in Eng-
The rumored improvement of United
coolness in
sort of
land, and it is difficult to avoid the conclusion that
American policy, if any, of the journey to Europe undertaken by
Under-Secretary of
State
some
the
defined
lacking
way suggests, more
that
as
requirement
the effect upon
the
chases of
adopted when the neutrality legislation
amended, with an obvious intent of aiding the
was
was
applications for imports by Americans from Ger-
Germany "in terms of the lives of
Roosevelt and his associates continue to hew
the
con-
added, would receive
was
many of goods not obtainable elsewhere.
Washington toward the Euroits
to
added.
to the line
the
representatives, it
the policy adopted by the
upon
caused
this does not
British and French
Allies found it
necessary to
United States Policy
as
Department rerights of the United States Government
served all
Canada,
at
long
so
affect the contraband control.
Acting on this occasion in strict accordance with established rules of
international procedure, the State
gold and foreign exchange resources of the Bank of
estimated
*
•
of
a
number of problems thus
clarified, while others
were
posed.
Prime Minister Neville Chamberlain
an
revealed
in
address before the House of Commons, Thursday,
that the Allies have failed in the
but he referred
Norwegian
significantly to the need for "a
area,
more
normal distribution of ships in the Mediterranean."
The
Allies,
he
said,
have
no
intention
of
being
Financial Chronicle
Commercial &
2780
trapped into a dispersal of
the Nazi forces,
Requesting that debate on the Norwegian
center.
gical considerations
would turn out
Chamberlain stated that the events
cussions are sure
strategy which
eventually to be part of a "long-term
Although Mr. Chamberlain
These comments were made by
will win the war."
the Prime
York "Herald Tribune," "with the quiet
air of
he
in possession of grave secrets
man
a
moment reveal."
not for the
could
by Mr. Chamberlain of Nazi
made
in the long
was
ing European neutrals,
alter
mystery was introduced
merchant
to Alexandria," the
of the Mediterranean on its way
It remains to be determined
new
dis¬
"back
door,"
But
became
in
partner
the
Rome
axis.
famous
tanks
dis¬
armored
and
a
Phillips had gained the impres¬
solini, that the' Italian attitude of aloofness is not
Trondheim
Italian commitment on
ter of
week
a
some
10 days, at
conferred
Roosevelt
Italian
or
non-participation was
at
a
Thursday,
length,
comfort
was
land,
with
American nationals
man
air
nervousness
may
and
directly toward
When British
apprehension of the Balkan States
an
enlargement of the war area.
merchant
shipping was ordered out
for British vessels to
seemed to
give the show
time
have
been
an
order
Thursday
on
quit Genoa and sail for Suez
British vessels for
away.
moved
the
toward
East,
as
though to prepare for important troop and supply
movements, and
the Balkan
an
outbreak of
new
hostilities
peninsula would surprise
on
all
signifi¬
operations
on
the bases established
from
for the
It became apparent over
week-end,
however, that mobile German
swiftly
closing the gaps between the
were
,
parties
way,
Trondheim
at
reigned
power
over
from
bases
which
attacked in any
real progress by the Allied
the
possible to establish air
German
bombers
is
might be
effective manner.
Full disclosure of the events still is
it
landing
German air
the vast section of Southern Nor¬
prevented
and
and Bergen.
troops, who never found it
clear that Allied
lacking, but
strategy called for an im¬
portant-move from the landing point of Aandalsnes,
about
miles
100
south
of Trondheim,
in order to
prevent a junction of the German groups in Oslo
and Trondheim. From Aandalsnes the Allied forces
inland
moved
to
one.
no
coordinating
main German force at Oslo and the isolated
Mediterranean, Wednesday, the fears of fresh
developments increased, and
some
The growing
campaign in Italy.
also be attributed to this move, which points
of the
units
the lack of any Ger¬
suggests the answer to the increasingly
anti-Allied press
Allies
last
the
bombings at Scapa Flow in recent weeks,
and it also
The efficient German fight¬
counts of the fighting.
dispatch of the British Grand Fleet
to the Mediterranean clears up
country.
Swedish de¬
Reports of
these developments were confusing for a time, owing
to the paucity of reliable and comprehensive ac¬
Italy and the Near East.
But the critical
situation in the Eastern "Mediterranean could not be
The
a
landing of troops, south of Trondheim.
from
denied.
and
and in the air, the Germans literally swept
sea
the
out
gained from the lack of any Amer¬
ican order for the evacuation of
Scandinavian
the
involved.
Skilfully
cance.
Ambassador Prince Ascania Colonna, and
with
trundled
ing force settled the question, whatever its
mat¬
President
the utmost.
Germans
determination of effecting
the real issue,
was
possibly was
indicate that the
the
join the Allies or to refrain from fighting
cision to
But these reports were amended
Thursday, in a manner to
cars,
of
regions
Bergen
on
this week, in
equipped
Well
junction with their forces in the Trondheim and
sion, after a conversation with Premier Benito Mus¬
likely to change.
country.
north from Oslo with the
patches of Wednesday said that United States Am¬
bassador William
unfortunate
that
The
6n the Allies in Norway.
military moves came thick and fast
campaign in that country for full support of the
Berlin
simple fact that the Nazi Reich has
scored another beat
The Italian prob¬
acute, owing to the press
more
ever
in the vast Mediterranean area can
moves
no
overshadow the
merely consists of precautionary
or
keep Italy in check.
Fresh moves clearly are in
prospect.
move
endeavors to
lem
whether this
Eastern Mediterranean.
of the Allied Grand Fleet presages an
in the Near East against the German
position
Anglo-French battle fleet in., the
centration of the
Prime Minister disclosed.
Allied
and a
by the clearance of British
ships from the Mediterranean and the con¬
Italy assumed a hightened importance,
of
ancillary craft is already in the Eastern basin
and
The problem
Finland, dropped still lower.
tion of
important redistribution of the main Allied fleet.
"A British and French battle fleet with cruisers
already at a low point be¬
engulfment of Poland and the subjuga¬
of the
cause
naval power and to permit an
the entire balance of
Allied prestige among the remain¬
militarists.
man
losses in naval
He held these to be so substantial as to
units.
struggle for control will con¬
effect is that of another victory
series of aggressive moves by the Ger¬
show, and that the
tinue, the practical
which
Much
assured the Commons
considered a mere side¬
Norway will not be
that
Minister, according to a London report
to the New
Numerous diplomatic and strate¬
obviously follow, and the reper¬
to be profound and far-reaching.
proved superior.
until next Tuesday, Mr.
be postponed
campaign
abandoned Southern Norway to
largely because the German air arm
effect, the Allies
dangerously weak at a vital
that would leave them
In
the British House of Commons.
before
ment
their forces in a manner
May 4, 1940
along the narrow Norwegian valleys
Dombas and
Stoeren, which are the vital junc¬
points for rail and highway communication be¬
tween Oslo and Trondheim.
Some 100 miles north
tion
Southern Norway Falls
ONE of the majorThursday, the European war
turns of when the Anglodeveloped
on
French
Allies
found
it
necessary
withdraw their forces from the
lous
advisable to
or
important and
portion of Norway south of Trondheim.
German
High Command claimed early
the defeat of the Allied and
Prime
Minister
these serious
Neville
The
that day
Norwegian troops, and
Chamberlain
tidings immediately, in
on
popu¬
a
confirmed
general state-
of
Trondheim, at the port of Namsos, the Allies
continued to land troops,
tion of
the
a
pinc^r move against the German force in
central
Norwegian port which is essential for
with
communications
Stoeren the issue
German
perior
weight.
points
meanwhile, in the expecta¬
was
Sweden.
At
Dombas
and
decided, with the vastly su¬
air force
the factor of
greatest
Flying Nazi columns converged on those
over
the last week-end, and it is idle to deny
Volume
The Commercial & Financial Chronicle
150
the remarkable achievements of the
which
deployed
on
the main high-
and other
snows
obstacles.
hasty retreat which ended in their embarkation at
Aandalsnes, Thursday, for
tion.
Prime
Chamberlain
Minister
lieve that the Allied retreat
the loss of
single
a
Southern
that
been
Chan-
is lost to the Allies.
apparently
convinced of the
was
issued
Allied
efforts to
general
which he
"beat
Germany
the Scandinavian battle front had
on
a
-
German White Book
*
QOME diplomatic aspects of the German Nazi invasion of
Norway
viewpoint, in
to- the
world
Joachim
von
outlined, from the Nazi
were
White Paper which
a
last
conclusively nullified."
Ribbentrop.
Bolstered by
There
were
reports
on
which have
face
certain
a
weight if accepted at their
place all blame for the violation of Norwegian
trality
upon
0f the latest German
aggression.
parts of that
the British
area
dominant.
But North-1
battlefront, and in
as a
sea
the extension of the great
European
sents
members of the Berlin diplomatic corps, in order to
representatives
Narvik
pre-
Norway.
At
operations, with
gaining control of the
ore
port,
and the small German force in and around the
pressed harder and harder.
city
But the outcome
at Narvik cannot counterbalance the
immensely im-
portant fact that the great area of Southern Nor-
has fallen under the Nazi yolk.
From Nor-
of German military spokesmen
plicity."
It
with
stubborn
in
far
so
The aim
Berlin
than
a
of
the
launched
summed
lightning attack which the Ger-
against Norway
on
April 9
were
berlain, in his address before the House of ComHe indicated that the Allies would continue
mons.
to
fight the Germans in Norway, but added that
Great Britain and France have
no
intention of
being
trapped into letting down the guards in the Mediter-
on
arrangement readily was made.
of
face
whole
of
Chamberlain
as
he
out
was
the
of
re-
he
being withdrawn in
enemy
strength.
Aandalsnes
mounted
the
The
had
been
rostrum,
declared, and he added that
Mr.
so
far
this had been accomplished with-
aware
loss
around
force
before
withdrawn
were
ever-increasing
the
After
attacks, he said, the Allied
many enemy
forces south of Trondheim
the
de-
Norway be postponed until next Tuesday,
and this
pulsing
Minister requested that a
The Prime
ranean.
bate
a
single
it related to the activities and inten-
of the
documentary presentation of the
examined
Oslo
of
official orders
captives, that
British
from
to show, on the basis of
was
in
Great Britain
and
planned to send troops to Norway before the Gertook this
mans
step, and that the Norwegians, were
conniving at such
Thursday by Prime Minister Cham-
up on
honesty by Norwegian authorities,
Foreign Office
and all of
more
as
derided in England and denied
was
tions of that country.
ness,
dispensation to be little
man.
But only
a
single
two before
or
in Norway.
taken
supply base for the Reich.
mining of Nor¬
day
a
began to land troops at various points
against Great Britain with enhanced effective-
new
asked to
the Germans
raids
mans
even a num-
were
convincing, however,
was
respect to the British
wegian territorial waters, only
archives
Scandinavia must be considered
The statement
only with
wegian soil the Nazis will be able to conduct air
Results
present, and
listen to the expose of Allied and Norwegian "du-
the obvious intent of
under the
Both neutral and German
were
yesterday that the port is being evacu-
Narvik the British continued their
way
emphasize his comments.
press
ber
land communications with the rest of
was
Ribbentrop
von
possibly
power
problem of its own, since it is cut off from
a
Herr
into Scan-
revelation of
as a
called to the German Foreign Office virtually all
The Allied landing at Namsos
But far to the north the port of
ated.
interesting chiefly
portions of Southern Norway, and it
admitted
was
It is
surrounding
war
some
clearly is precarious, owing to its proximity to the
German-held
But this incident
adds little to the known circumstances
German propaganda tactics.
Sweden, for sanctuary.
neu-
the Allies and the unfortunate victims
void had fled to
will prove
Minister
series of
a
value, the German White Book attempted to
dinavia.
Norway remains
presented
was
Saturday by Foreign
Thursday that King Haakon and Premier Nygaardsern
factor in the decision
to withdraw from Southern Norway,
alleged official Allied and Norwegian documents,
now
tha German forces in
the
to her knees
be-
to
without
effected
was
Tuesday, for Jhe then
on
proclamation to
claimed
affected
man.
Norway
cellor Adolf Hitler
outcome
undisclosed destina-
an
Vital emergencies elsewhere were hinted at
themselves
The Allies
pinched at Dombas and Stoeren, and they beat
were
port."
by the British spokesman as
and attained their objectives despite heavy
ways,
a
mountain roads when bridges
over
destroyed by the Norwegians
were
German units,
2781
measures.
ment made known
in this
secret
said
The principal docu-
manner
was
alleged
an
operations order of the British Government,
have
to
Norway.
before
been
taken
from
Allied
soldiers
in
This document, allegedly dated two days
the
Germans
marched
into
Norway,
pur-
ported to present official British moves which the
Germans "forestalled."
has not been denied,
The validity of this paper
but military experts point out
that it fails to conform with
tary practices,
which leaves
that the alleged
ordinary British miliopen
the possibility
order for British forces to
move
into Norway was merely part of the long series of
prepared plans which all military authorities make
ready for all conceivable contingencies.
German
attempts to show that Norwegian authorities
were
in agreement with the British brought only indignant denials from
spokesmen for the Oslo regime,
In England it was pointed out that the mining of
Norwegian territorial waters
was
announced to the
phase of the Norwegian campaign thus had been
world when it occurred, and the charge was made
concluded, said the Prime Minister, who maintained
that
that the balance of
torted and untruthful.
with the Allies.
advantage in Norway remained
He claimed
German naval and other
that German
immense in
vast destruction
were
of
shipping, and also asserted
losses in man-power must
Norway.
French losses
a
have been
But estimates of British and
not
supplied in this "interim
re-
the
German
statements
otherwise
were
dis-
No reference whatever
was
made in the German White Book to the invasion of
Denmark, which is
more
important, in
a
significant omission.
Even
view of the present state of
affairs in Northern Europe,
was an
assertion in the
German White Book that Sweden at all times took
The Commercial & Financial Chronicle
2782
673,000,000 francs respec¬
total 84,614,656,929 francs, compared with 92,265,948,691
francs a year ago.
The proportion of gold to sight
714,000,000 francs and
The significance of
decidedly neutral course.
a
ascertained.
/
' r
v
Central Banks
Discount Rates of Foreign
rates
the
Present
Rate in
Mar.
Jan.
Aug. 15 1935
Mar. 11 1935
2>4
Canada
Date
vious
Effective
Rate
'Y'-.-}
years:
7
4
Aug. 29 1935
434
Changes
3
Nov. 28 1935
334
for Week
Apr. 25, 1940
Apr. 27, 1939
Apr. 28, 1938
May 18 1936
5
Francs
Francs
Francs
Francs
3.29
3.65
Dec.
16 1986
4
Japan
Apr.
7 1936
July
18 1933
5
Java
3
Jan.
14 1937
4
Gold holdings
Lithuania—
6
July
15 1939
May 28 1935
7
Credit bals, abroad,
434
334
Czechoslo¬
334
Morocco
634
5
Norway
Poland
434
434
Sept. 22 1939
434
1 1936
4
334
May
3
Jan.
Danzig
4
Jan.
21937
Denmark
5K
Oct.
10 1939
Eire
3
June 30 1932
334
Portugal
3
Rumania
26 1939
—
5 1938
434
434
Note circulation
2
Oct.
1 1935
5
South Africa
Dec.
3 1934
434
Spain
France
2
Jan.
41939
234
Sweden
3
Dec.
Germany
334
Apr.
6 1940
4
Switzerland
134
Nov. 26 1936
Yugoslavia.
5
Feb.
*
Jan.
6
7
4 1937
May 15 1933
Mar. 29 1939
15 1939
1 1935'
c
—
*
■
a
*69,732,080
3,311,000,000
—-14,000^000
to
20,900,000,000 20,576,820,960 40,133,974,773
No change
-
-
Propor'n of gold on
hand to sight llab.
634
/
advs.
Temp.
State
>
2
Not officially confirmed.
abr'd
Credit current accts.
5
234
9,150,297,820 10,865,235,550
809,658,784
743,118,874
3,361,577,242 3,699,714,183
—158,000,000 156285000,000 124665,989,910 98,518,807,680
+673,000,000 15,853,000,000 21,009,606,117 24,038,511,079
Adv. against securs-
4
334
+ 714,000,000 13,067,000,000
_
434
434
Greece
bills discounted.
Aug. 111937
*4
..+339,389 84,614,656,929 92,265,948,691 55,806,959,832
20,145,316
13,235,503
42,000,000
—1,000,000
French commercial
b Bills bought
17 1937
England---
__
a
5
Dec.
Estonia
..
■
434
3
Oct.
■,
Hungary
India
2H
4
«...
^
2
Chile..
Finland
■
Aug. 29 1939
Colombia
vakia
'
COMPARATIVE STATEMENT
OF FRANCE'S
BANK
3
Italy-
51940
6
advances to State remained un¬
temporary
changed at 20,900,000,000 francs. Below we furnish
different items with comparisons for previous
Effect
Holland
11936
2
63.34%.
was
the
Pre¬
MayZ
Rate
it
securities, 14,000,000 francs,
advances against
and
while
are
'
Country
vious
>Dale
Effective
3X
-
centers
Rate in
Pre¬
Effect
May 3
Argentina.
Belgium —
Bulgaria—
leading
which follows:
shown in the table
Country
the
a year ago
abroad, decreased 1,000,000 francs
Credit balances
any
at
rates
49.16%;
liabilities fell off to
THEREdiscount noof
have been changes during the week in
of the foreign central
banks.
The" Bank's gold holdings now
tively.
praise of Swedish neutrality remains to be
this Nazi
May 4, 1940
63.34%"
49.16%
—0.14%
Figures as of March 28. 1940.
Includes bills purchased in France,
'
45.54%
"
,
b Includes bills discounted abroad,
»
c
In*
the process
three
Foreign Money Rates
1938, the
the State
of revaluing the Bank's gold under the decree of Nov. 13,
entries on the Bank's books representing temporary advances to
of such loans was transferred to a new
non-lnterest-bearlng loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected in the statement of Nov. 17, 1938; prior to
that date and from June 30, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 »g. per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
the franc.
The present value Is 23.34 mg. gold to the franc.
were
wiped out and the unsatisfied balance
entry of
IN bills Friday were 1 1-32%, as against for1-32%
LONDON open market discount rates 1 short
*■
on
on
Thursday of last week and 1 1-32@1 1-16% for
three-months' bills, as against 1
Friday
1-32%® 1 1-16%
on
the New
Bank of
England Statement
THE statement of theexpansion of £3,896,000 in
Bank for the week ended
'May 1 showed
an
with
together
circulation, which
money
nothing developed to stir
routine.
note
Money Market
MONTH-END requirements were this week, and
York
market met easily in
1%.
was
New York
Money on call at London on
Thursday of last week.
a
of
gain
Rates
the market out of its
merely carried over in all de¬
The Treasury in Washington awarded
partments.
on
were
Monday another series of $100,000,000 91-day
£131,158 in gold holdings brought about a drop of
discount
£3,765,000 in reserves.. Circulation as of May 1
0.007% discount, computed on an annual bank dis¬
totaled
compared
£541,042,000,
the record
with
high, £554,615,983 Dec. 27, 1939 and £495,456,184
a
Public deposits fell off £20,948,000 and
year ago.
other
deposits
£26,325,405. Of the latter amount
rose
bills, and awards were at an average of
Bankers' bills and commercial paper
count basis.
remained in poor
York
Stock
supply.
Call loans
on
the New
Exchange held to 1% for all transac¬
tions, while time loans again were 1%% for maturi¬
£22,000,059 represented a gain in bankers' accounts
ties to 90
The reserve
proportion dropped to 21.2% from 23.8% a week ago;
a
year ago it was 20.1%.
Government security
holdings expanded £8,329,000 and other securities
£826,643.
The latter consists of discounts and
advances, which increased £1,071,399 and securities,
datings.
and
£4,325,346
decreased
which
various items
BANK
OF
other
in
accounts.
Below
£244,756.
with comparisons
we
show
for previous
the
years:
ENGLAND'S COMPARATIVE STATEMENT
days, and 1%% for four to six months'
New York Money
DEALING in detailfrom day toloan rates wa~ the
with call day, 1% on the
Stock Exchange
ruling quotation all through the week for both new
loans
up
renewals.
and
continues
1939
1940
May 6,
1937
1936
Circulation
541,042,000
19,755,000
170,333,434
It Bankers' accounts. 125,447,212
Other accounts
44,886,222
Govt, securities
138,978,068
Other securities
28,509,325
Dlsct. & advances.
5,931,427
Securities..
22,577,898
Public deposits
Other deposits
Reserve notes & coin
Coin and bullion
Proportion of
495,456,184 490,532,923 475,158,646 422,641,454
9,180,422
16,381,047
10,742,221
10,488,707
145,255,201 153,423,854 134,836,099 124,998,841
108,214,120 117,452,616 97,175,165 88,342,137
35,971,238 37,660,934 36,656,704
37,041,081
111,906,164 117,766,164 103,095,460 88,798,310
27,454,049 26,403,488 21,299,465
9,447,790
5,441,217
8,189,409
19,264,640 20,962,271 11,851,675
39,452,309 41,818,875
31,453,519 46,668,500
40,305,000
1,347,345 226,909,703 327,201,423 314,610,955 204,460,329
30,117,191
8,175,241
21,941,950
20.1%
2%
21.2%
2%
Gold val. per fine oz_
148s.
168s.
5d. 84s.
22.3
31.16%
2%
26.00%
2%
2
11 Hd. 84s.
11 Hd. 84s.
11 Hd.
supply.
a
current loss
the
total
being 158,000,000 francs, which reduced
outstanding
Notes in circulation
as
to
156,285,000,000
francs.
of April 4 rose to a new record
high of 157,895,000,000 francs, compared with 124,665,989,910 francs April 27, 1939.
French
commercial
bills
current accounts showed increases of
Gold holdings,
discounted,
and
Ruling rates
creditor
339,389 francs,
are
5^@1% for all maturities.
Bankers' Acceptances
THE market for prime bankers' acceptances bills
quiet this week. The supply of prime has
been
has not
volume.
improved and transactions have been light in
Dealers' rates
as
reported by the Federal
Reserve Bank of New York for
for
THE weekly statement of the note circulation, the
again showed
decline in Bank dated April 25
Trading
and prime paper has been in fair
good
eluding 90
Bank of France Statement
and \lA% for four to six months'
The market for prime commercial paper
moderately active this week.
been
reserve
to liabilities..
Bank rate
market for time money
Rates continued nominal at 1 \i%
quiet.
continued
has
The
to 90 days
maturities.
May 5,
May 4,
1938
May 3,
May 1,
Rates
days
are
bills running
bills
up
to and inr
J^% bid and 7-16% asked;
for four months, 9-16% bid and
H% asked; for five and six months, Ys% bid and
9-16% asked.
The bill buying rate of the New York
Reserve Bank is
%% for bills running from 1 to 90
days.
Discount Rates of the
Federal Reserve Banks
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
recent advances
on
Government obligations are shown
Volume
The Commercial & Financial Chronicle
ISO
in the footnote
schedule of rates
of paper at
the table.
to
The
following is the
in effect for the various classes
now
the different Reserve banks:
Date
Rate
1
Sept.
New York
1
Aug. 27, 1937
Philadelphia
IX
Sept.
4. 1937
2
Cleveland
IX
2
2
Atlanta
*1X
11, 1935
Aug. 27, 1937
Aug. 21, 1937
Chicago
*1X
Aug. 21, 1937
*IX
Sept.
2, 1937
2
Minneapolis
ix
*IX
Sept.
*1X
Advances
IX
2
V
of
1%, effeotlve Sept. I, 1939
Chicago Sept. 16,1939, Atlanta, Kansas City and Dallas: Sept. 21, 1939, St. Louis
more
depression in the market is of
Another factor
war.
course a
contributing to unsettlement of
the introduction of the British
was
budget last week showing
to meet
necessary
war
costs, which
around $21,000,000 a
war
schedule of heavy taxes
a
day.
were
estimated at
However, conservative
and informed British opinion has contended that the
new
nevertheless too
the
and
situation,
British
is
taxpayers
fact
are
that
American
The range
demands
on
un¬
Offerings of European and
interests
limited demand for
further
the
meet
to
anticipated adds to the
certainty of the market.
South"
low
greatly
the
outweigh
The
for sterling this week has been between
a
of between $3.4834 and $3.53% last week.
for
range
$3.47%
and
cable
$3.53%,
transfers
compared
between $3.49 and $3.54
The
fixed
has
been
with
a
between
of
range
following official exchange rates
by the Bank of England:
have been
New York cables,
4.0234-4.0334; Paris checks,. 17634-176%; Amster¬
7.53-7.58; Canada, 4.43-4.47.
dam,
Berlin is not
The lira is unofficially quoted in London at
quoted.
following official rates
London for one-month
have
delivery:
been
fixed
in
New York, %%
premium to parity; Paris, parity for sellers and buyers;
Amsterdam
Brussels,
times
134
par
Dutch
is
can
more
escape
premium
to
par;
nothing in the
course
of
the
news
of the
day
the slightest optimism
foreign exchange.
evident that
official
the
consequences
of serious inflation both
close of the
European
a
rapid increase in demand for goods than in
to finance costs
record has it been possible
war on
wholly out of
the form of taxes and loans.
all
its
needs either
by
a
If
country's income in
a
State
means
were
of taxes
able to
or
by
borrowing from current earnings of its population,
there would be
spending,
no
increase in such
a
nation's total
but merely the partial transfer of such
spending from private persons to the Government.
Since the total demand for
unaltered, prices
as a
the
are
United
in the
seen
40% depreciation made in
gold value of the dollar.
International trade is
everywhere demoralized and
until this condition has been rectified there
hope of stabilized foreign exchange.
no
?
.■
gold pound of $4.8665.
that if deprived of
apparent
result of the
a
governing international trade
can
and
only in
are
Official
not
a
Conditions
wrar,
minor degree the result of deprecia¬
leading foreign currencies.
figures relating to foreign
informative,
made obscure but
Y-'i.V
commerce
because
sometimes
not those germane to'free
are
consumption and production
processes
such
as
prior to 1914.
were
Total
United States exports of $1,949,000,000 during
first six months of the
months
six
If there
value
war
ended
during March, 1940
000,000.
are
deliberately
largely because the elements enter¬
ing into foreign trade
the
be
involvements aris¬
are
ing entirely from political activity, including the
and
were
the
33% higher than in
February,
rose
were to
of iron
30% to
a
1939.
Exports
value of $344,-
be deducted from the total
steel
products, non-ferrous
metals, chemicals and aircraft, and
many
kinds of
machinery greatly needed by the Allies, it is doubtful
if exports wrould show
London advices of
British imports
an increase.
.
.
few weeks ago showed that
a
of merchandise during March reached
goods would thus remain
whole would not rise.
month exports and re-exports, despite
to
as
of the important nations
major
is
In the
It becomes
Confining inflation to its narrowest meaning of
no
still not
were
the pound would .decline still further.
inflationary effects
as
same
order to obtain
expand sales in world markets in
exchange for
war
needs, totaled only
£45,053,511.
The
British
figures
abroad
supply, in
it
peg
Similar
States
the
was
The finan¬
seriously disturbed
were
maintained, solely by official support, at
and
British efforts to
conflict.
meet
$4.03
in
or
none
immediately and after the
more
short time.
very
£108,543,354, the highest total since October, 1929.
par.
market talk to support
the future
cents
to 2 centimes discount; Zurich, 3 cen¬
premium to
There
daily
Now it is
the
69.00.
The
a
world
reflected in the statistics issued
week ago.
a
:! *
emphatically that gold redemption
In 1931 the unit
tion in the
sterling in New York.
$3.4734 and $3.53 for bankers' sight, compared with
range
an
pound sterling it need only be
when at the end of 1932 gold payments
resumed.
,
budget, which calls for the expenditure of £2,-
667,000,000,
stated
cial interests of the
sequel to the tension resulting from the European
the market
on
hands of; the
of the State.
power
would be resumed in
THE free marketseverely continues than in recent
pound curtailed depressed with
trading
The
working
• standard
in September, 1931, Mr. Ramsey
MacDonald, then prime minister, and other British
officials
Course of Sterling Exchange
weeks.
are
gold
2
3, 1937
Sept.
a rate
of
recalled that when Great Britain departed from the
2
3, 1937
case,
lesser extent France, and
a
nations
forced into the
money
With respect to the
2
Aug. 24, 1937
Government obligations bear
on
smaller
populace by the
2
Aug. 31, 1937
*
Germany, to
the
"imaginary"
•
2
St. Louis
Kansas City
Dallas
of
can
money
the
se6n in
as
IX
May
IX
few
a
of fiat
consequences
attendant evils
At present
IX
1, 1939
intrinsic|values
exceptions few
some
Germany after the first World War. iLi
Pretisus
Established
on
Boston
San Francisco
its
With
the
escape
France and
May 3
Richmond......
varying degrees.
with all
Rate in
Effect
National currencies have lost their
in
ultimately
DISCOUNT BATES OP FEDERAL RESERVE BANES
Federal Reserve Bank
.
2783
Board
of
Trade
in
announcing
its
emphasized that the expanded purchases
were
made necessary by the war.
advices make it clear that part
London
of the increase in the
sterling value of foreign trade was attributable to
wartime
advances in commodity prices,
exception of
were
a
few
war
With the
materials, if volume figures
available rather than price data, it would
be
doubtful if any increase in imports or exports of any
-country could be shown. It is the volume of goods
interchanged and not the price value which counts in
the increase of human wealth.
International shipping has been seriously disrupted
The latest evidence is
the British decision to divert sea traffic from the
and routes have been diverted.
The Commercial & Financial
2784
The United
follow
also reports
Britain
Great
Imports
Italy
Sweden..
United
meet
war
on
Other British West
Australasia, and Asia.
that in
some
<
,
Saturday last
the "Monthly Review" of the Federal Reserv eBank
the end of April, about $1,235,000,000 gold
On Monday the
The
$3.50%@$3.52% for bankers' sight and
$3.51@$3.53% for cable transfers. On Tuesday the
undertone was easier.
Bankers' sight was $3.50%@
was
$3.53
comparable
World War period can
Switzerland,
$3.50%@$3.51%.
slightly firmer in limited trading.
was
range
"Guaranty Survey" points out
in
Bankers'
cable transfers
tone
practically unchanged from pre¬
sight was $3.50@$3.51%;
was
close.
vious
and
On
neutral,
transfers
cable
were
$3.50%@$3.53%.
Wednesday the free market went off sharply.
Bankers'
sight
$3.48@$3.49%; cable transfers
was
On Thursday the market was
$3.48%@$3.50%.
dull and the undertone
was
easy.
The
range
was
$3.48%@$3.50% for bankers' sight and $3.48%@
On Friday the general
$3.50% for cable transfers.
trend
The
unchanged.
was
$3.49 for bankers'
cable transfers.
range
was
$3.47%@
sight and $3.47%@$3.49% for
Closing quotations
on
Friday
were
$3.48% for demand and $3.48% for cable transfers.
24% in the
and 17% in
Commercial
sight bills finished at $3.47, 60-day bills
$3.46, 90-day bills at $3.45%, documents for pay¬
continue
easy.
Call money against bills is in supply at %%.
Bill rates are unchanged:
Two- and three-months
bills
1-16%, four-months 1 %%, and six-months
ment
Money rates in the London open market
(60 days) at $3.46, and seven-day grain bills at
Cotton and grain for payment closed at
$3.46%.
$3.47.
Continental and Other Foreign Exchange
1-16%.
Canadian press
dispatches state that stimulated by
from those of situation presents
THE French foreign exchange recent weeks. The
no new
Kingdom market,
foreign trade shows broad signs of sur¬
wartime barriers. Statistics issued by the
growing demands of the United
Canadian
mounting
Canadian Trade and Commerce
favorable balance for January
exports exceeding imports by
were
V
held under earmark.
was
at
a
;
,
The current issue of
of New York estimated that at
Japan.
bills 3
$272,495 Mexico,
the Federal Reserve banks was reduced
showed that
held under earmark for foreign account as of
$1,299,463,000 gold was
August the price level has risen
20%
$223,045 Nicaragua,
Philippine Islands.
Canada,
$234,429
March 31.
at work but do not
countries, both belligerent and
Netherlands,
Chiefly
during the week ended April 24 by $21,061,936.
The latest monthly report of the Department of Commerce
price movement
Since
509,290
3,107,099
.....
-
Gold held under earmark at
has been pronounced.
The
wholesale price level in Great Britain has risen
steadily since the beginning of the war and is about
32% higher than last August, compared with a 17%
increase in the first six months of the World War.
The advance in Canada amounts to 15%, while the
increase in
France is estimated at about 17%.
the
-
$141,525 Venezuela, $1,383,475
in these wrords:
months indicate that
severity with those of the
The
$706
Referring to day-to-day rates sterling exchange on
preclude the hope that monetary disorders
avoided."
...
Australia
emergencies.
inflationary forces are again
be
—.
Hongkong
*
-
18,316
2,104,914
12,800
774,497
Indies
British India
......
— —
23,394,131
340
Colombia—
"The events of the last few
in
13,860,240
....
—
Venezuela
large percentage of the goods carried
the prospect
;
Trinidad and Tobago..
of the
"Guaranty Survey" points out that general infla¬
tion is impending.
It puts the best possible interpre¬
tation
—
-
Kingdom
Canada
Guaranty Trust Co. in the current issue
The
676,585
4,511,465
266,000
— -- - -. —
Switzerland
V
$4,365,262
—
Netherlands.
by the
tonnage of the world is intended for destruction and
not consumption.
Only a Tew days ago Robert S.
Hudson, British Minister of Shipping,, urged the
British people to reduce further their consumption of
imported goods, not only for the financial reasons set
forth by Sir John Simon, in his presentation of the
budget, but also to leave merchant shipping free to
A very
$967
Refined Bullion and Coin Shipments—
Detail of
products have
been greatly curtailed in Great Britain and all
Europe, while the importation of so-called luxury
products has been restricted or eliminated throughout
South America,
—
$261
706
$56,239,616
coin
Total
production of so-called unnecessary
Exports
*$2,638,677
53,600,939
Ore and base bullion
Refined bullion and
cover
AND IMPORTS. APRIL 18 TO APRIL 24, INCL.
GOLD EXPORTS
in ship
increase
of Commerce and
April 24, 1940.
the week ended
consumption requirements and the
but
clearings,
an
taken from the weekly statement of the
are
United States Department
the zone curbs, our
shipping has reached a 10-year peak since the begin¬
ning of the war, with 1940 cargoes exceeding those of
1939.
January and February figures show that 1,042
American ships cleared our ports, 110 more than
during the corresponding months of 1939.
despite
that
reports
May 4, 1940
of gold imports and exports which
The amounts
tojthe Cape of Good Hope route.
States Department of Commerce never¬
Mediterranean
theless
Chronicle
worth
$163,167,908.
In the
$142,115,698.
favorable balance
valued
at
only
was
of 1939 the
months
against
imports
of
New
York
Federal
Reserve
Bank
in
its
monthly review of business shows that the total value
of United States exports to
1939 to
In the New York free market the
closely the relative quotations for the
pound.
French
banks
business
and
circles, following the
.
lead of London,
abroad
since
for
they
the
are
show
free
no
interest in the rates quoted
franc
and the pound sterling,
obliged to effect all their exchange
operations through the exchange control bureau at a
$84,122,918.
The
pound at the rate of 176.50-
The dollar equivalent is 2.2883 cents,
buying rate.
franc follows
Exports
$44,929,785, but exports were
$129,052,703,
the
and February, with
Imports were valued at
same
176.75 francs.
Department indicate
$21,022,210.
features
unit continues tied to the
Canada from September,«.
March, 1940, inclusive, amounted to $339,-
000,000, an increase in value over the period Septem¬
ber, 1938-March, 1939 of 48%.
Montreal funds in the New York free market
ranged during the week between a discount of 15%%
and a discount of 14 13-16%.
fixed rate.
Belgian
currency
continues
the New York market
so
far
as
relatively steady in
the spot rate is
cerned, but trading is extremely limited.
steadiness
even
in future rates as
con¬
There L
compared with
some
During the greater part of the past week
90-day belgas ruled around 70 points under the basic
cable rate.
This compares with a discount of 50
weeks ago.
points in mid-April
and indicates uneasiness with
.
Volume
The Commercial
150
& Financial Chronicle
Buenos Aires reports state
respect to the likelihood of extension of the war in
Gold holdings of the National Bank of
Europe.
Belgium have reached 23,000,000,000 Belgian francs,
a new
high and
reflects
10% since January.
up
favorable
a
trade
dehoarding
and increasing activity in
owning to rising prices
certain
The increase
and
balance
industries, together with enhanced invest¬
The London check rate
Paris closed on
on
of last week.
000,000
the
In New York
center finished at
sight bills on the French
1.97 and cable transfers at 1.97%,
was
the
22% in volume and 29% in value
corresponding period last
Vargas in
curb
on
trade balance
as
Brazil is facing
as
Argentine unofficial
for cable
marks
Berlin
quoted in New York, nor is exchange
Czechoslovakia.
Exchange on Buchar¬
transfers, against 5.05 and 5.05.
not
are
Poland
or
est closed at 0.50
Exchange
(nominal), against 0.50 (nominal).
closed
Finland
on
(nominal),
1.95
at
Greek exchange closed at
against 1.95 (nominal).
0.66% (nominal), against 0.66% (nominal).
@23.00,
are
is
unfavorable
Germany.
or
free market closed at 22.90
Chilean exchange
quoted at 5.15, against 5.15.
nominally quoted at 5.17, against 5.17.
EXCHANGE on the Far Eastern countries shows
important changes from recent weeks and
no
price movements have been
exchange
Shanghai and
narrow.
only items
the
are
important fluctuations and Shanghai is off
from last week's rate.
1914-1918
war
those of the past
and
Denmark
Exchange
been
on
Norway
quoted since April 8.
time since the invasion of the northern
and is ranging
countries
Exchange
several weeks.
has not
units
New York market,
around 23.75-23.84 in the
and while trading is extremely
held
are
British
showing
sharply
Most of the other Far Eastern
steady with relation to the
pound, while Japanese
official
linked to the
yen are
United States dollar.
Closing quotations for
Sweden is inclined to greater firmness
on
than at any
no
Peru is
nominally quoted at 17%, against 17%.
Hongkong
EXCHANGE on thepresents neutral duringfrom
countries new features the
of
milreis
Brazilian
23.05@23.20.
against
an
result of the decline in its trade
a
16.83% for
transfers, against 16.89 and 16.89.
Italian
sight bills and at 5.05
compared with
as
year.
recent speech advocated a further
a
imports
with Scandinavia and
lire closed at 5.05 for bankers'
Ex¬
Dispatches from Rio de Janeiro state that Presi¬
dent
16.83% for bankers' sight bills and at
cable
marked increase in prices of
of agricultural products seem to have risen
ports
Antwerp belgas closed at
against 1.98% and 1.99.
on
exports
506,-
A feature of
the highest in 10 years.
pesos,
virtually all cattle and agricultural products.
Friday
176.50—176.75, against 176.50—176.75 on Friday
at
that Argentine exports
in the first three months of 1940 amounted to
the
ment interest.
2785
23.46, against 23.46
on
yen
checks yesterday
were
Hong¬
Friday of last week.
kong closed at 21.60, against 21.88; Shanghai at 4.75,
against 6.10; Manila at 49.80, against 49.80; Singa¬
at 47%, against 47%; Bombay at 30.26, against
limited, quotations frequently represent actual trans¬
pore
actions.
30.25; and Calcutta at 30.26, against 30.25.
The Swiss franc has been
steady for
some
weeks at
Gold Bullion in European Banks
around 22.41-22.43 for cable transfers.
The Holland
guilder is also ruling steady at around
53.08-53.15 for spot.
ever,
has been
prevailing
The
nearer
rate, how¬
The discount
to 53.10.
on
90-day future guilders, while still severe, has shown
marked
improvement
and
currently about
is
80
points under the basic cable rate, whereas on April 15
the rate
Recent
renewed
145
was
advices
Amsterdam state
that the
flight of Dutch capital created by concern
regarding the position of The Netherlands and the
unfavorable
authorities
conserve
balance
trade
to
the
contemplate the
country's
that
understood
has
restrictions has been
Dutch
measures
to
strength.
It is
system of exchange
prepared and
effect whenever circumstances
Within the past few
of
the
financial
detailed
a
caused
use
British statutory rate,
in
may
be put into
require its adoption.
weeks approximately 65,000,000
guilders have taken flight from Amsterdam.
Bankers' sight on Amsterdam finished on Friday
53.09, against 53.13 on Friday of last week; cable
transfers
at
closed at
transfers,
53.09, against
53.13; and commercial
against 52.75.
Swiss francs
22.42% for checks and at 22.42% for cable
sight bills
at
52.75,
and
22.43
against
Sweden closed at 23.84
principal
22.43.
Checks
on
23.84,
Exchange on
Norway ceased to be quoted after
against
23.60 and 23.60.
Denmark
and
April 8.
Spanish pesetas are nominally quoted at
9.25, against 9.25.
us
by
comparisons are
corresponding dates in the previous
the
for
four years:
1940
1939
1938
£
£
£
*681,352
242,448,872
b3,359,600
Germany
c63,667,000
Spain
817,440,000
Italy
Netherlands
98,344,000
Nat. Belg'm 6130,600,000
Switzerland
85,239,000
England
Denmark
__
6,505,000
6,667,000
Norway
Total week.
123,357,000
89,323,000
76,061,000
«i28,962,000
6,542,000
7,442,000
695,104,526
Pursuant to the Currency and Bank
statements for March
2,452,150
87,323,000
25,232,000
76,626,000
102,045,000
83,544,000
25,690,000
6,550,000
6,602,000
204,460,329
486,147,426
2,621,550
89,106,000
42,575,000
59,165,000
97,171,000
48,229,000
23,906,000
6,554,000
6,604,000
888,610,209 1,066,686,266 1,078,304,764 1,066,439,305
874,134,815 1,065,150,021 1,080,010,999 1,074,387,007
695,290,824
Prev. week.
314,610,955
347,629,659
2,522,000
87,323,000
25,232,000
311,709,286
3,010,000
63,667,000
23,400,000
102,166,000
108,000,000
98,825,000
33,166,000
6,555,000
8,222,000
40,339,000
£
327,201,423
293,720,843
*129,889,923
France
Sweden
1936
1937
£
Banks of—
Notes Act. 1939, the Bank of England
1, 1939 and slnee have carried the gold holdings of the Bank
at the market value current as
of the statement date. Instead of the statutory price
basis of value.
On the market price basis (168s. per fine
ounce) the Bank reported holdings of
£1,347,345 equivalent, however, to only
which was formerly the
about £681.352 at
our
calculations.
the statutory rate (84s. ll^d. per fine ounce), according to
In
order
to
make
current
figure
comparable with former
periods as well as with the figures for other countries In the tabulation, we show
English holdings In the above In statutory pounds.
a
Amount held Deo. 31,
rencies."
c
b Gold holdings of the
1939, latest ngures available,
"deposits held abroad" and "reserves In foreign cur¬
As of April 30.
1938. latest figure available.
Also first report sub¬
d Includes foreign exchanges.
of gold held by the Bank of France was revalued with the statement
sequent to Aug. 1, 1936.
The value
at
of respective
as
reported to
special cable yesterday (Friday);
Bank of Germany Include
(nominal) and cable transfers
84s. ll%d. per fine ounce)
European banks
dates of most recent statements,
*
at
the
shown
points under spot.
from
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
of the Bank as of March 7, In accordance with the decree
rate of 23.34 mg.
of Feb. 29, 1940, at the
gold 0.9 fine equals one franc; prior to the latest revalorization
the value of the Bank's gold holdings was calculated, In accordance
cree
with the de¬
of Nov. 13. 1938, at 27.5 mg. gold 0.9 fine per franc; previously and subse¬
quent to July 23; 1937, gold
In the Bank was valued at 43 mg. gold 0.9 fine per
franc; before then and after Sept. 26, 1936, there were 49 mg. to the frano; prior
4
to Sept.
26. 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound
sterling at the English statutory rate (7.9881 gr. gold ll-12th fine equals £1 sterling),
EXCHANGE on theimportant price variations
South American countries
has
recently.
shown
no
All these units are steady.
the sterling equivalent
of 349 rancs gold In the Bank of France Is now Just about
£1; at 27.5 mg. gold to the fra ic the rate was about 296 franos to the £1; when there
were
43 mg. gold to the
about 165 francs per
franc the rate was about 190 francs to the £1; when 49 mg.
£1; when 65.5 mg., about 125 francs equaled £1.
The Commercial & Financial Chronicle
2786
ftl
decade or two ago.
•
Ceilings
From the first it has been
•
'
7*
j r
Floors and
characteristic of New
proved in order to establish a logical
support of proposed programs. Nowhere
in evidence than in the
basis for
have these tactics been more
arguments advanced to give impetus to
"advanced"
"social"
or
legislation professedly in behalf of the
"underprivileged third" of the population, even the
need of definite establish-
existence of which is in
No more
merits.
conspicuous example of thern could
well be cited than the
the Fair Labor
strategy employed in getting
Standards Act (popularly known
wages-hours law)
the
as
to the statute book, and in
defending it against changes regarded by its sup-
In this particular instance,
only have they cast aside all the old and some-
porters as destructive.
not
times
strongly held doubts about the wisdom. of
minimum wage
a
legislation locally enacted to protect
small minority of the population against ex-
very
ploitation and the remainder of us, as a matter of
public health and moral decency, from some of the
of this
effects
ill
of
sort
exploitation, and to make
some
provision for those unfortunates constitu-
tionally incapable of supporting themselves,but have
calmly assumed that by legislation of this general
type it is possible to improve the
are
not
alleged to fail to provide what is necessary to
working efficiency—and to do
maintain health and
so
position of large
population whose earnings
sections of the
even
scale almost by-sheer legislative
national
a
on
Even those
fiat.
who would
make extensive
now
alterations in the Fair Labor Standards Act for the
part content themselves with proposals for ex-
most
empting this
that group of wage earners or for
or
The average man who is not
bound by political or other
/
strategy to assume precisely the propositions
Deal
that need to be
May 4, 1940
course,
ties to
any
particular
but who feels the need of arriving at liis
opinion concerning the merits of this, or any
should not fall into the same
error or be influenced by thojse who do.
/
We have here no mere child labor and anti-sweatown
other similar measure
shop act. Indeed these evils appear in large part to
have been eliminated at least in those branches
which such a law is able to reach. In essence we
undertaking to place a "floor under
have here an
wages
and a
ceiling over hours"—an extraordi-
narily high floor and an exceptionally low
as
ceiling
compared with any program of a comparable sort
before tried—in an effort to raise wages and
ever
shorten hours in those areas where the unions
with
government encouragement and vigorous support
have not been as yet successful in making radical
changes in wages and hours in recent years, and
the argument in support of the program is not only
labor
ineludes all the reasoning employed by the Adminis-;
that formerly marshaled in support of child
and minimum wage regulations but in addition
tration in behalf of higher wages and shorter hours
V
generally.
.
The basic question involved is, therefore, this:
Can the Federal Government, assuming that
it can
make such a law really effective, which is yet to be
demonstrated, succeed in giving the lower income
abundant life by forbidding wages
work week of
more than 40 hours without time and a half rates of
pay?
It is obvious, of course, that if the governgroups a more
lower than 40 cents per hour and a
ment can make such provisions
can
of law effective it
raise the hourly money wages of certain wage
earners
and others.
The Chief Economist of the
curbing the extraordinary executive power granted
Wage and Hour Division of the United States De-
by the law in question. It sometimes appears almost
partment of Labor (the agency charged with the
people had got into the habit of as-
administration of the law) has estimated that on
suming that human misery can be eliminated, and
the basis of statistics available relating to the situation as of September, 1938, a time of low indus-
as
if the whole
welfare
human
immensely
if
increased
only
the
riglit law is written and adopted, and so pervading
trial activity, some 11,000,090 employees were "cov-
has the
ered" by the provisions of the Act.
assumption become that few appear to- be
conscious that it is
It appears
ing and
assumption and nothing else,
to us, therefore, that it is not only fit-
but for the public good essential
proper,
were
Of these 300,000
estimated to be receiving less than 25 cents an
hour, 550,000 less than 30 cents an hour, and 1,418,-
000 less than 40 cents an hour. Theoretically had the
careful
maximum rates provided in the Act been in effect
It further seems to us that when such
at that, time something less than a million and a half
these
that
an
scrutiny.
premises
be
given
the
most
analysis is made of them they in very substantial \ people would have been receiving up to 15 cents an
There is, of
hour more for regular time than they actually were
going
through the old arguments about the feasibility or
receiving, although the larger number would have
the
of
part are found to be insupportable.
slightest
the
not
course,
point
again
advisability of child labor laws, minimum wage
such legislation which made the
acts, and other
welkin
ring
among
the first decade
continued in
of the
or
economists and others during
two of this
degree
one
or
many
up
marshaling arguments
for local,
matter of
between
was
assuming full effectiveness of the law, no
unemployment
among
these groups of
These,
workers, and no administrative exceptions.
obviously,
are
large assumptions.
In the actual
That is pre-
have been substantially less than thus indicated,
as
although it
may
well be that in a period of substan-
fond of doing—
tially enlarged business activity the figures would
(which sometimes had val-
generally be larger than those deduced for Septem-
are
modest legislation usually
when
course,
resulting
event the cents per hour benefits would doubtless
as
a
public health, child welfare, and the like,
which
been receiving less than 10 cents an hour more—all,
to the time
of the proponents of such laws
the Fair Labor Standards Act
idity)
century, and which
another
inauguration of the New Deal.
cisely what
and
in
carefully drawn somewhere
regulation and public charity to support
ber, 1938.
It is, however, the weekly wage actually received
rather than the hourly rate which determines the
economic status of the wage earner.
Of the 11,000,-
legislation which bears but slight resemblance to the
000 workers estimated to be "covered" by the Act, it
older
was
type of measure, and which is professedly de-
found that 1,384,000 were working more than
signed to accomplish results never even dreamed of
44 hours per week, 1,751,000 more than 42 hours,
by those advocating the older type of legislation a
and 2,184,000 more than 40 hours.
If
we assume
Volume
The Commercial & Financial Chronicle
ISO
2787
that, had the law been in full effect at the time, all
to give
these
tude of the factors under discussion.
2,184,000 employees would have still been work-
ing their accustomed number of hours
would have been
•in
of
excess
40
paid time and
half for all hours
a
from
and
Their ambition is, of course, to inaugurate in addi-
hourly
tion
it far
Federal Act, and the campaign to reach such
leaves
worked,
sums
would, have
In-
in the other direction, since
are
2,184,000 working
than 40 hours
more
week, and indeed 1,384,000 working
44 hours per
than
more
week, while only 300,000 were reported
receiving less than 25 cents
hour and indeed only
an
550,000 receiving less than 30 cents per hour.
the
On
assumption of unchanged hours of work it could
well be that the bulk of the increase in
weekly
money
would have accrued to employees already re-
wages
ceiving
We have
far been
so
speaking of the theoretical
maximum increases in money wages
might bring to
actual
which the Act
of the lower paid
some
will be realized.
It is clear that the maximum in-
suggested depend
ment than
they do
official estimates
more upon
overtime
pay-
rate increases.
upon wage
48 state laws modeled closely after the
objective has long been under
There
way.
strongly suggest that the
The
average
an
were
48,000,000 gainfully employed according to the 1930
census, against only 11,000,000 covered by the Fair
Labor Standards Act of 1938.
Estimates of the
number of employees that would be covered should
all the states also adopt
as
a
similar law
three times this 11,000,000
run as
high
In such cir-
or more.
cumstances the proportion of employees receiving
substantially less than 40 cents
of those working
more
hour
an
as
well
as
than 40 hours per week would
probably be substantially higher, since the Federal
of intrastate activities where
kinds
many
wages are
usually the
lowest and hours the longest.
Many of those who
In
groups.
practice nothing like the increases indicated
creases
some
law does not apply to farm labor, and
than 40 cents per hour.
more
secret that those who
110
hours
the
deed, the indications
per
We have, how-
law, the Fair Labor
would, have
fallen into the hands of the lowest wage groups.
were
Standards Act, and it is
one
to relation between the
as
clear, however, that these
there
been studying only
ever,
have been most influential in the movement giving
rise to this law have no intention of stopping there,
sum
been added to their dollar income.
paid
fairly accurate idea'of the order of rnagrii-
The want of de-
sumption—a further substantial
wage
week and
week—another very large as-
per
tailed information
per
a
for such regimes
argue
envisaged in the Federal law
arguments
conditions
upon
appear
they
as
as
that
to ground their
would
exist
should the movement desired by them bear full fruit
in the form of state laws in addition to the Federal
Act.
There is not the slightest
why they
reason
hourly rate of
pay
for those receiving less than 40
should not be met
cents per
was
30 cents
battery of laws, state and national, presently in-
hour
sume
that the average
was,
say
50,
1,384,000
are
than 44
less
which
40
reasonable
hour.
an
hours
wages
since
Of
average
Now
would,
suppose
applicable who
hour when the Act went into
obtain
higher weekly
the Act will occasion
getting
were
wages,
this
on
that their
more
than
effect, will
if they do, only by
of overtime. Now while it is
occurred
40
They would then get $16
the Act is
son
more
the vast bulk of those to whom
course,
40 cents
an
wage
weekly
rea-
altogether likely that
larger overtime payments than
own
ground.
augurated a general system embodying
some
raised to 40 cents while their
were
reduced to 40.
were
week.
The
of these employees
basis, amount to about $15.
per
week of these groups
per
seems
As-
compared with 1,418,000 receiving
as
cents
compensation
hourly
better.
or
estimated to have been working
hours,
than
hour
hour
an
their
on
of 40 cents
per
week.
Suppose
a
a
minimum
hour and maximum hours of
an
Would the economic lot of the under-
privileged third he greatly improved?
gravely to be doubted.
It is most
All the factors already cited
in connection with the effects of the national law
would naturally operate to reduce the
bene-
wage
fits which might at first blush be expected, but there
is little
reason
to doubt that
number of employees under
general
application
money wages.
of it,
some
a
would
If this
were
a
very
substantial
wages-hours scheme of
receive
larger
weekly
the be-all and the end-all
appreciable real gains for ^he lower inthe employed might well ensue,
come groups among
although the amount of it would probably be much
un-
smaller than appears generally to be supposed, since
likely that resourceful employers will permit them-
it could hardly be expected that prices of the goods
prior to its
be
selves to
placed permanently in the position of
being obliged to
pay
workers
more
employed
on
will
hour
an
penalty
an
is thus
found
that
surrounding
sweep
of administrative
reason
of the hours
to
do with wage
best be
wages
re-
careful analysis the
reason
application,
discretion, and
the
of the
the
un-
vast
more
relatively small, at least
is concerned.
been cited
their
are
underprivileged
so
far
such a sweeping change as would occur in labor
Let it not be forgotten that when work is
costs.
"spread" among
more
employees without reduction
in weekly wages or with a reduction less than
pro¬
can
third
as money wage
of producing goods rises regardless of whether this
or
at
are
in-
Naturally the figures that have
hardly more than informed guesses,
that employee receives more weekly
wages
before.
than
•••.*,
But can any one really believe that
by
provisions than by those having
rates, the benefits that it
so-called
these employees buy would in no way be affected by
portionate to additional employees required the cost
by the Act.
upon
its
weekly
expected to flow to the vast numbers who
constitute
come
a very
hourly basis at 40 cents
law, while infinitely vexatious by
certainties
rates on
quite possible that
find their
duced rather than increased
It
wage
It is indeed
considerable scale.
or
it is altogether
passage,
such
any
wholesale increase in wages and shortening of hours
as
is here contemplated could occur without affect-
ing the wages and hours of
a great many workers
not directly covered by law?
In the old days, labor
itself used to oppose minimum wage and maximum
hour in the belief that such minimum wages tended
to become the maximum and such maximum hours
ap-
tended to become the minimum. There may have been
preciably degree by various administrative rulings
some basis for this belief at that time, when labor
unionism was relatively speaking in its infancy in
and
as
magnitude is doubtless governed in
to the coverage
of business
of the Act,
as
well
as
by the state
activity, but they may be taken at least
this country, when generally speaking only
a
few
The Commercial & Financial Chronicle
2788
that it is possible by legislation of this type to effect
marked improvement in the condition of the underprivileged third simply will not stand up under close
far removed from the lowest paid
earners
wage
Labor
organized effectively, when no National
Relations Act existed, when there was no New
Deal
with
groups were
its
powerful
analysis.
propaganda agencies for
Our professional reformers should learn that the-
higher wages and shorter hours throughout industry,
chasing power notion of stimulating business.
lieve that
dollars in the pay envelope, but they do not measure
opposite effect upon, the wages of those
an
the well-being of the recipient who neither eats nor
higher rates of pay would today ensue. In-
earn
wears
them.
It Is the Law
porters of such laws count on precisely this effect.
"The law," said Aaron Burr, "is that which is
the Chief Economist of the Wages and
summer
Hours Division of the United States
A later.
authority, has
written that "the Constitution is what the judges
boldly asserted and plausibly maintained."
Department of
probably less
Labor wrote:
"In connection with the Act's
it may
»
.
New Deal sup-
deed there is abundant evidence that
Last
They measure the amount of
counters or tokens.
But,
be, there is every reason to be-
however all that may
who
dollars paid out in wages are hardly more than
few, if any, had become victims of the pur-
and when
May 4, 1940
employee coverage,
be noted that another point which has been
Excellent and philosophical lawyers,
it is."
say
consciously % cynical
public discussion is the increasing of
usually in the semi-privacy of informal discussion,
wages
of workers receiving 25 cents or above, when
those
receiving lower pay in the same establish-
of
have frequently noted the uncertainties of appeals
"from the courts of original error to the tribunal of
ultimate conjecture." In sober and solemn truth,
the Federal Supreme Court does have the last opportunity to declare the law and whatever it boldly
asserts, at any time, even when its maintenance, to
men trained in the principles of legal exposition
and in the science of jurisprudence, seems something
importance during the seven-year period
less than plausible, becomes, from the moment of its
mentioned in
ments
prior to the effective date of the Act are
raised to the
conditions there
industrial
considerable pressure
tials
Under highly stable
minimum.
new
undoubtedly would be
for maintenance of differen-
existing prior to the establishment of the mini-
mum.
This consideration may
.
.
.
marked
within which it is
become
one
expected that the minimum wage
per
the
same
At about
hour will be raised towards 4b cents."
time Professor Otto Nathan of New York
University, whose influence in New Deal circles has
been substantial in such matters as
impact
whole.
the level of wages in the country as a
on
.
.
The minimum established for wages
.
and the maximum for hours cannot fail to
have
a
permanent effect on wages and hours in general,
experience here and abroad shows, wages will
As
tend to be
higher and hours shorter than they were
before the
new
appeal, always appear as at least mildly esoteric
They are objective determinations of
controlling and obligatory force, establishing the
metes and bounds of permissible conduct and relaeven when they do not yield readily to analysis
tions
or
comprehension and leave all too indefinite and;
dubious the practical boundaries which they purport to declare.
The Walsh-Healey law, a piece of New Deal legislation intended to control wages and working condi-
legislation."
similar
tions in the interest of groups of employees in in-
without doubt upon strong
ground,
dustries concerned with Government contracts, was
the strongest of ground if they
under consideration by the Supreme Court last Monday, with consequences startling to the layman,
are
They would be
law
To the ordinary layman, judicial meth-
ods and reasoning, especially in the courts of final
and other commentators reaching
These
conclusions
upon
referring to
were
assertion, and until competently reversed, the law of
the land.
phenomena.
these, wrote:
"The Fair Labor Standards Act will have a favorable
-
situation in which the national
a
That law, be it remembered, deals with the pur-
supplemented by 48 state laws.
was
this
Obviously spells higher costs, and
chases of supplies for governmental operations as
higher costs mean shortened supply or higher prices
though such patronage might appropriately, or at
Now
all
It is all very
or
both.
well for the reformers to talk
least effectively, be controlled by favor and utilized
of
taking these higher costs from profits, or of the
to serve ulterior purposes, not merely the obvious
law
stimulating efficiency to the point where they
will be offset
orations
might deserve attention in different cir-
cumstances.
profits
Such consid-
by economies elsewhere.
-
however,
Today,
at a minimum,
are
those industries most
as
often non-existent in
wage
increases,
hours, taxes, and other so-called "re-
form" programs
of the past few
driven the business
man
years
have already
to his wit's end
effect economies to offset added costs thus
The
known
directly and seriously affected
by labor costs, and the long list of
reduction of
well
is
probability, not to
say
trying to
imposed,
the virtual certainty, is
end of obtaining goods of satisfactory quality at the
lowest reasonable cost to the taxpayers.
therefore, from the simplicity of
a mere
Departing,
business
lationship, the Walsh-Healey act limits such
chases to
rates of
concerns
wages
which
pay
re-
pur-
to all their labor the
prevailing in their localities and com-
mits to the Secretary of Labor, that is to
a
member
of the Executive Department responsible directly to
the President, the
power
and duty of defiping the
boundaries of the districts to be deemed "localities"
within the
limits
of
which
identical
equivalent tasks must be considered
as
wages
for
"prevailing."
that under conditions
existing today, and likely to
At this point in the law
exist in the calculable
future, barring "booms" born
the first instance the Secretary of Labor, conceived
both, such costs
the idea of utilizing the
of
war or
inflation
or
by floors under wages and
have to go
added
ceilings over hours will
through to the price tags for the most
part.
If that is true then the
tained
by
wage earners
the housewife goes
as are
money
benefits ob-
will quickly disappear when
to the market place.
The notion
someone,
new
probably not in
statute for the purpose
of standardizing rates of
industry.
wages throughout the steel
To achieve that result it was necessary
only to exaggerate the meaning of the term "local-
ity"
so
as
to embrace
definition the whole
within
area
the
administrative
of the intended standard-
The Commercial &
Volume ISO
To that end the whole extended area of the
ization.
United States
considered
was
"localities," at least
than 13
including only six
as
of which comprised no less
one
States, part of another State, and the whole
was
Secretary of Labor thereupon determined, or
constrained to
for
determine, and did administra¬
excluding certain individuals from their
nity and unworthy of
the right of every man
participate fairly and without prejudice of race
or
creed in all civil activities.
ance
of the law, as a
purposes
upon
to
be
It is to prevent similar, if not
between
These citizens believe
should always hold evenly the bal¬
all the
governed.
But the Supreme
United
trative
learned Justice from Alabama asserts,
authority that the House of Representatives
defiance of loud
ducers
objections from the Executive De¬
Quite naturally,
partment.
of the steel pro¬
some
complained that the Secretary of Labor had
The
Court, led by Justice Black, holds otherwise.
identical; perversions and exaggerations of adminis¬
quite recently approved the Logan-Walter bill, in
dig¬
Government, like that of the
a
States, founded
that government
considered, for the
eco¬
Some have thought
that such considerations must be beneath the
tively order that each of these six huge areas should
single "locality."
2789
nomic relations and patronage.
United
of the District of Columbia.
The
Financial Chronicle
States, the opinion of the distinguished and
hampered than
is
more
no
private purchaser of goods. Like
any
plain John Jones, this great nation may determine,
through the Congress,
acted
where Congress has not
or
through the Secretary of Labor or any other
outraged etymology and violated the most liberal
representative of the Executive Department, that it
concepts of statutory construction in attempting to
will exclude from all
patronage, for any reason at
all
except temporary whim, any
enlarge her
"locality"
a
meaning which it had never had in
discourse
common
or
even
They obtained
usage.
court
by attributing to the term
own powers
in any
an
strictly technical
injunction in the trial
The
nomenclature.
case
was,
it seemed to present the
used in
act of
an
unbusinesslike but
tion upon
or
and
110
it
that
concern
has any
one
chooses
to
exclude,
standing in any court to com¬
Such injury
plain of such partiality and exclusion.
nor¬
Taft
observed, it is "damnum absque injuria."
in regular pro¬
And
At that
relatively simple
problem of the meaning of a single word, "locality,"
as
individual
reason
redress, there is damage but, as President
cedure, advanced to the Supreme Court.
stage
no
is without
which, being subject to appellate review, felt
constrained to abide within the restrictions of
mal
for
or
Congress prescribing a rather
quite normally political restric¬
the dealings of the Government with the
once
so
the
thrown out of the
case was
and excluded from
highest court
judicial consideration upon the
merits, not because the Court ventured to hold that
"locality" might be judicially interpreted
the term
to
include the wide
but because it
absurd such
an
of
area
more
than 13 States,
decided that however wrong and
was
interpretation might be no one who
producers and vendors of the commodities required
actually suffered therefrom could complain effec¬
in
tively to any court.
But this view ignored
governmental operations.
In other words, however mala¬
represented
droit, mistaken, mischievious or even malicious it
highest court in its present condition of New
might be to define the intention of Congress as it
the indirection of the
in the
judicial mind
as
had been
Deal reconstruction.
The
extraordinary
capacity
of judicial
intelli¬
to avoid, or to evade, any issue fraught with
gence
especial difficulty
was
about to be illustrated.
The
defined, those against whom such mischief
malice
or
was
directed
must
remain,
Associate Justices Stone, Roberts,
nolds dissented.
wrote the opinion),
Reed, Douglas,
parties to the litigation, including the Department
Black
of
Murphy and Frankfurter united in
Justice, which acted
nothing in the
case
for the Government, saw
except the discovery of the true
intendments of the word
"locality,"
as
used by Con¬
But the reorganized Supreme Court, despite
gress.
the notable dissent of Justice
McReynolds,
once
At¬
(who
and the Chief
audience in the Supreme
when, during the interlude between his
Court
nation
leadership of Justice Black, pioneer in
writer
The
service.
public
distinguished
torney General in the Cabinet of President Wilson,
Under the
result the luster of his great name
chanced to be among the
declared itself unable to reach that
question at all.
the decision,
Justice, Charles Evans Hughes, gave
to the remarkable
and
under this
Justice McRey¬
regime, without relief.
•democratic
resig¬
Associate Justice and his return to the
as
Bench, the present great Chief Justice
argued, for
against
reformation, the majority of the Court
the
losing side as the event proved, the case
determined, in substance, that as a patron of indus¬
the
constitutionality of the law penalizing forgeries
the New Deal
try there is no
difference between the United States
any private citizen.
When John
of interstate bills
of lading for railway transporta¬
tion.
Jones, private citizen, finds himself in the situation
Holmes leaned forward
of
to the able
patron of industry, being about to purchase a
a
At
point in the argument, the late Justice
of America and
one
in his chair and remarked
advocate: "It seems to me that I have
Justice
Mr.
pound of butter or an article of furniture, it is his
heard
undoubted right to
Hughes
take
rather
broader
ground than that."
standard
adopt and apply any whimsical
of selection as to the person
he will deal which approves
poses.
with whom
itself to his instant
His standards of selection may be unreason¬
able, even absurd, their operation may be cruel and
contrary to the American spirit of
fair play and
equality of right and opportunity, but they are his
standards, he has the right to apply them, there can
be
no
review.
It may not be
consistent with the
highest standards of equality under the law, but it
is nevertheless true that some Americans apply in
their commercial
The Course of the Bond
pur¬
dealings restrictions originating in
bond
The
ward side.
made
have
market has again reasserted
and
religion, political affiliations, social position,
even more
grotesque and inappropriate reasons
itself on the up¬
Medium-grade and speculative corporate issues
small
but
fairly
consistent
gains this
week,
Highest-grade
corporates have remained firm and close to record high
levels, while United States Governments have recorded
recording
many
groups
minor
new
1940
highs.
fractional gains.
Railroad
bonds of highest grade
fravJons.
Among
have been steady, most
the
speculative
issues
gaining
issues,
Louisville & Nashville 5s, 2003, at 102 were up
H 4s,
and
race,
Market
Great Northern
new
1040 high of 96%.
rupt
roads
participated
more
%,
1946, advanced 1% points to a
Senior mortgage rail bonds of bank¬
in
gains.
The 181.602,000 Union
The Commercial & Financial Chronicle
2790
Pacific 3%s,
1980. offered during the week,
Priced
ceived.
counter at
at
102,
the
well
was
re¬
quoted
were
over-the-
Turnover in the utility bond market has been small, price
and special developments few.
narrow,
grades tended to
High
upward, and while advances have
move
the
1951, lost 1 at 129% and the 7s, 1944, were off % at 126.
In
the
Among foreign bonds, Australian issues suffered further
tric Power 3%s, 1968, attained peak levels.
in
Cities
no
speculative holding company
Service 5s,
debentures,
except
1958, which have been strong, displayed
Industrial
bonds
mixed
point
this
fractional
have
week
changes
been
the
MOODY'S BOND PRICES
(Based
V. 8.
All
Govt.
Domes¬
Bonds
1940
Daily
bonds,
continued
wegians
120
a
and
dull,
Changes
of
few such changes
2.. 116.48
1— 116.45
Danish
Moody's computed bond prices and bond yield
issues
MOODY'S BOND
t
Aaa
120
All
120 Domestic
109.05
123.79
123.79
108.85
123.79
29— 116.42
108.85
108.85
123.79
123.79
115.57
88.95
95.29
115.35
118.60
2
88.65
95.13
115.14
118.00
1
.88.51
94.81
115.14
118.60
88.51
94.97
114.93
118.60
29—--——
3.52
2.82
108.08
120.14
123.79
Aa
RR.
95.29
88.51
94.81
114.93
118.81
27
3.52
2.82
108.08
119.92
108.85
Aaa
Corp
Averages
Baa
88.95
108.08
119.92
110.20
26- 110.18
Cor pm ate by Or cups
108.27
119.92
27-
120 Domestic
by Ratings
tic
108.27
119.92
Apr. 30— 110.50
120 Domestic Cm par ate
Domes¬
108.27
120.37
108.85
1940
Cmpmate by Groups*
A
Aa
120.37
88.51
94.81
114.93
118.81
26
3.52
2.82
108.66
YIELD AVERAGES f
(Based on Individua Closing Prices)
by Ratings
123.79
averages
given in the following tables:
are
Average Yield*)
120 Domestic Cmpmate *
Cm v.*
109.24
while
pressure,
have been narrow.
group
a
Daily
3— 116.36
Nor¬
especially in the long-term 3s.
under
There has been a substantial rally in Italian and
steadied.
tic
Averages
May
on
quiet
rule.
relatively scarce, but
or more were
points and more, and some weakness developed
Canadian
Japanese bonds, but price movements in the South American
particular trend.
with
1956,
61. On the other hand, the Manati Sugar
4s, 1957, lost 1 at 44%.
losses of 3
Lower grades
the Francisco Sugar 6s,
classification,
latter
3% points to
rose
Virginia Electric & Power 3%s, 1968, and Wisconsin Elec¬
even
the Liggett & Myers Tobacco
classification
former
Jn
been fractional, such issues as Consumers Power 3%s, 1967;
and
the highest as well as the lower grades.
among
occur
1940
os,
bonds
102% bid. 103% asked.
fluctuations
did
May 4,
P.
U.
Ind.
118.81
3.50
Apr. 30—
'
3.52
3.52
—
-
2.82
3.51
3
May
A
Baa
RR.
P.
U.
Ind.
3.19
3.04
2.97
3.53
4.69
2.82
2.97
3.55
4.69
4.28
3.20
2.82
2.99
3.55
4.71
4.29
3.21
3.05
2.82
2.99
3.55
4.72
4.31
3.21
3.05
2.99
3.56
4.72
4.30
3.22
3.05
2.99
3.56
4.72
4.31
3.22
3.04
2.98
3.56
a:72
4.31
3.22
3.04
4.28
3.05
25— 116.03
108.60
123.56
119.92
107.88
88.51
94.65
114.93
118.81
25——
3.53
2.83
2.99
3.57
4.72
4.32
3.22
3.04
24.. 110.00
108.46
123.56
119.92
107.49
88.22
94.49
114.72
118.38
24
3.54
2.83
2.99
3.59
4.74
4.33
3.23
3.06
23— 115.99
23————
3.00
108.27
123.33
119.69
107.49
87.93
94.33
114.51
118.38
3.55
2.84
3.59
4.76
4.34
3.24
3.06
22.. 115.92
108.27
123.33
119.92
107.49
87.93
94.33
114.51
118.38
22-
3.55
2.84
2.99
3.59
4.76
4.34
3.24
3.06
20.. 115.89
108.27
123.56
119.92
107.30
87.78
94.17
114.51
118.38
20.
3.55
2.83
2.99
3.00
4.77
4.35
3.24
3.06
19— 115.94
108.46
123.56
119.92
107.30
88.07
94.33
114.51
118.38
19
3.54
2.83
2.99
3.00
4.75
4.34
3.24
18- 110.15
108.27
123.33
119.69
107.30
87.93
94.17
114.51
118.38
18
3.55
2.84
3.00
3.00
4.76
4.35
3.24
3.06
17— 110.25
108.27
123.56
119.69
107.30
88.07
94.33
114.51
118.38
17
3.55
2.83
3.00
3.60
4.75
4.34
3.24
3.06
16— 110.40
108.27
123.10
119.69
107.30
87.93
94.33
114.30
118.16
16
3.55
2.85
3.00
3.00
4.76
4.34
3.25
3.07
107.30
114.51
2.83
4.75
4.33
3.24
3.00
15.. 110.54
,
3.54
119.92
88.07
94.49
118.38
123.79
119.09
107.30
88.07
94.33
114.30
118.00
13
108.27
123.50
119.69
107.11
87.93
94.33
114.30
118.38
11
108.27
123.79
119.92
107.11
87.93
94.17
114.30
118.60
10- 116.31
108.27
123.50
119.69
107.11
87.93
94.17
114.30
118.38
10
9- 116.33
108.46
123.56
119.69
107.11
87.93
94.49
114.30
118.60
9
8— 117.16
108.85
124.25
120.37
107.49
88.80
94.97
114.93
119.03
8
110.40
—
-
—
3.00
3.00
3.00
4.75
4.34
3.25
3.00
3.61
4.70
4.34
3.25
3.06
2.82
2.99
3.61
4.76
4.35
3.26
3.05
2.83
3.00
3.61
4.70
4.35
3.25
3.06
2.83
3.00
3.61
4.76
4.33
3.25
3.05
3.52
,
2.99
3.54
11
—
—
2.82
3.55
12
2.83
3.55
15
108.40
12— 110.38
3.54
3.55
123.56
13— 110.54
108.46
3.06
2.80
2.97
3.59
4.70
4.30
3.22
3.03
3.05
6-. 117.17
124.26
120.14
107.49
88.65
94.97
114.72
119.03
3.52
2.80
4.71
4.30
3.23
3.03
108.00
124.25
119.92
107.30
88.51
94.81
114.51
118.81
5
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
4— 117.16
108.40
124.25
119.09
107.30
88.22
94.65
114.61
118.00
4
3.54
2.80
3.00
3.60
4.74
4.32
3.24
3.05
3.. 117.18
108.40
124.02
119.47
107.30
88.22
94.65
114.51
118.38
3
3.54
2.81
3.01
3.60
4.74
4.32
3.24
3.06
2.. 117.10
108.27
123.79
119.25
107.11
87.93
94.17
114.30
118.38
2
3.55
2.82
3.02
3.61
4.70
4.35
3.25
3.06
I— 117.00
,
108.85
5— 117.10
j
108.08
123.79
119.25
106.92
87.04
94.01
114.09
118.16
1
3.56
2.82
3.02
3.62
4.78
4.36
3.26
3.07
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
:■
Weekly—
2.98
3.59
Weekly—
Mar.29.. 116.87
107.88
123.56
119.25
106.92
87.49
93.85
21— 116.30
107.69
123.66
119.03
106.36
87.49
15— 116.74
107.49
123.33
118.81
107.17
87.35
8— 110.03
107.49
123.10
118.38
100.17
1— 115.42
107.11
122.63
118.38
Feb. 28— 115.32
107.30
123.10
16- 115.48
107.49
9— 115.44
107 30
2— 115.43
Jan. 27— 115.54
20— 115.65
100.92
100.92
100.54
122.40
13— 115.98
113.89
118.38
Mar. 29
93.85
113.08
117.94
21
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
93.09
113.68
117.50
15
3.59
2.84.
3.04
3.66
4.80
4.38
3.28
3.10
87.21
93.69
113.07
117.72
8
3.59
2.85
3.00
3.66
4.81
4.38
3.31
3.09
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
3.06
3.68
4.82
4.39
3.32
118.60
105.79
80.92
93.85
112.00
117.07
Feb. 23
3.00
2.85
3.05
3.68
4.83
4.37
3.33
3.12
123.33
118.81
105.98
87.07
94.01
112.86
117.50
16
3.59
2.84
3.04
3.67
4.82
4.30
3.32
3.10
122.86
118.81
105.98
80.02
94.01
112.60
117.29
9
3.00
2.80
3.04
3.67
4.83
4.36
3.33
3.11
122.63
118.60
105.41
86.78
93.69
112.45
116.86
122.63
118.38
105.41
80.04
93.69
112.25
110.80
117.94
105.41
80.21
93.21
112.25
110.43
2
3.12
3.62
2.87
3 05
3.70
4.84
4.38
3.34
3.13
3.62
2.87
3.00
3.70
4.85
4.38
3.35
3.13
3.04
2.88
3.08
3.70
4.88
4.41
3.35
3.15
13
3.63
6
Jan.
27
20
-
100.73
122.40
118.10
105.00
86.50
93.53
112.25
110.64
2.88
3.07
3.69
4.80
4.39
3.35
3.14
0.. 110.03
100.92
122.80
117.72
105.00
87.07
93.85
112.45
110.04*
3.62
2.80
3.09
3.09
4.82
4.37
3.34
3.14
High 1940 117.18
109.24
124.25
120.37
108.66
88.95
95.29
115.57
119.03
High 1940
3.64
2.90
3,09
3.71
4.89
4.43
3.36
3.16
Law 1940 115.25
100.54
121.94
117.72
105.22
80.07
92.90
112.05
110.21
Low 1940.
3.50
2.80
2.97
3.53
4.69
4.28
3.19
3.03
High 1939 117.72
100.92
122.40
118.00
105.22
87.78
94.33
112.05
110.43
High 1939
4.00
3.34
3.55
4.10
5.20
4.76
3.76
3.64
Low 1939 108.77
1 Yr. A at
100.00
112.45
108.27
98.28
81.09
87.93
104.30
100.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.30
3.15
May 3 *39 115.50
103.20
119.69
115.78
100.88
82.66
89.69
109.64
112.00
May 3, 1939-
3.82
3.00
3.18
3.95
5.14
4.64
3.48
3.33
2 Yrs.Ago
May 3 '38 111.73
93.85
114.51
107.11
94.01
69.48
76.76
100.53
108.46
2 Years Ago—
May 3, 1938
4.37
3.24
3.61
4.36
6.27
5.61
3.97
3.54
*
1
Theee prices
are oomputed
Year Ago—
—
from average yields on the basis of one "typical"
bond (4% coupon, maturing in 30 years), and do not purport to show either the average
to illustrate In a more comprehensive way the relative levels and the relative movement of
level
or the average movement of actual
price quotations.
They merely serve
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used In
computing these indexes was published
In the Issue of Jan. 13, 1940, page 179.
Annual Report of Board of Governors of Federal Reserve System—Open Market
Purchases
Start
at
Portfolio
War—Flexible
of
Adopted—Dangers
of i Easy
Money Noted by Advisory Council
The 26th Annual
Report of the Board of Governors'of the
Federal Reserve System,
for
to Congress,
covering operations
1939, made public April 19, discloses that during the
four weeks period
August 28 to September 25 of last year,
the
Federal
$473,000,000
Reserve
of
Banks
United
purchased
States
holders
other
than
the
aggregate
Government
The period was marked
by heavy sales
by
an
Reserve
of
obligations.
of these securities
Banks,
situation
a
created by the anticipation of, and the outbreak of war on
the European Continent.
The Board ascribes its activities
in the open market to a desire to cushion the decline and
restrict
It was not
it says, to hold Government securities at any
given level but rather to prevent the decline from creating
a panic condition.
In undertaking large-scale
open-market operations in
September, 1939, the report says, the System was guided
principally by the following considerations:
By helping to maintain orderly conditions in the market for United
States Government securities the
on
the
entire
economic
States
System
capital market, which is
machinery,
obstacle to
which
the
and
progress
an
can
exert a steadying influence
essential part
disorganization
in
which
of economic recovery.
of the country's
would
be
The market
a
serious
for
United
Government
the
securities is the only part of the capital market in
System is authorized by law to operate, and Government se¬
curities occupy a vital place in that market.
(2)
large
fluctuations in price.
and does not guarantee
any current
The
System cannot
prices of Government obligations,
nor
does it undertake to preserve for member banks such profits as they may
have
their Government securities, or to protect them against losses in
on
this account.
recent
are
in
years
The Government
the habit
of adjusting their cash
chases
of United
partly
because of
such
as
positions through sales and
States Government securities.
pur¬
This practice has arisen
shrinkage in the availability of other liquid assets,
a
Street loans and bankers' acceptances, which in earlier years were
in much
larger volume and
the medium through which banks
were
likely to adjust their positions.
ment
security market, however, has become in
the principal part of the money market, and member banks
were
In the enhanced importance of the Govern¬
portfolio to member banks, the System sees an additional
reason
for
exerting its influence against undue disturbances in Government security
prices.
■
"
•
•
disorganization in the capital market.
its purpose,
(1)
unnecessarily wide and violent
The System also has
United
States
a measure of
Government
The degree of
met
is
with which the open-market
success
indicated
by the following
passage
opera¬
Irom
the
report:
Toward
corporate
the
end
By the end of the
to the
of
September
obligations steadied
year
outbreak of the
prices
in
Europe.
was
thought advisable
of issues for which there
was
a
open-market
operations, the
was
a
year were at
prevailing prior
times
so
rapid that
System's holdings, particularly
strong market demand.
total of $77,000,000 was
high-grade
Advances in Government security
to sell some of the
these months
and
thereafter began to advance.
their level had advanced to that
war
prices during the last three months of the
it
of Government
and shortly
sold.
As
a net
In the
course
of
result of the year's
System's portfolio at the end of December
about $80,000,000 smaller than
a year
earlier.
Concerning the revision in policy in 1939, whereby the
responsibility for safeguarding the
portfolio
,
tions
of
the
member
banks
from
Board
adopted
folio which it
a
flexible portfolio in lieu of the fixed port¬
had maintained for
the six preceding years,
Volume
150
Commercial & Financial Chronicle
The
*
the report says, the change was made in response to monetary
conditions that had developed over the past few years. The
'
In
earlier
their effect
excess
With bank
reserves.
at
reserves
reserves
as
are
exert
influence
an
operations are no longer a
On the other hand,
conditions in the capital
on
withdrawal of the System as an active buyer or
influence not only on
the capital markets, they contribute to
on
powerful influence
a
general economic recovery.
The
in
September, 1938, with the events leading up to the dismemberment of
Czechoslovakia.
abroad,
Federal Reserve
System to have its portfolio of United States Government securities consist
in
The chart following shows the
of short-term obligations.
large part
the System's holdings
extent of the decrease in the last six months of 1939 in
of
obligations maturing in
maturing in
of the
more
a
than five
or
year
larger
a
in
September, 1938,
and
System's portfolio had
a
less and the increase in obligations
"When
considered
by the System were primarily
affecting the volume of member bank reserves, it was
important
hold
to
large
a
amount
mature in a short time or could be sold without
a
operations from their effect
of securities
that would
sustaining losses or causing
"With the shift in emphasis in open-market
disturbance in the market.
on
effect in
member bank reserves to their
contributing to orderly conditions in the market for United States Govern¬
ment
banks
and
of maturities
in the
portfolio during
viewpoint.
the year was con¬
Advisory Council
during the year are published in the appendix to the Board's
report, and it is of interest to note that on February 14 of
last year, the Council urged upon the Board that it "conduct
a study
of the long-range consequences of the continuing
policy of cheap money upon the accumulation and invest¬
ment of the savings of the people, and upon the financial
structure of the country, with especial reference to its effects
upon the maintenance of a sound banking system."
The Board, however, in a letter to the Council dated
March 31 expressed the view that such a study would add
little "to the knowledge already possessed and constantly
being acquired through the medium of current studies now
being made not only by the Board but by other official
bodies."
v
'easy money' policy to date and some
The so-called
the theory,
as
the
the
of the probable results
1929
upon
the Council understands it, that "easy money" would act
stimulant to business and that it would cause business to borrow and
economic
It has done neither; but it has done and is doing
injury to the whole savings class of the American
The Council believes that the "easy
to bring to the
banks normal rates on their loans and investments, is tending
is encouraging
an
essentially
unhealthy position of the bond portfolios of the banking system through
its inducement toward
lengthened maturities at progressively lower rates.
In addition the Council believes that the operation of the
"easy money"
policy, by lessening the current cost of Government financing, has made
and even Congress itself, indifferent to the steadily mounting
the people,
debt and is
Government
burden of
carrying
a
tending to create
illusions
as
to the eventual
than
the
to
States
with
lative effect of the policy in question
that large group
is profoundly and adversely affecting
of industrious and thrifty persons who are, by virtue of
their character and habits, the backbone of the country's social and eco¬
nomic structure.
Steadily they have seen the returns on their accumulated
savings decrease as savings institutions, faced with constantly diminishing
earnings, have been forced, step by step,
paid on savings deposits.
creased
discouragement
in
to decrease the rate of interest
Steadily, year by year, they
their attempts,
through
are meeting
in¬
the purchase of life
insurance, to provide for their own old age and for the protection of their
families,
payable
as
on
the
of insurance slowly mounts and as
cost
policies steadily diminish.
and educational and
charitable institutions of all sorts
staff members reduced and
the
dividends
Schools, colleges, churches, hospitals
their accumulated endowments constantly lessening,
see
the returns
on
the salaries of their
their promotions delayed, services to students,
patients and dependents curtailed, and more and more of the functions
are
normally and most efficiently
private agencies necessarily taken over
the taxpayers unless essential social
So far as the banking system
performed
by private
by public boards at the
or
semi-
expense of
needs are to be neglected.
is concerned, the Council recognizes that
it is only a part, but an essential part, of the economic structure taken
whole. It believes, nevertheless, that the time has come to face squarely
as a
the fact that the entire
banking system is confronted with
the soundness of its
a
distinct
menace
capital structure through the continuation of
an
abnormally "easy money" policy.
A prolongation of this situation threatens
the existence of private banking
and with it the whole system of private
enterprise.
The
of diminishing
coincidence
increased
to
these domestic
import to an export basis.
developments there was also a strong
Military expenditures abroad
foreign demand for American manufactures.
the whole
partly through
enlarging the flow of goods
for armament and partly through intensifying
The growth in exports of
of foreign business activity.
range
manufactures
chief factor
the
was
in
maintaining the
surplus of this country at an unusually high level even
conditions which had
of short
Imports of industrial goods declined and
certain agricultural commodities shifted from an
But in addition
in¬
business activity in the
agricultural output after a year
occasioned by drought.
crops
played
export
after the domestic
1937
large part in creating the surplus in
a
had disappeared.
In the middle of 1938 business began to recover
there
was
a
to
an
and in the ensuing year
material imports, while exports of
renewed expansion of raw
sgricultural products, reflecting chiefly
excess
of exports
maintained during the year ending August,
was
compared with $1,100,000,000 in the
1939, at $800,000,000,
months.
receded
manufactured
decline in cotton exports,
a
unusually low level; but owing to larger shipments of
goods the
'
-
Prewar
■,>-'/
Gold
previous 12
/'v
V<
Acquisitions
\
Acquisitions of foreign gold by the United States during the year ending
Most
gold, as already indicated, was received in connection with the
reported inflow of capital and the excess of exports, but a substantial
portion represents transactions which have not been identified.
It seems
probable, however, than many of these transactions constituted capital
August, 1939, reached the unprecedented total of $3,400,000,000.
of this
hidden for the purpose of evading
exchange restrictions abroad
the compulsory relinquishment of foreign assets to
and particularly
the
governments.
First
inflow of
credits
Months
capital
due
to
come to a
of
War
unidentified
transactions
Gold acquisitions in
before.
$55,000,000
a
controls the recorded
halt, but the merchandise export surplus
country continued to acquire gold from
rose
to
greater
and
volume. ' This
abroad on nearly the same scale as,
averaged
record year
the first four months of the war
week, compared with $65,000,000 a week in the
'
r;,. ,
•
Council is not unmindful that the long continued
"easy money"
policy has created a condition, the correction of which can only be gradually
attained. But it is now a serious problem portending critical consequences.
The Council,
therefore, urges upon the Board as one of the greatest single
services which it can render to the
policy of extreme "easy
country as a whole, the modification of
money."
The cessation of the recorded
capital inflow that occurred following the
commencement of hostilities in Europe
reflected two offsetting movements.
at fully
Capital continued to arrive from the neutral countries of Europe
from England, France and
Canada came to an end and was succeeded by a release of funds for account
of these countries which offset the continuing receipts from other areas.
as
great a rate as before the war, but the inflow
with the exception of Germany, which
The belligerent countries,
such
steps some
years
had taken
im¬
before, imposed foreign exchange restrictions
For the most part these restrictions
prevent the further transfer of capital abroad. In England,
mediately after the outbreak of war.
were
constantly increasing debt.
It has become evident dining the past two or three years that the cumu¬
the
United
money" policy, through its failure
the capital position of banks and
to weaken
to
The sudden emergence
large export surplus in the latter part of 1937 was due less to war
a
that preceded the declaration of war.
people.
which
flow to the United States in the
merchandise exports.
With the outbreak of war and the imposition of war
"easy money" policy has been followed since
impel banks to lend.
undeniable
'
of
fluences
The Council said:
of its further continuance."
a
Prewar Merchandise Balance
A second important factor in the gold
transfers
The Council therefore, on June 6, placed formally upon
record "its general opinion concerning the results of
foreign
$1,000,000,000.
American
.
facility denied to private
the period to approximately
in the United States during
resources
a
account increased $700,000,000 in
1939, bringing the total accumulation of
and materials needed directly
distribution
countir.
Gold earmarked for foreign
the year ending August,
official
In
The increase would
it not for the fact that foreign central
by $260,000,000.
rose
contributed to this demand,
Recommendations made by the Federal
as
other institutions
permitted to hold gold in this
are
persons.
but foreign
participated in the movement.
governments also
August, 1939, official balances held with the Reserve banks
doubt have been much larger were
banks
private money seeking refuge
United States, most of which was placed on deposit,
The change in
sistent with this
in March
preceding the outbreak of war.
The bulk of the capital inflow represented
in the
obligations, it has become less important for the System to have a
large proportion of its portfolio in short-term obligations.
the
the occasion of the first Czech crisis, five
prewar period was the excess of
:
,
open-market sales and purchases
for the purpose of
on
April, 1939, following the German absorption of Bohemia and Moravia,
and three in August, immediately
maturity of one year or less, compared with
one-third at the end of 1938.
from
Roughly
of severest crisis—four
than in any other period of equal length.
sum
At the end of the year about one-tenth
years.
ending August, 1939, according to the
year
half the total inflow occurred during the 12 weeks
no
change in the immediate objective of open-market operations has
During the
reported figures, $1,800,000,000 of capital came to the United States
and certain
had the incidental effect of making it less important for the
dimensions
flight of capital to the United States assumed large
war
central
Change in Maturity Distribution
Capital Inflow
Prewar
the year ending
The
of capital to the United States
by the war situation, which has also
American exports.
on
individual
market.
seller has an
prices of the particular issues that the System buys
or sells, but also on the market for Government obligations as a whole and
to some extent on the capital market in general.
In view of the fact that
member banks hold a large volume of Government and corporate bonds,
the endeavors of the System to contribute to the maintenance of an orderly
bond market tend to stabilize banking conditions and, through their effect
operations
The entry or
has been almost entirely determined
been
member bank
such changes in
caused by System open-market
major factor in easing or tightening credit conditions.
such
recentjyears have been influenced to
in
unprecedented and constantly
an
mounting level, and with a vast amount of funds in the hands of
and institutional investors seeking outlets,
FOREIGN GOLD
increasing extent by apprehensions of war and by actual hostilities.
In the last year and a half the movement
changes in the System portfolio had been made with
on member bank indebtedness or the volume of
years
reference to
Gold movements to this country
an
report continued:
2791
UNITED STATES ACQUISITIONS OF
designed to
moreover,
in
the public was required to offer short-term
assets
Compulsory sale of foreign
decreed in France, but measures designed to encourage
was
not
balances
in
the
and
Canada reduced
$100,000,000 of American securities.
tion went into official depsoits in
return
of United
countries
was
was
nationals
their holdings of short-term
United States by about $300,000,000 and sold more than
France
England,
bonds.
In the four war months of 1939,
capital repartiation were taken.
of
assets denominated
which was also
and other leading currencies to the Treasury,
dollars
authorized to requisition stocks and
about $300,000,000.
of approximately equal
The effect of the
war
liquida¬
Some of the proceeds of this
this country, and there was some
States capital so that the net
further
capital outflow to these
The net inflow from the rest
of the world
magnitude.
American foreign trade was equally
on
prompt*
increased sharply
In September and October and, after a setback in November, rose further
in December.
The rise was partly seasonal, but it carried the figures well
above those of a year previous.
By far the largest increase as compared
with 1938 occurred in exports of raw cotton, which had been unusually
small the year before.
Iron and steel manufactures, aircraft, petroleum
products, industrial machinery, coal, industrial chemicals and copper also
showed large advances.
Except for cotton, agricultural exports showed
though less spectacular.
Exports from the United States
few increases, and shipments
of tobacco fell off sharply.
Imports also increased under
the stimulus of rapidly expanding
business
The export surplus in¬
At $400,000,000
it was the principal known factor bringing gold to the United States.
Trans¬
actions whose nature could not be determined precisely from available
activity,
but not to the same extent as exports.
creased substantially during
the last four months of 1939.
figures, but which probably in large part represented some
movement, also continued to be important.
form of capital
United States ac¬
quired nearly $1,000,000,000 of foreign gold.
In the year and a half in
which the war influence wras predominant the United States acquired
$4,500,000,000 of gold, an amount larger than the dollar value of the entire
From the
outbreak of war to the end of the year the
The Commercial & Financial
2792
of 1933. The gold stock at the end of
increasing at the rate of about
gold stock of this country at the end
1939
$17,650,000,000; and it
was
$2,500,000,000
The increase in the rate
inflow
Increase in bank
The growth of deposits
during the year was larger than the rise in economic activity with the con¬
sequence that the turnover of deposits declined further.
holdings of United States Government obligations.
Growth in Reserves and Deposits
Total
reserves
rise of $2,000,000,000 in
a
$3,000,000,000 in 1939, following
of member banks rose by
1938; over the 2-year period the amount of reserves
legal requirements increased from about $1,000,-
held by banks in excess of
nearly half of the
At the end of
$12,000,000,000 of reserves held by
member banks were excess reserves.
Rapid expansion of bank reserves in
000,000 to about $5,500,000,000, the highest on record.
1939,
therefore,
has been due chiefly to the acquisition of
recent years
in the preceding
foreign gold, discussed
section of this report.
Gold imports, together
have also added to
with the increase in bank loans and investments,
Although
deposits have been widespread, with substantial
Southern and far Western States, the
largest growth has been at banks in New York City.
These banks are the
chief holders of balances of large institutional and individual investors and
percentage increases in some of the
and receive most of the deposits
from abroad, which was mainly
growth in 1939.
of funds representing the capital inflow
responsible for our gold imports and deposit
Increase in Government Securities
Banks
purchasers of United
were
bank
at
In 1939 the increase
York City, and in
cities.
As shown
1938 it
was
1936.
peak reached in
Changes in
mainly at member banks in New
was
mainly at member banks in Other leading
by the chart. United States Government securities held
by banks in New York and 100 other leading cities increased by $1,900,000,000 from June,
1938 to the end of 1939; this compares with an estimated
increase of $2,100,000,000 at all commercial
Industrial
Advances
6,135
1939.....
440
108
30
24
124
3
61
f
29,171
21,541
16,438
12,779
2,430,657
2,503,865
2,564,877
2,584,268
543
5,103
,
3,390
8,739
212
2,542,545
2,590,597
2,602,590
-
3,725
13,749
2,469,688
—
1937.
2
Earnings:
'vf-'':'
36,909
40,352
35,404
37,581
1936-..—-
1938——
1,587
35,184
39,025
34,446
36,903
(per cent):
ings
1,091
831
615
1.49
.8i
1.45
1.54
.71
1.56
1.42
.48
1.34
5.05
1.20
.45
1.43
4.81
1.44
Reserve banks in
end
of
renewal agreement of 1937 (Annual Report
credit
was
1938.
With authorization of the
and other Federal Reserve
Board of Governors, four loans secured by gold
a
New York were granted by that
banks to a foreign central bank in June, Septem¬
The first loan, which had been renewed
ber, November, and December.
by
for 1937, p. 35).
of the Federal Reserve banks in the outstanding
$1,830,000, as compared with $2,055,000 at the
and the second loan matured in December, when they were
replaced
be made
required.
Repayment in full of this credit is due not later than
15, 1940.
The third loan, which was not covered by the fourth, was
fourth loan in the form of a credit for a larger amount, to
a
available
as
1940.
under the third and fourth loans
Increase in Commercial Loans
of Hungary, granted by the Federal
1931, was reduced during 1939 in accordance with the
earmarked at the Federal Reserve Bank of
once,
5.06
Credits to Foreign Central Banks
The credit to the National Bank
June
banks.
city banks experienced
1.76
1.59
1.37
-
—
repayable in February,
The chart also shows that
Govt.
Securities
Direct and
Dailv aver, holdings:
V
a
holdings of Government obligations in recent years have been chiefly
city banks.
S.
Bills
Bought in
Open Market Guaranteed
On Dec. 31,1939, the share
Government securities on
States
the previous
above
rose
U.
Bills
Discounted
Total
amount of the
large scale in 1939 and their combined holdings of direct and guaranteed
obligation®
193
I Amounts in thousands of dollars]
'
terms of the
•
.
;
Average rate of earn¬
already swollen volume of bank deposits.
our
recent increases in bank
and amounts of earning thereon, during the
table:
shown in the following
EARNINGS ON BILLS AND SECURITIES
iy
;
but deposits were expanded also by an
of gold from abroad
119933768
193876
last four years are
increased further during 1939 to the
The principal factor in the increase was the
highest level on record.
of earnings was due to the replacement of maturing
Average daily holdings of bills and securities,
and notes.
together with average rates
DEVELOPMENTS
bank deposits
and
reserves
May 4, 1940
1.34% to 1.43% in the average rate of earnings thereon.
increase from
an
bills with bonds
a year.
BANKING
Bank
was
Chronicle
Amounts outstanding on Dec. 31,
1939,
totaled $5,020,000.
livelier demand for
loans from commercial and industrial borrowers in the latter half of 1939,
when
sharp increase in business activity brought a growing need for funds
a
finance
to
the
acquisition
current
of enlarged
banks in 101
expansion
half of this increase
of
inventories.
leading cities
rose
at New York
was
operations,
bysiness
including
the
this period commercial loans
In
by nearly $600,000,000, or 13%.
Taking the year
City banks.
The Business Man's
at
About
Bookshelf
as a
whole, commercial loans increased at city banks in each Federal Reserve
district, except the San Francisco District.
Outside the leading cities there
moderate but widespread increases in commercial and industrial loans
were
and
in real
estate loans.
The Aviation Business
Changes in Banking Structure
During 1939,
during the previous
as
year,
(From Kitty Hawk to Wall Street)
Freudenthal.
342 pages.
Vanguard.
$3.00
there was a decline in the
By Elsbeth E.
number of operating banks which was offset only in part by an increase in
the number of branches.
As
a
result the number of offices at which banking
business is conducted declined during the year, continuing the trend of the
four previous years.
The proportion of branches to total banking offices
again increased but at
There
was a net
a
slower rate than in most earlier years.
decrease of 160 operating banks during the year, reflect¬
ing principally 122 consolidations, absorptions, and mergers.
41
voluntary liquidations and 42 bank suspensions.
were
organized and 15
were
added to the records
as
There
Thirty new
a
were
banks
result of revisions.
The number of Federal Reserve member banks increased
during the year,
while the number of insured nonmember banks and of noninsured banks
continued
due
to decline.
The increase in Federal
Reserve membership was
mainly to the admission of 85 nonmember State banks.
During 1939 the number of branch offices of banks showed
of 49,
slightly
much less than those of the previous four years.
was
net increase
a
more than in 1938, but increases in each of these years are
The net increase in 1939
wholly accounted for by branches located outside the head-office city;
the number of head-office
city branches has remained almost unchanged
for several years.
FEDERAL RESERVE
BANK
OPERATIONS
Earnings and Expenses of Federal Reserve Banks
Current earnings, current expenses, net earnings and distribution of net
earnings of the 12 Federal Reserve banks for 1939 as compared with 1938
are
shown in the
As
following table.
in other recent
years,
States Government
V
.
most of the
earnings of the Federal
banks were derived from interest and discount on their
Reserve
holdings of United
obligations*.
EARNINGS, EXPENSES AND DISTRIBUTION OF NET EARNING^ OF
FEDERAL RESERVE BANKS DURING
1939 AND
1938
[In thousands of dollars]
1939
Current
25,669
1,621
1,357
......
Assessments for Board's expenses
Cost of Federal Reserve currency.
~
Total.
Current net earnings
on
9,827
2,232
9,582
25
_
Dividends paid
Transferred to surplus (sec. 13b)...
Transferred to surplus (sec. 7)__
7,350
4,814
2,425
12,243
_
Net earnings..
Principally profits
28,911
1,629
2,389
111 111 i
....
Payment to United States Treasury (sec. 13b)
a
25,557
1,725
9,854
............
Additions to current net earnings, a
Deductions from current net earnings, b
Net additions
36.261
28,647
Current expenses:
Net operating expenses
1938
38,501
earthings
...IllllllHIIIIi
-----.....I'"!!.!""'
7,595
120
8,110
8,019
—-426
—419
4,534
1,862
sales of U. S. Government securities.
b Principally charge-offs on bank
premises and reserves for losses, and in 1938
contributions to retirement system for prior service.
Total earnings on bills and securities
in 1938.
were
$2,177,000
The increase in earnings was the result of
an
more in
1939 than
increase of $20,000,-
000 in daily average holdings of United States Government securities
and
The author has had
a
long experience of Wall Street in
connection with the analysis of securities and the manage¬
ment of investments.
In this, the first analysis of aviation
as a
business, she produces
a
record of the checkered history of
the industry wrhich, as far as it carries one, is highly instruc¬
tive and valuable, especially as regards economic and finan¬
cial matters.
While the industry is still young and, meas¬
by output, a minor one, it is at this moment playing
such a striking part in
world affairs, a part seemingly to
attain so much greater
importance as the war progresses,
that this book possesses an unusual topical interest.
(It is
dated March, 1940.)
All the more reason is there for reviewing this book's
account of the part played by aviation in the World War of
1914 on.
The impressive and inglorious story of bungling,
ineptitude, waste and futile effort culminates in a table show¬
ing that for an expenditure of over one billion dollars, 196
American-built planes were on the battle front by Nov. 11,
1918.
Most of the persons who played any part in this re¬
sult are here clearly indicated.
The narrative of the years when the Government gave up
the air to private companies is equally forceful.
Some of it
is sordid, and much is encouraging and praiseworthy.
In all
its phases the progress of the industry is closely and lucidly
presented.
Some 29 statistical tables cover the field of
economic, financial and industrial development.
These
tables are brought down, mostly, to include the results for
1939.
For those who would be interested in going beyond
the scope of this work, a most useful bibliography is fur¬
nished, including many references to magazine articles and
other ephemeral sources.
A final chapter reviews the unsavory record of the indus¬
try under private management, ''bringing pressure on the
Government for private ends," and concludes that it is
"imperative that the aviation industry be developed pri¬
marily for the good of the country, not as a financial toy."
These views might perhaps be less emphatically stated if
statistical account had been taken of the good results which
private industry has achieved in recent years in the develop¬
ment of air
passenger traffic.
The progress of aviation as a
competitor of the railways, with special reference to the
popularization of this means of travel because of the con¬
tinued improvement in its personal safety, will probably de¬
termine largely the conclusions to be reached by the public
regarding the future control of the industry.
Judging by
the present valuable work, the author would be excellently
qualified to furnish the supplementary infromation needed to
help in reaching a final judgment.
ured
,
W.
C.
B.
Volume
The Commercial & Financial Chronicle
ISO
This
By
Max
W.
Ball.
444
Merrill.
This reviewer has
cism to
22 pages are
shelves.
In
$2.50
a
as,4'fascinating" savored of hyperbole.
Well, Mr. Ball has
"talked" in manner so convincing, alluring, and above all
so informatively, that whether he has hypnotized or fasci¬
nated is about the only question left to consider.
A glance at his professional record and his list of member¬
ships in technical and scientific societies suffices to convince
one that, if any learning on his chosen subject is to be con¬
veyed, he surely must be qualified to do so.
As one reads
his narrative, the truth quickly is known that he is not
merely a man of exceptional attainments in his profession,
but that he possesses a gift of verbal exposition and elucida¬
tion which makes his every statement easy to follow, appetizingly served, and readily digested.
Add to these quali¬
ties a gift of dry humor, which bubbles up occasionally, and
you will explain a final product in the shape of a book which
must surpass, or at least be the equal of, any other which
may have been written on the subject of oil, for non-techni¬
cal readers.
The author has been ably aided by a highly
competent illustrator and two good cartographers.
When¬
THE
STATE
EPITOME
TRADE—COMMERCIAL
OF
Friday Night, May 3, 1940.
Business activity is maintaining a steady pace,
with trade
far from stimulating,
yet it had little disturbing influence in the securities mar¬
kets.
The
setback
the
While
news
war
in
take
initiative.
the
Norway is
Expert
is
that
the
be
will
war
military
The
As for its scope,
it is difficult to think of any aspect of
Certainly, this writer could
which could be profitably added.
In a
work which is *so crowded with facts one naturally hopes
that accuracy is one of its outstanding qualities.
To the
extent that checks based upon personal knowledge of exist¬
ing conditions can be trusted (e. g., as to the Trinidad pitch
lake and the Bermudez lake, p. 379), a feeling of complete
not mention any one
reliance
A
no
prolonged
look
observers
for
of expert opinion
consensus
Foreign
indefinitely.
careful reading of this matter will make it easier to under¬
stand certain developments in the conflict now raging, and to
take into account a situation to which military commentators
have not paid attention sufficiently.
While the factor of oil
course not the only one in the war, after reading "This
is of
Fascinating Oil Business" we may readily believe that it
might well become the determining one.
W.
Federal Power Commission
the average
buying is already playing a major part in the current trend
domestic business.
Exports of merchandise from the
States
France
to
since
the
broke
war
have
out
shown
a
larger increase than to any other country, the
Federal Reserve Bank of New York says in a study of for¬
eign trade in its "Monthly Review" for May.
France
Exports to
of
$193,000,000 in the period from last September
through March represented an increase of 134% over the
for
total
the
corresponding period
while exports
year
249%
were
than
higher
in
ports of merchandise from the
of
0f
the
previous
year,
to France in the first three months of this
the
previous
United
Ex¬
year.
States to
a
number
this country's principal customers,
says the Bank, have
expanded greatly since the outbreak of the European war,
especially during the first three months of this year.
Ship¬
ments
Latin
to
American
countries, combined, increased
1939-March, 1940, period over the
45%
in the September,
comparable months a year
1940
to
exports
first quarter of
The
first
these
1939.
large
in the United
for
ago;
countries
the
first
increased
quarter
48%
of
the
over
shell
order
be
to
placed by
the
British
States has been awarded to American Car &
Foundry
Co., the contract calling for 30,000 tons of shell
steel, the "Iron Age" announced yesterday.
The magazine
said
that
part
of
export business still
steel
probably
company
orders,
accounts
a
substantial
April sales were
Inquiries are plentiful,
The average daily
announced.
was
Car
27 totaled 644,520 cars, according to reports filed
railroads Avith the Association of American Rail¬
roads and made public today.
This was an increase of
16,178 cars from the preceding week this year, 59,300 cars
more than the corresponding week in 1939, and 101,431 cars
April
by
the
the
over
of
loadings
for 22 leading cities of the United States
May 1 fell below the total for the
ended
week
the
the
for
years.
Bank clearings
for
This total was 98.83%
corresponding week of 10
period two years ago.
same
average
preceding
corresponding 1939 period, marking the first such decrease
to be recorded during the last five weeks.
A factor in the
showing was the inclusion
poor
in last year's figure
of
heavy first-of-the-month settlements, which tended to swell
The decrease also was caused
Total clearings for the latest re¬
porting
week,
according
to
Dun
&
Bradstreet,
Inc.,
amounted to $5,373,704,000, a decrease of 11.6% under the
$6,077,022,000 for the same 1939 week.
American Telephone & Telegraph Co. reports a gain of
about 84,000 telephones in service in the principal tele¬
the aggregate
by
a
for that week.
drop at New York.
phone subsidiaries comprising the Bell System during April.
The gain for the previous month was 82,800, and for April,
1939,
The net gain for the first four months of
344,800, as against 281,700 a year ago.
At
66,500.
1940
totaled
the end of
April this year there were about 16,880,200 tele¬
New York Telephone Co. re¬
System.
ports an increase of 11,445 telephones during April, against
gain of 10,572 in the same month of last year.
For the
months of 1940 the company added 40,784 tele¬
a
first four
phones,
compared with an
of 33,312 in the 1939
addition
period.
although
those for March.
below
for
B.
364,237,000 kwh., or 3% less than
daily output in February, but was an increase
phones in the Bell
.
C.
9% when compared with the same month in 1939.
loadings of revenue freight for the week ended
of
of
United
statements made is created.
on
special topical interest attaches to some 25 pages headed
"Oil and the War," in which the factor of oil fuel is carefully
weighed in regard to the problem with which the several
combatants, actual and prospective, are confronted.
A
was
slight blow to
the Allies, it is believed to have strengthened their deter¬
mination to carry the war to Germany; in other words,
major developments soon.
as
oil which has not been covered.
production in March
reports generally indicating a slight improvement over the
'previous week.
figures which really illuminate
for the index to contents, its
as useful as any you will find in a mile of library
brief, Mr. Ball has done a magnificent piece of
serve,
And
work.
startling change from scepti¬
uncontrolled admiration.
To talk of the oil business
undergone
will
brought forth.
are
Bobbs-
pages.
arithmetic
ever
Fascinating Oil Business
2793
For
fifth
the
consecutive
week private engineering con¬
awards have topped
little slower in closing.
Foreign
interest in pig iron is, however, more active.
Pending in¬
their respective 1939 weekly
"Engineering News-Record" reported yesterday.
They are 9% above a week ago, and 82% above the corre¬
quiries total about 100,000 tons, and recent orders include
25,000 tons for Italy and 15,000 tons for Great Britain.
increase in
but
foreign buyers
are
a
Shortage of ship space is handicapping the closing of busi¬
ness.
March exports of iron and steel totaled 457,052
gross
against
tons,
March
in
last
steel
and
435,585 tons for
year.
the
162,01)8
foreign markets took
products in March than in
declined,
exports
All
February and
March
total
quarter, scrap exports at 629,101 tons
volume
Age"
for
the
were
comparable months last
the first
The
"Iron
steel production at mid-week at 63% of
than a point above the estimate of 61.9% by
more
the American
Production
Iron and Steel
Institute, made
by the electric light and
on
power
Monday.
industry
re¬
Private awards for the period, $320,230,000, are 15%
year.
above 1939.
Class
17.7% under the
year.
estimated
capacity,
public work compared with last year, however, brings
construction 16% under a year ago, the publication
points out.
The construction total for 1940 to date, $916,303,000, is 18% below the level for the 18-week period last
tons,
For
in
iron
scrap
206,928
being
sponding 1939 week. The private gain, coupled with a 25%
public construction, results in a 19% increase
week ago.
A 34% decrease
in the construction total over a
total
but
against 234,716 tons in the previous month.
values,
tons
more
February,
struction
net
I railroads
months
three
same
period
months
of
United
of the
States reported today
operating income of $115,107,762 in
railway
of
1940,
compared
last year and
1930.
The
with
$173,060,112
Association
of
sumed its seasonal decline during the week ended
April 27,
months this year was at the annual
on
weeks.
interrupted
by
increases
the
preceding
/Output aggregated 2,397,626.000 kwh.,
a
two
decrease
of 23,950,000
kwh. below the preceding week's total of
2,421,576,000 kwli., according to figures released yesterday
by the Edison Electric Institute.
Production during /the
latest
reporting week, however, showed an increase of 214,889,000 kwh. over the total of 2,182,727,000 reported for
the
week
for
public
ended
use
April 29, 1939.
in
March
totaled
Output of electric energy
11,291,333.000 kwh., the
in
the first
American
the
three
Railroads
said the net railway operating income during the first three
after
being
$85,959,925
in
a
the first
the railroads' property
rate of return of 2.4%
investment.
This compared with
1.79% in the corresponding 1939 period, and 3.48% in the
first three months of 1930.
Ward's
week's
automobile
reports
today
estimated
output of motor-car factories at 99,305
the current
units, com¬
pared with 101,405 last week and with 71,420 this week
year
ago.
week's
time
The
volume
since
trade
publication
said
that
a
although this
dropped below 100,000 units for the first
mid-February, "the outlook for production con-
steady,"
tinues
would be
predicted 420,000 vehicles
and
assembled during May.
helped to brighten the retail business
picture this week, although few merchants were ready to
concede that the long-awaited turn in spring selling had
definitely arrived, said Dun & Bradstreet, Inc., today in
its weekly review.
Sales of homewares and automobiles
continued to afford considerable support to total retail vol¬
promotions
May
On the average, retail sales sur¬
the agency states.
ume,
passed the same week in 1939 by a margin of 6% to 10%.
Itural buying was said to be stronger than a few weeks
favorable
ment
year-to-year comparisons were
in general
and
ago,
farm
in
stores
for
more
than for city depart¬
areas
stores.
There
including practically all sections from east¬
and the whole of Nebraska northward and
Substantial
rather generally
Texas.
of
for
moisture
The
heavy
to
falls
Oklahoma and
in
received
were
eastern
some
por¬
topsoil is now amply supplied with
needs
current
the
over
western Great Plains, eastern
northern
and
north¬
Nebraska, central and eastern
Kansas, and all of Oklahoma, except the northwest portion.
It continued
unfavorably dry, however, in western Ne¬
braska, the western third of Kansas, eastern Colorado, ex¬
northwestern
Oklahoma, New Mexico, and rather
treme
generally in Texas, except the eastern portion.
Low
tem¬
peratures during the week further retarded the growth of
vegetation over the entire eastern half of the country, with
germination and growth of spring planted crops slow and
mostly unsatisfactory.
The season continues two to three
weeks
late
generally.
weather has been
In
the
or
less
more
New
York
unsettled
City
area
the
during the week,
with
tempratures more or less mild.
Today was fair and cool with temperatures ranging from
50 degrees to 03 degrees.
Occasional light rains are fore¬
cast for tonight and Saturday.
Lowest thermometer read¬
ing for the city and suburbs tonight is expected to reach 45
degrees.
was 54 to 61 degrees;
Baltimore,
Pittsburgh, 36 to 48; Portland, Me., 48 to 53;
Chicago, 34 to 37; Cincinnati, 38 to 43; Cleveland, 35 to 42;
Detroit, 33 to 39; Milwaukee, 33 to 36; Charleston, 49 to 75;
to
■.
iI
-
-
79.2
77.3
73.6
68.0
67.3
71.0
69.4
66.9
59.9
67.9
70.3
86.2
82.0
86.4
86.7
82.4
95.6
96.9
96.6
98.0
96.9
72.9
72.9
70.6
72.6
72.4
70.6
63;
Savannah, 47 to 74; Dallas, 61
to
82;
Kansas
Citv, Mo.,
Springfield, 111., 32 to 57; Oklahoma City, 58 to
78; Salt Lake City, 58 to 81, and Seattle, 42 to 59.
47 to 67;
+»
.
March
86.7
86.7
85.6
86.7
86.8
85.8
81.6
68.4
81.1
80.6
68.7
82.4
—-
—
All commodities
81.9
77.4
81.6
80.9
77.8
Ended April 27
Loading of revenue freight for the week ended April 27
totaled 644,520 cars, the Association of American Railroads
announced
on
Loadings Show Customary
February
Rise
Over
years, truck loadings of
substantially above the vol¬
transported in February, according to tonnage reports
compiled and released on April 29 by the American Truck¬
ing Associations. Traffic in March exceeded the volume in
rose
Miscellaneous freight
cars
corresponding week in 1939.
increase of 488 cars
cars
'
•
week in 1939.
week in 1939.
35,933 cars an increase of 1,770
the cor-»
responding week in 1939.
In the Western Districts alone, grain and grain
products loading for the week of April 27, totaled 22,318 cars, an increase
of 317 cars above the preceding week, and an increase of 164 cars above the
Grain and
cars
grain products loading totaled
above the preceding
week, and an increase of 704 cars above
corresponding week in 1939.
Live stock loading
ing week in 1939.
the week of
amounted to 12,352 cars, an increase of
week, but a decrease of 1,754 cars
1939.
Forest
of 1,502 cars
"
products loading totaled
responding week in 1939.
Ore loading
amounted to 20,846 cars, an increase
Coke loading amounted to
7,872 cars, an increase of 347 cars
T.
A.
index
tonnage
for
Increases
figure, computed
the
of
March.
was
In
on
the basis oV the
1936
monthly
reporting carriers as representing 100, stood at
February the index figure was 117.55; in March,
118.98; and in January, 1940, 123.54.
were
reported in the movement of every
type
of
commodity
transported by the reporting firms.
Seventy-five
carried
all
of
cent
per
the
freight transported during the month
of general merchandise.
The volume of general
reported by carriers
merchandise
All districts reported increases
increased
6.9%
over
February
4.5%
and
1939.
with
February,
and
increase of 9.2% over
V •'.V'.-:
an
year.
Movement
of
automobiles
new
tonnage, increased 16%
Increases
in
this
1939
2,288,730
6...
602,697
618,810
628,342
644,520
547,179
557,867
585,190
543,089
10,659,203
9,773,439
9,285,152
—
Week of April 13
Week of April 20
Week of April 27———
Total
—
—
2,746,428
534,952
522,049
537,585
Loaded on Own Lines
Weeks Ended—
class
were
March
523,748
trucks, constituting 4.5% of the
February and 13.7% over March, 1939.
attributed
to
Atchison Topeka & Santa Fe
Ry.
Baltimore & Ohio RR
represented about 4% of the total reported
The volume of these commodities increased 18.8% over February
Chicago Milw. St. Paul & Pac.Ry.
Chicago & North Western Ry
an
upward
trend
in
steel
products
March,
over
cent
of
1939.
the
total
•
Gulf Coast Lines
—
International Great Northern RR
tonnage
reported
including tobacco, textile products,
coal, cement and household goods.
miscellaneous
was
bottles,
com¬
building materials,
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry
Nerfolk <fe Western Ry
Index
of
Wholesale
Commodity
Prices
During Week Ended April 27
—April Average Also Gained
Advanced
Further
The "Annalist" announced April 29 that despite relatively
large losses in the grain pits, commodity prices
consecutive
on
April 27,
week.
a
It
"Annalist"
gain of one-half point
the preceding period,
of the year.
The
was
rose
index
as
for the
closed
18,442
29.474
22,955
13.475
18,694
14,838
3,638
1,894
3,652
11,923
38,467
4,980
19,605
Missouri-Kansas-Texas RR
-
"Annalist"
ReceiHdJrtm Connections
Weeks Ended—
Apr. 27 Apt. 20 Apr. 29 Apr. 27 Apr. 20 Apr. 29
1940
1940
1939
1940
1940
1939
of
and
over
modities,
82.4
2,976,655
(Number of Cars)
over
vehicles.
per
third
2,282,866
2,256,717
2,165,536
The first 18 major railroads to report for the week ended
April 27,1940 loaded a total of 307,128 cars of revenue freight
on their own lines, compared with 298,885 cars in the pre¬
ceding week and 260,557 cars in the seven days ended April
29, 1939.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Chesapeake & Ohio Ry
Chicago Burlington <fe Qulncy RR.
17.7%
Five
1938
1940
2,555,415
2,486,863
3,122,556
_
production
and
tonnage.
and
South west and all Districts reported
v'
compared
new
compared with the corresponding week
the Central West and
Transporters of petroleum products, accounting for slightly more than
11% of the total tonnage reported, showed an increase of 5.2% in March
Iron
above the
above the corresponding week
last year.
The A.
of
week
'\v..
in 1939.
Comparable reports wore received from 254 motor carriers in 40 States,
who transported
an
aggregate of 1,226,603 tons.
These same carriers
reported a total of 1,130,144 tons in February and 1,158,017 tons in
total
of 5,682 cars above the
of 4,956 cars above the corresponding
1939.''.
Week of April
last
33,718 cars, an increase of 1,622 cars
the cor¬
and an increase of 4,465 cars above
above the preceding week,
Five weeks of March
as
loading of live stock for
of 1,021 cars above the
below the corresponding week
In the Western Districts alone,
preceding week, but a decrease
in
1,048 cars
below the correspond¬
April 27, totaled 9,579 cars, an increase
Four weeks of February
March,
of 3,273 cars above
of 42,009 cars above the corresponding
amounted to 116,766 cars, an increase
preceding week, and an increase
reported:
was
totaled 148,638 cars,
decrease of 4,794
above the preceding week, but a
below the corresponding
Coal loading
the
of 1,948
and an increase of 11,269 cars above the
less than carload lot freight
Loading of merchandise
an
Four weeks of January
1939, it
preceding week.
loading totaled 268,395 cars, an increase
above the preceding week,
February by 7.7%. The March volume also represented an
increase of 5.9% over March, 1939.
The Association further
126.35
April 27 was an
Loading of revenue freight for the week of
16,178 cars or 2.6% above the
The Association further reported:
in 1939 except
average
increase of 59,330 cars
increase of
ume
March of
was an
preceding week, and an increase of 2,475 cars
Following the trend of previous
freight in March
This
May 2.
10.1% above the corresponding week in 1939 and an in¬
crease of 101,431 cars or 18.7% above the same week in 1938.
or
preceding week, and an increase
•'
:—
:
Week
10.1% in
Up
Loadings
Car
Freight
Revenue
in
Truck
revenue
59.9
82.3
— _———
— .
71.4
95.5
-...
Building materials
Chemicals
72.6
86.3
-- - - - -
—-v-
Miscellaneous
1939
80.4
72.2
-
-
1940
67.5
Textile products
Fuels—* * ---Vi
above the preceding
Overnight at Boston it
49
— —
Food products
-
March,
1940
81.2
areas,
northwestward.
tions
products
April,
April,
Apr. 27, Apr. 20, Apr, 29,
1939
1940
1940
'•'}\):-yy
Metals
since January,
OF WHOLESALE
WEEKLY AND MONTHLY INDEXES
COMMODITY PRICES.
(1926=100)
'
Kansas
also
averaged 81.6% of the 1926 base, highest
of a point over the March level.
April
gain of seven-tenths
a
Farm
May 4, 1940
take hold in the paper market, and Kraft prices were raised.
remained unchanged at $50 a ton.
to a rally in the final weeks of the month, commodity prices
"ANNALIST"
spectacular developments as far as the
concerned during the past week.
Extremely
beneficial rains occurred during the week over large North¬
ern
to
during
and
no
were
weather was
eastern
began
Newsprint
Thanks
traffic and a strong initial response
An increase in store
to
Chronicle
The Commercial <£ Financial
2794
18,406
28,435
22,474
13,655
18,316
14,136
3,213
1,624
3,760
11,989
38,021
4,898
18,674
56,330
Pennsylvania RR
Pere Marquette Ry
58,898
6,064
6,078
Pittsburgh & Lake Erie RR
Southern Pacific Lines
5,899
28,857
5,579
28,144
5,153
5,373
Wabash Ry
TOTAL
LOADINGS
6,425
15,264
7,021
10,951
16,618
19,906
13,428
3,302
2,145
4,145
13,822
35,319
5,171
6,034
49,392
5,269
3,998
27,411
7,423
19,973
5,982
7,101
9,550
1,294
6,536
14,593
9,941
7,558
6,880
9,126
1,225
6,371
12,417
5,896
6,942
6,878
9,928
1,470
2,961
2,488
2,432
2,885
2,722
2,694
8,684
9,294
36,930
9,305
4,381
39,011
5,597
4,285
8,539
7,914
8,693
26,755
38,587
•9,826
4,390
42,366
5,815
4,821
8,623
8,145
7,850
3,960
31,864
4,043
1,723
8,381
7,643
1307,1281298,8851260,5571190,1111186,3251155,940
|
Total
21,621
AND
FROM
RECEIPTS
CONNECTIONS
at
compared with
Weeks Ended—
and the highest since the first week
...
further reported:
April 27. 1940
.
April 20, 1940
April 29, 1939
23,059
22,111
28,196
12,010
22,765
|'
Active
selling
quotations
Textiles
Metal
were
were
strong,
irregular,
all
grain
with
prices
hogs
into
reaching
lower
a
new
with silk and cotton higher,
territory.
high for
while wool
Livestock
the
year.
declined.
although there was some uneasiness in the copper
Rubber declined rather sharply.
Germany's invasion of Norway
prices
market.
forced
were
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Francisco Ry
.
28,124
12,181
firm,
Total.—.
63,364
.
62,317
•
32,985
12,456
68,206
■
-
Volume
The Commercial
ISO
& Financial Chronicle
In the following we undertake to show also the loadings
for separate roads and systems for the week ended April 20,
REVENUE FREIGHT
LOADED AND
1940.
During this period 67 roads showed increases when
compared with the same week last year.
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED APRIL
Total Revenue
Total Loads Received
Freight Loaded
Railroads
2795
from Connections
1940
1939
1940
1938
1939
from Connections
1939
1940
1938
Southern District—(Concl.)
665
563
516
961,
Mobile A Ohio
2,107
1,676
286
183
5,992
1,446
10,647
2,063
10,155
2,006
Nashville Chattanooga A St. L.
Norfolk Southern
1,186
1,623
6,915
1,689
14
12
28
57
44
1,362
4,638
1,229
1,968
7,412
6,805
1,781
8,428
1,203
6,033
10,842
6,500
6,207
231
303
120
94
2,364
2,325
1,130
3,055
10.929
7,846
1,651
1,317
6,624
947
Ann Arbor
Ban«or & Aroostook
......
Boston A Maine.
6,374
Chicago Indianapolis & Loulsv.
Central Indiana...
Central Vermont
........
Delaware A Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
...
Detroit Toledo A Ronton
3,593
296
Erie
Grand Trunk Western.
.
300
187
11,957
4,276
9,995
3,640
305
Maine Central
320
291
2,044
7,837
2,361
Lehigh A Hudson River
Lehigh A New England.......
Lehigh Valley
2,695
10,374
1,502
6,238
2,030
2,928
2,178
128
4,160
Monongahela
Montour
1,229
7,575
2,666
1,516
11,335
4,830
Detroit A Toledo Shore Line...
1,607
9,539
5,390
1,596
3,066
162
202
36
26
26,674
11,799
1,967
7,564
1,940
1,650
3,892
29
5,784
6,078
3,856
4,850
3", 409
4,137
Pittsburgh A Shawmut..
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia....
752
41
242
76
182
360
250
167
761
192
732
1,419
1,216
Rutland
617
556
511
956
999
5,153
3,182
5,062
4,669
2,238
,2,519
Z 914
3,040
7,417
2,307
137,809
130,903
111,345
151,600
124,811
538
430
403
698
518
28,435
2,255
20,677
1,040
22,691
1,138
14,593
1,571
12,074
1,089
4,898
371
434
Pittsburgh A Lake Erie
Pere Marquette
Wabash
372
...
Wheeling A Lake Erie
Total.
421
349
344
384
266
9,090
20,753
9,253
19,294
9,771
Tennessee Central
395
457
Winston-Salem Southbound
148
148
98,011
15,116
2,490
18,316
3,141
2,032
Seaboard Air Line
Southern System..
Total.
Duluth Mlssabe A I. R
Duluth South Shore A Atlantlc.
Bessemer A Lake Erie
897
6
296
330
151
5
1,164
6,084
5
1,065
5,276
15
1
,7,022
11,784
10,232
Buffalo Creek A Gauley
Cambria A Indiana
....
Central RR. of New Jersey
823
17,199
1,295
4,706
4,528
14,416
4,930
3,819
12,664
353
619
636
150
711
622
92,003
86,557
67,631
60,420
13,076
2,315
17,967
3,167
1,865
12,265
2,383
16,084
3,112
1,037
9,126
2,724
6,880
3,441
9,135
2,487
6,677
3,040
864
164
164
647
327
420
447
362
6,442
3,944
5,513
4,127
493
415
418
172
177
10,499
10,599
8,579
3,130
2,872
477
Great Northern...
525
480
612
570
Green Bay & Western...
332
194
388
61
56
1,682
4,740
9,868
Lake Superior A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
1,641
4,439
8,539
1,699
4,187
1,672
2,104
3,561
1,803
2,199
3,815
7,842
126
104
110
339
333,
1,766
1,821
1,644
1,466
1,282.
78,204
73,436
64,592
41,412
39,099
18,406
2,540
18,903
2,584
18,919
2,632
6,536
1,937
6,748
1,892
534
427
400
88
62
15,019
2,186
10,124
2,700
12,334
1,473
10,940
2,020
7,558
6,926
623
584
A Eastern Illinois
13,655
1,839
10,263
2,382
Colorado & Southern....
724
765
622
7,972
2,448
1,431
1,944
2,846
8,199
2,114
1,271
2,630
Spokane
International
Spokane Portland A Seattle...
Total...
Central Western DistrictAtch. Top. A Santa Fe System.
Baltimore A Ohio
904
6,479
Elgin Jollet A Eastern
x
Ft. Dodge Des Moines A South.
Alton...
Alleghany District—
Akron Canton A Youngstown..
2,715
Northwestern District—
Chicago Great Western
Chicago MUw. St. P. A Padflo.
Chicago St. P. Minn. A Omaha.
36.930
12,199
1,874
9,305
1,517
4,080
5,597
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
389
Piedmont Northern..........
Richmond Fred. A Potomac
2,177
2,333
2,112
1,765
2,617
1,290
Chicago A North Western.....
862
New York Ontario A Western.
2,020
2,958
1,405
975
30,244
7,952
1,155
3,905
33,369
9,804
1,810
4,688
1,641
2,953
1,216
......
6,211
2,806
85
1,561
38,021
8,633
New York Central Lines.
N. Y. N. H. A Hartford
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
Burlington A Qulnoy..
A Illinois Midland
Rook Island A Paolfie.
639
409
42
25
Denver A Rio Grande Western.
2,020
1,587
31
140
36
45
Denver A Salt Lake
408
461
304
8
88
15
67
29
31
1,054
988
610
2,933
1,437
30,701
12,429
1,400
4,270
1,024
1,724
964
626
Fort Worth A Denver City
Illinois Terminal
944
560
Cumberland A Pennsylvania...
556
222
Cornwall
1,668
1,357
1,133
436
329
Valley
Long Island..
Pennsylvania System
Co
.4
Union (Pittsburgh)
Western Maryland...
Total.............
994
9,397
46,156
10,496
5,412
2,765
1,426
39,011
16,797
1,985
1,802
2,778
6,410
13,896
128,142
...
924
47,385
1,159
56,330
13,947
13,125
3,300
Penn-Readlng Seashore Lines..
Reading
1939
1940
Eastera District-
Llgonler
Total Loads Received
Total Revenue
Freight Loaded
Railroads
20
104,206
97,756
76,999
97,167
1,539
921
842
388
1,620
978
1,130
111
125
638
735
761
442
372
13
26
34
0
0
Southern Pacific (Pacific)....
Toledo Peoria A Western...
23,593
22,566
19,757
280
245
352
Union Pacific System
Utah
12,897
13,803
11,172
4,539
1,171
7,931
4,436
1,142
7,717
Missouri-Illinois.
Nevada Northern
North Western Pacific..
Peoria & Pekln Union
261
285
173
8
1,646
1,600
1,283
2,263
1,917
97,047
99,017
88,913
50,759
48,611
Western Pacific
Pocahontas District—
Chesapeake A Ohio
22,474
6,582
Norfolk A Western
18,674
6,156
15,858
13,230
5,685
3,874
9,941
4,381
4,137
797
3,086
1,405
13,535
32,174
15,727
10,603
Total.
1,044
45,285
22
v
Virginian
Southwestern District—
Total......
....
; 169
121
3",399
Gulf Coast Lines
226
198
186
219
197
AU. A W. P.—W. RR. of Ala..
709
727
699
1,351
1,123
Atlanta Birmingham A Coast..
614
669
566
783
949
9,507
3,841
10,412
9,430
3,548
4,597
Alabama Tennessee A Northern
Line
Atlantic Coast
International-Great Northern.
406
432
355
1,076
998
2,257
1,344
330
357
201
314
321
Missouri-Kansas-Texas Lines.
Columbus & Greenville
Durham A Southern
3,785
/
2,764
943
276
158
647
1,804
1,685
1,731
1,823
1,314
355
252
274
782
401
420
442
203
563
Missouri A Arkansas
125
158
161
304
253
3,760
12,014
3,732
12,069
3,761
11,200
2,722
8,294
2,639
7,819
175
76
139
451
219
Missouri Pacific
1,224
1,421
1,892
840
994
Quanah Acme A Pacific
31
38
29
154
75
1,028
1,020
838
1,559
1,380
258
274
237
500
549
1,510
18,661
1,658
20,172
Louisville & Nashville
21,044
13,084
1,331
16,280
15,825
1,142
10,185
5,593
1,059
9,252
4,987
120
118
135
639
146
108
286
257
.....
76
108
77
114
112
Texas A Pacific..
6,093
2,250
5,497
3,730
4,488
2,222
3,023
3,500
4,077
Texas & New Orleans
6,088
2,134
6,325
86
3,660
6,035
2,099
6,648
3,730
Wichita Falls A Southern....
140
186
153
89
Wetherford M. W. A N. W...
11
30
18
19
81
43,844
44,767
42,411
33,482
34,207
St. Louis-San Francisco..
Louis Southwestern
St.
2,348
3,256
3,630
642
148
689
Litchfield A. Madison
Florida East Coast
Illinois Central System
1,474
Midland Valley
Galnevllle Midland
Georgia
2,015
156
1,785
1,808
Kansas Oklahoma A Gulf
Kansas City Southern.......
Louisiana A Arkansas
1,250
Central of Georgia.
302
1,477
2,707
1,272
1,669
1,227
77
;
4,813
3,165
1,374
Charleston A Western Carolina
Clinchfleld
225
3,097
1,940
.
Fort Smith A Western.x
Southern District—
1,225
2,488
162
3,213
1,624
Burlington-Rock Island......
Georgia A Florida
Gulf Mobile A Northern
...
Macon Dublin A Savannah
Mississippi Central
—
Nets—Previous vear's figures revised.
• Previous figures,
x
Discontinued Jan
Total
24.1939
Industrial commodity prices, represented by
other than farm products and foods,"
unchanged from last week.
Moody's Commodity Index Declines Moderately
the
Moody's Daily Commodity Index closed at 162.3 this
Friday, as compared with 163.3 a week ago.* The piincipal
changes were the decline in hog prices and the advance in
steel scrap.
The movement of the Index has been $,s follows:
Fri.
Sat.
Mon.
Tues.
Wed.
—.
Thurs.
Fri.
April 26
163.3
April 27
-.163.5
April 29:-----163.6
April 30
162.2
May 1
—
-------161.2
May 2
162.0
May 3-162.3
..
"all
for
0.1%
commodities
April 19.
Month ago, April 3
Year ago. May 3
1939 High—Sept. 22......
-
index for "all commodities other than farm
The
Labor
following to
Department's
...155.1
for
farm
announcement
products
group.
Index of
livestock, cotton, eggs, fresh fruits, peanuts, flaxseed,
...172.8
...138.4
potatoes.
...154.8
Wholesale Com-
modity Prices Advanced 0.6% During Week Ended
rise in market prices for farm products
and foods caused the index of wholesale commodity prices of
the Bureau of Labor Statistics to advance 0.6% during the
week ended April 27, Commissioner Lubin reported on May 2.
"The index for the week was 79.0% of the 1926 average,"
He went
on
79.0,
an
other
chemicals
were
increase of 1.8%.
groups
and
showing
drugs
and
prices have advanced from 77.6
Aside from farm products and foods, the
fractional advances during the
miscellaneous
commodities.
week
Minor
were
decreases
recorded for textile products, fuel and lighting materials, metals and
metal products, and building materials.
and housefurnishing goods groups
The hides and leather products
remained unchanged at the preceding
The
raw
materials group index advanced 1.4%.
products rose 0 2% while that for
all
grains,
(Chicago), fresh milk (Chi¬
Prices were lower for live poultry
foods
groups
index
advanced
1.3%,
primarily
were
because of rising
fruits and vegetables and meats.
Quotations
higher for rye and wheat flour, yellow corn meal, fresh and cured
lower for butter, cheese
lard and pepper.
Prices
(San Francisco), evaporated milk, oatmeal,
canned tomatoes, raw sugar and cottonseed oil.
for
the groups of chemicals and
commodities advanced 0-1 % during
paper
and pulp, 0.7%: crude rubber, 0.3%, and fertilizer materials, 0.8%.
Lower prices for women's
dress materials caused
fuel
drugs and miscellaneous
Cattle feed price rose 1.9%;
the week.
and
silk hosiery, cotton duck, and certain woolen'
the textile products index to
lighting materials
group
0.1%
decreased
prices for anthracite and bituminous coal.
in the metal and metal products
decline 0.1%.
The
because of declining
The drop of approximately
materials, red cedar shingles and yellow pine lath and timbers caused the
building materials group index to decline 0.1%
'
.
Slightly higher prices for calf and kip skins and steer hides were offset
by lower prices for goatskins and resulted in no change in the index for
hides and leather
The
products.
following i tables show
certain import items, the
1939 and
The index for manufactured
year ago;
semi-manufactured commodities remained
Lower prices for paint and paint
index.
Furniture and furnishing prices were steady.
(1)
index numbers for the main groups of
commodities for the past three weeks,
week's level.
Influenced by the rise in farm products and in
for
onions, and sweet
10% in iron ore prices and 1.7% for quicksilver resulted in an 0.4% decrease
to state:
Since the first week in April wholesale
to
only
the
cago), potatoes (Boston and New York), and wool.
The indexes
April 27
The continued sharp
Mr. Lubin said.
had
for livestock and poultry and a rise of
Higher prices were reported
pork, veal, dressed poultry, cocoa beans, copra,
Labor Statistics'
also
>
...141.7
were
of
measured by the
say:
prices for cereal products,
Bureau
as
products," advanced 0.1%.
2% for grains was primarily responsible for the 2.9% increase in the index
...163.1
...169.4
...
commodities,
while non-agricultural
>■' An average advance of 6.0%
Two weeks ago,
Low—Aug. 15--.
1M0 High—Jan. 2
Low—April 6-
index
declined
the percentage changes from
for March 30. 1940 and April 29,
a
week ago, a month ago and
a
and (2) important percentages changes in subgroup indexes from
April 20 to April 27, 1940.
(1926=100)
Apr.
27,
Apr. Apr- Mar.
30,
1940
1940
1940
78.5
78.0
77.9
76.1
1940
second
INDEX
1939 Apr. 20 Mar. 30 Apr. 29
79.0
WEEKLY WHOLESALE COMMODITY PRICE
29,
1940
Commodity Groups
May 4,
week there were 35 advances and 22 declines; in the
week there were 43 advances and 11 declines.
preceding
preceding
PercentagTchanges to
«
Chronicle
The Commercial & Financial
2796
13,
20,
Apr.
Apr. 27, 1940 from—
1940
1940
1939
+0.6
+3.8
+ 1.4
71.6
69.6
68.0
68.1
63.9
72.8
71.9
70.8
69.8
68.6
+ 4.3
91.2
0.0
+ 0.5
-—0.1
—1.4
1940
+7.4
.......
72.6
+ 2.9
+ 1.3
+ 5.1
+ 12.1
Ago
Total Index
+ 12.4
66.6
Farm products............
Foods..
■;
Month
Week
April 27 April 20 Mar.
Group
hears to the
Preced'g
Week
Each Group
+ 6.1
Hides and leather products. 102.5 102.5 102.1 102.0
72.5
71.6 71.9
71.5
Textile products.. — .....
Latest
Percent
/
All commodities
(1926-28=100)
Association.
Compiled by the National Fertilizer
Ago
73.3
70.5
70.4
53.6
49.9
49.9
67.5
62.1
63.7
66.7
....
Cottonseed oil
72.8
65.3
Fats and oils
29
1939
1940
52.4
Foods.
25.3
1940
Year
30 April
72.3
74.4
—0.1
0.0
—2.8
66.1
63.3
61.8
Metals and metal products..
94.9
95.3
95.4
95.5
93.9
—0.4
—0.6
+ 1.1
Cotton
58.4
58.4
57.7
48.7
Building materials....—
92.7
92.8
92.8
93.1
89.4
—O.l
—0.4
+3.7
Grains.
77.3
78.0
72.9
54.5
Chemicals and drugs...
77.5
77.4
76.9
77.2
75.8
+0.1
+0.4
+ 2.2
Livestock
63.9
62.8
59.8
66.3
Housefurulshing goods—..
89.7
89.7
89.7
89.5
86.6
0.0
+0.2
+3.6
75.2
Miscellaneous commodities.
76.9
76.8
76.6
76.6
74.7
+0.1
+0.4
+2.9
Raw materials.....
73.9
72.9
72.0
71.8
68.6
+ 1.4
+2.9
+ 7.7
Semi-manufactured articles.
79.5
79.5
79.2
79.5
74.1
0.0
o.o
+7.3
Manufactured
81.7
81.5
81.2
81.0
80.4
+0.2
+ 0.9
+ 1.6
+0.6
+2.3
products
All commodities other than
farm
72.4
72.3
materials.
Fuel and lighting
80.6
products..
80.3
80.5
80.1
78.8
:J
+0.1
17.3
82.8
20 TO
APRIL
APRIL 27,
—0.1
Livestock and poultry
-
84.1
Miscellaneous commodities
88.7
88.6
87.1
Textiles
70.9
70.9
71.7
61.4
Metals......
90.2
90.5
91.3
89.3
6.1
Building materials
85.9
86.2
86.7
84.4
1.3
Chemicals and drugs
0.3
Fertilizer materials
0.3
Farm
0.1
Selected
Decreases
Cattle feed-......:...'.:--.-...*..*
1.9
1.2
Hosiery and underwear...
Dairy products.
0.8
Iron and steel
0.8
0.7
0.6
Woolen and worsted goods......
Other textile products..
0.5
Commission
0.5
totals
....
0.3
Anthracite
0.5
.....
0.3
Paint and paint materials.........
Bituminous coal..
products
.....
Hides and skins....
Silk and rayon.
0.3
Crude rubber
Other foods....
....
.
.
...
0.8
.....
0.5
0.3
0.1
Non-ferrous metals.
Report of Lumber Movement Week Ended April 20, 1940
Lumber
production during the week ended April 20, 11M0,
3% greater than in the previous week; shipments were
6% Jess; new business, 0.5% less, according to reiwrts to
was
Manufacturers
Lumber
National
the
Steam
1.0
Other miscellaneous.0.2
£ 0 .2
....... .
Association
The
of 1929 production and 66% of average 1929 ship¬
The Association further reported:
orders
new
weeks of
ments
of 1640 to date
11% above
was
of 1939; shipments were 6% above the shipments,
9% above the orders of the 1939 period.
For the 16
date new business was 8% above production, and ship¬
weeks
corresponding
were
1940
to
94.8
77.7
76.3
72.4
steam
Statistics of the Interstate Commerce
statements showing the aggregate
of selected income and balance sheet items of class I
railways in the United States for the month of Jan¬
has issued
uary, 1040, December, 1939, and 12 months ended December
31,1939.
These figures are subject to revision and were compiled
from 133 reports representing 138 steam railways.
The
present statement excludes returns for class I switching and
terminal companies.
The report contained the following
figures:
TOTALS
-
THE UNITED
FOR
1
(ALL REGIONS)
STATES
(In Thousands of Dollars)
For the Month
For the 12
For the Month
of January
of December
1940
1939
1938
$
Income Items
1939
$
$
Months of
1938
1939
$
$
$
income.
.
Other income
45,569
32,947
60,939
49,418
588,787
373,150
11,328
Net railway operating
12,417
32,321
28,559
160,811
155,026
528,176
56,898
45,364
93,261
77,978
749,598
2,379
2,153
3,671
2,866
25,052
24,657
Income avail, for fixed chgs..
54,519
43,211
89,590
75,111
724,546
503,519
134,658
11,924 142,099
39,396 a473,703 a475,435
f96
2,237
1,600
Total income
Fixed charges:
Interest
10,716
12,786
38,820
38,685
190
181
49,627
49,718
51,613
51,224
617,403
4,892
deductions.a.,
11,041
38,394
Rent for leased roads & eqpt.
37,977
107,143 1108,812
12,504
12,536
v
Other
deductions
141
5% above production.
were
I
Miscell. deductions from Income
Year-to-Date Comparisons
and
94.9
of
Bureau
from
3% above production. Com¬
pared with the corresponding week of 1939, production was
5% greater; shipments 2% greater, and new business 5%
greater.
The industry stood at C8% of the seasonal weekly
Reported production for the 16 weeks
77.3
95.0
77.8
combined
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 3%
ments.
71.3
95.0
machinery
below production; new orders,
average
72.7
78.4
94.5
Income and Balance Sheet Items of Class
Railways for January, December, and Year
2.0
Fertilizer materials
91.9
72.7
78.1
94.5
...
0.1
Grains.;
Other farm
94.3
73.0
78.1
All groups
100.0
78.2
(Concluded)
Drugs and pharmaceuticals....
*
Paper and pulp
Cereal products
...
Fertilizers
0.3
+ 2.1
Chemicals...
6.0
3.2
3.0
.....
Fraitsand vegetables
..
—0.4
84.2
7.1
1940
Increases
Increases
Meats
80.8
83.7
8.2
CHANGES IN SUBGROUP INDEXES
IMPORTANT PERCENTAGE
FROM
82.7
82.6
82.5
and foods.
farm products
Fuels
10.8
commodities other than
All
Farm products.
23.0
Total fixed charges
612,331
Supply and Demand Comparisons
The ratio of unfilled
orders to
compared with 17% a year
year
ago;
stocks
gross
During the week ended
booked
week
orders
of
April
less.
.
20, 1940, 512 mills produced 226,836,000
combined; shipped 218,985,000 feet;
feet.
Revised figures for the preceding
513;
220,396,000
production,
shipments,
feet;
232,-
orders
reported
totaled
softwood
mills
the
mills.
<(94,638 f121,348
16,868
16,804
16,705
16,564
201,866
201,824
Federal Income taxes..
3,429
2,128
2,926
2,725
33,037
18,928
Dividend appropriations:
On common stock
1,738
2,636
18,980
7,142
106,664
69,088
1,794
955
639
937
19,154
for
the
week
223,506,000 feet,
Shipments
ended
April
20,
by
1940,
13,643
426
Balance at End
3% above the production of
or
reported for the
week
Jan.,
1940
of-
Dec.,
4% below production.
Production was 217,025,000 feet.
Reports
hardwood mills give new business as 10,198,000 feet, or
4%
or
1939
as
same
were
Jan.,
1939e
103
above
Shipments
production.
reported
as
151,000 feet, or 3% above production.
Identical Mill
Production
mills
softwood
during the week
was
215,132,000
for
the
week
same
10,-
were
Production was 9,811,000 feet.
Comparisons
ended
April
feet, and
20,
year
a
orders
feet
221,911,000
received,
and
Investments In stocks, bonds, &c., other
than those
622,526
405 identical
205,657,000
of
1940,
it
ago
was
203,585,000 feet;
feet.
In the case
this year and a year
212,808,000
7,848,000 feet and 6,710,000 feet; shipments, 8,150,000
7,974.000 feet, and orders, 8,589,000 feet and 7,658,000 feet.
ago
and
feet
647,488
529,489
447,623
20,927
Demand loans and deposits..
•27,381
Time drafts and deposits
Special deposits
623,312
529,753
Cash
84 identical mills reported production
hardwoods,
$
Selected Asset Items—
of affiliated companies
feet; shipments were, respectively, 206,600,000 feet and
and
22,495
Depreciation (way and struc¬
tures and equipment)
208,834,000
same
from
of
36,622
On preferred stock
feet; orders, 234,882,000 feet.
Lumber
1,354
f8,468
hardwoods
233,704,000
Mills,
were:
420,000
feet,
and
softwoods
of
1,965
2,926
were
Softwoods and Hardwoods
feet
Contingent charges
23,887
1,392
Net lncome.b
22% on April 20, 1940,
29% heavier than a
was
Unfilled orders
1%
were
stocks
gross
ago.
f6,507
1,961
Income after fixed charges
.......
101,381
......
21,727
27,141
103,659
2,795
16,061
19,540
55,708
67,076
48,945
66,656
1,141
58,425
51,714
45,828
Miscellaneous accounts receivable
131,793
Materials and supplies
342,842
136.234
327.235
14,393
18,704
2,433
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and
—
conductors
Interest and dividends receivable
123,875
318,815
15,769
Rents receivable
Fertilizer
Association
1,101
1,342
1,199
Other current assets
Wholesale Commodity Prices Further Advanced During
Week
Ended
April 27,
According to National
4,188
4,199
3,210
1,292,218 1,290,902 1,107,200
Total current assets.
Selected Liability Items—
Founded debt maturing within 6 months.c.
third
The
modity
consecutive
index
price
advance
compiled
by
Association took place last week,
77.8 from
a
age
of
77.7
in the
month ago and
100.
as
72.4
National
The
The Association's
Fertilizer
The index
based
76.3
was
the 1926-28 aver^
on
under
announcement,
date
week's
prices
rise
for
the
in
farm
products
and
all-commodity index,
foods
with
responsible
were
the
average
for
last
for
all
showing a moderate decline.
The food price average is now
higher than at any time since the first week of January.
The farm product
average advanced to the highest point reached in the last two years, with
quotations
declines
indexes
in
for
hogs,
poultry,
eggs
and
corn
more
than
index
products.
Fractional increases were registered by the
representing the prices of miscellaneous commodities and fertilizer
A drop in anthracite quotations was responsible for the fuel
turning
upturn
decline
Price
in
downward.
steel
scrap,
material
due
to
copper
in
a
prices,
decline
receded to a new
lower quotations for lumber.
changes
price series
Lower
resulted
average
during
included
in
the
210,892
74,970
241,594
59,452
83 ,978
Miscellaneous accounts payable
Interest matured unpaid
221,756
62 ,520
Audited accounts and wages payable
84,400
232 ,193
Traffic and car-service balances payable.
68,324
970,480
11,315
20 .045
Dividends matured unpaid
Funded debt matured unpaid
5 021
...
week
the index
were
more
in
the
low
for
about
than
metal
the
offsetting
index.
year,
Unmatured dividends declared.
~3 ,435
4,111
advancing and
27
3,084
81 ,241
77,108
~2~, 048
Unmatured rents accrued
18 ,610
16,523
87,432
19,437
Other current liabilities
29 ,966
31,903
28,684
735,241 2,528,504
750,365
Total current liabilities.
Tax liability—U. S. Government taxes.
89,754
81,286
46,146
Other than U. S. Government taxes..
131,364
128,057
137,627
with
an
The
the
a
Represents accruals, Including the amount In default,
In receivership or trusteeship the net
847; January,
balanced,
declining;
with
in
24
the
1939, $40,946,029; December, 1938,
$29,914,082; 12 months 1939, $194,620,985: 12
c
Includes payments of
d Includes obligations which mature not
e
1939 figures for certain liability items
for comparative purposes, to conform with changes prescribed
in the uniform system of accounts oy
Jan. 1, 1940.
months 1938, $31,544,598.
principal of long-term debt which will become due within
than two years after date of Issue,
have been revised,
b For 99 railways not
income was as follows: January, 1940, $10,708,-
1939, $1,847,011; December,
six months after close of month of report,
more
evenly
22,767
811,063
offsetting
other
materials.
building
189,370
231,515
other
commodities
rising
114,476
198 ,229
Unmatured interest accrued...
April 29, further said:
Higher
193,271
Loans and bills pay able. d._
com¬
with the index rising to
preceding week.
a year ago,
wholesale
the
in
f Deficit
or
Commission's order of Dec. 6, 1939, effective
other reverse items.
Volume
The Commercial & Financial Chronicle
ISO
Electric Output for
Week Ended
Above
The
Edison
Electric
April 27, 1940, 9.8%
Year Ago
a
Institute, in
its
weekly
current
re¬
port, estimated that production of electricity by the electric
light and
ended
was 2,397,626,000 kwh.
The current
is 9.8% above the output of the correspond¬
1939, when production totaled 2,182,727,000
week's output
ing
industry of the United States for the week
power
April 27, 1940,
week
kwh.
of
The
output for the week ended April 20, 1940, was
estimated
to
be
2,421,576,000
the like week
over
a
year
kwh.,
ago.
Week Ended
Regions
PREVIOUS YEAR
Week Ended
Week Ended
Week Ended
April 27, 1940 April 20, 1940 April 13, 1940
New England
Middle Atlantic
5.0
April 6, 1940
2.8
8.2
6.4
6.0
8.6
10.4
6.5
14.4
Central Industrial
12.9
14.5
13.0
West Central.
8.2
V!'
7.5
5.1
8.0
'■
Southern States
12.3
12.7
12.8
13.6
14.4
14.2
18.4
13
0.7
2.0
6.2
9.8
10.1
11.4
9.6
Total United States.
DATA
FOR
RECENT
WEEKS
1940
(THOUSANDS
1939
OF
1940
1937
1929
1932
1939
3
Feb.
10
m m
Feb.
17__
mm
Feb.
2,541,358
24
2
9
mm
Mar. 16
mm
Mar. 23.
mm
Mar. 30
mm
6
Apr.
Apr. 13
Apr. 20
Apr. 27
4
May
+ 11.1
2,201,057
2,268,387
+ 11.2
2,199,860
1,587,817
2,475,574
2,455,285
2,479,036
mm
Mar.
2,287,248
2,522,514
mm
Mar.
2,248,767
2,225,690
+ 10.1
2,211,818
2,207,285
2,199,976
1,545,459
mm
mm
2,421,576
mm
2,397,626
--
+ 10.5
2,225,486
2,198,681
2,209,971
2,173,510
2,170,671
2,199,002
2,182,727
2,163,538
2,424,350
2,422,287
2,381,456
2,417,994
mm
+ 10.3
2,244,014
2,237,935
2,463,999
2,460,317
+ 10.6
+ 10.1
1,588,853
1,512,158
1,519,679
1,538,452
1,537,747
1,514,553
1,480,208
2,212,897
2,211,052
2,200,143
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
+ 10.3
+9.6
+ 9.6
+ 11.4
+ 10.1
+ 9.8
1,728.203
1,726,161
1,718,304
1,699,250
1,706,719
1,702,570
1,687,229
1,683,262
1,679,589
1,663,291
1,696,543
1,709,331
1,699,822
1,688,434
1,465,076
1,480,738
1,469,810
1,454,505
1,429,032
Weekly Statistics of Paper board Industry
We give herewith latest figures received by us from
National Paperboard Association,
to
Chicago,
the
111., in relation
acivity in the paperboard industry.
The
total
members
this
of
industry, and its
Association
on
program
93% of the
represent
includes
statement
a
each
and
figure which indicates the activity of the mill based
a
the time
100%,
operated.
so that
These figures
are
advanced to equal
they represent the total industry.
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Orders
Week Ended
Unfilled
Percent
of Activity
"
Jan.
Received
Production
Tons
Jan.
Tons
Tons
Current
196,174
187,002
65
74
69
183,699
72
70
176,308
75
167,240
72
71
159,216
71
71
145,706
70
71
142,554
69
71
137,631
138,446
132,455
69
71
70
71
6
87,746
13
Orders
105,945
120,791
115,419
121,596
115,988
114,463
Jan.
20.
110,169
111,332
Jan.
27
111,954
Feb.
3
106,954
Feb.
10
106,292
Feb.
17
101,097
Feb.
24
115,189
114,156
113,710
108,784
Mar.
2
Mar.
9
111,714
Mar. 16
107,024
104,466
...
Mar. 23
108,134
Mar. 30..
102,462
112,855
114,958
113,555
107,853
Apr.
105,140
111,431
Apr. 13.
129,869
105,929
Apr. 20
146,057
117,388
122,194
Apr.
27___.
139,841
Cumulative
Issues
°f
71
130,871
70
129,466
67
70
66
70
175,162
72
70
193,411
75
;■"+
70
68
First
70
Canadian
Season
\
Bank of Montreal states that grain
Provinces, delayed for
70
well
now
and
wan,
moisture
but
under way
begun
has
Crop Report
issued May 2, the
seeding in the Canadian
wet weather,
in Manitoba and parts of
in
Alberta.
On
the
is
Saskatche¬
whole,
surface
the Prairies is sufficient to ensure germination
reserves
are
low over most of Manitoba and
on
subsoil
Saskatchewan, and timely rains will be required through¬
out the growing season.
The Bank adds:
In
Quebec, spring has opened slowly, and land work is not yet general.
average crop of maple sugar is indicated.
In Ontario, seeding,
already begun, will shortly be general, but vegetation has shown little
A
good
growth
yet.
as
Spring operations
to
be
getting
season
Rockies
is
it
is
two
some
Petroleum
the land, while late
on
to a
away
about
Its
Note—Contents
Bill
ahead
weeks
two
and
favorable start.
weeks
of
later
than
over
In
normal
large
Be
now
Coast
appear
area
the
everywhere East of the
normal.
Products—Mexico
to
areas,
the Pacific
while
Made
Answers
Public
May
mented economy for the American
system of individual
initiative and free
competitive enterprise."
A general
price advance of five cents a barrel was made in
southwestern Michigan shallow field crude
prices
Hull
4—Cole
Criticized—Michigan Crude Prices Up—State¬
answer
Mexico
by
to the
April 5 note sent President Cardenas of
Secretary
of
State
Cordell
Hull,
on
cent-$1.02 range.
Texas started May with
one-day shutdown that ex¬
regulations
average production of crude oil
to 1,420,500
barrels, a reduction of approximately 110,000
barrels from the
April figure.
However, this was 86,300
a
the entire State, with the
proration
for the month
cutting daily
over
barrels above the United States Bureau
of Mines' market
demand estimate for
May for Texas.
In addition to the State-wide
May 1 shutdown, the pro¬
ration setup for Texas
provides 14 non-producing
days in
May in the East Texas field. While oil men at the proration
hearing before the Texas Railroad Commission recently
recommended that production be
cut
down to
the
figures
agency,
American Petroleum Institute.
While the total showed a
nominal decline from the
previous week, it held far above the
April market demand estimate of 3,550,000 barrels daily set
proposing
Kansas output was off to
barrels, which represented
a
a
daily
of 152,600
A gain
a daily average
up 5,150 barrels
average
decline of 8,300 barrels.
of 5,350 barrels for Texas lifted that total to
figure of 1,515,750 barrels while Illinois
was
to
438,200 barrels.
Production in Oklahoma remained
virtually unchanged at 408,100 barrels daily, with Louisiana
wells turning out 750 barrels more
daily, at 288,550 barrels.
Inventory figures covering stocks of domestic and foreign
crude
oil
reflected the consistent heavy
over-production
during April with one of the sharpest rises in many months.
Holdings were up 2,612,000 barrels during the April 20 week,
figures compiled by the United States Bureau of Mines dis¬
closed.
Domestic stocks were up 2,246,000
barrels, and
foreign crude stocks up 366,000 barrels.
Heavy crude oil
stocks, not included in the "refinable" crude stocks, were up
62,000 barrels to 13,432,000 barrels.
The long-range proration
program of the Interstate Oil
Compact Commission gained another powerful adherent
during the week when the Okalhoma Corporation Com¬
mission set daily average production of crude oil at
408,100
barrels daily for the three-month
period starting May 1.
The new allowable, which is off
4,900 barrels from April's
total, corresponds.to the figure set by the Bureau of Mines.
May
5 cents
1—Southwestern Michigan shallow field crude prices
a
lifted
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
12.75
Corning, Pa
1.02
Illinois
95-1.05
are
not shown)
Eldoraro, Ark., 40
Rusk, Texas, 40 and over
MId-Cont't, Okla., 40 and above__ 1.03
Rodessa, Ark., 40 and above
1.25
Sunburst, Mont
Huntington, Calif., 30 and
Smackover, Ark.. 24 and
Kettleman Hills. 39 and
over
„
.73
1.10
1.03
companies was
Mexico City on
.90
..J1.03
Darst Creek
Western Kentucky
expropriation dispute with American
given to Ambassador Josephus Daniels in
May 1, and promptly cabled to Washington.
were
barrel to SI.08.
arbitration of the oil
May 1,
the schedule
moving up to $1.08 a barrel.
The mark-up,
which affects about
27,000 barrels per day out of the State's
60,000-barrel total, follows a two-months
slump in pro¬
duction from shallow
pools without any new discoveries.
Basin crude
prices, steady since last fall, held at the 82
wide Shutdown in Texas May 1—Crude Inventories
Mount—Oklahoma Sets Three-Month Allowable
An
drafted in the
by the Bureau of Mines.
Sharpest decline was shown in California where a loss of
13,500 barrels was recorded in the daily average production
figures which dipped to 594,000 barrels,, lowest in many
■■'U'?r./vV.WV-v.Vi
time by
a
was
Department of the Interior and seeks to lodge "dictatorial
powers" in a functionary of that
Department, subservient
to the
Secretary. "This functionary," he continued, "would
possess both legislative, executive and
judicial powers with
no practical
opportunity for judicial review of administrative
excesses.
The proposed oil control
legislation, as a matter of
governmental policy cannot be disassociated from the
plan¬
ning of the new type of self-styled liberals who
depreciate
personal liberty and individual freedom and
deify national
government, and who seek to substitute a system of
regi¬
failure of the record April
output to seriously affect crude oil prices led the Commission
to "ignore" the Federal recommendations.
A decline of 13,300 barrels in
daily average output of crude
oil during the week ended
April 24 pared the Nation's total
"to 3,845,250 barrels,
according to the mid-week report of the
71
123,255
In its first crop report of the season,
Prairie
the expropriation of the
as
Mexican constitution.
A further
onslaught against the Cole bill, under which
control of the petroleum
industry would pass into the hands
of the Federal
Government, was made by George A. Hill Jr.,
President of the Houston Oil Co. of
Texas, at the United
States Chamber of Commerce Round Table
discussion on
the relation of government to natural resources
in
months.
Bank of Montreal
accepted inasmuch
American, British and Dutch oil properties early in 1938 was
the legal rights
granted the Administration by the
suggested by the Federal
69
147,254
6
could not be
tended
week from each member of the orders and production,
also
May 4.
Foreign
Secretary Eduardo Hay delivered to Ambassador Daniels
were not
officially disclosed, they were understood to have
rejected arbitration as a means of settling the dispute.
Leading Mexican officials, following the leadership of
President Cardenas, have repeatedly stated that arbitration
Mr. Hill contended that the Cole bill
KILOWATT-HOURS)
from
Feb.
on
production of oil for the existent State regulations.
Change
Week Ended
(EDT)
While the contents of the
17-page answer which
Washing¬
ton on
Wednesday. He said that the bill is "confessedly"
designed to substitute Federal Government control of the
10.3
Rocky Mountain
Pacific Coast
simultaneously in Washington and Mexico City
at 11 p. m.
under
PERCENTAGE INCREASE FROM
Major Geographic
of 10.1%
increase
an
2797
Mr. Daniels' office disclosed that the text of the
note would
be released
Michlganj rude
.76-1.03
.90
over
over
1.15
1.38
The Commercial &
2798
ENGLAND
SHOW SMALL DECLINE
HIGH—FIGHT BRITISH-COLUM-
MARKETS—MOTOR FUEL STOCKS
—REFINERY OPERATIONS
a
B. Of
Four
M.
Change
Weeks
State
Ended
from
Ended
Ended
Require¬
Allow¬
Previous
Apr. 27,
ments
ables
Apr. 27,
1940
Week
1940
Apr. 29,
1939
,
Reflecting the pressure upon
the wholesale markets
developing from the record high holdings of motor fuel, and
the
continued excessive refinery
operations, the price
structure for tank car and tank wagon gasoline weakened
England market during the
throughout the New York-New
(.April)
Oklahoma—
413,000
413,000
b408,100
151,000
151,000
bl52,600
—8,300
general reduction of Y cent a
May 1 brought with it a
Jew
fallonYork-New England area, posted byofSocony-Vacuum
in tank car and tank wagon prices gasoline in the
and followed almost immediately by other major
distributors.
Western New York was excepted from the
011 Co.
price cut, and the tank wagon
the export market and excessive re¬
finery operations held down the decline in stocks of finished
and unfinished motor fuel during the final week of April to
The American Petroleum Institute report
placed the April 24 total at 102,452,000 barrels.
Refinery operations showed another small gain, rising
Yl point to 84.9% of capacity, far above normal even for
spring.
Daily average runs of crude oil were up 20,000
barrels to 3,555,000 barrels. Gasoline production during the
April 24 week, including estimated unreported, was off
364,000 barrels, according to the American Petroleum In¬
stitute, to drop to 11,776,000 barrels. Stocks of gas and fuel
oils showed a surprising reduction during the week.
365,000 barrels.
Representative price changes, showing the trend of major
markets, follow:
Southwest Texas
84,200
+ 1,400
+ 1,150
—150
+ 50
33,700
272,350
86,200
396,800
254,750
253,150
31,350
229,200
396,550
East Texas
102,650
—50
268,200
East Central Texas..
79,200
+ 700
282,200
87,900
West Central TexasWest Texas
+ 750
261,750
Coastal Texas
Texas.
Louisiana—
ended
gallon, against a "war-low" of 7H
cents,
back at 12 cents
a
The
Mississippi
Illinois
288,550
+ 750
286,450
70,000
69,650
—600
69,500
54,700
b7,500
438,200
+ 1,250
+ 5,150
7,450
429,700
185*650
7,800
b9,550
+ 50
9,300
96,000
—4,200
Michigan
101,500
63,000
61,900
—500
97,500
62,450
62,450
Wyoming
66,000
69,350
+ 300
66,050
60,450
Montana.. .......
16,800
17,450
3,650
113,000
—50
17,500
—200
3,850
14,350
3,500
+ 1,150
112,500
108,050
Indiana
106,100
Eastern (not incl. 111.
and Indiana)
—
3,500
Colorado
New York, and were effective
.New Mexico.*......
These
a
Mines' calculations of the requirements of domestic crude
premises outlined in its detailed forecast for the month of
Bureau of
are
based upon certain
As requirements may be supplied either from stocks, or from new pro¬
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
to be
produced.
a.
m.
,
Kansas, Nebraska, Mississippi,
b Oklahoma,
7
allowable as of the first of April.
Past experience indicates
are completed and if any upward revisions are made.
of approximately 414,000 barrels for East Texas after de¬
ductions for 12 shutdown days, namely April 1, 6 , 9, 10, 13, 16, 17, 20, 23 , 24, 27,
and 30.
For all other areas a shutdown was ordered for April I only,
d Recommendation of Central Committee of California Oil Producers.
This is the net basic
c
It will increase as new wells
It includes a net figure
indicated above do not include any estimate
CRUDE
STILLS AND
TO
RUNS
Chicago
New
Orleans.
Gulf
.08J*-.08J*
Shell East'n .07H-.08
.061
1.05
-.05H
.06K--07
ports...
.05H
04H-.05H
Production
to Stills
at
Refineries
Percent
Daily
Percent
Inc. Natural
Reporting
Average
Operated
Blended
1,542
Los Angeles..
.03H-.05
$1.50
92.5
156
91.0
124
87.3
427
Indiana, Illinois, Kentucky-
634
88.5
527
93.9
1,995
420
76.9
280
86.7
z925
280
Orleans
C—..$1.00
1.50
Phlla., Bunker C
59.6
122
73.1
522
1,071
85.3
856
93.7
2,447
164
Louisiana Gulf
97.6
116
72.5
279
I'-W
107
65.4
55.5
41
62.1
204
87.3
496
67.9
1,306
84.9
California
34
119
836
3,191
84.9
9,754
51.5
101
North Louisiana & Arkansas
Rocky Mountain
2.10-2.20
100.0
643
-
Inland Texas
Terminal
New
595
Appalachian...........
East Coast
Texas Gulf
|New Orleans.!.05K-.05H
| Tulsa
.04 -MH
.$.04
North Texas
California, 24 plus D
$1.00-1.25
(Harbor)—
Diesel.
Gasoline
Crude Runs
Daily Refining
Capacity
Rate
Tulsa
Fuel Oil, F.O.B. Refinery or
Bunkder C
each)
Potential
I-07 H-.08
Gulf
i
$
WEEK
1940
Oklahoma, Kansas, Missouri
New York
N. Y.
PRODUCTION OF GASOLINE.
(Figures In thousands of barrels of 42 gallons
Other Cities—
'
,07>i-.08
(Bayonne).
of any oil which
might have been surreptitiously produced.
District
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
•
,
Indiana figures are for week ended
April 24.
May 1.
Texas
Std.OHN.J.$.O0H-.O7
Socony-Vac. .06H-.07
T. Wat. Oil .08K-.08H
RichOll(Cal) .08H-.08 H
—13,300 3,825,650 3,568,200
3,845,250
April.
The cuts did not affect Western
areas.
604,600
610,750
—13,500
594,000
590,000 d592,000
3,550,000
oil
+ 200 3,214,900 2,963,600
3,251,250
Total east of Calif. 2,960,000
California
New York-New England marketing area.
prices in "underpressed" areas and
New York
New York—
Warner-Qu.
114,000
100,000
ENDED APRIL 27,
"depressed"
266,700
284,133
cut was made in tank wagon
same
190,300
64,500
3,900
380,000
April 30—Socony-Vacuum Oil posted a reduction of M-cent a gallon in
tank car prices of gasoline in its
76,400
69,000
217,450
+ 450
257,000
Total Louisiana...
Arkansas
including taxes.
reductions made in
232,250
+ 300
69,550
219,000
North Louisiana
105,250
446,800
258,500
+ 5,350 1,478,800 1,461,800
1,332,000 C1443773 1,515,750
Note—The figures
April 28—The price war ended in the Gladewater-Kilgore areas
with prices
74,250
+ 1,500
33,850
*
prices of regular and premium grades of motor fuel.
The
increase, which took in all Texas, did not affect the posting
on
third-grade gasoline.
The price war in the KilgoreGladewater areas also stopped, and prices were stabilized at
12 cents a gallon retail, after having dipped as low as 7%
cents a gallon at "pumps," including taxes.
Failure of consumption to show the normal seasonal rise,
177,750
78,300
North Texas
Coastal
462,100
166,300
107,000
Panhandle Texas
Total
-
b...
reduction was made only in
"underpressed" market areas.
Two weeks late, reflecting sub-normal spring temperatures,
Texas Co. posted the first seasonal increase in gasoline prices
with a State-wide boost of 1 cent a gallon in tank wagon
407,550
+ 50
Kansas
Nebraska
V'":
week.
continued dullness in
Week
Week
lated
C'OlCUr-
FIXING
PRICE
BIA
>
PRODUCTION
DAILY AVERAGE CRUDE OIL
(Figures in Barrels)
PRICES BREAK IN NEW YORK-NEW
MARKET—STRENGTH
DEVELOPS IN
TEXAS
REFINED PRODUCTS—GAS
1940
May 4,
Financial Chronicle
...
Reported
364
1,522
3,555
11,276
Estimated unreported
Gas OH, F.O.B. Refinery or Terminal
*
Bayonne)—
N.
J Chicago—
$.04
27 plus..
i
$.02^-.03
Tulsa
4,424
4,424
April 27, 1940
I
$.053
28.30 D
»
Estimated total U. S.:
3,535
11,412
x3,310
April 20, 1940
yll,066
Gasoline, Service Station, Tax Included
z
x
$.17
New York
Brooklyn
.17
xNot including
$.17
...$.166! Buffalo
1851 Chicago
| Newark
I Boston
....
♦U.S.B.of M. April 27, 1939
.17
2% city sales tax.
*
x April, 1939, dally average,
y This Is a
U. S. B. of M. April, 1939 daily average, z 12% re¬
Estimated Bureau of Mines' basis,
week's production based on the
porting capacity did not report gasoline
STOCKS
FINISHED
OF
Daily Average Crude Oil Production for Week Ended
April 27, 1940, Off 13,300 Barrels
The
American
Petroleum
Institute
that
estimates
AND
production.
UNFINISHED
(Figures In thousands of Barrels of 42
the
daily
average
of
crude production
gross
the week
for
Finished &
Unfinished Gasoline
ended
Total
be
to
the
total
oil-producing
tion
for the four
week
restrictions
weeks
barrels.
ended
ther
the
States during
3,825,650
at
of
details,
The
Daily
produc¬
average
April 27, 1940, is estimated
dally
average
output
for
reported by the
the
Fur¬
Institute, follow:
Imports of petroleum for domestic use and receipts in bond at prin¬
cipal United States ports, for the week ended April 27, totaled 1,240,000
barrels, a daily average of 177,143 barrels, compared with a daily average
of 228,571 barrels for the week ended
April 20, and 186,607 barrels daily
^<iUr jV
bonded
u
whether
in
separation
There
were
or
en(*e<* Aprd 27.
for
domestic
receipts
of
At
Refineries
and in
Refineries
East Coast
3,627
1,947
and in
Pipe Lines
Pipe Lines
23,417
22,620
3,675
in Transit
3,338
4,641
Louisiana Gulf
116
624
18,217
201
984
24
1,905
274
15,523
2,904
2,712
*444
3,078
1,858
1,372
4,601
"38
8,272
13,896
2,540
Texas Gulf
304
2,289
7,701
1,622
Inland Texas
4,240
17,435
Appalachian
Ind., 111., Ky
Okla., Kan., Mo
800
25
723
318
638
657
194
13
404
1,639
142
No. La. <fc Arkansas
/,l
*264
603
California
17,049
1,727
18,490
7,724
1,997
55,014
23*521
Reported
88,815
95,352
17,370
6,447
71,615
28,782
7,000
7,100
680
500
1,950
205
95,815
102,452
18,050
6,947
73,565
28,987
96,210
102,817
17,707
7,072
74,138
29,185
81,580
87,490
19,123
7,291
79,088
30,145
Mountain
Estd. unreported
•
Estd. total
__
__
U. S.:
April 27, 1940..,
April 20, 1940...
These figures include all oil imported,
use,
but
it
is
impossible
to
make
the
weekly statistics.
no
in Transit
and
Unfin'd
Rocky
April 29, 1939, totaled 3,568,200 barrels.
as
At
Finished
...
April.
ended
Interior
imposed by the various
At Terms,
Finished
above the 3,550,000 barrels
calculated by the United States Department of the
Residual
Fuel Oil
At Terms,
Total
13,300 barrels from the output of the previous week, but
the current week's figures were
.
Stocks of
District
This was a decline
3,845,250 barrels.
was
Gallons Each)
Stocks of Gas Oil
and Distillates
Stocks of
April 27, 1940,
GASOLINE AND GAS AND
WEEK ENDED APRIL 27, 1940
FUEL OIL,
U.
S.
B.
of
Mines
♦April 27, 1939.
California
oil
at
either
Atlantic
or
Gulf
*
.
Estimated Bureau of Mines' basis.
Coast
ports during the week ended April 27.
received
from
refining companies
owning
84.9%
of
the
4,424,000-barrel estimated daily potential refining capacity of the United
States indicate that the industry as a whole ran to
stills, on a Bureau
of Mines basis,
3,555,000 barrels of crude oil daily during the week
Reports
and
that
transit
of
finished
duced
the
all
and
in
companies
pipe lines
and
had
as
unfinished
in
storage
at
refineries,
bulk
of
the end
of
the
102,452,000
week,
terminals
in
barrels
gasoline.
The total amount of
gasoline pro¬
by all companies is estimated to have been 11,276,000 barrels durintr
week.
Summary
of
Gas
Company
Statistics for Month of
February, 1940
reported that revenues of
utilities amounted to $94,913,-
The American Gas Association
manufactured and natural gas
1940, as compared with $83,464,900 for
corresponding month of 1939, an increase of 13.7%.
Revenues from industrial and commercial users rose from
400 in February,
the
Volume
The Commercial & Financial Chronicle
150
$24,703,900 a year ago to $28,084,100 in February, 1940, a
gain of 13.7%.
Revenues from domestic uses such as
cooking, water heating and refrigeration, &c., rose from
$58,761,000 in 1939 to $66,829,300 in 1940, an increase of
13.7%.
The
manufactured
industry
gas
$35,236,200 for the month,
reported
March Production and Shipments of Portland Cement
The Portland cement industry in March,
1940, produced
7,917,000 barrels, shipped 7,715,000 barrels from the mills,
of
revenues
increase of 8.0% from the
same month of the
preceding year.
Revenues for industrial
purposes increased 15.2% while commercial revenues in¬
creased 6.6%.
Revenues from domestic uses were 3.5%
more than for the
corresponding month of 1939 while revenues
for house heating purposes gained
23.7%.
The natural gas utilities reported revenues of $59,677,200
for the month, or
17.4% more than for February, 1939.
Revenues from sales of natural gas for industrial purposes
gained 11.9%, while revenues from sales for commercial
an
and had in stock at the end of the month
according to the Bureau of Mines.
of
purposes
Portland
stocks
cement
compared with March,
were 9.7%
higher
as
at
mills
than
a
year ago.
f
The statistics given below are compiled from
reports for
March received by the Bureau of Mines from all manufac¬
turing plants.
In
Revenues from sales for domestic
increased 18.6%.
'
the
V.
following statement
relation
of
of production to
output of finished cement is compared
with the estimated capacity of 161 plants at the close of
capacity the
total
March, 1939, and 159 plants at the close of March, 1940:
Weekly Coal Production Statistics
OF PRODUCTION TO
RATIO
The current report of the Bituminous Coal Division, U. S.
Department of the Interior revealed that the total production
of soft coal in the week ended April 20 is estimated at 7,330,000 net tons, a decrease of 340,000 tons, or 4.4%, from the
preceding week.
In the corresponding week a year ago,
with
mines in
the
Appalachian fields idle, production
amounted to 2,615,000 tons.
In April of 1938, weekly
production for the country averaged about 5,270,000 tons.
The weekly report of the U. S. Bureau of Mines showed
that the estimated production of Pennsylvania anthracite
in the week of April 20 showed a further,
though slight,
rise—878,000 tons as compared with 863,000 (revised figures
for the week ended April 13).
This represented an increase
of 1.7%, although it was 42% lower than the Output for
the week of
3.1% and 8.9%, respectively,
1939.
26,098,000 barrels,
Production
and ship¬
March, 1940, showed decreases
ments of Portland cement in
increased 20.5%.
uses
2799
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina and .South Dakota included
with "other Western States."
♦ Less than 1,000 tons.
April 22, 1939.
CAPACITY
March,
The 12 months ended...
February,
January,
1940
1940
1940
1939
37.3%
42.8%
The month
March,
1939
,
36.3%
47.5%
24.8%
47.8%
28.6%
47.9%
42.9%
December,
46.8%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN MARCH, 1939 AND 1940
1
X
(In Thousands of Barrels)
Stocks at End
District
Production
1939
Eastern Pa., N. J. and Md
New York and Maine...
Shipments
1940
1939
of Month
1940
1939
1,923
1,729
1,641
1,427
1940
361
286
365
336
4,791
1,566
Ohio, Western Pa. and W. Va
567
763
690
596
2,787
3,777
Michigan
Wis., 111., Ind., and Ky
Va., Tenn., Ala., Ga., Fla., <fe La.
Eastern Mo., Ia., Minn. & S. Dak
W. Mo., Neb., Kan., Okla. & Ark
258
207
411
242
2,004
2,188
3,100
5,174
1,836
UNITED
COMPARABLE
STATES
DATA
ON
PRODUCTION
PRODUCTION
SOFT
OF
COAL
WITH
CRUDE PETROLEUM
OF
(In Thousands of Net Tons)
Week Ended
Calendar Year to Date d
1940
Bituminous Coal
1940
683
681
560
2,811
1,168
1,108
1,106
590
634
569
477
610
334
601
570
1,819
2,709
2,041
499
589
697
678
655
Colo., Mont., Utah, Wyo. & Ida.
105
96
194
200
486
505
7,670
1,278
1,222
1939
1929
1939
1940
986
986
963
1,307
1,461
409
524
522
810
515
8,171
7,917
8,467
7,715
23,786
26,098
Puerto Rico
33
2,615 141,495 111,630 167,317
436
1,504
1,184
PRODUCTION,
1,761
6,173
6,181
5,649
95,708
85,871
SHIPMENTS
AND
38
STOCKS
CEMENT, BY MONTHS, IN
Crude Petroleum b—
Coal equivalent of weekly output
761
913
406
Total
7,330
1,773
California
a—
Total, including mine fuel
Daily average
1,761
3,245
Oregon and Washington
Apr. 20 Apr. 13 Apr. 22
:
796
1,143
Texas
ESTIMATED
OF
2
FINISHED
1939 AND
PORTLAND
1940
(In Thousands of Barrels)
68,010
a Includes for
purposes of historical comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
Slocks at End
Month
Production
Shipments
of Month
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal.
(Minerals Yearbook 1938, page 702.)
c Revised
d Sum
of 16 full weeks ending April 20 and corresponding 16 weeks in 1939 and 1929,
ESTIMATED
PRODUCTION OF
PENNSYLVANIA
ANTHRACITE
AND BEEHIVE COKE
,
1939
January
5,301
5,505
8,171
9,674
11,185
11,953
12,644
12,369
11,937
12,539
11,053
February
March
..V^
April......
(In Net Tons)
May....
„
.... ....
June
Week Ended
Calendar Year to Date
July
August
Apr. 20 Apr. 13
1940
Apr. 22
1940c
September
1939
1940
1939 d
1929 d
October
Total,
including
liery fuel, a
1939
1940
1939
1940
6,205
5,640
3,889
23,611
a5,040
5,044
8,467
4,905
23,786
23,837
22,251
21,477
11,757
13,401
13,104
21,326
20,160
26,098
22,361
12,829
10,147
19,870
20,779
6,785
23,449
121,819
December
a25,760
a25,896
24,092
7,715
9,654
12,748
12,715
7 917
9,488
122,291
November
Penn. Anthracite—
1940
...
col¬
878,000 863,000 1,519,000 15,371,000 16,413,000 22,323,000
Daily average
146,300 143,800
253,200
164,400
175,500
238,700
Commercial produc'nb 834,000 820,000 1,443,000 14,604,000 15,592,000 20,716.000
Total
a
....
....
Revised.
Beehive Coke—
United States total
21,200
25,800
3,200
601,100
232,000
3,533
4,300
533
6,261
2,417
Daily average
1,919,900
19,999
Non-Ferrous
the number of
working days in the three
years.
(The current weekly estimates are based on railroad
enced
(In Thousands of Net Tons)
April
1940
1940
Alaska
Apr. 15 Apr. 16 Apr. 13
1939
1938
-
Avge.
1929
1923e
f
f
2
1
3
3
297
276
31
212
339
Arkansas and Oklahoma
14
12
12
15
46
Colorado
94
81
86
84
140
Alabama
in
Light
developments
was
outside
re¬
influ¬
of this
country, chiefly in the European war zone, and buying in¬
Intimation
slackened.
terest
that
Russia
might be forced
because of the British blockade was an im¬
factor in unsettling the export quotation for the
portant
Week Ended—
Apr. 6
Unsettled
Sales
to resell copper
State
Apr. 13
Zinc
Markets," in its issue of May 2,
strongly last week by
carloadlngs and river ship¬
receipt of monthly tonnage reports from dis¬
of final annual returns from the operators.)
if
"Metal and Mineral
Copper
and
ported that the market for non-ferrous metals
ments and are subject to revision on
sources or
Market—Lead
'
ESTIMATED WEEKLY PRODUCTION OF COAL. BY STATES
trict and State
Metals—Export
Narrow
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
c Revised,
d Adjusted to make comparable
a
412
70
184
metal.
Lead and zinc
fair
in
demand.
were
quiet but unchanged.
Tin
was
Traders found
a
little encouragement in
the small upturn in the operating rate of the steel industry.
The publication further reported:
•'"4,
:'
Copper
V
■>
■
Wide
1
,
Iowa
1
654
700
542
788
1,471
280
309
221
248
514
52
Indiana
x
290
Illinois
1
751
Georgia and North Carolina
47
60
53
58
100
f
f
Kansas and Missouri
102
95
92
83
88
138
Kentucky—Eastern
678
596
50
483
692
620
130
120
137
100
196
188
Western
21
43
52
8
1
8
7
22
49
41
36
51
42
20
......
Mexico
21
20
22
45
59
41
26
362
341
33
304
365
766
1,935
1,875
25
1,271
2,529
3,531
121
North and South Dakota
Ohio...
Pennsylvania
2
12
42
Michigan
New
28
27
Maryland
Montana
bituminous
40
106
Tennessee
24
96
18
f20
fl6
80
89
Texas
16
15
15
16
21
Utah
38
33
39
48
90
70
239
228
36
193
215
25
34
22
50
1,525
18
1,078
1,551
1,256
602
520
27
395
614
74
110
116
1
f4
f6
10,836
1,974
Virginia
Washington
West
Virginia—Southern.a
Northern, b.
Total bituminous coal
Pennsylvania anthracite.d
82
100
Wyoming
Other Western States.c
*
*
*
7,670
7,050
1,908
5,384
8,399
869
689
1,212
934
1,100
20
8,539
7,739
3,120
6,318
9,499
12,810
resell
report
a
which
Includes operations on the N. & W.; C. &
it
now
in
the
here
hesitates
last
to
week
time
some
move
out
to
ago
of
the
for
this
because of the British blockade.
The quantity mentioned totaled
15,000 tons, most of which consisted of foreign metal.
Though no definite
has been taken to dispose of the copper, the news served to make
buyers hesitate and prices named for export weakened.
of
Toward the close
the week export copper was available at 11.25c.,
with
11.05c.
difficult
to
and
11.10c.
actually done for June.
f.a.s., near-by delivery,
Traders find it extremely
do business in
the narrowing export market.
foreign price had a tendency to make domestic
buyers reserved.
Sales for the last week were in fair volume, totaling
10,590 tons, but offerings on the 11.25c. Valley basis seemed to increase.
Fabricating plants have been doing a little better lately.
Unsettlement
Domestic
tons
in
sales
in
of
the
for April
copper
metal
in
totaled
41,641
tons,
against
20,305
March.
Exports of refined copper
refined
short tons,
in
bond
and
from
the United States,
domestic
To—
Feb.
Belgium
112
...
France
Great Britain...
consisting of foreign
during February and March,
March
791
To—•
Feb.
March
Russia
6,408
5,584
Sweden
50
2,649
2,557
10,470
2,718
Switzerland
2,060
2,188
3,598
3,248
Italy
.....
632
716
7,286
1,380
2,075
137
1,157
China and Hongkong
.
Hungary
Netherlands
copper,
according to the Department of Commerce;
Germany
O.; Virginian; K. & M.; B. C. <fc G.;,
and on the B. & O. In Kanawha, Mason and Clay Counties,
b Rest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
a
early
purchased
copper
country
Denmark....
Total, all coal
may
to
action
778
86
Russia
35
1,694
that
given
was
shipment to Vladivostok, but
249
26
effect
publicity
Japan
2,468
3,943
Other countries
2,809
2,644
35,656
32,158
Totals.
.....
134
I
The Commercial &
2800
Chile
produced
metric
34,900
against
tons of copper during January,
25,852 tons in January last year.
lead
the
production
domestic lead
However, the uncertainty of conditions
about in balance.
and consumption
foreign lead-consuming
in
The trade
tons, against. 3,459 tons in the previous week.
industry as in a good position, with
totaling 2,874
views
week, sales for the period
quiet during the last
was
obscures the outlook.
and producing countries
total lead stocks, that dropped
to 154,901 tons on April 1, against 159,470 tons iu March.
The price remained' steady at 5.10c., New York, which was also the
contract settling basis of the American Smelting & Refining Co., and at
pleased with the decline in
Producers were
As
:■'
"£95c., St. Louis.
Zinc
-
1940
given an opportunity to cover between the date of
April 25, and May 1 at the $4 a ton concession, there
buyers were
announcement,
been
Lead
for
Demand
May 4,
Financial Chronicle
a
substantial volume of
the
has
commitments, though the total does not ap¬
volume which followed the break in sheet and strip prices
Ail mills are insisting that specifications against blanket
commitments shall be in their hands in time for rolling and shipment by
June 30.
Thus, if commitments are fully specified, sheet and strip mill
proach the heavy
in
May, 1939.
higher rate in May and June.
operations will be at a
Although galvanized
there was
week at a $4 a ton
of
the April 11 price cut,
sheets were not included in
last week and early this
concession, but this lower price was also withdrawn as
considerable selling of this grade late
May 1.
Pacific Coast
have been advanced $1 a ton,
prices on all steel products
effective May 1, to
compensate for an increase in ocean
freight rates of that
amount.
Though buying of zinc again was
or no change
during the last
division for the week ended
little
Western
1,479
totaled
quiet, the price situation underwent
week.
Sales reported by the Prime
April 27 totaled 1,693 tons, against
grades
tons in the preceding week.
Shipments of the common
3,271 tons for the week, against 4,271 tons in the previous
the Prime
of
orders
Unfilled
Western group totaled
week.
With
45,601 tons.
in foreign zinc, producers believe that the undertone remains
fairly steady so far as the domestic product is concerned.
The quotation
for Prime Western continues at 5.75c., St. Louis.
pressure
no
Tin
•'
Prices
transactions
price
tons
Straits
to
bought.
tin
within
interested, and about 300
May
for
quoted at
was
June at 47c., and July
47.125c.,
-Vv.-;-
estimated to be slightly higher at around 65%
capacity.
United States deliveries of tin in April totaled 7,855 long
tons, against 9,244 tons in March,
and 5,980 tons in April last year.
The International Tin Committee plans to meet on May 27 to determine
production quotas for the third quarter.
Chinese tin,
99%, was nominally as follows:
April 25, 45.500c.;
April 26, 45.500e.; April 27, 45.625c.; April 28, 45.500c.; April 30,
Tin-plate operations are
of
45.125c.; May 1, 45.250c.
DAILY
in certain
ness
plentiful, but foreign buyers are a
pig iron is more active.
total
Dom.,Refy. Exp., Refy.
11.025
Apr. 25
11.025
Apr. 26.-...
New
Zinc
Lead
Straus Tin
Weir
Yort
St.
Louis
York
was
629,101 tons, 17.7% below the total for the 1939
first quarter.
J." QUOTATIONS)
The first large
Electrolytic Copper
Louis
5.75
Eastern
11.250
47.500
5.10
4.95
5.75
Petroleum & Transport Co.
11.025
11.275
47.625
5.10
4.95
5.75
11.200
47.500
5.10
4.95
5.75
11.175
5.10
5.75
Apr. 30.....
11.025
4.95
11.025
11.050
47.250
5.10
4.95
5.75
11.025
11.204
47.417
5.10
4.95
5.75
Average prices for
Three ships awarded to
Pan-American
and the International Freighting Corp. (Du-
shipyards, one each for the Standard Oil Co., the
4.95
11.025
1
pont) will take about 15,000 tons
THE
27 are:
Domestic copper, f.o.b.
Straits tin, 47.408c.;
zinc, 5.750c.; and
Finished
One month ago....
One year ago
silver, 34.750c.
1940
quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduoed to
the basis of cash, New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices In New England average 0.225o. per pound above the refinery basis.
Export quotations for copper are reduoed to net at refineries on the Atlantic sea¬
board. On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect
this change In method of doing business.
We deduct .05c. from f.a.s. basis
1939
(lighterage, Ac.) to arrive at
the f.o.b. refinery
,
Low
High
1938
1937
1930
1935
1934
1933
1932
One month ago...
...
April 16
May 10
Oct.
8
2.249c.
Mar.
2
2.016c.
Mar. 16
2.056c.
Jan.
8
1.945c,
Jan.
2
1.792c.
May
2
1.870c.
Mar. 15
2.211o.
Iron
Pig
Based on average for basic
April 30, 1940,122.61 a Gross Ton
One week ago
2.211c.
2.236c.
Jan.
2
Jan.
3
May 17
Mar. 9
Deo. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
2.261c.
2.286c.
2.512c.
2.512c.
2.249c.
2.062c.
...2.118c.
1.953c.
.1.915c.
One year ago...
quotation.
Steel
J Based on steel bars, beams, tank plates,
2.211c. I
wire, rails, black pipe, sheets, and hot
2.2610.1
rolled strips.
These products represent
2.286c.J
85% of the United States output.
April 30. 1940, 2.211o. a Lb.
refinery, 11.025c.; export copper, f.o.b. refinery, 11.275c.;
New York lead, 6.100c.; St. Louis lead, 4.950c.; St. Louis
The above
of steel.
"IRON AGE" COMPOSITE PRICES
One week ago..
calendar week ended April
The contract will
Shipbuilding contracts continue to be placed.
5.10
Apr. 29
Average..
Car & Foundry Co.
steel.
47.500
Apr. 27
May
United States
shell order placed by the British in the
has been awarded to the American
require 30,000 tons of shell
11.275
47.125
Foreign
little slower in closing.
Pending inquiries total about 100,000
tons.
Recent orders include 25,000 tons for Italy and 15,000 tons for Great
Britain.
Shortage of ship space is handicapping the closing of business.
March exports of iron and steel totaled 457,052 gross tons against 436,585
tons in February and 162,098 tons in March, 1939.
The first quarter
shipments totaled 1,289,701 tons compared with 431,663 tons in the same
period last year.
All of the leading foreign markets took more iron and
steel than in February.
Scrap exports, however, have declined.
The
March total was 206,928 tons against 234,716 tons in February.
The
interest in
first quarter
& M
METALS ("E
PRICES OF
still accounts for a substantial part of steel companies'
sales were probably below those of March.
Inquiries
Export business
orders, though April
are
46.875c.
at
'
narrow
47.125c., consumers became
declined
were
'
limits during the last week, with
involving only moderate tonnages.
On April 30, when the
moved
tin
of
sheet and strip prices is expected to steady the price
other steel products, but there is still a good deal of weak¬
warehouse-handled products, such as pipe, reinforcing bars
and wire nailsNails have been sold at %2 a ton below published prices.
While the initial effect of recent price cuts was to retard the slowly rising
trend of orders, the betterment of the past week raised total sales for April
above the March level.
Some steel companies have recently booked more
than their shipments, while others have come close to their shipping volume.
The variations are,due largely to types of products.
Much of the sheet
and strip volume put on the books in recent days will not be counted as
orders until definite specifications are received.
The action taken on
situation on some
J22.61
22.61
20.611
furnace
and
Iron at Valley
foundry Iron at Chicago,
Philadelphia,
Buffalo,
Valley,
Southern Iron at Cincinnati.
table of daily London
Prices on standard tin, the only
prices given, however, are as follows:
April 25, spot, £255,
three months, £250; April 26, spot, £255^, three months,
£250%; April 29, spot, £254%, three months, £250%;
April 30, spot, £2531/i, three months, £248%, and May 1,
spot, £253, three months, £249%.
Due to the
European war the usual
prices is not available.
Bolivia
Exported 2,282 Tons of Tin in March
During March a total of
2,282 long tons of tin was ex¬
ported from Bolivia, according to a cable received
by the American Iron and Steel Institute from the
cal Office of the International Tin Research and
Council, The Hague, Holland.
The exports
other countries were given in these columns of
ment
page
April 26
Statisti¬
Develop¬
from the
April 27,
1938
1937
1936
1935
1934
1933
1932
Steel
The "Iron
Age" in its issue of May 2
with the restoration of the sheet
reported that along
and strip prices that pre¬
April 11 is an upward trend in steel ingot
production in several of the major districts and a strength¬
ening of scrap prices, particularly at Pittsburgh, Chicago
and Detroit, resulting in the third consecutive advance in
the "Iron Age" scrap composite price to $16.38, a total gain
of|34 cents from the low point of early April.
The "Iron
Age" further reported:
vailed prior to
A
operations for the industry as a whole is indi¬
The Pittsburgh district has gained 2 points to 59%,
gain of 1 point to 63% in
cated for this week.
district 4 points
to 53%, while other districts have either gained or have held last week's
rate with the exception of southern Ohio, where flood waters have caused a
the Chicago
temporary
district 2 H points to 5934%, the Youngstown
shutting down of some furnaces.
1939
_
1938
1937
but at Detroit and Buffalo
there are signs of an
Canada of both steel-making and cast
to
The sudden withdrawal
of the low sheet and strip prices, which became
the trade, as no advance
had been given that such action would be taken so quickly.
effective April
intimation
iron grades.
11, was a complete surprise to
coincident
with an announcement of third quarter prices.
The announcement covering
a 5-month period from May 1 to Sept. 30 came much sooner than is usual
As
was
expected, however, the bargain prices were rescinded
in making
quarterly announcements.
6
20.25
Feb.
10
18.73
Aug. 11
17.83
5
1
5
5
May 14
27
16.90
Jan.
13.50
Jan.
3
13.56
Dec.
6
Scrap
$17.67
22.50
15.00
21.92
....
17.75
13.42
13.00
12.25
8.50
1936
1935
1934
Jan.
Oct.
Nov.
Mar.
Deo.
Dee.
Mar.
Aug.
Jan.
Low
$10.04 Apr. 9
14.08 May 10
11.00 June 7
12.91 Nov. 10
12.67 June 9
10.33 Apr. 29
9.50 Sept.25
6.75 Jan. 3
6.43 July
6
2
3
22
30
21
10
13
8
12
and Steel Institute on
April 29
an¬
telegraphic reports which it had received indi¬
cated that operating rate of steel companies having 97 %
of the steel capacity of the industry will be 61.8% of capacity
for the week beginning April 29, compared with 60.0% one
week ago, 61.7% one month ago, and 47.8% one year ago.
This represents an increase of 1.8 points, or 3.0% from the
estimate for the week ended April 22, 1940.
Weekly indi¬
cated rates of steel operations since April 3, 1939, follow:
nounced that
1939—
Apr.
3
Apr. 10
Apr. 17
Apr. 24
May
1
May
8
May 15
May 22
May 29
June
higher bids by dealers,
export movement of scrap
Strengthening of scrap prices is largely the result of
July
High
1940
1932
Cuts Rescinded as of May 1
2
Sept. 12
19.61
14.25
One year ago
The American Iron
Steel Sheet and Strip Price
Nov.
May
Dec.
Jan.
Jan.
20.61
Based
on
No.
1 heavy melting steel
April 30, 1940, $16 38 a Gross Ton
quotations at Pittsburgh. Philadelphia,
One week ago..
$16.13
and Chioago.
One month ago..
16 08
1933
2644, and April 20, page 2496.
$22.61
Jan.
2
Sept. 19
June 21
Mar. 9
Nov. 24
$22.61
22.61
23.25
23.25
19.73
18.84
17.90
16.90
14.81
1940
1939
and
Low
High
5
June
12
June
19
June 26
July
July
3
10
July
July
July
1940—
1939—
1939—
54.7%
52.1%
50.9%
48.6%
47.8%
47.0%
45.4%
48.5%
52.2%
68.8%
07.1%
Nov. 20
Nov. 27
94.4%
Mar.
Dec.
4
92.8%
Dec.
11
91.2%
Mar. 18
62.4%
Dec.
18
60.7%
Dec.
25
90.0%
73.7%
Mar. 25
70.2%
79.3%
83.8%
1
Apr.
8
Apr. 15
87.5%
Jan.
88.6%
Jan.
15
61.7%
..61.3%
60.9%
60.0%
61.8%
90.3%
Jan.
22
90.2%
24..
31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
54.2% Sept. 18
53.1% Sept. 25
2
55.0% Oct.
9
54.3% Oct.
38.5% Oct. 16
49.7% Oct. 23
Prospects for sustained
71.7%
Feb.
Jan.
29
Oct.
Nov.
30
0
Nov. 13
1940—
Jan.
1
8
85.7%
86.1%
84.8%
82.2%
77.3%
"Steel," of Cleveland, in its summary of
markets, on April 29, stated:
or
slightly higher steel
enhanced by decision of mills to withdraw,
on
5
Feb. 12
Feb. 19
91.0%
92.5%
93.5%
93.9%
56.4%
60.6%
59.3%
60.1%
62.1%
62.2%
63.0%
58.6%
17
leading sheet and strip grades.
26
65.9%
4
04.6%
Mar. 11
64.7%
Feb.
Apr.
April 22
Apr. 29
tlie iron and steel
production have been
May 1, recent price concessions
Volame
The Commercial & Financial Chronicle
150
Many buyers already have made commitments covering requirements
through at least the remainder of this quarter.
With what additional
bookings
received by May 1, flat-rolled steel producers will have accumu¬
lated comfortable backlogs for
delivery through June.
are
While restoration of higher sheet and
strip quotations
Is coming sooner
expected, delay of another month would have complicated producers'
than
problem
of preventing
beyond
mid-year.
orders,
a
former
basis
shipments
With
two
of low-price
months
for
available
now
extending
from
material
such
clearing
Steel ingot production for the week ended April 29, is
placed at 61J^% of capacity according to the "Wall Street
Journal" of May 2.
This compares with 61% in the two
preceding weeks.
The "Journal" further reported:
U. S. Steel is estimated at 58^4
%, against 58% in the two previous weeks,
and
with
the
opening
of third quarter.
However, part of the
leading independents
credited with
are
63X%, compared with 63%
in the two preceding weeks.
The
better opportunity is provided to re-establish the market on its
stimulus given shipments the next 60 days will be at the expense of normal
2801
years,
following table gives
comparison of corresponding week of previous
a
together with the approximate changes, in points, from the week
immediately preceding:
July and August business.
Announcement that sheet and strip prices of $4 a ton above present levels,
together with current quotations
other products,
on
quarter business has been made earlier than usual.
not without
precedent, since
than the customary
more
on a
will apply on third
This advanced date is
few past occasions quotations were named
30 days prior to the opening of
view of world-wide conditions establishment of prices
but in
a quarter,
five months ahead is
somewhat surprising.
Most
were
drop to 57% at Chicago held the national
Production
last week
a
year ago was
upward, but
4 H-point
a
steady at 61J^%.
average rate
off 1 X points to 49 %.
3 points to 57%
were
Reductions in other
in New England, 7 HI
areas
points to 42 X
at
Offsetting these losses
gains of 1 point to 57 in eastern Pennsylvania,
were
2 points to 45 at Youngstown, 7 points to 80 at
Wheeling, 5 points to 70
Iron and steel export business continues active, but loss of Scandinavian
trade is
tons
retarding influence.
a
set
March shipments abroad of 457,052
peak since the last
new
a
February and 162,098 tons
32H
1937
91
1935
war,
44
tons, valued at $98,735,419, were almost three times
large
as
the 431,663
as
corresponding 1939 period and exceeded shipments for the
In 1917, the industry's most active export year, the foreign
movement
averaged 1,737,000 tons
By contrast,
312,262 tons
a
leading outlets for
as
Italy and some Balkan countries
the former
—
48
—
43
—
45
76 X— 1
97—4
85X+
81
*
+
«
X
IX
J
1
68+2
37+5
■
mmmm
44
—
—
3 X
73—2
80
—
3
95—4
90
X
X
IX
3X
—
100
1
—
m
47
3X
—
1927
81
89
—
+
1
74
X
—
1
Not available.
scrap
from
United
the
however.
material
States.
are
slight.
and
mills
equipment
fairly
are
parts,
but
busy
in
production
business
new
is
of
light.
Rock
Automobile production continues to fluctuate only moderately, last week's
with
tool,
86,640
a
are
aircraft
Farm equipment builders,
ago.
year
maintaining good operations.
and
builders
armament
particularly tractor
Brisk schedules of machine
providing
are
heavy
demand
for
alloy steel.
Shipbuilding contracts placed recently
tons
of steel,
or
actively pending involve 125,000
about two-thirds of which is plates.
Shipyards face heavy
Scrap prices are slightly firmer and point to at least
is up
steady decline which has prevailed since last
Governors
The
Week
with
the
,
decreased
Federal
Reserve
Banks
$13,000,000.
bal¬
Reductions in member bank
$50,000,000 in money in cir¬
Treasury deposits with Federal
in
of member
banks
May 1
on
approximately $6,110,000,000,
a
estimated to be
were
decrease of $10,000,000 for
the week.
found
on
pages
Changes
items
in
in
full for the week ended
bank
during the week
were as
and
balances
the year
and
related
May 1, 1940,
(+)
or
Decrease
(—)
Since
May 1, 1940
April 24, 1940
May 3, 1939
$
$
$
3,000,000
—1000 000
....
S. Government securities, direct
advances
$9,000,000 commitments—May
reserve bank credit—J
Total ReserTe bank credit
Gold stock
—97,000,000
9,000,000
21,000,000
1)
—4,000,000
+30,000,000
2,500,000,000
—1,000,000
18,771,000,000
..
-
+ 63,000,000
—72,000,000
+ 2,970,000,000
+149,000,000
3,000,000,000
Member bank reserve balances
Money In circulation
Treasury cash
-
Treasury deposits with F.R. banks
Nonmember deposits and
+ 3,000,000
12,870,000,000
Treasury currency
$442
$5,834
$5,603
3,913
3,082
47,067
46,341
384
New York
383
5,508
5,204
Cleveland..
518
447
6,951
6,112
Richmond....
290
251
3,508
238
187
1,188
1,044
3,878
3,382
16,019
234
213
3,122
Atlanta
Chicago..
St. Louis.....
3,013
14,081
2,852
Minneapolis..
191
156
2,039
1,782
Kansas City..
Dallas
266
233
3,311
203
176
2,691
3,109
2,487
San Francisco.
674
626
8,701
8,092
$8,517
$7,240
$108,502
$102,183
3,639
2,831
43,137
4,228
3,832
56,564
42,699
51,407
650
577
8,802
8,076
Centers for which bank debit figures are available back to 1919.
ber
week, issued in advance of full statements of the mem¬
which will not be available until the coming
banks
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
May I
Apr. 24
Chicago
Loans and Investments—total..
Loans—total
Commercial,
Industrial
agricultural loans
May 1
1940
1939
1940
S
Assets—
May 3
1940
$
$
$
$
$
9,121
2,958
9,159
8,040
2,220
2,247
1,964
2,961
2,735
579
582
531
1,679
108
1,689
1,375
403
405
354
109
118
18
18
476
480
502
31
32
Apr. 24
1940
—13,000,000
+ 50,000,000
—12,000,000
7,570,000,000
2,293,000,000
490,000,000
carrying securities..
197
119
111
46
37
47
369
Treasury bills
Treasury notes
159
120
Other loans
368
385
185
163
by
15
33
921
723
2,520
'
65
64
14
14
13
49
48
68
....
48
187
917
2,499
United States bonds
guaranteed
1939
1
160
Real estate loans
Obligations
May 3
and
.....
Loans to brokers and dealers..
270
2,137
290
130
161
160
211
712
1
715
624
the
United States Government...
1,278
1,284
1,316
1,040
1,218
357
358
340
Reserve with Fed. Res. banks..
6,336
6,335
4,745
1,055
1,023
875
Cash In vault
+ 2,998,000,000
+ 20,000,000
+655,000,000
—398,000,000
—446,000,000
+ 20,000,000
+ 240,000,000
1,278
74
77
141
142
128
54
32
31
28
81
74
259
262
228
342
385
48
46
50
9,082
9,121
7,378
1,818
1,818
1,551
660
Other assets—net
Liabilities—
—1,000,000
—1,000,000
Other
1939
$417
Balances with domestic banks..
2,467,000,000
Including
(not
1940
Other securities
+1,000,000
Bills bought..
and guaranteed
April 26,
1939
Boston
Loans to banks
ended
Increase
Industrial
April 24,
1940
;:
.
reserve
follows:
Bills discounted...
13 Weeks Ended
April 26,
Other loans for purchasing or
2830 and 2831.
member
May 1 will be
*
Week Ended
Open market paper
The statement
April 29, 1940, by the
Reserve System.
April 24,
banks, and $20,000,000 in nonmember deposits and
other Federal Reserve accounts, offset in part by a decrease
$12,000,000 in Treasury cash and increases of $63,000,000
gold stock and $3,000,000 in Treasury currency.
Excess
on
Federal Reserve District
Reserve
reserves
the Federal
(In Millions of Dollars)
rent
reserve
from increases of
$20,000,000
culation,
reported
of
132 Other centers
composite
17.6%
SUMMARY BY FEDERAL RESERVE DISTRICTS
•
During the week ended May 1 member bank
reserves arose
as
temporary halt
'
4 cents to $16 on a small rise at Chicago.
ances
Board of
The
a
fall
1940,
ago.
These figures are
Total, 273 reporting centers....
New York City *
140 Other leading cities*.....
production for many months.
the
year
Philadelphia..
output of 101,405 units being off 2,320 from the week before but comparing
24,
Ago
April 24 aggregated $8,517,000,000.
Total debits during the
13 weeks ended April 24 amounted to $108,502,000,000, or
6% above the total reported for the corresponding period a
are
railroad
The
April
Year
a
to deposit accounts (except interbank accounts),
reported by banks in leading cities for the week ended
Reinforcing
large number of industrial projects, most of which
a
Some
Ended
Debits
as
Structural shapes
Island has ordered 210 hopper cars.
interests,
Week
strip generally
relatively slow despite gains in private construction.
bar business includes
small,
for
Above
active in the American pig iron market,
are
steady or tending upward, although gains
are
Debits
'
Demand for finished steel products other than sheets and
still
Bank
being reported to have closed recently on 25,000 tons, with other
purchases pending.
U.
<
75
X
95>*
1932*
1929.
X
50—2
27X+
1930
33 X—
63 X—
40
—
+2.
1931
63X4-
X
+
85—2
X
32X +
United Kingdom and Italy pushed ahead off
ago.
year
per quarter.
in March totaled 206,928 tons, compared with
scrap exports
Japan last month
in
1
X— IX
57
1933
comparing with 436,585 tons in
First quarter deliveries of 1,289,701
a year ago.
tons moved the'
of
—
—
IndepeXdents {
X
47
31
70
_
1936.
1
—
gross
full year 1936.
to
49
58X+
X
Cleveland, 2 points to 44 at Buffalo, and 2 points to 83 at Birmingham.
Pittsburgh held at 55, with Detroit unchanged at 72.
is
1939
1938.
1928
Cincinnati and 2X points to 42 X at St. Louis.
at
61H+
1934
changes in steelmaking last week
U. S. Steel
Industry
1940
666
620
505
504
484
44
44
102
84
84
78
3,724
3,711
2,800
928
925
742
<81
351
,
.
Demand deposits—adjusted
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings.
...............
659
672
569
;
8
12
....
8
....
....
....
282
341
18
18
15
1,502
Capital account
....
292
Other liabilities
1,498
1,488
253
252
263
other Fed¬
eral Reserve accounts..
1,049,000,000
Complete
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
Returns
of Member Banks in
New York City and
Chicago—Brokers' Loans
Below is the statement of the Board
Federal
Reserve
System
for
the New
of Governors of the
York
City member
banks and also for the Chicago member banks for the
cur¬
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and
covering the same week, instead of being held until the
following Monday, before which time the statistics covering
entire
the
reporting member banks in 101 cities
body of
cannot be
compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire
body of reporting member banks of the
for that week ended with the close
Federal Reserve System
April 24:
of business
reporting member banks in 101
principal changes for the week ended
April 24:
Decreases of $11,000,000 in commercial, industrial and agri¬
cultural loans and $46,000,000 in holdings of United States Government
bonds, and increases of $140,000,000 in reserve balances with Federal
Deserve banks arid $109,000,000 in demand deposits—adjusted.
Holdings of United States Treasury bills declined $9,000,000 in the
Chicago district and $12,000,000 at all reporting member banks.
Hold¬
ings of Treasury notes increased $29,000,000 in New York City and $31,000,000 at all reporting member banks.
Holdings of United States Gov¬
ernment bonds declined $42,000,000 in New York City and $46,000,000
at all reporting member banks.
Holdings of obligations guaranteed by
the United States Government increased
$20,000,000 in New York City
and $21,000,000 at all reporting member hanks.
Demand
deposits—adjusted increased $78,000,000 in the Chicago .dis¬
trict, $17,000,000 in the Philadelphia district, and $15,000,000 each in
New York City and the Richmond district, and decreased $18,000,000 in
the
Minneapolis district.
The total increase at all rejxirting member
banks
weekly
of
statement
condition
The
the following
shows
leading cities
$109,000,000.
was
credited to domestic banks decreased
$18,000,000 in the
$14,000,000 in the Cleveland district, $12,000,000 in the
Francisco district, and $32,000,000 at all reporting member banks,
Deposits
Chicago district,
San
•
$17,000,000 in New York City.
increased
banks
A
Deposits credited to foreign
$31,000,000 in New York City.
and increased
liabilities of re¬
of the principal assets and
summary
Increase
'
'
■
?■■■■> :
for the week
$
Apr. 26, 1939
$
—5,000,000 +1,809,000,000
—3,000,000
+ 550,000,000
investments—total....23,584,000,000
8,650.000,000
Commercial, Industrial and agri¬
cultural loans
4,419,000,000
Loans and
Loans—total
+ 575,000,000
—11,000,000
During the conversations there has been extended discussion of
caused to American importers by the measures taken
The
these
have accordingly indicated to the Department of State that their
are prepared, in the light of these discussions, to reexamine
They
Governments
applications of American importers on which unfavorable decisions
given.
They stated that applications for reexamination should
with French or British Consular officers in the United States
those
have
been
lodged
be
regards the future, the French and the British representatives stated
applications would be received by French or British consular officers
exemption in respect of categories of goods which afford matter for
As
for
special consideration and are unobtainable elsewhere than in Germany.
The American representatives took advantage of the presence of Pro¬
ican
to
to France and Great Britain and their colonial territories.
the British representatives pointed to the large increases
products
French and
The
their respective countries from the United States.
In par¬
ticular, they stated that there is every expectation that the total amount
of imports "from the United States into their countries will continue to in¬
to
exports
and
crease,
must
and
French
products, "the
assured the
would be made by their respec¬
their purchases of these American
maintain
to
Governments
representatives
British
the
American representatives that every effort
tive
the
exchange and shipping.
curtailment of purchases of certain other Amer¬
has led to a
this
While
ican
the
that in consequence products essential to ,the conduct of
necessarily be given preference by their Governments in
availability of foreign
matter of
products
level as is compatible with the circumstances in which they
are placed.
The whole question of French and British purchases of Amer¬
ican commodities will continue to be the subject of discussions in Paris,
at
high
as
a
+28,000,000
London
—1,000,000
—62,000,000
—1,000,000
—4,000,000
+ 9,000,000
+ 35,000,000
—14,000,000
+.50,000,000
the long-term trade policies of the French and the British
Governments, the representatives of the French and the British Embassies
—12,000,000
+31,000,000
+ 239,000,000
—154,000,000
—46,000,000
+ 620,000,000
United
Obligations guaranteed by
+ 21,000,000
+397,000,000
+ 4,000,000
+157,000,000
+140,000,000 + 2,612,000,000
+ 9,000,000
+37,000,000
—45,000,000
+ 623,000,000
2,427,000,000
Other securities
3,532,000,000
Reserve with Fed. Res. banks
10,869,000,000
Cash in vault
471,000,000
Balances with domestic banks.... 3,194,000,000
States Government
Liabilities—
...
■
.
+109,000,000 + 3,022,000,000
+1,000,000
+ 78,000,000
+3,000,000
—44,000,000
19,764,000,000
5,313,000,000
deposits—adjusted
Time deposits
580,000,000
United States Government deposits
Inter-bank deposits:
—32,000,000 +1,842,000,000
8.432,000,000
734,000,000
Domestic banks
Foreign banks
Borrowings...
+ 95,000,000
+17,000,000
1,000,000
..............
+1,000,000
....
As
and Washington.
stated
th
Allies Promise United States to Ease
Trade—State
Department
Blockade's Effect
Reveals
Action
at
y
y
regards
that
categorically
war
of
were
restrictive measures rendered necessary by
character and that at the earliest
the
entirely temporary
an
possible moment the French and the British Governments would return to
liberal commercial policies based on the principle of the progressive reduc¬
tion of trade barriers and to world trade conducted on a multilateral basis.
that the long-term commercial objectives of France
They stressed the fact
Britain
Great
and
which
the
the United States since 1934.
British representatives renewed the
in
assurance
Minister Chamberlain in a speech on Jan. 31, 1940,
British Government had no intention whatever
by Prime
that
effect
the
progress
connection
this
In
given
with the trade agreements program
full accord
in
are
in
been
has
the
using restrictions which it has been compelled to impose upon imports
the United States for the purpose of altering permanent channels of
and
that
intends
it
soon
as
to
of
from
trade
to its normal
the trade agreement between
be possible to return
may
as
peace-time commercial policy as laid down in
countries.
the two
French
The
M.
sound economic policy.
public statements of M.
drew attention to
representatives
Edouard Daladier and
Reynaud in favor of a speedy return
Paul
to a
:
.
Talks
of
State
Department
announced
Washington
at
French Governments have
representatives the British and
given assurances that all practicable steps will he taken to
diminish the inconveniences caused to United States trade
blockade
and
economic war-time policies.
other
promises, made mostly in general terms, were contained
in a statement issued by the State Department at the end
of
discussions
held
in
Washington
between American
The
and
Allied
two
Deputy
Charles Rist,
of France and at
Professor
experts,
Governor of the Bank
present economic adviser to the French Ministry of Block¬
ade, and Frank Ashton-Gwatkin, adviser on policy to the
The Allies agreed
Ministry of Economic Warfare.
to reeexamine
Trade Treaty
on
April 26 that following conversations with Allied economic
British
Ashton-Gwatkin in Washington to draw attention
Mr.
Anglo-French war trade policies on exports of certain Amer¬
effect of
6,508,000,000
United States bonds
former
and
Rist
fessor
the
1,182,000,000
43,000,000
1,578;000,000
-
Treasury bills
Treasury notes
officials
1940.
1,
June
before
that
596,000,000
1,871,000.000
Loans to banks
Other loans..
their
that they recognized
where their genuine character is proved.
—62,000,000
or
Real estate loans
by
stated
had created hard cases and that there is every desire
measures
redress such grievances
to
473,000,000
purchasing
for
loans
End
British repicsentatives
the
and
French
that
+1,000,000
carrying securities
The
by the
British Governments in respect of exports from Germany.
the
and
French
+ 4,000,000
securities
on
various
difficulties
623,000,000
brokers and dealers In
Loans to
part of the war in
representatives of the American Government, on their part, made
it clear that in discussing individual cases with the view to mitigating
the inconvenience to American interests it must be understood that the
Government of the United States reserves all of its rights under inter¬
national law and is not to be understood as accepting any principle of
interference with bona fide neutral trade.
;
.
The
332,00^,000
Open market paper
Demand
(—)
Since
Apr. 17, 1940
$
Apr. 24, 1940
Other
Decrease
or
contraband control in all its branches, which the United
effect of the
Kingdom and France consider an absolutely necessary
the two countries are at present engaged.
which
war
(+)
"
AtiitS—
trade and interests
in
porting member banks, together with changes
and the year ended April 24, 1940, follows:
1940
4,
desire to diminish the inconveniences caused to neutral
in every practicable way so long as this does not lessen
their Governments
the
May
Chronicle
The Commercial & Financial
2802
previously rejected applications of American
Signed by Swiss and Allies
The following
regarding the new Anglo-French-Swiss trade
treaty, which was signed in Paris and Berne on April 26, is
taken from Associated Press advices from Berne, Switzer¬
land, April 26:
After
months
seven
of negotiations,
Signed between the Allied
may
will not go to
The
tion
powers
economic agreements have been
and Switzerland under which Switzerland
obtain supplies for her own use in return
for guarantees that they
Germany.
negotiations had been prolonged on one hand by Swiss determina¬
economic independence
retain
to
blockade
obtain
of
Germany, and,
on
Switzerland
already
negotiated several
months.
It
has
years
and neutrality despite the Allied
the other hand,
maximum guarantees that
important
an
by .the Allied effort to
the Swiss would not supply Germany.
trade
treaty
with
Germany,
before the war began and renewable every
six
prolonged three months ago.
was
importers to permit the passage of certain German goods
Among other things the Allies also
through the blockade.
cultural products "at as high a
barriers "at the
policy based
all of its
serves
bona
cussions
said
as
in
accepting
fide neutral
in
the reduction of artificial
on
the
The American
statement
that
it
"re¬
rights under international law and is not
to be understood
with
placed" and to return
earliest possible moment."
Government, however,
any
trade."
Washington
The opening
reported
was
in
of these dis¬
issue
our
of
9, page 1518.
Following is the text of the state¬
issued by the State Department April 26 on the con¬
versations
On
:
March
Bank of
last
6
Professor
and
Charles Rist, former
at present
French
out
of
British
A
Blockade,
British
and
measures
acting
as
economic
adviser to
the
French
number
of
Rist
F.
Ambassadors
the
in
economic
Governments in the
war
conversations
in
French
and
As
examining current
field
adopted
by
the
problems growing
French and the
have
taken
place
since
that
time
in
the
the
British
Embassies
have
stated in
these conversations
that
with
of
the
will
be
deprived of
German
follows:
occupation
of
Denmark the population of
supplies from the outside world, these sup¬
plies under normal circumstances being sent every summer from Denmark.
Special provision must therefore be made for the welfare of the people of
Greenland,
mission"
in
I
have
established
headquarters at
an
"American-Danish Greenland Com¬
107 Wall Street, New York City, to assist
task.
,
'
Sonne, of New York, has generously agreed to serve
Chairman of the Commission and to carry out its administrative func¬
Mr.
as
and
with
this
tions,
was
Hans
Christian
assisted
born
In
in
by Dr.
Paul Bentzen,
Greenland and has
addition,
Roosevelt Hospital,
New York, who
spent a number of years there.
the following have been
invited to .ioin the
Commission:
Mrs.
State
result
a
Greenland
Europe.
between representatives of the American Government
representatives of the French and British Embassies in which Messrs.
and Ashton-Gwatkin
have participated.
The representatives of the
Department of
and
in
and
Commission,"
issued by Mr. de Kauffmann
Deputy Governor of the
Ashton-Gwatkin, adviser on policy to the
British Ministry of Economic Warfare, arrived in Washington to assist the
of
"American-Danish
headquarters in New York
City, was made on April 26 by Henrik de Kanffmann, Dan¬
ish Minister at Washington, to aid him in the task of pro¬
viding supplies for the people of Greenland.
The statement
me
France
Ministry
Greenland
principle of interference
March
ment
Announcement of the formation of an
level as is compatible with
the circumstances in which they are
to a liberal trade
"American-Danish Greenland Commission" Formed
of American agri¬
agreed generally to maintain purchases
Ruth
Bryan Rhode, former Minister to
Denmark; Dr. John Dynely
University and former American Minister
Leach, President of the American-Scan¬
dinavian Foundation ;
Dr. Isaiah Bowman, President of Johns Hopkins
University; Leonard T. Beale, President of the Pennsylvania Salt Mfg. Co.;
Captain Bob Bartlett of New York.
Prince,
to
professor
Denmark;
Dr.
at
Columbia
Henry Goddard
Volume
The Commercial & Financial Chronicle
ISO
Plans of the United States Government to aid Greenland
referred to
were
in
issue of April 20, page
our
:
exceptions have been provided for in the case of those to whom a certain
of foreign exchange is deemed necessary for carrying on normal
amount
2499.
business
•*.
all
United
States
Establishes
J.
The
that
Consulate
Greenland—
at
K. Penfield Named Head
State Department at Washington announced May 1
United States Consulate wTould be established pro¬
a
visionally
Godthaab,
at
the
nouncement
munication
State
between
interrupted,
Far
Department
said
making
the
"since
that
an¬
com¬
consulate
representation
has
James K.
Eastern
Penfield
Division
State Depart¬
of the
named
was
Consul,
with
George L. West Jr., who is attending the Foreign Service
School in the Department, as Vice-Consul.
Previous
action
Greenland
of
the
noted in
was
United
States
issue of
our
with
April 20,
regard
A
"residing in France" of certain specified
under the decrees, given a choice of three
described in Paris press dispatches of May 2 as
follows:
5'-
Retain their
"■:
holdings,
or
of
Canada
into
other' similar
ties
and
Sell
their
Invest
foreign currencies
in
The
They
are
The
and
the
to
authorities.
exchanging their holdings into other
privately, or making long-term investments.
them
currencies
from
to
which
the
above
rules
apply include
Portuguese
While
not mentioned
sterling is
in
the
Luxemburg
official list,
curren¬
"United
francs,
States
guilders,
French holders of
sterling have been placed under generally similar restrictions and are not
permitted to convert sterling into other currencies.
These rules affecting
sterling are in effect pending issuance of possible special
regulations.
Foreigners and foreign residents of France are generally exempted from
special regulations.
Foreign securities
listed above
to
"as
issued in
well
of.
If
the
French
the
as
special regulation.
disposed
only to
If
the controlled currencies,
"except sterling,"
Tangier international zone," are also subject
such
securities
securities
held
are
held
are
within
citizens.
abroad
they cannot be
they can be sold
France
■«
re-investing
from
arose
the sale
Sept. 15, 1939, and which
be
invested
There
British
not
is
sonable
insurance
of
amount
companies
foreign
of
currency
under
tively,
are
than
this
are
Any
of such securi¬
foreign
currency
under the conditions of the order.
relating to residents of Canada who
citizens
of
citizens
which,
country
with
Canada
of
from
a
Canada
and
exchange control
regarding
said
the
not
a
rea¬
the
country,
regulations.
,
are
within
con¬
respec¬
Discussions
proceeding with the United States Minister at
now
'-V'
'
■
\
allowed to switch
all
or
maturity of securities subsequent to
arrangement
an.
the
are
any
proceeds.
the
or
May 31
are
exempt
connection
Ottawa.
who
effects
which
to be
securities
held temporarily pending re-investment may
was
exception
an
period,
ditions
in
later
also
subjects end
■
In the
following
1
"
1
:,
the condition of the Canadian
with the figures for Jan. 31, 1940,
we compare
banks for Feb. 29, 1940,
and Feb. 28, 1939:
STATEMENT
OF
CONDITION
OF
OF
BANKS
THE
OF
THE
DOMINION
CANADA
Assets
the New York Stock
Exchange.
The government will
liquidate the securities from time to time, depositing proceeds
in the government's account in New York.
Associated Press advices of April 30 from Canberra said:
are
required to turn
half their holdings within three months
over
and the remainder within six months.
The following stocks were named:
American
phone, American Tobacco, Anaconda Copper, Bethlehem Steel,
Chrysler,
Consolidated Edison, Douglas Aircraft, General
Electric, General Motors,
Goodyear, International Nickel of Canada, Montgomery
Ward, Parke
Davis, Republic Steel. Swift and Swift Internacional, Youngstown
Tube,
Union Carbide and United States Steel.
Jan.
31, 1940 Feb. 28, 1939
$
4,436,892
5,795,924
5,097,143
6,270,192
5,328,667
,9,986,351
10,893,067
11,598,859
57,274,822
210,527,442
3,993,090
33,645,811
117,161,364
64,683,948
219,304,759
50,165,590
210,537,492
4,076,250
5,953,792
29,827,029
98,190,567
5,549,459
..J...
...
Deposits with Bank of Canada..
Notes of other banks
United States & other foreign currencies
Cheques on other banks..
Loans to other banks in Canada,
secured,
including bills rediscounted
Deposits made with and balance
35,492,113
107,342,184
due
from other banks In Canada
Due from banks and banking correspond¬
ents in the United Kingdom
Due from banks and banking correspond
4,588,725
4,606,204
4,952,587
34,753,711
31,805,647
25,879,385
145,312,005
155,876,228
146,520,594
ents elsewhere than In Canada and the
United Kingdom
Dominion
Government
and
Provincial
Government securities
1,345,866,221 1,360,953,892 1,192,937,684
Canadian municipal securities and Brit¬
ish, foreign and colonial public se¬
curities other than
Canadian
176,687,398
Railway and other bonds, debs. & stocks
Call
115,425,872
174,725,047
118,191,431
175,649,885
121,294,224
47,732,191
47,848,833
956,144,714
148,654,458
787,400,458
144,953,454
and short
(not exceeding 30 days)
loans in Canada on stocks, deben¬
bonds and other securities of
sufficient
marketable
value
to
cover
56,607,819
Elsewhere than in Canada
Other current loans & discts. In Canada
Elsewhere
Loans to the Government of Canada
Loans to Provincial governments
Loans
to
cities,
Non-current loans,
48,786,397
981,919,791
145,693,002
14,867,551
13,396,019
21,710",076
103,085,749
111,357.038
8,255,147
7,708,185
municipalities
estimated loss
pro¬
vided for
premises at
not
more
than
4,020,951
8,683,830
7,965,195
4,209,248
cost
lets amounts (if any) written oft
Liabilities of customers under letters of
as
7,692,358
4,046,999
8,121,391
Real estate other than bank premises
Mortgages on real estate sold by bank..
Bank
60,418,606
54,436,356
107,291,208
towns,
and school districts
credit
Smelting, American Tele¬
1940
$
Total
a
Requisitions Dollar Securities
Australian holders of 20 specified American stocks are
required to sell them to the government, under a goverDment
proclamation issued April 30.
International Nickel, one of
the stocks in the list, is Canadian, but is traded in
actively
Holders
Feb. 29,
Current gold and subsidiary coin—
In Canada
tures,
Australian Government
on
that
any
foreign
own
Notes of Bank of Canada
Canadian
new
who
Dominion notes
-'Hi*
dollars, Swiss, Belgian and
escudos, and Argentine pesos."
the
sell
Elsewhere.
advices also said:
prohibited
selling
'
short-term obligations.
same
cies,
provided
to
foreign securities by selling
simultaneously
balance which
them for business purposes under official
V' :>6-r^
use
control.
3.
also
holders
options,
2.
is
obliged
required for the purpose of carrying on their business of insurance outside
of Canada and, of
course, non-resident branches of Canadian banks are also
currencies are,
1.
be
Comparative Figures of Condition of Canadian Banks
Control Over
series of decrees
promulgated by the French Govern¬
ment, May 2, extended that country's control over holdings
of its nationals of foreign
exchange and foreign securities.
French
It
not
2499.
page
Foreign Currencies and
Securities Held by Citizens
T
shall
to
♦
France Extends
transactions.
classes
exempt.
Residents
been
by the United States and by the Green¬
land authorities."
ment's
In
Copenhagen and Greenland has been
direct
deemed advisable
Greenland.
2803
...
72,126,235
72,088,097
72,902,065
60,006,231
53,793,244
53,965,998
5,073,232
11,209,776
5,073,232
11,290,513
5,482,139
11,514,494
2,320,950
per contra
2,267,727
2,191,652
Deposit
with the Minister of Finance
for the security of note circulation
Shares of and loans to controlled cos
Other assets not included under the fore¬
going heads..
3,780,985,877 3,769,309,951 3,420,698,417
Total assets.
Liabilities
Canadian
Government
Orders
Citizens
Surrender
to
Foreign Currencies—Bank of Canada Transfers
$250,000,000 Gold and Exchange to Equalization
Fund—Fund Increased by $325,000,000
on April 30 issued an order-incouncil requiring the Bank of Canada to sell to the
Foreign
sell
of gold
and foreign
The order further provides that Canadian citi¬
exchange.
zens
Board $250,000,000
their
holdings of foreign exchange to the Board
by May 31, at the official buying rate prevailing May 1.
To provide the Board with the additional funds
necessary
make
to
creased
these
the
purchases,
exchange
the
Dominion
stabilization
Government
fund
by
about
000,000 by the sale to the Bank of Canada of that
of
short-term
Dominion
securities
which
the
in¬
$325,-
amount
bank
has
agreed to buy,
the procesds thereof to be credited to the
With respect to the order
requiring individuals to
fund.
surrender
their foreign exchange
holdings, several exemp¬
provided in the case of those to whom a certain
amount of foreign exchange is deemed
necessary to carry
tions
on
follows:
Hon.
Press
advices
from
Ottawa,
was
reported
April
30,
as
•
J.
L.
order-in-council
eign
Ralston,
had
been
94,361,324
48,979,248
Advances under the Finance Act
50,400^357
44,853,944
40,478,696
765,571,533
Balance due to Provincial governments.
mand in Canada
847,658,528
690,324,453
Deposits
by the public, payable after
notice or on a fixed day In Canada— 1,658,990,498 1,750,487,649 1,690,887,277
461,189,247
Deposits elsewhere than in Canada
432,269,210
455,502,677
Loans
from
other
banks
in
Canada,
secured, Including bills rediscounted..
Deposits made by and balances due to
10,707,352
banking correspond¬
Kingdom
ents in the United
Elsewhere
than
in
Canada
and
Acceptances
standing
15,537,020
65,042,104
10,653,768
36,050,936
207,078
44,772,750
53,793,244
4,979,867
53,965,998
4,492,626
2,742.415
133,750,000
145,500,000
2,197,075
133,750,000
145,500,000
the
United Kingdom
Bills payable
10,122,085
54,125,271
35,179,422
other banks in Canada
Due to banks and
234,481
-
and letters
of
credit
156,343
out¬
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
Rest or reserve fund
Capital paid up
Total liabilities
60,006,231
4,837,515
2,228,275
133,750,000
145,500,000
3,764,302,679 3,754,570,902 3,408,325,840
Finance,
today
Foreign
the
of
announced
today that an
requiring resident holders of for¬
holdings of exchange to authorized dealers of
passed
official
Exchange Control Board within 30 days following
May 1 at
buying rates of exchange prevailing on that date.
It will be
that these holdinga of
foreign exchange have been subject to
requisition and have been disposable only through the Foreign
Exchange
Control Board since Sept. 16, 1939, when the
system of foreign exchange
remembered
was
instituted.
Although the general effect of the
exchange
owned
by
Canadians
Note—Owing to the omission of the cents in the official reports, the footings In
the above do not exactly agree with the totals given.
Tenders
to
the
new
measure
Foreign
is
to
Exchange
transfer
foreign
Control
Board,
Invited
for
Credit Institute
Fund
Minister
exchange to sell such
the
control
85,928,015
112,365,735
The text of the announce¬
given out by the Canadian Government
Canadian
in
ducting adv. for credits, pay-lists, Ac-
are
normal business transactions.
ment
90,360,156
296,908,856
Balance due to Dominion Govt, after de¬
Deposits by the public, payable on de¬
The Canadian Government
Exchange Control
Notes in circulation..
Sale
of
Italian
Public
Utility
7% Gold Bonds to Exhaust Sinking
Money
City Bank Farmers Trust Co., New York, acting for the
fiscal agents, is inviting tenders for the sale to it at prices
not exceeding par and accrued interest of Istituto di Credito
per le Imprese di Pubbliea Utilita (Italian Public Utility
Credit Institute) external 7% secured sinking fund gold
bonds, hydro-electric issue of 1926, due 1952, in an amount
sufficient to exhaust funds now in the sinking fund.
Tenders
will be received at the bank's corporate trust department,
22 William St., New York, up to noon, May 8, 1940.
Chronicle
The Commercial & Financial
2804
to United States Note on Oil Expro¬
priation—To Be Made Public Today
Mexico
TOTAL
Replies
SALES ON THE NEW YORK CURB EX¬
STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
AND
CHANGE
May 4, 1940
8TOCK
ROUND-LOT
(SHARES)
BERS •
Week Ended April 13, 1940
Mexico's reply to Secretary of State Hull's note insisting
arbitration of the dispute over expropriation of foreign-
Total for
Week
on
delivered by the Mexican Foreign
Minister, General Eduardo Hay to Ambassador Josephus
Daniels in Mexico City on May 1.
The Mexican note is
expected to be made public in Washington today (May 4).
It is understood the note rejects the arbitration proposal.
The text of the United States note was given in these
columns of April 13, page 2349.
owned oil properties was
A. Total round-lot sales:
.
Republic of Cuba is notifying
23,640
,
......
1,349,215
—
Other sales.b
1,372,855
Total sales...
for the account of members:
Transactions of specialists in stocks in which they are
registered—Total purchases
Round-lot transactions
B.
1
Sugar Stabilization 5l/i%
157,945
16,095
200,565
Other sales, b.
Gold Bonds Drawn for
•
«
Short sales
Short sales—
$588,381 of Republic of Cuba
Per
Cent
Total sales
—-
13.64
216,660
Redemption
holders of its
sugar
2. Other transactions
stabiliza¬
tion sinking fund 5H% secured gold bonds due Dec.
that the Chase National Bank, trustee, has drawn
1, 1940
72,750
initiated on the floor-Total purchases
3,800
71,350
Short sales—
Other sales, b.
by lot
for redemption on June 1, 1940 $588,381 principal amount
of this issue.
Drawn bonds will be paid on June 1 at par
and accrued interest at the principal office of Chase National
Bank, Pine St. corner of Nassau, New York, or of the
National City Bank of New York, 55 Wall St., New York,
fiscal agents, or at the branch of either bank at Havana,
42,515
initiated off the floor-Total purchases
1,265
52,070
Short sales—
Other sales, b.
Total sales-..--..
Cuba.
5.39
75,150
Total sales.
3. Other transactions
3.49
53,335
—
273,210
273,210
4. Total—Total purchases
Short sales—
21,160
Other sales, b.
323,985
Trading on New York Stock and New York
Curb Exchanges During Week Ended April 13
Member
The
Securities
and Exchange Commission made public
yesterday (May 3) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended April 13, continuing
a series
of current figures being published weekly by the
Commission.
Short sales are shown separately from other
sales in these figures.
*
C. Odd-lot transactions for the
The data published are
based upon weekly reports filed with the New
New York Curb Exchange by their respective
These reports are classified as follows:
members.
New York
New York
Stock
Curb
Exchange
,
Exchange
1,061«
Total number of reports received
1.
specialists
transactions initiated on the
Reports showing transactions as
2. Reports showing other
floor
Shares in members'
—-
-
Reports showing no transactions
—
the total of members' transactions is compared
the Exchange for the reason that the total
purchases and sales, while the Exchange
transactions Includes both
volume includes only sales.
exempted from restriction by the Commission
sales."
b Round-lot short sales which are
rules are included with "other
Sales marked
c
"short exempt" are Included
with "other sales."
Odd-Lot Trading on New York Stock Exchange During
Week Ended April 27
The Securities and Exchange Commission made public on
May 3 a summary for the week ended April 27 of com¬
plete figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handled odd lots on the New York Stock Exchange, continu¬
ing a series of current figures being published by the Com¬
mission.
Figures for the previous week ended April 20 were
reported in our issue of April 27, page 2648.
The figures are
based upon reports filed with the Commission by the oddlot dealers and specialists.
FOR
TRANSACTIONS
DEALERS
AND
THE
ODD-LOT
ACCOUNT
SPECIALISTS ON NEW YORK STOCK
■".ri
89
Week Ended
OF
ODD-LOT
EXCHANGE
April 27,1940
'•
"
,i;
Total
Odd-lot sales by dealers (customers' purchases):
resulting from such odd-lot transactions are not segregated from the
other round-lot trades.
On the New York Stock Exchange, on the
all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks In which they are registered are not directly comparable on the
22,368
Number of orders
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
Number of shares.
626,491
of specialists
specialists'
Dollar value
other hand,
than
one
Customers' other sales,
24,236
Number of shares:
ROUND-LOT STOCK 8ALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
MEMBERS *
23,765
a
Customers'total sales
classification.
TOTAL
OF
471
Customers' short sales
the various classifications may total more than
received because a single report may carry entries
the number, of reports
more
23,015,386
Odd-lot purchases by dealers (customers' sales):
Number of orders:
two exchanges.
in
-
for Week
by specialists in the stocks In which they are registered and the round-lot transactions
The number of reports in
the
transactions as per cent of twice total round-lot volume.
with twice the total round-lot volume on
of members'
STOCK
540
Exchange members, their firms and
all
includes
138
445
71,446
"members"
In calculating these percentages,
111
308
term
transactions Initiated off the
floor
4.
837
199
306
—
3. Reports showing other
The
partners, including special partners.
compares
York Stock Exchange and the
95,779
Total sales
a
with member trading during the previous week
ended April 6 of 1,717,935 shares, or 21,49% of total trading
of 8,027,590 shares.
On the New York Curb Exchange
member trading during the week ended April 13 amounted
to 345,145 shares, or 22.52% of the total volume on that
Exchange of 1,372,855 shares; during the preceding week
trading for the account of Curb members of 354,770 shares
was 20.62% of total trading of 1,546,095 shares.
The Commission made available the following data for the
week ended April 13:
22
95,757
Total purchases-
•
22.52
account of specialists:
Customers' short sales..
Customers' other sales.c..—.............—-—.—
•
Trading on the Stock Exchange for the account of members
during the week ended April 13 (in round-lot transactions)
totaled 1,812,115 shares, which amount was 22.83% of total
transactions on the Exchange of 7,544,090 shares.
This
345,145
Total sales.
Customers' short sales
10,168
...
Customers' other sales.a
(SHARES)
Week Ended April 13, 1940
Total for
Cent
Customers' total sales.
Per
Week
**
606,255
616,423
a
Dollar value
20,056,841
j.
A. Total round-lot sales:
227,890
7,316,200
Short sales
Other sales.b
...
Round-lot sales by dealers:
Number of shares:
Short sales
7,544,090
Total sales
50
Other sales.b
Total sales.
B. Round-lot transactions for account of members, except for
121,840
121,890
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks in which they are
Round-lot purchases by dealers:
Number of shares
753,750
registered—Total purchases
Short sales—
99,310
697,090
Other sales.b.
Total sales.
796,400
1
2. Other transactions initiated on the floor—Total purchases
a
10.27
678,570
Short sales—
Total sales
719,470
Short sales.
Market
296,245
.
.
Total sales
1,812.115
3.29
1,637,165
.
Listed
Stocks
on
New
York
Stock
As of the close of business
1,632,700
Short sales.
of
Listed Stocks
9.27
200,400
278,155
Total—Total purchases
Value
Exchange on April 30, $46,769,244,271, Compared
with
$46,694,763,128 March 30—Classification of
18,090
Total sales.
with "other sales."
b Sales to offset customers' odd-lot orders, and sales to liquidate a long position
a round lot are reported with "other sales."
661,920
1
3. Other transactions Initiated off the floor-Total purchases
143,330
"short exempt" are reported
which is less than
57,550
Other sales, b.
Sales marked
on April 30, 1940, there were
1,234 stock issues aggregating 1,445,651,357 shares listed
on the New York Stock
Exchange with a total market-value
of $46,769,244,271,
the Exchange announced yesterday
(May 3). This compares with 1,236 stock issues aggregating
1,443,841,504 shares listed on the Exchange March 30 with
total
of $46,694,763,128, and with 1,233
aggregating 1,426,668,700 shares with a total
market value of $40,673,320,779 on April 29, 1939.
In its
announcement of May 3, the Stock Exchange said:
a
174,950
market-value
stock issues
22.83
Volume
The Commercial & Financial Chronicle
ISO
As of the close of business
April 30, 1940, New
member total borrowings in New York
City on collateral amounted to
The ratio of these member total borrowings to the market
S579.486.871.
value of all
borrowings
York Stock Exchange
listed stocks, on this date,
are
collateral from
was
therefore 1.24%.
broken down to separate those only on
not
those
other
on
collateral; thus these ratios
exceed the true relationship between borrowings
on
Member
April 29, 1939 figure of $547,443,175. During April demand
were higher than a month
ago and a year ago while
loans
time loans
all listed shares and
their market value.
As of March
30, 1940, New York Stock Exchange member
borrowings in New York City on collateral
amounted to $569,813,430.
The ratio of these member total
net borrowings to the market value of all listed
stocks., on
this date, was therefore 1.22%.
In the following table listed stocks are classified
by leading
industrial groups with the aggregate market value and aver¬
age price for each.
total
March 30 total of $569,813,430 and $32,043,695 above the
listed share
usually will
net
2805
the mOnth, the
Exchange made known on May 2 in issuing
its monthly compilation. This figure is $9,673,440 above the
were
lower than
on
$20,121,000, $32,269,650, respectively,
Aver.
Market
Price
Value
detailed tabulation
Price
Demand
(1) Net borrowings
$
20,33
6.553,178,645
550,805,411
1,585,423.422
3,150,446,914
389,967,296
632.048,558
238,666,924
$
32.40
1,032,803,213
Building..
Electrical equipment manufacturing..
Foods
Rubber and tires
Farm
...
machinery............
Amusements
..........
Land and realty
16,865,530
1,676.501,041
1,694,215,013
4,293,823.276
Machinery and metals
Mining (excluding iron)....
............
Petroleum...
Paper and publishing.
517,946.887
Retail merchandising..
Ry. oper. & holding co's & eqpt. mfrs.
Steel, iron and coke..
2,555,524,673
Gas and electric
Gas and electric
Communications (cable tel. & radio)..
Miscellaneous utilities..............
Aviation..
33.93
36.70
48.22
13.61
3.41
26.33
26.35
22.21
25.60
34.12
25.83
48.53
25.34
28.85
14.46
99.74
.
Miscellaneous businesses
Leather and boots
20.38
71.29
4,304,502,831
441,758,343
2.558.911.088
3,069.447,035
2,325,988,396
272,796,340
2,439,308,398
1,404,797,462
3,768,161,680
22.27
21.83
16.42
14.32
3.49
24.43
21.63
Below
we
furnish
a
99.36
16.81
Mar. 31
25.32
June 30
4.22
July 30
...
18.15
Aug. 31-.
Sept. 30.
Dec. 31
31
20.61
32.34
...
...
Jan.
31
Nov. 30
564.642,938
29,646,000
594,288,938
Jan.
533,004,900
27,046,000
660,050,900
Mar. 30..
529,478,347
549,692.430
Apr. 30.......
559,505,870
25,996,000
20,121,000
19,981,000
555,474,347
669,813.430
579,486,870
Mar. 31
May 31.......
June 30*.
July
31
Sept. 30
Market
Average
Market
Average
Value
Price
Value
Price
$40,673,320,779
43,229,587,173
41,004,995,092
44,761,599.352
41.652,664.710
47.440.476.682
47,373,972,773
45,505,228.611
46,467,616,372
$28.51
45.636,655.548
46.058.132.499
46.694,763,128
46,769,244,271
31.68
1939—
$28.94
Apr.
May
1
31,858.461.871
35,864,767,775
34,584,614,803
22.32
1
1
June
June 30..
,
July 30...,
Aug. 31...,
Sept. 30....
Oct.
31...,
Apr. 29....
May 31....
25.15
41,961,875,154
44.784.224,215
43,526,488.215
43,526,688,812
June 30....
24.28
29.41
July
31
31.38
Aug. 31....
Sept. 30....
30.55
Oct.
50.64
Nov. 30....
31
47,001,767,212
46,081,192,347
32.96
Nor. 80...,
Dec. 31...
47.490.793.969
33.34
44.884,288,147
46,270,987.418
40.921.074.970
31.50
Mar. 30
32.44
April 30....
Deo. 30.
32.30
1939—
Jan.
31....
Feb. 29....
31...,
Feb. 28....
Mar. 31....
30.29
28.70
31.31
29.12
Oct.
...
31
37,254,037
37,663,739
32,269,650
30,492,889
28,240,322
27,075,500
30,517,547
33,602.875
32,202,875
'666,496,877
683,432,399
30,996,000
654,855,671
547,443,175
545,975,979
637,261,959
553,767,240
508,577,554
467,059,867
534,228,504
573,871,683
1940—
31........
Feb. 29
•Revised.
33.15
33.11
31.79
32.37
1940—
Jan.
717,084,329
33,983,537
Aug. 31
$41,172,861,535
493,615,933
641,490,407
524,202,538
580,741,637
619,955,270
Dec. 30
We give below a two-year compilation of the total market
value and the average price of stocks listed on the
Exchange:
1
459,363,905
469,887,400
632,513,340
646,178,362
617,191,932
515,173,525
515,483,090
609.021,637
526,691,740
478,060,007
433.556.992
602,025,629
643,875,683
Apr. 29.
1938—
466,766.529
37,961,000
34,398.000
32,498,000
40,183,000
40,302,497
42,514,100
35,199,137
1939—
17.79
Feb. 28
Mar.
♦576,961,814
521,116,919
53,188,500
40,873,500
484,019,538
540,439,140
577,441,170
681,885,192
Nov.30.
$
84,763,000
65.567,500
508,992.407
21.21
Oct.
Total Loans
%
*492,198,814
455,549,419
413,578,029
418,490,405
431,926,400
459,217,933
Apr. 30..
May 30
27.29
46,694,763,128
Time Loans
%
Feb. 28..
28.71
32.35
as
and
two-year compilation of the figures:
Demand Loans
14.66
59.55
46,769,244,271
All listed stocks.............
(1)
$22,544,675
1938—
24.03
19.39
pledged
borrowings included in items
23.80
29.06
179,354.137
17.62
$19,981,000
report issued by the Exchange a month ago.
25.26
26.88
400,000
The scope of the above compilation is
exactly the same as in the loan
60.56
604,689,242
784.966,640
tJ. S. companies operating abroad....
Foreign companies (lncl. Cuba & Can.)
*
$19,581,000
$579,486,870
(2) above...
47.20
1,664,679,496
48,160,549
610,613,003
834,355,634
_
Garments
collateral for the
25.98
147,707,337
4.85
$559,505,870
26.73
34.29
Time
59,358,900
.
Combined total of time and demand borrowings.
Total face amount of "government securities"
26.39
716,592,226
311,684,623
7,747.422
54,617,503
125,982,828
26.66
others in the City of New York
33.77
38.91
47.75
25.56
April 30,
collateral from New York
on
banks or trust companies.....
.$500,146,970
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
25.82
41.55
625,836,197
252,015,914
17,298,537
1,680,332,806
1,718,396,048
148,676,255
Shipping services..
Ship operating and building
32.66
3,842,229,194
1.035.691.087
6,499,279,132
561,589,441
1,626,288,484
3,135.132,306
413,507,251
739,370,312
305,613,489
8,903,410
73,513,158
128,501,339
188,499,576
1,693,148.169
45,091,656
equipment.......
Tobacco
25.33
2,390,810,263
290,270,064
2.427.261.873
1,385,539,164
3,782,883,105
(operating)
(holding)
Business and office
71.74
40.60
3,051,952,294
Textiles
of the close of business
as
follows:
Aver.
Value
3,831,337,560
issued
1940, aggregated $579,486,870.84.
Market
Chemicals
as
New York Stock Exchange member total net borrowings on collateral,
The
Financial.......
month and year
a
The-following is the report for April 30, 1940,
by the Stock Exchange on May 2:
contracted for and carried In New York
Autos and accessories
The
on March 30 and
$515,173,525 on April 29, 1939.
Time
loans at the latest date are shown at $19,981,000, against
March 30, 1940
April 30, 1940
the two earlier dates.
Exchange reported the demand loans outstanding on April 30
in amount of
$559,505,870, as compared with $549,692,430
Effects
of the
War on
Price
Levels
Discussed by
Guaranty Trust Co. of New York—Chief Hope
of Avoiding Inflation Lies in Possibility of Short
31.96
32.34
Conflict'
32.35
28.69
Since the European war began a question that has been
uppermost in many minds is whether the great world-wide
$156,000 of City of Antwerp 5% Gold
for Redemption
Bonds Drawn
City Bank of New York, as fiscal agent,
$156,000 external loan sinking fund 5%
gold bonds due Dec. 1, 1958, of the City of Antwerp have
been selected by lot for redemption on June
1,1940, at par,
through operation of the sinking fund.
Bonds will be paid
that
at the head office
on
the
r-
accompanied and fol¬
repeated as a result
of the present conflict, states the Guaranty Trust Co. of
New York in discussing the effects of the war on price
levels in the current issue of the "Guaranty Survey," its
San
on
bank, 55 Wall Street, New York.
vey" states:
The
♦
Francisco
Establishes
The share volume total
on
a
Stock
Exchange
Record
the San Francisco Stock Ex¬
Volume for the year to date, as a result of heavy April trading, overtook
totals
in
the totals for the corresponding period last
1940
were
of
It
was
as
back to September for comparable price
period
years
moves as
a new
high at
that the average
has
been computed.
♦
New
York
Stock
Exchange
Reports
Outstanding
$579,486,870 on April 30-—$9,673,440 Above March 30 and $32,043,695 Above April 29,
Broker's Loans
at
1939
Outstanding brokers' loans on the New York Stock Ex¬
change increased during April to $579,486,870 at the end of
are
to
the
the last
of
events
near
in ho small measure both
future and the
seriousness
will
have to pass after
few months
indicate that Infla¬
world
again at work, but do not preclude the hope that
comparable in severity with those of the World War
be avoided.
can
But
and
become
modern
in
never
inflation,
severe
has a major war been carried on without
disorders occasioned by armed conflict tend
warfare more
times
the financial
more
as
progressive mechanization makes
to lie in the
Otherwise it appears
very unlikely that the costs can be met except by the inflationary meth¬
ods with which the world has been only too familiar in the past.
Greater
self-sufficiency and closer governmental
controls may mitigate these
effects, but that the painful cycle of inflation and deflation can be
avoided is probably too much to expect.
The chief hope of avoiding inflation
possibility that the war may be of short duration.
expensive.
seems
The review also says:
The
the closing figure on April 30, showed the sharpest change in any month's
33.73, the highest point reached in the two
The
over.
forces
tionary
in
The exchange's average, up 1.30 for the month at 33.35,
trading since September, and the average on April 15 also set
is
in the
through which
readjustments
war
question will determine
Four-month
year.
2,312,787 shares and $33,894,316 market value;
necessary to go
volume.
the
this
to
of economic developments
monetary disorders
1939 they were 2,170,865 shares and $31,808,886 market value.
weU
answer
course
the
change last month was greater than in any month since
1936, with the single exception of September, 1939, when a
10-year record was established.
The San Francisco Ex¬
change announced May 1 that total trading last month of
840,511 shares of $12,937,266 market value, compared to
575,467 shares and $7,881,585 market value in March, and
1,251 684 shares and $19,654,352 market value in September.
Volume in April this year was approximately twice as great
as in April, 1939.
The Exchange further announced:
and passed
commodity prices that
monthly review of business and financial conditions in the
United States and abroad, published April 29.
The "Sur¬
the
April Trading
of
lowed the World War of 1914-18 will be
The National
announces
inflation
inflationary effects of war
are
so
axiomatic that the mere fact of
an
outbreak of hostilities appears to create a strong
in
favor
buying
psychological influence
of
higher prices.
This seems to be the main explanation of the
rush and the sharp price advance that swept over commodity
markets
immediately after the start of the European conflict, raising the
general Iqvel of wholesale commodity prices in this country 5% between
August and September.
Since then occasional rumors suggesting a proba¬
more active fighting have been followed by rising tendencies in
commodity markets, while "peace scares" have caused minor price reac¬
tions.
On the whole,
these alternating influences have approximately
bility of
balanced
one
has shown
above
In
some
movement
in
another, with the result that the price level in this country
little change
in the last seven months and remains about 4%
the pre-war
Great
figure.
countries, however,
has
been
Britain
has
much
risen
both
belligerent
and
neutral,
the price
pronounced.
The wholesale price level
steadily since the beginning of the war and,
more
The Commercial & Financial
2806
increase
12%
other
the
wholesale
13% is due to war conditions.
or
countries
neutral
to have
war
prices are
but
In
& Co.,
risen 24%, and in Switzerland
data has been suspended. Ih Japan,
subject not only to influences arising from the European
the effects of the campaign in China, the price level has
also to
17% since last August.
some cases
these changes in
risen
Capital Corp.; Penington, Colket & Wisner; Peters, Writer &
Pick Securities Co., Inc.; Rambo, Keen, Close & Kerner,
Inc.; Rauscher, Pierce & Co.; Reber, Mundt & Co., Inc.; E. P. Ristine &
Co.; Sidlo, Simons, Roberts & Co.; Stern, Frank & Meyer; Sutro & Co.;
Wright, Wood & Co.; Wulff, Hansen & Co.; Wyeth, Hass & Co.; and Young
Christensen, Inc.;
The price
the belligerents.
pearing in our
price levels abroad correspond roughly
24%
now
in terms of the dollar than
lower
of the war.
The decline in the value
Check
15%, and the yen has fallen 13%.
The Dutch guilder and the Swiss
on
the other hand, have remained comparatively stable in value.
In general, it appears that in belligerent countries the price advance has
been accompanied by a decline of comparable magnitude in exchange rates,
"Bank Letter/' published May 2. The bank
for April suggest that the downward trend
of business experienced a check, and present evidence points
to the fact that production and consumption are getting
back into balance.
Whether the bottom has actually been
reached, the bank states, is of less importance than indications
that the decline is not feeding upon itself.
The analysis
said that reports
Francisco) Proposes to Increase
Capital Funds by $30,000,000 Through Public
Offering of $2 Dividend Preferred Stock—Directors
Vote to
Issue 600,000 Shares at $50 per Share
Its
continues:
Subject to Approval of Stockholders
projected increase of $30,000,000 in the capital funds
National Trust & Savings Associa¬
tion (head office San Francisco) through the issuance of
600,000 shares of $2 dividend cumulative convertible pre¬
ferred stock at $.50 per share was approved on April 30 by
the Board of Directors of the institution, A. P. Giannini,
Chairman of the Board, announced.
Issuance of the pre¬
ferred stock (one of the largest transactions of its kind) is
subject to ratification by stockholders of the bank at a spe¬
cial meeting to be held May 13 at San Francisco, and is the
first substantial instance of public bank financing in recent
years.
In commenting on the proposed financing, Chairman
and should be
funds will increase the bank's ability to expand
support, and estimates
the spread of the war
the basis of three shares for each 20 shares of common
no
owend.or
or
dealer is to sell
against
which
new
one
than $50,000
common
It is indisputable,
stock at the
stock being $52.50 per share for one share of
for the fourth year, $62.50 for the fifth year, and $65 per share
and
that the war is exerting a strong
of the preferred
annually for five
1945.
years
beginning
on
or
for the
stock is provided for through
before Dec. 31,
Export
to come.
the Scandinavian setback.
-
period of not
more
a
1940, and ending
the retirement fund totals
as
The support given to the steel industry
as
$2,500,000.
on
the
common
stock, the dividends
(the maximum amount of which will
be
$100,000
on
per
times the tonnage
of a year
of steel making capacity
Some other
industries, directly affected by war demands, are also contributing increas¬
ing support to the general situation, subject only to the limits of their
ample to
preferred
month,
major
Exports of steel products,
and represented the highest percentage
earlier,
that
.
Chairman Giannini states that the current rate Of earnings is
by export orders has been a
operations.
exclusive of scrap, in March were nearly three
Holders will be given
30 days' notice of each such pall.
the present dividend
factor in slowing down the decline in
1945, plus all accrued dividendsj whenever
much
alone, which has shown the
interruption of exports to the Scandinavian countries.
than 15 years.
It is also provided that the preferred stock must be called at the price of
$50 per share after June 30,
$368,-
the difference is more
expectd drop
following the concentration of subsidized exports some time back.
Some
other agricultural exports also declined.
Shipments of industrial goods
have continued to expand.
Sentiment will be prepared for a less favorable
showing in April, in view of the tie-up of Scandinavian shipping and the
After the latter date, retirement of the remainder of the
a
This was a little below the
$352,000,000.
000,000 peak reached in December and January, but
preferred stock will be provided for through equal annual instalments paid
into the retirement fund for
supporting
increas¬
Allies during April
trade figures have continued favorable, at least
Purchases of munitions and supplies are
than accounted for by raw cotton
Eventual retirement
stock
course,
March exports totaled
retirement fund to which the bank will contribute not less than $750,000
pay
more
up to
$60
last year.
June 30,
of
ing, with another $200,000,000 aircraft order from the
preferred stock
for the first yeat, $55 for the second year, $57.50 for the third year,
•
another.
or
way
influence upon business.
common
has been
eliminated; thus from both directions the situation
business, through
loss of export trade and stoppage of goods actually in transit.
Undoubtedly,
however, the news was a factor in the firming of commodity prices.
It was
interpreted as signalling the outbreak of more intensive fighting and greater
consumption of munitions and supplies; and the disruption of shipping and
advances in ocean freight rates stimulated buying of import commodities.
One of the deductions to be drawn is the likelihood that inventories will be
maintained at fairly full figures.
/
Gains in rubber are attributed chiefly to the shipping situation.
Pulp
and paper markets naturally strenghtened.
Moreover, grain and livestock
prices were directly affected, partly upon the theory that the blocking of
Denmark's bacon, butter and eggs from the British market would mean
increased buying elsewhere, with effects reaching the United States in one
option of the holders at any time prior to June 30,1946, the conversion price
of the
or
spread of the war is a setback for some American
The
of preferred stock to any one account without approval of the
preferred stock will be convertible into
desirable to keep covered
hazards.
working toward a new equilibrium.
principal underwriters.
The
was
is
Meanwhile overproduction in certain industries,
the chief maladjustment to be corrected, has been substantially
war
reduced
particularly where it
again,
commitments
stockholders on
more
It is
less than it seemed, and that some improve¬
ment was due in any case.
New buying has been running below consumption
for four or five months, and many buyers are in position to place new
In the case of the shares not subscribed
underwriter
into Denmark and Norway is difficult to say.
possible that the connection was
Under the plan, holders of common stock acquire first rights to subscribe
by stockholders,
providing
of the outlook must take them into account.
in industrial orders was influenced by
To what degree the improvement
.,
May 13 and will expire May 27.
These are offset to the fact that war business is
partly satisfied.
particularly in the field of loan services to small borrowers.
plan, as revealed by Mr. Giannini, provide
equal to the aggregate par value of $20
per share for the new issue, is to go to increase the capital
account, and the remaining $18,000,000 is to be placed in
the surplus account.
Bank of America, it is said, is the
Nation's largest branch banking system, with approximately
145,000 stockholders and 2,300,000 deposit accounts.
Of the 600,000 shares, Transamerica Corporation and its
subsidiaries are expected to subscribe to 300,000 shares
under their rights and privileges, and the offering of the
balance of 300,000 shares to other stockholders will be under¬
written by a coast-to-coast banking group headed by Otis
& Co.; Ladenburg, Thalman & Co., and John J. Bergen &
Co., Ltd.
We quote the announcement further:
for
Al¬
the hill and down again, it is incorrect to say
that it is back at the same place as at the beginning of last September, for
inventories are large and accumulated needs for capital goods have been
Details of the
issue price
subdued and maintains a
pessimistic view, is a safeguard for the future
maintained, in view of war and political uncertainties.
though business had gone up
that $12,000,000,
on
good judgment, which keeps speculation
This
conservative but not unduly
capacity for handling large loans will be enlarged.
share for each 6 2-3; subscription forms are to be mailed to
;
..
generally have felt that the recession would stop
liquidation.
Giannini said:
our
'
short of a
vicious downward spiral, such as developed in 1937-38, but there have been
predictions to the contrary, and they are relieved to have support for the
optimistic view.
It has not been easy to maintain a balanced judgment
among the complexities and swift changes of the past eight months, but
most business men, to their credit, have avoided excesses of either elation
or fear.
They sized up the dangers of the war boom in a short time, ac¬
cepted the inevitability of a decline in new orders and production afte.the
FaU uprush, and met it when it came without disappointment or panicky
The
These augmented capital
.Vv
Business men
of the Bank of America
Also,
seen
was
in its May
Bank of America (San
vigorously,
sign of a halt in the recent business re¬
by the National City Bank of New York,
The first definite
cession
countries it has not.
neutral
Indication of
April Reports
Balance Between Production and
Consumption
to
in
Better
Indicate
shortly before the outbreak
of the Canadian dollar has amounted
franc,
while
made to the proposed issue in an item ap¬
March 23 issue, page 1874.
City Bank of New York Sees
in Business Decline—Says
National
depreciation in foreign exchange rates, while in other instances no
relation
exists.
The pound sterling and the French franc are
such
Inc.
Reference was
the
to
Co.; Mason Bros.;
Co.; Pacific
Italy, publication of price
In
Rhoades & Co.; M. H.
Inc.; Mclnnes.
& Co.; McDonald, Moore & Hayes,
Mason-Hagan, Inc.; A. W. Morris & Co.;
Dearth & White, Inc.; Nichols, Garrett & Co.; Alfred O'Gara &
Murdoch,
felt the effects of the forces
as
Barrows & Co.; Carl M. Loeb,
Co.; Loewi
Van Dusen &
In Germany, on
Huller & Co.; Hill & Co.; Barney Johnson & Co.; Johnston,
T. H. Jones & Co.; Kirchofer & Arnold, Inc.; Kolb, Carroll
Inc.; Krause,
Lewis &
Various Countries
appear
making for higher prices almost as keenly
level in the Netherlands, for example, has
where
Lemon & Co.;
& Co.,
subject to rigid governmental controls,
price level has remained almost unchanged.
Effects in
20%.
Inc.; Hawley,
where prices are
hand,
the
Some
Inc.; the First
compares
that
estimated
Fred W. Fairman & Co.; Fieid, Richards & Shepard,
Cleveland Corp.; Fitzgerald & Co., Inc.; Fullerton & Co.,
Dodge Securities Corp.;
available figures, is 32% higher than last August.
with one of 17% in the first six months of the
World War.
The advance in Canada has amounted to 15%.
No compar¬
able data are available for France, since the publication of price figures
was
suspended when the war began; but a compilation given in "The
Economist" last month indicates that the expenditures of a typical French
working-class family for food have risen more than 17%, of which it is
according to the latest
This
May 4, 1940
Chronicle
or
engaged in export trade since the last was.
has been
capacity.
$1,200,000 annually), to meet requirements for the retirement of the pre¬
ferred stock and to increase undivided profits.
Other firms included in the syndicate
Building and Loan Associations Taken Over
Jersey State Banking Department
are:
Merrill Lynch, E. A. Pierce & Cassatt; Jackson & Curtis; Wm. Cavalier
& Co.; Bankamerica Co.; ^lair &
Inc.; DrumheUer, Erlichman Co.; Schwabacher & Co.; Stroud & Co., Inc.;
Davis & Co.; Bond & Goodwin, Inc.; Dempsey-Detmer &
Co.;
Mackubin, Legg & Co.; Stein Bros. & Boyce; Ferris & Hardgrove; O'Mel-
veney-Wagenseller & Durst; Lester & Co.; Brush, Slocumb & Co.; and
R. S. Dickson & Co., Inc.
Also, H. R. Baker & Co.; the Bankers Bond Co., Inc.; Bear, Stearns &
Co.; Bigelow, Webb & Co., Inc.; Bioren & Co.; Boenning & Co.; Braun,
Monroe & Co.; Buckley Brothers; R. G. Buckley & Co.; Callender, Burke
Macdonald;
Campbell, McCarty & Co.,
Inc.; Conrad, Bruce &
Co.;
Cray, McFawn & Petter; Crowell, Weedon & Co.; Davis, Skaggs & Co.;
♦
New
.Jersey
State
Banking and Insurance Depart¬
possession of 46 building and loan
associations for "corrective purposes and for protection of
creditors and shareholders."
The associations have assets
ment
Pomeroy, Inc.; Minsch, Monell & Co.,
Paul H.
&
The
Co., Inc.; Burr & Co., Inc.; Stifel, Nicolaus
& Co., Inc.; Schoeilkopf, Hutton &
by New
of
on
May 1 took
total face value of
a
$38,000,000; 20 are located in New¬
ark, 16 in Jersey City, and the other 10 in
gen
and Monmouth Counties.
the New
For
some
associations
shareholders,
"Times"
York
also
time the department has
of
the
he
State
said,
a8
and
Atlantic, Ber¬
Newark advices of May 1 to
said:
been checking over building and loan
part of a program to protect
"problem"
associations
had
the interests of
been asked to
The Commercial & Financial Chronicle
Volume ISO
reorganization,
holdings.
the proposals made by the companies in response to
this request had proved unacceptable to the department,
the State was
compelled to take possession to protect shareholders, Commissioner Reilly
present
plans
meTger,
voluntary dissolution
In
for
the
solution
of
difficulties
their
by
the sale of their real estate
or
where
cases
declared.
over is the Carlstadt Mutual
Building Association of Carlstadt, with assets of a face value
$7,500,000.
Another, the Hudson Building and Loan Association of
of
largest association among those taken
and
Eight others have
of the group is
the Henderson Building and Loan Association of Jersey, listed at $170,000.
Under the law the Banking and Insurance Department can either rehabili¬
tate the associations and return them to the shareholders, liquidate them to
Jersey
City,
assets
the
to
of
has
$3,500,000,
value.
The smallest
each
association
each
on
The chief
to study the financial standing
taking action, and could not say when specific
Reilly said
before
could
be
he
had
There
necessary
with
steps
the
in
assets
are
share
far in
arrears.
said.
Some have been merged
the department, and others have taken
in sound condition.
Building and loan
the most recent figure available, were
insurance,
the
department
about 1,225 associations in the State.
accordance
about
which
Federal
are
foreclosures,
None of the associations taken
estate taken over by mortgage
or
the
are
State
advice
of
regarded
a
year
as
ago,
names
of
the
associations
taken
over
and their listed assets
follow:
'
V''
'v-
'«^
Essex County
Concordia Building and Loan Association of the City of Newark.
Federal Building and Loan Association of Newark
Great Eastern Building and Loan Association, Newark
Hamilton Building and Loan Association, Newark
Harvester Building and Loan Association, Newark
Lincoln Building and Loan Association, Newark
New Home Building and Loan Association, Newark
Patriotic Building and Loan Association, Newark.
Peerless Building and Loan Association, Newark
Phoenix Building and Loan Association, Newark
Pride of Newark Building and Loan Association, Newark
Progress Building and Loan Association, Newark
Sixth Ward Building and Loan Association of the City of Newark
Puritan Building and Loan Association, Newark
Revenue Building & Loan Association, Newark
Waverly Building and Loan Association, Newark
Woodmen Building and Loan Association, Newark
Yankee Building and Loan Association, Newark..
'
$440,000
380,000
305,000
565,000
290,000
1,400,000
600,000
500,000
960,000
400,000
450,000
1,300,000
370,000
490,000
450,000
>
485,000
$2,250,000
Hudson
Building & Loan Association, Jersey City
3,500,000
Empire Building and Loan Association, Jersey City
240,000
Henderson Building and Loan Association, Jersey City
170,000
Sherwood Building and Loan Association, Jersey City
260,000
Monticello Mutual Building and Loan Association, Jersey City.
600,000
Commercial Investment Building and Loan Association, Jersey
City
'
380,000
Rainy-Day Building & Loan Association, Jersey City
250,000
Greenville Heights Building and Loan Association, Jersey City.
530,000
Hamilton Park Building and Loan Association, Jersey City
260,000
Madison Building and Loan Association, Jersey City
.....
400,000
West Side Building and Loan Association, Jersey City
800,000
Pavonia Building and Loan Association, Jersey City
500,000
Columbia Building and Loan Association of the City of Jersey
...
„
tender
City
Five Corners Building and Loan Association, Jersey City
P. R. R. Y. M. C. A. Building and Loan Association, Jersey City
1,040,000
1,300,000
475,000
$900,000
250,000
603,000
considered.
Each
The price offered must be expressed
Fractions must not be used.
Tenders will be accepted without cash
ment securities.
of
deposit from incorporated banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by an express guaranty of payment by an incorporated
bank
or
trust company.
Immediately after the closing hour for receipt of tenders on May 6, 1940,
all tenders received at the Federal
or
branches thereof up
possible thereafter, probably on the following
as
as soon
The Secretary of the Treasury expressly reserves the right to
morning.
reject
Reserve Banks
closing hour will be opened and public announcement of the acceptable
prices will follow
all tenders
any or
or parts
of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final.
mitting tenders will be advised of the acceptance
ment at the
or
Those sub¬
rejection thereof.
Pay¬
price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash
immediately available funds on
other
or
May 8,1940.
Treasury bills will be exempt,
gain from the sale
except
and
to principal and interest, and any
as
other disposition
or
estate
thereof will also be exempt, from all
inheritance
.(Attention is invited to
taxes
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale
shall be allowed
as a
deduction,
or
other disposition of the Treasury bills
otherwise recognized, for the purposes of
or
imposed by the United States or any of its pos¬
any tax now or hereafter
sessions.
Treasury Department Circular No. 418,
amended, and this notice
as
prescribe the terms of the Treasury bills and govern the
issue.
'
On
22
May
Day
Maritime
conditions of their
•
Proclaims
Roosevelt
President
as
National
April 30 President Roosevelt proclaimed May 22 as
National Maritime Day, to
commemorate the first success¬
steam propulsion by the
steamship Savannah, which set sail from Savannah on
May 22, 1819.
The President said that it is proper that
public recognition be given to the officers and seamen of
transoceanic
ful
under
voyage
the American merchant marine and
neers
in the science of navigation.
to inventors and engi¬
The text of Mr. Roose¬
velt's proclamation follows:
By the President of the United States of America
PROCLAMATION
A
Whereas
the
first
under steam propulsion
successful transoceanic voyage
made
by the steamship The Savannah, which set sail from Savannah,
Ga., on May 22, 1819 ; and
Whereas, in commemoration of the material contribution thus made to
the advancement of ocean transportation, the Congress by a joint resolution
was
p
(48 Stat. 73), designated May 22 of each year as National
President to issue annually a proclama¬
of May 20, 1933
tion
240,000
_
or
$1,000,000
and
t
than $1,000 will be
less
amount
an
and trust companies and from
Maritime
Atlantic County
Security Building and Loan Association, Atlantic City
Sunrise Building and Loan Association, Atlantic City
Workingmen's Building and Loan Association of Pleasantville.
Home Building and Loan Association, Pleasantville
for
$500,000,
.
the basis of 100, with no more than three decimal places, e. g., 99.125.
on
1,200,000
580,000
1,090,000
$100,000,
$10,000,
440,000
Hudson County
Businessmens Building and Loan Association, Jersey City.
$1,000,
tender must be in multiples of $1,000.
taxation,
Atlantic Building and Loan Association of Newark
Basic Building and Loan Association, Newark
of
(maturity value).
The
$650,000,000.
The
In his announcement of the offer¬
They (the bills) will be issued in bearer form only, and in amounts
denominations
to the
difficulty of the associations is the holding of "frozen assets"
of mortgages
over
intended
expected.
consisting principally of real
in
face
paying off their indebtedness and then return what is left
the shareholders, or merge associations to make stronger organizations.
action
or
at
$1,000,000 face value.
of
extent
Commissioner
of
of
assets
than
more
$100,240,000.
ing Secretary Morgenthau also said:
No
The
Loan
amount of
2807
Day and requested the
calling for the appropriate observance of the day; and
it
Whereas
is
should be given to the
that public recognition
proper
vision, and achievements of the officers and seamen of the Amer¬
merchant marine and to the eminence of American inventors and
courage,
ican
'
Bergen County
Haller
in the science of navigation;
engineers
Building and Loan Association, Garfield
...
Carlstadt Mutual Loan and Building Association, Carlstadt.
T.
$186,00®
7,500,00®
Monmouth County
Now, therefore, I, Franklin D.
May 22,
Shore Building and Loan Association, Asbury Park
Proper Building and Loan Association, Long Branch
Monmouth
County Building and Loan Association,
...
$735,000
200,000
Long
Branch
Neptune Building and Loan Association, Neptune....
560,000
1,300,000
homes
or
1940, as National Maritime Day by displaying the flag at their
other suitable places,
and do direct Government officials to
display the flag on all Government buildings on that day.
In witness whereof I have hereunto set my hand and caused
the United States of America to be affixed.
'
'
$182,446,000 Received to Offering of $100,000,000
of
91-Day
Treasury
Bills—$100,061,000
Accepted at Average Price of 0.007%
Secretary of the Treasury Morgenthau announced on
April 29 that the tenders to the offering last week of $100,0(X),000 or thereabouts of 91-day Treasury; bills totaled
$182,446,000, of which $100,051,000 was accepted at an
average rate of 0.007%.
The Treasury bills are dated May 1 and will mature on
July 31, 1940.
Reference to the offering appeared in our
issue of April 27, page 2649.
The following regarding the accepted bids of the offering
is from Secretary Morgenthau's announcement of April 29:
Total applied for, $182,446,000.
Total accepted, $100,051,000.
Range of accepted bids:
High,
♦
<r.\
100.00.
;
:
...
Low,
99.996; equivalent rate approximately 0.016%.
Average price,
at
our
Lord
nineteen
United States of
America the one hundred and
(SEAL]
FRANKLIN
Thereabouts, of 91-Day
Dated May 8, 1940
or
Secretary of the Treasury Morgenthau announced May 3
that tenders are invited to a new offering of 91-day Treasury
bills to the amount of $100,000,000, or thereabouts, to
be sold on a discount basis to the highest bidders.
Ten¬
ders will be received at the Federal Reserve banks and the
branches thereof up to 2 p. m. (EST) May 6, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be dated May 8, 1940, and will mature
on Aug. 7, 1940, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on May 8, in
ROOSEVELT.
Roosevelt Says United States Is Striving
Spread of War Abroad—Confers With
Italian Envoy
;
President
Prevent
to
conference in Washington yesterday (May 3)
said that the United States Govern¬
ment was striving, as it always had, to prevent the exten¬
sion of the European war to other areas and other nations.
The President indicated that he made this plain in a talk
with Prince Ascanio Oolonna, the Italian Ambassador, on
At his press
Roosevelt
President
Regarding Mr. Roosevelt's remarks, Washington
advices of May 3 said:
what steps were being taken to check the spread of war, Mr.
May 2.
Associated Press
Asked
that the Government was
said
Roosevelt
Discussion of the war was touched off
of $100,000,000,
Treasury Bills—To Be
D.
HULL, Secretary of State.
CORDELL
the
New Offering
sixty-fourth.
/
By the President:
99.998; equivalent rate approximately 0.007%.
(74% of the amount bid for at the low price was accepted.)
City of Washington this 30th day of April, in the year
hundred and forty, and of the independence of the
the
Rone
of
the seal
of
of
Tenders
Roosevelt, President of the United States
hereby call upon the people of the United States to observe
of America, do
to
States
United
the
was
doing anything
The
Mediterranean.
Government
had
Subsequently
assurances
peaceful
tone
American
understood
taken
Mr.
from
the
steps
Italian
was
envoy
suggested
respect to
with
Roosevelt
possible spread of war
that, in the past, this
"would-be belligerents."
asked whether he had received any
which would bear out reports of the
Mussolini's statement to William Phillips, the
Premier Mussolini was
have said that Italy had no intention of getting
of Premier
Ambassador to
in
reporter
doing everything it could.
by a direct question as to whether
to halt a
Rome
into the war at
to
Rome, earlier this week.
present.
Again Mr. Roosevelt responded merely by saying
Government was continuing to work for peace.
Mr.
Roosevelt
cut
short
his vacation
that the United States
at Warm
Springs,
Ga., and returned to the White House on April 28.
He was
met at the station by Secretary of State Hull, who informed
liim of the latest international developments.
On April 29
The Commercial & Financial Chronicle
2808
President
the
the
on
The
held
,
Ambassador
the Italian
with
May 2
on
participated in by Sumner Welles, Under-Secretary of
State, who described the conversations as a general inter¬
was
Department had received a full report on Ambassador Phil¬
lips's talk with Premier Mussolini in Rome
declined
to
questions
answer
the
concerning
May 2, but
on
Placing
would be equivalent to making it a
political football."
voiced by Senator Robert A. Taft, of Ohio, candi¬
A similar theme was
Presidential nomination, who said he will oppose
date for the Republican
the transfer.
record of airline fatalities under the Commerce Depart¬
"The appalling
Mr. Welles revealed that the State
change of information.
added, "to keep this great agency out of politics.
"I seek," he
leaders
it under the Commerce Department
legislative situation.
conference
Democratic
with
conference
a
May 4, 1940
"The record of
for more than a year, also speaks for itself."
regime speaks for itself," he said in a statement.
ment
CAA, without a single fatality
Washington advices of May 2 to the United Press said:
report.
Chairman of the CAA, said tonight that he had
Robert H. Hinckley,
General Robert H. Jackson for an opinion to "nail down"
CAA's independence from outside interference once it becomes a unit
asked Attorney
President Roosevelt Attacks "Misinformation" Regard¬
ing His Proposed Changes in Civil Aviation—State¬
Says Gullibility,
ment
Be Behind
of the Department
official
an
Roosevelt.
He made clear his belief that the CAA could maintain its independence
issued
statement
on
now being considered by
Congress to transfer the Civil Aeronautics Authority to the
fourth Government reorganization order.
from
posed by Mr. Roosevelt in his
April 30 defended his proposal
into the department's framework, as pro¬
after it had been brought
even
in
of Commerce.
He disclosed his plan after an hour's conference with President
Politics May
or
Opposition to Plan
Roosevelt
President
Ignorance
the
Chairman Hinckley emphasized his view that the CAA must be free
interference if it continues to function effectively.
of the Board is very necessary, since it leads the
"The independence
Department of Commerce and to abolish the Air Safety
way
Board.
he said.
Such
changes
specified in his pending third
reported in our
April 13, page 2344, and April 6, page 2187.
In
his statement April 30 the President appeared angry at the
failure of any member of Congress to defend the Civil Avia¬
tion changes.
The statement said that a "flood of mis¬
information" has been spread regarding the proposed changes.
were
and fourth reorganization orders, which were
issues of
The text of the statement follows:
Since the transmittal of Reorganization Plans Nos. Ill and IV
misinformation
has
engulfed those sections
nautics Authority.
no
a
flood of
dealing with the Civil Aero¬
Much of this has fallen of its
absurdity and needs
own
This morning, however, we saw a group of well-intentioned
comment.
people staking out an exclusive claim to
a
so-called
"lobby to
save
recent years,
compels
Jackson's opinion, he
our progress
I might say
rather
efficiency and
economy.
discouraging collapse of enthusiasm when
However, there is
concrete
proposals
a
now
member
stands, there
Authority,
the
are
attempting to build up legal
and
the
Air
Safety
would
imperative if
It became obvious that
a
change was
we were to continue to move forward in civil aviation.
opinions,
was
Safety Board and assign its powers to the
well as place that body under the department, was that it
as
permit the department to handle the CAA's bookkeeping, procure¬
incidentals.
But the CAA, he continued, would retain its full autonomy.
Speaking on the Senate floor, Senator McCarren termed as "regrettable"
the statement issued by Mr. Roosevelt at his press
ticularly the President's assertion
conference on Tuesday,
Senator McCarren challenged par¬
had become a partisan
•"
■'
that the plan
••••''.
issue.
Here,
in simple summary, is the proposal:
Bill to Permit "Freezing" of Property
States by Citizens of Conquered
»Congress Passes
Held
United
in
Nations
The
were intensified by friction, particu¬
larly within the Air Safety Board.
For five months the Administrative
Management Division of the Budget Bureau,made a study at my request
Authority.
the
possible encroachments
are
inherent problems confronting them
of the operation of the
have investigated the CAA's
in seeking
precedents against
the Air
would abolish
Authority,
Board—all
autonomous groups, none of them represented at the
Cabinet table.
to
Hinckley,
by Commerce Department officials on independent action.
1
He said that his understanding of Mr. Roosevelt's reorganization order,
which
three agencies—the Civil Aeronautics five-
Administrator,
Mr.
♦
made. In selfish protection of their own special
interests, we always find
particular groups, who hitherto favored reorganization, arising in protest.
As it
Mr.
and to have found major "structural inadequacies."
that
believed
Observers
defending the proposed reorganization.
here that everybody is for the abstract idea of reorganization
in the interest of increased
Budget Bureau was shown earlier
The
set-up during the winter
in civil aviation during
Authority.
series of questions relative to the
a
added, should be in the President's hands tomorrow.
ment and mechanical
lives."
to restate in simple terms the basic features of
me
the reorganization plans affecting the Civil Aeronautics
staff had submitted
The CAA legal
agency's status to Mr. Jackson and to the Budget Bureau, he said.
The implication that we are not Interested in saving
lives, which is cer¬
tainly contradicted by the record of
far as the future of civil aviation in this country is concerned,"
so
An Administration
bill
to
held in the United State3
permit "freezing" of property
by citizens of nations invaded by
European
by
both
in
Congress this week and sent to the President
for
his
of
the
passed
belligerents
branches
The
signature.
war
Senate
was
the
passed
measure
on
April 29 and the House adopted it without debate on May 1.
1. Despite handicaps, the Federal program for civil aeronautics has
achieved a stature and an importance which
now
A United Press advice from
Washington, April 29, reporting
justify bringing this program
closely into the Federal family.
The proposal will place it within the
framework of the Department of Commerce where it will have a
closer re¬
the
lationship with the important reporting services of the Weather Bureau
has been
by the House Banking and Currency Committee.
Prompt passage was requested to facilitate transactions under President
Roosevelt's recent proclamation freezing property of Norwegian and Danish
more
and the essential air navigation chart service of the
Coast and
Survey.
More than that,
table for
a
and
it will provide representation
of basic significance to
program
national
our
defense.
Present
world
at
Geodetic
the
Cabinet
national transportation
our
conditions
make
the
merit
The
The
present
five-member Authority which
spread praise remains
reported
personnel and submit its
own
3.
It will continue to appoint and control
own
budget.
Certain of the Authority's functions
trator to eliminate
a
transferred to the Adminis¬
nautics Act of 1938 to
carry out the intention of Congress to distinguish
clearly between the functions of the Administrator and the
Authority.
4. The function of
investigating accidents is transferred to the Civil
Aeronautics Board, which, unlike the present Air
Safety Board, will not be
helpless to take positive steps toward preventing the recurrence of acci¬
dents.
Unlike the Air Safety Board, the Civil Aeronautics Board
every
Its
already
counterpart
.
Taft
Danaher
evidence
(Rep., Conn.), both
contended
of
under
that
would
it
ownership,
even
Taft
(Rep.,
proposed amendments to
*
bank account of
any
ground rents and
by Senators Robert A.
powers.
charged
transfer of
led
was
measure
Danaher
presidential
Senator
every
efforts to
voice vote after Republican
a
down.
favorably
and John A.
curtail
Senator
are
blind spot created by the failure of the Civil Aero¬
shouted
were
Opposition to the
Ohio)
wide¬
by
approved
was
terms
citizens.
of
independent Civil Aeronautics Board, perform¬
as an
ing the basic regulatory functions.
its
has received such
its
added:
action,
measure
restrict
this phase of the proposal obvious.
2.
Senate's
.
the
bill
any
individual in the United States."
"the
President
can
give the President power to
including
real
securities,
estate,
trademarks and copyrights.
'
control
control
bullion,
1
Secretary of the Treasury Henry Morgenthau Jr. said he was "delighted"
passage of the bill.
He promised to "do everything possible to keep
by
the
United
"so
far, at least, aggression is
States
of these powers."
free
a
and
.;/•
open
a
market for securities," and added that
prerequisite for the application
necessary
,-.V
„•
will have
the power to prescribe air
safety rules, remulations and standards and
suspend or revoke certificates after hearing.
Not only does this continue
the present independence of accident
investigation, but it also makes
pos¬
sible prompt translation of
5. Not only are
but
on
we
The
to
the
action
House
on
and
this
bill
Senate
by
was
Committees of
the Banking
reported
in
these
April 27, page 2652.
columns
,,
findings into corrective action.
advancing the
cause
will also realize appreciable
savings.
the Air Safety Board will be
we
of air safety by these changes,
Several highly-paid positions
eliminated and
other
economies
Congressional Conference Group Agree
Rivers and Harbors
made
on
$110,035,450
Bill
,
possible.
A Senate-House conference committee
The President
May 1 conferred with Democratic mem¬
Reorganization Committee, seeking their
on May 2 Chairman Robert H.
/Hinkley of the CAA came to Mr. Roosevelt's support.
United Press Washington advices of
May 1 said:
on
bers of the House
support for the plan, and
The
reorganization
order
becomes
manded
by both House
under
department with Cabinet
and
effective
June
11
unless
counter¬
Senate.
If Roosevelt forces can win in the
House, the Senate would be impotent.
The President told his conferees
that there seems to be a
general mis¬
understanding of his objectives, which, he said, are to eliminate
friction,
especially within the Air Safety Board, and to
coordinate administration
a
representation.
Representative John Cochrane (Dem.,
Mo.), Chairman of the committee,
would not predict the
Administration would win but said he is
"hopeful."
He was accompanied to the
White House by Representatives
Lindsay
Warren (N. C.), J. W. Robinson
(Utah) and Harry Beam (111.).
Senator Pat.McCarran
(Dem., Nev.), father of the Act creating CAA,
charged the President is "trying to scrap a great
independent Government
agency which has established an enviable record."
He pledged
"bold
a
tireless fight against the order and said
Mr. Roosevelt's
and unfounded statement"
will
not
"in the slightest degree deter
efforts to block the transfer."
He displayed a letter from Senator
Theodore
F. Green (Dem., R. I.),
normally an Administration supporter,
expressing
"surprise and amazement" at the proposed
change.
Senator McCarren said the actual fact is that the
President wishes to make
a subordinate bureau able to
voice its views only
through the Secre¬
tary of Commerce.
He said the old Air Commerce
Bureau, which the CAA
CAA
succeeded,
was
shot through with politics and incompetence.
May 2 agreed
on
a rivers
and harbors bill authorizing expenditures of
$110,035,450. The largest item struck out was a $34,509,000
project for improving the East River in New York City.
President Roosevelt had voiced his disapproval of this project
as one
on
that is not needed at this time.
The House
passed a $83,000,000 bill at the last session of
Congress and the Senate on April 24 voted $150,000,000
(noted in our issue of April 27, page 2650). The conference
report now must be approved by both houses.
Senate
Passes
$1,025,057,170
Labor
Department-Se¬
curity Agency Supply Bill—Over $3,000,000 Above
House
Measure
The Senate
on April 26 approved a $1,025,057,170 appro¬
priation bill for the Department of Labor and the Federal
Security Agency.
The bill was returned to the House with
request for
a
ure
a
conference on
passed the House
on
amendments.
March 28
As the
meas¬
(noted in these columns
of March 30, page 2016) it carried a total of $1,021,639,700.
In reporting the passage of the bill, Washington advices of
April 26 to the New York "Times" said:
After
overriding ite own Appropriations Committee yesterday to give
Civilian Conservation Corps $50,000,000 more than was requested by
Administration, the Senate approved without roll calls today all of the
relatively small increases in the bill recommended by the committee.
the
the
TheCommercial & Financial Chronicle
Volume ISO
Aa
result, the bill was larger by more than $3,000,000 than
$1 ,021,639,700 voted by the House, to which it was returned for a
a
ference
its
on
budget figure
was
conference
dition
for
the
for the current fiscal year was $973,307,870
OCC,
both
since
that
in
to
can
House
result
and
in
a
voted
Senate
disagreement
may
occur.
Federal
a total
less
than
The
ad¬
the
Conferees may not touch
be pared,
responsible leader expects
no
Security Agency received the lion's share of increases, get¬
or
for
appropriation
increased
was
the
Division
of
to
$59,529,712
more
$2,843,000
$3,071,000
Economic
of
than the budget request.
or
$178,197
for
by
Research.
Labor Rela¬
which restored
National
the
the
Senate,
The
Senate
total
is,
how¬
budget estimate.
Approves Conference Report on $107,150,000
Bill for State, Commerce and Justice Departments
May 2 approved
conference report
a
on a
bill appropriating $107,150,000 to finance the State, Com¬
merce and Justice
Departments next year.
The total was
$2,514,000 under the budget estimates and about $3,671,000
below the appropriation for the current year.
The bill
carries $20,140,000 for the State Department, $34,060,000
for Commerce, $14,000,000 for Justice and $11,797,000 for
the Federal Judiciary.
Passage of the bill by the Senate was noted in our March 2
issue, page 1357.
when
Senate Overrides Veto and Grants Aid to Veterans for
you, and that
Senate, on May 2, overrode President Roosevelt's
by a vote of 76 to 3 and made a law of the bill to grant
travel, pay and food allowances for officers and men held in
service in the Philippines after the war with Spain.
The
House had overridden the veto 274 to 82, on
April 25 (noted
in our issue of April 27,
page 2651).
In reporting the
action, Washington Associated Press advices of May 2, said:
The President has disapproved three times, but the first two vetoes—
1938—were
sustained
by
Congress.
A
two-thirds
vote
is
necessary to override a veto.
Senator
Burke,
Democrat, of Nebraska,
that the latest
veto
The President had contended that the payments would amount to about
concerned."
men,
"a gratuity to each of the officers and
men
He added that it would be "a benefit
utterly without warrant
since each individual has already received transportation and subsistence
at Government expense
for the journey performed in addition to full pay
for the entire time."
♦
The
May 2, approved a $136,262,834 appropria¬
tion bill for the Department of the Interior in the next
fiscal year.
The bill which was $2,235,220 above President
Roosevelt's budget estimates and $17,684,647 greater than
was voted by the
House, now goes to a joint conference
for
on
settlement of
differences
in
the
two
bill, passed on March 7 and carrying $118,578,187, was referred to in our issue of March 9, page 1525.
Among the increases, according to the Associated Press,
were $13,225,000 for the Bureau of
Reclamation, $1,200,000
for
the Bituminous
Coal Commission and $250,000 to
finance the South Pole expedition under Admiral Richard E.
year.
April 13,
page
of the
objective of this committee,
our
suggestions should
Ends Hearings on Wagner-Lea
Companies Submit Outline of
Acceptable Legislation
~
Banking and Currency
April 26 concluded four weeks of public hear¬
ings on the Wagner-Lea bill to regulate investment trusts,
and then began consideration of proposals
by the Securities
and Exchange Commission and by the
industry itself as to
the extent of such regulation.
At the concluding hearing
on April 26, Arthur H. Bunker, Vice-President of
Lehman
Corporation, presented to the subcommittee a composite
proposal representing the opinion of 25 investment trust
companies as regards regulatory methods.
An official summary of Mr. Bunker's remarks said:
on
making to you will, in
our
opinion, take
of most of the abuses which have been discussed at these
hearings,"
Mr. Bunker stated.
care
"In fact, I think I can say that they will take care of all of the abuses
insofar
as
any reasonable legislation can do so.
"Specifically, these provisions
overnight
changes
in
cover
management,
the subjects of independent directors,
dumping of securities
by interested
parties, and self-dealing; changes of fundamental policies which
are
to
be
prohibited without stockholders approval, abuses in the distribution of
investment company
securities, including dilution of the equity of existing
stockholders, full publicity and disclosure to stockholders in periodic reports,
proper
advices
as to source
of dividends, proxy control, the establishment
of accounting standards, and provisions for complete audits.
as
we
operate with
your committee in any way which you may indicate, not
only in drafting such amendments to the present bill as may be appropriate,
also
in
endeavoring to bring into agreement those members of
industry who would be affected by the legislation, and to whom
not yet communicated these
we
our
have
suggestions."
Among the regulatory proposals offered by Mr. Bunker,
behalf of 25 companies, were the following:.
on
A.
Sub-classification
of Management
Investment
Companies—Section
5
Present Bill—The division of management investment
companies into "openend" and "closed-end" companies is
satisfactory.
The further sublclassifications of this section
to
are
neither logical nor sound, and should be revised
provide for only two types of companies perhaps known
diversified
as
investment companies and securities finance
or holding companies.
A diversified investment company should be defined as a company
(a)
which
to at least
as
75% of its total assets holds
company in an amount greater than
security of any one
no
5% of its total assets and not
more
than
10% of the voting securities of any company.
(b) A securities finance or holding company should constitute
investment
agement
company
any man¬
falling within the requirements of
not
a
B.
Affiliations of Directors—Section 10 Present Bill—In lieu of the elaborate
and complicated provisions of Section 10 of the
bill, provide that the board
of directors of any investment company shall include a minimum
percentage
—40%—of directors who
brokers,
are
independent of principal underwriters, regular
managers or investment advisers.
This requirement for independent representation, plus the prohibition on
self-dealing later referred to, should
remove
possibilities of abuse without
stripping investment companies of competent and experienced directors.
C.
Certain Prohibitions—Section
12
Present Bill—Margin purchases and
joint trading accounts should be prohibited and also short selling in contra¬
vention of rules and regulations of the Commission.
of 25%
Underwriting commit¬
should be limited to
a
maximum
of total assets and should, of course, be permitted only to such
companies who
have in their
proposed to underwrite.
registration statement
declared
that
they
In respect of underwriting, provision should also
be made for carrying on underwriting and related activities through sub¬
sidiaries
or
companies to be owned by more than one investment company.
In the future
5%
and
10%
investment company
no
should be permitted to exceed the
rule advocated for diversified companies in acquiring the
stock of another investment company.
exception,
however,
should
This will put
be
made
in
an
end to pyramiding.
connection
with
trans¬
company systems
simplify existing investment
and in
connection with reorganizations, mergers, &c.
D.
Transactions of Certain Affiliated Persons and Underwriters—Section 17
Present Bill—The prohibition on self-dealing is approved and there should
be prohibited any
securities
or
sales to or purchases from insiders whether of portfolio
other property and also any loans
similar payments should be exempt and it
and
to the Commission power to grant
under certain circumstances to
tions
'
to insiders.
seems
Agency fees
reasonable to give
by general rules and regulations
these flat
exemp¬
prohibitions.
This section also deals with custodianship of the securities of Investment
companies.
It is suggested that provision be made that all such securities be
placed with (1) a bank or trust company subject to Federal or State super¬
vision,
(2) a private banking organization if subject to State or Federal
supervision, or (3) institutions subject to control and discipline of a national
securities exchange under the Securities and Exchange Act of 1934.
The obscure and indefinable provision in Section 17 regarding gross
conduct and gross abuse of trust should be eliminated.
deleted
<
as
be
of charters,
bylaws,
trust
indentures,
&c.
should be
unnecessary.
the future issue of senior securities, provision should be made
a
case
mis¬
Also the provision
Capital Structure—Section 18 Present Bill—In lieu of the prohibition
E.
such
on
for the
the future issue of senior securities of closed-end companies in
manner as
the following—in the case of debentures, there should
minimum coverage of assets at the time of issuance of 300% and in the
of preferred stock, a minimum coverage of 200%. including any
tions
senior
to
obliga¬
Dividend restrictions to correspond
the preferred stock.
should be provided as to future issues of
The Subcommittee of the Senate
are
If,
with your opinions in this matter, those
elements of the industry for which I am now
speaking are prepared to co¬
limitation
Subcommittee
we
namely, to bring about at the
adequate and livable regulations.
on
2343.
Bill—Investment
"The proposals which
Un¬
industry could live and better
agree
some
Committee
before
now
support.
hope,
♦
Senate
our
earliest practicable moment
requiring change
Reference to President Roosevelt's request for additional
for the Antarctic expedition, was made in these
funds
columns of
basis for workable
may permit the realization in workable
form
bills.
The House
Byrd for another
that
or
amendments
some
a
the interests of its stockholders and of the public.
"We hope that our suggestions
Proper
$136,262,834 for Interior Department—•
$18,000,000 Increase over House Measure
committee
that
that they constitute
'
Votes
Senate,
develop
not
may
do say
legislation embodying them would receive
actions designed to
Senate
we
ments of diversified investment companies
urging
be overridden, told the Senate that the
legislation involved between 7,000
and 8,000 claims totaling about $3,200,000.
$7,000,000 for 15,000
But
serve
The
veto
and
by experience it
diversified investment company.
Philippine Islands
1935
tested
be desirable.
legislation, that they accomplish the main objectives of the bill
♦
in
They do
investment companies.
but
♦
Senate
on
complex that
all possible defects of State corporate laws—defects
cure
der such regulations we are certain that the
$109,000 less than the Board requested.
The Wage-Hour Division received in the Senate bill $6,150,000, which is
$1,045,000 more than was voted by the House, although $35,000 below
The Senate
so
be made workable only by vast delegations of power.
can
attempt to
which, if they exist, apply equally to all corporations and not
merely to
budget estimates.
House
Certainty
Our proposals
"We do not guarantee that these proposals are a
complete cure-all
but
ever,
the
not
•
of $858,244,400,
Board
funds
the
increase
to
Earmarked for old-age assistance payments is $245,000,000.
The bill carried $33,310,567 for the Department of Labor,
tions
of
reduction
may
The
ting
flexibility.
takes the place of
uncertainty in the bill now before you.
do not attempt the impossible.
They are not so drastic and
they
reconsideration
2809
"All of these will be
accomplished in a simple manner with administrative
discretion reduced to that minimum required for
which there is agreement.
on
Items
and the
$965,988,642.
or
budget figure of $230,000,000 to $280,000,000.
any item
con¬
amendments.
The appropriation
No
the
preferred stock.
All stock, whether
preferred or common, should have voting privileges; an exception is made
with respect to existing
strict trusts.
Refunding of existing senior securities should, of course, be permitted.
The subsection dealing with redistribution of existing
voting rights should
be eliminated.
Hearings
our
on
the proposed legislation
27, page 2656.
were
referred to in
issue of April
House Continues Debate
on
Wage-Hour Law Amend¬
up Norton Bill
ments—Kills Barden Bill and Takes
The House continued this week debate on legislation de¬
signed to revise the Fair Labor Standards Act.
After so
radically amending the Barden bill, one of the three under
consideration, as to cause even Mr. Barden to join the
majority who voted it down April 30, it shifted consideration
to the Miller Norton bill and on May 1 amended this pro¬
posal to provide that the same definition of agriculture
contained in the Social Security Law be applied to the WageHour Act.
In effect it was said, this would exempt from
the law about 200,000 workers in a number of farm co¬
operatives.
Representative Barden indicated that this pro¬
posal was closely affiliated with his own ideas.
Chronicle
The Commercial & Financial
2810
More amendments to the Norton bill were adopted May 2,
providing that over-time of "white collar" workers could
be leveled out over a yearly period and another exempting
workers in canneries from the law.
After the last mentioned
was
accepted, Representative Norton disowned her bill.
The "white collar" amendment was the proposal of Re¬
one
before
a
subcommittee had been referred to in the "Chronicle'
of March 30, page 2016.
Washington dispatch of May 1 to the New York
A
added:
would file a discharge petition tomorrow on the
another but more tedious way of trying to get the
consideration.
It requires the signatures of
and Mr. Dempsey said he would appeal not only to his
Dempsey said he
Mr.
Speaker's desk, which is
before the House for
measure
against this bill, and
said:
committee.
;
V'
The action
came
opposed, with
a
.
processing of farm products from the 30-cent-an-hour minimum
Before the day
members on the floor acknowledged that they were not
over, many
sure
what they had done and used the
admission
as an excuse
for killing
"I
proceed with
will
consideration
minor amendments to the act
But indications
by the House Labor Committee.
were
of
re¬
that the
gentleman to get
before the House," Mr. Martin stated.
Republican members of the Rules
Committee, of which he is a member, for favorable action on his rule.
With four votes from the Republican side he believed he could obtain a
Dempsey also appealed to the
majority in the committee.
York asked Mr. Dempsey if he could
Representative Barton of New
therefore,
tomorrow,
the Norton bill embodying a series of
ported
leader, joined the
heartily in sympathy with the efforts of the
am
Mr.
the Barden bill.
House
bill."
Representative Martin of Massachusetts, minority
before House adjournment.
this legislation
House
that some members would like to see it scuttled in
But the country is for this
dozen or more changes, one of which at least would have
900,000 employees engaged in
was
The
Republicans, to sign the petition.
recognize," Mr. Dempsey said, "that there are members of the
"I
discussion just
which President
measure,
and the 40-hour work week provisions of the Act,
wage
Democratic friends, but also to
after the House, working steadily for five hours, loaded
defeated its major purpose to remove some
the primary
members,
218
Roosevelt has outspokenly
the Barden
down
<
"Times"
_
presentative Ramspeck, who also has a bill of his own to
before the House.
Concerning the killing of the Barden bill and other action
of April 30, dispatches of that date to the New York "Times"
amend the law,
May 4, 1940
tabled.
disclose the vote by which the measure was
Judlcary Committee were executive," Mr.
Dempsey replied, "and I might say in the extreme."
proceedings of
"The
the
debate tomorrow would hear more of the hint offered in today's controversy
of
"trade" between Democrats from agricultural sections and those re¬
a
presenting urban communities whereby the latter would support the Senate's
increased farm appropriations in exchange
Barden
proposals.
Lose Wage Appeal in U. S. Supreme
Decides They Must Conform to
Labor Department Orders on Minimum Wages If
They Wish to Bid on Federal Contracts—Court
Steel Companies
v
for agricultural votes against the
Court—Tribunal
-
Two developments, one indicating the hand of the Roosevelt adminis¬
tration in the situation, tend
to support this view.
no
Finance Corporation for 1941 funds to finance the farm tenant act.
President's
The
budget included $25,000,000 in direct appropriation for the
and the Senate inserted $50,000,000 tobe obtained through RFC so as not
to show in the deficit.
The $212,000,000 for parity payments and $85,000,-
000 for surplus commodity disposal, with the tenancy item, compose the
In
a
the wage-hour row is disposed of.
addition, Representative Malcom C. Tarver, Democrat, of Georgia,
member of the Appropriations
Committee, spoke in
an
effort to turn
Southern farm State votes away from the Barden amendment.
He did
not, Representative Tarver said, favor "repeal of the wage-hour law by
Advices of May 2 to the New York "Times",
the action taken on the Norton bill said:
Two
particularly important amendments
was
against
under the Public Contracts Act
were
referring to
voted during the day.
by Representative Ramspeck of Georgia to permit the exemption
of salaried, or "white collar" workers, from the hours provision provided
the employer "leveled off" overtime in the period of one year.
Workers
thus could be worked unlimited hours in any week or period, provided that
was
rendered by Justice Black, and the lone dissenting vote
cast by Justice
this case
This amendment had been requested by many business organizations,
which Contended that Congress never intended to lay the basis for a sub¬
'white collar" workers
on
a
strict maximum work
second
important
change
was
that
Bland of Virginia, to exempt workers in canneries.
Norton
declared she
had
received
Representative
When this was adopted,
proposed
word from
by
Secretary of Labor
Perkins that the Bland amendment would exempt 1,000,000 workers from
the hours provisions.
Representative Jones of Texas, Chairman of the Agriculture Committee,
threw the farm bloc's support to the
The Buck amendment
was
Ramspeck amendment.
vigorously opposed by Mrs. Norton, and
she continued her fight on it today, indicating that
a
separate roll-call
vote would be demanded on final passage.
"I know deals
a
a
are
being made
party to any of them," she said.
on
this floor, but I
am
not going to be
"If this bill is loaded with amendments
motion will be made to recommit the bin."
The
House refused overwhelmingly to adopt an amendment by Rep¬
resentative Welch of California which would have made the Buck amend¬
,
ment
apply only to hours, thus forcing the payment of the present minimum
of 30 cents an hour to agricultural workers.
The House adopted by a voice vote the amendment of Representative
of Kansas to exempt workers in livestock
dressing and packing
Coffee
plants from the hours provision for 14 weeks in a year.
Another amendment adopted was by Representative Andersen of Min¬
nesota.
areas.
It would
exempt workers in
dairy processing plants in limited
The only
Madison
the
on
again
ruling,
Oil
anti-trust, and Apex Hosiery
In summarizing the steel
wage
Washington dispatch of April 29 to the New York
a
"Times"
said:
Although the chief controversy had been
a "locality" for basing the minimum
this
over
cases
postponed.
were
dealing
point,
instead
with
the Secretary's
over
wage,
the
power
to
the Black opinion passed
standing
in
court
of
the
corporations.
Lee
Pressman, general
tions and
the
Steel
"clear-cut
vindication
Steel' conform to
counsel
of the Congress of Industrial Organiza¬
Organizing Committee, said the decision was
Workers'
the
of
the laws
of
union's
the
United
long
struggle
States."
to
make
'Little
The
finding, he added,
place "Little Steel" on a competitive basis for Government con¬
tracts with other steel companies now under contract to the S. W. 0. C.,
would
result
in benefits for 200,000 workers, and prevent "Little Steel" from
longer "taking advantage of substandard wages" in bidding for Gov¬
any
ernment
The
contracts.
decision
under
•
was
the
first
the
interpretation of the Secretary's powers
which compels contractors on Government
Walsh-Healey law,
$10,000 to pay the prevailing wage for the "locality"
supplies are produced.
«
Under an order, to have become effective March 1, 1939, in the iron
work to the value of
where the
and
steel
industry, the
States into six
came
Labor Department proposed
"localities"
with
a
minimum
challenge from the "Little Steel"
a
wage
to divide the United
in each.
But at once
including companies with
Pennsylvania, Maryland and Connecticut.
These com¬
panies, prospective bidders for navy contracts, were Lukens Steel, Alan
Wood Steel, South Chester Tube, Central Iron and Steel, Harrisburg Steel,
Eastern Rolling Mill, and Atlantic Wire.
They complained against the extent of the "locality" which, in one case,
covered 13 States, part of another, and the District of Columbia.
A
"locality," they held, meant a local center of manufacture, or a small,
geographical area surrounding the place of performance of a Government
plants
in
group,
eastern
contract.
.
"
•
The Government
Gwynne of Iowa, exempting
an
amendment by Representative
newspapers with a circulation of 5,000 or less
from the wages and hours provisions.
The present exemption is for news¬
papers with 3,000 or less circulation.
to
order, they lacked standing in the courts.
of the decision day was the court
consenting to review the application of the anti-trust laws
to jurisdictional disputes between labor unions.
Decisions
■
The House also adopted by a voice vote
In
The Supreme Court decision said that because
other important action
a
week..
on
rights of the steel companies had been damaged by the
no
sequent ruling by the former Wages and Hours Administrator, Elmer F.
Andrews, putting the
Mrs.
Previous court action
define
year.
The
McReynolds.
reported in the "Chronicle" of Oct. 7, 1939,
was
2167.
page
their annual average did not exceed 40 hours per week, or 2,080 hours in
a
(Walsh-Healey law), fixing
they must pay if they wish to bid on con¬
tracts with the Federal Government.
The majority opinion
minimum wages
wage
indirection."
One
Dispute
was
major Senate increases in the farm bill to be dumped before the House
as soon as
Union
by seven steel companies
of Labor Perkins, issued
April 29 rejected an appeal
an order by Secretary
on
Labor
Supreme Court, by a decision of 8 to 1,
The United States
objection to resorting to the Reconstruction
activity; the House eliminated the item in the agricultural supply bill,
Jurisdictional
Consider
to
President Roosevelt, in a letter to Speaker William B. Bankhead, noti¬
fied the House that he had
our
the
be
included;
legislation.
♦
injunction in the District of Columbia Court of Appeals.
by Justice Black.
Black opinion ran the thought that courts must not
interfere unnecessarily with the executive functions of the Government.
In view of the pending controversy over the Logan-Walter bill, directly
affecting the powers of the executive department, the finding attracted
unusual
Judiciary Committee Tables Hatch Bill
to Extend
Anti-Politics
Provisions to State Employees Paid
with Federal Funds—Vote Is
14-10—Sponsors Seek
to
Force Measure to House Floor
The Senate-approved Hatch bill, to extend the Hatch
Clean-Politics" Act to regulate the political activities of
State employees paid wholly or in part from Federal
funds,
pigeonholed by the House Judiciary Committee on May
1.
The vote was said to have been 14 to 10.
Representative
Dempsey, sponsor of the legislation, yesterday (May 3) filed
a
petition to move the measure from the Judiciary Committee
on to the floor for a vote.
This petition requires 218
signa¬
tures to become effective, and it is
reported that about
70 members signed it immediately.
It is also expected that
a recount of the Judiciary Committee's vote will
be made
next week, since it is suggested that the vote to shelve the
measure
may
have been incorrectly tallied.
Hearings
was
This injunction
reversed
Throughout the
In
House
in
unlimited.
was
was
issue of April 27, page 2651 we carried a reference
commencement
or
consideration
of
Wage-Hour
asserted, however, that if necessary many States might
fact, the discretion of the Secretary in the definition
"Little Steel" lost in a trial court, hut obtained an
interest.
brief,
marized
Justice
his
in
interference
Black
sustained
the
Government
contention,
sum¬
words, namely, that the suit "constitutes an unwarranted
deliberate legislative policy and with executive admin¬
with
istration vital to the achievement of
governmental ends, at the instance of
parties whose rights the Government has not invaded and who have no
standing in court to attack the Secretary's determination."
"We
were
which
are
shown
the
of
opinion,"
to
have
he stated,
been
invaded
"that no legal rights of respondents
threatened in the complaint upon
or
injunction of the Court of Appeals was based.
clear that neither
It is by now
loss pf income in consequence of the action
Government, which is not an invasion of Tecognized legal rights, is in
itself a source of legal rights in the absence of constitutional legislation
damage
nor
of
recognizing it
such."
as
To have proper
group must
as
standing in court, said Justice Black, the "Little Steel"
show
distinguished
an
from
injury or threat to a particular right of their own,
the public's interest in the administration of the
Walsh-Healy Act.
The law, he added, was not written for the protection
of sellers, and confers no "enforceable rights" upon prospective bidders, as
members of the group were on navy
"Like
private
unrestricted
contracts.
individuals and businesses, the Government enjoys the
to produce its own supplies, to determine those with
power
Volume ISO
The Commercial & Financial Chronicle
whom it will deal,
make
and to fix the terms and conditions upon which
purchases," he stated.
needed
"Acting
through its agents as it
for the purpose of keeping its
may
posts by which
and
which
its agents
create
duties
are
to
the
to
of
must
in
the
procurement of supplies,
Government alone.
It
done
has
in
so
the
Public Contracts Act.
administration
suits
of
"It
free
prospective
not
was
desirous
by the executive branch
discretion
of
range
of
violation
from
vexatious
potential
or
intended
to
be
which
the
the
Government,
dilatory
with
adequate
restraints
at
a
Government—but
it
of
is
not
litigable
a
rights
those
upon
litigants—can
com¬
plain.
Thus, a wage determination by the Secretary contemplates no
controversy between parties and no fixing of private rights; the process of
arriving at a wage determination contains no semblance of these elements
which go to make up a litigable
controversy as our law knows the concept.
"Courts have never reviewed or
supervised the administration of such
an executive
responsibility even where executive duties
require
tation
of
the
law.
Judicial restraint of those who
administer
an
the
C.
and
number of tons needed
tion of
cannot
we
expect the
Years
Federal Security Administrator Paul V. McNutt
to
May 1
objectives of the President's proclamation designating the
week beginning May 1 as "National
Employment Week."
(The text of Mr. Roosevelt's proclamation appeared in these
columns of April 27, page 2650.)
Mr. McNutt said that
"it is the duty of all public-spirited citizens to see to it that
every aid is given the unemployed men and women to share
the newly-created work."
He explained that in calling
upon the Employment Service for an intensive week's drive
he had, however, been careful to make it
plain that he would
be disappointed if the efforts to aid the
unemployed to find
work stop.
Mr. McNutt added:
I suggest
up
that during this "National Employment Week" there be set
3,000 permanent local committees of representative citizens—one com¬
heat, light and
power.
while the other blade cuts the
industry, transportation and the
Competing fuels like oil and
referred to in
were
Condition
trade
stimulation.
We can,
effort, and it is
that
my
industry and
unemployment problem by a week's
however, demonstrate the practicability of united
am sure, that of every public-spirited citizen,
commerce will
recognize the vital importance of lengthen¬
barriers
be prepared to
At the same time, Mr. McNutt said the Board had in¬
formed him that job-insurance payments under the
Federal-
re¬
and
the
removed,
Chase
National
throttling trade between nations."
In that event, he added,
nations "can return to the international
gold standard with
some
that
assurance
the
cause
major
creditor
portion
of
it
be
can
nations
debt
maintained"
will
be
in
payments
...
.
willing to
"be¬
.
receive the
goods."
Mr.
Aldrich
continued:
The
it
cessation
of gold purchases
by the United States Treasury would,
have disastrous effect upon our international financial and
to me,
seems
commercial
relationships.
Our
trade
The
foreign exchanges would decline sharply.
adversely affected, and the Allies would be
ability to purchase needed war materials in this
Furthermore, the problem of excess reserves resulting from past
export
hampered
in
market.
would
of
the
of gold
price
be
their
purchases
gold
would
not be solved by this means.
The lowering of
the imposition of tariff duties upon gold imports
and
differ only in degree, rather than in
kind, as to the solution just described.
Either
would cause the
foreign exchanges to decline further.
Either
would
restrict
would
bring about
tariff
the
duties
volume
of
our
increase
an
would
cause
exports.
in
Lowering
public
our
complicated
a
debt,
the
price
the
and
two-price
of
gold
imposition
system
for
gold
emerge.
As
mistaken
as
the
was
policy followed by this country from 1933 to
in raising the price of gold, I do not believe that we can effect a
by reversing this process in a mechanistic fashion.
The rectifica¬
1934,
solution
tion
of
economic
one
Following up this appeal Mr. McNutt announced May 1
that State public employment agencies had made more
place¬
ments in private employment
during March, 1940 than in
other year.
Mr. McNutt said the
Social Security Board had reported to him
that, out of ap¬
proximately a quarter million placements made through the
Employment Service during March, some 218,000 or about
90 % were in private employment.
The Administrator added
that placements with private
employers in March, 1940 were
about 18% higher than for the same month last
year.
trade
Institute of Banking.
The gold
be solved after the war, Mr. Aldrich
said, if
is possible to remove those barriers which
have been
reversing
month of any
international
can
intervening
same
be
may
in
Chapter of the American
problem
ing the country's pay rolls.
the
liberalism
Winthrop W. Aldrich,
Bank, said in the May
"Chapter Notes,*' published May 1 by the New York
issue of
our
hope and, I
economic
Chairman of
to
,
solution of
issue of
our
The solution of the gold
problem must await the end of
the war in Europe, when nations
job placement.
a
genera¬
gas come from
Problem Solution Must Await
Ending of War,
Winthrop W. Aldrich—Chairman of Chase National
Bank Says Lowering of Trade Barriers Is Essential
of
We cannot achieve
em¬
Gold
mittee in every country—to go over the whole Federal and local
govern¬
mental employment program and to
keep constantly at work stimulating
individual
"continually cuts the number of
of coal,
carry on
Hearings of the Committee
April 27, page 2652.
"it
on
called upon all State directors of the Government's
Employ¬
ment Service to unite in a Nation-wide effort to achieve the
of
years.
he said,
ton
may
Security Administrator McNutt Calls on Di¬
rectors of
Government's Employment Service to
Unite in Effort to Carry Out National
Employment
Week, May 1-8—State Agencies Made More Place¬
ments in Private
Employment in March than Other
some
methods
practically laborless industries.
establish
Federal
improved
The risk should be widely distributed."
needed to produce each
Govern¬
>
by machines
"that
"One blade of the
scissors,"
a
ment."
he added,
78,000 coal miners in the last 15
interpre¬
purchasing would constitute a break with settled judicial practice
departure into fields hitherto wisely and happily apportioned by the
genius of our policy to the administration of another branch of Govern¬
labor
Thomas P. Kennedy,
Secretary-Treasurer of the United Mine Workers,
I. O., testified that
technological advances have displaced more than
ment's
and
employers voluntarily have assumed
of
payment of dismissal wages.
costs by himself.
He, too, may be the victim of changes
technology brought about by his competitors or by changes in other
in
the
self-imposed restraint for
private
of displacement
"It is evident,"
men
bestowal
2811
some
ployer to bear these
traditional
Government
our
sellers.
selling to the Government;
of
of
and
cost
through the
industries.
"That Act does not depart from but instead embodies
principle of leaving purchases necessary to the operation of
to
Dr. Lubin said that
the
Government
in order lay down guide
the
necessity,
house
own
proceed
it will
reversal
In
of
a
Too
many
This
serve
to
not
that
mean
Specie
dissuade,
to
private gold
and
holdings,
deposit liabilities.
Federal
Reserve
ditional
powers
Neither
the
a
reintroduction
reduction
a
under
of
follow
Such
the
in
member
Board of
safeguards,
requirements.
gold coinage,
nor
passive
a
would
an
increase
bank
reserves
the
be
member
raise
bank
reserve
requirements,
conferring
advanced under
is
the
given
ad¬
ad¬
of
ditional powers upon the Board of Governors of the Federal Reserve
to
rais¬
from
Governors of
adequate
reserve
present
action
doubt, also bring about
no
thus
resumed.
its
at
monetary authorities
further step
might,
maintained
States should
be
raise member bank
to
be
the United
prevent, the
and
As
System
should
should
payment
if not
ing the price of gold, and would,
in
a
.
the price of gold
does
policy.
brought about through a mechanistic
developments have occurred in the
too many adjustments have taken place, to make such
success.
gold
be
cannot
error
process.
opinion
my
level.
the
years,
System
impression
.
State
unemployment compensation system amounted to
$132,500,000 during the first 3 months of 1940.
He said
this total represents an increase of
7% over payments for the
same quarter of 1939 in the 49
jurisdictions where benefits
were payable for both
periods.
that
it
urged
Completes
Technological
foreign
Hearings on
Changes—To
Unemployment
Plan
Final
Temporary National Economic Committee on April 26
hearings on the effect of machines on unemploy¬
ment.
Representative Joseph C. O'Mahoney, Chairman of
the group, said April 30 that the committee would
plan its
executive
session
late this
week.
The
authority of the committee expires in December.
Chairman
O'Mahoney said he does not intend to seek any funds in
addition to the $75,000 remaining to the committee.
Testifying on April 26, Dr. Isador Lubin, Commissionor of
Labor Statistics, said that some types of
unemployment are
the price that society must pay for
technological advance,
and that society should therefore meet the cost of
caring for
its victims.
A Washington dispatch of April 26 to the New
York "Times" outlined the day's
testimony in part, as
follows:
Board
unemployment insurance
statment
He advocated
Mr. Gill took issue with
always
a
taking much the
same
line
as
that
of
permanent public works program.
one
argument frequently advanced in the
com¬
at least in part,
in the construction of the improved
machinery.
on
country
a
as
of
means
giving
increases
1933
in
monetary
our
in
and
the
1934.
authorities the
tendencies.
—
capital investment in
National
of
Association
of
Se¬
of the National Association
of Governors
of
at their-annual meeting in Washington
to the Securities and Exchange
SEC had asked for advice
the
on
better
how
to
carry
out
the purposes
of the Holding Company Act than through its
rule U-12-F-2.'
It has not been made public.
Meanwhile the Association's Business Conduct Committee
on
April 30 perfected machinery for hearing appeals of de¬
in trade practice complaints by
cisions
and
when
calling
the Board of Gov¬
up cases for
review, when deemed neces¬
appeal has been made.
An official announce¬
no
by the Association continued:
The Committee
made
its report
to the Governors at their two-day meet¬
ing being held at the Carlton Hotel in Washington,
D. C., on April 29-30.
Blair, Bonner & Co., Chicago, presided
meeting of the Board.
«
■
The procedure of the Association provides for appeals from District Busi¬
over
Francis
Bonner
of
of
•
.
Conduct
ness
Fair
Committee
decisions
Practice to the
in
Board
cases
and
involving
from
the Board
violations
to the
of
the
Securities
Exchange Commission and from the SEC to the Federal Courts.
The
must
A.
the
original hearings
further
made
by the Association's special committee on
"arm's-length" bargaining.
The report was submitted after
product, he said, have been made with little
no
make
to
the mistakes
require to check expansionist
report submitted
and
or
is
Commission
sweeping improvements in the productive capacity of
industry which have displaced workers or reduced their number per unit of
machinery.
first proposal
April 29 and 30, approved on the second day of the meet¬
ing the
Rules
Some ©f the most
new
this
to repeat
Governors
of
Chairman
hearings, that unemployment created by technological advances is
made up,
urged
may
The Board
ment
a
is
thus
Securities Dealers,
sary,
are
The
Accepts Report to SEC on "ArmsLength" Bargaining—Annual Meeting
Held in
Washington—Quotation Service to Be Extended
inadequate because job¬
the committee in
gold problem.
curities Dealers
beyond the period for which insurance is payable,
Corrington C. Gill, Assistant Works Projects Administration Commissioner,
mittee's
they
ernors
lessness often extends far
Dir. Lubin.
the
and
Report
The
told
wish
exchanges,
second
The
concluded
Present forms of
of
step necessary to restore the monetary character of gold and
a
check upon those who, by reason of the decline in the
price of gold and
This Week
an
solution
♦
TNEC
report at
a
as
a
constitute
to
power
final
constitutes
Business
Conduct
on
be submitted
Committee,
all appears
to the
Board
or
as
an
agent of the
reviews, but
for action.
any
Board,
holds the
decisions in such cases
Clifford S. Ashmun of C. S. Ashraun
The
committees also reported to
Weeden & Co., San Francisco,
following national
the Board: Quota¬
chairman; Uniform
Milwaukee Co., Milwaukee, chairman;
Salomon Bros. & Hutzler, New York,
Education, Y. E. Booker of Y. E. Booker & Co., Washing¬
Joseph T. Johnson of the
Technical, Henry L. Rosenfeld Jr.,
Practice,
chairman; and
ton, D. C., chairman.
and
reported a full attendance of all 21 members of the
Committee Chairmen, who comprise the Advisory
Bonner
Chairman
Board
San
& Co.,
George W. Davis of Davis, Skaggs
Clifford S. Ashraun of C. S.
Snider &
Wright,
Prescott,
President
program.
Co., Atlanta; Charles B. Mer¬
Howell Griswold Jr., of Alex.
Brown & Sons, Baltimore; Arthur S.
Burgess of Biddle, Whelen & Co.,
Philadelphia; Frank Dunne of Dunne & Co., New York; Nevil Ford of the
First Boston Corp., New York; Perry E. Hall of Morgan, Stanley & Co.,
Inc., New York; Laurence M. Marks of Laurence Marks & Co., New York;
George S. Stevenson of Putnam & Co., Hartford; and Pliny Jewell of Coffin
Henry B. Tompkins of Robinson-Humphrey
rill of Merrill, Turben & Co., Cleveland; B.
Breckinridge Long TelU Foreign Policy Group United
States is Governed by Desire to Remain at Peace
Frank C. Paine of Paine-Rice & Co.,
Advisory Council is as follows:
The
again.
Inc., Boston.
& Burr,
address before the Forum on
Defense
is governed by a desire to remain
United Press advices from Washington, May 2,
Long's address as follows:
Mr. Long said that every act of the State Department has been directed
at keeping this country out of the European War, but cautioned that the
summarized Mr.
by the Association prior to
with respect to its quotation
on
in progress
course
said that the
"the paths of peace and the difficult and
surrendered none of the rights of any
of neutrality" has
individual American.
service:
that "we have refrained from
He added, however,
the exercise of certain
exercise of those rights would take American citizens
and American property into combat zones."
He lauded the reciprocal trade agreements program, asserting that its
study the program of the Association
will
Governors
Department, in following
State
tortuous
in its efforts
to supply financial communities in every section of the country with quo¬
tations on over-the-counter securities.
This service was recently extended
to Texas.
California, Nevada, New York, New Jersey and Connecticut
were
previously being supplied with quotations.
Plans are under way to
start publication of quotes in Pennsylvania and Delaware in the near future.
An extension
of this service into Illinois, Indiana, Iowa, Michigan, Ne¬
braska and Wisconsin is looked for soon.
The problem of unifying trade
practices
(deliveries, figuring of interest, trading on a when-as-and-if
issued basis, etc.) will be gone into.
The 14 District Committee chair¬
men, who comprise the Advisory
Council of the Association, will report
The
United States foreign policy, Mr. Long
In his discussion of
announcement given out
An
of the fact that hostilities also are
Nation must not lose sight
in the Far East.
Hostetler and Murray
the meeting said,
on
at peace.
Joseph
present were Wallace H. Fulton, Executive Director, and
Hanson of Counsel for the Association.
Also
Washington
at
policy of the United States
Estabrook & Co., Boston.
C.
Secretary of State, in an
Foreign Policy and National
May 2 said that the foreign
Breckinridge Long, Assistant
Co., San Francisco; Ralph G.
Bulkley of R. G. Bulkley & Co., Denver; Lawrence B. Woodard of Woodard-Elwood & Co., Minneapolis; John H. Barret of Stern Bros. & Co., Kan¬
sas
City; Chas. B. White of Chas. B. White & Co., Houston; Walter W.
Ainsworth of the Metropolitan St. Louis Co., St. Louis; Louis J. Cross of
Paul H. Davis & Co., Chicago; Hagood Clarke of Johnson, Lane, Space &
Co., Inc., Atlanta; Ewing T. oles of BancOhio Securities Co., Columbus;
James Parker Nolan of Folger, Nolan & Co., Inc., Washington, D.
C.;
Francis Crandall of Mellon Securities Corp., Pittsburgh; Harry W. Beebe
of Harriman, Ripley & Co., Inc., New York; and Hermann F. Clark of
Mark 0. Elworthy of Elworthy &
Spokane;
for the far-visioned approach of
through the trade agreements
But in any event, whatever the American people may decide
on
with regard to the peace, it is obvious that the Triple-A, Farm Credit
and the whole farm program must be improved and not weakened.
Farm
income must be maintained and farm expenses must be reduced.
The farm
interest burden must be cut down and must not be allowed to pyramid
Baird of the Wisconsin Co., Milwaukee; Chair¬
Fuller of Fuller, Cruttenden & Co., Chicago;
Co., St. Louis; Robert W.
Bonner; William A.
man
provisions of the peace make room
Roosevelt and Secretary Hull
the
Kansas City; H. H. Dewar of Dewar,
Longmire of I. M. Simon &
Co.,
San Antonio; John R.
Robertson & Pancoast,
any
agricultural prosperity, we must fight attempts that are sure
to destroy essential parts of our agricultural adjustment
machinery.
For after the war buying comes to an end, we will need this
machinery more than ever. -There must be agricultural preparedness as
well as military preparedness.
There must be preparedness for peace as
well as for war.
The agricultural problem can be made much simpler if
Donald C. Bromfield of Garrett-Bromfield & Co., Denver;
Ashmun Co., Minneapolis; John A. Prescott of
Francisco;
can't get
made
be
to
The members of the Board are as follows:
Richard H. Martin of Ferris & Hardgrove, Portland; Harvey Roney of Mit¬
Association.
chum, Tully & Co., Los Angeles;
their precious American
use
they
temporary
District
14
the
of
Couneil
to
which
are:
Tully & Co., Los Angeles.
tions, Frank Weeden of
May 4, 1940
dollars to buy things in this country
place else, notably airplanes.
If to win the
war
the British and French are forced to buy farm products from the
United States, they will do so.
Otherwise not.
It is all a question of
bard, military, business necessity.
Whatever happens, there is trouble ahead for American agriculture.
We
might as well recognize it and begin to prepare for it.
For example, if
we
hold completely aloof from
Europe and Asia after this war comes
to an end,
it is obvious that our exports will rapidly dwindle to the
merest trickle.
That means that Triple-A, Farm Credit, Farm Security,
and all of the other agencies of the Department of Agriculture will have
the biggest task on their hands which they have ever faced.
If, because
of unusual European
war buying of farm products, there should
be a
wish
Company, Minneapolis, is Chairman
Donald 0. Bromfield of GarrettBromfield & Co., Inc., Denver; Frank Dunne of Dunne & Co., New York;
Pliny Jewell of Coffin & Burr, Inc., Boston; John A. Prescott of Prescott,
Wright, Snider Co., Kansas City, Mo.; and Harvey Roney of Mitchum,
Other members
Committee.
this
of
Chronicle
The Commercial & Financial
2812
rights because the
order in the world is simple."
relation "to peace and
four main points of
The
United States foreign policy today, he
said,
(2) to keep alive and preserve all American
rights; (3) to minimize during its course the evil effects of war upon com¬
merce and industry, and (4)
to plan with hope that after the war con¬
ditions will be so stabilized that in peaceful pursuits, established under a
(1) to keep out of war:
ate
broad program of
trade agreements, nations will be prosperous,
reduced to a minimum."
peoples
contented and the causes of war
activities in their districts.
Revenue
Gross
Associations
Bankers
Assails
Wallace
Secretary
,
as
the program of the
ing associations are seeking to defeat
Department of Agriculture to establish a 3 y2% interest rate
for farm loans on a permanent basis, Secretary of Agri¬
declared on April 27 in a speech
culture Henry A. Wallace
meeting at St. Paul, Minn., sponsored by the National
Farmers Union and the National Federation of Grain Co¬
at a
He said that the current 3Y2% rate is being
by a compensatory arrangement with the land
costs
the Federal Government
$40,000,000
operatives.
maintained
which
banks
yearly, and added that for this reason he has proposed that
bonds
bank
land
existing
rate
in
market.
the
in
The
Secretary, in his address, said,
part:
The Farm
fights,
Credit
and
give
them
of
be, is only
may
significance
utmost
world
democracy.
one
of many
to the future of
Fundamentally,
the
our
one
we are
decent
a
the
pay
the
of
all battling is the right to live in our homes year
with enough money to feed and clothe our children properly
year,
must
are
future
the
and
thing for which
after
fight, bitter though it
of which
all
Nation
education.
of
price
In
cooperation,
to enjoy these
order
of
study,
of
rights, we
and of
watchfulness,
understanding.
We
want
what
dictator from
no
do.
to
But
either
a
Street
Wall
welcome
do
Washington telling
or
us
which
gives us the
machinery for expressing our wishes through local leadership and through
which the local leadership can combine for united national farm programs.
This
ing
of
the
is
have
bitter
The
minorities
in
Trojan
horse
communists,
out
an
economic
if
to
the
forced to
This
of
our
efficient modern democracy capable of stand¬
from within or from overseas.
Trojan
overseas
rank and
vaulting ambitions,
because
file of
think
the
they
They think they
bitter
racketeers.
The
sense.
is
To
of
out
meet
farmers
last
and
the
Old
challenge
the
to
Sept.
tobacco
have
1
very
the
of
Trojan
build a
out
of
dictators
but also in
democracy.
burdensome debt,
are
democracy is threatened at its
very source.
the
on
most
serious repercussions
the outside world has
than
Dealers,
of
sense,
backbane
income and
can
people.
it
did
during the
all agri¬
taken about 20%
less
corresponding period
a
and economic reasons, England and France are
much of our farm produce as we might wish.
So far as possible they are going to try to buy within their own empires,
from countries like Rumania and Turkey, for political reasons, and from
year
not
ago.
For
are
because of reduced
certain
Since
place
unemployment,
of
attitude
the
of
common
can
and in Latin America.
fully prepared, not only in the military
farmers,
food
countries
to the
leave their land, then
war
culture.
their
of
out
be
need
an
certain
opposed
this country
we
But
in
in
government
whether
threats,
worked
dictators,
horses
soul of
very
against
up
horses
we
political
likely to buy nearly
countries
like
will
more
buy
Argentina,
than
as
where the English pound
they will
in
this country.
The law has little power
and the French franc
The British
and French
"to make men honest, competent
unselfish," John M. Hancock, Governor and Chairman of
the Committee on Stock List of the New York Stock Ex¬
or
change, said on April 20 in an address at
the Accounting
Corporations in Chicago.
Mr.
Hancock's subject was "Responsibility to Investors on the
Part of the Public Accountant and His Client."
American
business and American business men, he said, "can be led
Clinic
Annual Reports of
on
improvement in practice that will command public
and respect.
I am glad that they cannot be
driven."
Mr. Hancock said, in part:
to any
confidence
Government-
replaced with
be
guaranteed bonds which could be sold at a lower interest
Exacted from
Corporations,
Investors
State bank¬
The American Bankers Association and some
Figures Should Not Be
John M. Hancock Tells Group
of
Accountants
at
Chicago—New York Stock
Exchange Governor Speaks on Responsibility to
All
Credits—Tells St. Paul
Gathering That Powerful Interests Oppose 3l/%%
Agricultural Loans
Farm
Low
of
Enemies
believe
I
believe
the
backbone
of
American
the
stockholders
are
the
that
management
which places their interests
business.
I
first in a truly
the long-range view will do the best job
for all concerned and gain the greatest reward for themselves.
I think
stockholders are entitled to better corporate reports than they are getting
enlightened
today
self-interest
from
better
get
I
companies.
many
stockholders
with
reports
believe that if industry will see that
will have served the purpose of
they
in general, and particularly
public is widely interested,
quickened by the developments of late years.
That part of the legislative and regulatory work is all to the good.
My
difficulty is that I believe the benefit of a State is best served by a
sound, healthy -business life, and that some of this legislation hampers
or prevents
this sound, healthy business life.
Much of the legislation is
claimed to be justified by the public's rights to the "facts."
This so-called public demand for the facts creates a danger if it is
met only by only the facts asked for.
As long as the "facts" are not
the only important thing, people are going to allege that they were misled
by statements of facts.
It is a long, slow, painful process to educate
people to understand the limitations in so-called factual statements, and
there is the nub of the responsibility upon management and auditors to
be careful in their public statements not to say anything which is rea¬
I believe that industry
industry in general.
the
managements of corporations in which the
have
their
had
consciences
sonably subject to misconstruction.
pervade the entire writings of men
been expressed by one writer who
says: "The time has come, in my opinion,
to exact uniformity in the
reporting of gross revenues."
I am in entile disagreement with that
concept of further compulsion as to such matters.
I do not believe in
any such kind of compulsion as an effective remedy, for when the attempt
comes
to state the
degree of compulsion, or the standard of disclosure
to be adopted, the standard will be a low one or else the compulsion
will not work nor will not be uniformly applied.
This is the question
which has been under discussion in the form of the public reporting of
One
other
interested
gross
would
hand,
in
all
in
sales.
come
I
am
cases.
thought which seems to
this subject today has
I wish every company
to
not
it
if
it
were
ready to
That
is
the
to
could be in the position where no harm
reveal
this
information.
On
the
other
that this information should be public
demand of those writing most about this quesargue
Volume
tion.
not
us
that
assume
I
its gross sales,
report
have
to
Let
i
The Commercial & Financial Chronicle
ISO
am
and
that
right to this information
a
disregard
revealed
the
would
opinion
of
be injurious
stockholder
a
have
the
a
does
that
the conclusion
to
come
which
company
I
annual
report.
Would I be wise
that this figure if publicly
management
a
to
I
in
of
interests?
Wouldn't I be wise to find
out whether, in my opinion, it would be harmful to me to have the fact
revealed?
If
stockholders
should
nor
I
to
come
feel
the
there
that
same
be
my
conclusion, and if
about it, I see
compel
management
only to stockholders but to the whole world.
am
not
stockholder
a
pany's
stock
on
stock
and
his
or
claim
I
to
the
have
On
this
reveal
to
fact
other side, if I
the
right to buy any com¬
a
I
which
information
be
must
that the owner of the
assume
the right to say whether he wants to
the owner the right to say he does
Hasn't
the
to
that
as
I not also bound to
terms?
sell
to
I
terms
own
am
representative has
what
on
choose
and
my
supplied with, then
right anywhere else—
no
not
of my fellow
majority
a
way
power—to
who
demands
be
information
certain
York,
on April 30 at exercises at the
Sub-Treasury Build¬
ing, Wall and Nassau Streets, New York City, in observance
of the 151st
anniversary of the inauguration of George
warned
Washington.
he laid
George
Washington took the oath of office here on April 30,
1789, he little realized that in a brief space of
years—short as history meas¬
sell
ures
not
given
freedom, opportunity and
time—the infant Nation
would
the world?
If this information is so important, then I believe the pros¬
pective buyer should not buy if he cannot get the information he wants.
in
a
see
no
doesn't want
and
owner
if
he
to
anyone
sell
to
who
had
Mr.
for
reason
shall
in all
step
give
demand
and
in
information to
up
who
who is not an
the
that
someone
probability wouldn't be able to
owner
the information
use
it.
Hancock
summarized
the
duty of the auditor as to
judgment, arrived at freely after reasonable
and based
adequate facts
on
(a) What the
(b) What
holders
and
stockholders
its
compared
other
to
security
reasonably discernible
no
preventable fraud
or
prevented
from
them
being larger.
it
and
assuming
industry
that
Committee
Manufacturers,
"remiss
been
has
American
of
in
Association
National
the
April 29 chided William L.
on
Federation
Labor executive,
of
of
Hutcheson,
for labor's lack
of
cooperation in defending the American system of free,
private enterprise.
"The common interest of both labor
and. management must rest in the continuance of the Amer¬
ican
system," Mr. Hook said.
Speaking
nation-wide
over a
NBC blue network hook-up from Cincinnati, the broadcast
was
made in reply to last week's radio address by Mr.
Hutcheson, speaking for labor.
Hutcheson "issued
of American
has
of
industry
been
not
.
that industrial management
.
of enterprise
of
concern
listed
.
sufficiently alert and zealous in the defense
that freedom
mon
Mr. Hook recalled that Mr.
blanket charge against the executives
a
both
which ought to be the
have "involved
in
us
so
and
many
labor."
and
management
number of strictures
a
Mr.
com¬
Hook
retarding factors which
minor and detailed engage¬
that we may not have succeeded in
consolidating
the support of all the forces that are available for defense
of American industry and the American
ments
Con¬
tinuing, Mr. Hook said:
public
their
not,
the
to
train
Mr.
as
facts
"that
Hutcheson
restrictions
succeeded
says,
business
on
in
awakening the
inevitably
bring
in
contraction
and unemployment"
and that "mounting taxes
business to expand payrolls."
Nor perhaps have we
used sufficient vigor, in his words, "to drive home to
government and to
the public that national progress depends
upon
liberating management
reduce the ability of
and
labor
from
American
the
by either
years,
clutches
industrial
of
bureaucracy."
have
managers
labor
other
or
groups,
take
to
encouraged
the
in
leadership
recent
that
Mr.
of
free
chides
us
enterprise.
We
have
freedom
only of employers but also of wage earners and, indeed, the
of
the
progress
of the American people toward a
higher
living.
Nevertheless we have heard from many a platform
continuance
of
standard
our
the
motives
of
of
not
been
denounced
encroachments
offers
for
as
assuming
that
aware
in
defense
in
this
of
our
system
system
involved
are
and
narrow
the
utterly selfish, our opposition
bureaucracy imputed to blind reactionism, and
cooperation spurned
to
our
attempts to dominate the life and labor
of the people.
In such circumstances perhaps we have been too backward
in presenting our case to the public—the case of
American industry in
the aggregate, which is the American people in their role of
earning a
living.
Right
known
is
make
to
now,
the
to
carrying
American
on
We
the
become
to
ditional
ideals
outspoken
an
of
objectives
of
Association
industry
of
better
Manufacturers
of mobilization for understanding
this month and will go on for many
continuing effort to achieve the ultimate ideal.
broadcasts, in correspondence, and in
being held from coast, coast that
self
and
program
It is going
looking toward a
asking in radio
are
principles
people, the National
nation-wide
a
of private enterprise.
months,
as
America;
on
every
advocate
that
he
patriotic
of
miss
the
industrialist
free
meetings
him¬
pledge
institutions
and
tra¬
no
opportunity to broaden the
importance of free enterprise as
appreciation
and understanding of the
from the whole structure of freedom; that he make clear the
industry can make to the national welfare if the
arbitrary restraints-placed upon it by government are removed; that he
inseparable
increased
in
in
thought
comply with
industry's own enlightened interest, not only to sub¬
to the principles set forth in this Declaration, but to
them
in
fact.
♦
United
States
Against
structive
Must
Be
Attack from
Prepared
Without
Defend
to
Itself
and
Against De¬
Ideologies from Within, Says President
Lawrence of State Chamber of Commerce
The
down
humble
to
tasks
us
1
May
make
to
we
keep
it
gesture
in
ever
simple
a
to
tribute to
pay
day
in
the
smaller—in
1789
and
distance
has
war
in our history
leadership made
whose
man
between
grown
nations—
destructive
more
are
That
tearing
these
prepared
feel safe
may
forefathers
our
against
•
nation
no
to
at
from the
intolerance, hate and lust for
heart
half
the
of
world.
earth
us
ourselves against any attack
of destructive ideologies within.
Organization
We
in
see
small,
must
we
defend
the growth
from
the
weak
ever
without
be
and
of
Employers Council in New York
by San Franciscan—Almon E. Roth
Annual Meeting of N. Y. Chamber of
Addresses
Commerce—Reports Adopted
cize
the
fought for being crushed to
shall not happen to
things
by
Chamber
Criti¬
Patman
Bill, Cotton Allotment Plan, and
Proposal for Single Grade of Milk in New York
City
.
New York
employers might well follow the example of San
Francisco employers and form an
employers' council, Almon
E. Roth, President of the San Francisco
Employers Council,
declared on May 2 at the annual
meeting of the Chamber of
Commerce of the State of New York in New York
City.
Mr. Roth warned that Harry
Bridges, head of the West Coast
Maritime Union, affiliated with the
Congress of Industrial
Organizations, is
his way to New York to become active
on
in maritime union affairs here.
waning
the San Francisco
I realize that there
He said
Bridges' prestige is
discussing work done by
Employers Council, Mr. Roth said:
the West Coast.
on
After
many industrialists who still feel that group bar¬
gaining by employers breaks down the normal relationship of employment
by interposing a third agency between the employer and his employees.
Many of these employers have been wise enough to put their houses in
order by
paying fair
are
wages
and establishing enlightened programs of
em¬
ployment relations.
Because these farsighted employers have
wisely eliminated some of the
major
causes
for union demands, they are not
as
vulnerable for the moment
of their less wise fellow
as some
employers.
But let them not be deceived.
Experience in many cities proves that they have not been forgotten. They
have merely been granted a stay of execution.
I
am
in entire sympathy with the philosophy upon which such
employers
stand.
Unfortunately,
we
the
like it
or
however,
be
must
we
not, labor is in such
a
realists
and
admit
day of rugged individualism in labor relations is
majority of employers.
Too
often,
that,
strong position in this country
irrespective
of what
over
the
for
the
individual
employer and his employees may think about the matter, outside union
agencies are stepping in to first, exact the right to bargain for such em¬
ployees, and secondly, to dictate the terms of employment. Unfortunately,
few employers and their employees are today permitted to live their own
labor relations lives.
that this is all
wrong,
and I will agree with
you,
but the
fact remains that it is true and that employers must face the situation
realistically.
Furthermore, every employer,
no matter
how strong or fair
he may be, has a real state in the community pattern of wage scales and
working conditions which is being wrought daily through collective bargain¬
ing by other employers in his industry.
has suddenly
seniority,
Many a self-sufficient employer
awakened to learn to his dismay that closed shops, unlimited
check-offs and unreasonable
wage
scales have become the in¬
dustry or community fashion through union pressure
on
other employers
who have either lacked the courage or the economic strength to resist union
demands.
It is most embarrassing for such an employer, when he finds
himself facing a strike or an arbitration, to learn that the prevailing wages
or
working conditions for his industry or community have already been
fixed for him by other employers.
Group bargaining on an industry-wide basis or cooperation by individual
employers through an employer's council, does not
as some
fear sound the
death knell of enlightened relations between the individual employer and
his employees.
While
group
bargaining does make for standard
hours and working conditions, it does not mean the end of foremen
wages,
training,
liberal insurance and health programs, or for any other of the many fine
things which some enlightened employers have established
labor relations activities,
or even
have not yet been adopted.
As
as a part
of their
in other industries where such programs
a matter
of fact, industry-wide associations
and employers councils can prove most effective agencies for the extension
of enlightened labor relations.
contribution
pledge himself,
scribe
hope
and
The world has grown
You may say
been
not
Hutcheson
not
time
memorable
that
nations.
that
have
we
well
handed
our
whether
of life."
way
But
in
Advocated
responsibilities," Charles R. Hook, Chairman of
Executive
the
that
Today
Hook Assails Labor's Lack of Cooperation in
Defending American System of Free, Private Enter¬
prise—Chairman of Manufacturers' Association
Says Common Interest of Both Labor and Manage¬
ment Rests in Continuance of This System
charges
to become the greatest land of
known, and that by the year 1940
for the survival of democracy
truly our forefathers built 1
How
ever
sole
far-reaching.
R.
Answering
How
they
pause
same
possible.
since
♦
C.
we
the
at
alert,
creditors.
world.
the
observance of the
anniversary of one of the greatest events
things
owes.
have
(c) What the management has accumulated from income over the years,
lessened by what it has returned to stockholders by way of dividends.
(d) What its true earnings were for the past year, being also satisfied
that
Today
conquest
has and what it
company
position
virtually
heritage
a
destined
was
progress
sacred!
caution
care or
as to:
become
war-torn
precious
and
present an accurate but summarized picture of his deliberate
gathering of several hundred
a
statue, whose
by the Chamber and upon which
wreath, Mr. Lawrence said:
a
When
it
I
Speaking to
persons from the foot of the first President's
erection was brought about
to
man
2813
freedom and progress, Richard W.
Lawrence, President of
the Chamber of Commerce of the State of New
United
States
against
must
be
prepared
to
defend
as the new President of the Chamber,
H. Johnston, Chairman of the Chemical Bank &
Trust Co., evoked applause from the 300 members present
when he pictured New York's industrial prestige as being
badly in need of defense from attacks by the Federal govern¬
ment.
He
said:
"This is my city, I love it, I want to
fending," he said.
"We
are
defend it—God knows it needs de¬
the favorite against the field, and a large part
of the field is our own Federal government,
itself
any
enemy
without and against the growth of
dangerous ideologies within if it is to remain the land of
In his first remarks
Percy
destroyers.
It behooves all of
us
which is foremost of our would-be
to enlist in the campaign of preserving
the greatness and prestige of our metropolis.
"In addition to the solemn oath
loyalty
sworn to
I have just subscribed to
by chamber presidents
on
(the oath Of
taking office) in your presence
I
Richard
W.
the retiring president who had
Lawrence,
as he turned the gavel over to his suc¬
stepped down from the rostrum.
Philip A.
Benson, Acting Chairman of the committee which nominated
the new ticket, said that Mr. Lawrence had done much to
increase the prestige of the Chamber both in the city and *
throughout the country.
The Chamber at its annual meeting adopted a number of
ovation
an
and
sharply criticizing the proposed cotton
plan, now before Congress.
The
Chamber said the scheme was merely a processing tax under
reports, including one
allotment certificate
another
Bowles and C. A.
George A.
Pink,
undoubtedly possible to devise
the home
of
State
as
will not
seriously interfered with and yet give some reasonable
representation to States
or
Louis H. Pink, Superintendent
New York, who on May 1
of
State
as
a
to
a
with
the
annual
con¬
whole, according to
the
Other speakers included
George A. Bowles, Commissioner of Insurance of Virginia,
0.
A. Gough, Deputy Insurance
Commissioner of New
Jersey.
Mr. Pink said that the present dispute is not between the
so-called convention examinations and purely State examina¬
tions, but rather between those "who believe that
filed by insurance companies with the states today would
that the state supervisory authorities have ignored the
with the broad superficial facts.
other group, with the possible exception of the insurance
More than any
themselves,
managements
company
the
insurance commissioners
participate in the examination of all com¬
panies whether it is necessary or not and those of us who
believe, because of the very substantial increase of expense
involved and the interference with State responsibility, that
there should be participation only when there is some real
need or sound reason for it."
He also said, in part:
well-managed company welcomes the experienced examiners and
use
through their control of the form and detail of the
financial reports
I shall not attempt to say anything about the form
the care with which they are verified through pain¬
staking and exhaustive periodical examinations.
Others will discuss these
required by the states.
subjects.
Gough discussed the contents of the annual statement
Mr.
filing financial
of the various
States,
The annual statement of an insurance company, he
said, is complete, and if it lacks clarity "the deficiency is due
largely to the attempt to include all reasonable information."
forms to be used by insurance companies in
statements with the supervisory authorities
He further said:
One should not conclude that
the statement blank now used is beyond
It has evolved over a long period of time and will
criticism.
evolve in the direction of serving better
I
opposed to uniformity in reporting assets, liabilities and operating
as
between different companies or different jurisdictions.
The
am
results
problem, however, as I have attempted to point out, is not a matter
blanks but of departmental policy and instructions to
companies.
department still remain within the authority and duty of
to the insurance
the departments to
that can be improved, they want to know it.
sideration, through advices of committees of the National
over a
policyholders which safeguards the public, but there is in addition
to the
the
only the right which insurance supervisors have to take
when it becomes insolvent or when its continuance is dangerous
ever
present threat of publicity.
After giving the companies full oppor¬
commissioners in
companies,
as
experience
on
weakness
any
the disadvantage of the company.
I have known companies to ask for examination in advance of the regular
time because
they believe that
a new
examination will show that matters
formerly criticized have been eliminated.
not be insolvent nevertheless if the
that strict
censure
Even though
practices disclosed
a
company may
are so
reprehensible
is required, that alone may be sufficient to at least
danger the successful continuance of
en¬
Few of the states have rigid civil service requirements for the appointment
of examiners of insurance companies.
But if those states which have
entirely by regular state employees who
many
the work
is
carried
are on a salaried basis.
accounting firms of excellent reputation which
to make examinations of insurance
the subject matter involved indicates, and in the light
the
of the facts presented
basis
a
almost
on
There
are
undoubtedly able
are
companies, yet the danger of employing
outsiders
and the
of
circumstances
involved.
There
is
an
others
are
of the
them
regard
persons
as
altogether toe voluminous;
opinion that they do not give sufficient information.
Paradoxically, there
extracts therefrom for purposes
interested in specific details in con¬
largely publishing houses, which publish
of sale; analysts who are interested in the
and agents of competing com¬
sale of statistical data derived therefrom;
Seldom does
Interests outside
those who make both criticisms.
are
the insurance departments who are
panies.
these forms of
inconsistency in the criticisms applied to
Some
statements.
nection with these statements are
a company.
large volume of insurance to supervise,
cases.
or
by appropriate action applicable to all companies or to individual
resolved
becomes a public document.
It is accessible to anyone and if
all
Association of
desirable, and on the basis
under discretionary powers of the
These are matters which are and should be
statutory requirements
tunity for hearings on the tentative report, the report is made final and
is disclosed competitors may use it to
Such matters are subject to individual con¬
specify.
Insurance Commissioners, when uniformity is
of specific
of
What
specific assets or liabilities, what is acceptable
values should be assigned to
If there is anything that can be justly criticized, anything weak, anything
company
continue to
the interests for whose use it was
Further, my remarks should not be construed as indicating that
designed.
the thoroughgoing way in which they go over all the affairs of the company.
It is not
have
in
probably been responsible for the accounting practices and systems now
number
a
of States should
The
who has taken the trouble to examine
Chamber of
Commerce of the United States.
and
of
the people have not been too easily satisfied. No one
the detailed and extensive financial
We who represent
of those reports, nor
round-table discussion
meeting of
exhaustive research to enable one to see that this covers most
no
population.
our
be willing to say
supervision of insurance, held in Washington in
connection
It takes
details of the business and have been content
be
of Insurance of the State of
addressed
For
intimately
of our people that suitable
provisions have been made through our governmental structure for the
supervision and regulation of that business. In this country, it is regulated
through appropriate officers of the states. These officers, of which I am
proud to be one, are the true representatives, not only of the holders of
insurance policies, but of any of our people who may later become policy¬
holders, or indeed who may in any way be affected by the insurance business.
with the social and economic welfare
reports that are
whereby the
examination
followed by the insurance business in making their
the insurance business has been recognized as so
many years
Gough
solution
some
of insurance company examination
effectiveness
have not hesitated to follow somewhat different prac¬
complicated financial reports.
But the policyholders' interest in the business does not end there.
Participate in Round-Table Discussion of Insur¬
ance
Company Statements and of Methods of
Examination—Group Sponsored by U. S. Chamber
of Commerce Meeting
trol
complicated business there are very few
a
have any use
more
A report on May 1 condemned the plan to establish a
single grade for bottled milk sold in New York City.
form
operations, yet it must be remembered that in
policyholders who would
for a complicated, detailed and technical financial report.
Any such report designed for the direct use of policyholders must be con¬
densed and simplified.
I feel that much progress has been made during
the recent past in the matter of furnishing simple and attractive financial
statements to policyholders.
I have also noticed that in order to bring
company's condition and
such
ground that it is punitive
recovery.
the
certainly are entitled to complete information about a
They
bound up
H.
in the insurance business, namely, the policy¬
What about the customers
holders?
tices from those generally
urged defeat of the Patman
legislation of the type which has retarded reemployment and
It is
added:
this about companies
name.
Another report adopted May 2
bill to tax chain stores on the
Louis
declared that the insurance business is one
complicated, and clearly impressed with the
public interest.
He declared that it is so fundamentally
different from other businesses that some fundamental
differences in accounting practices might be expected.
He
that is large,
served two terms and was therefore ineligible to reelection,
received
May 4, 1940
Mr. Bowles
and sustain New York City
defend, uphold, cherish
take another—to
against come what may."
cessor
Chronicle
The Commercial & Financial
2814
policyholder ever appear at the office of an insurance
a
department to study an annual statement.
tection offered to him
He relies largely on the pro¬
by the constant vigilance of the insurance super¬
visory authorities and the reputation of the representative of the insurance
in the work of examination is apparent.
It places them in a
position to control secrets which should be divulged only to public officials
and gives them an apportunity at least for selling their service to the com¬
company
panies under pressure.
companies.
department
staff examiners
or
examiners who devote their services
partmental examinations."
somewhat
principle
is
a
most
broadened
in
This resolution
language
but
a
was
exclusively to de¬
resulution
committee
and
recommending
sent
the
to
adopted by the Convention. The examination of companies
important governmental duty and should be conducted by able,
are responsible only to the state.
was
experienced public servants who
It is not only the thorough going-over which the
supervisory authorities
give the companies which is important.
The power to examine in itself is
stimulus to good practices and a deterrent to violations of law
ethical practice.
to
company
Supervision is not
management
an
end in itself but rather
to police itself and improve in
an
every
and
a
un¬
incentive
possible
respect the conduct of its business.
It would be
upon
a
always be in the lead.
the
inter-company
was
dependent solely
Company management must
Assuming always greater powers and functions are
associations
regulation in the business.
progress.
which
provide
the
machinery
In these times when there
is
so
for
self-
great a trend
towards centralization it is doubly important to encourage self-government
in the industry and those things which make for common progress and united
effort.
It is not generally realized that the organizations which have been
perfected for carrying
done
the general work of the industry which cannot be
efficiently by the individual companies are also, in the main, subject
to the
on
careful scrutiny and supervision of the insurance departments.
organizations are examined by
states and their expenses
us or
When
powers
is
it
by the supervising authorities of
and their conduct
are
checked.
These
other
mind that
borne in
corporations, such
the insurance
as
banks and trust
departments have full
of inquiry, visitation and examination with respect to individual
companies, it will be
seen
its transactions, does not
that the company's history, with respect to all
necessarily need to be incorporated in its annual
statement in order that the insurance department may secure
So long as the statement contains
all the facts.
the facts concerning a company's con¬
dition, all information necessary to give periodical indication of changes in
company
condition, to provide the essential facts necessary to the public
and to establish data sufficient to place the insurance
as
to
the development of unfavorable
purposes.
are
as
was
inadequate for the purposes intended.
is a matter
Action on the
facts given therein and as supplemented by additional inquiry,
for the exercise of appropriate judgment on the basis of the
statutes of the
I
am
presented.
particular states involved.
much impressed with the
constructive criticism that arises from
quarters from time to time, which
authorities in the
more
tenance of standards which lead to
ject to public supervision.
advances
aids the various supervisory
intelligent discharge of their duties, in the main¬
better supervisory practices and which
promote improvement in the management
tremendous
Our
the staffs of other insurance departments, to
interpret the figures given therein in the form
various
department on guard
conditions, it will have served its
In the insurance department of my State, we have not felt that
the annual statement form
staff is competent,
basis of the
sad thing if the insurance business
supervision for honesty and
This reliance on the constituted supervisory
with respect to the other regulated
Almost twenty years ago Commissioner Savage of Iowa offered a resolu¬
tion in the National Convention of Insurance Commissioners
asking that
examinations be made only by "examiners who shall either be
with whom he deals.
authority and the person with whom he deals is consistent with his attitude
which
of the financial institutions sub¬
There should be no failure to recognize the
have been made in company practice and
supervisory procedure, particularly the progress since
of state supervision on a
the establishment
sound foundation following the Armstrong investi¬
gation in New York and similar investigations in other states.
So long as
satisfactory development in these matters continues, I will be content.
The Commercial & Financial Chronicle
Volume ISO
Charles
G. Dawes Suggests 4-Point Plan to Balance
Budget—Addresses Annual Meeting of United
States Chamber of Commerce—Former Premier of
Belgium Van Zeeland and W. Gibson Carey Jr.
Among Other Speakers—Chamber Adopts 24-Point
Program
A
four-point plan to balance the Federal budget was pro¬
posed on April 30 by Charles G. Dawes, former Vice-Presi¬
dent of the United States, in an address before the annual
meeting of the Chamber of Commerce of the United States
in Washington. Among the
many speakers at this year's
gathering were Paul Van Zeeland, former Prime Minister of
Belgium, Lewis W. Douglas, former Director of the Budget,
and W. Gibson Carey Jr., President of the Chamber.
The Chamber of May 2 adopted a 24-point program
recommended by its resolutions committee, among other
recommendations, the resolutions urged increased United
States armaments on a "pay-as-we-go" basis. The program
was summarized as follows in Associated Press
advices of May 2:
Commending the steps thus far taken
and air forces, the committee said it
tions
so
to
Washington
the
strengthen
army, navy
imperative to speed up prepara¬
was
that "any potential aggressor, however
powerful and ambitious,
will be fearful to attack us."
1.
By executive order, the President must enable the Director of the
Budget to create
incident to business policy.
2. The President must make it
defense
on
a
pay-as-we-go-basis," the
3. In the first, month of his term of office the President must call the
business organizations of the
at
the interest
in
once
men
of
With these
national safety.
for our safety
The committee suggested further that the organization ask Congress to
"reaffirm its determination to keep the United States out of war, unless
Nation is endangered."
our
,
There was no reference in the proposed resolutions to the question whether
loans should be granted to the French and
English Governments in the event
that their assets in this country are exhausted before the end of the European
war.
public meeting.
Their
4. To help him during his first year, the President must call in
number of "able business executives" to advise him "where the
be
large
a
could
axe
properly and effectively wielded on waste and extravagance."
Mr.
Carey, who also spoke
April 30, Urged business
on
men to meet "a great crisis" by campaigning for an end to
Federal policies which undermine American institutions. He
asked for a return to normalcy in thinking and acting. A
Washington dispatch of April 30 to the New York "Journal
of Commerce" quoted Mr. Carey as follows:
"What
we
conditions
need most in this emergency," said Mr.
Parenthetically,
government.
part of the blame for the lack of this rests
we
on our
effect corrections.
Here
as a
In due
debt.
tivity and the full
use
of
see
reduce Federal expenditure and balance
national budget including our vast Federal corporations.
our
For the future,
people must
those which must be fundamental:
are
we must
I must add that
shoulders.
activity and that of others, we
our
"Carefully but surely,
our
Carey after picturing
they have developed under the Roosevelt Administration,
as
begin paying
and all other citizens."
a
could have of the unspent remainder of his current annual appropriation.
that
readily by business
Government to
bureau chiefs would be ordered to report within 30 days what part each
of the Government and that such economies
believe that any additional burden necessary
Dis¬
mean
dismissal.
be effected in the operations
we
mem¬
that the appointees pledge
support him in reducing expenditures and balancing the budget.
loyalty to the President in his effort to balance the budget would
however, through
will be assumed
condition, in appointing Cabinet
to
"We believe that substantial economies can
economies
a
bers or heads of independent spending agencies,
proposed resolution added.
should be made
organization which will empower him to assemble
an
impartial information necessary for the President to make the decisions
"is sound leadership in
"We should carry our national
2815
our resources
Then
we must
should further encourage produc¬
course, we
by reducing taxes, which are
a
first
charge on the standard of living of every citizen, because they inevitably
are reflected in prices.
"As
we
release the present restrictions on business, substitute clear laws,
applying alike to all
industry, improve
for the dictates of unrestricted administrative
men,
agencies and reinstate
goodwill
cooperation,
and
we
shall develop
new
products and give to our people through
our present
lower prices, purchasing power.
Then we
loans, the committee
for all those who want to work.
Also by this very process, we shall have
on
gone a
Although
.
some
Western members
had
advocated
to such
opposition
was represented reliably as feeling that any stand
the issue would be premature because the Allied assets here were esti¬
mated to be sufficient for from
one
further aided
to two years.
Other highlights of the declarations proposed by the resolutions com¬
,
mittee included:
1.
farmer
"If
enterprise."
again have good jobs
as
ways are
found to
use more
farm products in industry.
This statement, is of course, not to be taken as a full agricultural program.
Basically, what I
Prolongation of the Government's "easy money" policy "threatens
the whole system of private savings and private
may once
long way toward solving our agricultural situation which will be
am
pointing out is that general progress will help the
immensely.
we
do these things we shall occasionally have difficult times as in the
2. Congress should stimulate the free flow of capital into investments by
removing "deterrents" from the laws regulating issuance of private securi¬
social security and with an unimpaired Federal credit, we shall have little to
ties.
fear.
-
3. The Wage-Hour Act should be repealed, and the Labor Relations
Act
fundamentally amended this session.
4. The
Civil
.
past, but with reasonably long periods of prosperity in which to save, with
can
These
solve
are my
our
Aeronautics Authority should remain independent, con¬
this solution will go
liberties.
ment.
counted on to
.
5. Reduced expenditures, not additional taxation, must be relied upon
Act should be re¬
vised to encourage maximum productive activity and a long torn revenue
structure should be
6. Business
men
developed."
should cooperate in an expedited armament program by
granting vacation leave with pay to men in the National Guard while they
are
in
training.
7. Congress should make it
over¬
8. The Department of State should continue to take prompt diplomatic
action against discriminations and
interferences prejudicial to American
rights abroad.
9. The Maritime Commission in Its construction program "should work
closely with private operators" and limit construction to vessels
which they can employ.
especially for military purposes—but also serving general traffic—should
be apportioned between the Federal Government and State or local govern¬
proportion to benefits.
what is of transcending import—the preservation of our
Surely
play our part, whatever sacrifices
in our time can be
we
be required."
may
on April 29 that the
largely depend on the part which the
United States plays in a reorganization of the economic
world after the end of the European war.
We quote from
an Associated Press Washington dispatch of April 29:
Former Premier Van Zeeland said
fate of civilization will
peace treaty
themselves, he said, but once the peace is made the entire
world will be confronted with grave problems.
Mr. Van Zeeland mentioned
as one
possible step after the war the redis¬
tribution of America's huge gold stores through loans.
Declaring that the world must increase production to repair the war's
damage and to meet the needs of the masses, the speaker said that freer
exchange of goods must be attained.
"The idea of creating groups vaster than the national economies of the
economic alliance between France and Great Britain.
"Inside such groups,
the exchange of goods and capital will obviously be done with j&n
freedom,
a
increasing
definite advantage for all those concerned."
Mr. Van Zeeland said also that the "spirit of freedom
and expansion"
should not be limited to goods and capital in the reorganized world, but
11. Federal aid to farmers "should be limited to that portion of the crop
which is
we
present day is getting current," he continued, referring specifically to the
10. The country's future highway program should include a system of
tree inter-regional highways, and the cost of highway facilities provided
ments in
for the statement that
The nations fighting the war will pay a price entitling them to write the
criminal offense to .advocate violent
a
throw of established government or to advocate physical injury to Federal
officials.
most
my reasons
For them our forefathers bled.
trary to President Roosevelt's order putting it in the Commerce Depart¬
to end annual Federal deficits and "the internal revenue
convictions and
problems despite such unfavorable repercussions as there may
And let us not forget that hand in hand with
be from external conditions.
t
should extend to immigration.
domestically consumed."
12. Reclamation activities
are
favored "when the
areas
reclaimed
can use
Emmefct F.
Connely, President of the Investment Bankers'
low
Association of America, told the Chamber on May 1 that
that they can be repaid by the people directly benefited."
13. Federal and State governments should encourage efforts by the forest
or
spending theories of the "Government-must-do-it" school
might lead to a Federal tax on private savings. He said that
the social order which this school envisages would offer no
dispose of their products In
enough
a
dependable way," and when "costs
are
so
industries to establish
a
system of commercial forestry on privately owned
forest lands.
14. Centralization in the Federal Government of control over petroleum
production "would interfere with the development of State measures."
15. Provision and maintenance "of facilities for improvement of public
health
are
local functions, and should be kept so."
problems and its benefits have not justified its
cost.
on
Speaking with some of the directness that
won
him the nickname of
"Hell'n Maria I" in World War days, Mr. Dawes charged that President
Roosevelt's action in abolishing the Federal coordinating service in 1933
was one
as
of the chief causes "of the present condition of chaos in the business
Washington dispatch of
follows:
that the Government must take the
savings from the people and use them in a gigantic and apparently per¬
petual spending-lending program.
April 30 that the next President of the
United States would have to oppose "the largest army of
Government spenders, wasters and patronage-dispensing
politicians" in history.
Associated Press Washington
advices of April 30 added:
Mr. Dawes said
An Associated Press
May 1 quoted him
"Their solution," be said, "is simply
16. Publicly subsidized housing has created many difficult local economic
and social
opportunities for savings to find employment and thus pro¬
vide work.
It is
a
perfect build-up for a tax on
savings."
Mr. Connely
said he understood that unwillingness of the Federal monop¬
oly committee to give investment bankers a hearing was due to a suspicion
that the hankers would ask a review of the securities laws and their ad¬
ministration.
As "a modest program
for early revision of the Securities Act of 1933,"
he recommended:
"(1) Abolish the 20-day waiting period for securities on which adequate
information is already
available to the public; retain the waiting-period
principle, but with some flexibility, for issues of new or promotional enter¬
prises and others with inadequate pubUc records.
system of our Government."
His plan to balance the budget, he
.
until after the registration becomes effective.
ated
wide dissemination of information, prior to sales, that
system of executive control and coordination over governmental
This would encourage the
the Act contemplates.
"(3) Require that In suits under the Act a plaintiff prove that
department.
Mr. Dawes said that "under this new system and Presidential
leadership
during the whole fiscal year of 1922," government expenditures, exclusive
of debt reduction, were reduced from 35,115,927,689 in the fiscal
year
of
Mr. Dawes said that, in "the present
mental business affairs," the
was
next
unparalleled confusion of
President might
carried out in 1921:
statement or omission caused his loss.
govern¬
adopt the following
a
mis¬
Corporations issuing securities, it
should be realized, are subject to suits of this character along with under¬
writers.
"(4) Provide that
1921 to $3,372,607,899 in the fiscal year of 1922.
procedure, which he said
,
"(2) Remove the prohibition against the solicitation of orders during the
waiting period, when it is retained, provided sales do not become binding
same as
system was instituted, he continued. President Harding created and oper¬
a
.
that which
At that time, when the budget
said, was the
President Harding put into effect in 1921.
recovery on
of facts he limited to damages.
seeks return of the full
nature.
suits alleging misstatements or omission
Rescission actions under which
a
purchaser
purchase price should bo abolished in suits of this
,
2816
information
in
accomplished
be
can
practical
more
a
than
manner
at
Associated
same
dispatch quoted
Press
follows
as
address by H. W. Prentis Jr.:
an
Cork Company, of Lan¬
H. W. Prentis Jr., President of the Armstrong
Pa., called on business to "set its own house in order wherever
caster,
unethical practices still
exist," and urged those in charge of public affairs to
of radicals In and out of the
Mr. Prentis said there was a handful
be
ment who would not
and thus make
enough to destroy the present economic system
way
for state
socialism.
He reminded his listeners that they as
defenders of faith In the enterprise
give consideration to
of free people, "should and must
behavior."
our own
He told the Chamber gathering that while the businessmen's responsi¬
bilities
perhaps no greater than the responsibilities of others, the obli¬
are
gations of leadership put an added burden on them.
He said they must analyze their obligations to labor, examine the
in
implications.
"On all these
"Those that
be sincerely
can not
that the business community had
a
"For," he averred, "I
am not
unaware
Nor do I condone
a
delegation of public authority to
politically irresponsible agencies on so vast
scale
a
Government in large measure a government by
May 2 elected James S. Kemper, President of
Casualty Co., Chicago, to succeed
W. Gibson Carey, Jr., President of the Yale & Towne Manu¬
facturing Co., New York, to head the organization for the
coming year.
Other officers elected were as follows:
bureaus.
asserted
developments
abroad
studying the domestic economy problem.
merit
"Our vital
of living will be changed bejond recognition if
attention
national
deeply Involved in the outcome of this great struggle.
in
interests
The American
glorified personal
a
the world," he stated.
Bankers
Association
Staff
A
booklet
new
Issues
List
New
of
of
Wachovia
the
years
.
over
Bank
&
Trust
Co.,
Winston-
The announcement added:
During the past two
the
Association's
staff the Association
will
be able to fill
Mr.
Hanes said.
has
have
members
made
greater number of engagements,
a
nearly doubled, he added.
much
as
The number
there
as
is
a
of invitations received
banking
topics.
Copies of the booklet
New
the
from
during the past year
booklet
new
sets
available
are
to year
year
the
in
forth
A.
at
York.
B.
emphasis
revised
on
list
of
headquarters
a
A.
"Free
Press"
Sold
Marks 109th
The Detroit "Free Press"
Treasurer—Robert
S.
Knight—Paper
Anniversary
was
Press" since
Chairman
as
of
May 1 issue of the
versary tomorrow
1906.
sold
the
Mr.
of
Col.
Labor
Chairman
a
to John
on
S.
Knight,
April 30.
Mr.
Stair will continue
to
Board, it is learned 'from the
(May 5).
Charles
Charles R.
in
R.
Colonel
of
from
was
Rutgers
brief outline of his
of
Blunt
Labor
Blunt
from
Newark, N. J., New Jersey
1929 to
career
born
in
College
Albany,
in
N.
1904.
Y., and
The
was
following
is taken from the Newark
"News"
April 28:
While
the
in
former
college Colonel Blunt worked
New
joined the staff
the
trade
paper,
Brunswick
as
a
Oklahoma
reporter.
"Daily
He
Times,"
came
Los
City,
Angeles,
President,
Vice-President,
D.
Washington,
Fleming,
C.,
President
and
Riggs National Bank.
Executive
of the
Committee:
W.
John
O'Leary of Chicago,
Co.
on
P.
H. Johnston
Elected President of
a
New York State
a
of the Chemical Bank &
York Clearing House
Percy II. Johnston, Chairman
Trust Co.
the New
President of
and
on May 2 became the 47th President of the
172-year-old Chamber of Commerce of the State of New
Association,
York,
the
succeeding
limit
of
Richard
for
Lawrence,
W.
consecutive
two
who
Elected
terms.
had
terms were John
four-year
served
him
with
as
Rocke¬
D.
feller Jr.,
J. Stewart Baker, Chairman of the Board of the
Bank
the
of
banker.
Manhattan
treasurer
also
was
been
Speyer,
James
and
one
retired
A new
year.
Leon Fraser, President of the
elected,
Bank, succeeding Mr. Baker, who had held
office since
that
Co.,
Mr. Johnston's term of office is
Assistant
1934.
E.
B.
William
Treasurer
in that post.
as
Chairman
E.
for
the
Scarborough, who has
13
last
years,
was
con¬
'
Hasler,
of the Executive Com¬
Co., was reelected
Chairman
student
and
after
to Newark
of the Chamber's
Tomlinson
in
correspondent
being
1907
as
for
graduated
editor
of
named
were
ecutive Committee to
serve
Executive Committee.
as
Mr.
members-at-large of the Ex¬
until 1943.
dean of Chamber of Commerce
Charles T. Gwynne,
executives, who has been Ex¬
ecutive Vice-President since 1924, and B. Colwell Davis Jr.,
Secretary,
both reelected.
were
The election of
Mr. Johnston
as
President called for his
retirement as Chairman of the Committee
on
Finance and
Currency of the Chamber, and William S. Gray Jr., Presi¬
dent of the Central Hanover Bank & Trust Co., was elected
his successor.
elected
as
Leon Fraser and William
Foreign
and
the
Revenue
were:
Laws—Edward
F.
Darrell,
Chair¬
reelected; Carl C. Jensen and Kendall Marsh.
Internal
S.
Commerce
Gage Brady Jr.
members of the committee.
new
Other members elected to comittees
Trade
and
Improvements—Louis
Finlay Jr., Neal Dow Becker, Roy W.
Harbor
and
Shipping—William
H.
Insurance—Harold V.
Clinton
V.
S.
Cates,
Walter
Chairman;
John
M.
Tilly.
Smith, Chairman, reelected; William H. Koop and
Meeerole.
Taxation—William
Chairman;
Moore and Frank Gulden.
Coverdale,
Franklin, Henry R. Sutphen and David L.
„
J.
Schieffelin
George W. Bovenizer and Harold S.
Arbitration—Charles
Hughes, Jules A.
as
"New Jersey Commerce and Finance."
Weyer¬
May 2 the names
member of the
Federal Power Commission for the term expiring June 22,
1945, and W. A. Ayres, of Kansas, to be a Federal Trade
Commissioner for a term of seven years from Sept. 26, 1940.
Both these nominations were reappointments.
Blunt, Former New Jersey
cerebral
graduated
Owens,
Clyde L. Seavey, of California, to be
as
1934, died suddenly
hemorrhage in the Pennsylvania RR. station
Brunswick, N. J., on April 27. He was 58 years
New
old.
of
F.
Mullendore,
of
Commissioner—Long Newspaper Owner and
Commissioner
President,
Commission
man,
of
Ills.,
Peoria,
Paul, Vice-President,
L. Seavey Renamed to Federal Power Commission
and W. A. Ayres Reappointed to Federal Trade
C.
Editor
Colonel
St.
Chairman of the Board, Arthur J. O'Leary & Son
were
Death
Heacock,
Tate,
Lawrence, the retiring President; John D. Dunlop, and Roy
which celebrates its 109th anni¬
paper,
C.
V.
Chairman of the Board,
tinued
No mention was
made of the sale price, but the
purchase carries with it all
outstanding stock in the corporation. Announcement of the
change was made by E. D. Stair, publisher and owner of
serve
President,
mittee of the Continental Bank & Trust
J.
to
publisher of papers in Akron and Miami
Knight assumes the paper's Presidency.
"Free
N.
James
W.
division;
Frederick
the
Va.,
Southern California Edison Co.
in
•
*
Detroit
division:
Southwestern
Western
First National
shift
various
topics,
I.
division:
Vice-Presidents
staff
650 addresses before banking groups and
public meetings throughout
country, and with the recent addition of several new members to the
In
Roanoke,
haeuser Sales Co.
listing 24 members of the staff of the
by Robert M. Hanes, A. B. A. President and
the
Salem, N. C.
of
Chamber of Commerce—Other Officers Elected
are availible for speak¬
ing engagements, together with the topics upon which they
are qualified to speak, has been issued by the Association,
President
C.
B.
division:
central
Northern
Northwestern
Speakers
American Bankers Association who
it is announced
Johnston,
President Roosevelt sent to the Senate
close
state, faithful only to savage force as the arbiter of mankind is to dominate
American
Mclnnerney
Roanoke Public Warehouse.
man¬
of bureaucratic authority or a variety of other matters."
way
D.
Clem
division:
Southeastern
H.
Thomas
National Dairy Products Corporation.
York, President,
aged currency, the impairment of the free market places under the sanction
are
division:
Vice-Presidents—Northeastern
New
Nor would I be
supporting the unrestrained exercise of this authority in
Douglas
on
make of this
to
as
respect of domination of the money markets, the manipulation of a
Mr.
Commerce Elects James S.
States Chamber of
the Lumbermen's Mutual
they may obscure the trend, leads finally to economic and
social disintegration.
as
trade publication.
The Board of Directors of the United States Chamber of
of the policy of vast
public spending which ultimately, however many may be the interludes
understood
the time of his
Commerce
right to
look elsewhere to see what was responsible for the state of the nation and
however
Jersey Rehabilitation Commission.
death he was preparing to publish the "New Jersey
New
Oklahoma Gas & Electric Co.
He emphasized, however,
and
He was named Commissioner of Labor
During the same years he was head of
Caterpillar Tractor Co.
presumably we support."
the world.
in Bloomfield from 1922 to 1924.
He was
delegation in the Assembly in
1928.
1934.
Kemper President—Other Officers
ourselves, must modify to fit the pattern of the life that
we,
until
served
and
1929
through
served
United
practices and problems there must be focused the searching
light of an honest inquest," he declared.
defended
in France in
the 81st Field
in
Essex Republican
member of the
a
and
At
concentration of wealth and power in light of their political, economic and
social
was
commission
a
Ky., but resigned from the army in
Fort Knox,
Industrial Recorder," a
methods of financing business enterprises; probe selling practices, acknowl¬
edge the problem created by the growth of corporate empires and study
a
Bloomfield.
to
Colonel Blunt was postmaster
1926
Mr. Douglas called for a review of the practices of the business men them¬
selves.
returned
and
accepted
Blunt
Colonel
war
stationed at
Artillery,
the
•
Blunt,
was
the
After
elected
While he
Captain and soon after to Major.
made a Lieutenant-Colonel.
to
he
1919
Lewis W.
Douglas, President of the Mutual Life Insurance
Co. of New York, and former Director of the Budget issued
a warning, at a dinner of the Chamber May 2, closing the
convention, that complete isolation of the United States
from the present world conflict would lead ultimately to a
totalitarian state at home.
Concerning his remarks the
"Wall Street Journal" of May 3, said in part:
Independent Press"
battery of field artillery in Essex and Passaic Counties which became part
the 112th Heavy Field Artillery of the 29th Division.
He was pro¬
moted
govern¬
seeing current conditions continue long
averse to
(N. J.)
rival, "The Bloomfield Citizen," in 1915.
of
1920
enterprise."
"The Bloomfield
corporal in Battery A of the National Guard in East Orange, recruited a
positions all present employees who are out¬
"remove from policy-forming
spoken opponents of the American system of government and free private
established
1940
4,
operated "The Independent Press" 13 years.
United States entered the World War Colonel
the
When
The
May
The paper took over its
1913.
in
Colonel Blunt
present."
from
Chronicle
Blunt
Colonel
Revise the prospectus requirements so that the dissemination of
"(5)
;
/
;
.
The Commercial & Financial
L.
Jr.,
Chairman;
Cleveland
E.
Dodge,
Sutton.
Bernheimer,
Guedalia and Chester D.
Chairman,
reelected;
James
F.
Pugsley.
Commercial Education—Harry S. Rogers, Chairman; Earle T. Holsapple,
King Smith and John L. Swan.
Public Service in
Charles
K.
the
Metropolitan District—Arthur M. Reis, Chairman;
Etherington and G. Hinman Barrett.
Volume
Public
,
elected ;
The Commercial & Financial Chronicle
ISO
Health
and
Welfare—H.
Boardman
Moen, Chairman;
Atwood Jr., and Meyer Willett.
John
B.
Kimball C.
Westcott,
period,
Mr.
F.
members
Loree
of
James
Board
the
Chamber, to
reelected
and
of
Trustees
until
serve
for
Speyer
the Heal
of
1943.
Phineas
Commissioner
reelected for
were
Estate
of
Blanchard
B.
for
Licensing
was
referred
Sailors'
Hotels and Boarding Houses.
The nomination
of Mr.
bers
of
Connely
executive
and
said,
their
of
committees
divisions
of
the
members
have
been
In
addition, all mem¬
Groups, or the geo¬
the
Association,
special invitations to attend
have been given
meeting of the Group Chair¬
a
men's Committee that will be held at the
gether
same time.
Alto¬
270 representatives of member houses are ex¬
attend.
The Board includes 48 members, who
some
pected
to
represent all sections of the United States and Canada.
Johnston
in our
to
issue of April 27, page 2662.
American
Institute
Expected
J. C.
2817
invited to attend the Board sessions.
graphical
Leonor
was
re¬
Francis P. Gallagher and George W. Gerlach.
Admissions—Leclanche
the
Chairman,
Spalding,
Rovensky Elected President of Bankers Associa¬
Foreign Trade—Others Officers Named
tion for
Joseph C. Rovensky, Vice-President of the Chase National
More
than
of Banking Annual Convention
Bring 2,000 to Boston June 3-7
to
2,000 members of the American Institute of
Banking, educational branch of the American Bankers
Association, are expected to participate in a celebration of
Bank, New York, was elected President of the Bankers
Association for Foreign Trade at the closing session of the
annual meeting at French Lick
Springs, Ind. Mr. Rovensky
succeeds Dr. W. F. Gephart, Vice-President of the First
National Bank of St. Louis, who has served as President
announced
April 15 by Harry R. Smith, President of the Institute and
Assistant Vice-President of the Bank of America N. T. &
of
the A.
the
Association
elected
for
several
Other
years.
new
officers
were:
Vice-Presidents—Harry Salinger, Vice-President First National Bank of
Chicago;
New
Wilbert
York;
New
J.
Assistant
Ward,
M.
0.
Monasterio,
Vice-President
Vice-President
National
Hibernia
City
Bank
National
of
Bank,
Orleans.
Secretary—F. B. Tedford, Assistant Vice-President First National Bank,
Chicago.
Treasurer—0.
L.
Carlton,
Vice-President
drew
large attendance of senior
Central
Bank,
National
Cleveland.
The convention
of
the
Bank
of
tion
execu¬
Nova
Scotia; W. S. Swingle, ViceForeign Trade Council; Wilbert Ward,
Assistant Vice-President National City Bank of New York,
President National
and
Philip McGovern, Manufacturers Trust Co., New York.
The speech of Dr. Gephart was referred to in our issue of
April 27, page 2655.
to
be
held
anniversary during its annual
in
Boston,
June
3-7,
it
conven¬
was
S.
A., San Francisco, Calif.
Past and present officers of
I. B. will join with the
membership in the celebra¬
tion, and special invitations have been extended to all past
national presidents of the
organization.
Dr. Fred I.
a director of the Bankers
Trust Co., New York
Kent,
City; Frank
M.
Totton,
Second
Bank of New
American
Vice-President
of
the
Chase
National
York, and Robert M. Hanes, President of the
Bankers
Association
and
President
of
the
Wachovia Bank & Trust Co.,
Winston-Salem, N. C., will be
speakers at the convention.
A series of
conferences, open
banking practices, audits and
accounting, credits and savings banking, the trust
business,
business development and
advertising, and investments, will
highlight the convention.
to
a
tives from the foreign departments of important banks
throughout the United States.
Principal speakers on the
convention program, with Dr. Gephart as presiding officer,
were:
Warren Lee Pier son, President of the Export-Import
Bank, Washington, D. C.;
Grosvenor
Jones,
Assistant
Director of the Department of Commerce; A. McD. McBain,
Chief of the Intelligence Division, Canadian Foreign Ex¬
change Control Board and Manager of the Foreign Depart¬
ment
the Institute's 40th
the
membership,
Department
of
on
Justice
Establishes
Neutrality
Laws
Unit
The Department of Justice at
Washington announced
April 28 the establishment of a Neutrality Laws Unit
control
all
prosecutable actions arising from
charges of violations of laws relating to
on
to
violations
or
neutrality, treason,
sedition, espionage, sabotage, foreign enlistments or kindred
offenses.
The Department said that
prosecutions or arrests
under
this
the
neutrality statutes
unit.
The
New
York
will
be
"Times"
authorized
of
only
April 29, in
by
dis¬
a
patch from Washington, stated:
Vilhjamur Thor Named Iceland Consul
Department announced April 25 the completion
of provisional recognition for consular representation between
the United States and Iceland.
Vilhjalmur Thor will be
Consul General for Iceland in New York with jurisdiction
over the entire United States, its territories and
possessions.
Bertil E. Kuniholm was named American Consul at Reyk¬
javik, Iceland, last week, as was mentioned in these columns
of April 27, page 2662.
Twelve
Elected
to
Membership
in
New
York
of the Chamber of Commerce of
Whitney, Chairman of the Board, Pan American
Airways.
The
the
effective
increase
war-time
functions of
Francis I. duPont, Partner, Francis I. duPont & Co.
in
the
machinery for
cases
of
these
unit
new
will
M.
"The
of
purpose
Named
by President Roosevelt
Johnson,
of
as
ICC
Assistant Secretary of
Commerce,
Johnson, a native of South Carolina, was named to fill out
the unexpired term of Marion M. Caskie, who resigned on
April 1 to return to private business (referred to in March 23
issue, page 1871).
Stephen T. Early, White House Press Secretary, said
more than 15 Senators had urged toe President to name to
Commission,
a
Southerner
who
South's transportation problems.
Senate approval.
Governors of I. B. A.
at
was
familiar
with
the
The nomination requires
able
that
issued
each
"supersede
decide
prosecutable
what
the Civil
overlap" those of
or
Liberties Unit.
The
action
taken
shall
be
new
in
prosecutions
by
standards
case
the national
unit
marily for
be
the
to
govern
scrutinized
and
interest
will
a
prosecutive policy be made
with
is
Lawrence
served
not
M.
with
to both adequate protection
rights of individuals involved.
handle the prosecution of cases itself, but is
pri¬
of control of departmental policy and action in cases
not
purposes
which
uniform, and
reference
the civil
falling within those classifications.
can
engaged in
C.
Smith
the
will
be
the
Securities
and
as
and
is believed
It
given to
that
a
more
expeditious
if they are considered by a
active prosecutive work.
be
head
Reconstruction
Administration,
Impounded
of
cases
the
Finance
Neutrality Laws Unit.
Corporation, the
associate counsel in the
Exchange
Commission
recently
He
National Re¬
investment
studies
presented
to
in Kansas
An order
to
Hold Spring
Meeting May 11-15
White Sulphur Springs, W. Va.
America
will
hold
its
regular
spring meeting
May 11 to 15 at White Sulphur Springs, W. Va., it was
announced April 24 by Emmett F. Connely of the First of
Michigan
Corp., Detroit, President of the Association.
the
national
committees
of
the
meetings at White Sulphur Springs
Association
during the
will
same
was
City Stockyards Case
Men—Appeal Planned
issued by the Federal Court in Kansas
City,
it became known April 27, awarding the $500,000 impounded
in the long disputed livestock commission rate case to the
men of the Kansas City Stockyards.
Two of
judges of the Court concurred in the decision
which was reached April 9, but the third dissented, holding
that the funds should be returned to the producers from
whom they were collected.
Secretary Wallace indicated
that the case would be appealed.
Advices of April 27 to the New York "Times" also said:
commission
the
three
The
ruling followed
a
hearing that ended Jan. 10 with Henry A. Wallace,
Secretary of Agriculture, coming to Kansas City as a witness.
order reducing commission rates on livestock in
the court action and
collected in
The Board of Governors of the Investment Bankers Asso¬
hold
not
are initiated by district attorneys," said a
Department.
"Some of the statutes involved
prescribe only the most general classifications of offenses, and it is desir¬
statement
excess
On Nov. 1,
of
the
con¬
centralizing control of cases of this character is to
policy throughout the United States, which has not
uniformity of
Funds
nominated by President Roosevelt on May 2 to be a
of the Interstate Commerce Commission.
Mr.
Most
a
Long Jr., Chairman of the Board, Doremus & Co.
Johnson
of
from
Congress.
member
ciation
result
that
might
in
*
Schmelzel, President, Gillies Coffee Co.
J. Monroe
the
Another
prosecutions
types should
might
prosecution
investigated by the F. B. I.
It will work in accord with the State,
War, Navy and Treasury Departments in matters affecting the
neutrality
laws and will endeavor to expedite all such cases.
which
President, S. B. Penick & Co.
Member
was
handling
or
Awarded to Commission
J.
and
cases
has
President, Julius Wile Sons & Co.
arrest
Investigation
will
covery
Floyd N. Dull, Vice-President, Continental Casualty Co.
ill-advised
conditions.
Bureau of
however,
agency,
control, the Department explained,
from
intensification of war-time emotions.
an
more
an
of
Federal
unit
J. Chester Cuppia, Partner, Merrill Lynch, E. A. Pierce & Cassett.
Clarence
that
event
tinuation
centralized
individuals
and uniform consideration
Phillips Petroleum Co.
Walter G. Baumhogger, President, United Cigar Whelan Stores Corp.
William H.
afford
to
"The
George 8. Walden, President, Standard Vacuum Oil Co.
S. Barksdale Penick,
be
of
Walter O. Bennett, President, Phelps Dodge Refining
Corp.
Richard L. Blum,
the
might result from
that
Frank Phillips, President,
of
safeguard
been possible when
organization:
Cornelius Vanderbilt
effect
to
assure
the State of New York, held on May 2, the following
repre¬
sentatives of leading industries were elected to membership
in the
bo
State
Chamber of Commerce
At the annual meeting
One
to United States
The State
resulted in
the
by the commission
was
was
his
impounding of the commission fees
of the rates he prescribed.
1937, Secretary Wallace issued
a new
order to
the stockyard
marketing agencies and the rate, higher than that of 1933,
It
It
1933 that brought about
was
accepted
men.
charged that under the 1933 order the selling rates would be about
40% lower than those for similar services in Chicago, while buying charges
and rates to dealers would be about 40%
The
commission
order without
men
asserted
giving them
a
that
proper
higher.
Secretary
hearing.
Wallace had issued the
The Federal Court ordered
old rates to continue and that the difference be impounded.
continued until the
new
This procedure
order went into effect in November, 1937.
Since the original order the case has reached the United States Supreme
Court three times.
In the majority opinion
rendered here Judge Van Volkenburgh wrote:
order (by Secretary Wallace)
be Invalidated, but also that this prolonged litigation should be ended by
restitution to the marketing agencies of the impounded moneys which re¬
sulted from commissions earned under the provisions of rates then in force,
"We think that not only should the present
and since not effectively
challenged.
beyond
question was tendered by the associate chief of the Bureau of Animal
Industry, himself, but the order was ignored as in conflict with the obvious
purpose of avoiding what might be widely heralded as an admission of error
determine the reasonableness of these rates
"The opportunity to
Judge Reeves wrote that he concurred In the
It had not been proved that
a
contention that the Secretary's order
proved and also that
the Secretary did not give the commission men
supported by substantial evidence was not
not
full hearing, two
loans
of March 31.
Mr. Gardner said that the present
outstanding indicate a demand for supplementary
funds
on
as
the
increased only 19% as compared with last year.
said that there are now 304 savings, building and
in our issue of
with
15% in the past nine months.
The decrease has come about because of
prosperity conditions in seme communities giving rise to influx
new individual
investments in the associations, and also in some cases
unusual
home
particularly aggressive policies of associations in obtaining
in their communities sufficient to take care of the entire
of
demand.
loan
Increased
Has
Ports
Foreign
to
beginning
of the European conflict has increased sharply to its high¬
est point in a decade, according to figures compiled by the
April 29.
Bureau of Customs and made public
The increase
vessels used and cargo carried
in the number of American
apparent in the first two months of 1940 than in
In January and February 1,042
was more
the later months of 1939.
vessels were employed,
American
increase of 110 from
an
Indicated cargo in the two months
rose to 2,562,000 tons from 2,264,000 tons a year ago.
The
rise was more striking in view of the diversion of American
vessels from the war zone to Mediterranean, South Amer¬
1939 period.
the like
ican, African and Asiatic ports and the withdrawal of pas-
liners from the North Atlantic.
senger
to
on
Of
eign
The Bureau goes
indicated
the
in
ports
the
total
first
from the United
tonnage cleared
two
months of
States for for¬
American vessels accounted
1940,
approximately 30% compared with about 24%% in 1939.
1939 a total of 7,822 American vessels with indicated
for
In
14,869,000 cleared for foreign
recordings
mortgage
nouncement further stated:
almost half of the increased
Savings and loan associations accounted for
by all mortgagees in the first three months of 1940.
The
rise of 21%.
Asso¬
business shown
recordings of $247,899,000 represented a
Associations'
best
the
made
ciations
and
of
advance
lending
any
of
this
March
over
being
in records
a
the first quarter
and March, follows:
year,
tonnage of
in 1938.
Although British vessels showed a sharp decline in
tonnage since
September, much of this was traced to the laying up of transatlantic
in
group
$96,244,000
their
1939,
March,
over
gain of 25% and 16% over the two respective months.
The distribution of recordings by type of lenders in
P. C.
P. C.
(other than Quebec and Ontario) as
ports
all
by
property
urban
on
totaled $818,731,000 during the first quar¬
ter of this year, an increase of 12% over the same period
in 1939, it was estimated today (May 4) by economists of
the Federal Home Loan Bank Board.
Amounting to $300,420,000, March home financing activity was 18% greater
than in February and 6% higher than in March, 1939, the
Board's Division of Research and
Statistics said.
The
Division's monthly survey is confined to mortgages of
$20,000 or less on non-farm property.
The Board's an¬
types of lenders
February,
report:
Recordings on Urban Property
First Quarter Over Year Ago,
Reports FHLBB
Home
shipping to foreign ports since the
12% in
Increased
European War to Highest Point
in Last 10 Years
American
a
of
Home Owners Mortgage
Shipping
Since Outbreak of
Chicago bank,
at the
outstanding
loans
•'
<*>
American
loan
decrease of
Gardner
Mr.
investments
A previous reference to the case appeared
May 27, 1939, page 3148.
of savings and loan institutions about
part
equivalent to that of the spring of 1936.
Repayments on loans, including the quarterly contractual reductions on
the principal of the long-term loans which constitute a major part of the
because
major points in the litigation.
from this reserve institution to $21,-
aggregate borrowings
associations
Judge Otis's opinion held that the
was
associations in
394,502
"clear and able opinion" of
Judge Van Valkenburgh.
May 4, 1940
It advanced $894,010 to savings, building and
Illinois and Wisconsin, bringing their
April 29.
on
loan
advances,
(Agricultural) Department."
the part of the
on
Chronicle
The Commercial & Financial
2818
of Total
Marsh
5247,899,000
30.3
$96,244,000
32.0
204,057,000
144,965,000
24.9
75,650,000
25.2
17.7
17.2
Insurance companies
66,423,000
8.1
Mutual
30,548,000
3.7
124,849,000
15.3
51,596,000
23,084,000
10,543,000
43,303,000
$818,731,000
100.0
$300,420,000
100.0
First Quarter
Of TOt.
against 7,335 vessels with indicated tonnage of 15,560,000
Individuals
liners.
In
February
cleared
vessels
335
American
from
conflict the
is
Savings and loan associations—
Banks and trust companies.....
of
but
ports,
with
the
extension
of
and Sweden
the European
Others
Totals
concerned, has become problematical.
Federal
Loan
Home
Member
Banks
Institutions
Advanced
$10,772,264
Quarter
First
in
to
same period
by the 12 regional Fed¬
Home Loan Banks during the first quarter of this year
Aggregating nearly 20%
more
meeting expand¬
to assist them in
to members institutions
7.7
3.5
14.4
Department of Commerce to Publish 1940 Edition of
Trade Association Directory
of Foreign and
James W. Young, Director of the Bureau
than in the
last year, $10,772,264 was advanced
eral
savings banks
trade with the United States
of those fleets, as far as
status
Finland
Denmark,
Norway,
Domestic
of
Commerce
States
United
the
Department
of
Commerce, announced April 29 the preparation of a Trade
by the Trade Association Section of
Association Directory
will
that
Bureau
business
informational
ing demands for mortgage loans by some families in their
the
Federal
Home Loan Bank Board officials announced today (May 4).
guide to and of 11,000 national, interstate, State and local
who
communities
Cumulative
amount
The
are
advances
by
building
the
banks
buying
or
since
their
homes,
establishment
in
1932
reported
$4,374,870
was
advanced in
March,
an
increase of
February and $476,670 over March, 1939.
At the end of March the banks had $176,622,145 in capital, $260,014,507
in consolidated assets,
$5,540,253 in reserves, $4,827,667 in undivided
profits, $68,987,973 in cash, $19,660,855 in commercial banks (deposits),
$2,363,875
and
over
prepared such
Real
Estate
and
City
Planning,
to
Study
De¬
Established to assist American cities in their problems of
Urban
replanning, construction and reconstruction, the
Institute, Chicago, new agency for research
announced April 28
Land
and education in the field of real estate,
its first major
as
decentralization.
and business away
nological
power
work, a study of the problem of urban
The
advance
movement
of
population,
industry
from city centers, made possible by tech¬
in
communication
transmission, which exists side by side with a
transportation,
tinuing counter movement to the cities,
and
con¬
becomes unneces¬
of
each
resume
services
listed
will
will
State
and
be
of
business community.'
directory will designate the
new
local
interstate trade and profes¬
trade
associations, and over
plotted on two large
of Trade,
The principal activities of each of the trade
indicated, while the names
interstate
and
indexed
Commerce
associations
of the chief officer
The
will also appear.
by commodities, by cities, and by secretaries.
to trade associations, as well as
Department aids
and non-governmental books on trade association matters,
complete the
its
triennial
published
in
information
than
more
200-page volume.
in 1913, the Commerce Department's biennial
directories of business organizations have been the only ones
first
directory
this
on
a
has become
basis.
nation-wide
trade associations
country
on
development of trade associations
The
increasingly
represent.
"1939
larger and larger
loan business, published by the United States
which
upon
nated action,
areas.
The study will attempt to find
individual
cities
may
plan
coordi¬
public and private, to combat over-rapid de¬
centralization and to open the way
ment and redevelopment.
for sound city develop¬
The Institute is sponsored by the National Association of
Real Estate Boards, but is independent of it.
Volume
of
Chicago Home Loan Bank in
Quarter Was 90.9% Above 1939
First
Volume
Chicago
greater
of loans by the Federal Home Loan Bank of
during the first quarter this year was 90.9%
than for the like period of 1939, A. R. Gardner,
President, reported to the Federal
Board
at
Washington
United
and Loan Annals" Issued by
Savings and Loan League
Savings
States
The tenth of the series of
Loan
first
League
of
the
as
year-books of the savings and
series, published in
Savings and
be compared with the
its "Annals," must
1930, to get the full sig¬
problems
nificance of what has happened in the outlook and
of mortgage lending
between 1930 and 1939.
The
new
volume, edited by Morton Bodfish, Executive Vice-President
of the
League, puts major emphasis
subjects which
Loan
of
+
avoidable factors such as downtown traffic and parking dif¬
ficulties, failure to protect residential amenities, and the
like.
It is scattering cities, with explosive force, over
facts
availability
important since
the centers of all types of data
as
concerning the particular industry they
sarily destructive to urban values where it is accelerated by
the
Directory
Commerce has
increasing importance
and
performed by other Federal agencies, together with a bibliography
Since
the
will
be
of governmental
or
that the
Association
Department of
2,500 national and
6,000.
the national
of
associations
A
out
than
of the United States.
maps
the
to the national
groups
associations,
that
1913
Trade
the
tracing the growth
pointed
more
^
of
Chambers of Commerce and Boards
3,000
associations
centralization
planning,
the
edition
time since
Young
of
Regarding the publica¬
stated:
1940
directory,
a
trade association
of
Director
New Fact-Finding Agency for
the
of
the twelfth
marks
sional
Institute,
cost of 25c. per copy.
a
Compilation
location
Land
The
organizations throughout the United States..
the announcement
tion
$34,347,114 of members' deposits.
Urban
an
directory will be available for distribution in the next few
months at
$592,694,724, of which $455,052,443 has been repaid.
to
banks
business
provide
ties
in
1930.
are
not
From
a
even
on
at least half a dozen
mentioned
review of
as
remote
possibili¬
the volume the following
is taken:
Among
article
dend
in
them
are
public
the current
rates,
which
are
housing
volume)
treated
;
(which
interest
in
three
rates
the
lead
and the concomitant,
divi¬
is
the
different
subject
articles
of
and
in
several
committee reports; investment of excess funcfe; bonus and retirement
for savings and loan association
managers and staff; trust funds
plans
as
a
Volume
of
source
The Commercial &
ISO
the latter
as touched
for savings and loan; all three of
subjects of at least one article in this volume as well
money
The
special facilities for letters of credit, travelers' checks, hotel
in
accommodations, travel services, and general information.
This office will serve as a banking depository for the
on
of
the
mortgage lending business arise from two
"Annals."
Of course one is the
philosophy which has risen to prominence as the depression went
along.
The other consists of the steps taken by the savings and loan
new
concerns
it would
sources,
from the 1939
appear
social
business itself to live, move and have its increasingly important
the face of radical Government moves, based on some phases
philosophy.
Mr. Bodfish,- in his chapter on
Decade," sums up the dilemma and the logical
dilemma
its
to
want to
and
when
find that
with
he
of the business
days of Jefferson are gone.
We
ground and that partnership with Government
public officials, who
our
response
being in
of that social
of
the New
"The
writes:
common
"Realities
World's
masters,* which will be satisfactory and
in the public interest"
Manufacturers
concessionaires.
bank's
announcement went on to say:
Architecturally this
row."
The papers, committee reports, directory, statistics, reso¬
lutions and other materials record the position, problems,
Fair itself, as well as for its
principal exhibitors
Safe
Deposit Co.,
which maintains an office on the same premises, also re¬
opened on May 1. Vault and storage facilities are provided
24 hours, a day for exhibitors, concessionaires and Fair
visitors, and vault facilities may be rented for a day, a
week, a month or any period suitable to customers.
The
and
servants of the people and not the
are
2819
being
committee reports.
many
inancial Chronicle
designed to typify the "Bank of Tomor¬
circular in shape, with a diameter of 60 feet.
office is
The banking floor is
The reception space for customers
looks out through
a
large glass window
and prospects in our thrift and
upon a beautiful landscaped garden, and between this garden and the
bank windows is an outdoor paved terrace, which will be fitted with seats
when the weather becomes warmer.
All lighting is diffused and the
the
entire
present time.
The
home-financing business at
volume contains 912 pages and
new
interior
The
sells for $5.00.
ABOUT
Arrangements
BANKS,
were
COMPANIES,
TRUST
&c.
completed May 2 for the sale of a
membership in The Chicago Stock Exchange at $1,500, un¬
changed from the last previous sale.
air-conditioned.
office
Fair
of
'
Manufacturers
Trust
Co.
is not
only
pre¬
needs of this gigantic exhibit, but itself
exhibit.
This exhibit deals with money and
banking, and of outstanding interest are two large'murals which depict
the evolution of money and the significance of money in our modern
pared
to
meet
constitutes
ITEMS
is
World's
economic
banking
the
most interesting
a
structure.
.
The World's Fair office is
Co.
in
one
of the 68 offices of Manufacturers Trust
Greater New York.
«
Delmont K.
Pfeffer, Manager of the municipal bond de¬
partment of the National City Bank of New York, has been
nominated for
President
the
of
Club of
P. Gal¬
lagher of Kidder, Peabody & Co., Chairman of the Nominat¬
ing Committee.
Mr. Pfeffer will succeed Seymour Barr,
President of Barr Brothers & Co., Inc.
Sanders Shanks Jr.,
editor of "The Daily Bond Buyer," has been named for
Vice-President, and Monroe V. Poole, Vice-President of
George B. Gibbons & Co., Inc., for Secretary-Treasurer.
Nominees for the Board of Governors are B. J. Van Ingen
of B. J. Van Ingen & Co., Inc., and Archie M. Richards of
Municipal Bond
New York, it was announced on May 2 by Francis
Estabrook &
Co.
Elections will take place at the annual
meeting in June.
President of Public National Bank &
Trust Co. of New York, was elected Chairman of Group
VIII of the New York
State Bankers Association on
E. Chester Gersten,
As Chairman Mr. Gersten succeeds Leon Eraser,
of First National Bank.
Banks in Manhattan
April 26.
President
and the Bronx are members of
"Herald Tribune" of
Goodhue, President of Bank of the Manhattan Co., was elected.
and James M. Nicely, Vice-President of Guaranty Trust
F. Abbot
Vice-Chairman
Co.,
The group voted to
arships
at
the rate of
appropriate $1,500 out of its funds to provide schol¬
$300 a year for an outstanding 4-H boy and girl
Agriculture at Ithaca.
York State College of
New
—4
tional Bank & Trust Co. of New
A.
Thirsk
was
elected
a
York, held May 2, Jerome
Vice-President
of
the
bank
in
charge of their 42d
Street and Lexington Avenue office.
formerly an Assistant Cashier of the Bank
of Manhattan Co., having been .located in that bank's Union
Square office for the past 15 years.
He is a graduate of
the American Institute of Banking and a member of the
Mr. Thirsk
was
New York Credit Men's Association.
;-'*V
Arrangements
York
•>
■
f"1:'-
were
Stock
•
At
regular meeting of the Board of Directors of The
National City Bank of New York, held April
30, James H.
a
Drumm
appointed Vice-President
was
Assistant
made
was
Comptroller.
and
Mr.
Burness
Kydd
Drumm
has been
Assistant Vice-President since Oct. 2, 1934, while Mr.
Kydd
was
formerly an Assistant Vice-President in the Overseas
Division, and the new assignment marks his return to the
Comptroller's office, with which he first became associated
in September, 1920.
He is also Assistant Comptroller of the
International Banking Corp.
The Board of Directors of the Ninth Federal
Savings &
on the night of
April 30 tendered a beef¬
steak dinner at Gallagher's Steak House, New
York, to
G. J. Fleischmann, organizer and
Loan Association
of
the Association's fifth
Jesse
President, and Wilton C. Donn was
the company.
The
Brooklyn
various offices of
President, in celebration
anniversary.
Among the guests
Federal
Loan
Administrator; . James H. Twohy, Governor
Board; George L. Bliss, Presideht of the Fed¬
eral Home Loan Bank of New
York; Francis J. Ludemann, Deputy Super¬
intendent of Banks, State of New York; Thomas G. Grace
and John Oaf fey,
directors, respectively, of the Federal Housing Administration in New York
and
Connecticut; Supreme Court Judges Pecora, O'Brien,
Leary and
Home Loan
Bank
Schmuck;
Morton Bodfish, Executive Vice-President of the United States
Savings and Loan League; Dr. Charles Y. Paterno, real estate operator;
Judge W. Irving Bolton and Zebul A. Woodward, President and Executive
Vice-President of
Both
Mr. Paige,
Presidents.
.
the New
York State
League for Savings and Loan Asso¬
and Almerindo Portfolio, Treasurer of the City of
Other guests included trust officers of
many New York banks.
John
R.
Davies,
President
National
Republican
Club,
acted
as
toastmaster.
Mr.
Fleischmann stated at
the dinner that the
Associa¬
tion during the past two years had
made the largest net
gain among the "over $5,000,000 institutions" in the entire
country, its resources advancing from $4,281,112
1937, to $11,031,381 on Dec. 81, 1939.
on
Dec. 31,
♦
Preceding the opening of the World's Fair by
the
Manufacturers
Trust
Co.
opened its World's Fair office
the
on
of
New
on
May 1.
York
building that it occupied last
same
fronts
'
10 days,
formally
re¬
It is located in
year,
and
which
Constitution Mall in the very heart of the Fair,
being only
a
few
'■
.
,
'
♦
Group VII of the New York State Bankers
annual spring meeting at Betbpage
;
•.
.
Association
State Park,
Farmingdale, L. I., on May 2. At the afternoon session a
panel discussion on bank earnings was led by Don D. Love¬
lace, Executive Vice-President Baldwin National Bank &
held its
Leo P. Dorsey, counsel to the Association's
spoke on recent amendments to
the laws affecting banks.
In the evening over 250 bank
officers and guests heard an address by Rear Admiral
Clark H. Woodward, Commandant of the Third Naval Dis¬
Trust Co.,
L. I.
Committee on Legislation,
"Our Navy: Its Past, Present and Future."
VII of the New York State Bankers Association
includes the hanks of Nassau, Suffolk, Kings, Queens and
Richmond Counties.
At the meeting John J. Hayes, Assist¬
ant Vice-President in charge of the Borough Hall office
of Manufacturers Trust Co., was elected Chairman of the
trict,
on
Group.
•
Bayside
The
I.,
has
an¬
opening of a Consumer Credit Department,
under the management of Clement A. Bushman.
Mr. Bush¬
nounced
the
man was, for 13 years, formerly employed in an executive
capacity by the Morris Plan Industrial Bank of New York.
The new department has been established to facilitate the
handling of automobile and household appliance financing,
and
personal, FHA-insured property improvement, and
other types of consumer loans.
♦
1
.
According to advices by the Associated Press from Boyertown, Pa., on April 29, John L. Cecil, attorney for
Federal
Deposit Insurance Corporation, announced
the
on
April 29 the closing of the Bally National Bank, at Bally,
Berks County, about five miles northeast of here.
He said
depositors would suffer no loss.
The
FDI0 loaned the
The dispatch added:
31-year-old Bally Bank $463,000, Mr. Cecil dis¬
closed, to provide sufficient bankable assets to make possible the assump¬
tion of its deposit liabilities by the National Bank of Boyertown.
"The full amount of deposits are made available to every depositor,"
be said.
"The transaction occasions no loss whatever to any depositor
and no
Mr.
the
interruption to the banking business of depositors."
Cecil said the FDIC would
Bally Bank "in
at more
than
an
The
liquidate assets securing its advance to
The institution was capitalized
orderly manner."
$600,000.
steps away from the theme center and
opposite the statue of George Washington.
In addition to
supplying customary banking services, this office has
L.
Bayside,
National' Bank,
.
• '
Brooklyn Union Gas Co., and
Brooklyn Trust Co. Mr. Gemmell also
Co., and Mr. Donn is one of its Vice-
who is President of the
Mr. Pierrepont are trustees of the
is a trustee of the Brooklyn Trust
ciations, respectively,
New York.
Judge
elected Secretary-of
The company's announcement continued:
City Safe Deposit Co. operates safe deposit vaults in
the Brooklyn Trust Co., which owns all its capital stock-
were:
Jtmee,
Federal
directors
lyn, N. Y., at a special meeting of the Board held April 25.
At the same meeting John Gemmell Jr. was elected Vice-
Group
♦—
present
Robert L. Pierrepont were elected
of the Brooklyn City Safe Deposit Co, of Brook¬
Clifford E. Paige and
except directors' qualifying shares.
>
made April 29 for the transfer of a
Exchange membership at $52,000.
The
previous transaction was at $59,000 on April 4, 1940.
New
on
ministration.
at
meeting of the Board of Directors of Sterling Na¬
a
Mr. Fraser was ap¬
the Association's Council of Ad¬
elected Secretary-Treasurer of the Group.
was
pointed representative of the Group
•
At
The New York
Group VIII.
April 27 added:
National
Builders
»
..
Bank of
Chicago,
Chicago,
111.,
recently changed its name to the La Salle National Bank.
The Commercial & Financial
2820
present quarters at 228 North
The bank will remain in its
La
Sept. 1, when new quarters will
Street until
Salle
be
occupied in the Field Building. As of March 20 the institu¬
tion showed total deposits of $0,834,707 and total assets of
It is capitalized at $500,000 and has surplus and
undivided profits of $240,507.
Laurance Armour is Chair¬
man of the Board; C. Ray Phillips, President;
Reuben B.
$7,596,774.
Leonard C. Phillips, Cashier.
Fuessle, Vice-President, and
Effective
April 20,
business
of
close
the
at
1940, two
National Bank of Kankakee
and the City Trust & Savings Bank—both capitalized at
$200,000, were consolidated under the title of the City Na¬
Kankakee, 111., banks—the City
Bank
tional
The new organization is capi¬
of Kankakee.
$350,000, consisting of $100,000 of preferred stock
$250,000 of common stock.
talized at
and
It
is
"Chronicle"
Francisco
San
the
from
learned
of
San Francisco
Chapter of the American Institute of Banking has elected
April 20 that the Board of Directors of the
Paul H. Hohman, Bank of
California, President; Vincent I.
Mooney, American Trust Co., First Vice-President; C* Wes¬
ley Baker, San Francisco Bank, Second Vice-President;
William T. Dunn,
F.
and
Bank of America N. T. & S. A., Treasurer,
Gustavson
Jr.
These
Secretary.
as
officers
will
represent San Francisco Chapter at the national convention
The paper added:
at Boston in June.
Ray O. Scott, Junior Past President, reported on the various committee
activities,
for
which
local
the
enrollment
in
showed
is
is
classes
successful year.
The total membership
making it the fourth largest.
The
largest in the Nation.
very
a
chapter
3,100,
over
the second
Chronicle
One of the strong stocks of the day
ahead 3 points to 169.
shares were down and most of the active issues in
number of declines.
Mead JohnsoD, which forged
was
Aluminum
and cardboard group were off on the day. Public
weak and a point or more setbacks were
apparent in the chemical group.
Oil shares were stronger
in the morning trading but lost much of their early gains
during the final hour.
Higher prices prevailed on Thursday with trading centering
largely around the industrial stocks. The transfers for the
day dropped to 197,375 shares against 213,695 on Wednes¬
day. The aluminum issues were irregular, Aluminum Co.
of America advancing 2 points to 188, while Aluminum Co.
of America pref. declined.
Paper and cardboard stocks
were higher, St. Regis Paper pref. moving forward 1 % points
to 78%, while Hammermill advanced to a new top at 39.
Aircraft shares were easy, Bell, Bellanca and Brewster
moving fractionally higher, while Beech and Republic were
quiet and unchanged. Public utility preferred issues were
higher, oil stocks were down and mining and metal shares
moved within a narrow channel.
The market was moderately active during the early deal¬
ings on Friday, weakened around mid-session and again
advanced during the closing hour.
Paper and cardboard
stocks continued in demand and most of the active issues in
the paper
utilities
were
the group
TRANSACTIONS AT THE NEW YORK CURB
DAILY
Donald
will
Dickson
share the
spotlight with A.
broadcast
over
The
A.
broadcast
P.
Francisco,
in
a
special
the Don Lee Mutual Broadcasting
May 6 at 9:30 p. m.
to
of San
INumber
P.
will
Giannini
originate at
on
System
his
70th
a
giant birthday party to be tendered
The affair is sponsored by the
tion
radio
and
Mr.
Giannini
is
expected
to
make
one
of
his
extremely
CURB
a
small.
Aircraft shares were irregular,
moving fractionally higher while Repub¬
lic, Beech, Bellanca and Brewster were lower.
Public
utilities were off and paper and cardboard issues moved
within
a
comparatively
narrow
channel.
Noteworthy
among the changes on the side of the decline were National
Breweries, Ltd., 3% points to 24%; United Gas pref., 1%
points to 105; Bridgeport Machine Co., 6% points to 35%;
Colts Patent Fire Arms, 1 point to 80%; and Apex Electric
Mfg. Co., 1% points to 13%.
were
Bell and Fairchild
Public utilities stocks moved to the front
on
Tuesday and
proved to be the most popular in the day's transactions.
Paper and cardboard issues also were active at higher prices.
Shipbuilding shares were irregular and aluminum issues were
mixed.
The
1,242,000
28,000
~2~,000
15,000
1,142,000
1,167,000
1,524,000
$22,000
$125,000
$6,415,000
264,380
1,137,415
$6,268,000
Total
-
Week Endta
Sales at
volume
against 151,475
of
transfers
climbed
up
to 219,620,
Monday.
In the aircraft group most of
the
active
stocks were fractionally lower.
Outstanding
among the changes on the side of the advance were Alabama
Power $7 pref., 1 point to 108%; Cities Service pref., 1%
points to 60%; Great Northern Paper, 1% points to 49%;
New Jersey Zinc, 1% points to 67; Seeman Bros, pref., 1%
points to 40; Singer Mfg. Co., 4 points to 134; United Gas
pref., 1% points to 106%; and Standard Power & Light,
1 % points to 25.
Mixed price movements dominated the trading in the
industrial stocks on Wednesday, and while there were a
goodly number of advances, there were also a fairly large
on
22,000
Jan. 1 to
May 3
May 3
New York Curb
1940
1940
1939
,
j
1939
1,137,415
461,130
17,433,359
15,577,329
$6,268,000
$6,834,000
$122,272,000
Bonds
were
considerable extent around the industrial stocks but the
changes
16,000
6,000
213,145
196,830
Wednesday
22,000
843,000
113,000
2,673,000
$166,928,000
1,910,000
2,453,000
$6,415,000
Foreign government.
102,000
125,000
Domestic
irregular during the fore
part of the week, but prices improved as the week progressed,
and while the changes were generally within a narrow range,
there was a tendency toward higher levels.
Paper and
cardboard stocks attracted considerable speculative atten¬
tion and the industrial specialties registered a number of
substantial gains.
Aircraft shares were weak and the
aluminum issues were quiet.
The public utilities were
neglected during the fore part of the week, advanced on
Tuesday but again turned downward the following day.
Price movements were narrow and the volume of dealings
declined during the brief period of trading on Saturday,
and while there were occasional strong spots scattered
through the list, the paper and cardboard stocks attracted
most of the speculative attention, Brown Co. pref. moving
up % point to 32, while Great Northern Paper was close to
its high for the week as the market closed.
Profit-taking
developed in the shipbuilding shares and most of the active
issues in this
group were down as the session ended.
Air¬
craft stocks moved within a narrow range, Bell, Brewster
and Republic showing fractional declines while Waco, Fairchild and Bellanca did not appear on the tape.
Irregular price movements were apparent during a goodly
part of the session on Monday.
Trading interest centered
to
773,000
1,000
3,000
Stocks—No. of shares.
MARKET
31,000
741,000
Friday..
rare
$567,000
$13,000
150,565
.
Kzcnauge
THE
net
..
Thursday
addressee.
Curb market movements
$10,000
$544,000
1,223,000
1,108,000
1,145,000
1,507.000
unique presenta¬
Total
Corporate
220,030
Monday
10,000 employees of Bank of America throughout the State of California,
and will originate at San Jose, Mr. Giannini's birthplace.
a
Government
Domestic
92,405
Tuesday
birthday.
During the program the staff of.the bank will make
of
Shares)
Saturday
on
Foreign
Foreign
Week Ended
May 3 1940
radio
The announcement says;
EXCHANGE
Bonds [JPar Value)
StecJu
Giannini, founder of the Bank of America National Trust &
Savings Association
Aircraft shares dis¬
registered fractional gains.
played little activity and 'the oil stocks were fractionally
higher. Public utility preferred issues advanced, shipbuild¬
ing stocks were irregular and industrial specialties registered
modest gains.
The range of prices for the week showed
little variation, the advances and declines being about
evenly divided.
Screen star Edward Arnold and radio and operatic bari¬
tone
May 4, 1940
$7,049,000
$125,788,000
$171,291,000
..
Foreign corporate..._.
Total
CURRENT
NOTICES
Inc., two of
will merge under
the name of Knight, Dickinson & KeUy, Inc., effective May 6, it was
announced today.
This is one of the larger investment house mergers to
—Bartlett, Knight & Co.
La Salle Street's prominent
take place in
and Nichols, Terry & Dickinson,
investment banking houses,
Chicago in recent years.
President, Bartlett, Knight
Augustus Knight,
& Co., will head the new
S. Dickinson, president, Nichols, Terry
and Prank S. Kelly of the same firm, will be vice-
organization as president and Phil
&
Dickinson,
Inc.,
presidents.
New offices will be taken
Trade Bldg., where the Nichols
Bartlett, Knight & Co. have been at
in the Board of
firm has been previously located.
105 West Adams St.
Mr. Knight has
been in the bond business
since 1910 and is now a
member
Bankers Association. He is a
charter member and former president of the Chicago Bond Club.
He was
formerly a director of the State Bank and Trust Co. of Evans ton and a
former alderman of Evans ton City Council.
He graduated from Yale and
is a member of the University and Glenview Golf Clubs.
Mr. Dickinson entered the investment business here in 1915 with Charles
Kidder & Co. and later joined Wm. L. Ross & Co., an outgrowth of this
firm. He helped organize Nichols, Terry & Dickinson, Inc. in 1930. He
graduated from Lawrence College in 1915 and is a member of the University
and Hinsdale Golf Clubs and the Bond Club of Chicago.
Mr. Kelly was formerly a partner of the Chicago house of Lane, Roloson
& Co. and joined Nichols, Terry & Dickinson, Inc. in 1932.
He graduated
from Exeter Academy and the University of Minnesota and is a member
of the board of governors
of the University, Lake
of the Investment
Shore Athletic
and Evanston Country Clubs
and
the Bond Club of Chicago.
Vice-President of Bartlett, Knight & Co.
International Harvester Co., will join the new firm as
John A. Chapman, at
and
a
director of
present a
Vice-President.
established in 1920 and has specialized in
originating in the Middle West, and has
general securities underwriting and distribution business as well.
Nichols, Terry & Dickinson, Inc. have done a general underwriting and
distribution business.
Practically all employees of both organizations will
Bartlett,
Knight & Co. was
municipal bonds, primarily those
done a
join the
new
^
firm.
"This merger," Mr.
and experience
Knight declared, "comes as a
of each organization
result of the facilities
being ideally suited to
complement
said. "The trend today in investment
banking, and underwriting particularly, is toward larger, better-established
firms.
The combination of our two firms reflects this tendency."
those of the other,"
Mr. Knight
—Announcement has been
made by T. L. Watson
& Co. that Martin E.
C. Farley have been admitted to general partnership
in the firm and that John E. Judson, heretofore their senior general partner,
has become a special partner. Mr. Alpers has been with the firm 43 years
and Mr. Farley 25 years.
The firm of T. L. Watson & Co., a member of
the New York Stock Exchange and the New York Curb Exchange, was
established in Bridgeport, Conn., 74 years ago to conduct a banking and
Alpers and William
brokerage business.
Wall St., New
York.
The firm
maintains offices in
Bridgeport and at 40
>
■
\
Volume
The Commercial & Financial Chronicle
ISO
—Delmont
department of
The National City Bank of New York, has been nominated for the presi¬
dency of the Municipal Bond Club of New York for the coming year, it
was announced by Francis P. Gallagher of Kidder, Peabody & Co., chair¬
man of the nominating committee.
Mr. Pfeffer will succeed Seymour BarrPresident of Barr Bros. & Co., Inc.
Sanders Shanks Jr., editor of The
Daily Bond Buyer, has been named for vice-president and Monroe V*
K.
Pursuant to the
B. J. Van Ingen & Co., Inc. and Archie M. Richards of
RATES
EXCHANGE
requirements of Section 522 of the Tariff
Act of
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
Poole, Vice-President of Geo. B. Gibbons & Co. Inc., for secretary-treasurer.
Nominees for the board of governors of the club are B.
2821
FOREIGN
Pfeffer, manager of the municipal bond
FOREIGN
J. Van Ingen of
record for the week just passed:
a
EXCHANGE
CERTIFIED
RATES
FEDERAL RESERVE
OF 1930
BY
BANK TO TREASURY UNDER TARIFF ACT
APRIL 27.
Estabrook & Co.
1940, TO MAY 3,
1940, INCLUSIVE
Elections will take place at the annual meeting in June.
Other members of Mr.
H.
Lakes of Alex
Securities
Brown &
Country and Monetary
Equitable
Norman Peterson of
Sons and E.
Corp.
a
bulletin entitled "Insurance Stocks in
point out that while
Apr. 29
Apr. 30
May 1
May 2
$
$
$
$
$
money
an
$
.168833
.168783
.168455
.168161
.168012
a
a
a
a
a
a
Czech oslov'la, koruna
a
a
a
a
a
Denmark, krone....
Engl'd, pound sterl'g
a
a
a
a
a
Europe—
New York
Belgium, belga..
Bulgaria, lev..
Inflationary Economy,'
hedges
for later commitments in permanent
be made in speculative issues when Inflation breaks, such a proceedure
may
Because of the interest of astute investors in selected fire and
casualty
insurance stocks
as
hedges, the
satisfactory media for permanent inflation
contends that they should
securities if
advance with less attractive
takes hold.
inflation movement
'
—The New York firm of M. Hesslein & Co.,
Inc. has inaugurated a daily
information and quotation service on puts and calls via teletype to
York Stock Exchange member firms.
&
Hesslein
Co.,
Inc. is
a
30 New
periodicaj
The service includes the
teletype.
and
flashing of bids and offerings to its stock exchange subscribers by
member of the Put and Call Dealers
Brokers Association, Inc., whose members deal only in puts
teed
a
i
a
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
3.496527
3.475138
3.506666
3.519305
3.508472
3.491527
Finland, markka....
.018500
.017666
.017666
.017666
.017666
.017666
France, franc
Germany, relcbamark
Greece, drachma
Hungary, pengo
Italy, lira...
Netherlands, guilder.
Norway, krone
Poland, ssloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
.019870
.019941
.019890
.019786
.019816
.019689
.401133*
.401133*
.401133*
.401133*
.401133*
.401133*
.006518*
.006600*
.006525*
.006525*
.006525*
.006607*
.175830*
.176830*
.175830*
.175830*
.175830*
.175830*
.050437
.050457
.050450
.050437
.050437
.050457
.531125
.631033
.630916
.530805
.530822
.530781
a
a
a
a
brings.
M.
116
Official....
inflation
an
L
Free
due to the loss of confidence which the progress of
is very risky
firm
May 3
Apr. 27
again at work. Huff, Geyer & Hecht, Inc., 67 Wall Street.,
City, in
New York
Unit
—Quoting from leading authorities to the effect that inflationary forces
are
Noon Buying Rate for Cable Transfers in
Value in United States Money
Charles
Gallagher's nominating committee were
a
.033787
...
and calls guaran¬
Switzerland, franc...
Yugoslavia, dinar...
by members of the New York Stock Exchange.
.033825
a
a
.033800
.033675
b
b
b
b
a
a
.033625
a
a
.033912
a
b
b
.091300*
.091304*
.091304*
.091304*
.236414*
.236342*
.237162*
.237842*
.091304*
091304*
.
.238080
.238125
.224188
.224166
.224150
.224150
.224133
.224138
.022440*
.022540*
.022540*
.022540*
.022540*
.02244)*
Asia—
luncheon meeting of the Bond Club of New
—The speaker at the next
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
a
a
a
a
a
a
Monday,
of
Representatives for the 7th District of New Jersey, who will talk on "The
Need for a Fearless Investigation of Unamerican Activities."
Mr. Thomas
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar.
a
a
a
a
a
.217231
.217993
.217612
.216312
.216175
.215000
Affairs
India (British) rupee.
.301621
.301704
.301754
.301754
.301654
.301721
Japan, yen
.234383
.234383
.234383
.234383
.234383
.234383
Straits Settlem'ts, dol
Australasia—
.471356
.471356
.471356
.471356
.471356
.471356
Official
3.228000
Free
Jersey
be held
to
Robert
the
at
Treat
Hotel
in Newark
on
May 13th, will be the Hon. J. Parnell Thomas, member of the House
is
a
member of the Dies Committee and the Committee on Military
and Claims.
the annual election of officers of the Southern Municipal
—At
tion, John A. MacLaren of Elder & Co. was elected president: P. E.
of Sharpies,
Becraft
the
at
a
a
a
.059125*
.043787*
.047862*
'
„
3.228000
3.228000
3.228000
3.228000
3.228000
2.794583
2.802916
2.796000
2.781458
2.786250
2.768125
New Zealand, pound. 2.805833
Africa—
2.814583
2.806250
2.792916
2.797500
2.779166
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.909090
.848203
.860937
.847187
.845312
.847500
.844464
.166637*
.166575*
.166575*
.166575*
.166300*
.166575*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.846093
.848541
.844687
.842812
.845000
.842291
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
.060575*
.<'60575*
.050333*
Becraft & Co.; vice-president; S. V. Duncan of R. S. Dickson
announced
also
.059275*
Australia, pound—
It
for the
treasurer; and Miles Walsh of Hipkins & Topping, secretary.
& Co.,
was
Associa¬
.059975*
.
a
a
a
a
.059200*
meeting that
nder
plans areu
association's annual outing tentatively scheduled for
way
June 28th.
North America—
Canada, dollar—
—Edward F.
Frank A.
Wilson, President and
director of Wilson &
Co., Inc.;
Official
Free
Priebe, treasurer and director of Priebe & Sons, Inc.: Gilbert H.
of Becker,
Miller,
a
Mexico,
Stone & Co.; and L. Edgar Freidheim, of the Cougle
Commission Co., all of Chicago, have been admitted to
peso
Newfoundl'd,
membership in the
Chicago Mercantile Exchange.
...
.909090
dollar.
South America—
—Announcement is made of the association with J. A.
of Kenneth T. Hoeck, formerly with Newman Bros. &
of the firm's trading department,
Warner
Ritchie & Co., Inc.,
Worms, as Manager
.060575*
.060575*
.060575*
.050333*
.050333*
.050333*
.050333*
.050333*
.051650*
.051650*
.051650*
.051650*
.051650*
.051650*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569860*
.569850*
.669850*
.569866*
.569866*
.569850*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.391000*
.389500*
.389500*
.389500*
.389500*
.389500*
Chile, pesoOfficial
Export...
—Raymond H. Baldwin, Harold S. Parker, W. H. Kieser and Daniel J.
Daly, have formed Baldwin, Parker & Co., members Put and Call
'
.060575*
Free
out-of-town
,
and Dealers Association, with offices at
!
Official
and Eugene H. Cawley, formerly with
Marshall & Co., as investment adviser to the firm's
bank clients.
Argentina, peso.....
Brazil, mllrels—
Colombia,
....
peso
Uruguay, peso—
Brokers
Controlled
25 Broad St. to continue the stock
Non-controlled
.
option brokerage business of W. H. Kieser Co., which the firm succeeds.
♦Nominal rate,
—John
Carroll
B.
Co.
&
announce
that
Ira C.
Trust Co., Newark, has
b Temporarily omitted.
Gimbel, Levy & Co. is announced today
by Robert J. Levy, Ellis A. Gimbel Jr., and Harold
B. Blumenthal, with
offices at 165 Broadway, New York City.
Pollock, who has been associated for more than 20 years with
Salomon Bros. & Hutzler, latterly in their sales
department, has been ap¬
pointed a Vice-President of Harvey Fisk & Sons, Inc., dealers in United
States Government bonds.
monthly letter of Eisele, King & Studdiford, members of the New
York Stock Exchange, contains a discussion of the paper
and pulp and ship
shipbuilding industries and outlines of the business of leading companies
Clearings
increase compared with
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, May 4)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 2.7% above those
for the corresponding week last year.
Our preliminary
total stands at $6,270,961,338 against $6,105,297,119 for the
same week in 1939.
At this center there is a loss for the
week ended Friday of 5.1 %.
Our comparative summary for
Bank
—Following dissolution of Robert J. Levy & Co., the formation of the
—Max E.
Course of Bank
Co. for 17 years and treasurer of the Guardian
become associated with their sales department.
New York Stock Exchange firm of
and
No rates available,
of the bond department of Ira Haupt & Co. and prior to that
manager
with the Guaranty Trust
—The
a
Ayers, formerly sales
a
clearings this week show
an
year ago.
the week follows:
in these fields.
—Ira Haupt &
York
Co., 39 Broadway, New York City, members of the New
Stock Exchange,
distributing the eighth annual edition of their
are
statistical hand book for New Jersey municipal
bonds, 9 Clinton St. New¬
ark, New Jersey.
—"Common Stocks as Long Term Investments" is the title of a
pamphlet
Legg & Co., 42 Broadway, New York City.
&
Willett,
analysis
Co., Inc., 30 Broad St., New York City, is distributing
of Mission
Dry
Corp.,
manufacturers
and distributors
of
R. Wolley and George S.
be associated with Coffin & Burr,
unlisted stock trading
—Colonial
Bond
&
Murray will
Inc., of Boston in their newly opened
department.
Share
74
Trinity
Place,
New
and Baltimore Transit Company.
City, members New York Stock
Exchange, have issued a statistical report on the Coca-Cola Bottling Co.
o*
New York, Inc.
—Charles A. Frank & Co., members of the New York Stock Exchange,
New
the removal of their offices to the ninth floor of 44 Wall Street.
York City.
—Joseph J. Sullivan, formerly associated with Seligman, Lubetkin & Co.,
js now
connected with Herzog & Co., handling real estate issues and title
certficates.
—Peter P. McDermott &
announce
Co., members of the New York Stock Exchange,
the removal of their offices to 65 Broadway, New York City.
—Lewis Widder Company, specialists In unlisted
securities, announce the
removal of their offices to 39 Broadway, New York City.
San Francisco.
Detroit
$3,080,471,120
244,491,923
329,000,000
190,636,419
77,656,299
72,800,000
123,127,000
100,979,671
84,431,943
84,953,822
109,932,652
Pittsburgh
105,777,640
87,921,096
69,518,681
.
Baltimore.
1939
—5.1
+ 14.2
+ 6.7
+4.9
+ 6.5
+ 8.0
+6.7
+8.9
+ 25.3
+3.5
Total all cities, five days
day
-
+23.2
$4,444,976,782
759,593,030
—0.6
$5,225,801,115
1,045,160,223
$5,204,669,812
+ 0.4
900,727,307
+ 16.0
$6,270,961,338
days
days
Eleven cities, five
56,428,585
$4,418,739,745
807,061,370
_
All cities, one
Cent
$6,105,297,119
+ 2.7
+ 6.2
York
City, has prepared for distribution analyses of Allied Paper Mills Company
announce
—
Total all cities for week
Corporation,
—Elder Sc Co., 11 Wall St., New York
-
Other cities, five
Mission Orange and other soft drinks.
—Harry W. Crockett, Sumner
_
Kansas City
Cleveland..
issue of their Over-the-Counter Review.
an
Boston
Per
1940
$2,923,513,743
279,125,199
351,000,000
200,045,460
81,948,274
78,600,000
131,357,000
.
Philadelphia
St. Louis
115 Broadway, New York City, have prepared a
brief summary on Jamaica Water 8upply Co. in connection with the May
—R. S. Dickson &
New York.
Chicago...
being distributed by the investment management department of Mackubin,
—Bristol
Clearings—Returns by Telegraph
Week Ending May 4
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
eas< s
has to be estimated.
In the elaborate detailed statement,
however, which we
present further below, we are able to give final
and complete
previous—the week ended April 27.
For that week there was a decrease of 1.5%, the aggregate
of clearings for the whole country having amounted to
$5,568,791,016, against $5,651,673,302 in the same week in
1939.
Outside of this city there was an increase of 10.9%,
the bank clearings at this center having recorded a loss of
results
for
the
week
The Commercial & Financial
2822
the cities according to the Federal Re¬
located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a loss of 9.9%, but in the Boston
Reserve District the totals show a gain of 8.8% and in the
Philadelphia Reserve District of 8.4%.
In the Cleveland
Reserve District the totals are larger by 9.9%, in the Rich¬
mond Reserve District by 18.1 %, and in the Atlanta Reserve
District by 16.0%.
In the Chicago Reserve District the
totals registers an expansion of 14.6%, in the St. Louis
Reserve District of 10.1%, and in the Minneapolis Reserve
District of 15.7%.
In the Kansas City Reserve District
the totals record an increase of 7.5%, in the Dallas Reserve
District of 0.9%, and in the San Francisco Reserve District
10.2%.
We
of 13.3%.
In the
following
we
furnished
by Federal
summary
a
May 4,
Reserve districts for
4 Months
Diets.
14 cities
"
3d
Philadelphlal7
"
4th Cleveland.. 18
M
5th Richmond.. 9
"
6th Atlanta....16
"
7th Chicago
31
M
8th St. Louis... 7
"
9th Minneapolisl6
10th Kansas City 18
"
11th Dallas
11
"
12thSan Fran... 19
"
4 Months
1940
1939
1st
4 Months
1938
1937
%
$
4,398,105,514
+6.4
3,959,530,486
5,034,121,017
56,061,918,492
—4.1
53,947,737,123
70.120,240,412
7,298.965,814
6,519,704,926
+12.0
6,103,559,839
7,328,719,280
5,487,820,726
4,786,422,508 + 14.7
4,653,897,801
5,809,893,939
2,572,362,454
2,229,115,176
+15.4
2,152,657,510
2,486,328,241
3,159,926,109
2,832,039,890
2,609,435,568
2,892,234,244
+ 11.6
+15.7
+11.9
1,589,723,160 +17.3
2,796,448,334
+8.0
1,971,678,924 +11.5
+9.8
4,019,676,481
7,647.080,793
1,864,437,107
3,021,227,553
2,198,206,334
4,415,441,441
7,378,407,668
9,248,768,630
2,296,942,650
8,847,306,249
2,571,268,571
2,228,162,368
2,538,935,068
191 cities 101,805,413,868
Total
99,148,856,848
48,105,702,714
42,916,323,241
5,773,812,322
5,204,166,674
1,578,704,865
Inc. or
93,037,231,523 117,054,943,938
40,920,390,966
1st
Boston
S
S
$
.12 cities
265,967,516
S
233,565,187
274,906,089
3,448,737,480
6,333,637,969
1937 to 1940 is indicated in the
years
following:
3,999,150,911
244,492,946
—9.9
49,149,061,076
5,208,957,621^
Exchange for the four months of the
New York Stock
Federal Reserve Diets.
4,699,668,643
of transactions in share properties on the
volume
The
1,924,935,923
3,905,569,710
1937
1938
Dec.
1939
1940
Week End. April 27, 1940
3,246,332,623
1,870,090,676
+10.9
32 cit'es
Canada
1,724,765,918
2,749,477,909
+2.7
+12.1
Outside N. Y. City
$
4,631,406,549
55,687,042,961
Boston
New York..15
4 Months
Dec.
$
$
Reserve
Federal
2d
Inc.or
.
Reserve districts:
SUMMARY OF BANK CLEARINGS
1940
append another table showing the clearings by Federal
the four months for four years:
We
group
districts in which they are
serve
Chronicle
2d
New York..13
"
3,094,883,629
3,433,491,497
3d
PbiladelphlalO
"
398,383,797
367,386,463
403,851,424
1940
1939
1938
1937
Cleveland..
7
"
285,559,192
259,769,661
249,170,878
341,069,969
No. Shares
No. Shares
No. Shares
N». Shares
5th
Richmond.. 6
M
139,927,946
117,514,275
136,765,131
6th
Atlanta....10
"
161.852.734
18
"
"
512,400,424
+8.4
+9.9
118,525,108 + 18.1
139,587,922 +16.0
447,022,204 +14.6
342,030,078
4th
136,407,942
123,938,995
+10.1
7th
Chicago
8th
St. Louis...
4
9th
Minneapolis
7
,
125,711,675
147,058,224
409,651,456
553,202,406
113,901,006
145,272,172
"
115.683.735
99,984,834
+ 15.7
96,702,541
135,025,707
125,558,502
+7.5
114,813,894
22,995,770
50,346,280
First quarter
45,731,788
63,618,847
61,673.795
159,265.706
April
26,695,690
20,246,238
17,119,104
34,606,839
March......
162,010,339
10th Kansas City 10
11th Dallas
6
"
66,257,736
65,647,125
+0.9
59,852,761
06,354,925
12thSan Fran... 10
"
256,434,658
226,268,045
+ 13.3
214,017,902
257,661,981
Outside N. Y. City.
5,568,791,016
5,651,673,302
1.5
5,525,669,133
2,330,037,656
+10.9
2,172,165,534
2,720,425,834
320,285,348
301,086,515
+6.4
317,240,999
359,737,482
32 cities
Canada
14,526,094
6,593,383,622
2,584,961,391
113 cities
Total
15,990,665
—
February
106,080,051
"
58,671,416
50.248,010
25,182,360
13,873,323
24,563,174
24,151,931
13,470,755
16,270,368
Month of January
—
compilation
The following
since Jan. 1,
the clearings by months
covers
1940 and 1939:
MONTHLY CLEARINGS
We also furnish today a summary
month of April.
For that month
of the clearings for the
there was an increase
for the entire body of clearing houses of 7.8%, the 1940
aggregate of clearings being $26,035,844,628 and the 1939
aggregate $24,156,251,694.
In the New York Reserve Dis¬
trict the totals record an increase of 4.3% and in the Phila¬
delphia Reserve District of 17.0%, but in the Boston Reserve
District the totals register a decrease of 7.2%.
In the
Cleveland Reserve District the totals show
an
Clearings Outside New York
Clearings, Total All
Month
1940
1939
$
$
$
$
%
%
+3.9 12,620.502,357 11,076,265,314 + 13.9
+4.6 11,029,309,130 9,617,767,054 + 14.7
Jan... 26,687,316,998 25,692,147,968
Feb...
1939
1940
22,834,951,138 21,840,482,419
Mar-- 26.247,301,104 27,459,974,767
—4.4 12,357,976,167 11.449.037,566
+7.9
lst qu. 75,769,569,240 74,992,605,154
+ 1.0 36,007,787,654 32,143,069,934 + 12.0
Apr.__ 26,035,844,628 24,156,251,694
+ 7.8 12,097,915,060 10,773.253,307 + 12.3
improvement
of 13.5%, in the Richmond Reserve District of
in the Atlanta Reserve District of 11.5%.
In
19.0%, and
the Chicago
Reserve District there is a gain of 15.7%, in the St. Louis
Reserve District of 15.0%, and in the Minneapolis Reserve
District of 23.4%.
In the Kansas City Reserve" District
the totals are larger by 13.8%, in the Dallas Reserve District
by 13.2%, and in the San Francisco Reserve District by
12.0%,
The
course
of bank clearings at leading cities of the country
for the month of April and
four years
since Jan. 1 in each of the last
is shown in the subjoined statement:
LEADING CITIES IN APRIL
BANK CLEARINGS AT
Month of April
(000,000
Jan. 1 to April 30
.
April,
Inc.or
April,
1940
1939
Dec.
1938
1937
$
$
%
$
New York
April,
$
1939
1938
1937
1940
$
April,
1940
omitted)
$
S
$
$
S
$
$
63,700
5,418
3,996
6,935
56,233
4,726
3,775
6,182
52,117
4,693
3,352
5,776
67,906
5,791
4,323
6,957
13,938 13,383 13,700 16,074
1,368 '1,196
1,174
1,482
Chicago
961
1,067
852
1,049
1,755
1,495
1,461
1,780
395
348
335
Boston
Federal Reserve
1st
Boston
Diets.
Philadelphia
1939
1937
1938
1,135,014,020
1,223,120,837
—7.2
1,006,268,060
1,232,254,654
413
1,529
1,369
1,593
124,429,234,546
14 cities
13,837,677,308
14,169,734,301
16,629,138,190
Pittsburgh.
524
450
453
6.56
2,186
1,862
1,828
1,540,465,479
1,874,068,987
San Francisco
634
571
570
679
1,164,137,773
1,560,529,117
311
2,509
1,327
299
1,033
2,298
1,106
934
2,242
1,059
915
2,478
2,618
1,203
1,078
.1,720
2d
New York..16
"
3d
Philadelphial7
"
1,852,793,920
1,583,655,815
4th
Cleveland.. 18
"
1,345,398,690
1,185,535,954
6th
Richmond..
9
"
660,065,034
554,527,871
6th
Atlanta
16
"
783,897,813
703,000,574
7th
Chicago
31
2,228,084,326
1,926,079,625
8th
St. Louis...
7
"
"
+4.3
+ 17.0
+ 13.5
+ 19.0
+ 11.5
+15.7
642,394,063
558,698,458
9th
Mlnneapolls16
"
507,996,698
10th Kansas City 18
11
"
"
12thSan Fran... 19
"
St. Louis
1,403
270
231
349
345
481
1,555
1,416
1,404
1,833,285,587
2,383,014,318
Cleveland
429
379
357
442
1,725
1,488
+ 15.0
535,376,025
677,109,734
NinneapoLs
326
259
266
304
1,172
985
1,313.
983
411,820,176
+23.4
420,898,871
467,070,127
New Orleans
176
150
138
160
723
659
623
647
686,892,930
+ 13.8
+ 13.2
676,652,895
873,018,277
Detroit
466
397
336
522
1,894
482,088,894
461,502,599
498,179,710
Louisville....
146
134
127
176
1,583
573
1,421
537
2,008
586
1,123,531,981
1,003,153,252
+12.0
992,244,148
1,242,104,704
Omaha
129
116
112
139
644
514
491
460
529
45
43
41
48
+7.8
10,773,253,307 + 12.3
23,968,927,209
28,820,739,444
Milwaukee
93
72
79
94
10,268,704,270
12,747,155,854
Buffalo
145
135
129
169
130
100
105
108
467
1,359,850,113
1,719,712,807
Denver
132
118
114
135
173
330
515
398
473
193
24,156,251,694
191
378
587
168!
26,035,844,628
331
501
402
452
632
421
533
Indianapolis
Canada
233
403
781,503,503
Outside N. Y. City
256
Kansas City......
545,930,034
191 cities
274
Cincinnati
742,325,170
St. Paul
Total
339
641,926,456
Providence..
11th Dallas
Baltimore..
542,273,494
626,067,977
86
169
77
148
71
83
339
305
276
323
142
167
677
611
597
664
93
70
67
81
370
296
307
333
164
141
138
174
641
552
538
619
66
56
55
75
261
232
223
272
55
48
48
60
207
185
185
222
23,423 21,809 21,716 26,161
2,613
2,347
2,253
2,660
91,485
10;320
89,784
9,365
84,063 106,739
8,974
10,316
26,036 24,156 23,969 28,821
101,805
48,106
99,149
42,916
93,037 117,055
40.920
49,149
12,097,915,060
32 cities
1,467,146,424
1,378,373,759
+6.4
'
Richmond
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
for April and the four months of 1940 and 1939 follow:
Month of April
Seattle
Salt Lake City
Hartford
Total
Four Months
Other cities
Description
1940
Memphis
1939
1940
371
1939
Total all
Stocks, number of shares.
507
1,619
1,100
26,695,690
20.246.23J
72,427,478
83,865,085
Railroad & misc. bonds.. 1139,647,000
$93,396,000
Outside New York_12,098
10,773
10,269 12,747
Bonds
21,246,000
21,949,OCX
$470,475,000
81,448,000
$461,517,000
93,604,000
4,323,000
7,459,00C
13,733,000
31,800,000
$165,116,000 $122,804,00(
$565,656,000
$586,921,000
Foreign govt, bonds
U. S. Govt, bonds
Total bonds
CLEARINGS FOR
We
years
add
now
for each
our
figures
detailed statement showing the
city separately for April and since Jan. I for two
and for the week ended April 27 for four years:
APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 27
.
Month of April
Week Ended April 27
4 Months Ended April 30
Clearings at—
Inc.
Inc. or
1940
First
Federal
Rese
Portland
Mass.—Boston
Fall River
Holyoke
Lowell
New Bedford
Springfield
Worcester
Conn.—Hartford
New Haven
Water bury
R. I.—Providence
N. H.—Manchester
Total
(14 cities)
rve
Dec.
1940
$
Maine—Bangor
1939
$
%
$
Inc. or
or
1939
1940
1939
Dec.
1938
$
%
$
$
%
5
8,254,190
32,604,603
-
Dec.
+9.8
543.041
417,440
+30.1
—0.4
1,690,166
+ 10.4
+8.2
202,103,628
547,098
—0.5
337,432
352,140
1937
$
District— Boston—•
2,346,303
8,132,657
961,369,932
2,885,639
1.677,972
1,719,815
3,035,778
15,034,976
8,893,416
54,500,776
20,086.240
7,408,000
45,426,400
2,496,116
1,135,014,020
2,041,043
+ 15.0
417,302
7,901,619
+2.9
9,063,358
32,834,962
+0.7
1,857,385
1,066,507,891
—9.9
3,995,520,584
230,547,662
+7.4
+2.3
697,319
1,864,944
208,913,033
644,494
1,559,105
+ 7.6
11,778,991
6,423,568
3,774,747,781
11,517,783
5,935,195
+ 5.8
2,686,236
1,714,373
+0.3
7,032,868
6,959,197
+ 1.1
"422",057
424,241
2,856,735
13,171,944
+6.3
11,442,104
11,479,911
—0.3
+43.3
536,303
57,492,402
52,566,037
+ 9.4
773,391
3,608,935
539,645
+ 14.1
2,988,633
+20.8
2,933,023
,
695,274
1,931,681
235,245,533
645,116
+8.2
.
7,480,973
+ 18.9
35,987,774
31,658,416
+ 13.7
2,030,754
1,703,281
+ 19.2
1,638,602
47,592,849
17,795.970
+ 14.5
+ 12.9
207,339,967
185,169,379
+ 12.0
—4.4
10,975,573
70,393,065
+ 12.6
11,374,075
3,847,115
11,896,714
4,047,631
—5.0
3,377,827
6,279,000
+ 18.0
79,278",525
26,649.900
548,925
3,348,477
2,302,185
13,302,169
4,389,933
43,255,300
+5.0
2,277,799
+9.6
190,799,900
9,761,646
1,223,120,837
—7.2
4,681.406,549
25,198,100
+ 5.8
172,630,600
+ 10.-5
9,845,600
10,550,400
—6.7
8,991,257
+8.6
420,182
502,490
—16.4
8,516,300
491,933
11,538,900
605,756
4,398,105,514
+6.4
265,967,516
244,492,946
+8.8
233,565,187
274,906,089
.
Volume
The Commercial & Financial Chronicle
ISO
2823
CLEARINGS (Continued)
Month of
4 Months Ended April 30
April
Week Ended April 27
Clearings at—
Inc.
Inc. or
1940
1939
$
Second Federal Res
_
-
,
-
Total (15 cities)
14,429,234,546 13,837,677,308
Third Federal Rese
rve
Chester
...
Harrisburg
Lancaster
—
Lebanon
Norristown
Philadelphia
Reading
Scranton
Wlikes-Barre
—
183,202,115
21,895,693
586,898,251
$
174,490,941
+5.0
8,002,651
14,528,177
+81.5
20,522,907
+6.7
974,020
710,339
+ 13.9
32,200,000
31,700,000
+36.0
+ 1.6
+5.7
425,077
421,542
+0.8
685,832
—13.0
53,699,711,154
147,225,799
83,570,402
14,493,758
68,112,123
71,036,497
7,780,968
321,840,769
446,277,945
11,838,439
8,329,062
12,337,216
56,232,533,607
134,678,705
69,252,780
13,200,145
64,825,100
66,764,613
7,337,409
294,743,864
432,533,486
15,156,394
4-4.3
55,687,042,961
58,061,918,492
—4.1
7,425,602
9,234,826
6,754,064
37,025,231
22,408,048
8,311,798
6,540,773
7,631,118
4-19.4
4-4.1
4-2.4
4-17.1
4-4.1
4-4.0
4-8.0
4-10.6
4-13.6
4-6.7
8,800,372
14,358,670
4-5.4
1,912,933
y2,189,130
1,496,423
4-13.8
9,980,606
—3.3
5,744,007
2,199,764
1,572,377
4-6.4
1,495,000,000
6,635,573
4-17.4
8,707,413
4-10.9
3,787,510
4,934.260
1,068,062
4-13.2
545,249
4-20.0
4-14.3
4-6.5
4-2.7
4-6.1
6,935,000,000
25,452,312
40,926,004
.[■
17,086,953
2,340.606
13,895,592
—3.1
21,646,310
4-23.6
1,583,655,815
4-17.0
7,298,965,814
...
4-19.9
4-1.8
4-2.1
—4.5
+9.3
630,559
+8.8
—10.2
+ 20.7
3,796,381
3,630,460
—0.9
3,243,057
+9.0
392,730
18,122,721
30,982,639
—6.5
+ 5.5
3,137,658
356,242
16,642,043
—23.7
22,740,567
2,930,007
3,812,404
400,931
20,142,148
36,919,303
—9.9 3,448,737,480
3,999,150,911
—21.6
—1.4
+9.8
+ 5.1
+6.0
+ 9.2
3,763,050
3,847,018
367,030
19,119,350
+3.2
23,626,070
+6.4
3,094,883.629 3,433,491,497
9,694,017
5,973,467
36,586,168
21,513,092
7,663,252
0,418,979
6,182,000,000
24,927,318
37,983,706
15,373,637
18,992,463
4,390,381
—3.6
581,844
534,561
+8.8
371,340
367,380
+ 1.1
427,499
412,624
308,219
365,511
1,234,790
—2*3
1,1*46*,907
1,131*,708
390,000,000
—2.7
371,986
+4.2
1,206,934
+8.5
■
+ 1.9
+ 12.2
385,000,000
355,000,000
+8.5
+2.1
+7.7
1,681,054
1,891,478
—9.3
838,899
+7.4
331,000,000
1,388,938
2,142,926
1,029,108
+ 13.3
1,525,464
2,004,459
900,933
1,264,637
1,218,785
+3.8
1,493,057
+ 1.5
........
+ 11.1
+6.0
2,175,053
9,500,757
+30.0
59,637,318
69,244,200
+20.5
+5.3
5,156,200
4,233,800
+21.8
2,680,800
3,169,000
6,519,704,926
+ 12.0
398,383,797
307,386,463
+8.4
342,030,078
403,851,424
—2.7
Columbus
33 ,114,924
+ 13.7
2,082,678
1,642,795
+26.8
1,515,893
2,634,033
933 ,876,218
+ 10.6
52,680,133
93,145,198
52,469,217
89,188,511
+0.4
+ 15.9
64,401,107
103,039,556
4-8.4
180,528,600
171 443,900
+ 5.3
10,172,700
8,144,700
+24.9
53,989,215
76,035,836
9,714,700
4-5.2
7,687,105
11,343,731
5,597,847
7,249,166
4-6.0
10,444,959
4-8.6
19,706,609
5,317,458
17,231,596
915,455
856,827
4-6.8
Franklin
391,753
4-16.5
Greensburg
396,030
336,370
550,426
W. Va.—Wheeling
524,346,361
7,489,274
12,327,381
5,434,338
6,312,845
450,348,755
6,567,041
8,518,564
5,290,369
7,014,629
—10.0
(18 cities)
1,345,398,690
1,185,535.954
+ 13.5
+44.2
Mansfield
Newark
Toledo
Pa.—Beaver
County-
Pittsburgh
Erie
Oil City
*
Ky.—Lexington
Total
Fifth Federal
Rese
rve
W. Va.—Huntington..
4-5.3
4-14.4
—28.1
4-16.4
4-14.0
4-44.7
4-2.7
1,63+018
1,322*491
+23*6
1,*2*1*8*811
1,961*288
+ 10.3
+6.5
2,359,602
1,760,883
+34.0
2,418,345
2,992,006
71 ,304,760
+ 11.0
123,484,863
105,241,064
+ 17.3
104,278,078
154,465,979
3
,046,970
+37.9
1
,297,820
:
+ 15.2
2 382,522
-
-
+2.8
1,802 ,421,856
25 ,612,069
36 ,292,914
+ 17.4
+9.9
-•
4,786,422,508
+ 14.7
1,667,916
11,341,000
147,893,383
5,334,384
8,162,428
4,809,984
274,054,795
+ 11.9
8,965,207
46,258,000
6,142,982
41,152,000
611,112,613
20,794,173
34,974,488
20,667,869
1,105,542,091
5,923,637
382,805,323
+45.9
475,791
355,533
+33.8
334,806
380,931
+ 12.4
2,711,000
+ 12.4
+ 17.2
2,444,000
33,202,643
36,790,978
+ 13.9
926,538
1,394,769
+ 11.3
2,229,115,176
+ 15.4
+ 15.9
(9 cities).—,
660.065,034
554,527.871
+ 19.0
2,572,362,454
Total
+ 12.2
19 ,906,693
5,487,820,726
+ 14.3
Frederick
27 ,137,018
39 ,374,547
+23.1
+4.3
1,533,417
99,730,564
Md.—Baltimore
—0.9
—12.3
115,580,391
Greenville
—4.3
28 146,976
D. C.—Washington ....
C.—Charleston
Columbia
_
285,559,192
259,769,661
Sixth Federal
Rese
+ 14.3
+ 2.4
+ 18.5
-4.2
+23.7
rve
District-
91,744,526
85,266,640
+ 7.6
1^,466,987
382,613,029
27,336,834
381,561,712
9,121,014
4,151,423
5,141,000
7,952,322
6,733,941
3,443,351
+35.4
34,973,038
+20.6
La.—New Orleans
1,929,521
638,692
176,113,409
150,484.340
+ 17.0
16,427,295
20,093,000
32,662,096
7,496,423
2,798,582
722,789,062
(16 cities)
783,897,813
703,000,574
+ 11.5
3,159,926,109
2,832,039,890
+2.9
7,331,759
+ 17.5
1,894,254,837
7,284,001
1,583,351,060
17,559,110
46,749,148
19,355,447
80,524,313
—
268,900,000
Ga.—Atlanta
5,912,368
4,761,661
Augusta
Columbus
3,988,893
91,489,178
6,174,046
Macon
Fla.—Jacksonville
Tampa
Ala.—Birmingham
...
Mobile
Montgomery
M iss.—Hattiesbur g
...
Jackson
Meridian
—
Vicksburg
Total
,
Seventh Federal Re
Mich.—Ann Arbor..
serve
Jackson
Lansing
7,051,300
Muskegon
2,726,168
Flint
Grand Rapids
2,829,871
Bay City
Ind.—Ft. Wayne
8,036,625
14,308,048
Gary
Indianapolis
South Bend
86,131,467
9,098,453
24,157,556
6,233,378
92,714,774
1,547,736
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh
Sheboygan
Sioux City
Ames
111.—Aurora
Bloomington
Chicago
Decatur
Peoria
Rockford
Springfield
(31 cities)..
+ 19.9
+36.4
18,659,031
+ 2.1
—2.3
+27.0
4,870.000
+ 5.6
6,615,817
+ 20.2
1,536,518
539,371
+25.6
+ 18.4
1,757,531
396,846,178
3,973,386
11,189,109
2,162,202
6,504,610
2,662,803
2,162,601
4,268,580
13,061,054
+3.9
16,894,344
+25.7
56,336,274
+ 1.0
9,295,253
27,902,209
+8.4
+ 2.4
+30.9
+88.3
+ 9.5
10,845,217
10,410,033
5,426,909
+ 14.9
29,697,985
61,283,156
339,256,258
33,858,565
98,293,476
24,727,392
72,027,569
+28.7
377,529,669
1,342,549
2,417,767
391,981
1,260,228
+ 15.3
6,230,626
+ 17.1
+30.2
12,196,990
1,936,583
—2.2
5,438,488
4,700,260
41,406,983
15,671,880
+9.9
+20.8
19,751,175
172,966,728
77,022,291'
+ 11.8
7.176,740
+26.8
21,287,820
+ 13.5
,
7,952,552
24,095,408
9,332,565
8,997,087
10,309,619
51,567,513
304,697,805
25,016,908
4,763,365
+22.8
5.217,670
548,255
+ 12.6
22,465,77?
+ 16.9
2,548,481
2,228,084,326
1,926,079,625
+ 15.7
8,847,306,249
7,647,080,793
5,164.972
50,027,090
16,799,034
♦920,000
2,007,979
1,770,445
1,368,080.271
4,427,893
18,592,825
5,847.848
5,875,440
Sterling
Total
80,844,024
332,961,848
1,059,500,000
23,743,148
+ 11.8
641,002
510,255
1,232,860
Des Moines
4,862,485
+6.7
+ 16.8
68,658,610
21,556,286
2,832,057
Watertown
.
18,132,346
74,088,456
240,500,000
4,932,946
3,491,753
3,906,444
93,596,166
83,131,033
21,938,124
330,299,178
5,328,495
10,227,367
1,668,946
4,714,992
19,146,263
150,345,908
58,428,955
3,581,374
6,897,857
5,450,373
4,725,528,822
15,840.268
61,151,015
17,758,232
20,596,154
2,134,661
Manitowoc
Iowa—Cedar Rapids
-----
_
+ 9.9
249,170,878
341,069,969
2,966,000
+ 10.9
40,416,201
+ 5.7
1,138,027
72*.807*490
61,33*4", 048
+ 17.9
60,777",454
71,496,706
22",879+37
18**942*567
+*20*8
19,828,834
23,735,747
139,927,946
118,525,108
+ 18.1
117,514,275
136,765,131
+7.7
—1.6
+20.0
+ 10.9
■
:
+ 7.6
3,374,960
16,468,385
47,800,000
4,966,690
+9.4
19,785,965
+ 12.4
+24.7
56,900,000
1,112,867
3,578,471
3,029,921
+47.2
17,147,801
16,102,450
43,700,000
+ 20.1
+ 19.0
•
51,800,000
1,339,212
*950,000
1,060,934
+4.9
+25.7
+0.4
"709",219
*874*519
—1*8*9
681,379
864,562
+ 12.6
20,043,000
14,931,000
+34.2
14,540,000
16,277,000
+ 12.2
17,916*278
18*,8*34*310
—4*9
15*,*00*7",480
+25.7
1,867,130
1,468,273
+27.2
1,432,588
+34.1
19,617*, 265
•'
1,558,518
+ 15.6
+4.5
+4.2
X
X
+ 17.2
x
X
x
,
+7.2
62,559.317
872,826
+ 5.4
*3,806,641
1,776,393
+ 13.0
7,518,404
1,341,558
+32.0
6,146,616
1,195,760,845
+ 14.4
4,040,869
+9.6
17,036,913
+9.1
5,417,082,821
17,926,284
J
""
"""83", 892
"118+60
+ 15.8
9*5*596
+4*1*0
115,160
+9.7
38,433,279
34,691,649
+ 10.8
30,166,255
34,760,235
+ 11.6
161,852,734
139,587,922
+ 16.0
125,711,675
147,058,224
+0.7
222,392
119,684,202
302,174
106,572,359
—26.4
309,874
323,647
+ 12.3
81,548,319
137,284,033
3*.0*71",492
2*,549*, 546
+20.6
2,349,491
3,327,809
1,372*344
1,7*23",270
—20.4
1,720,847
1,306,274
District —Chicago—
1,808,310
466,331,366
4,128,443
14,066,601
2,184,259
Detroit
_
Atlanta—
75,125,422
304,324,871
943,000,000
19,039,828
14,841,500
15,400,780
339,750,116
20,385,730
339,975,589
27,817,670
14,208,751
19,224,000
31,344,899
6,390,990
2,417,350
658,786.394
Nashville
_
2,412,000
34,481,629
999,391
t
Tenn.—Knoxvilie
11,576,000
8 746,385
3 480,643
30 590,162
677,435,638
21,969,700
37,602,924
20,345,665
1,327,002,567
6,568,080
426,154,673
Richmond
S.
+4.4
District— Richmond—
2,404,415
12,691,000
168,978,724
5,463,415
9,675,316
4,608,022
338,911,131
1,752,620
Va.—Norfolk
-
1,488 ,246,131
8,367,106
3,450,993
30,457,210
45,796,413
21,207,797
79,141,764
4,200,953
1,495,455
2,449,606
2,185,953,914
28,144,192
44,665,142
31,920,634
24,675,536
Lorain
Youngs town
-
1,724,984,187
—8.2
45,336,300
—,
'V"'
37,657,758
1,032,723,466
928,319
255,930,616
429,333,889
Hamilton
1,644,770
2,606,271
1,452,498
2,058,303
4-9.7
4-10.5
9.706,179
—
...
Cleveland
919,508
+ 1.2
4-13.3
8,784,129
233,243,512
378,855,009
41,821,800
2,177,025
852,447
Cincinnati
513,735
385,716
—4.7
+ 13.1
District —Cleveland—
serve
2,290,530
Ohio—Canton
1,018,268
788,180
38,500,000
29,100,000
601,521
391,143
767,797
663,140
3,353,503,599 3,872,957,788
7,612,310
0,902,972
4,805,886
3,921,469
2,983,829,625 3,321,635,646
7,184,443
9,165,088
4,333,331
4,394,741
+ 16.4
•.
Fourth Federal Re
$
8,682,543
7,340,810
—21.9
4-7.5
26,761,900
Hazleton
Del.—Wilmington
(17 cities)
%
1937
1938
$
515,206,263
4-5.4
—-0.2
21,516,284
4,454,343
2,827,607
9,241,412
71,852,497
72,908,600
654,470
N. J.—Trenton
Dec.
District— Philadelphia
2,016,623
y2,491,119
1,710,894
9,650,328
6,111,919
2,343,256
1,614,256
1,755,000,000
7,040,261
9,656,002
4,288,290
5,918,211
1,087,111
Du Bois
Total
4*8.3
1,852,793,920
Pottsville
or
1939
$
2,267,973
14,181,307
York
Inc.
1940
Dec.
%
37,482.924
34,611,226
Bingham ton
5,045,420
4,787,161
Buffalo.
145,231,537
135,093,941
Elmira
1,951,813
1,955,959
Jamestown...
3,647,325
3,054.620
New York.
13,937,929,568 13,382,998,387
Rochester
36,388,186
35,531,591
Syracuse
19,656,645
16,786,946
Utica
3,748,718
3,601,778
Westchester County
18,249,298
17.543,366
Conn.—Stamford
17,342,214
16,054,997
N. J.—Montclair
1,879,172
1,699,255
Newark
83,538,296
73,568,334
Northern New Jersey
114,083,762
106,871,590
Oranges
3,059,662!
3,518,157
Bethlehem
1939
1940
District —New York—
erve
N. Y.—Albany
Pa.—Altoona
Dec.
or
+ 19.6
—3.8
+ 20.5
+ 16.9
+ 15.8
+ 16.2
+ 15.7
J
946,229
+67.9
924,637
1,371,006
17,996,000
1,591,400
5,009,211
+7.7
14*,7*5*2,000
18,331,000
+21.1
1,202,204
1,702,308
+ 18.2
19,376,000
1,927,337
5,210,201
+4.0
4,489,534
5,777,229
+ 12.7
+ 14.3
19,580,056
17,221,273
+ 13.7
16,221,473
18,421,872
1,'169*706
1,188,122
9,919,794
3,600,708
—1*6
1,06*2*536
1,12*3",299
+38.1
10,067,220
2,982,708
13,451,489
2,994,716
1,588,559
+82.1
+ 18.8
+ 11.3
+35.3
+ 16.9
+ 19.3
+ 16.0
+ 15.3
+3.2
13,696,468
+ 15.0
+7.1
3,666,717
+ 1.8
+0.3
"
"
+ 9.0
+ 12.8
"365*699
"280*163
+30*5
68*7*274
8*81*602
+ 14.6
314,115,048
271,056,757
+ 15.9
338,532,861
+ 13.2
1,008,482
996,327
+ 12.3
3,702,843
1,267,355
1,375,463
4,037,242
+ 1.2
—8.3
914,197
+38.6
265,389,476
749,674
3,169,498
992,028
1,117,432
+ 23.1
1,032,663
1,471,748
512,406,424
447,022,204
+ 14.6
409,651,456
553,202,406
+21.4
+9.1
874,393
4,593,072
1 434 648
+ 19.4
+ 15.7
1
The Commercial & Financial
2824
Chronicle
May 4, 1940
CLEARINGS (.Concluded)
4 Months Ended
Month of April
Week Ended April 27
April 30
Clearings at—
Inc.
1939
%
Eighth
Cape Girardeau...
Independence
Ky.—Louisville
Term.—Memphis
Qulncy
'
1938
1937
$
$
%
3
:;i
5
348,320,525
3,299,902
+ 13.5
1,528,640,773
1,403.012,075
+9.0
+ 24.2
15,830.438
13,604,417
503,671
+3.1
+ 16.4
+0.5
642,394,003
+32.8
District
1,234,233
+ 14.2
9,874,000
1,967,354
672,535,752
295,636,451
1,088,601
9,098,000
+ 15.0
2,571,268,571
2,296,942,050
+ 9.3
658.098,458
rve
1,977,803
644,168,213
309,543,111
+ 10.7
133,077,204
70,284,607
284,489
2,328,000
...—..
85.700,000
78,700,000
+8.9
72,900,000
90,700,000
30,665*395
29,511*397
+3*9
26*."8*52",740
38*.057*,945
+25.0
+ 13.4
19,456,547
15,244,598
+27.6
13,724,266
15,943,227
X
X
+8.5
586,000
483,000
+21.3
424,000
571,000
+ 11.9
130,407,942
123,938,995
+ 10.1
113,901,000
145,272,172
+20.8
+ 18.9
3,026,693
77,701,828
2,510,632
+20.6
2,609,438
3,048,847
07,669,980
+ 14.8
64,070,395
71,364,175
+33.3
+ 15.1
28,101,783
24,081,887
+ 16.7
24,852,532
25,713.345
2,240,028
1,990*604
1*2*5
1,8*24*078
1,902,269
893,021
718,752
+24.2
649,745
620,306
+ 12.6
X
Minneapolis-
14,175,812
325,537,000
+27.2
50 941,605
42,179,467
+25.5
1,171 907,453
985,446,978
+ 24.6
6 844,318
6,132,790
+20.4
458 309,690
+ 15.0
6 ,523,687
495,019
+ 16.5
2
9,340,432
+ 11.5
41 ,065,810
398,341,456
6,131,274
1,786,891
36,501,693
935,000
+ 10.8
4 ,046,000
3,611,000
+ 12.0
924,000
912,258
+ 1.3
3
107,575
2,688,924
+ 15.6
3,429,639
0,025,823
3,114.706
+ 10.1
12 862,933
+0.7
24 283,412
11,313,304
26.032,630
+ 13.7
5,982,220
715,100
637,500
3,028,981
2,962,428
10,426,583
236,185
+ 12.2
3 045,386
2,626,300
+ 16.0
13 087,657
+ 19.9
+ 7.7
689,223
+ 13.3
579,067
613,548
12 708,159
+20.1
52 542,009
+ 18.5
2,939,618
2,323,856
+26.5
2,117,286
2,817,621
+29.3
1 042,100
10,917,920
11,803,491
44,337,639
871,391
780,764
+25.7
305,313
507,990,698
Minneapolis
1,399,016
100,417,180
1,443,174
10,412,905
1,092,000
.
11,147,966
259,340,322
1,743,337
120,922,609
1,059,000
577,518
Minn.—Duluth.
411,820,170
+23.4
1,864,437,107
1,589,723,160
+ 17.3
115,683,735
99,984,834
+ 15.7
90,702,541
106.080,051
+ 5.2
88,239
84,262
+4.7
93,538
120,063
155,257
2,813,709
30,695.940
—22.7
107,397
127,553
+4.3
2,292,053
25,308,180
2,517,259
Rochester
St. Paul
Winona
...
Fergus Falls
N. D.—Fargo
Grand Forks..,
Minot
....
8. D.—Aberdeen.
Sioux Falls
Huron..
3,609,613
Mont.—BUllngB..
3,722,452
13,144,717
Great Falls
Helena
...
Lewis town....,
(10 cities)..
Tenth Federal Rese
Neb.—Fremont. ......
Hastings
Lincoln
Omaha
Kan.—Kansas City—
Manhattan
—
Parsons..
Topeka.......
Wichita....
Mo.—Joplin
Kansas City
St. Joseph...
Carthage....
Okla.—Tulsa
Colo.—Colo. Springs..
Denver
Pueblo
Wyo.—Casper
Total
Dec.
-St. Louis—
93,358,214
314,936
2,658,000
(7 cities)
Ninth Federal Rese
Total
1939
District
serve
III.—Jacksonville
Total
or
1940
395.378,992
4,098,818
519,115
146,065,988
Federal Re
Mo.—St. Louis
Inc.
Dec.
%
1940
Dec.
1939
1940
rve. or
or
Eleventh Federal ]
456,517
*010,000
13,365,834
129,163,270
18,033,057
701,966
657,417
10,408,199
14,022,592
2,271,223
402,778,284
13,248,616
478,175
36,343,364
2,457,211
132,289,491
2,748,070
1,419,717
eserve
Distric
+ 11.7
*2,241,164
46,908,428
514,371,596
1,663,368
2,221,952
42,852,483
491,128.042
15,054.890
+ 19.8
67,933,222
2,619,940
63,143,508
2,579,903
+0.9
+9.6
+4.7
+7.6
+ 1.5
28,434,671
9,371,000
204,641,278
79,046
—13.0
+ 10.9
608,887
739,181
—11.1
3,041,053
3,495,927
8,770,583
+ 15.3
+ 19.4
11,023,977
2,031,589
349,432,595
11,660,386
+27.2
+ 11.8
40,317,941
52,996,705
9,072,169
+ 15.3
1,654,838,590
38,641,738
46,033,703
7,564,035
1,416,257,405
+ 13.6
52,755,287
2.563,307
32,410,017
"
■■
3,077,680
3,182,201
1,698,051
+81.2
2,280,183
1,732,960
2,388,555
+33.2
•; 2,368,055
2,997,967
94,267,285
83,937,650
+ 12.3
78,884,869
49,749,853
+6.0
3,025,012
2,649,320
+ 14.2
2,321,391
118,818,739
2,656,861
+ 18.6
33,729,045
2,303,371
118,168,336
3,054,760
1,362,101
+ 0.7
135,457,927
10,030,514
+ 11.9
500,901,590
—10.0
+4.2
11,668,484
5,699,699
2,100,813
130,287,246
9,682,250
472,844,713
10,635,733
5,505,602
+ 13.8
3,021,227,553
2,790,448,334
+7.1
31,858,315
29,089,395
+ 8.8
17,567,605
987,740,000
680,892,930
—11.2
+ 19.9
+9.8
+ 12.6
+7.8
2,934,397
27,248,281
+ 15.1
424,532
+4.3
+4.0
449,769
490,857
—8.4
042,806
134,145
"632;780
*644",901
—1*9
"509*422
*535*,792
+8.0
135,025,707
125,558,502
+7.5
114,813,894
1,646,578
1,555,020
+5.9
1,295,026
859,429,846
+7.3
+6.7
+ 14.9
52,537,911
51,713,516
+ 1.6
45,699,487
49,249,707
79,392,775
114,047,818
6,980,695
1,817,000
8,882,953
2,685,000
+3.6
+4.0
+9.7
+3.5
102,010,339
-Dallas—
4,076,439
208,809,275
20,006,699
28,906,024
9,309,000
20,742,475
El Paso
Galveston.
1,749,931
+3.8
7,748,031
247,296,000
Fort Worth
+ 19.6
+20.7
440,005
546,048
4,434,457
....
Dallas
+
—6.7
11,069,272
116,473,300
8,297,294
Texas—Austin..,
Beaumont
+0.4
+ 18.6
+ 12.5
District— Kansas City-
rve
781,503,503
(18 cities)...
+ 19.2
119,253
+ 18.4
10,466,781
86,848,660
110,248,927
39,959,000
+3.7
—1.6
+0.7
: -
1,444,599
+ 9.4
—3.3
6,054,492
6,598,529
—8.2
39,7^0,000
+0.5
1,987,000
2,263,000
—12.2
+ 11.6
182,804,095
+ 11.9
835,018,042
2,094,529
1,748,384
Wichita Falls
4,680,097
+ 19.8
+ 17.9
8,108,046
17,854,205
+ 15.7
863,325
871,941
+ 10.1
5,350,435
+ 11.2
+5.9
963,723
1,404,231
748,415,798
7,088,288
16,056,898
5,054,055
1,114,592
Texarkana
3,971,634
1,209,270
13,499,537
+ 8.4
57,595.099
60,287,270
+2.3
2,917,163
2,553,337
+ 14.2
3,197,228
3,220,725
+ 13.2
66,257,736
65,647,125
+0.9
59,852,761
66,354,925
37,285,807
32,939,393
+ 13.2
990,835
837,883
+ 18.3
31,457,072
787,031
38,529.713
957,629
Houston
Port Arthur
...
14,033,502
La.—Shreveport
Total
545,930,034
(11 cities)...
District
Twelfth Federal Re
Wash.—Belllngham
...
Seattle
Yakima
Idaho—Boise.....
Ore.—Eugene
Portland
Utah—Ogden
Salt Lake City...
Ariz.—Phoenix
_.j
Calif.—Bakersfield
I
*1,725,000
164,088,323
4,359,173
5,311,780
1,264,000
142,275,849
2,630,390
60,212,452
15,650,678
9,165,870
9,322,806
16,469,365
3,727,000
14,010,821
3,540,912
033,620,250
.
.
Berkeley
Long Beach
...
Modesto...
...
1,971,078,924
+ 11.5
+ 2.1
*7, ,669,343
+30.3
140.989.741
+ 16.4
640, ,800,340
5,886,208
552,474,185
14,958,685
18,175,222
4,019,000
+ 15.1
+ 13.4
499,129,934
9,794,205
231,758,984
52,548,843
30,740,026
+ 11.2
32,039,455
27,439,269
+ 16.8
25,552,109
31,917,885
+ 11.6
+ 12.5
14,440,403
12,982,773
+ 11.2
12,013,368
15,931.244
30,229,769
+20.4
Francl
4,195,316
+3.9
16 ,050,634
4,358,098
1,090,000
+21.9
20 ,927,160
+ 16.0
4 ,557,000
123,145,307
+ 15.5
555 ,065,508
2,425,921
+8 4
10 ,930,879
50,323,601
12,829,504
+ 17.6
260 ,701,955
62 ,233,961
8,654,106
7,750,492
17,638,570
3,357,000
15,914,018
3,722,337
571.312.742
11,563,271
+22.0
+ 5.9
+ 20.3
—6.6
31, ,833,580
36 ,400,952
67 ,479,980
13 ,961,000
55 ,333,348
13 ,408,588
2,509 ,070,570
44 ,914,418
73,479,609
i
+ 16.0
+ 7.3
+ 18.4
+3.0
m
m
*.#>„
4,418,009
3,923,404
4,149,229
—5.4
4,107,049
2,846,925
3,483,176
—18.3
3,347,972
4,189,183
138,280,000
2,466,819
1,571,025
2,118,478
+ 14.4
+0.1
155,129,000
+ 18.6
130,809,000
2,525,588
1,481,049
+ 12.9
158,236,000
2,469,199
1,863,197
2,339,433
+ 10.4
1,937,664
2,177,688
+ 9.8
256,434,658
226,268,045
+ 13.3
214,017,902
257,661,981
—8.2
+ 6.0
7,298,823
San Francisco
6,873,397
+6.2
25 ,835,567
9,319,329
+ 17.9
38 ,260,658
13,167,000
65,421,581
13,888,396
2,297,905,183
45,567,989
26,647,364
33,884,298
1,123,531,981
Riverside
1,003,153,252
+ 12.0
*4,415,441,441
4,019,676,481
+ 7.8 101,805,413,868
99,148,856,848
+2.7
5,508,791,016 5,651,673,302
—1.5 5,525,669,133 6,593,383,622
42,916,323,241
+ 12.1
2,584,961,391 2,330,037,656
+ 10.9 2,172,165,534 2,720,425,834
San Jose
Santa Barbara
Stockton...
(19 cities)
Grand total (191
SCO
10,991.848
Pasadena..
Total
2,198,208,334
1,689,842
482,088,894
-San
11,866,635
.
+ 15.2
+ 11.0
—12.0
—4.9
+ 10.9
+ 2.6
cities) 20,035,844,628 24,158,251,094
Outside New York
12,097,915,060 10,773,253,307
CANADIAN
CLEARINGS
+ 12.3
FOR
48,105,702,714
APRIL,
Month of April
—15.4
—3.5
+ 9.2
—1.4
—3.0
SINCE JANUARY 1, AND FOR
4 Months Ended
WEEK ENDING APRIL
2,741,347
1,670,283
25
Week Ended April 25
April 30
Clearings at—
1940
1939
► Canada-
Dec.
1939
1940
%
Toronto
442,415.844
479,742,427
—7.8
1,851,625,596
Montreal
415.469,716
458,997,435
—9.5
1,740,411,433
Winnipeg
224,542,943
74,203,503
114,822,505
+ 95.6
739,191,959
68,205,963
+ 8.9
295,955,574
111,979,624
20,199,353
77,740,068
18,337,980
9,932,734
19,888,709
20,924,780
+ 44.0
368,525,695
+ 10.2
78,540,610
Vancouver
Ottawa
Quebec
Halifax
12,047,796
Hamilton............
24,935,877
Calgary
20,081,138
St. John
9,126,758
7,954,869
10,988,275
16,806,032
*15,500,000
Victoria
London..
Edmonton..
Regina
Brandon
1,293,714
2,046,542
Lethbrldge
Saskatoon
....
Moose Jaw
5,613,091
2,141,584
Brantford
...,
Fort William
7,097,711
9,758,211
....
Sherbrooke
Kitchener
Windsor
20,813,333
—13.1
8,627,176
15,473,930
+ 9.1
5,223,103
+ 10.3
+ 16.1
4,236,040
1,921,168
1,862,192
2,527,691
3,590,301
+ 14.0
+ 11.3
+ 11.2
+ 15.6
+0.9
+41.2
+3.7
+ 13.1
+70.2
16,058,642
10,697,026
3,808,690
+ 16.0
+ 5.4
2,431,759
4,480,872
4,813,637
1,794,567
1,589,349
2,221,952
—2.9
+ 6.5
+ 11.6
+ 16.6
—12.0
+7.1
+ 17.2
+ 13.8
1937
$
101,595,120
94,531,263
37,640,279
15,925,050
19,464,913
4,902,929
2,264,182
5,402,469
4,988,485
1,925,720
1,666,765
2,553,382
3,781,098
0,732,711
130,553,869
108.069,213
37,056,533
18,182,762
18,804,396
5,414,264
2,339,334
5,768,042
5,323,022
1,819,285
1,610,662
2,436.206
3,696,248
—2.9
3,064,690
4,221,013
—27.4
280,260
271,332
466,210
488,822
1.6
433,448
421,894
1,171,965
582,001
791,793
+ 11.6
1,247,163
1,417,190
—18.8
415,324
911,261
561,989
473,061
+32.7
658,481
743,470
—7.8
662,141
634,097
220,515
+5.4
212,224
199,015
+ 8.0
1,307,938
472,796
843,125
027,702
685,775
232,498
522,326
568,647
—8.1
569,005
567,042
+25.6
812,435
579,870
+40.1
700,648
619,565
+ 18.9
+ 14.1
+3.3
+ 6.5
332,038
3,997,026
4,800,375
279,782
908,797
+ 1.3
947,492
+ 11.9
2,467,608
3,423,526
4,767,758
11,590,730
2,382,002
+3.6
2,704,223
+26.6
+ 19.3
—1.9
47,792 727
45 249 846
+ 5.6
+25.5
4,352,724
10,620,316
+ 19.3
+ 22.5
5,191,665
12,832,658
+20.8
991,913
2,517,600
325,905
655,879
+ 19.4
9,435,382
+ 14.0
563,295
2,935,650
1,762,728
4,222,507
3,996,249
11,810,215
1,123,608
2,629,637
2,153,696
2,249,321
1,905,569
3,813,304
9,569,068
12,637,970
18,270,299
+30.5
10,791,382
+ 15.4
708.541
—7.5
7,012,245
—2.8
405,136
+ 12.4
949,645
996,341
4.7
1,188,427
487,702
504,693
361,679
966.408
1,378,373,759
+ 1.90
320,285,348
301,086,515
+6.4
317,240,999
459,737,482
3,220,141
2,570,661
Kingston
Chatham.....
Sarnia
....
(32 cities)
x
+ 12.6
2,710,877
+27.2
8,547,960
13.561,478
9,033,574
10,191.170
3,223,983
8,863,952
10,064,588
15,362,106
4,748,326
7,688,620
+ 31.7
110,439,012
93,301,353
23,045,439
1938
2,790,390
Moncton
Estimated,
+7.7
+2.4
4,015,160
%
+0.1
+32.2
1,409,583
•
+ 6.5
19,368,139
4,268,026
6,915.364
18,001,976
66,285,810
*54,797,630
16,673,018
+ 11.8
48,067,462
43,692,923
+ 5.8
+ 2.8
+ 29.7
70,272,281
39,516,996
76,104,120
75,747,701
28,009,783
28,109,029
38,633,959
57,107,329
or
Dec.
2,271,842
Prince Albert
Total
+ 12.1
287,935,918
284,198,027
39,555,301
29,159,447
+ 12.6
40,595,956
1939
1,467,146,424
Medicine Hat
Sudbury
+ 21.6
110,506,918
90,621,116
83,557,149
7,505,987
+ 1.8
+67.0
96,777,453
—4.0
%
+2.2
1940
1,811,225,839
1,708,842,777
442,567,339
52,020,531
+25.4
'
Dec.
2,826,935
1,059,934
New Westminster
Peterborough
3,878,725
3,003.279
+27.3
15,878,039
14,558,660
1,201,509
1,998,898
4,983,814
2,464,524
3,556,257
Inc.
Inc. or
Inc. or
No figures available,
y
Calculated
11,463,226
11,197,124
3,603,766
+ 10.7
16,560,314
8,274,708
9,353,391
7,214,889
14,728,143
+6.4
5,773,812,322
5,204,166,874
on
basis of weekly figures.
+26.9
+ 9.9
+ 11.8
691,131
878,980
+ 12.8
981,168
1,065,402
2,871,539
—12.3
+ 15.0
+8.5
3,073,305
301,004
2,813,809
283,353
604,748
+ 16.8
733,328
460,457
751,964
482,415
489,745
388,359
+44.7
+4.3
583,328
422,261
285,300
Volume
The Commercial & Financial Chronicle
ISO
ENGLISH
FINANCIAL MARKET—PER
Company and
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
April 29
April 27
Silver, perozd.
Gold, p.flneoz.
Consols, 2**%.
British 3>*%
War
Closed
168s.
21 7-16d.
>
£74 **
Closed
£99**
Closed
168s.
£110**
£100**
£100**
£100**
£111**
£111**
£1115*
34**
71.11
71.11
cents) in the United
34**
~
34**
345*
71.11
71.11
Date
Colgate-Palmolive-Peet
Co. 6% preferred stock
♦Consolidated Oil Corp. 3**% debentures
♦Container Corp. of America
5% debentures
71.11
Page
2089
May 21
June. 1
June
♦Cosmos Club 4**% bonds
♦Crane Co. 3*4% debentures
Elgin Joliet & Eastern Ry. 4** % bonds
Fairbanks. Morse & Co.
4% debentures
Freuhauf Trailer Co. 4**% notes
2875
2875
1
2875
..May 15
June
June
1
1
1
May
7
June
1
June
♦Frick-Reid Supply Corp. 15 year debs
Garlock Packing Co.
4**% notes
(Walter E.) Heller & Co. 4% notes
£75
£111
34**
71.11
168s.
168s.
£74**
£100**
TT. S. Treasury
(newly mined)
21 l-16d.
21**d.
£74**
The price of silver
per ounce (in
States on the same days have been:
BarN.Y.(for.) 34**
Fri.,
May 3
Thurs.,
May 2
168s.
£74**
British 4%
1960-90
Wed.,
May I
21 l-16d.
21d.
168s.
Closed
Loan..
Tues.,
April 30
2825
Issue—
2875
2252
2724
2424
2879
May 31
May 10
♦
Indianapolis Water Works Investment Co. 5%
bonds.-July
1
Inland Steel Co. 1st mtge.
3**s
June 20
♦
International Paper Co. 5% bonds
May 13
♦
Iowa Electric Co. 1st
mtge. bonds
June
1
Kanawha Bridge & Terminal Co. bonds
June
1
Kansas Gas & Electric Co. 1st
mtge. bonds
—May 25
Kansas Oklahoma & Gulf
Ry. serial notes
June
1
Kresge Foundation 10-year notes
June
1
♦
Lane Bryant, Inc. 10-year debs
May
1
Liquid Carbonic Corp. 10-year 4% debs
June 15
Louisville & Nashville RR., unified
50-year 4s
July
1
*
Marion-Reserve Power Co. 1st mtge. 5s
June
1
♦
Metropolitan Playhouses, Inc 5% debs
May 23
Micromatic Hone Co. preferred stock
June 15
Mortbon Corp. of N. Y. series A bonds—.
2098
2425
2884
2729
—
2884
2884
2730
2730
2730
2258
2886
2731
843
2886
-
NATIONAL
The
BANKS
following information regarding National banks is
from the office of the
Comptroller of the Currency, Treasury
Department:
CONSOLIDATIONS
Amount
April 20—The City National Bank of Kankakee, Kankakee, 111— $200,000
City Trust & Savings Bank, Kankakee, 111
200,000
Consolidated April 20 under the provisions of the Act of Nov. 7,
1918,
as
amended, under the charter of The City National
Bank of Kankakee (Charter No.
4342) and under the title of
"City National Bank of Kankakee," with a capital of $350,000,
consisting of $100,000 par value of preferred stock, divided into
1,000 shares of the par value of $100
each, and $250,000 par
value of common
stock, divided into 2,500 shares of the par
value of $100 each, and a
surplus of $75,000. The entire issue
of preferred stock was sold
locally at par.
common
♦
*
stock, $7,500
Consolidated April 20 under the provisions of the Act of Nov.
7,
1918, as amended, under the charter and title of "The
Rye
National Bank" (Charter No.
5662). The capital of the con¬
solidated bank is $500,000,
consisting of $300,000 par value of
preferred stock "A," divided into 50,000 shares of the
par
value of $6 each (retirable at
$18.99 per share); $100,000 par
value of preferred stock
"B", divided into 1,000 shares of the
par value of $100 each
(retirable at $275 per share); and
$100,000 par value of common stock, divided into
25,000
shares of the par value of $4 each. The
preferred stock "A" is
held by the Reconstruction
Finance Corporation and the
preferred stock "B" and common stock are held
by other
interests.
550,000
207,500
April
following securities
were
June
IN
June
Amount
$10,000
\
Stocks
$ per Share
22
—
8
1
86
-
...
Boston
Athenaeum, par $300
lOOjUnited Drug Co., Inc, par $5--.-
5
201
.
6**
—
Bondr—
$200 Associated Gas <fc Electric
Co., consol. ref. 5s,
per Cent
1968
13 flat
reg
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per Sfiare
5 National Bank of
Malvern, Pa., par $100
25 Delaware County National
—175
—
Bank, Chester, Pa, par $10
5 Pennroad
Corp.,
4
common
200 Diamond State Steel,
common, par $10
1 Standard Box Co.,
capital, par $100.
2**
$1 lot
...
.
$1 lot
.
400 Valenclana Deep
Mining, voting trust certificates, par $5
72 Central Trust &
Savings Co., capital, par $10
2** Foltis-Fischer Corp., preferred, no par
80 Crystal Oil Refining
Corp., common, no par
43** Crystal Oil Refining Corp., preferred, par $10
7 St. Louis Public Service
Co., preferred, series A, no par
150 Rittenhouse Equities,
Inc., voting trust certificates
-.
$1 lot
$1 lot
„
$i lot
_
19c.
65*
2**
$2 lot
Bonds—
per Cent
$15,000 Rittenhouse Hotel, gen. inc. 6s 1935. Dec., 1931 and
subseq. coupons $11 lot
$1,000 Wabash Rwy. Co., A ref. and gen. 5**s 1975.
March, 1932 and sub¬
sequent coupons
2 La Lasine International, class A
2 La Lasine International, common
------
—6**%
..$2 lot
$l lot
3 Choralcelo
Manufacturing Co., par $10
6 First Peoples Trust, 1st preferred
6 First Peoples Trust, 2nd preferred
6 First Peoples Trust, common
18
15
15
14
11
23
13
June
Telephone Securities, Ltd. 5**% notes
*
Terre Haute Traction &
Light Co. 1st mtge. bonds
Thompson Products, Inc.. conv. pref. stock
Toledo Edison Co. 4% debentures
1
May
May
May
May
May
May
May
-
1
1789
2898
2441
2747
June
-
1
2596
2901
2902
June
7
2423
grouped in two separate tables.
In the
together all the dividends announced the
are
bring
we
show the
Then
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 name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week
Name of Company
are:
Share
30c
Albany & Vermont RR
Allegheny Ludlum Steel, pref. (quar.)
Allentown-Bethlehem Gas, preferred (quar.)
Allied Kid Co. (quar.)
Allied Products (quar.)
Class A (quar.)
$1*3
—
Regent Co
Plymouth Cordage Co, par $100..
13 Municipal Real Estate
Trust, par $100
9
1
June
Savannah Electric & Power Co. 1st
mtge. 5s
Swift & Co. 1st mtge.
3**s
Wednesday
5
1
May
July
Acme Wire Co
By R. L. Day & Co., Boston:
1
1
1
June
Per
on
1
15
June
SALES
of the current week:
Shares
June
_
we
sold at auction
1
2891
2738
2892
2893
2894
2894
2894
1453
2592
2592
2268
2896
2592
—June
Power Securities
Corp. coll. trust bonds
Public Service Co. of Colo.
first
AUTHORIZED
AUCTION
The
1289
1
DIVIDENDS
Rye National Bank, Rye, N. Y.
Location of
branch: 275 Halstead
Ave., in the Town of Harrison, West¬
chester County, N. Y. Certificate No.
1462A.
STOCK PAID
1
Pittsburgh, Youngstown & Ashtabula Ry. 1st mtge. bds June
Dividends
20—The
CAPITAL
2590
June
Pennsylvania Glass Sand Corp. 1st mtge. 4*3s.—
Phelps Dodge Corp,, 3**% debs
current week.
April 26—City National Bank of Fairmont.
Fairmont, W. Va
18
15
June
United Biscuit Co. of America 5% debentures
♦
U. S. Steel Corp. 3**% debentures
*
Virginia Public Service Co, 1st mtge. bonds
West Indies Sugar Corp. 1st
mtge. 6s
•Announcements this week.
The consolidation became effective
April 20, 1940.
BRANCH
2261
2890
2586
2586
2891
May 18
4% debs_.
Richmond-Washington Co. 4% bonds
St. Louis Public Service Co. 1st
mtge. 5s
Safeway Stores, Inc., preferred stock
:
San Jose Water Works 1st
mtge. 35*s
*
stock,
The First National Bank of
Harrison, Harrison, N. Y.—Preferred
stock "A",
$170,000; preferred stock "B", $30,000; common
June
June
Ohio Electric Power Co. 1st
mtge. 5s
♦
Ohio Electric Power Co. 1st
mtge. 5s
Paris-Orleans RR. 6% bonds
*
1
May 15
Ogden Corp. 5-year debentures
*
2887
2584
1
June
National Oil Products Co. 4% debs
New England Power Co. 1st
mtge. 3**s
New Jersey Water Co. 1st
mtge. 5s
*
Northern Oklahoma Gas Co. 1st mtge. bonds
♦
The consolidation became effective
close of business April 20.
April 20—The Rve National Bank, Rye, N. Y.—Preferred stock
"A", $175,000; preferred stock "B", $275,000;
$100,000.
June
*
$2 lot
-
-$1 lot
$1 lot
$1 lot
8?*!C
When
Holders
Payable of Record
May
May
June
Apr.
May
May
Apr.
May
30
1
15
25
10
43**c
—
May
May
July
July
25c
June
75c
June
May 15
July
May
July 15
May 7*
May 21
20c
25c
American Fork & Hoe Co
American Investment Co. (111.)
;
Stock div. of 2 additional shs. of $1
par com.
for each common held
American Locomotive Co., preferred
Archer-Daniels-Midland Co
m
Associated Breweries of Canada (quar.)
Preferred (quar.)
June
June
8
June
8
5
June
t25c
Atlantic Refining Co. (quar.)__
Atlas Corp., common
6% preferred (quar.)
Atlas Powder Co
Baltimore Radio Show (quar.)
Preferred (quar.)
Barber (W. H.) Co. (quar.)
Barlow & Sellig Mfg., class A (quar.)_.
Beacon Mfg. 6% preferred (quar.)
Beaunit Mills, $1** preferred
Berkshire Fine Spinning Assoc., Inc.,
—
—
May
May
1
1
June
June
5
July
June 14
June
25c
Astor Finance, 1st pref. (semi-annual)..-Atlanta Gas Light, 6% pref. (quar.)
June
28c
24c
U2&
—
June 15
tilH
37**c
Associated Telep. & Teleg. Co., 7% 1st pref—
$6 1st preferred
June
July
May
May
June
75c
75c
5c
15c
25c
June
June
30c
June
May
May
May
May
May
May
May
May
$1*3
June
June
June
May
t75c
7% pref..
$5 preferred
June
m'4
June
tsm
$2
Brooklyn Edison Co. (quar.)
Borg-Warner Corp
Boston Fund (quar.)
*
Boyerstown Burial Casket (quar.).
25c
—
Brewers & Distillers of Vancouver
16c
25c
50c
25c
Extra
June
May
July
May
Apr.
May
May
May
May
15
21
20
20
31
15
15
31
18
30
15
24
24
10
June 18
Apr. 30
June
May
May
May
Apr. 27
Apr. 27
May 15
June
22
REDEMPTION
CALLS AND
..$15 lot
SINKING
FUND
NOTICES
Below will be found a list of
bonds, notes and preferred
stocks of corporation called for
redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the
page number gives the
location in which the details were
given in the 41'Chronicle":
Company and Issue—
Alabama Power Co.
Date
1st mtge. 5s
Anaconda Copper Mining Co.
4*4% debentures
♦A. P. W. Paper Co. 3**% notes
Balaban &
Katy Corp. 7% pref. stock
♦Beauharnois Light Heat & Power Co.
5% notes
5% bonds
Bedford Pulp & Paper Co., Inc. 1st mtge.
6**s_.
♦Bernards Water Co. 1st mtge. 6s
Bethlehem Steel Corp. consol. mtges. 4**s
♦Birmingham Gas Co. 4**% notesBrooklyn Borough Gas Co.. 5% bonds
Chicago Daily News, Inc. 5% debentures
Cincinnati Gas & Electric Co. 1st mtge. 3**s
*
Cleve. Cin. Chicago & St. Louis Ry. 1st mtge. bonds
Clear Spring Water Service Co. $6 preferred stock
1st mortgage 5s.—
Page
Sept. 1
.May 15
Aug.
1
May 31
-
2406
2409
2867
2248
June
June
1
June
1
--May
July
May
May
May
20
2867
2867
2248
2869
1
2248
31
2869
15
1928
2717
June
1
1
25
May 15
May 27
May 27
2718
2873
2088
2088
Bristol-Myers Co.
60c
British American Oil
25c
July
June 17
Bullock's,
$425.69 Deposit Franklin Trust Co
50c
June
25c
June
May 11
May 15
(quar.)
(quar.)
(quar.)
Bunker Hill & Sullivan Mining & Concentrating.
Carolina Telephone & Telegraph (quar.).
Caterpillar Tractor Co. (quar.)
Central Ohio Light & Power, pref. (quar.)
Central Railway Signal Co., class A (quar.)
Charis
Inc.
Corp
—
-
-
-
—
7
-——»
May
May
May
8
May
Apr.
May
May
May
May
May
May
May
Apr.
26
15
29
29
15
15
15
10
30
June
75c
June
June
30c
-
Compania Swift Internacional (quar.)
Consolidated Edison (N. Y.) (quar.)
Cornell-Dubilier Electric Corp
Crane Co., 5% cum. conv. pref. (quar.)__——.
Creameries of America, Inc., preferred (quar.)
—
$1
15c
June
>»
—-
——
Crown Cork & Seal Co., Inc., $2** cum. pref—_
Cushman's Sons, Inc., 7% pref. (quar.)
Deere & Co., pref. (quar.)
lc
May
50c
June
50c
20c
June
$1H
87**c
June
June
May 10
July
June
13
$1X
t$l*3
56**c
June
June
May
May
May
May
May
Zl*
15
15
•Jfi
May
June
June
June
20c
Dexter Co
Diem & Wing Paper Co. 5% preferred
Dome Mines, Lt
td_.
~
Apr. 25
25c
Commoil Ltd
Crow's Nest Pass Coal Co., Ltd
May 15
May 18
$15*
—
—
July
May
June
$1*3
$1**
— — — ——
Chicago, Wilmington & Franklin Coal Co.—
6% preferred (quar.)
Chrysler Corp
Clark Equipment Co
Preferred (quar.)—
Columbia Brewing-(quar.)
Crown Zellerbach—
Preferred
'.
June 24
$2
50c
$1*3
(quar.)
Dunlop Tire & Rubber Goods, pref. (s.-a.)
—
June
$1H
50c
May
July
62**c
June
June
1
14
2
May 10
Apr. 30
June 29
June 15
The Commercial & Financial
2826
Chronicle
May 4, 1940
we give the dividends announced in previous weeks
yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
•
Name of
May 25 May
25c
June
1 May
July
July
May
May
May
May
May
15 July
15 July
t3U
40c
SI X
20c
Ewa Plantation..
20c
Exolon Co
Extension Oil, Ltd. (Initial)
lHc
Light St Traction Co., preferred
Fishman (M. H.) Co. (quar.)
Fitz Simons St Connell Dredge St Dock
Class A and B (quar.)...
Federal
—
1 May
June 15 May
June 15 May
26c
35c
37 He
i:
%
$1H
1 Apr.
15 May
15 May
20 May
20 May
1 June 29
June 10 May 31
June 15 May
June 15 May
June
8
15
15
May
Aug.
1 Apr.
1 July
20
25
Nov.
1 Oct.
25
50c
June
1
SIX
37 He
May 17
May
6
May 15
May 15
May 11
Apr. 25
_ay 10
May 14
May 15
May 31
5c
May
June
June
$2
May
tSl
June
$1
25c
International Products Corp—
Interstate Natural Gas
June
June
$1
Ironwood & Bessemer Railway St Light—
Preferred (quar.)
June
SIX
12Hc
$1H
SIX
SIX
June
Katz Drug Co. (quar.)
Preferred (quar.)
6% preferred (quar.)
Lanston Monotype Machine (quar.)
Lee (H. D.) Mercantile Co. (quar.).
50c
25c
15c
Line Material Co..
25c
Longhorn Portland Cement
Ludlow Mfg. Assoc
$2
25c
Lunkenheimer Co
$1
75c
75c
Marion Mfg
May Department Stores (quar.)
Quarterly
Mead Corp. $6 preferred A (quar.)
$5H preferred B (quar.)
Montgomery Ward & Co
S1H
$1H
50c
....
SIX
1 May
June 15 May
1 June
July
June
June
1 May
1 May
May 31 May
May 15 May
May 15 May
June 15 June
June
1 May
May 15 May
May 9 Apr.
June
3 May
Sept. 3 Aug.
June
1 May
June
1 May
July 15 June
July
1 June
June 15 May
_
15
31
15
15
15
21
4
10
5
4
4
29
16
16
15
15
14
14
Mountain Producers Corp. (s.-a.)
National Automotive Fibres, 6% pref.
June
SIX
30c
15c
(quar.)
Neisner
Bros., Inc. (quar.)
Light (quar.)
New York & Queens Electric Lt. St Power (qu.)
Preferred (quar.).
25c
New Britain Gas
37
.
^2
SI A
50c
Nonquitt Mills (quar.)
Northeastern Water & Electric, pref. (quar.)
Northwestern Telei
(s.-a.).
..
$1
_
Nova Scotia
Power preferred (quar.)
Light
Oahu Sugar (mont
Ohio Associated Telephone (quar.)
$1H
20c
(quar.)
Oliver United Filters, class B
Ontario Steel Products, pref.
1 May
May 15 Apr.
June 15 May
June
1 May
June 15 May
May
1 Apr.
June 14 May
June
1 May
May 15 Apr.
June
1 May
July
$1M
Ohio Oil Co
Aigoma Steel Corp. 5%
preferred
1
June
15
25
15*
10
31
26
24
10
30
10
Extra
Co
Peoples Telephone Co., 6% pref. (quar.).
>P
Peoples Water & Gas Co...o%]preferred.
Phelps Dodge Corp., common
Philadelphia Suburban Water Co., pref. (quar.)
Phillips Petroleum Co. (quar.)
Phoenix Hosiery, 7 % preferred
7% preferred"
Pittsburgh Suburban Water Service pref (qu.)_
Portland & Ogden Ry
Purity Bakeries Corp.
Rayonier, Inc., pref_.
Regina Corp
Republic Insurance (Texas) (quar.)
Rochester Gas & Electric, 6% pref. C & D
(qu.)
6% preferred E (quar.)
Rolls-Royce, Ltd., Amier. dep. rec. (final)
Savage Arms Corp
June
June
June
25c
June
S1H
June
50C
June
87 He
S1H
June
oOc
25c
50c
10c
30c
S1H
SIX
5%
25c
75c
(quar.)
Schumacher Wall Board Corp., $2 partic. pref
Sherwin-Williams Co. (Can.), pref
t50c
J$3H
5%
Singer Mfg., Ltd., American deposit receipts
Sound view Pulp Co
Preferred (quar.)
Southern California Edison Co., Ltd.
6% preferred B (quar.)
Standard Cap & Seal Corp
50c
S1H
Dec.
(guar.).
Cable.
_
~
_
15 May 20
June
June
1 May
June
40c
June
1 May 15
1 May 20
25c
June
25c
50c
June
June
15 May
15 May
15 May
15 May
50c
__
United States Vitamin.
June
95c
Extra
Stuart (D. A.) Oil Co., Ltd., class Apref.
(quar.)
Sylvania Industrial Corp. (quar.)
Sylvanite Gold Mines (quar.)
Troy & Greenbush RR. Assoc. (quar.)
Union Gas Co. (Can.), Ltd.
(quar.)
Extra
United Gold Equities (Can.) (standard shsO
United States Casualty Co. cum. conv.
pf. (s.-a.)
United States Steel Corp., 7% pref.
(quar.)
June
1 May
1 May
1 May
10c
June
20c
June
25c
May 21 May
June 29 May
5c
June
15 June
June
20c.
June
15 May 20
15 May 20
6c
June
15 June
5
June
1 May
May 20 May
4 Apr.
May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
1 June
July
1 Apr.
May
May 15 May
1 June
July
IMay 15 May
'May 15 May
17
3
30
18
15
15
21
15
15
22 He
$15*
75c
50c
50c
(quar.)
15
15
15
15
15
15
15
10
11
20c
$15*
Wesson Oil & Snowdrift <
Co., Inc., pref. (quar.)
West Virginia Water Service pref.
(quar.)
15
SIX
10c
Vanadium-Alloys Steel
Whiting Corp., pref. (quar.)
June
June
75c
$1
S1H
SIX
Will & Baumer Candle Co
10c
Preferred (quar.)
Williams (J. B.) Co. (quar.)
Preferred (quar.)
$2
25c
25c
June
pref. A (quar.)
American Factors, Ltd. (monthly)
American St Foreign Power Co., Inc.,
„
(quar.)..
623
$2H conv. preferred (quar.)__.
$2 conv. preferred (quar.)
American Home Products Corp__
American Locomotive preferredAmerican Metal Co., Ltd—
(quar.)—
(bi-monthly)
Goods Co. 7% pref. (quar.)
June
American Steel Foundries--.—_
1
15
23
10
15
6
6
29
4
5
Sept. 16 Sept.
5
5
16 Dec.
June
May 24
3
May 31 May
June 29 June
June
May
15
June 15 June
—-
1
10
May 15 Apr. 26
June
May
6
B (qu.)_
Argo Oil Co
—
Armstrong Cork Co. (interim)
...
Preferred (quar.)
Artloom Corp. 7% pref. (quar.)
1st pref. (quar.).
Associated Dry Goods li
2nd preferredAtlantic Coast Line preferred
Bala ban St Katz preferred (final)
Bank of America (quar.)
Bankers & Shippers Insurance Co. (N. Y.).
Barber Asphalt Corp—
June
1 May
15
May 10
June
May 10
May 10 Apr. 23
May 31
June
June 29 June
15
May 14 May
6
May 21 May
7
June
8 May 20
May 15 May
1
June
May 10
Barnsdall Oil Co.
Belding Heminway Co. (quar.).
Corp.
15 June
14*
7
21
21
Dec.
7% preferred (quar.)-.--7% preferred (quar.)
Amer. Rad. St Standard Sanitary, pref. (quar.)_
American Smelting St Refining-.---...-....!
......
Bensonhurst Nat'l Bank (Bklyn.,
Extra.
4
15 June
4
1 May 25
May
May 15 May
June
1 May
June
May
June 15 May
May 15 May
American News Co.
Bendix Aviation
15 June
June
American Meter Co., Inc
American Paper
15
Sept. 1 Aug. 25
May 10 Apr. 30
June 15
ay 25
June 15 May 25
June
1 May 20
June
May 15
June
May 15
June
May 15
$6 pref—
$7 preferred
American Forging & Socket Co
American General Corp., $3 conv. pf.
Preferred
31 Dec.
1 May 20
May 15 Apr. 25*
Preferred (quar.)
American Envelope Co., 7%
ferred A '
7 % preferred A (quar.)
June 29 June 29
N.Y.) (qu.)—
June 29 June 29
.
May 15 Apr. 25
ay 10
Best & Co
June
Bethlehem Steel Co
7
July
(quar.)
Blue Ridge Corp. $3 pref. (quar.)
jtlonal div. 1-3
Optional div. 1-32 sh. of common or cash.
Boraen Co. (interim)
Bourjois, Inc., preferred (quar.) —
Bower Roller Bearing Co
Boyd-Richardson Co., 8% 1st pref.
Brewer (C.) St Co. (monthly)
Brewing Corp. of Amer. (quar.)
June
June
ref. (quar.).
May 20
1
May
6
May 15 May
June
30c
68 He
75c
$2
1 May 15
May 15 May
1
June
June 20 June
June 15
7
50c
May 25 May 20
15c
June 15 June
50c
—
Brewers 8c Distillers of Vancouver-
May 20 Apr. 27
May 20 Apr. 27
25c
Extra.
50c
Bridgeport Gas Light Co. (quar.)
Brooklyn Teleg. A Messenger Co. (quar.).
Brooklyn Union Gas Co.
Brown Oil Corp. preferred (quar.)
Buck Hill Falls Co. (quar.)
Buckeye Pipe Line Co
Buffalo Insurance Co. (quar.)
Burlington Mills Corp
Burroughs Adding Machine Co—.—
Butler Bros, preferred (quar.)..
$1H
25c
1
June 29 June 14
June
1 May 21
June
1 May
7
3
1
24
&
!i
15
Nov. 30
25c
June 15
May 31
§3
25c
10c
c
37 H<
:5c
25<
25c
-
62 He
5% pref. (quar.)
California Water Service, pref. (quar.)
$1H
California-Western States Life Insurance (s.-a.)
Cambria Iron semi-annual
Canada Malting Co., Ltd.
Canada Wire St Cable, class
May 20 May
May 15 May
June 15 May
May 29 Mar.
May 15 May
June
5 Apr.
June
1 May
May 15 Apr.
May 15 Apr.
May 15 Apr.
May 15 Apr.
Sept. 15 Aug.
Oct.
1 Sept.
June 15 May
June 15 May
Sept. 15 Aug.
SIX
12Hc
Byron Jackson Co
California Packing Corp
10
18
4
20
15
17
1
10
10
10
2
10
10
4
May 15 May
May 31 May
June
1 May
May 27 May
May 15 May
May 25 May
June
May
June
1 May
June 21 May
May 20 May
June 10 May
May 15 May
July
2 June 15
2
May 23 May
June
1 May 15
May 25 May 15
15
15
June
American Chain St
10 May 24
1 May 11
1 May
1 May
31 Dec.
June 30 June
Dec.
—
40c
Standard Oil Co. (N. J.) (s.-a.).
Extra
preferred
—„
15
Sept. 30 Sept. 15
American Can Co.
1
20c
Sterling Products, Inc. (quar.),
.
June 30 June
American Arch Co
1 May 30
1 May 20
37 He
Preferred (quar.)
Standard Dredging Corp., preferred (quar.)_
Standard Oil Co.
(Calif.)
Standard Oil (Indiana) (quar.)
.
15 June
1
6 May 20
1 May 15
Sept. 36 Sept. 15
June
1 May 15
6
May 15 May
June
1 May 20
June 15 May 10
3
June 15 June
'
Van Raalte Co
1st preferred (quar.).
ron.
Virginia Coal & Ire
Warren (Northern) Corp.
June
uarterly
uarterly
15
75c
Co.,preferred.
Sears Roebuck & Co.
June 25 June
June
(quar.)___.-Payable in U. S. funds.
Aluminum Mfg.. Inc. (quar.)
Preferred
31
25c
(quar.)
July
2 June 26
May 15 May
1
Alpha Portland Cement
Aluminium, Ltd
May 20 May 10
7
May 15 May
May
1 Apr. 30
June
1 May 15
June
1 May 15
June
1 May 15
Orange County Telephone preferred (s.-a.).
Oxford Paper
Parker Rustproof
(quar,).
,
June "May 31
15
Preferred (quar.)
Moran Towing Corp., 7% cum. pref. (quar.)
Morse Twist Drill & Machine Co.-
1
„
American Tobacco Co. com. and com.
Lake Superior District Power, 7% pref. (quar.).
June 15 June
Bearing Mfg
.
Preserving Co. preferred (quar.)_
_
June
Smelting Co.
14*
June
June
25c
(quar.)
May 15
July
$1J*
$1X
Hollinger Consol. Gold Mines Ltd
Holophane Co., Inc
Parker-Wolverine
Aetna BaU
Alberta Wood
.
SIX
UK
SIX
Hooven & Allison, preferred (quar.)
Horn St Hardart (N. Y.) preferred (quar.).
~
29 May
10 May
15
15
20
25
25
8
3
27
6
6
10
10
50c
Hazel-Atlas Glass Co
Preferred
May
May
May
May
May
May
May
July
6
4
10
25c
%VA
$1
Hobart Mfg. Co. class A (quar.)
.....
15 May
20 May
June
6
Amer dep. rec.
Co
Fort Worth Stockyards.
General Acceptance, 7% pref. (quar.)
$1H preferred (quar '
part. pref. (quar.)
General Steel Wires L'
Partic. preferred (partic. dividend)
...
Gold St Stock Telegraph (quar.).
Golden Cycle Corp
Goodyear Tire & Rubber Co
$5 conv. preferred (quar.)
Grand Union Co., arrearage certificates....
ueipn Carpet
w orste<
Guelph carpet & Worsted Spinning Mills—
6H % preferred (quar.)
arris & Co., preferred (<
Har
(quar.).
Preferred (quar.).
Hart-Carter Co. (quar.)
(quar.)
Montreal Cottons Ltd. (quar.)
-ay
June
Fort Pitt Brewing
Class A
16
25c
•iB
3
Apr. 25
1 May
1 May
J25c
(Canada)
Hudson Bay Mining St
iy Minin,
Inland Steel Co
June
1
and not
6
21
3
15 Apr. 30
26c
(quar.) .
Ford Motor, Ltd. (Eng.)
Hotel Barbizon
Holders
When
Payable of Record
75c
Eaton Mfg. Co
——
Ely St Walker Dry Goods
1st preferred (semi-annual)
2d preferred (semi-annual)_.
Employers Reinsurance (quar.)._—_
Esmond Mills, 7% preferred (quar.)
Ford Motor Co.
Per
Share
Company
(quar.)
A (quar.).
Class A (quar.
Class A (quar.
50c
Dec.
Class B.
*AX
6H% preferred (quar.).
Canadian Fairbanks-Morse (interim)
'anadia
Canadian Marconi Co. (initial)-.....
Canadian Oil Cos. (quar.)
t75c
14%
12Hc
c
12 H<
Extra
Carman St Co., Inc., class A (quar.)
Castle (A. M.) Co.
50<
i0c
25c
(quar.)
25c
Catelli Food Products
Prcforrsd (s."8».)
38c
m
75c
Cedar Rapids Mfg. & Power Co. (quar.)
Corp. or America—
7% 1st preferred
7% prior preferred (quar.)
Central Vermont Public Service $6 pref. (quar.).
Century Ribbon Mills preferred (quar.)
Chartered Investors, $5 pref. (quar.)
Chicago Yellow Cab Co
Yellow
22
4
27
8
30
30
30
30
31
14
31
31
31
June 15 May 31
30
May 15 Apr.
1 Apr.
ay
May 15
May 15 May
June
1 May
May 10 Apr.
May 31 May
May 31 May
May 15 Apr.
21
21
30
June 30 June
14
June
1
1
1
15
30
Celanese
•
-
Chile
$3.50
H
$1H
25c
50c
Copper Co..
Cincinnati Union Terminal, 5% pref. (quar.)—
1 June 14
July
May 15 Apr. 30
June
1 May 20
June
1 May
1
June
1 May 20
May 28 May 10
1 June 19
July
Oct.
1 Sept. 18
5% preferred (quar.).
Clear Springs Water Service, pref. (final).
May 15
$7H
1 June 20
Clearfield & Mahoning Ry. (s.-a.)
July
$1H
June
50c
1 May 10
Cleveland St Pittsburgh RR. 4% gtd. (quar.) —
June
1 May 10
87 He
7% guaranteed (quar.K
6
$1.2514 June 30 June
Colgate-Palmolive-Peet Co. pref. (initial).
Columbia Gas St Electric Corp
20c
May 15 Apr. 20
6 % cumulative preferred series A (quar.)
May 15 Apr. 20
May 15 Apr. 20
5% cumulative preferred (quar.)
»
SIX
May 15 Apr. 20
5% cumulative preference (quar.)
Columbia Pictures Corp. $25* conv. pref. (qu.)_
68 He
1
May 15 May
65c
May 15 Apr. 27
Commodity Public Service Co
Stock dividend
May 31 Apr. 27
30%
N.Y. Curb Exch. rules stk. div. not 'ex'
llH
_
until June 3.
Commonwealth International (quar.)
Concord Gas, 7% preferred
Connecticut Light & Power preferred (quar.)
Connecticut Power Co. (quar.)
Connecticut River Power (quar.)
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Diversified Standard Securities—
1st
preferred
(semi-annual)
Consolidated Oil (quar.)
Consolidated Paper Co
Consolidated Retail Stores 8% pref. (quar.)
8% preferred (quar.)
May 15 Apr. 15
May 15 Apr. 30
June
1
ay 15
June
1 May 15
June
1 May 15
June
1 May 15
June 15 May
*
31
May 15
June
pr. 15
1 _Iay 21
July
1 June 15
Oct.
1
Volume
The Commercial & Financial Chronicle
ISO
■
Share
Container Corp. of America
Continental Can Co., Inc. (guar., interim)
Continental Diamond Fibre Co
Copperweld
Preferred
Steel Co
20 May
6
15 Apr. 25
24 May 10
10 Apr. 26
10 June
June 10 June
June
class A
(quar.)
Cosmos Imperial Mills (quar.)
Cresson Consol. Gold Mining & Milling
(qu.)
Crown Cork & Seal, Ltd. (quar.)
Crown Drug Co. pref. (quar.)
Crum & Forster 8% pref.
(quar.)
Cuneo Press, Inc. pref. (quar.)
Curtis Publishing Co.. preferred
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
Preferred (semi-annual)
Decca Records, Inc. (quar.)
Dodge Mfg. Corp
Dentists' Supply (N. Y.) (quar.)
Detroit Gasket k Mfg. Co. pref.
(quar.)
Detrolt-Hillsdale & Southwestern (s.-a.)
Semi-annually
Diamond Match Co. (quar.)
-
1
May
May
May
May
May
_
(quar.)
Corporate Investors
15 Apr. 29
15 Apr. 20
15 Apr. 30
15 Apr. 30
1
15 May
June 19 June
June 15 June
8
1
1
July
1 May 31
July
„
2 June 21
1-2-41 Dec. 23
May 28 May
May 15 May
June
1 May
June
1 May
July
5 June
14
5
20
15
20
Jan.1*41 Dec. 20
June
Sept.
Quarterly
Preferred (semi-ann.)
Preferred (semi-ann.)
Di-Noc Mfg. Co. 6% preferred (quar.)...
Dixie-Vortex Co. (interim)....*..
2 Nov. 12
Sept.
....
1 May 10
3 Aug. 12
Dec.
...
3 Aug. 12
2-10-41
1 May 20
3-1-41
June
May 15 Apr.
June
July
June
May
Aug.
Sept.
—
Class A (quar.).
Doctor Pepper Co. (quar.).
pper
Quarterly
Quarterly
Dec.
July
Dominion & Anglo Investment Corp. (initial)
5% preferred (quar.)
Dominion Bridge Co., Ltd. (quar.)
Dominion Coal Co., Ltd. pref. (quar.)
Dow Chemical Co. common (quar.)
Preferred (quar.),,,
Dunlop Rubber Ltd. Am. dep. rec. (ann.)
June
June
June
June 22 June
8
June
1 May 21
May 11
May 29 May 15
June 30 June
15
Sept. 30 Sept. 16
18 Dec.
...
14
1 June 10
1 Sept. 10
2 Dec.
May
.....
7
11
June
June
15
June
June
(s.-a.)
June
15
June
10
May
May
Apr. 19
Apr. 20
June
(s.-a.)
June 22
June
June
Class A and B (extra)
Florida Power Corp. 7% preferred A (quar.)...
7% preferred (quar.)
Ford Motor Co., Ltd. (final)
Fort Wayne k Jackson BR., 5M %
pref. (s.-a.)..
Freeport Sulphur Co. (quar.).....
Fyr-Fyter Co. class A
General Box Co. (semi-annual)
.
June
Sept.
Aug. 20
May 14
June
July
July
June 21
June
June
Georgia Railroad k Banking Co. (quar.).
Globe-Democratic Publishers 7% pref. (quar.)..
Gold k Stock Telegraph Co. (quar.)
Gorham Mfg. Co
Gran by Consol. Mining, Smelting k Power
10
May 16
Apr. 26
May
6
May
6
July
1
May 20
May
May
May
July
General Outdoor Advertising Co., class A
Preferred (quar.)
1
May 15
May 15
June
General Cigar Co. 7% pref. (quar.)
General Foods Corp. (quar.)
1
June
June
...
June
July
June
June 29
June
1
June
May 17
Subject
to approval by Can. For. Exch.
Control Bd.
Payable in U. S. currency.
,
90c
$1H
50c
%IH
Griesedieck-Western Brewery Co.—
5H% preferred (quar.)
Gurd (Chas.) k Co., Ltd. pref. (quar.)
Preferred (quar.)
Hackensack Water Co.
Preferred A (quar.)
(semi-arm.)
Preferred
Co
May
May
May
May
6
6
2
1
June
May 15
June 15 May 31
June
May 17
...
(quar.)
Hancock Oil
or Calif, cl. A k B
(quar.).
Class A & B (extra)
Hanna (M A.) Co. $5 cumul. pref. (quar.)
Hanners Oil Co., common
June
May 15
May 15
May 15
June
June
Common
Common
Dec.
Havana Electric k Utilities Co. 6% pref
Hawaiian Agricultural Co. (monthly)
Hawaiian Commercial k Sugar Co. (quar.)
(quar.)
(D. EmilTCo. (quar.)....
Knickerbocker Fund (quar.)
Kresge (8. S.) Co. (quar.)
Kroger Grocery & Baking
Hedley Mascot Gold Mines, Ltd
Hercules Powder Co., pref. (quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett k Co. (mo.)
15
June
6% preferred (quar.)
7% preferred (quar.)
Battery,
Lake-of-the-Woods Milling
...
_
June
(quar.)..
Preferred
Preferred
(quar.).
(quar
r.y
Lansing Co. (quar.)
Dec.
Libbey-Owens-Ford Glass...
Life Savers Corp. (quar.)
Liggett k Myers Tobacco (quar.)
Common class B (quar.)
Uncom National Life Insurance Co.
(quar.)
Quarterly
Lindsay Light & Chemical
......
-
Lionel Corp. (quar.)
Little Miami RR. Co., original capital (quar.)..
Dec.
Apr. 30
20 May 10
15 May
4
15
15
prior partic. pref. (quar.)
6% non-cum. 2d partic. pref. (quar.)
Hudson Bay Co. 5% preferred (s.-a.)
(Final)
Huston (Tom) Peanut Co. (quar.)
7% preferred (s.-a.)
Idaho-Maryland Mines (monthly)
Illuminating & Power Securities Corp. (quar.),,
7% preferred (quar.)_
Imperial Chemical Industries—
American deposit receipts (final)
Indiana Associated Telephone $6 pref. (qu.)
Indiana Pipe Line Co__
Ingersoll-Rand Co
Ingle wood Gasoline Co
June
June
non-cum.
Apr. 24
May 3
1
July
Harvester preferred (quar.)
International Ocean Telegraph Co. (quar.)
May 10
Apr. 30
Apr. 30
May 15 Apr. 26
June
1 May
6
June 1
May 30
June
1 May
3
July
1 June 29
...
......
June 20
July
8 Apr. 25
May 15 May
1
International
Ry. of Central America—
5% cumul. preferred
June 20
May 20
May
4
May
July
May
May
May
.
International
May 15
May 15
June
.
nVA
3
10
15
11
24
24
10 Nov. 25
10 May 24
Sept. 10 Aug. 24
Dec.
10 Nov. 25
June
1 May 10
1 May 10
May 31 May 21
June
...
...
26
May 13 May
June
1 May
July
1 June
May 31 May
June 10 May
Sept. 10 Aug.
June
June 29 June 19
...
July
1 June
May 15 Apr.
1 July
Aug.
1 June
July
Oct.
1 Sept.
June
May
May 15 Apr.
June
July
Oct.
Sept;
1-2-41 Dec.
.......
.......
Preferred (quar.)
Lord & Taylor 1st pref. (quar.)..
Lumbermen's Insurance (s.-a.)
Lunkenheimer Co. 6H% preferred (quar.)
6H% preferred (quar.)
6H% preferred (quar.),.
Luzerne County Gas & Electric—
SIM
SIM
6% preferred (quar.).
(quar
50c
Lynch Corp,.
Lynchburg"& Abingdon Teleg. Co...
Mclntyre Porcupine Mines (quar.)
Quarterly
MacMillan Co. (quar.)
$5 preferred (quar.)
Macy (R. H.) ec Co
Madison Square Garden
Magnin (1.1 & Co. preferred (quar.)...—
-
(quar.)
21
30
18
18
18
17
19
21
21
23
May 15 Apr. 30
May 15 Apr. 30
May 15 May 4
June 15
July
June
May
1
Sent.
Aug.
1
May 15 May 10
May
3
May
June
May 10
May 21 May 10
May 15 May 4
5
Aug. 15 Aug.
Nov. 15 Nov.
(quar.)
5
1
May 15 May
June
1 May 10
1
May 15 May
1
May 15 May
May
I Apr. 26
May 15 Apr. 16
1
May 15 May
Managed Investment, Inc. (quar.)
Manhattan Shirt Co
Manufacturers Casualty Insurance (quar.)
Extra
Massachusetts Bonding k Insurance Co. (quar.)
Co. (quar.)
Meier k Frank, Inc. (quar.)
Mercantile Acceptance Corp.—
25c
June
25c
25c
5% preferred (quar.)
5% preferred (quar/
5% preferred (quar.
6% preferred (quar
Sept.
5 Sept.
Dec.
5 Dec.
5 June
30c
30c
June
5 June
Sept.
5 Sept.
30c
Dec.
5 Dec.
25c
(quar
6% preferred (quar
Messenger Corp, (interim)
Metal k Thermit, preferred (quar.)
May 15 May
SIM
Midland Steel Products...
$3
July
July
July
July
50c
—
8% preferred
June
50c
—--—
$2 dividend shares
June
40c
—
Dec. 23 Dec.
8Mc
(quar.)
Micromatic Hone Corp. pref. (quar.)
Mid-Continent Petroleum—
Midland Grocery 6% preferred (s.-a.)
June 29 June 20
ii«
(quar.)
"
82
—
50c
Minneapolis-Honeywell Regulator (quar.)
Extra—
Preferred (quar.)
Modern Containers, Ltd. (quar.)
Extra
,
—........
25c
$1
t20c
Sept. 30 Sept. 20
13
15 June 11
1 May
1
June 25
1
1
1
1
June 14
June 14
June 14
June 10 May
June 10 May
June
1 May
July
1 June
25
25
20
20
10c
Suarterly
xtra
May 15 May
8
July
1 June 20
Oct.
Oct.
Jan.
July
1 Sept. 20
1 Sept. 20
2 Dec. 20
Dec. 20
June 20
SIM
Oct.
Sept. 20
tSIM
Jan.
Dec. 20
:10c
...
...
-~
v
5H% cumulative preferred (quar.)
—
5H% cumulative preferred (quar.)
5)4% cumulative preferred (quar.)
Monmouth Consol. Water Co. $7 pref. (qu.)_.__
Monroe Auto Equipment Co—....—
Monroe Loan Society, 5^4% pret. (quar.)—
...
pref. A and B (s.-a.)...
Montgomery & Erie Ry. Co. (s.-a.)...
...
Moody's Investors 8ervice part. pref. (quar.)..
Moore (Wm. R.) Dry Goods Co. (quar.)
Quarterly
Monsanto Chemical Co.
Quarterly
Morris (Philip) k Co.. Ltd.. Inc.—
5% conv cum. preferred (quar.)
Motor Finance Corp, (quar.).......
Morris Plan Insurance Society (quar.)
Quarterly
Quarterly
—
Mt. Diablo Oil, Mining k Devel. Co. (quar.)..
Mountain Fuel Supply...
Muskogee Co., pref. (quar.)_._...
Muskegon Motor Specialties cl. A (quar.)
National Bearing Metals Corp
National Brush Co. (quar.)
*
National Biscuit Co
....—
7%
12Hc
$1.10
Monthly
Preferred (quar.)...
Loew's, Inc., S6M cumulative pref. (quar.)
Loose-Wiles Biscuit Co. (quar.)
Preferred (quar.)....
Preferred
Oct.
Nov.
.......
Link-Belt Co. (quar.)
Preferred (quar.)
Preferred
16
May 20 May 20
July
1 June 15
July
1 June 14
May 15 Apr. 30
June 15 May 31
June
May
1
June
May 14
June
May 14
July 26
Aug.
Leath k Co. preferred (quar.)
Lehigh Portland Cement pref. (quar.)
Leitch Gold Mines, Ltd.
(quar.)
6% preferred
lo
Sept. 16
-
Jxtra
May 15
May 15 Apr. 27
May 15 Apr. 27
Preferred A (quar.)
....
.....—-—
15 Apr. 25
15 Apr. 25
31 May 21
June 28 June 18
Horn (A. C.) Co.—
.....
K W
Meadville Telephone
2 Nov. 20
1 May 10
1 May 10
1
May 20 May
July
1 June 14
July
1 June 20
May 20 Apr. 30
June 13 May 31
June
1 May 10
July
1 June 17
Aug.
1 July 20
6
May 15 May
June
1 May 15
June
1 May 15
Klein
15
May
May
May
May
May
May
May
May
.
Dec.
June
Kentucky Utilities, prior pref. (quar.)....
Keith-Albee-Orpheum 7 % preferred
Preferred
9
June
pref. A (partic.)
Preferred
2 Nov.
May 15 Apr. 15
July
1
July
1
May 15 May
4
June
1 May 20
Sept. 3 Aug. 20
...
7% preferred
6% preferred
Kayser (Julius) & Co
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
Special preferred (quar.)
Kendall Co. $6 part. pref. A (quar.)
7% preferred
10
2 Aug. 10
June
1 May 25
June 20 June
6
....
Kable Bros., preferred
(quar.)
Kansas Power k Light
'
1
Sept.
Dec.
Common v. t. c. (quar
r.).
Jantzen
Knitting Mills, 5% pref. (quar.)
Jewel Tea Co., Inc.
~
1 June 15
June 15 June
1 May
June
(quar.).
Preferred (quar.)
Landis Machine preferred
Holders
July
.........
$6 part.
When
Payable of Record
t20c
May 15
July 15
Sept. 15
Common
Monthly
Hires (Chas. E.) Co. (quar.)
Hormel (Geo. A.) & Co
15
15
15
15
June 30 June 14
June
May 15
...
Hale Bros. Stores (quar.)
Hallnor Mines, Ltd
Hamilton Watch
May
May
May
May
June
May 18
May 15 May
1
June
May 10
July 20 July
6
June
May 17
Habison-Walker Refractories
Share
International Telegraph Co. (Me.) (s.-a.)
Interstate Hosiery Muls...
Iron Fireman
Mfg. common v. t. C. (quar.)
Common v. t. c.
Lock Joint Pipe (monthly)
1
Oct.
Jan.
7% preferred
Per
Name of Company
June
July|
Great Lakes Dredge k Dock Co. (quar.)
Greenfield Tap & Die $6 preferred
2827
\
Loblaw Groceterias A & B (quar.)
Class A & B (extra)
Dec.
Graton & Knight Co. prior pref. (s-a)
.
1 Sept. 21
Oct.
Preferred (quar.)
Farmers & Traders Life Insurance (quar.)
Firemen's Insurance Co. (Newark, N. J.)
First National Bank of J. O. (quar.)
First Securities Corp. A and B (s.-a.)
i.
1- 2-41 Dec. 21
June
1 May 15
...
Preferred (s.-a.)
Ferro Enamel Corp
Fire Association or Philadelphia
'
•
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.).....
Special guaranteed (quar.)
Special guaranteed (quar.)
Sept. 21 Sept. 7
July
1 June 22
_T_.
Quarterly
Quarterly
Farr Alpaca Co., liquidating
Payable on or about May 7.
Federal Bake Shops
18
17
June 29
May
July
May
May
May
May
Elgin National Watch
Empire k Bay State Telep. Co. 4% gtd. (qu.)
Emporium Capwell 7% pref. (s.-a.)
4H % preferred (quar.)
4H% preferred (quar.)
4H% preferred (quar.)
Equity Corp., $3 conv. pref. (quar.)
Fairbanks, Morse & Co. (quar.)
Falstaff Brewing Co. (quar.)
Fansteel Metallurgical Corp.,
preferred (quar.).
Preferred (quar.)
10
May 15
May 15
15 Apr. 80
2 June 15
1
15 May
1
15 May
14 Apr. 12
14 Apr. 12
1 May 10
1 May 10
June
Bonus
25
Nov. 16
D#me Mines. Ltd
East Shore Public Service Co., $6H Pref.
(quar.)
$6 preferred (quar.)
'
Payable of Record
May
May
May
May
Cooper-Bessemer, $3 prior preferred
i
Holders
When
Per
Name of Company
i
•
1
Preferred (quar.)
National Casket Co. (s.-a.) —
National Credit Co. (Bait., Md.),
—
-
---
cl. A (quar.)..
National Gypsum Co., preferred (quar.)
National Lead Co., pref. A (quar.).
National Power k Light Co. (quar.)
:20c
10c
Jan.
fSlM
SIM
30c
3iiti
17m
SIM
111
1
May 15 May
May 28 May 15
June
1 May
9
June
1 May 10
May 10 Apr. 30
1
May 15 May
1
July
1 July
1 Oct.
1
1-2-41 Dec. 31
Oct.
June
Sept.
May
May
May
Aug.
Dec.
Nov. 22
June
May
May
May
May
May
May
June
June
June
June
June
June
Tuly
May
May
May
June
June
June
15
18
24
23
15
15
15
20
17
June
1
June 14
May
May
Apr.
May
May
14
1
30
17
31
'Apr. 22
The Commercial & Financial Chronicle
2828
Per
Share
Name of Company
Neiman-Marcus Co., 7% preferred
Neon Products of Western Canada. Ltd.—
$1%
June
New Mexico Gas Co., pref. (semi-ann.)..
Common (semi-annuaJ)
Anr.
May
May
July
New York Mutual Telephone (s.-a.)
New York Stocks, Inc. (special stocks)—
Agricultural industry series
Automobile industry series.:
_
Building supply industry series
Business equipment industry series
Chemical industry series
Electrical equipment industry series
Food Industry series
—
Insurance stock series
Machinery industry series
Merchandising series
Metals series
Oil industry series
-
Public utility industry series
Railroad series
—
Railroad equipment industry series
Steel industry series
Tobacco industry series
—
1900 Corp., class A (quar.)
Class A (quar.).
0
0
June 29
Sioux City
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
Aug.
25 [May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 'May
25 May
25 May
15 May
15 Aug.
Stand. Wholesale
Extra
Preferred (quar.)
North American Oil Consol. (quar.)
North River Insurance
Northern Pipe Line Co
Northwest Bancorporation
Northwestern Public Service 7 % preferred
—
June
1 May
|May 25
May
May
May
May
May
June
7% preferred (quar.)
-—
6% preferred
6% preferred (quar.)
Northwestern Telegraph Co. (s.-a.)
Norwalk Tire A Rubber Co., preferred (quar.)
Oahu Railway & Land Co. (monthly)
June
June
June
Tide Water Assoc. Oil Co.
...
Ottawa Electric Ry. (quar.)
Quarterly
Quarterly
—
Outboard Marine & Mfg. Co
Owens-Illinois Glass...
Preferred A (quar.)
Pacific Fire Insurance (quar.)
Pacific Gas A Electric, 6% pref.
(quar.)
5)4% preferred (quar.)
Pacific Lighting Co. (quar.)
Pamour Porcupine Mines, Ltd
Park Utah Consol. mines (special)...
Parker Pen Co
Park-Wilshire Co. common voting trust ctfs—
Peerless Woolen Mills 0H% Pref. (s.-a.)
Peninsular Grinding Wheel Co.
(quar.)........—
Quarterly
Quarterly
—
20
(quar.)
5)4% preferred (quar.)
...—
United Biscuit Co. of America
United Bond & Share. Ltd. (quar.)
Quarterly
United Light & Railways, 7% pref. (mo.).
Preferred
May 10 Apr. 25
May 15 Apr. 29
June
1 May 15
May 11 May
3
[May 15 Apr. 30
May 15 Apr. 30
May 15 Apr. 20
June
May 15
June
May 17
June
May 15
June
May 14
June
May 15
May
Apr. 25
June 15
July
Oct.
Sept. 14
(quar.)
United Merchants & Manufacturers, Inc.—
Semi-annual
United Molasses Ltd. Am. dep. rets,
Privateer Mines Ltd. (quar.)..
Procter & Gamble Co. (quar.)
United New Jersey RR. & Canal (quar.)
United States Petroleum Co. (quar.)—
May 15 May
June
May
May
May
July
Prosperity Co., 5% preferred (quar.)
Public Investing Co. (semi-ann.)
Payable on both orig. & cashable stock.
Public Service of N. J., $5 pref. (quar.)
6% preferred (monthly)
7% preferred
8% preferred (quar.
6% pref. (monthly),
ake
~
Quaker Oats Co., preferred (quar.)
Quebec Power Co. (quar.)
Quaker State Oil Refining Corp
Rainier Brewing Co., partic. pref. A & B (mo.)
Reading Co. (quar.)
1st preferred (quar.)
Republic Investors Fund, pref. A & B (quar.)
Republic Petroleum 5)4% pref. A
Reynolds (R. J.) Tobacco Co. (quar. interim)-.
Common B (quar. interim)
Risdon Mfg.
7% pref. (quar.)
Roberts' Public Markets (quar.).
(quar.^
...
—
Juarterly
uarterly
4
14
9
20
1
14
15
20*
Vermont & Boston
sferred
preferred
June
Secord (Laura) Candy Shops (quar.)
June
1
June
1 May
«
—
^
—
1 June 15
15
15 June
1
$1)4
$1)4
5
15 July
1 May 15
July
1 June 29
Oct.
1 Sept. 28
1-1-41 Dec. 30
July
1
[June 10 June
Sept. 10 Aug. 31
Dec.
[July
|Aug.
10 Nov. 30
3-1-41
1 June 15
1 July 20
June 20 June 10
Oct.
—
19 Oct.
10
[June
June 15 May 24
June 15 May 24
June
1 May 15
|May 10 Apr. 30
2
0
1
*
May 15
1 May 15
1 May 15
May 31 May 15
Aug. 31 Aug. 15
May 15 May
1
June
25c
June
|May
May
May
May
May
July
Apr. 19
Apr. 19
May
1
Apr. 30
June
May 15
May
7
May 7
May
May
June 29
Nov.
Oct.
15
July
July
May
May
July
June
15
June 15
Apr. 29
May
1
June 15
-—
Sept. 14
July
Oct.
June
Apr. 22
July
July
June
July
Aug.
Sept.
July
Oct.
June 20
Oct.
July 20
Aug. 20
Sept. 20
June
[May
tax of
5
Sept.
Sept.
5
Dec.
Dec.
5
1 Payable in Canadian funds, and In the case
a
15
15
May 22
Transfer books not closed for this dividend.
deduction of
15
15
May 22
May 20
t On account of accumulated dividends.
I
15
Nov.
Nov.
Monthly
IIIIIIIIIIII
Monthly
Monthly
Zion's Co-operative Mercantile Institution
Quarterly.
Quarterly
15
June
Oct.
Wripley^Wm.) Jr. (monthly)
15
1 May 20
Aug.
Aug.
-
Wright-Hargreaves Mines, Ltd. (quar.)
Extra (both payable in TJ. S. funds)
1
10
5
31*
June
(H.) Gooderham & Worts (quar.).....
Extra
8
May 31 May 10
15 Dec.
June 29 June
25c
—
Woolworth (F. W.) Co. (quar.)
May 15 Apr. 30
_
(quar.)..
Quarterly
1
15 June
5
5
Sept. 20 Sept. 10
July 20 July 10
Quarterly
5
15 May
15 May
Dec.
June
Telegraph (ann.)
Winsted Hosiery Co. (quar.).
Extra
3
3
1 May 15
1 June
June
May
1
May 25
15 June
15 June
3-9-41
Wilson & Co. $6 preferred
Wilsil Ltd. (quar.)
5
1 June
June
Apr. 26
July
$1)4
.
20
Seaboard Oil Co. (Del.), (quar.)
Seaboard Surety Co
—
—
Preferred (quar.)
Foundry & Pipe
Washington Gas Light preferred (quar.)
Washington Railway A Electric 5% pref.(quar.)
5% preferred (s.-a.)
Welch Grape Juice Co., preferred (quar.)..—
Preferred (quar.)
Went worth Mfg. Co., preferred (quar.)
West Michigan Steel Foundry—
Conv. preferred (quar.)
West Penn Electric. 7% pref. (quar.)
—
6% preferred (quar.)
West Virginia Pulp & Paper Co., 6% pf. (quar.).
Western Cartridge, 6% pref. (quar.)
Western Pipe & 8teel 7% preferred (s.-a.)
Westinghouse Air Brake
Westinghouse Electric & Mfg
Participating preferred
Westminster Paper Co., Ltd. (s.-a.)
Whitaker Paper Co
Preferred (quar.)
White (S. S.) Dental Mfg. (quar.)
1 May 20
15 May
1
$1)4
$1H
Warren
20 May 10
1 June 20
20 May 13
—
June
May
0«
Apr. 22
Apr. 22
Apr. 15
Walker
June 20
15 June
15
22
22
7
4
15
Walker & Co. class A
15
June
.....
preferred (quar.)..—
15
1
May
July
May
May
July
July
July
July
May
May
15 June 11
May
May
May
May
May
May
50c
Quarterly
15
May 15 May
May 15 May
June
15
30
30
17
11
30
8
8
28
Sept. 20 Aug. 31*
Dec. 20 Nov. 30*
Virginian Ry. Co. 6% preferred (quar.)...
Vulcan Detfnning (quar.).
....
1 June 21
15 Dec.
June
1 May
May 15 Apr.
May 15 Apr.
June 15 May
June
1 May
May 15 Apr.
June
1 May
June
1 May
June 15 May
June 20 May
7% preferred (quar.)...
7% preferred (quar.).
15) Apr. 25
15 May
0
Sept.
15
15 May 25
1 May 10
May 20 May 10
June
50c
Vapor Car Heating Co., inc., 7% pref. (quar.).
7% preferred (quar.)...
15 May
4
15 Apr. 25
4
June
Voting trust certificates (quar.)...
Preferred (quar.)
RuudMfg. Co. quar.)
Sabin Robbins Paper Co
7% preferred (quar.)
Saco-Lowell Shops, Inc
A conv. pref. (quar.)
Safeway Stores, Inc., 7% pref. (final)
6% preferred (final)
St. Louis Bridge Co. 1st preferred (s.-a.)
3% 2nd preferred (s.-a.)_
San Carlos Milling Co. (monthly)..
Scotten, Dillon Co.
6% preferred (quar.)
6% preferred (quar.)
June 13 May 23
Dec.
Quarterly.
Rochester Button Co. pref. (quar.)
Holland Paper Co., Ltd. (quar.)
0
May 15 Apr. 22
June 15 May 31
9 May
May
2
9 Apr. 11
May
Oct.
(quar.)............
(quar.)
Upper Michigan Power & light Co. 6% pf. (qu.)
June 15 May 15
June 15 May 15
May 15 Apr. 15
May 31 May
1
July
1 May
June
May 15 Apr. 30
25c
May 10 Apr. 10
June
1 May 16
25c
15c
July 15 June 30
Oct. 15 Sept. 30
16c
1 May 10
f7 5c June
37c
May 15 Apr. 30
50c [May 14 May
3
$1'A May 14 May 3
[June
1 May 10
June 29 May 31
June 29 May 31
$1H
58 l-3c June
May 15
June 15
581-3 c July
June
53c
May 15
June 15
53c
July
June
50c
May 15
June 15
50c .July
1
?5c |June 15 June
2
C5c Dec. 16 Dec.
May
8 Apr. 11
5H%
May
8 Apr. 11
10%
$2)4 July 10 June 20
5
2c [June 15 June
2c
Sept. 15 8ept. 6
25c
Universal Insurance Co.
June 15 May 15
June 15 May 15
May
May
May
May
July
1
May 15 May
June
1 May 15
June
50c
...
................
Playing Card Co
6% preferred (quar,)
United States Sugar pref.
Apr. 25
Apr. 25
Apr. 25
July
5
June 15 May 31
1 July
.....
_
ted States
United States Potash Co
10
15
15
15
Aug.
iig
2c
Sept. 15 Sept.15
15 Dec.
15 June
14
50c
10 May 20
May 15 May
May 27 May
May 10 [Apr.
June
1 May
|May 20 May
Oct.
1 Sept.
June
1 May
June
1 May
June 15! June
Dec.
....
—
United States Pipe & Foundry Co. (quar.)..—
,
Extra..
...
(final)
Bonus
[2-15-41 2-4-41
[June
1 May 20
June
1 [May 20
June
15
Sept. 30 Sept. 14
*iS
(quar.)
_
Preferred A
—
A (quar.)..
Co. (quar.)
7% preferred (monthly)
6.30% preferred (monthly)...
6.30% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
4
7% preferred (quar.)
Powdrell & Alexander. Inc
25c
$1)4
$1)4
(quar.)
Oct.
1 Sept. 10
Dec. 30 Dec. 10
Nov. 15 Nov.
Pillsbury Flour Mills Co. (quar.)
Pinchin Johnson & Co.. Ltd., Am. shs. (final).
Piper Aircraft Corp., pref. (quar.)
Pltney-Bowes Postage Meter Co. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)..—.
6% pf. (s.-a.)
...—
Pittsburgh Coke & Iron Co.. $5 pref. (quar.)..
Pollock Paper & Box 7% preferred (quar.)
7% preferred (quar.)
UOc
$1H
Preferred (quar.)
United Gas Corp. $7 preferred
United Gas Improvement (quar.)
(quar.)
I2c
United Chemicals, Inc
United Corp., Ltd., $1)4 class
United Engineering & Foundry
Preferred A
Mining
t2c
-
[June 15
|May 25
June
——
—
Union Electric Co. (Mo.) pref. (quar.)
Union Oil Co. of California (quar.)
12
10c
30c
Truax-Traer Coal Co., 6% pref.
4
5
Shattuck-Denn
—
Preferred
56c
each sh. held—
Towne Securities Corp. 7% cum. preferred
Trane Co
14
Class A (quar.)
Penman's, Ltd. (quar.)
25c
$1)4
10c
Tombill Gold Mines Ltd...
20
20
1-1-41 Dec.
Pfeiffer Brewing Co. (quar.)
.....
Phoenix Acceptance Corp., class A (quar.).—
Dec. 31 Dec.
15c
Toburn Gold Mines Ltd. (quar.)
Extra
15
20
May 15 May
Aug. 15 Aug.
Pender (D.) Grocery, class B........
June 30 June
10c
Co
Stock div. of H sh. of com. for
Tobacco & Allied Stocks, Inc
1
1
$1H
90c
(quar.)
15 June
$1)4
$1H
$l*A
Extra
Tilo Roofing
17
Preferred A (quar.)
Preferred A (quar.)
Tup
—
June
June 15 June
May
4 Apr. 29
6
May 15 May
5
25c
;
May
1
4
37Kc
preferred (quar.)
1
May 15 Apr.
May 15 Apr.
May 20 Apr.
24
30
15
30
30
3
30
29
15
20
30
30
June
$1)4
Tampa Electric Co. (quar.)
Preferred (quar.)
Texas Gulf Producing Corp
Texas Pacific Coal & Oil (quar.)
Thatcher Mfg. Co. pref. (quar.)
June
Apr.
May 15 May
*2&
Swan-Finch Oil,
[May 15
40c
(quar.)
Superior Oil Co. of Calif., common
June 20 [May 24
June 20 May 24
July
2 June 15
Otis Elevator Co
flprvpl
—
May 20 May 10
June
1 May
1
June
1 May
1
Ontario & Quebec Ry. (s.-a.)
Debenture stock (s.-a.)
10c
20c
30c
Preferred
[May 10
1
——-
Phosphate & Acid Wks. (qu.)
Stromberg-Carlson Telephone Mfg., pref (qu.)—
Sun Oil Co. (quar.)
May 10 Aprl 25
0
May 15 May
June
lc
$1H
Stecber-Traung Litbograp 5% pref. (quar.)
5% preferred (quar.)
5% preferred (quar.)
Stein (A.) & Co. (quar.)
---Strawbridge & Clothier, prior pref. A (quar.)...
.
15 June
June
37Hc
720c
$1)4
-
Stamford Water (quar.)
June 15
July
July
[June 17
May 15 May 11
June
Monthly
O'Brien Gold Mines
Occidental Insurance (quar.)
Okonite Co., pref. (quar.)
Onomea Sugar (monthly)
—
60c
Standard Oil of Kansas
Standard Silica Corp
May 15 May
[June 15 [May 20
June 19 May 31
May 18 Apr. 30
[May 6 Apr. 25
June 10 May 24
Noranda Mines Ltd. (interim)...
Norfolk & Western Ry. Co. (quar.)—
Peninsular Telephone
(quar.)
pref. (quar.)
Southern Canada Power Co., Ltd. (quar.)
Sovereign Investors (quar.)
Spiegel. Inc., $4H pref. (quar.)._r
.
Standard Brands, inc. $4)4 pref.(quar.).
_
(quar.)
10c
50c
$IH
Gas & Electric, preferred (quar.)
South American Gold & Platinum Co
South Bend Lathe Works
Holders
50c
30c
5c
Extra
May
May
When
Payable of Record
May 15 Apr.
Apr.
1 May
May 10 Apr.
May 10 Apr.
May 15 May
May 10 Apr.
May 16 Apr.
75c
$1H
Simms Petroleum Co. (liquidating)
Nov. 15 Nov.
Class A (quar.)
Class B
Preferred
22c
(quar.)
Southern California Edison, orig.
Alcohol and dist. industry series
Aviation industry series
Bank stock series
1
May 10
May 20
Share
Company
Shawlnigan Water & Power
Sherwin-Williams Co
Preferred (quar.).
Silex Co. (quar.)
15
May
June
June
—
Name of
1 May 20
May
May
„
Per
Holders
When
Payable of Record
6% preferred (s.-a.)
Neptune Meter Co., preferred (quar.)
Newberry (J. J.) 5% preferred A (quar.)..,.
New Jersey Zinc
May 4, 1940
5% of the amount of such dividend will be
made.
Volume
The Commercial & Financial Chronicle
ISO
Condition of the Federal Reserve Bank
Neiv
'
The
Weekly Return of the New York City
Clearing House
York
following shows the condition of the Federal Reserve
Bank of New York at the close
in
of
of
business
The
May 1, 1940,
k
0''':^
Apr. 24, 1940
Gold certificates
hand and due from
on
United States Treasury.*
Redemption fund—F. R. notes
Other cash
Total reserves............
Bills discounted:
Secured
by
U.
8.
Govt,
Total bills
Bills bought In
65,000
509,000
590,000
discounted
860,000
market
Industrial advances....
U. 8. Govt, securities, direct and guar¬
Cent Hanover Bk&Tr Co
1,147,000
Corn Exch Bank Tr Co.
175,000
First National Bank
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank...
218,000
open
2"030,666
2,028,000
3,122,000
.....................
Notes
400,969,000
400,969,000
338,532,000
338,532,000
Bills
256,538,000
331,160,000
direct and guaranteed....
739,501,000
Total bills and securities............
Due from foreign banks
Federal Reserve notes of other banks.
Uncollected Items
Bank premises
739,501,000
742,389,000
742,105,000
17,000
1,810,000
151,152,000
9,840,000
17,037,000
17,000
1,584,000
168,013,000
9,821,000
Other assets
17,096,000
.......
204,035,000
549,086,000
14,674,000
39,802,000
172,562,000
4,700,000
81,271,000
675,239,000
73,014,000 cl,090,401,000
99,099,000
56,224,000
19,663,500
296,101,000
108,555,000
688,22,0000
53,240,100
671,028,000
4,430,300
59,345,000
136,486,900 d2,865,598,000
4,244,300
51,985,000
81,598,600 el,105,672,000
2,471,000
17,419,000
9,411,300
125,544,000
27,984,400
425,109,000
8,570,600
113,192,000
28,162,000
640,000
90,151,000
4,811,000
1,242,000
43,802,000
3,516,000
36,474,000
2,256,000
2,948,000
30,312,000
2,045,000
51,796,000
931,357,000 14,194,513,000
676,336,000
500,000
5,000,000
12,500,000
7,000,000
7,000,000
10,066,100
721,957,000
Totals
726,444,000
*
60,000
518,887,000
As per official reports:
ttrust
3,400,000
152,788,000
8,972,000
5
(April
14,702,000
National, March 30,
1940; States, March 30,
1940;
companies, March 30, 1940.
Includes
e
Total assets.............
Average
40,151,100
6,000,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
,
68,734,200 a2,261,204,000
57,040,000
732,531,000
185,154,500 52,162,651,000
25,000,000
New York Trust Co
134,259,000
13,924,100
26,615,500
100,270,000
1
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
anteed:
Bonds..
Deposits,
Average
6,000,000
77,500,000
20,000,000
90,000,000
42,117,000
21,000,000
15,000,000
10,000,000
50,000,000
!
4,000,000
Guaranty Trust Co
972,000
574,000
270,000
Time
Deposits,
20,000,000
Chem Bank & Trust Co.
Manufacturers Trust Co
...
Net Demand
Undivided
Profits
Bank of New York.
Bank of Manhattan Co.
National City Bank
8,328,511,000 8,281,557,000 6,355,723,000
....
Surplus and
Capital
Members
obligations
direct and guaranteed
Other bills discounted
*
Clearing House
$
8,221,053,000 8,167,190,000 6,263,318,000
1,159,000
1,559,000
1,559,000
91,246,000
105,899,000
112,808,000
f
on
May 3, 1939
',:;$
$
issued by the New York City
Friday afternoon is given in full below:
statement
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION AT CLOSE OF BUSINESS
THURSDAY, MAY 2, 1940
.
Mag 1, 1940
Aisets—
weekly
Clearing House
comparison with the previous week and the corresponding
date last year:
2829
deposits in foreign branches
16),
$73,752,000;
(May
c
2),
(April 17), $20,981,000.
follows:
as
(April 25),
a
$3,002,000;
d
(March
$264,492,000
30),
$67,871,000
'
1
,
9,267,431,000 9,203,518,000 7,262,089,000
Liabilities—
F. R. notes In actual circulation..
Deposits—Member bank
reserve acc't..
U. 8. Treasurer—General account
Foreign bank......................
Other deposits
THE
1,289,308,000 1,278,131,000 1,099,633,000
7,055,987,000 7,073,238,000 5,344,861,000
209,397,000
167,353,000
150,837,000
126,259,000
131,853,000
309,630,000
350,668,000
LONDON
81,014,000
each
259,676,000
.....
136.492.0C0
1,214,000
1,108,000
147,099,000
Mon.,
Apr. 27
7,700,267,000 7,665,558,000 5,894,948,000
154,623,000
Apr. 29
Boots Pure Drugs......
> '
Surplus (Section 7)
Surplus (Section 13-b)..
...
Other capital accounts
92,6%
vances.
852,000 i
£13
£13
£13
£13
9/3
17/4)4
Closed
Hudsons Bay Co
Imp Tob of G B & I.. ;, ,;;v m
London Mid Ry......
■
.....
Rio Tinto.
2,281,000
or a
bank's
own
Federal
These
from the Reserve banks when the dollar was, on Jan.
31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated
under the provisions of the Gold Reserve Act of 1934.
West
;.
<
Vickers
profit by the Treasury
as
■'
■'
United Molasses
'
1
75/7)4
10/26/6
17/10)4
75/—
10/26/6
17/10)4
£21)4
75/-
75/-
£7%
£7%
£12)4
£13
85/7)4
85/-
£26%
£26%
73/9
10/26/4)4
17/9
10/26/6
17/9
76/3
9/9
26/3
17/6
Witwatersrand
Areas
1
85/£27
£28)4
I.
Swedish Match B
certificates given by the United States Treasury for the gold taken
are
£14
66/6
'il¬
ls /3
21/3
115/-
£21%
£21%
75h
£7%
£13%
85/7)4
£26%
72/6
75/—
85/7)4
Royal Dutch Co......
Shell Transport
over
£21%
46/10)4
38/3
£7)4
67/9118/20/115/-
18/20/115/-
£7M
£56%
£7%
67/3
9/1)4
115/7)4
75/£7 H
.....
£22
£14
Metal Box..
47/6
38/4%
£7%
9/3
18/21/—
21 /3
115/-
£13
47/6
37/9
37/6
£7%
67/6
67 h
Electric & Musical Ind
90.9%
48/1)4
£7%
...
Distillers Co
8,113,000
Reserve bank notes.
x
38/10)4
48/i %
37/7)4
Rolls Royce
t "Other cash" does not include Federal Reserve notes
May 3
38/7)4
105/7)4
Rand Mines
849,000
Frl.,
May 2
38/10)4
38/10)4
105/7)4
105/7)4
£67
£57)4
De Beers
7,457,000
92.6%
Thurs.,
£58
Courtaulds S & Co
50,888,000
52,463,000
9,267,431,000 9,203,518,000 7,262,089,000
note liabilities combined
Wed.,
May 1
30
.
106/3
Cons Goldfields of 8 A.
51,068,000
53,326,000
7,109,000
10,620,000
Ap
Central Min & Invest..
Ford Ltd
Total liabilities and capital accounts..
Tues.,
•
51,049,000
53,326,000
7,109,000
10,641,000
received by cable
Cable & W ord
1,488,000
9,145,306,000 9,081,395,000 7,143,168,000
Capital Account*—
Capital paid
as
39/1H
106/3
£57 H
British Amer Tobacco.
Total liabilities.
EXCHANGE
day of the past week:
Sat.,
Total deposits
Deferred availability items.
Other liabilities, incl. accrued dividends.
F. R.
STOCK
Quotations of representative stocks
£3 K
£3%
£3%
£3%
£3%
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which
weekly returns are obtained .
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the
-Immediately preceding which
we
figures for the latest week appear in our department of "Current Events and Discussionst91
also give the figures of New York and Chicago reporting member banks for a week later*
^Commencing with the statement of May 19,
described In
The
1937, various changes were made in the breakdown of loans as reported in this statement; which were
announcement^ the Federal Reserve Bank of New York of April 20. 1937, as follows:
an
changes In the report form
are
confined to the classification of loans and discounts
This classification has been changed primarily to show the
amounts of
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the
securities.
The revised form also eliminates the distinction between loans to brokers and dealers In securities located In New York Olty and those located
purpose
of purchasing
or carrying
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought In open market" under the revised caption "open market
paper," instead of in "all other loans," as formerly.
Subsequent to tbe above announcement, it
was made known that the new items
"commercial, Industrial and agricultural loans" and "other loans"
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed
explanation of the revisions
was
published in the May 29, 1937, issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON APR. 24,1940 (In Millions of
Federal Reserve Districts—
Total
Boston
New York
PJMa.
ASSETS
$
$
$
$
$
Loans and Investments—total
Cleveland Richmond
Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
Dollars)
San Fran.
$
$
23,584
1,195
1,159
439
684
632
3,359
741
430
694
527
620
9,999
3,305
1,937
8,650
4,419
708
272
309
939
330
199
307
267
955
298
1,802
210
277
123
160
564
188
104
182
176
335
Open market paper
332
69
116
29
9
12
4
38
11
4
23
2
15
Loans to brokers and dealers In securs
623
21
487
24
21
3
5
38
5
1
4
3
11
19
7
10
13
10
29
22
Loans—total
...
Commercial, Indus, and agrlcul. loans
Other loans for purchasing or carrying
securities...
.......
Real estate loans
Loans to banks
...........
211
31
25
15
11
81
195
49
173
42
31
43
1
37
1
2
1,578
131
457
:<■?
13
74
114
.....
53
¥■/
U.
*r73
95
201
"77
"98
"59
16
173
1
291
51
10
18
957
31
156
137
34
290
33
31
67
40
.....
6,508
343
2,745
311
651
156
114
1,038
151
115
93
"167
23
38
89
United States bonds
Obligations guar, by U. 8. Govt
Other securities
Reserve with Federal Reserve Bank..
50
11
59
44
383
50
596
1,871
.....
...........
Treasury notes
V
i
1
...............
Other loans
Treaury bills..
Cash in vault
473
1,182
.
...
2,227
2
57
702
'
188
2,427
3,532
1,356
1,463
52
69
276
69
128
276
288
67
105
525
107
53
139
58
323
10,869
523
6,521
527
604
196
137
1,351
178
86
191
136
419
102
123
22
70
50
.........
471
142
96
20
44
22
14
65
12
7
16
11
Balances with domestic banks.......
3,194
170
223
216
327
265
238
585
188
72
307
295
308
Other assets—net....
1,180
75
432
83
97
37
50
79
22
16
23
29
237
19,764
1,223
9,772
1,017
1,354
514
416
2,687
477
263
525
470
5,313
236
1,044
266
747
202
192
965
190
117
146
135
1,046
1,073
580
14
68
53
47
36
44
135
17
3
24
31
108
Domestic banks.................
8,432
342
3,806
434
464
317
312
1,227
355
181
428
269
317
Foreign banks...................
734
;..
...........
-
:
22
LIABILITIES
demand deposits—adjusted—
rime deposits
Jnited States Government deposits.,
jiter-bank deposits:
./
22
borrowings—.....................
1
733
19
248
673
5
1
1
1
1
20
"288
15
16
"38
"12
""23
7
3
"~4
"302
1,620
215
380
96
94
393
59
105
88
347
1
1
bther liabilities....................
Capital accounts—
3,741
The Commercial & Financial Chronicle
2830
Weekly Return of the Board of Governors of
The
following
was
May 4, 1940
the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on
Thursday afternoon, May 2,
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 System upon the
returns for the latest week appear in our department of "Current Events and Discussions "
showing the condition of the 12 Reserve
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT
1940
Apr. 24,
Apr. 17,
1940
1940
/
ASSETS
Gold etfs. on band end due from U. 8. Treas.x.
Redemption fund (Federal Reserve notes)
Other cash ♦
Total reserves...
—
..............
S
'
'
1940
Afar. 20,
1940
$
*
$
10,
April 3,
27.
Mar.
13.
May 3,
6,
1940
1940
3
$
1939
$
15,997,622
ll,932,621
15,868,621
13,119,718
375,463
16,047,618
8,239
372,262
8,334
361,786
9,360
362,538
9,572
356,186
363,506
16,555,056
16,485,205
16,428,119
16,367,742
16,304,519
16.234,379
13,491,047
1,773
16,101,619
16,378,477
9,140
389,625
16,288,976
9,275
387,927
16,161,074
8,672
8,123
385,310
16,832,580
16,777,242
16,686,178
.
Mar.
'
16,442,978
9,640
379,962
a
Mar.
$
April
1940
$
1940
%
May 1,
Three Ciphers (000) Omitted
THE CLOSE OF BUSINESS MAY 1, 1940
7,823
i
Bills discounted:
Secured
Government obligations,
U. 8.
by
^
621
443
632
366
334
369
470
1,929
1,831
1,727
1,076
1,675
478
2,047
direct and fully guaranteed
Other bills discounted
1,612
1,632
2,620
2,507
1,717
2,751
2,090
1,966
2,989
2,977
3,490
2,668
2,372
2,463
~9",333
"9",918
*9*852
*9*,875
1(U38
l6",483
lb",498
10*423
16*404
12,811
1,337,495
1,129,225
1,337,495
1,129,225
1.337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,342,045
1,133,225
1,342,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133.225
911,090
1,176,109
476,816
2,466,720
Total bills discounted......
2,093
2,466,720
2,466,720
2,466,720
2,466,720
2,475,270
2,475,270
2,477,270
2,477.270
2,564,015
2,478,721
2,479,010
2,479.035
2,478,688
2,479,609
2,487,843
2,487,734
2,490,682
2,490.651
2,580,878
562
Bills bought In open market..
Industrial advances—
.......
United States Government securities, direct and
guaranteed:
Bonds
—
.....
Notes
...—.........
....
Bills
Govt, securities,
8.
Total U.
direct and
guaranteed...
Other securities..
—
....
Foreign loans on gold
Total bills and securities
...
Gold held abroad
-
47
••/••'"*" *47
47
47
160
19,691
743,276
19,935
619,180
609,905
69,540
41,703
65,695
42,549
59,572
41,671
58,005
18,484
712,167
41,703
59,145
17,604
721,035
41,689
57,081
—
...
..........
Total assets
-
20,017,899
20,048,097
19,749,341
19,719,396
19,778,652
19,692,932
19,637,142
19,471.590
16,794,871
41,621
20,122,485
-—
premises
47
17,998
636,668
41,612
58,257
59,524
Uncollected items
Bank
47
22,146
592,220
41,612
47
22,113
638,721
41,533
Federal Reserve notes of other banks
Other assets
47
19,461
763,669
41,625
58,082
47
21,751
688,329
Due from foreign banks
'
LIABILITIES
19,638
50,694
Federal Reserve notes In actual circulation....
4,945,500
4,918,503
4,931,115
4,923,425
4,934,636
4,899,117
4,895,048
4,881,754
4.889,287
4,465,004
Deposits—Member banks' reserve account-
12,869,916
490,106
357,212
435,912
12,883,034
469.974
376,402
396,295
12,757,391
512,521
384,229
12,574,727
12,294,002
699,877
12,256,250
707,493
12,438,580
12.367,086
9,872,140
936,271
395,073
353,533
225,656
352,536
412,821
390,780
399,786
526,387
364,406
389,876
535,988
384,335
377,569
590,460
372,802
360,319
12,395,460
692,077
377,032
328,257
14,153,146
667,041
4,064
14,125,705
616,461
4,566
14,031,710
728,857
3,902
13,898,308
570,810
4,415
13,824,408
604,541
3,568
13,801,773
13,754,309
t688,636
f3,334
13,719,249
678,445
6,452
13.633,639
594,538
3,098
11,362,324
19,769,751
19,665,235
19,695,584
19,396,958
19,367,153
19,426,814 fl9,341,327
19,285,900
19,120.562
16,450,790
Capital paid In
136,113
136,132
151,720
26,839
37,822
136,145
151,720
26,839
136,107
151,720
26,839
t36,939
136,102
151,720
26,839
36,581
134,998
151,720
149,152
26,839
27,264
37,539
136,132
151,720
26,839
37,147
136,074
151,720
26,839
38,062
136,125
151,720
26,839
37,980
136,127
Surplus (Section 7)
Surplus (Section 13-b)
36,395
32,667
20,122,485
20,017,899
20,048,097
19,749,341
19,719,396
19,778.652
19,692,932
19,637,142
19,471,590
16,794,871
88.1%
9,225
88.1%
88.0%
87.9%
8.350
87.8%
8,224
9.080
87.7%
9,080
87.6%
8,805
88.0%
8,790
87.8%
8,725
85.2%
11,722
600
1,468
United States Treasurer—General account.
.
Forelga banks
Other deposits
Total deposits
Deferred availability Items
.........
Other liabilities, incl. accrued dividends
Total liabilities
.........
CAPITAL
...
721,553
4,371
ACCOUNTS
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances....
151,720
26,839
37,697
'
618,943
4,519
9,126
Maturitv Distribution of Bills and
Short-Term Securities—
2,280
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
645
412
1,349
1,059
51
105
233
773
21
125
176
45
224
1,198
1,139
928
1,130
140
161
155
181
61-90 days bills discounted
189
161
142
229
100
1,123
1,108
Over 90 days bills discounted
269
255
219
180
148
161
160
193
157
349
2,090
1,966
2,989
2,977
3,490
Total bills discounted
1-15 days bills bought
16-30 days bills bought
1-60 days bills bought
1-90 days bills bought
Over 90 (layn hips
707
927
2,372
2,668
523
858
V
2,093
2,463
2,751
163
343
'•
1,116
1,126
■V-
355
180
In open marketIn open market
In open market
In open market
202
28
152
bought In open market
...
Total bills bought In open market
1-15 days industrial advances
562
"
"
*1*437
1,447
"V.426
1,242
*1*247
*1*574
*1*692
l",453
*1*493
77
16-30 days Industrial advances
81-60 days Industrial advances
61-90 days Industrial advances
84
61
227
196
121
130
381
415
1,670
96
286
271
188
149
294
249
353
339
725
646
629
689
781
793
273
299
181
157
1,042
6,929
7,472
7,405
7,437
7,753
8,221
8,228
8,055
8,000
9,278
9,333
9,918
9,852
9,875
10,138
10,483
10,498
10,423
10,404
12,811
244
Over 90 days Industrial advances
;
Total Industrial advances
X-;i:
IV
;
U. 8. Govt, securities, direct and guaranteed:
1-15 days
86,005
85,813
16-30 days
31-60 days
152,680
61-90 days
Over 90 days
126,468
_
2,466,720
Total U. 8. Government securities, direct
and guaranteed
........
...
2,466", 720
2,466",720
2,466,720
2.4(56.720
2,475", 270
2,475~,270
2,477*276
2,477,270
2,113,049
2,466,720
2,466,720
2,466,720
2,466,720
2,466,720
2,475,270
2,475,270
2,477,270
2,477.270
2,564,015
5,246,984
301,484
5,245,738
327,235
5,239,294
308,179
5,251,464
5,251,335
316,699
5,237,827
5,227,268
332,220
5,216,078
334,324
5.210.592
321,305
4,739,164
338,710
4,895,048
4,881,754
4,889,287
4,465,004
5,333,500
5,328,500
5.323,500
543
615
4,872,500
3,361
5,329,043
5,324,115
4,875,861
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
4,918,503
4,931,115
4,923,425
4,934,636
4,899,117
5,374.500
1,059
5,375,500
5,375,600
5,368,500
5,363,500
5.343,500
719
794
471
540
671
5,375,559
5,376,219
5,376,294
5,368,971
5.364.040
5,344,171
4.945,500
...
328,039
274,160
/
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Tress..
By eligible paper
United States Government securities
Total collateral
•
"Other cash"
.............
does not Include
...
Federal Reserve notes,
1
493
5,333,993
f Revised figures.
z These are certificates given by the
United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 oents to
on Jan. 31. 1934, these certificates
being worth less to the extent of the difference, the difference itself have been appropriated as profit by the Treasury
provisions of the Oold Reserve Act of 1934.
cento
59.06
under
The Commercial & Financial Chronicle
Volume ISO
2831
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE
12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS MAY 1,
1940
Three Ciphers (000) Omitted
Federal Reserve Agent at—
j
ASSETS
Gold
certificates
*
5
;.((V 'r
...
and
Redemption fund—Fed. Res.
Other cash *
.!
$
hand
on
due
from United States Treasury
St. Louis Minneap. Kan. City
Chicaoo
$
V
361,456
380
601
1,192
574
771
,25,533
23,282
21,104
47.726
17,089
441,440
329,637 2,607,895
379,113
870
1,559
31,570
105.899
29,482 ;
920,083 8,328,511
233,662
%
356,523
%
7,7,
928,837
232,259
616
280
748
1,481
9,594
19,350
15,684
33,649
243,872
568
v
San Fran.
Dallas
$
l
v
*',v.v
;;c:
307,959 2,659,398
934,535 1,058,683
9,640
Total reserves....^—...,......,,,. 16,832,580
Atlanta
416,966
'
379,962
notes._
.
$
*':N
*:■
'
904,183 1,032,549
888.133 8,221,053
16,442,978
Cleveland Richmond
Phila.
New York
Boston
Total
376,153
248,691
963,967
,
■
-
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
621
Other bills discounted............
2,047
30
270
77
590
•;
13
40
19
54
25
130
,
130
,
113
106
128
140
Total bills discounted..........
2,668
77
860
160
143
Industrial advaneee.................
U. 8. Govt, securities, direct A guar.:
9,333
1,199
2.028
2,708
353
Bonds....—.....*—.—,....,.....
1,337,495
1,129,225
97,529
400,969
106,802
136,778
82,343
338,532 0 90,170
115,478
68,248
7 57,622
2,466,720
179,872
739.501
196,972
252,256
2,478.721
181,148
742,389
199,840
252,752
Notes.....
30
■K
'"6
62
V
243
153
J/.J
125
182
165
92
910
301
339
60
172
>
■
Ill
.
li'i
23
135
305
i
-
158
479
248
I
35
270
673
56,495
146,385
61,325
40,271
61,738
123,590
51,775
34,000
52,132
51,517
43,495
109,438
47,700
125,870
104,195
269,975
113,100
74,271
113.861
95,012
201,83
126,933
104,621
270,496
113,325
74,535
114,220
95,796
202,666
.
92,397
Total
U.
8.
Govt,
securities,
direct and guaranteed........
,
Total bills and securities..........
Due from foreign banks
47
3
18
5
4
2
2
6
1
21,751
848
1,584
910
1,672
3,994
2,598
1J708
749
688,329
168,013
9,821
53,749
81,766
5,498
53,516
17,095
6,668
3,467
30,606
2,019
2,475
3,213
96,423
3,367
6,172
29,214
2,268
2,601
17,570
1,386
i,835
Total assets..................... 20,122,485 1,175,620 9,267,431 1,198,280 1,407,043
631,871
471,958 2,987,572
528,230
339,947
Fed. Res. notes of other banks
Uncollected Items
Bank premises....................
41,553
66,641
:• 2,871
Other assets......................
59,524
4,026
4,530
4,711
2,519
See
1
a
-V
•
4
l
-.v
1,539
31,702
3,181
708
2,228
24,831
34,298
1,153
2,920
2,654
2,566
5,254
373,746 1,211,337
629,450
LIABILITIES
P. R. notes In actual circulation.....
4,945,500
405,301 1,289,308
345,472
452,834
218,645
160,356 1,088.560
192,777
142,507
182,466
79,959
387,315
12,869,916
490,106
627,747 7,055.987
167,353
20,193
126,259
25,628
692,572
22,153
35,104
765,669
294,504
225,799 1,656,493
249,989
131,255
264,018
692,994
31,106
29,160
23,938
52,998
28,271
28,049
29,641
213,489
28,156
33,312
15,402
12,537
10,746
10,746
13,769
8,839
6,428
6,531
6,825
7,880
5,688
10,388
350,668
42,984
5,059
1,706
5,806
26,226
17,937
680,224 7,700,267
763,598
838,326
345,494
268,805 1,757,534
295,831
172,872
305,763
258,197
766,245
154,623
1,108
56,012
82,231
52,287
29,808
96,055
28,582
15,228
30,558
24,195
32,214
384
460
130
166
491
112
166
,257
146
228
19,769,751 1,151,189 9,145.306 1,165,466 1,373,851
616,556
459,135 2,942,640
517,302
330,773
619,034
Deposits:
Member bank
S
U
account
reserve
Treasurer—General account-.
Foreign banks.............
357,212
Other deposits.......
435,912
.........
Total deposits
14,153,146
Deferred availability items..........
Other liabilities, lncl. accrued dlvs
Total liabilities.
6,656
......
*
65,248
667,041
4,064
..........
416
29,088
362,497 1,186,002
CAPITAL ACCOUNTS
Capital paid In....................
Surplus (Section 7)
14,013
136,113
9,336
51,049
11,911
5,276
4,632
13,624
4,122
2,955
4,377
4,111
151,720
10,405
53,326
14,198
14,323
5,247
*,709
3,152
3,613 '•■7
3,974
2,874
4,393
1,007
3,246
1,001
1,816
2.312
3,849
1,546
1,429
7,055
538
38,062
7,109
10,641
5,725
713
22,824
26,839
1,559
1,142
1,284
1,266
1,898
Total liabilities and capital accounts 20,122,485 1,175,620 9,267,431 1,198,280 1,407,043
Commitments to make Indus. advs..
330
849
9,225
1,182
.1,145
631,871
471,958 2,987,572
528,230
339,947
179
58
.............
Surplus (Section 13-b)
Other capital accounts
*
"Other cash" does not include Federal Reserve notes,
*
1,753
713
616
18
2,066
.
10,707
10,224
2,121
2,283
529,450
■
373,746 1,211,337
457
3,778
■
Less than $500.
a
FEDERAL
RESERVE
NOTE
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Federal Reserve notes:
Issued to F.R
Bank by F. R. Agent
New York
5,246,984
$
'
$
■
Phtta.
%
Boston
%
Cleveland Richmond
J
N
Atlanta
S
474,951
17,031
22,117
234,476
15,831
4,945,500
405,301 1,289,308
345,472
452,834
218,645
160,356 1,088,560
5,374,500
In actual circulation...^.......
$
440,000 1,405,000
375,000
479,000
250,000
190,525
8,059
441,460
6,281
54,145
192,777
142,607
182,466
79,959
387,3 1 5
209,000
147,500
195,000
90,000
464,000
70
217
209,090
180,000 1,140,000
145,814
3,307
86,240
10,146
173,345 1,129,275
12,989
40,715
13,745
San Fran.
$
90
362,503
97,118
301,484
S
S
$
419,046 1,386,426
Held by Federal Reserve Bank
Dallas
St. Louis Minneap. Kan. CUy
Chicago
S
147,570
195,217
90,000
464,000
202,923
:
Collateral held by Agent as security
for notes
Issued to banks:
Gold certificates
hand and
on
from United States
Eligible
due
Treasury
paper...—.............
Total collateral............
United States
77
433
62
440,077 1,405,433
375,062
1,059
5,375,559
110
479,000
Bid
8 1940..-.
THE
May 22 1940
May 29 1940
5 1940
June
June 12 1940
Bid
II I il i I
| i9
1
I
i
June 19 1940
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
3 1940
10 1940
July
I
July 17 1940
July 24 1940
July 31 1940
0.05%
—.
Asked
each day
Frl„
_
Francs
Banque de France
m mm mum
Bank
...
de Paris et Des Pays Bas
Banque de l'Unlon Parlslenne...
Canal
0.05%
de Suez cap............
one
or
more
32ds of
point.
Rale
Int.
Bid
Asked
Maturity
15 1940—
Dec,
15 1940—
Mar. 15 1941...
June
15 1941
Dec.
15 1941...
Mar. 15 1942...
Sept. 15 1942...
1
100.5
X%
1H%
1X%
1H%
1 H%
101.25
101.27
Mar. 15 1944—
102.1
102.3
June
1
103.7
103.9
Sept. 15 1944—
104.21
104.23
Mar. 15 1945...
H%
2%
15 1942...
Dec.
101.15
ioi"i7
June
Bid
101.26
Dec.
15 1943—
15 1944...
the
daily closing
Asked
700
689
1,574
1,590
64
765
760
760
Coty S A
330
335
330
330
290
290
580
"293
286
294
588
575
582
1,705
320
653
1,710
1,689
1,710
659
"646
648
947
944
942
927
933
1,935
1,004
1,050
970
1,958
1,010
1,070
1,940
1,887
1,915
1,004
1,080
1*075
1,088
960
963
Courrleres
.
Energle Electrlque du Littoral..
104.14
584
Lyon(FLM)
102.28
Nord By....
102.2
Orleans Ry
100.30
101
Pathe
102.4
102.6
Pechlney
100.19
100.21
Rentes, Perpetual 3%
Averages
1,710
316
652
.....
L'Alr Llqulde...
102.22
—
(6%)
Closed
39
Capital.*;,..-——..—
:
:
135
330
970
""§8
37
■
39
-
.
2,040
74.45
86.90
2,051
75.15
88.00
2,025
1,950
2,010
75.00
74.00
74.80
87.60
87.05
87.40
115.45
...
Schneider A Cle..............
averages
*
"740
116.75
116.90
116.40
116.40
2,940
1,750
2,900
1,750
2,885
1,750
2,795
2,845
73
Soclete Generale Fonclere
707
78
481
75
1,320
710
710
710
81
82
459
470
44
77': i 44
45
492
Tublze Artificial Silk pref
......
77:
■
77
45 'V.':"
45
1,750
77
1,272
478
......
Union d'Electriclte............
Soclete Marseillaise..
1,292
1,730
74
1,305
73 7
1
1,329
709
71
Soclete Lyonnalse.........
Wagon-Llts
7
10
10
30
20
15
Total
10
First
Second
10
Tota
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Date
700 •>?'- 694
1,610
1,600
1,039
768
102
77V!'\77J;7'''7;' Bonds
15,205
"780
104.12
of representative
stocks and bonds listed on the New York Stock
Exchange
as compiled
by Dow, Jones & Co.:
Stocks
15,130
764
Saint Gobaro C A C
Stock and Bond
are
537
15,700
8,195
775
4H%
5%, 1920..
Below
525
1,017
758
102.26
1
7,915
542
1,063
542
15,950
760
102.'0
1«%
1H%
H%
1%
H%
1%
H%
15 1943...
101.24
8,125
1,046
8,230
Comptolt Natlonale d'Escompte
Kuhlmann............
June
Francs
Citroen B
Energle Electrlque du Nord
Rate
Francs
Cle Generale Transantllque....
Credit Lyonnals
Maturity
May 2
Francs
Francs
Francs
1,063
531
16,160
1,585
Thurs.,
May I
8,125
Credit Commercial de France...
Int.
Wed.,
Toes.,
Mon.,
680
Cle General d'Electriclte
Quotations for United States Treasury Notes—-Friday,
May 3
Figures after decimal point represent
Sat.,
Apr. 26 Apr. 27 Apr. 29 Apr. 30
Cle Dlstr d'Electriclte
a
BOURSE
of the past week:
/
June 26 1940
July
PARIS
Quotations of representative stocks as received by cable
Asked
0.05%
0.05%
0.05%
0.05%
0.05%
May 15 1940
180,000 1,140,000
Treasury Bills—-Friday, May 3
Rates quoted are for discount at purchase.
May
250,110
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
THE
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks as received by cable
of the past week:
each day
May
3.
147.65
30.78
25.02
49.55
106.91
93.61
47.89
109.25 "■ 89.42
May
2.
147.76
30.66
24.92
49.51
106.89
93.36
47.93
109.30
89.37
May
1.
147.13
30.52
24.82
49.30
106.91
93.11
48.04
109.24
89.33
Apr. 30.
148.43
30.69
25.10
49.72
106.90
93.14
48.19
109.37
89.40
Apr. 29.
148.41
30.74
24.98
49.70
107.01
93.02
47.91
109.24
89.29
Apr. 27.
148.12
30.71
24.81
49.58
106.91
92.84
47.74
109.29
89.19
Apr,
States
Government
York Stock Exchange—See
Transactions
at
the
following
New
Daily, Weekly and Yearly—See
Securities
York
page
on
the
New
Allegemelne EIektrizltaets-Gesellschaft(6%) 141
Berliner Kraft u. Licht (8%)
180
Commerz und Prlvat-Bank A. G. (6%)——115
127
Deutsche Relchsbahn (German Rys. ol 7%)-130
Dresdner Bank
page.
Stock
2847.
(6%)
143
179
115
123
130
......115
116
185
shares).................Ill
Siemens A Halske (8%)...
237
Verelnlgte Stahlwerke (6%)............—113
185
111
238
114
(6%)
Farbenlndustrle I. G. (7%)
Exchange.
29
Apr.
May
May
30
1
2
May
3
•Percent of par——
Deutsche Bank
United
Apr.
27
Relchsbank (new
....
143
180
-7.S'
143
7i7777-v::'7V^
118
116
123
123
130
HOLIDAY
186
112
130
117
116
7 7;/.
V:-7 -7v=-v
,:.v.
186
113.
238
238
114
114
May 4' 1940
2832
New York Stock Exchange
Stock and Bond Sales
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the
of such sales in computing the range for the year.
only transactions of the day.
day's range, unless they are the
No
account is taken
the New York Stock Exchange
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 Securities
Below
we
furnish
Prices\Apr. 27 Apr. 29 Apr. 30 May 1
Daily Record of U. 8. Bond
May 3
May 2
120.20
120.21
Total sales in $1,000 units...
10
107.8
107.1
107.5
107.1
107.8
107.1
107.6
107.9
107.5
107.8
107.1
113
114.24
(High
May 2
107.6
106.26
106.30
2MB. 1960-65
18
{Low.
4Mb, 1947-52
May 1
107.9
107.6
106.30
121
Total tales in 11,000 units...
(High
{Low.
Treasury
121
[Close
Daily Record of U. S. Bond Prices Apr. 27 Apr. 29 Apr. 30
Close
121
120.21
(HIgh|
Treasury
on
daily record of the transactions in Treasury, Home
a
(High
132
Low
I Close
114.24
Close
Total tales in $1,000 units...
1
Total sales in $1,000 units...
mm'm'm
High
'mmmm
Low.
'■mmmm
mmmm
i
[High
m
Total sales in $1,000 units...
{Low.
101.8
•
-
mmmm
mmmm
108.20
108.25
mmmm
108.20
108.23
mmmm
108.20
108.25
m
m
103.12
mmmm
106.13
mmmm
2
106.7
Close
Total sales in $1,000 units...
-
•
•
-
(High
104.4
104.9
104.4
104.9
6
Total sales in $1,000 units...
104.13
104.13
104.11
High
105.15
104.13
104.13
104.11
Low.
105.15
■
4
Close
105.15
105.17
2s, 1947
1
...J
104.4
104.9
1
105.17
1
104.4
27
105.17
104.4
104.4
1
1
105.18
105.13
mrnmrn.
■■/■■■■
•"'',-1',
105.13
mmmm
mmm.m
'
■
■■
m
—
mmmm
mm m
m
'
109.20
109.22
{Low
I
109.19
109.20
109.22
109.19
109.19
109.20
109.22
109.19
$1,000 units..
14
3
QjQgg
High
3
110.15
Total sales in $1,000 units...
104.9
104.10
104.5
rn'm
104.10
104.5
....
15
^
mm
^
rn'm
'mmmm
'mmmm
'^m'mm
'
■
mmmm
mm. mm
-I
■■mmmm
110.15
1
] Low
104.13
•
103.31
Close
110.17
mmrnrn
'■.'mmmm
103.31
110.16
(High
6
■
mmmm
103.31
Low.
2s, 1948-50
2
1
Total sales in $1,000 un is
109.19
110.16
110.17
I Close
110.16
110.17
110.15
Total sales in $1,000 units...
9
6
3
Federal Farm Mortgage
■
mm
2
'
High
•
4
....
....
'
111.27
111.30
Close
{Low.
111.27
111.30
-'mm
"
Low.
3Mb, 1944-64
(High
.
1
m mm
:
Total sales in $1,000 units...
•
.
m
....
**
mm
±
.
m
~
■•m
....
mm
....
.mmmm
'■'■::m'mmm .:K:Nmm
rn+mm
m
m m m
....
.
m
m
';][■
....
'
111.27
(OlOSO
mmmm.
3s, 1944-49
2
Low.
•
112.23
108.4
it.
108.4
"
•
Close
112.19
Total sales in $1,000 units...
112.23
(High
108.4
'mm'mm
High
111.30
2
$1,000 units...
rHlgh
{Low.
■
—
*
Total tales in $1,000 units...
13
3s, 1942-47
Low.
m mm m
111.10
111.8
111.8
111.8
111.10
111.8
111.8
111.8
'
4r'
•
^
m
m
■■'
mmmm
104.28
■mmmm
'mm
.
2
mmmm
■■m.m'mrn-
''i mm'+>'**■
-
mm mm'
.'■■■mmmm
'
108.1
m'
'
m m
■
2
108.1
'mmmm
m
1
^
104.26
:
Total sales in $1,000 units...
''mmmm
108.3
'mmmm
■
104.28
mm
m
■■':: mmmm-
Close
„
(High
'
m
108.1
•
108.3
1
'■
108.3
'.mmmm
'
[close
3s, 1946-48....
mmmm
104.13
104.11
109.19
3Mb. 1949-52
mm mm
106.8
m
104.13
104.13
(High
Total sales in
I.'"',
104.7
[close
3H8, 1946-49
3
mmmm-.
1
104.7
104.13
Total tales in $1,000 units...
3Ms, 1944-46..
106.8
mm
104.3
m
Close
{ Low.
Total sales in
106.10
■'mrnmrn
■:{■!'/■■- mm
104.7
Low.
(High
i
mm'mm
■■
1
2
High
2Mb. 1951-53
Total sales in $1,000 units..
-1''
106.10
1
■
mrnm
mmrnrn
106.13
■mmmm
106.12
'mmmm
mmmm
25
mmmm
-rmrnmrn
-
mmmm
...
■{Low
[Close
3^8, 1943-45
29
mmmm
■
106.12
•'■'mmmm
■
mmrnrn
mmmm
■
106.12
m
106.8
106.7
*1
j
'rn'mm
m
mmmm
mmrnrn
,
■■''
106.8
•
Low.
2 Ms, 1960-62
103.12
** *
^
-
['■■'mmmm
mmmm
106.13
••
(High
103.12
[close
,.
-
-
106.7
Total sales in $1,000 units...
"
r-,
mmmm
^
-
Close
(High
3tfs, 1941
■■mmmm
mm
mmmm
mmmm
Total sales in $1,000 units...
{Low.
-v,,.
m m m
w'*
m
Jm
Low.
2Mb, 1949-53
101.8
[Close
-
High
101.8
Total sales in $1,000 units..
;•••'<
mmmm
mmmm
mmmm
Close
(High
3^8, 1943-47
----
•
Total sales in $1,000 units...
3 Ms. 1941-43
4
mmmm
mmmm
*»«.*.<*»
'
2Mb, 1948
(Close
3Hs. 1940-43
4
'
{Low.
3^8, 1946-56—..
107.2
----
114.24
4S, 1944-54
3
mmmm
Low.
2MB, 1945...
32
May 3
■■'■
mm
'■mm'**-
m'm
mm- mm
'
...•{Low.
[close
•:
:
m m m m
^
m m
mm
■
'mm
rn'm
mmmm
m
mm
■'■■"■'■''m,mmm
m
■['mmmm
mmmm
■
111.10
....
111.8
■
111.8
High
111.8
'
—
m
mrn-mi-m
mm
■"■.'
m.m-mm
"
Total sales in
1
1
$1,000 units..
1
2MB, 1942-47
10
Low.
•
llV.3"
111~7~
111.13
111.7
111.7
111.2
Close
Low
110.31
111.7
111.8
111.7
111.7
111.2
Total sales in $1,000 units...
Close
111.3
111.7
111.11
111.7
(High
3a, 1951-55
111.7
'mm
—
-
m
mm.
m.'mrn
mm
'mmmm
mmmm
m
■'
mm'm
mmmm
■
mmmm
-
:;-i
....
....
mmrnrn
....
111.2
1
19
1
1
50
107.28
107.29
107.28
107.26
(High
108.5
108.17
108.20
108.13
108.20
108.18
Low.
107.21
107.25
107.28
107.28
107.27
107.26
Low.
108.5
108.15
108.16
108.13
108.17
108.8
Close
107.21
107.25
107.28
107.28
107.28
107.26
108.5
108.17
108.18
108.13
108.20
108.8
Total sales in $1,000 units...
1
1
2
2
*4
1
7
10
3
8
'""■** mrn'm
109.17
109.20
10
Total sales in $1,000 units..
2^8, 1955-60
Total sales in $1,000 units..
(High
2
,1945-47
•
109.17
109.20
.•
109.20
6
:
1MB. 1945-47
(High
108.1
108.6
108.8
108.8
1,000 units...
108.1
108.6
108.7
108.7
Low.
.•
*
108.6
108.1
Odd lot sales,
Note—The
2
100
bonds.
107.16
107.12
107.12
1
Treas.3Hs, 1946-49
Low.
107.16
107.12
107.12
2
107.16
107.12
107.12
5
mm
m
m
•'
mmmm ■
104.15
'mm
m
mmmm
V;.■mm.m
■
•mmmm
'-'''.mmmm
102.5
'mmmm
'
28
m m
102.10
m
m
m
m'
'
'
■'
.
^
^
'■■.mm
mmmm
m
m
mmmm
102.10
■.mmmm'
-
•v
m
mmmm
^
2
mmrnrn
t Cash sale.
includes only sales
registered bonds were:
of
coupon
1
Total sales in $1,000 units...
10
(High
107.6
107.6
107.7
Low.
107.4
107.6
107
107.4
'
Total sales in
m.m
5 Treas. 2^8,1956-59
■
2Mb,1958-63
'
■
Treas. 2MB, 1955-60...
Close
rn'm
'.■•■mmmm
•
104.12
table
Transactions in
(High
2«is, 1956-59
'
t Deferred delivery sale,
above
"
'
rn'm
mmmm
rn'm
••
■':■■■
Total sales in $1,000 units...
6
108.8
m
4
104.15
'■'■mmmm
m
■
m
....
Close
109
108.7
■
m'm
'■■mmmm
....
High
Low.
109
Close
Total sales in
Low.
1
109
Low
m
■
Close
Total sales in $1,000 units...
109.18
Y-'l
Total sales in $1,000 units...
2Mb, 1951-54...
2MB, 1942-44
109.18
109.17
(High
2MB.1948-51
High
41
109.18
mmmm
Total sales in $1,000 units...
107.25
107.21
High
3s, Berles A, 1944-52
'
■'mmmm
Low.
Close
Home Owners' Loan
$1,000 units...
i
i
5
-
-
-
111.29 to 111.29
108.14 to 108.16
107.14 to 107.14
United States
Treasury Bills—See previous page.
United States
107.2
107.6
10!
-
—
Treasury Notes, &c.—See previous page.
17
New York Stock Record
LOW
AND
HIGH
PRICES—PER
SALE
Tuesday
Apr. 27
Monday
Apr. 29
$ per share
$ per share
68%
68%
*142% 145
*43
47%
*48%
50
49
47%
49
Apr. 30
May 2
May 3
$ per share
$ per share
Shares
68
145
"■6712
*138
4738
48
48%
7%
48
48
24
24%
24
24
*24
17
17
17
167g
1678
*1612
48%
48%
*34
h
*34
*6
*34
12%
1078
6%
6
7fi
12%
107«
4834
7«
6%
11
12%
11
48%
73g
7%
714
*24
2412
*16%
4738
34
6%
7«
123s
34
34
%
11V8
12%
10i4
15i4
11»4
12
10%
14i2
24%
12
179
179
17i8
6
*15%
24%
16%
10%
*15%
2434
24%
12%
12S4
12%
1234
47
48
34
6
6
10%
10
16
2434
15i4
23%
12%
1178
2438
800
49
7l2
1,800
100
Acme
Steel
Co
No par
No par
300
Adams-MUUls
600
Address-Multgr
46i2
473g
8,800
34
34
34
618
200
25
—
Adams Express
1734
47%
No par
Corp
Air Reduction Ino
10
No par
1,600
Air Way El Appliance..No par
Alaska Juneau Gold Mln
10
*34
78
6,700
Allegheny Corp...
1134
12i4
4,000
10t4
10
10
900
14%
*14i4
1514
200
*5s
6%
No par
4M% conv pref
24i4
*24
1718
Par
/
Abbott Laboratories
Abraham A Straus
473s
48%
i'ie
24%
16
7%
24l2
17%
700
6
6*8
34
245s
24
2514
10,500
12
1134
12 I4
$2.50 pnor conv pref. Vo par
Algbny Lud St! Corp. .No par
16
8
*72
34
*14
*2%
*16%
56
*17%
71
16
8
7334
179% 179%
»1134
157g
8%
*72
16
8%
34
34%
73%.
34%
14S4
14
14
2%
2%
2%
*1134
1534
8%
72%
34
14%
2
1234
16
34%
14%
2%
34
18
*16
18
*55
57
18%
*17%
1778
7134
*48%
11
7278
7134
72%
83S
34%
14l2
14%
*2
2%
*16
1678
55 12 56l4
*17%
1734
11
11%
69l8
*1078
7114
11
4934
48%
48%
48«4
4834
Bid and asked prices: no sales on this day.
3,700
Allen Industries Inc
178
179
1,500
12
12
300
Allied Chemical A Dye. No par
Allied Kid Co
5
16
12t8
1
46% Apr
6
52% Apr
5
9
33%
45
Jan
3
27% Apr
8
6% Aug
19
Sept
Feb
7% Mar 15
Jan 16
21
167s Apr 30
46%May 3
% Feb
6
Mar
7
84 Mar
5
30
18
19
15
Jan
Jan
Jan
Jan
72
Feb 19
9% Jan 23
Feb
2
1134 Apr
4
15
16
22
19
25
28
171
11
2,400
Allied Mills Co Inc
No par
13% Jan
83s
8i4
83S
8,900
Allied Stores Corp
No par
73i2
3414
600
34
73i4
33%
1412
14
14
734
6334
33%
13%
1%
3334
*14
2%
*16
*55
*1718
7034
113s
*48i2
1512
5%
preferred
100
AUls-Chalmere Mfg..
N* par
900
Alpha Portland Cem
No par
500
Amalgam Leather Co Inc...1
3,800
2i8
*2ig
167g
56i2
1734
16
16
100
54l2
55
1,100
17i2
1734
200
68%
107g
*48%
71i4
7,000
Am
11
1,700
American Bank Note
4834
7114
1138
49
t In receivership,
a
2i4
6% conv preferred
Amerada Corp...
Am Agrie Chem
40
Def. delivery,
Airlines
50
No par
(Del)..No par
Inc
10
...10
6% preferred
n
New stock,
Mar
Jan
Apr
Apr
Feb
14% Mar 15
53
Mar 18
17%May 3
4134 Jan 12
978Mar 18
Cash sale,
x
9
19% Jan 4
68% Jan 2
78 Mar 11
7
Jan
8
1% Jan
14% Jan
8
3
4
8
12% Jan
17% Apr
25% Apr 24
73% Mar 21
1234 Apr 16
182
Apr 9
14
Jan 25
1634 Apr 23
93g Jan 2
Apr
31% Mar
1578 Sept
45% Apr
»4
Jan
6% Dec
% July
534 Aug
4% Sept
8
June
14
Apr
52
May
6'4
Apr
151% Apr
10
Apr
9% Apr
6
Apr
Ex-dlv.
y
49% No«
56% Oct
11% Sept
25
27%
68
Mar
Jan
Sept
1% Sept
10
Jan
2
Sept
20% Sept
18
Sept
23% Sept
28% Jan
69
1178
Sept
Oct
200% Sept
14?8 Sept
15% Sept
113s Jan
3
54% Apr
71
4178 Jan
4
28
16
9
12*4 Apr
1% June
483g Jan
197S Jan
33s Sept
12
21
73%May
Jan
23g Jan 9
Apr 22
18
Apr
58% Apr
5
60
Aug
Apr
21
Jan
4
16
Apr
75
Apr 15
26
June
1234 Apr
9
9«4 Sept
60
50
r
7
1034
9%
1334
18%
7234
16
70% Feb 14
Feb
8
147
Highest
$ per share $ per share
53
Apr
71% Sept
120
149% Sept
Apr
3
8%
16
$ per share
41% Feb
7234
1534
56
7134
11%
12%
72
5534
*17%
48%
13
1512
8i8
*16
11
*12
72
8%
17%
18%
179
12i8
179%
72%
56
4834
*
1234
180
Mar 19
141
Lowest
Highest
$ per share
67
Mar 21
.No par
5M % pt A with $30 war.100
5M % pf A without war.100
AllegA West Ry 6% gtd-.lOO
179% 179%
*12
12'%
12%
180
100-Share Lots
Lowest
145
*43
48*2
4834
12
67i2
*138
4738
*a4
24%
*15%
*43
67
6778
145
48%
"is
12%
7U
6778
♦138
47%
24%
7%
6778
145
*43
*2334
*1678
48%
Range Since Jan. 1
On Basis of
Week
$ per share
*43
Range for previous
Year 1939
EXCHANGE
$ per share
7%
7%
STOCK8
NEW YORK STOCK
the
CENT
Friday
Thursday
7%
7%
NOT PER
Wednesday
May 1
68
683#
*68%
*140
*142% 145
*43
SHARE,
Sales
for
Saturday
3
46% Dec
Ex-right,
Jan
Aug
Sept
74% Sept
24% Sept
47
Dec
17»4
Jan
60
Jan
f Called for redemption.
Volume
LOW
New York Stock
150
AND
HIGH
SALE PRICES—PER
NOT PER
SHARE,
Record—Continued—Page
CENT
Sales
8TOCK8
for
Saturday
Apr. 27
39
8
132
$ per share
8%
*38%
*131
115l2 115%
17584 17534
283s 29
*48%
493s
213s
21%
EXCHANGE
May 3
Week
$ per share
May 1
$ per share
39
*131
Apr. 30
the
403s
132
115
778
39i2
*131
115
$ per share
8
778
38
39i2
132
115
8%
131
131
115ig
115
115U
132
180
114% 11534
17434 17434
27%
30
4634
49
22
227g
3,700
175% 175% 1753s 1753g *1747g 1763g 174l2 17412
2834
293s
2818 29
2738 28i4
27%
283g
49%
49l2
47
48
4814
48l4
46l2
47
215s
22
2214
22U
2112
2134
2178
2214
*110
115
118% *110
*110
118% *110
115
*110
*110
115
115
*137
140
140i8 *137
*137
140
*137lS 140
*13714 140
*13714 140
*9%
11
*9%
11
*9l2
11
*912
11
*9%
11
*9l2
11
834
834
*8%
*814
8
7 8%
*8i4
834
8l2
8I4
814
*734
7%
*7
7l2
7
7
7%
7%
714 C 73s
714
7%
714
*14
14
14
143s
14
14i8
14i8
1334
*135s
1334
,1378 137g
90
90
*88
90
90
90
*88l21 90
*87% 89'4
86%
88
234
278
234
*25g
*234
278
25g
234
2%
*25g
234
284
7
*6
*6
*6
65S
658
*55g
*5%
*5%
6%
6%
1^4
134
*1%
*112
15s
15s
134
1%
1%
15g
1%
1%
*25
25
25
25
253»
2534
24i2
24l2 2478
2412
24%
24%
5lo
*5
534
584
*434
*47g
*5
*514
*5
5i2
5%
5%
600
43
*2034
I
44
534
3578
*64%
318
5%
3578
6434
318
*31
33
5%
*4514
Sis
46%
44
2H2
455g
44I4
6
534
35i8
63l2
318
*3134
*5i8
*45
5678
21
2112
46l2
578
35i8
*345s
6418
314
3234
5l2
46i4
5678
64i4
*318
*3134
5U
*45
6
2014
4512
I
55g
37
64%
3I4I
*345g
3234'
*5
*45
1912
19
57
19l2
20
20
20
56i2
1912
61
61
61
61
61
1312
1312
*278
135s
1338
*278
1338
3
13l2
3
3
*2134
*110
22
*2134
*110
121
2512
*312
55i2
4634
8
*149
15%
*6612
1134
*10%
*34
2512
358
5534
4634
2534
312
15%'
15%
153g
15
*66%
*11%
*10%
67%
12%
10%
*66%
*144
67%
1134
1034
36
36
50
50%
152
2834
2834
*1334
14
*15%
16
21%
21
*88
90%
*16%
17
173%
8734
88%
90
90
*149% 150%
484
434
10%
*97% 100
10%
10%
29
*1334
15%
2134
|
152
,
29%
14 I
7%
4484
7%
4434
7%
*44%
7%
45
29%
30%
29%
30%
48
41%
10%
7%
*102
*7%
15
*13
334
34%
3%
3%
*3334 3434
109% 109%
7
7%
*60%
97%
*65
41%
10%
*10
7%
110
8
*76
78
*75
77
*42% 45
*98% 100
144%
63%
9
48%
48%
*75%
77
*121% 123
*7%
*1%
*4
*25%
7%
17%
60
28%
41%
7%
*102
*734
76
14
97%
41%
10%
7%
110
19%
7%
134
4%
27
7%
26
334
57
67
12%
11
36%
50%
144%
63%
*2534
18%
26
3334
7
*65
41%
10%
*7%
12%
45
15%
15%
7
7
7%
1334
15%
21%
87%
87%
16%
16%
172% 173%
88
8934
150
4%
9%
*99
88
34
34
59
97%'
*60
41%
10%
8 |
*10
,
110
734
4034
7%
*102
7%
60
*13%
15%
2034
*87 /
16%
17234
88%
90%
150%,
*434
100
10%
46%
45%
No par
97%
41%
10%
3%
734
22%
56%
1634
21%
21%
2434
108
25
Common class B........25
6% preferred
100
95
Jan 22
7
Mar 18
39
Marl6
2,900
Amer Zinc Lead & Smelt
Preferred
...100
1
85 prior conv pref
25
Anaconda Copper Mining..60
35
41%
*10
7%
112% 112%
14 I
290
""400
Archer Daniels Midl'd.No par
110%l
110
110
900
Arraour&Co(Del)pf7% gtdlOO
*60
z41%
10%
*10
200
8
734
*7%
110
*102
110
734
7%
8%
5
Armour & Co of Illinois
86 conv prior pref
5
No par
7% preferred
"I'M
800
100
Armstrong Cork Co
I
*15%
*6%
12
9
9
9
9,300
47%
48
1,800
77
77
500
121%
119% 119% *119
*24
26%
90
7
7%
16%
4%
17%
17
1834
26,400
74,300
15%
15%
*6%
7
*54
36%
36%
83% 84%
124% 125
*25%
2534
82%
36%
84%
21
10%
36%
36%
81%
82%
12434 124%
*25%
25%
*20%
21%
10%
10%
*20
*25%
20%
125
26
10
10
10%
21
*20
21%
*20
21
15%
*14%
15%
*14%
15%
70
*65
70
*65
24
24
10%
24%
Bid and a<=ked prices: no sale
72
*66
24%
on
24%
this day.
Atl G & WI 8S Lines
6% preferred
......100
25
4% conv pref series A... 100
Atlas Corp
6
Atlantic Refining..
40
8
35
Apr
Apr
13%
Apr
Jan 10
111
41% Apr
114
112%May
1534 Apr 12
4% Apr 10
35%
110%
7%
64%
68
54% Jan
27% Aug
11434 June
Jan
Apr 20
1017S Apr 18
Jan 11
884
Apr
21
1%
Apr
Apr
May
4
Dec
37
Sept
106
3% Aug
3384 Apr
60
50
Mar
65
31«4 Sept
7% Sept
5% Apr
Feb 27
Apr 30
Apr 22
Apr 22
Apr
9% Jan
9
Sept
Sept
Sept
58
Jan
13
Mar
21
97
73
5%
70
Sept
Dec
884 Sept
10%
100
Jan
1038
Apr
Sept
Jan
Oct
Dec
Jan
Oct
Jan 11
21% Mar 19
25% Jan
50% Feb
16% Mar
1334 Feb
1334 Mar
20% Jan
Jan
107
3
Sept
24
16
57% Apr 24
23% Jan 3
x4934 Deo
1
22% Apr 20
22% Apr 20
684 Aug
9% Aug
18% Sept
104% Apr
20
15
Apr 26
83g Jan 12
Apr 15
50
47
No par
63
Jan 15
100
117
Mar 26
No
par
6
Jan 29
6% preferred......
No par
85 prior A
No par
Aviation Corp. of Del (The).3
Baldwin Loco Works v t c—13
l%Mar 2
1% Feb 7
I684 Jan 19
6
Jan 15
14
Marl6
15%
15
153g:
Barber Asphalt Corp
.200
7
*6%
7
200
29
*28%
11%
34%
29
20
11%
3434
114
*112
3234
32%
*110
*30
32%
*121
9%
*65%
Barker
7,000
BarnsdalJ Oil Co—
1,200
Bayuk Cigars Inc.—No par
1st preferred
100
Beatrice Creamery....
25
3234
"I'M
112
Beech-Nut Packing
500
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
33%
33%
~5~300
22%
22%
1,800
54
55
21
10%
15%
24%
934
*1934
*1334
|
t In receivership,
*66
Pr
24%
..5
pfd|2.50d!v ser'38No par
Best & Co
No par
Bethlehem Steel
54,200
1,800
(Del).No par
7% preferred
100
Blgelow-Sanf Corp I no. No par
Black & Decker Mfg Co No par
300
1,100
5,500
Blaw-Knox Co
No par
Bliss & Laughiln Inc...
2034
15%
20
Bendlx Aviation
900
-
Co
Beneficial Indus Loan..No par
•500
6
""**16
BloomJngdale Brothers. No par
Blumenthal & Co pref
100
lV,406
Boeing Airplane Co
72
23%
a
10
No par
.....50
400
9%
69
35%
3534
86
8134
12434 124%
25%
25%
21
20%
5
85 preferred w w
Beech Creek RR
32%
34
25%
..—60
11%
55
84%
125
—
34%
22%
36%
10
Nc par
Brothers
5H % preferred
114
125
*9%
69
72
2034
Apr
June
330
*66
24
48
32
Apr
100
Atlas Powder
Austin Nichols
1,200
33%
|
12
Apr
Jan
600
21
72
Aug
Aug
90
12
*1334
4
24
8
44%
9%
*20%
8% Apr 10
45% Apr 22
100% Mar
1134
44%
14%i
15% Sept
64% Sept
June
11%
44%
20%
96
Apr
81
*1134
44%
15%
*6%
25%
Jan
Apr
3%
28%
12
38
634 Mar 18
10
Apr 1
21
14%
78
Apr 23
52% Apr 23
101% Apr 15
Apr
434 Mar 23
124%
Oct
Sept
4% Sept
8% Apr
Apr
100
36%
8234
18% Jan
171% Dec
87% Jan
8984 Jan
153% May
8% Jan
41
4% preferred
—100
Bangor & Aroostook....— 50
Conv 5% preferred
.100
*54
55%
24%
4
22%
22% 22%
14%
3%
122
15% Apr
76% Mar
13% Dec
30
Baltimore & Ohio..
9%
Oct
34
Sept
97% Sept
Jan 16
1,200
*65%
14% July
18%
Apr
Mar 26
4,300
9%
Jan
9
78
6
69
3334
41
45
5
*9%
Aug
July
20% Aug
8% Apr
85
6
*65%
Nov
69
Feb 10
4%
122
124
54
1%
*3%
27
~
112
144
153
70
5
*30
32%
Jan
Sept
7434 Apr
6
*110
113
20
63
36% Jan 12
97% Jan 3
6
12
22%
7
...100
5% preferrred
Atlantic Coast Line RR—100
tAuburn Automobile..No par
7%
33%
100
100
5% conv preferred
Atlas Tack Corp
7%
54
125
70
3%
*24%
22%
6% 1st preferred
7% 2d preferred
Jan
Oct
75%
12% Jan
Jan
46% Sept
132
May
Jan
80% Sept
15% Mar
25% Aug
35% Apr
127% Sept
69% Apr
151
Apr 19
7% Mar 16
9
Nov
2234
Apr
8
96% Jan 12
Feb
183s
Apr
11
1
Jan
7
58% Nov
Dec
Sept
73
4334 Apr
100
IO84
148
Jan 15
Associated Dry Goods..
z20
Apr
175% Mar 12
89% Apr 15
9134 Apr
Jan 15
700
7%
54
5% Jan 23
46% Jan 23
68% Jan
Oct
140
33% Jan
10
300
134
45
Feb
152%May
37
1%
7
*1%
12
_
22% Mar
Jan 27
22% Dec
112
60
Jan
No par
7
*6%
1%
3%
25%
*42%
3234
121%
7
34%
z9%
*65%
100
77
6
4434
15%
7%
*19%
2034
21
*19%
21% *20
25
24%
2434
24%
*108% 109% *109
109%
48%
5
44
200
200
11
2%
30% Jan
79% Jan
1534 Jan
5% Sept
40% Jan
124% Mar
7834
?
Oct
4
9
17
*1178
78
Feb
Sept
70
Constable Corp
6
Artloom Corp..
No par
Arnold
7% preferred
"2", 400
Mar 19
Mar 21
2% Mar 29
31% Jan 12
106% Jan
400
97%
41%
19
11034 Apr
34
800
26% Jan 22
A P W Paper Colnc
34
19,100
Jan
85 dlv pref.
No par
Andes Copper Mining......20
3%
34;%
77
6
534 Jan 30
39
110
48%
4%
834 Mar 18
No par
No par
9
17% Jan
534 Apr
86 1st preferred
Aug
49
45gMay
American Woolen
9
16%
86% Jan
Dec
3% Aug
162
14% Apr 12
17% Jan
14434 Mar 18
Jan
25
Apr
Feb 24
Jan
60
14% Jan
384 Sept
8% Sept
Sept
11%June
Feb
85
934
25% Nov
Sept
8
Sept
43% Sept
33
2% Mar
25% Apr
4184 Apr
1% Jan
28
15
Jan
Jan
30% Nov
140
70
May
300
*12%
Apr
Apr
Jan
12
Am Type Founders Inc..... 10
Am Water Wks & Elec.No par
77
1778
5
6%
47g
*6
60
149%" Jan 18
2534 Mar 26
Anaconda W & Cable..No par
*60
54
American Tobacco
24,800
Apr
10% Jan
163
Mar
Feb 23
487g
7%
142
AnehorHockGlass Corp No par
86.50 conv preferred.No par
7
59%
97%
41%
10%
Mar
Mar 13
200
Apr
5
10
211? Sept
3% Apr
32
Apr
18
Atch Topeka & Santa Fe.-lOO
25
43
Mar
5% Jan
63% Jan
8
Apr 26
15434May
13% Mar 16
300
7%
*7%
110
*102
7%
26
93
900
27
2334 Jan 30
233g Feb 23
1,600
1,700
1,300
22,400
1%
Mar 19
18% Jan 23
6,800
7
Mar 20
4,600
2,300
7%
44%
2934
12%
5%
Apr
Apr
81
5,000
10%
6% Sept
3% Jan
Aug
z1434 Feb 29
167«4 Jan 15
1,400
2,000
8,100
47
2% Sept
4'4 May
1% Dec
Aug
American Sugar Refining.. 100
101
11% Sept
18% Sept
86% Sept
13
2,500
90
Feb
11
25
z61%Mar
Aug
17% Sept
834 Feb
5% Sept
6% Apr
61
41
3
4
121
Mar 18
Oct
132
Apr
3
147g Jan
3% Jan
6,000
150% 151 j
434
434
9%
10%
6%
59
63
Apr 20
3
Oct
25% Oct
115% Mar
May
Apr 24
2234 Jan
Preferred
100
Am Sumatra Tobacco.-No par
Amer Telep & Teleg Co... 100
1634
21%
120
2% Mar 15
21% Apr 18
116
200
6%!
Mar 18
6
July
40%
64
Apr 26
Apr 27
300
200
56%
134
4
13
36
59%'
658 Jan
57
20
634
Mar 29
45
*19%
59%
Mar 25
5034 Feb 16
18% Feb
51% Feb 16
20%,
*33%
35
3
1
1,000
*
22
7
6
Apr 22
66% Apr
3% Apr
40% Jan 24
*19
60
22%
24%
American Stove Co
16%
20%
97g
2334
600
400
6,000
56%
*20%
•
100
21%
*14%
*65
6% preferred
17
12134
2% Jan
38
Apr 15
100
2l7g
56%
9
4% Mar 18
147
1,400
17
77
18
Feb 28
60
2l5g
56%
*48%
6% Apr 16
2% Jan 8
28% Jan 8
7% Jan 4
*35%
34
4
1% Feb 28
21% Mar 26
4% Mar 1
April
152%
3%
Jan
116% Sept
Aug
15% Apr 18
91% Mar 25
3% Mar 8
Jan
Aug
179
Dec
5
54
16
*3
9
4
5
Jan 22
5% preferred .........100
108
5
36
3%
109%
Feb 23
934 Apr
8% Jan
46
830
24%
2% Jan 17
29
•
Feb 15
13
29% Apr
98%
*20
10% Jan 26
81% Jan 2
Apr
Sept
16% Aug
30% Aug
13% Apr
138
3
•6% Jan 15
29%
112% 112%
*12%
14 j
2
Feb
Amer Ship Building Co.No par
98
2134
56%
16%
20%
6
8
140
150
100
Amer Smelting <fc Refg.No par
Preferred
100
American Snuff
25
300
13%
6%
Jan 15
10% Mar
83%
per share
5784 Sept
Apr
112% Apr 22
860
1,600
13%
*41
6
3
4,300
Amer Steel Foundries..No par
American Stores
..No par
7
45
18
1234Mar
11% Feb 23
37% Apr 15
144
10
2
American Safety Razor.. 18.50
American Seating Co..No par
35
46
51% Jan
23% Jan
64% Feb
11% Jan
9% Jan 16
98%
*121
21
100
29
101
16
Mar
133
37
29%
110% *110
9%
69
34%
20
conv pref...
*99
124
25%
1978
4>S %
25
98%
122
124%
American Rolling Mill
Assoc Investments Co. No par
124
25%
197g
No par
Am Rad & Stand San'y.No
par
Preferred
100
100
124
124
No par
78
124
83%'
$5 preferred
43
*121
8234
$6 preferred
American News Co....No par
Amer Power & Light...No par
*76%
*30
36%
100
*75
*111
22%
par
conv preferred..
*41%
32
34
Amer Mach & Metals..No
par
Amer Metal Co Ltd...No
78
113
53%' *53%
36%) 36%
American Locomotive..No par
Preferred
100
Amer Mach & Fdj Co .No par
77%
42%
98%
*30
34
__50
77%
*111
53%
pref
78
32
*22
I
10%
4534
6S4
*41
conv
42%
113
9%
100
5%
80
*30
69
9%'
984
2
24% Jan
2734
8934
5
106
32% Jan
6% non cum pref
100
Amer Internat Corp
No par
Amer Invest Co of 111..No
par
1,200
21% 21%
*87%
88%
*1638
17
172% 17334
88%
88%
90
116% Jan 29
176% Jan 16
16
33% Feb 15
56% Jan 13
77%
43
9934
*111
9%
14
15%
2034
88%
16%
173%
8834
5
19
6% conv preferred
..50
American Home Products
1
American Ice
No par
16
28%)
Feb
169% Mar
23% Mar
38% Mar
19% Mar
125.
12
1,900
10%
60%
3
50%May 3
6% Apr 23
56%
49%
60
Apr
3% Aug
3is4 Apr
2
47%
8%
300
3
3
28% Jan
3,300
100
112
93gMay
4534 Jan
133
8
3%
7,500
1
5
Highest
share $
per
24% Jan
""610
20
May
$
1
6%
23,100
5% Jan 13
38
130% Jan
Lowest
Mar
*75
32
*65%
337g
22%
300
2,300
12
150% 150%, *151
28%
No par
I per share
Year 1939
Highest
% per share
Ranoefor Previous
10 preferred
No par
Amer Hawaiian 88 Co
10
American Hide <fc Leather... 1
*76%
*42%
113
9%
3
10%
7
7%|
60%
*30
68
1,000
21%
34%
48%
'
*110
95
500
13%
10%
29
29
29%
*28%
29%' *28% 29%
*28%
*28%
11
11
11
11%
11%
11%
11%
11%
11%
35% 3534
35% 3578
3434
35%
*34%
35%
34%
114
*112
114
*112
114
*112
*111% 11434 *112
33
33
33
33%
32%
33
33% 33%
3234
*65
400
35
150
20%
*19%
900
400
5%
45%
67%
144
No par
J7 preferred
2534
12
49%
14434
434
10
36
200
1,700
3%
10%
90
100
36%
63
34%
a:4834
150
167g
6%
1534
1334
15%
7%
5
1534
7%
28%
2,800
120
*66
12%
Amer & For'n Power
77
*26
7%
18%
12%
•61
63%
152% 152%
21
67
*143
144
44,500
5%
3,700
3%
55%
47%
..100
80
*1%
334
4%
45
48
6% 1st preferred
American Encaustic Tiling
1
Amer European Sees...No
par
45
98%
27
45%
56
American Colortype Co
10
Am Comm'l Alcohol
Corp,.20
American Crystal Sugar.... 10
*7 2d preferred K...N0 par
700
60
25
_
77
*75
1%
45
144
10%
35%
49%
1,600
1934
*110
35g
*12
10934 110% *110
122% 122% *120
7
*7%
7%
*12
12
10%
"""766
'
8
8
8%
15434 15434 *15484 155
14%
14%
14%
15%
12
49
150
700
"i'ioo
26
56
29%
19%
27g
22
*4678
600
55%
120
358
1,600
55%
1834
*133g
*234
21%
100
par
59
135g
67
34%
5%
25
Preferred
Am Coal Co of Allegh Co NJ25
400
3138
*45
American Can
Am Chain & Cable Ino.Nc
par
5% conv preferred
100
American Chicle
No
20%
50%
3%
60
133g
27g
67
36
9
6
< 19
*66%
29%
487g
78
5
1478
38
9
6%
12%
457g
5634
19%
*55%
x2534
30%
*48%
*77%'
5%
*45
2184
7%
44%
Q
5
31
'5%
*110
7
7% I
44%| *42
77
*6
14l2
44%
4734
48%
7%
1734
3%
31%
*5
3
28
29%
13%
77
*26
3%
315s
22
120
48
r!34
*37g
62%
55g
100
*42%
77
45
9934
Q
6234
*58
11134 112% *111% 112%
*12%
14
*12%
14
*3
3%
3%
3%
734
76
6212
49
pref
conv
5,700
90
*102
8
*76
*36
60%
62
*42%
*98%
7
44%
29%
3658
20%
48%
5%
*34%
1334
22
22%
22%
22%
22%
22%
22%
56% 56% *56% 58
56% 56%
16%
1634
16%
16%
*1678
17%
21
22
*20%
21%
22%
22%
20%
20%
21%
22
20%
22
23% 24%
24%
24%
237g
24%
*105% 108% *105% 108% *106% 108%
9
1334
*27g
*110
152
152
47
*3634 3734 *36% 38
*19%
20
19%
19%
11134 11134 rlll34 111%
*11134 112% 112% 112%
*33%
*10934 110
7%
7%
*60% 62
34%
50%
*345g
63l2
3ig
3134
512
4578
5612
22
13%
16
15% *15%
22 | *21% 22
*88
88%
*87% 88%
*16%
16% *16%
16%
173
173% 17234 173%
8734
88 I
8734 ^88%
8934
90%
89% 90%
150% 150% *149% 150%
*434
4%
434
4%
9%
10
9%
10%
100
100
*97% 100
|
10
10%
1034
10%
48
*65
10%
I
48%
*3
5%
193s;
*58i4
I5I4I
*12
I
48%
*13
*2534
3l2
56%
50%
145
145% *143
6434
63%
64
*64
534
36
3l2
35g
56
56
55% 5534
*4678
47l2
4714
4834
47i2
47i2
8I4
818
83g
8I4
83g
8%
8I4
157
*154
157
*154 ~ 157
.*154 7 155
*152
10
2578
3l2
56
*20l4
4778
120
2112
*115
36
4934
173
3
22
121
3ig
3134
514
46U
567g
57
*59
63
21
2034
48
5Ji%
American Car & Fdy__No
par
Preferred
100
,
21%
American Bosch Corn
1
Am Brake Shoe <fe
Fdy.No par
14,200
2,300
•
*2034
Par
19,600
2,300
4038
*130
Lowest
Shares
9%
3914
39i2
131
115
884
9%
38
3912
131
115
8
2833
Range Since Jan. 1
On Basis of 100-Share Lou
NEW YORK STOCK
Friday
Wednesday
Apr. 29
$ per share
8
8
Tuesday
Thursday
May 2
$ per share
Monday
2
Def. delivery
n
New stock,
r
Cash sale,
5
x
38% Apr 5
1334 Jan 18
7
Apr 19
26% Feb
8
1034 Mar 1
2584 Jan 15
113% Mar 19
26% Mar 16
1093s Jan 10
30
25
110
May
3
Jan 25
978Mar 19
43% Apr
Aug
12434 Jan 10
116
June
127
4% Apr
1% July
115
Jan
2
25% Apr 19
19% Apr 17
9% Mar 26
18
Feb 29
13% Mar 23
55% Jan 4
19% Mar 18
Ex-div.
y
Sept
8
8% Mar
2% Jan
5% Mar
32% Mar
4
4
1834May
6% Jan
8
Aug
Aug
Sept
Dec
11% Sept
30ia Jan
4
2
Apr
16
Nov
3%
9%
3%
484
11%
Aug
3
Jan
147S Jan
52% Jan
49
Dec
87%
16% Apr
10% Aug
21%
3634 Apr 17
115%-Mar 12
3534 Apr 16
112% Apr 22
Jan
Apr
11% Aug
15% Apr
109% Oct
33
Feb
17
Apr
98
Apr
27«4 Sept
104% Sept
7%
9% Apr
67% Apr
36% Apr
9
2
9
22% Mar 13
5634 Jan 18
163s
17%
48%
39
Jan
3
88
May
3
Apr
32
Apr 29
34% Jan 6
125
22% Apr
11% Jan
23% Jan
16
Apr
80
Mar
28% Apr 15
Ex-rights.
Jan
13
24%
29% Mar
13% Jan
Jan
Apr
6
8% Jan
Jan
Sept
538 Sept
3% Jan
30% Jan
9% Nov
21% Sept
884 Jan
4
8% Apr 15
Jan 24
Jan 15
26
60
127
21
Jan
Mar
2434 Oct
110% June
9% July
4838 Aug
71
Sept
Apr 29
12034 Apr 19
53% Apr 27
35%May 3
70% Jan 22
71
Feb 14
Apt 11
Jan 16
Apr
42%
30% Jan
2684 Sept
51
32
9
7
Apr
77
Apr 26
63s4 Feb 27
26% Jan 15
15
52
Nov
Apr
Apr
Apr
Sept
50% June
99% Apr
15% Apr
14
8%
Apr
Apr
22
Dec
13%
Dec
19% Jan
263s Nov
115% Nov
28
July
107% Nov
32
Nov
128% Aug
9% Oct
73% Jan
3384 Oct
22% Deo
56
Deo
57% Mar
100
Sept
120% Sept
3234 Oct
24% Oct
1734 Jan
36% Oct
23% Mar
35
Apr
57
Deo
I684
Aug
34%
Jan
Called for redemption.
Saturday
Monday
Apr. 29
Tuesday
Apr. 30
,
Apr. 27
|
29
29%
28%
66
66 ig
66%
*66%
67%
28%
28%
29
29%
66%
28%
66%
287g
23
2834
23%
23 ig
23%
23%
23%
23%
22%
227g
22%
2234
22%
227g
22%
22%
*17g
2%
*17g
2%
*2
*2
2%
35
35
*2
3412
6i2
35
35
22i8
*2
35
34i2
6%
6%
6%
6%
34%
6%
12%
13%
1334
2334
13%
127g
22%
13%
2284
1284
2234
13%
22%
1334
22%
22%
23
2212
39
39
*50%
52
6%
39%
*39
51
61
19
2234
227«
51%
3%
19
19
*l87g
19
39
*36*8
39
26
2534
*37
37%
25%
834
26
5
2534
884
5
87g
*11034 111%
*11034 115
5%
87g
47g
10*8
4*4
*11%
12*8
1134
1134
6*8
6*8
684
034
22*4
22*4
378
*2234
23%
*3*8
37g
37g
0%
2234
3%
1112
11*8
*11%
117g
*1134
12
11%
07
*60%
3078
♦29%
*20%
5%
534
42
4134
5%
40%
6%
6%
634
67g
*6%
634
2234
*22%
034
2234
22%
22%
22%
22%
500
334
*3%
3%
11%
3%
3%
11%
3%
11%
11%
3%
11%
1,200
14%
25
2534
*24
247g
54
*507g
54
*51%
54
*51%
1%
54
*39
41%
*38
5%
5%
39
*38
5%
5%
5%
54
3,200
"2,000
5%
5%
5%
5%
'ib',600
38%
38%
38%
300
5%
1,100
5%
*44
48
*44
48
45
*44
45
45
10
*88%
89
89
89
*88%
89
*88%
88%
88%
50
28
28
27%
27%
28%
29%
2,500
3
3
27g
27g
*27%
27«
27%
*27g
*27%
*27«
89
29%
3
3
*27«
3
70i4
7014
*68%
70
*08%
67%
68%
67
68
67%
67%
25*4
*5l8
*97
6*8
31*2
*20>4
72
25
25%
2%
4%
1034
0
*5%
r
36%
034
5%
634
35
4*4
2%
3034
6%
3034
6%
36
36
5
2
1*8
%
*%
*it
%
%
%
%
%
%
%
%
%
%
*%
84
u
*%
%
*%
34
*%
"it
"it
12i8
12%
12%
12%
12%
12%
-
*33 >2
34
*33%
34
*45
49
*48
48%
*'4
*%
**8
*12
*337g
«it
%
48%
%
7l6
*%
'it
lo
till
•Jo
11%
14
1034
1034
14
578
6
*30
34%
*30
1378
33%
337«
*47
*47
48%
7
*10%
11
14%
137g
1378
87
8434
85%
*13%
13%
133s
13%
13%
13%
13%
13%
*13%
*96%
87
13%
97
97
96%
96%
*45
*45
*38
378
39%
65
38
378
*78
7934
*48
40%
38
*78%
7934
*78
*48
49
*48
37
4034
40%
*1934
*3%
4%
*378
24%
23%
6%
*88%
*77%
93
*6 34
*21%
45%
112
20%'
112
20%
4%
4%
478
.
*3%
*4%
*3%
24%
23%
638
90%
82
2458
*24
*
6%
90
*21
2134
45%
52%
106
147S
1%
*66
32%
107
45%
1*106
52%'
110
53
*106
21s4
45%
107"
53%
110
1478
1%
1478
1%
15%
1%
66%
67io
32%
'■
*
7
66%
32%
*3%
32%
112
21%
4%
5
478
2478. 25
24% 24%
6%
6%
8934 8934
93
"
105
*3%
*43g
90
82
*678
...
41
139
129%
62
16
3134
21
6%
93
7
80
3678
112
21%
4%
5
47„
2434
24%
*78
93
40%
4034
134% 140
*134% 140
*134%
128% 128% *126% 129% *126%
62
*60%
62
*60%
1534
1578
1578
16
1578
*31
32%
31%
3134
3134
112
38
36 7g
37%
4034
*60%
112
96%
96%
3734
*37%
4034
39%
80
*78
*48%
36%
....
127
*60%
15%
31%
*111%
I97g
*3%
*4%
*3%
2478
24%
6%
88%
61%
16
31%
197g
4%
5
47g
25
24%
6%
8878
82
93
93
634
*20% 20%
20%
20%
4578 4578
45%
4578
106
106
*106
106%
5278
53%
5I84
53%
1478
1%
6734
32%
6%
*106
15
1%
14%
1>8
68
67%
32%
32%
*3%
*
Jan 18
{Chesapeake Corp
Chesapeake A Ohio Ry
40%
$3
300
Pr pf ($2.60) cum dlv No par
{Chic Rock Isl A Pacific-—100
7% preferred
100
6% preferred
100
2,200
Chicago Yellow Cab...No par
10
Chile Copper
23",300
700
50
"""700
800
50
2,000
City Stores
Clark
No par
CCC A St Louis Ry 5% pf.100
Clev El Ilium 54.50 pf.No par
Clev Graph Bronze Co (Thej.l
*4%
15%
*3%
16%
7,500
31%
600
20%
20%
2,000
3%
3%
3%
4%
3%
2434
3,000
4%
3%
478
24%
*24%
24%
24%
6%
6%
6%
*89
89%
*78%
82
92
*6%
*20%
45%
106
88%
*78%
' '
92
6%
60
Colo Fuel A Iron
5134
5f
*106% 108
14%
1478
1478
1%
1%
1%
67%
68
6778
107
107
100
32%
32%
32%
Dec
30
Jan
6%
Apr
21%
Oct
z3%
Dec
29% Sept
27
Apr
47% Sept
85%
Oct
95%June
l3g Sept
1% Aug
Corp.No par
17
Mar 18
Jan 19
100
2.50
6% preferred series A_..100
7g Sept
3
% Aug
17g Jan
1% Sept
16% Apr 15
6% Mar 26
Feb
6
Jan 30
z60
Apr
9% Mar
Apr
Dec
15% Sept
13>g Jan
25
Apr
41
53%
Apr
94%
9
Apr
1478 May
79
Jan
97% June
7%
10
4%
46% Sept
2234
Jan 13
5% Mar 26
Mar 20
4%
34%
Oct
Oct
6
68
Feb
69
Feb
1067g Sept
115
05
Mar
114% Jan 10
43% Mar 8
2%
20%
80
Mar 28
69
48
Mar 26
42
41% Apr
1
4
Apr
39
Oct
Sept
78
Mar
Jan
34% June
21% Apr
Mar 20
10
45
100
104
Jan
6
Comm'l Invest Trust..No par
51
May
107
May
3
3
preferred
pf ser '35.No par
Commercial Solvents..No par
Commonw'lth A Sou ..No par
Dec
Mar
133
20
Apr
Apr
37% Oct
111% Dec
11%
Apr
247g Sept
284
Aug
8% Sept
5%
Apr
9
Feb
74%
Jan
91
Mar
Jan 26
62%
Jan
83
Feb
Apr
37g Sept
984 Sept
3% Aug
14
Apr
8% Sept
25% Dec
14
Apr
25%
73
6%
90
Oct
15%
Jan
30% Mar
15%
Dec
3
38%
Apr
108% Feb 21
56
Apr 8
98%
Oct
42
Apr
23% Jan 29
48
113
Jan
Mar
16% Apr
1
1% Apr
73% JaL
33
Apr
103% Sept
8% Aug
1%
{ In receivership,
a
Def delivery.
nNewrtock.
r Cash sale.
x Ex-div.
y
Ex-rights.
Dec
Dec
Dec
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
4584
Jan
72% Aug
x25%
Apr
32 %
li
Bid and asked prices; no sales on this day.
Dec
20%
100
2
3078 Jan 15
18
29
4
4
12
12
12
8
8
Mar
Commonwealth Edison Co..25
Jan
62% Dec
35% Apr 8
112% Feb 10
Mar
_
Jan
38
135
1
62% Mar 12
60 ig
Sept
13
No par
$6 preferred series
45% May
125
98% Apr 4
8% Mar 15
preferred.No par
Feb
Apr
Feb 14
45% Apr
Mar 15
1
2
Mar
Apr
Maf 21
No par
58
Oct
15
80
Jan 13
Sept
4% Apr 26
40% Apr 18
21% Apr
4 s4 Apr
534 Apr
4% Jan
26% Mar
26% Mar
7% Apr
93% Apr
23
Jan
% Aug
6%May
19% Jan
t c
13,800
29,100
50% Nov
% June
86
conv
Aug
3% Sept
3
s4 Apr
% Jan
72
$4.25
39% Sept
%Mar 12
100
v
Commercial Credit
-
20%
Aug
44
Columbia Pict
conv
Dec
Dec
Apr
30%
Columbian Carbon v t c No par
13,900
2,400
%
%
10
79
4 H% conv
7g 8ept
1% Sept
1% Sept
Feb 21
Feb 28
Class B
$2.75
Apr
% June
Jan
Mar 18
Oct
%
Sept
15%May
Sept
Apr
11% Apr
28
4
4% Sept
14
9%
58
110
22% Sept
105
105
100
Jan
Apr
Feb 27
No par
Jan
Aug
Mar 30
1%
32%
Sept
Jan
13
17
63
1434
32%
18
627g
47%
98
131
Columbia Gas A Elec..No par
4,400
68
Sept
2
Columb Br'd Sys Inc cl A.2.50
200
1%
5% Aug
22
3
3
4% Jan 19
3% Mar 12
200
Apr
June
Jan
3
3,700
14%
32
Feb 29
5% preferred
2178
68
3%
85% June
60%May
100
700
45%
3
2
100
""'766
51
51%
Mar 26
4% 1st preferred
4% 2d preferred
1,700
10&%
HO
48
Colorado A Southern
12,800
700
45
*20%
45%
334 June
3% Apr
7
130
5% conv preferred
82
6%
30% Sept
5% Jan
113% Aug
12% Sept
1434 Sept
67g Oct
96
8ept
118
No par
Collins A Alkman
20
*106
21%
106
89%
92
92
7
24%
6%
Oct
No par
Colgate-Palmollve-Peet No par
180
6
Feb 27
Dec
Aug
19% Jan
72% Mar
Apr
100
(The)
Class A
40
2078
25
2478
Coca-Cola Co
100
31%
4%
Mar
35% Jan 2
7634 Feb 14
Mar
2% Apr
103% Sept
142
Preferred..-
70
400
20%
*3%
65
III
Jan 17
3578 Jan
60%
*111%
1097*
Apr
Mar
Sept
18%
98
27g Mar 19
Sept
Apr
58
1
33% Apr 3
91% Apr 8
14% Jan 26
28
Sept
4
94%
122%
64%
30%
77g Aug
Mar 12
30
79% Jan 15
12% Jan 15
93
Mar 13
z60
Jan 30
Sept
33
84
11% Mar 28
3478May
142
...
50
%Mar 19
x43
38% Apr
13% Apr
Mar
50
Sept
Apr
110
8% Mar 5
11% Jan 16
4% Feb 8
Molybdenum..No par
126
1534
5
Equipment
Special gtd 4% stock
60%
32%
100
100
% Jan 8
% Apr 26
Cluett Peabody & Co—No par
126
.
No par
6M% preferred
City Investing Co
Jan 12
46
Climax
*138
..
25
5
% Feb 28
Jan
8
85% July
2% July
63% Aug
Jan
%
June
6%
Apr
'4 Jan
3,700
127
15%
Co
Chrysler Corp
City Ice A Fuel
3
% Feb 28
5,800
140
*31%
No par
Clev A Pitts RR Co 7% gtd.50
139
62
preferred ...No par
Chllds Co
100
'126
*60%
conv
Chickasha Cotton Oil—
3578
40%
41% Sept
137g
1% Jan
1434 Jan
3578 Jan
9%May
Jan
47
% Jan
1078 Mar 18
33%May 3
400
3%
9
1% Mar 15
1% Mar 25
Chicago Pneumat Tool-No par
1,900
534
Mar
94
% Apr 13
%
34%
87%
13%
97
2
5
4% Jan
% Jan 13
65
347g
35%
40%
100
3834 Mar
.100
Preferred
*48%
*48%
No par
25
14%
38
38
38%
65
--..'*111%
*78
110
*96%
15
{Chic Mil St P A Pac—No par
$5 preferred..
100
{Chicago A North West'n.100
100
112% 112% *112% 113%
40
40%
40%
4034
*78%
80
*78%
80
40%
93
*107
13%
3%
•
35%
82
7
38
37
127
85%
5
Cab Mfg
Chicago Mall Order Co.--.--5
100
*30%
Mar 19
300
*45
*3%
41
138% 139
40%
93
7
„
65
'....
*78
1
-
*45
3%
3%
*112% 113% *112% 113%
40%
37%
4034
6
*30%
*45
3%
65
65
40%
....
37%
3%
38
*....
41
97
*45
*334
112% 112% *112% 115
*40
*96%
6%
34%
21
9
1,100
300
5%'
6
34%
86
6%
34%
86
578
*30%
87
Common.-No par
Jan
1,000
%i
14%/
102
300
11
18% Feb 13
pf. 100
Preferred series A
%t
*10%
2734 Jan 26
No par
Cham Pap A Fib Co 0%
20%
77
41% Jan 10
8% Feb 15
36% Feb 15
j21
Apr 9
105% Feb 20
3034 Apr 18
29% Mar 23
478 Apr 3
42% Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
1
{Chic Great West 4% pf—100
1,100
*%
11
May
Apr
Apr
4% May
35
July
Apr 16
{Chic A East 111 Ry 6% pf.100
3,100
48
100
Mar
"""360
2,300
33%
92% Jan 31
Chain Belt Co..
Checker
5,900
6
6% Jan 22
100
6% prior preferred
May
3% Sept
29% Sept
6
20% Apr 22
3% Jan 3
114% Mar 9
57g Apr 6
11% Apr 18
2
May
36
Copper.No par
1
Certain-teed Products
1,800
*%
1#
3o
*10%
1334
10
*%
%
%
**8
700
%
12
12
12%
100
Cerro de Pasco
690
%
%
86%
6
34%
*334
2,200
2,000
%
%
86%
*96%
6%
%t
A
12
Century Ribbon Mills.No par
Preferred
'18
8534
*31
200
11.
3378
*%
*1034
1334
578
11%
1334
34
*%
*it
'it
*3g
*33%
*46%
34
48
48
%
'
%
%
'4
%
*8
*14
s
210
'it
%
%
107% Jan 12
978 Jan 22
6% Sept
10% Sept
I784 Jan
9%
35% Apr 29
119
Apr 8
12% Feb 15
111% Apr 18
4% Mar 6
6«4 Feb
1
36
6%
6%
100
4pref__100
5
36
36
6%
Caterpillar Tractor
No par
Celanese Corp of Amer. No par
Central 111 Lt
Sept
30% Dec
3% Sept
Jan
72
20% Dec
I884 Jan
7% Sept
20
12
3
Apr 17
3% Jan
Jan 12
Jan
34% Mar
July
75
2% Mar 18
Jan
30
Sept
Apr
29%May
21»4 Jan 22
Jan
6% Nov
57a
4
May
1
8
55%
6% Mar
66% Jan
5
Apr
63
47% Feb 26
26% Jan 18
102
*99
7
11834 Jan
{Central RR of New Jersey 100
Co
Apr
30
Feb 14
Central Vloleta Sugar
Apr
3
<0
100
300
4
25% Nov
13% Jan
106% Aug
% Feb
47g Aug
45
Central Foundry Co
1,800
Apr
48% Mar
4
6
62
Apr
Apr
29%
Apr
700
4%
7
Sept
Feb 21
Feb 21
Apr 18
111
No par
41
Mar 13
6
Assoc.No par
Dec
30% Aug
Jan
94%
Jan
Feb 27
5% preferred
50
Apr
31%
Jan
Feb
100
7% prior preferred
Celotex Corp
507g Dec
13%
16% Nov
847g Nov
I77g Jan
100
I) Co
Jan
9%
6% Mar
40% Jan
Jan 18
Aug
2
13% Dec
15% Dec
2% June
7
Api
25% Apr
11% Aug
13% Apr
2
4
2% Jan 24
53
Jan
Jan
Jan 30
Preferred
Nov
Aug
9% Jan
2334 Mar
66
Case (J
Apr
Apr
39
Jan
Jan
41
Apr
Apr
40
Central Agulrre
1034
7%
27
Oct
Feb
7%
I57g
3l7g
1878
5
23
Apr
Nov
47g Sept
3434
Apr
Mar
38% Jan
85% Mar
1
1%
11
Apr
434 Jan
6
Carpenter Steel Co
Carriers A General Corp
2
3734 Mar
Apr
Apr
Apr
June
Capital Admin class A..
1
$3 preferred A..
—10
Carolina Clinch A Ohio Ry 100
7
9
Jan
Sept
Aug
1
5
Fdy__No par
Ale
5
Cannon Mills
2
51
Apr
11
Mar
7% Jan
6434 Mar 19
50
Jan
Apr
41%
13% Apr 22
Mar 26
13% Feb
21% Apr
Apr
10%
3
5% Apr 22
6% Apr 25
2034 Jan 3
3% Apr
Aug
32
12% Jan
10% Apr 18
3% Mar 18
8% Mar 26
II
Dec
22
21% Jan 10
4
2%
*4%
5
1
par
24
Jan
15% Aug
21% Apr
11% Apr
33
Jan 12
Mar
190
4%
102
18
900
10%
5
36
0%
6%
30%
3,200
2%
10%
*99
57g
10%
111% 112%
*4*8
*10%
28 34
71
24
4%
102
1,890
*68
25
2*8
par
Jan 19
2434
71
25
1034
*5
117%
10%
10%
4,100
18,400
"3^366
*%
*10*4
1334
57g
117
10%
800,
30%
3034
32
30%
3034
31%
31%
3034
21
20%
20%
21
20% 20% *20%
20%
*20%
20%
*105% 106
*105% 106
*105% 106
105% 105% *105% 106
28%
29%
27%
27»4
28%
28%
27% 2784
28*4
28%
*24
25
*24
25
*24% 25% *24% 25% *23% 25
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
39%
3934
39%
39
39%
39%
39%
3934
39%
39%
*92
9478
95
*9334
95% *92
9534
95%
*9414
*94%
1%
2
178
1%
2
*1%
17g
*1%
*1%
*1%
134
*1%
1%
1%
1%
1%
1%
1%
1%
1%
9%
934
9%
10
*934
10%
934
*984
934
3H2
21
*9*8
12
35
117
17
4%
*98
102
30%
37
5134
34
34%
IO84
11
5%
*98
102
234
*2%
5078
par
20
Jan
31
11034May
6% Jan
4434 Jan
0% Feb 17
33% Apr 29
Mar 16
37% Apr 19
434 Jan 18
par
No par
Canadian Pacific Ry
80
61%
50%
111% 111%
5%
*4%
I07g
*98
39
...
112
112
4%
1034
*94U
,
2%
400
116% 117
11734
*68
69
25%
234
26
*ll2
*112
118%
1034
10%
6934
28
*4l2
3434
118
25%
*105l4 106
*24
35-%
118%
10%
10%
34%
118
*60%
3678
6*8
28
5034
34
25%
2%
6
102
36*4
50
6934
5U
10
9*4
■:
*60%
*111% 112
112
*4*8
5034
50%
28
11734
*25%
2*4
*2*8
112
35%
118%
10%
10%
3478
117
69*4
25U
*6012
5034
50%
51
34*8
35
*118
118i2
10'4
10>2
60*8
II784 *116
11734 *115
*115
115i2 115
70
3
*44
par
100
63% Dec
16%
1834
1%
19%
5%
7%
10% Feb
Jan 15
Jan 15
Jan
121% Dec
Jan
12%
29% Apr
Jan 15
...100
25
No par
Campbell W A C
19%
5%
21%
8«4
101%
434
par
6
100
23% Apr
6,700
13,400
5%
Jan 15
16% Jan 15
18%
20%
4134
89
45
Maris
35
1
Cons Cop.. 5
Calumet A Heel a
18%
*8812
*2714
*44
20
3
36
3,200
1834
*39
Jan 15
Canada Dry Ginger
7%
*18*a
*39
Jan
48
1% Jan 23
6% Jan 15
13% Jan 18
1%
7%
1978
41*4
49
Callahan Zinc Lead
1%
7%
19%
5
Apr
28%
Sept
51
13?4 Apr 29
2334 Apr 8
39% Feb 1
5334 Apr 5
384 Apr 11
19% Apr 8
24% Apr 6
107
Apr 30
63% Apr 8
25% Jan 4
37% Apr 30
60% Apr 26
1% Jan 5
12% Jan 30
13% Jan 30
preferred..100
No par
Byron Jackson Co
California Packing
5% preferred..
7%
38
16
100% Sept
Mar 15
7
3
Jan
Canada Sou Ry Co
""206
1%
1%
6
23%
4%
1334
81%
15%
20%
52%
I7g
8%
19%
52
*51%
Jan 17
$ per share $ per share
share
per
29%May 1
123% Jan 3
70% Mar 20
29% Apr 25
24% Mar 27
257g Jan 3
234 Jan 4
3534 Jan 4
10% Jan 15
19% Jan 23
—
Participating
14
24
24
25
900
38%
512
5%
39
*5%
20%
4134
19%
20%
20%
*39
5%
5%
5*4
514
7%
18%
7%
*13%
25
*51%
1%
18%
39
39
40
7%
187S
41%
5%
5%
St2
5%
*3914
7%
18%
2()7g
*39
42
*39
7%
1834
20%
20*8
20*8
1%
1%
*55
14%
*13%
*14%
1,200
-
5
-
31% Jan 15
1
Bush Term Bldg dep7%pf-100
Butler Bros
10
6% conv preferred
30
Butte Copper & Zinc
5
Byers Co (A M)
r..No par
67
67
*55
*60%
14%
20
900
50
13
*10
11
11
14
68
*14
13%
29%
20%
10%
47g
J1934
10%
47g
67
*60%
18*8
Bush Terminal
11%
10%
*25%
7'8
1,100
11%
5
UI4
2578
18U
3,000
4*8
2,100
9,300
1134
10%
*11
1%
3.400
10%
534
4%
20%
1%
7%
18%
20%
4%
5%
32 34
4%
197g
10%
47«
69
112
5%
3134
*14
25'2
1934
10%
640
29%
*60
*51*2
33
3,000
41
2
No par
29%
5
40%
5%
40%
Jan
2134 Mar 26
Bearing Co
29%
10
22
Brewing Corp of
Brown Shoe Co
Jan 16
21% Jan
6
America
3
Bridgeport Brass Co ...No par
Brlggs Manufacturing-No par
Brlggs A Stratton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
$6 pref ctfsof dep...No par
Bkiyn-Manh Transit.-No par
$6 preferred series A .No par
Ctfs of deposit
No par
Brooklyn Union Gas ...No par
Bower Roller
2
Mar
62
Borg-Warner Corp—...—5
Boston A Maine RR—-—100
31%
11034 11034 *110% 111%
21% Jan 12
117
Bon Ami class
Bruns-Balke-Collender.N©
Bucyrus-Erie Co
7 % preferred ....
Budd (E G) Mfg
No
7% preferred
Budd Wheel
No
Bullard Co
No
Bulova Watch
No
Burlington Mills Corp
Burroughs Add Mach_.No
700
3184
20%
10%
5
2,700
834
29%
197g
30
434
.
500
26
834
31%
29%
19%
10%
30
,
39
25%
5%
31%
33%
600
5%
5%
3234
2934
31%
29%
20%
10%
10,900
47g
41
*4i2
5*4
41%
400
*36%
,
2578i
87g|
834
5
40%
5%
41%
500
1,700
2H4
37%
300
8,300
21%
*21
9
39
21
21
5%
4214
5*4
31*8
2912
20i2
10*4
6*8
4ll2
39
3,500
2034
37
12,500
62
21%
26%
28,600
62
21
37
13%
23
617«
617«
6134
*11034 115
*110*4 H3
23
617g
257«
9
23%
12%
2214
5H2
5U2
312
3*8
19%
19%
I9ig
23%
23%
23*8
*106% 107%
107
107
1,100
3*8
61%
21%
61%
20%
26
*19
T.0OO
51
3%
62
61%
!
39
26
19%
23
23%
9
*36%
51
120
6%
6%
1314
23
3914
*3918
50%
3%
*19
107
107
39%
50%
3%
334
23%
23%
227g
10534 1057g
1057S
61% 61%
*21 %
21%
*104
51%
*6*8
6%
*39
39%
*39
3%
3%
3%
3%
19
*87«
35
3434
1,700
2,700
5,000
673s
28l2
23U
2234
2i4
67%
23ig
IPPar
A Brass—.5
A...,.-No par
Class B
No par
Bond Stores Inc—
1
Borden Co (The)
15
Bobn Aluminum
10
2i4
23%
2214
6%
35
347«
7.800
28
22i2
*2838
2%
Shares
29*8
12l7g
S
$ per share
"r^A
Lowest
Highest
Lowest
Week
share
per
2814
66U
2834
23*8
66U
23%
66
*28%
I $
29%
1217g' *115
1217g *115
*115
Range for Previous
Year 1939
100-Share Lots
EXCHANGE
the
Friday
4 May 3
.
|
$ per share
$ per share
2884
118
118
118
*113
118
27%
27*$
27%
27%
27%
$ per share
$ per share
share
$ per
*113
Thursday
May 2
Wednesday .
May 1
|
|
On Basis of
8TOCK
NEW YORK
for
1
Range Since Jan.
STOCKS
Sales
SHARE, NOT PER CENT
HIGH SALE PRICES—PER
AND
LOW
May 4, 1940
New York Stock Record—Continued—Page 3
2834
1 Called for
redemption.
Dec
New York Stock
Volume ISO
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page
Sales
CENT
NOT PER
STOCKS
NEW YORK STOCK
for
Saturday
Apr. 27
Monday
Apr. 29
Tuesday
Apr. 30
Wednesday
May 1
Thursday
May 2
Friday
May 3
$ per share
*5
5%
$ per share
5 per share
$ per share
$ per share
$ per share
*217g
♦115s
5i2
*484
2834
2912
13i2
90
13*4
*86*2
13l4
90
*8*4
28*s
1278
86*2
86*2
*87
90
88
*92
94
93
9334
93
93
9234
93
85s
32
83s
3134
884
9
3134
85g
32
108
1
95g
978
4
*334
73s
*178
4l2
*1734
7*2
2
412
18%
12%
1284
1234
1*4
89*2
46
11512
1*8
1*8
♦85s
235s
23%
67*2
54
54
634
*884
35s
23l2
334
23l2
31
35s|
23%)
60
6*2
35
28
287s
6*2
36
44
425g
1834
9234
40l2
*92*2
*3%
734
*84
*15%
26%
42%!
45
*42*4
1878
93*2
*40%
*92*2
♦35s
77g
43 I
19*4
93%
41
94
4 1
*85
88
.
77g
|
15%
15%
26
26
|
30*2
30
6684
23*4
64%
53l2
53
53*2
60*41
60*8
60*4
*53
60
45
10%
285g
10*2
10%
1034'
28%
28%
28%
I
6*4
1%
6%
1%
4,300
4,100
Coty Inc
Coty Internal Corp
2034
5,200
Crane
99
98
98*2
98
98
28%
28*2
28*2
28%
29
1,200
1,500
6%
3578
*6
28*4
0*4
34%
I
*43%
*89%
95
I
*58
68
!
*58
21*2
21% 2178
5
*412
5 |
17
' *16%
17
17%
*7
7*4
7*s
7%
*111% 113
*111% 112
22*2
22%
22% 2234
277s
28
277s
277g
22
.
17%
*17%
18
18
18
17*2
434
35
41
%
35
8
8
19*4
19%
13%
*36*4
37*4
23%
24*s
18*4
1878
13%
88*2
170
28*2
88*4
170
176
*4
17*8
1*4
5*4
40*s
16*4
*1*4
5%
19%
84
89
169
287g
8*2
13%
117
125
125
*173
.
176
168
*8
115
*J25
*173
534
40*2
39
167g
1%
6*i
16%
29%
30%
32%
32%
*1%
1%
1%
*1*8
1%
34*4
35
35
45
111
35*4
35
45*2
*107
45%
111
u
35
93
*3*4
*90
16
16
1%
1*4
2
2
1%
1%
80
*66
37s
10
**4
*7
*7*4
78
7*4
47
47
27*4
28
16%
28
47*4
28%
16
16
*100% 101
*23
37g
24%
37g
*34
lgn
*227g
23*2
91*4
17
39*2
23
91*4
*16%
*39
*18*4
*
*100% 101
*23
378
»U
3*4
10
34%
7%
78
7*2
'
46%
*16
1%
3*4
9%
34*4
**4
2
80
24%
3%
*»16
23
23%
*91*4
*16*4
92*2
39%
*18*4
39%
23
17
23
8*2
117
j
*115
300
28%
11,600
9*4
13*4
2,200
117
10
6 800
Eastern Rolling Mills
1%
*66
7g
Edison Bros Stores Inc
Eltlngon Schild
Electric Auto-Lite (The)
Electric Boat
Elec & Mus Ind Am shares—
7,500
Electric Power A Light. No par
7%
46*2
6*4
1,900
400
500
200
9%
1,100
11,900
%
6*4
**4
*6%
15*2
3%
26*2
*15%
39
39
I
39
23
I
*18*4
500
No par
175
Jan 15
122
Jan
2
114% April
Eureka Vacuum Cleaner..—5
5
Ex-CeU-0 Corp
3
Exchange BuffetJCorp. No par
Fairbanks Co 8% pref
100
12% Mar
1*4 Apr
478Mar
26% Mar
22% Mar
28% Jan
1% Jan
34% Apr
16
5
2
15
15
23
27
27
108
8
126*4
126
4
112
Mar
Sept
Jan 19
111% Sept
44% Apr 15
6% Jan 3
12*4 Apr
3*4 July
118*4
138% Apr
155% Sept
Jan
Federal Mln A Smelt Co
4k % preferred
16
16
500
Ferro Enamel corp.
39
39%
800
Federal Motor Truck..No par
3%
1,400
%
2,400
Federal Water Serv A.No par
200
Federated Dept Stores.No par
23
Def. delivery.
Fllene's (Wm) Sons
n
New stock,
r
100
4178 Jan
3
28
Jan
32*4 Aug
*103% Mar
1
12*8 Jan
7
Apr
83
Jan
62*2
Apr
89
Jan
65%
Apr
84
Mar
4
97
Jan
69
»u Apr 15
l%May 1
2
Apr 18
1*4 Feb 20
7§
Apr
'4
Jan
1*4
8
Jan
1
Aug
Aug
I7g Sept
1% Apr
3*8 Jan
1% Apr
65*4 Sept
3*4 Apr 18
8*s Jan 16
20% Jan 15
*4 Mar 20
1
x Ex-div.
5
Feb
y
1
3% Sept
11*4 Apr 25
6
34*4 Apr 29
14%
Apr
3
%
Dec
8*s Mar fel
2*4
Apr
1
Jan
49% Apr 8
31% Apr 18
18% Apr 3
Mar 27
81
3
Apr
24
29
102
28*2 Jan
4% Jan
1
Apr
Apr
Apr
Jan
Dec
Aug
*4 May
2*8
Jan
25
Jan
18*4
95
Apr
82*4 Sept
20
Jan
17*4 NOV
Apr
40% Feb 14
27*4
Apr
5
16%
Sept,
22*2 Jan
Co.No par
Cash sale,
Apr
4
37*4 Jan 18
200
%
4
Mar
--1
93*4
Jan 10
1*4
Apr
Mar
8
Fidel Phen Fire Ins N Y.52.50
23
Apr
Apr
20*2
72% Mar
3*4 Mar 18
%Mar 1
21% Jan 23
857g Jan 12
16 May
1
*22%
*91*4
18*4
23*2
33%May
80
Mar 29
preferred
Apr
8
8
8
2
Apr 13
23
100
$6
Apr
1*8 Sept
6*4 Apr
8*4 Jan
36% Jan
31*4 Jan
Mar 19
2
100
22*4
8*2
4
46
Feb 16
Federal Light A
Aug
1*4 Jan
112
z96
600
41*4 Apr 16
18*8 Apr 20
3
Traction... 15
*
16
Apr
1
Jan 12
42
109% Jan
Mar
23%
92*4
16*4
39%
23
a
Jan 17
189% Apr
166*4
Mar 26
3*4
*18*4
120
20*2 Jan 22
4%Mar 25
145% Feb 26
15
*4
171
50
Evans Products Co
37g
J In receivership,
1
25
24
*18*4
Apr
Apr
Apr
May
Fairbanks Morse A Co. No par
*22
23
Dec
115
Fajardo Sug Co of Pr Rico..20
24
39
6
10
7,600
*22
16
Mar 30
13*4 Jan 18
3,900
24
3A
10
5
7*2
100
*22%
92<k
*15*4
Mar
6
27
100
23%
6
5*8 Feb
12*4 Feb
2
45*2
45
100
93 |
16%
94% Apr 15
Apr 9
30
Apr 24
Jan
4*4 Jan 9
34*2 Jan 15
100
3*4
14*4 Jan 12
50
101
378
*4
.
Erie A Pitts RR Co
33%
1.5*2
preferred
No par
100
4% 1st preferred
100
4% 2d preferred—....100
700
1*2
9%
27*4
$6
$Erle Railroad
32%
45*2
Corp....50
5% preferred
100
Engineers Public Service
1
$5 conv preferred....No par
$5k preferred
.No par
Equitable Office BIdg
10%
27*4
Endicott Johnson
100
80
*3*4
3
El Paso Natural Gas
1,300
33*4
45
27*2
16
No par
No par
1,200
3*4
*9%
3*4
$7 preferred
$6 preferred
Elec Storage Battery..No par
Elk Horn Coal Corp...No par
**,e
33
9%
5
-.3
700
2
.*1*4
*66
**4
*6*4
45*4
26*2
15%
1%
cum
1*4
2
2*8
80
92
**16
Mar
10
Apr
20% Sept
55
Aug
101*2 Apr
15*4
600
92
30
15*2 Sept
~~8, 300
*1%
237s Jan 10
Jan
9*2
%
9
Feb 2'*
Jan
80%
1%
38
24% Apr 23
5*8 Aug
13*4 Sept
Sept
9*4 May
66
1*4
*78%
93
5
Apr
36*4 Sept
17*8
110*2
84
8
20
Apr
Sept
%Mar 28
34% Jan 16
7,000
14,500
84
5
Jan
85*4 Apr
14% Apr
18
15% Mar 28
1*4
5*4
45*2
No par
28
2
17%
37
preferred
103
36*s Apr 10
43*4 Feb 3
10% Feb 21
No par
40*2
36*4
45*2
84
%
3*4
Bid and asked prices: no sales on this day.
$4.50
Duquesne Light 5% 1st pf.100
...1
Eastern Airlines Inc
125% Jan
23i4 Jan 10
Jan
9%
79*21
1*4
2*8
1%
*4
100
Du P de Nem (E I) & Co.—20
Apr
Apr
5,500
>107
preferred
Apr
12*4 Aug
3% Sept
3s Dec
37
sl«
1%
9*4
*90
2*2
*22%
*91%
8%
1
..No par
23
11'4
19*8 Apr
Jan
178
1*4
5*4
36
*78*2
*82%
**4
**16
Dunhlh International
Jan 15
Jan
Apr
13% Apr
3% Aug
14*4 Sept
4% Apr
103
Sept
15*4 Apr
27% Jan 15
16%
45*2
110*2
33%
23*4
93
16*2
39
36
|
80
378
142
No par
Apr
45
168*2 Mar 26
400
%
*22
75
No par
Dresser Mfg Co
Aug
3*700
16%
6
No par
Dow Chem cal Co
6%
"
**4
39%
1*4
11% Jan 31
34% Jan 15
16% Jan 15
18
Apr 20
Apr
4*4
19*4
73%
preferred
100
Eaton Manufacturing Co...
16
395s
17
Feb 27
Dec
Eastman Kodak (N J).No par
35%
*45
3*4
9%
32*2
*22%
*91*2
16*2
j *18*4
534
400
x35
i
76
26
2,000
36
h
39*2
16*2
1*4
30
*173
16*2
No par
No par
Douglas Aircraft
700
7,400
176
176
Co
Class A
Duplan Silk
187841
1*8
*66
*378
**4
4
*16*4
9%
1*8
*2*8
*1*4
46*2 47
27*4 2778
*16%
16%
*100
*100% 101
23
3534
78*2
16
1*4
33*2
**4
10
33
277g
8%
I3I4I *12*2
*107
*90
334
87*2
89*4
*165
168
|
28*4
400
93
93
10*4
88
168
1*8
94
33*4
1,600
9,500
1*8
*90
334
I
1*8
84
10
18
DIxle-Vortex
2
Doehler Die Casting Co No par
Dome Mines Ltd
No par
7,800
9%
32*2
18
500
1,400
78*2
*80
2
480
2,200
2,900
10%
*1*4
I
23*4'
33*4
79%
*66
13*4
37
23*4
33
84*2
1%
13*4
37
87
25
5% pref with warrants__100
33%
9%
79*2
2*8
18*8
6% partlc preferred
Distil Corp-Seagr's Ltd.No par
1334'
I
9
100
I
37
23*2
18*4
Jan
5,200
19*2
83
4
16
Diamond T Motor Car Co
30%
84%
80
*13*4
*3634
23*2
19
*75
19*4 Feb
25*4 Jan
10
Devoe & Raynolds A..No par
Diamond Match..
No par
900
5
20
DIesel-Wemmer-Gllbert
1.800
778l
34%
9%
79%
*2
77g
33*4
84*2
*1%
Jan
29%
79
*66
*4
800
34%
84%
16
% Apr 3
118*4 Apr 25
18% Apr 17
33% Jan 2
38i2 Mar 1
778May 3
18*2 Jan 15
120
30*8
33*2
79
*1*4
JDenv&RG West 6% pf.100
Detroit Edison
100
*5i#
120
30
84*2
Apr 27
83s Apr
600
si«
120
34
*84
17
113*4 Apr 12
2378 Apr
277g Apr 25
Jan
*173
111
Feb 26
22*4 Apr 30
5*2 Mar 7
578
3434
*45
*107
Jan 12
4*2 Apr 19
500
No par
Preferred
1,300
187% 1877g
125*2 125*2 *125% 125*2
1%
35%
45*2
Mar 29
53
DelawartfLack & Western..50
187
|
92
Jan 12
1,800
*115
33
Jan 12
16
Juno
27g Aug
Apr
48
Aug
9
Aug
3
3% Sept
82
18*2 Jan 30
4*2 Jan 5
62
38
11*8 Mar
32% Mar 14
4%
*2
4,300
'
30*8
29%
3278
1*8
Jan
4*2
8*2
16%
1%
57g
>1*4
534
3334
<k Co
4*2
50%May
53
Davison Chemical Co (The).l
6*2 Jan 22
Dayton Pow & Lt 4 >4 % pf. 100 rill
Jan 19
Deere
6
23%
*12*2
35%
16%
*4
3934
3% Apr 19
4034Mar21
9% Jan 15
16*8 Mar 19
28
176
Feb 14
100
*165
125%
Jan 12
12*8 Feb 20
26
Delaware & Hudson
19*2
18634 188*2
.5
25
preferred
*79
Jan
1,900
83
115
Cushman's Sons 7% pref. .100
$8 preferred
No par
Cutler-Hammer Inc
No par
Conv 5%
Apr 25
4%
8*4 Apr 18
91*2 Feb 24
17
Apr 22
29% Feb 24
1734
834
16%
1*1
578
34*4
%
21%
200
95
2758 Mar 29
...
Davega Stores Corp
24%
17*4
13%
*12%
40
1%
32%
1*4
170
*7
1
Class A
Jan
17%
4%
19%
277s
Curt 183-Wright
43
34% Jan 22
78% Jan 22
3*2 Jan 16
6% Feb 1
18
83
8734
Curtis Pub Co (The)...No par
Preferred..
No par
200
11134 112*4
5
75
22*4
28%
6i#
'
14
30
1*4
100
30
9478 Apr 22
*28..
120
168
si«
2934
32%
*1%
*gi«
4*2
17*2
784
100
Inc
Jan 15
Feb 20
*17%
4%
13*s
37
2334
18*2
27*s
Preferred
Cuneo Press
15
89
17%
19%
13%
36*4
23%
18*2
86%
16%
34
*90
4%
*16*2
10
Feb 26
43% Apr
2078May
28
83
*4
29%
9*4
19%
*81
*16*4
34*4
9%
1,900
41
32*4
79
2134
41
*4
40*4
17*4
45
21%
I
34
34%
68
;
16*2
*107
94
*58
S16
3434
*16%
45
*89*2
68
21
100
Sugar
Cudahy Packing Co
13,000
8
29%
*32*?
35
79,300
41
3534
111
11
29%
17*2
No par
17%
17*2
120
3534
46
10%
287s
115*2 115% *115% 116
*115% 116
*115*2 116 i
40*2 4078
39%
40%
3934
40*4
39%
40*4
4*2
4%
4%
4%
47g
478
5*8
5*8
15534 157
15634 15634
157
156
157*4
157*4
35*4!
*107
11
29*4
94
8
188*4 188%
115*2,
*16%
4,000
600
8
*114
41
40*2
*4%
4*41
156*4 156*4
*4
39*4
2,200
50
334
49
w w..No par
Cuban-American
490
1,000
40*2
2734
8*2
*12%
187*4 188*4
124% 125
19*2
1434
27
378
8
*166
29%
117
h
88
1434
2678
40%
1834
*16*4
5J«
8%
18*4
8734
34*4
88
14%
2634
378
pref
Cuba RR 6% preferred
89
50
conv
Pref ex-warrants
Crown Zellerbach Corp
..6
$5 conv preferred
No par
Crucible Steel of America.. 100
Preferred
100
Apr 29
6*4 Apr 18
28
28
120
500
"5,l66
4012
18%
34%
734
700
19
34%
334
7%
334
7%
35
13%
*173
*3*2
94
3434
24*4
8*4
5
Apr
Apr
34*2
19*2
13%
176
5,200
34*2
40*2
3634
8*4
156
41%
92
34%
24
*12%
156
38%
8934
3934
34%
36*2
8*4
*173
440
35*2
*13%
13%
40%
9434
390
24%
115% *115
Apr
9434
I884
13%
36%
8*4
187*4 187*4
124% 125*4
Apr
9
1834
24%
♦114
Sept
28
187g
8
*12*2
117
33
187s
13*4
367g
28*2
45
2
$2.25
30
300
187g
*81
88
9
31,900
1834
88
170
Jan
37% Jan
207g
197s
8
19*4
*81
37
43
1934
*34*2
*40%
8
88
*2
1197s 11978
41
19%
*81
43%
43
1934
94%
*19
35
*40%
43%
43
*7
7*2
112*4 112*4
21%
2134
17*2
434
119*2 119*2
19%
19*8
44
*16*2
7%
111% 112
21%
22%
18
5i«
Jan
21
J
18*4'
19
Jan
Apr
*4*2
18
*i»
105
Jan
Aug
378
5
28
*118*2 119%
Feb 28
24*4
4078
Ex-rights
Deo
5*2 Nov
31*2 Jan
32% Sept
Apr
Sept
3
Sept
% Sept
16
Sept
93
Apr
67g
49*2
21*2
18%
434
7*2 Apr
1*2 Apr
Jan
7g Jan 10
51*4 Sept
116
May
10% Jan
5478
26%
*58
28
434
*5i#
2
4% Jan
19% Apr 19
49
22% Mar
150
20*4
94
18*4
4%
178
9
68
22%
2734
*434
**u
Mar 15
Jan
14%
18%
5
58% Mar 26
170
27
89
*18%
4%
Apr 20
Apr 20
Jan
Jan
Apr 30
Mar 26
53
Crown Cork & Seal....No par
*58
22*4
Apr
25's
6978
61%
65%
Jan
Mar
4,200
*26%
1
187s
*18%
17*2
33
2
100
35*2
7%
3%
50*4
*7
25
77g Mar
978 Sept
5% Sept
9
Sept
34
Sept
10178 Deo
17*4 Deo
Apr
35
10%
7*2
Jan
Jan 22
4*4 Feb
2*8 Jan
12*8 Mar
Dec
35*2
2834
*89*2
112
25
108*2 Aug
1
7*4 Jan
38 7g Apr
10%
16*2
112
Apr
Jan 26
Apr
Mar
Jan
*87% Sept
32*2 Apr
*106
Sept
6
Apr
29% Apr
1% Apr
1978 Aug
16% Apr
32*4 Feb
39*4
*91*4
*3*2
1434
*4*2
*16%
49*4
116%
9%
4078
9% June
8
32*4 Nov
9% Oct
11%
98
28%
5
*4*2
16*2
*7*8
1% Apr
97% Jan 10
3% Jan 22
22% Mar 26
1
conv preferred
15% Jan 10
28
94
27
21
5%
1
19*2 Apr 24
Apr
Aug
Sept
100
28*2
*89%
22*4
Feb 29
6*8 Jan 13
Jan 19
38
8*4
88
Cream of Wheat
Corp (The).2
Crosley Corp (Tbe)
No par
94
*89*2
68
*20*2
*4*2
113
7
500
68
95
*58
41% Jan 19
1*4
2
Feb
6%
__
784
89
378
Apr 19
4*2 Apr 29
18% Mar
104
Aug
July
*6
19*4
4
4834
*0lg
~
4
Jan
6%
*42*4
91
*312
7*2
8884
14*4
*26*2
Feb
4
4*2 Apr
44
_
91
1
25
Co
Mar
27
Apr
101*4 Jan
*4 Dec
7*4 Sept
3*4 Dec
35%
45
„
37S
1058
1C0
;
20%
48*2
29%
Preferred
13s
92*2
4
300
35
Apr 5
Mar 25
Jan 5
6*2
15% Mar 16
6%
92*2
*3%
734
47
370
5,600
Aug
Sept
9
52% Mar 19
205«
40%
4
par
11
3
5
6*4
40
15%
5
Feb
91
2%
prer. 5% series
50
Corn Exch Bank Trust Co.20
Corn Products Refining
25
1%
20
4034
2634
..1
conv.
6*4
13s
---
88
$2.50
Copperweld Steel Co
1,700
19%
195g
---
77g
600
13,100
179
No par
85
8% Apr
86
Continental Oil of Del
Continental Steel Corp. No
7,600
60*8
preferred
Apr
79% Apr
7% Nov
10% Apr
158 Mar 20
Continental Diamond Fibre.5
11,100
53*2
597g
$4.50
73
5
Jan 31
7
100
20
9
Feb 21
8*2 Jan 31
3*4 Feb 77
1
Continental Insurance
Continental Motors
6*4
13s
94
46*2
400
19*2
*98
—
94
4
*53
*177
*176*2 179
94
37g
9*2
*176ls 179
Jan 18
7g Jan 19
No par
8% preferred
Continental Can Ino
1,800
1,400
24
66*2
9312
4634
200
5,400
30
24*8
65%
60*4
30*4 Jan 15
978
327g
110%
1*8
8
Apr
95
107
8% Feb
30% Jan
978 Deo
Sept
4*4 Apr
15*2 Aug
5% Apr
Apr
92
Feb 23
No par
Class B
2,200
3%
2378
23*2
*30
43 \
19%
37«
3478
*89*2
90*4
*89*2
45*4
45*4
45*2
115*2 115*2 *115*2
8%
884
87S
40%
40*4
40*4
3*2
35s
3*2
23%
23*s
233s
65
6l2
36*4
15*4
2634
378
4634
10*4
285s
300
12%
1%
90*4
4534
11534
9
40%
834
Feb 10
7*4 Jan 30
12*4 Mar 19
1*8
403s
79
Apr
Apr
Apr
16
86
Continental Bak Co d A No par
12%
1*8
85s
40
31% Apr 15
7% Jan 29
2,400
1234
90*2
57g Jan 13
25% Jan 15
3*8 Mar 19
14% Feb 28
100*4 Jan 24
1458Mar 18
1*8
453s 4534
115*4 11514
5
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
*12*2
13s
*84
900
5
19
100
Corp
5
Consol Oil Corp
No par
Consol RR of Cuba
6% pf.100
Consol Coal Co (Del) v t C..25
5% preferred v t c
.100
200
3
Highest
share $ per share
per
13*4 Feb 29
9*2 Apr 4
700
1*8
19
26%
200
36,000
6*4 Jan
$
24*s Feb 17
.100
12 parti c pref
Consol Laundries
Lowest
share
Jan 15
8
4,900
17%
1234
19*2
88
1534
1,500
18%
42%! *4234
8
1,100
per
Marl6
5
No par
Consol Coppermines
Corp
5
Consol Edison of N Y..N0
par
55 preferred
No par
Consol Film Industries
1
1,000
$
21*4 Apr 23
103*4 103*4
z18*4
4278
19*s
4
4%
4*4
183s
103
18*2
19%
465s
*89*2
103
18*4
63g
6*2
355s
*4358
♦435s
*17s
65
20*2
9834
287g
2878
6*2
35*4
♦435s
178
35g
13s
9884
35ig
7*8
235s
30
24
6*4
99
7*4
14,500
19,100
1
9%
378
7*4
2*8
4%
17%
3*2
178
20
99
334
*78
*9*8
*334
1834
54*4
•
178
'
9*4
7*8
178
4*4
183s
103
1
9*4
*358
JConn Ry & Ltg 4k % prellOO
Consol Aircraft
Corp
1
70
67
5378
20*2
*»16
par
No par
Consolidated Cigar
7% preferred
6k % prior pref__
30
23*s
29l2
23*4
30*2
2334
6634
177
32
108*4 109
Congoleum-Nalrn Inc..No
Congress Cigar...
4~4O5
8*8
8*2
3134
32%
*108% 109
24*4
*30
24i8
6678
29
634
*2878
♦6*2
8781
40*4.1
99
99
|
40
60*2
6-%
1*4
1978
1*2
20
90i2
46
8*2
Range for Previou
Year 1939
Highest
$ per share
No par
900
300
~
1,800
12*2
1*8
*89i2
115*4 115*4
878
40*4
54*4
177
*8*4
18
1*8
46
54*4
60*4
103
127s
*89i2
*884
40*4
35s
23*2
*2934
2334
6678
60*4
60*4
1773s 1773s
65s
1*2
1934
90
46
115l2 11512
2378
3034
*65l2
90
9
23*2
*29*2
1234
1*8
45%
40*8
3%
1134
10
29
13*4
83s
102*2 1025s *1023s 1027s
19
19
1858
19
12%
♦1*8
89l2
4534
40*8
3%
834
22
317s 32*s
3134
108*4 108*4 *10778 108*4
i •
I
1*8
1*8
97g
10*8
9*8
9*4
*334
4
334
334
73s
73s
7*4
73s
2
*17s
2
*178
*4*8
4*2
*4*8
4*4
*17*2
183s
*17*2
183s
108
1
19*4
*115
Par
Conde Nast Pub Ino
88
94
94
18*4
5*4
13
2934
4*4
1*4
1234
*7*2
29*4
*13*4
*8512
♦17*2
18*4
*102*2 10278
39%
1678
13
*11*2
10
73s
*4%
1278
217s
1178
*178
40
28
22%
11*4
10
2834
22%
1178
*8
3134 3178
108% 108*4
1*8
1*8
♦9*4
384
*115
22%
11*4
*8*4
28*2
22*2
1134
10
2834
22
1178
10
8%
*114
22i8
*11*4
22*2
884
87%
5%
*11*2
13*8
90
94
28*4
*434
*22
28%
*167
53s
1178
13*8
*85%
♦90U
*40%
♦434
53s
10
28l2
35
5*2
*434
Range Since Jan. 1
On Basis of 100-Share Lots
Lowest
Shares
_
*434
2835
EXCHANGE
Week
22%
♦6
19
the
4
if Called for redemption.
New York Stock Record—Continued—Page 5
2836
chnra
40
»47s
•
i
«
40
5i4
™>r
|
ihnrfi.
*3978
»478
%
40
5U
ver
chare
40
*4?g
s ver share
40
5i4
*40
»478
Bid and asked prices: no sales on this day.
I
$ ver share
42
5h
*40>4
*4h
t In receivership,
*40i4
*434
a
42
110
gi4
Def. delivery,
^
PaT *
Shares
S ver share
42
5i4
EXCHAN0E
A:
3ES! "SSTj" I 3K3
JS#IS
•
CENT
Sola
SHARE, NOT PER
PR1CES-PB*
JWW AND HIGH SALE
May 4, 1940
n
r Cash sale.
th9Te *
*^aTe
38i4 Jan 25 43i2 Apr 6
38i« Sept 49
4«4Apr20
6ig Jan 3
434 Sept 1U2
xEx-dlv. w Ex-rights. 5 Called tor redemption
Leased lines 4% ...
100
RR 8ec ctfs series A... 1000
New stock,
*hare^ 9Pf t_hare„ *
Mar
Jan
New York Stock
Volume 150
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
Record—Continued—Page
Sales
CENT
STOCKS
for
Saturday
Apr. 27
,
Apr. 29
$ per share
*8
2434
*110
$ per share
$ per share
834
2434
111
*8
8%
*25
*164% 158
111
*154% 158
Friday
the
May 3
Week
25
$ per share
8
25
111
24%
110
*154% 158
$ per sMre
8%
25
110
8%
*154% 158
90
89
89%
85
89
14%
1434
14%
14%
1334
14
6%
6%
334
334
*6%
*3%
*234
6%
334
42%
42%
6%
3%
*234
4034
*110l2 111
*4
4%
10% 10%
*2
2%
*34
174l2 175
56
5714
*163
164%
44
1334
534
42%
110% 11034
4%
4%
10%
10%
*4
4%
10%
2
2
2
36
*34
36
334
1,300
800
*154% 158
6% preferred
86
MOO
Inland Steel Co
13%
14%
6%
6%
3%
6%
8,000
3,700
*3%
52
334
*3%
52
*51%
*36%
34%
23%
"Moo
4
10%
2
34
*33%
2
35
5%
28%
128
19%
7134
71
3%
3%
51%
*36%
51%
36%
34%
24%
20%
7134
3%
3%
51%
36%
51
400
I07g
*17g
5%
29
128
20
4
4
10
6,900
2
700
*33%
34%
176% 176%
378
3,000
38,000
3%
13
I37g
57g
29%
34%
24%
*87
90
7*4
734
*27
*87
27J2
*127% 130
*1334 14
48% 48%
70% 71%
*87
90
8
*734
*734
27%
*27
27%
*127
*127% 130
*62
*14%
15
*120% 122
7
*6%
*17%
*12%
*88
18%
13
97
11%
16%
14
14
*48
49
*14%
15 I
14%
120% 120% *120
6%
*6%
*17%
18% *17%
*12%
13
*12%
11%
9%
16%
97
*88
11%
*10%
105
*100
16
16%
9%
103
103
103
13%
35%
13%
43%
44
44
2%
29%
30
30
2534
25%
28%
28%
34
34%
2%
30
26
4
*6%
*14
7%
17
1534
1534
*4%
5
30%
21%
30%
21%
113
113
3
3
1
1%
4
25%
*3%
*28
34%
*6%
*14
15%
*4%
30
21%
113
f»
3%
24
*27%
45
8%
24%
13%
28
50%
8%
*44
13%
35
*13%
*43%
*2%
2%
3%
*28
34%
*2 5
2 534
*37%
38%
14%
17
*33
16%
16
.
: 11
10
9
104
13%
13%
13%
*13%
441.1
45
44%
2%
*29%
25%
*3%
2%
30
25%
3%
29
*28
29
28
28
34%
7%
'33%
34
34%
25%
3%
*44
*2%
29%
25%
*3%
21*
2978
26
378
22
22
22
5%
28%
22%
*111
114
*112
4
3%
24
24
13%
*13%
*27%
28
1%
3%
1%
3%
24
24%
13%
28
*13%
27%
108
108
*108
8%
50
49
8%
3%
24%
133«
27%
49%
7%
8
45%
109
108% 109
179
21
25%
25
38%
37%
*13%
14%
16%
*16%
38%
34%
39%
34%
108% 108%
179
*178
180%
21
20%
20%
25% *25
25%
37% *37
39%
14
13%
13%
,07
16%
16%
37
38
T38%
34%
34%
34%
2%
3Io
24
*13%
*27%
114
3
1%
3%
24%
*135
138
*135
138
26
26
26
26
29%
*31
311*
*31
*31
31%
1634
16%
*1%
1%
434
434
7
29%
11%
*35%
3%
*6%
4%
6%
31%
31%
31%
*31
*16%
16%
*14%
16%
16%
14%
16%
16%
*14%
*1%
1%
4%
*1%
434
7
*7
4%
r7
31
14%
14%
14%
15%
14%
43%
4334
44%
44%
43%
12%
*32%
30%
12%
1234
12%
12%
*32%
3234
31
32%
30%
32%
*30%
173
51
334
29
*170
30%
173
*51%
3%
52
28
*170
28
3%
52
*3%
28
*135
162
16%
16%
14%
16%
16%
15%
16%
16%
15%
1%
4%
*1%
4%
1%
6%
6%
14%
100
....... ......
Preferred
500
Lily Tulip Cup Corp ..No
Lima Locomotive Wks.No par
Link Belt Co
No par
1,100
200
Lion Oil Refining Co...No
Liquid Carbonic Corp..No
Lockheed Aircraft Corp
800
400
33,700
Loews
2,600
200
Inc
par
1
No par
S6.60 preferred.....No par
10
thla day
106
preferred
400
55%
32%
600
300
MacAndrews Ac Forbes..
6%
Macy (R H) Co Inc
No par
Madison 8q Garden...No par
300
500
Magma Copper...
Manati Sugar Co
2,100
6
Aug
June
28
Apr
Apr
Apr
834
20
1*4 Apr
127g Apr
20
Apr
384 Dec
23*4 Sept
20% Apr
Apr
12% Sept
12
Jan
24
Jau
Jan
Jan
Sept
1634 Nov
997g
18
jan
July
100% Dec
1484 Mar
10% Mar
99
Sept
46% Sept
167g Sept
38
Dec
4
Sept
30% Oct
26% Aug
5%
Jan
29*4 July
29% Oct
13% Jan
23% Jan
18% Mar
20
16%
I67g
Ctfs of deposit
Modified 5% guar
1,400
Ctfs of deposit
4,800
16
52%
3%
25
I In receivership.
7%
a
10
400
1,200
100
2,200
Def. delivery,
preferred
6%
conv
preferred
95
Sept
108% Aug
109*4 Aug
95% Sept
152
sept
15
Apr
180
May
19
Nov
47
10
18% Sept
13% June
19
4l7g Apr 15
37% Mar 16
2984 Dec
30% Sept
54%
109% Apr 8
39% Apr 8
46% Jan 2
4% Apr 10
I884 Jan 11
101% Sept
6
Aug
Mar
38% Sept
2
Jan
32% Dec
Jan
109% July
21*4 July
62
Jan
6% Sept
22% Mar
105
3
138
21% Jan
4
Jan 25
Mar
Aug
3
2
60
407g Sept
16% Sept
May
25% Apr
162
Jan
19% Apr
Sept
15*4 Jan
36% Apr
110
24%
June
Feb
169% June
20% Mar
67
Sept
3
28
Apr
35
Aug
April
124
Feb
135
Nov
18
Aug
33*4
Oct
25% Sept
43%
Feb
11% Sept
19%
Jan
25%
40
Jan
Jan
3
30
Nov
5
35% Feb 28
32% Apr 16
Apr
Jan
27
Nov
29
Nov
5
Apr 15
1234 jan 4
38
17
8
Feb 28
167g Apr 8
16% Jan 17
Apr
Jan 31
Apr
15% Nov
Oct
16
Nov
Apr
16
Oc
4% Apr
37g Aug
16%
4734
1434
407g
3234
31% Apr 19
25% Mar 14
161% Jan 6
170
Mar 18
Feb 21
Apr 16
Apr 15
Jan 8
Apr 15
Mar
2
63% Jan 4
4% Feb 23
3% Jan 22
2
98
Jan 11
100
10R
Feb
6
111
*22*4
Jan 15
29
30% Apr
3
Apr
2% Septt
5*4 Sept
8% Mar
Apr
17*4 Nov
26% Aug
45% Nov
8% Dec
934
2
May
30
Sept
20*4 Aug
155
40*4
Nov
Apr
3% Sept
24s4 Dec
67% Jan
37% Sept
July
176
53*4
%
93
Jan
105
16% Jan
8
107g
I47g Jan 31
177g Apr
8
934
Apr
Jan
15%
17%
108%
25%
Ex-div.
y
Mar 29
Feb 24
Apr
Ex-rights.
3
RR
15%
Jan
Apr
Oct
6% Mar
36% Mar
143g Jan 13
105
Oct
10
5% Jan 6
8% Mar 29
37g Jan 31
Sept
128g
1
No par
No par
1
Cash sale.
Mar
4% Apr 18
1% Apr 11
Mar 20
45g Apr 20
60
3
31
Feb
'
r
Sept
43% Aug
20*4 Aug
31% Apr
26
McGraw Elec Co
n New stock,
10
Sept
7*4
1
....No par
$6 1st cum pref
McCall Corp
McCrory Stores Corp
6634 Mar
33
63g Sept
35% Jan 15
7% Jan 15
S3
32 34 Mar
3
41
Apr 6
14% Apr 27
18% Mar 27
l09%May
14% Jan 2
14% Jan 3
14% Feb 16
100
Maracaibo Oil Exploration.. 1
M arlne M ldland Corp
.-6
"
Apr
Apr
Martin (Glenn
*170
4
4%
27*4 Jan
13% Nov
Apr
13
13%
5
Apr 18
23% Apr
29% Jan
Apr
Apr
Apr
5
Market 8t Ry 6% pr pref. 100
30%
36%
53% Jan
180
Sept
9%
23
778Mar 11
Marshall Field Ac Co...No par
33
Jan 11
6% Sept
3% Sept
8*4 Sept
28*4 Jan
410
*32%
29%
Feb 19
35
9,000
10,900
12,100
% May
1% Apr
14
136
4,100
44
Mar
20
29
1
15 "
6%
14%
43%
12%
Mar
118
1% Jan
Jan 12
1%
4%
300
25
Dec
2% Sept
28
......
Manhattan Shirt
600
Jan
Apr
112
Jan
4
5% July
37% Oct
Jan
17
27
1
No par
$ Manhattan Ry 7% guar. 100
640
115
3% Apr
25
2334 Mar 16
277g Jan 15
11% Apr 18
33% Jan 19
234 Feb 6
6% Feb 28
10
Mandel Bros
7
19
20
10
19
133
Mack Trucks Inc......No par
3,000
31
1%
4%
10
100
"MOO
31%
16%
16%
preferred......
Mar
23%Aprr
149% Mar
16% Feb
64% Apr
32%May
Louisville Gas Ac El A..No par
Louisville Ac Nashville
100
31
*15
106
100
10
....100
7% preferred
138
*6%
*30%
2
27gMar27
167g Jan 30
26
19%
34%
37g
3
42% Mar 11
5%
130
26%
2978
12%
34%
378
678
Jan
18% Jan
1
Lorillard (P) Co
3,500
162
4
Jan
Lone Star Cement Corp No par
3,000
500
3%
7% Apr
79
4% Jan
24% Mar 18
36% Jan 18
11% Jan 2
15% Jan 2
273g Mar 18
3384 Jan 15
par
Loft Inc
92,900
6% Apr
35-% Jan
23% Jan 10
109% Apr
500
52
Apr
7
Mar 21
l",806
51%
3%
*27%
Sept
85
9% Jan
1884 Jan
16% Jan 11
19
3%
52
3%
29
9
171
52%
3%
....
Apr
.26
29
*27% 29
101% 101% *101% 103% *101% 103%
15
15
*15
15%
15%
15%
16%
16%
16%
16%
16%
16%
113
*110
110% 110% *110
114%
27
27%
26%
27%
26%
26%
51%
*27%
*170
Feb
Apr 18
Jan 24
par
preferred
100
May Department Stores—10
Maytag Co....
No par
...
30
14%
46%
234
3134
Feb 26
Mathieson Alkali Wks.No par
121
^33
30
Apr 18
17% Apr 23
97g Apr 23
103% Apr 16
387g Jan
105
300
12
*32%
90
12% Apr
100
Series B_.
1,800
*170
3%
7
Apr
8% Apr
Feb 23
41% Feb 14
105s4 Jan 15
L) Co
1
Martin-Parry Corp....No par
Masonite Corp
No par
11%
32%
29%
52
43%
4%
14%
43%
15% Jan
97
9% Apr 20
45
Apr 15
109
Apr 15
..6
Liggett Ac Myers Tobacco..25
2,500
43
557g
32
14%
43%
12%
32%
30
11
2434 Apr
12% Jan 12
26*4 Jan 18
48% Jan 15
6% Jan 12
Life Savers Corp
300
3378
*32
*135
31%
6%
117% Jan
5% Apr
,
Jan
19
6
par
Libbey Owens Ford Gl.No par
Libby McNeil & Libby
7
200
108
*19
*30
14%
28
200
Long Bell Lumber A ...No par
*30
67g
7% Apr
Jan 16
21
Loose-Wiles Biscuit
31
43
3,600
200
21
13
1
17
1
500
*1%
4%
434
2,800
8
Corp (The)....!
Lehn Ac Fink Prod Corp
Lerner Stores Corp
No
300
16%
16%
14%
7%
15
44%
12%
33
30%
Lehman
3%
31
1%
1,600
5,000
17%
17%
109% 109%
24% 24%
*6%
4
100
J Lehigh Valley RR
60
Lehigh Valley Coal ....No par
6% conv preferred.......60
13%
27%
49%
32%
42%
*3%
4%
6%
31%
3%
4% conv preferred..
434 Feb
28%May
21% Feb
108% Apr
234May
84 Apr
2% Feb
.
26
4
*11%
*31
31%
31%
16%
16%
14%
; no sales on
108
12%
35%
*6%
40
3,000
*11%
35%
*3%
Lehigh Portland Cement
6
24
*3%
237g
12%
35%
35%
Mar 12
15% Feb
..No par
1,300
114
25%
29%
6%
Lane Bryant
1,500
25%
29%
4
14
100
Lee Rubber Ac Tire
1
25%
29%
*11%
200
27g
25%
29%
30%
11%
*101% 10334 *101% 103% *101% 103%
15
15
*15
15% *15
15%
16%
16%
*16%
l6i->
16%
16%
*109
111% *109
110% *109
110%
27
27%
*26%
27
27% 27%
Bid and asked price
138
28% Jan 19
67g Apr 16
No par
1,000
45% *44%
45%
108% 108% *107% 109
108
108% 108
108%
*178% 185
*178% 183
21
21'
21% 21%
*25%
25%
25%
25%
37
37
*37%
38
13%
13%
13%
13%
*16%
16% *16%
16%
37%
38%
37%
38%
34
34%
34%
34%
*135
6% preferred
Lambert Co (The)
1
13%
8
Laclede Gas Lt Co St Louis 100
20
1,000
27g
25%
29%
36%
173
138
*112
27%
48%
7%
49%
Kroger Grocery Ac Bak.No par
60
18
22
13%
7%
*44%
Maris
19%
121*4
11%
■
28
49
Apr
Feb 26
5%
11;
Sept
Apr
13
Feb 16
28%
2%
June
83
35
Apr
4
5%
28%
22%
2%
133
122
Apr
26
*4%
28%
*16
Oct
Jan
Mar
29% Jan
34% Apr
7,200
Mar
105
69
Jan 16
Apr 10
No par
125
18
130
Feb 27
H) Ac Co
jan
10*4 Jan
32*4 Sept
Sept
Sept
Aug
26
""400
Jan 15
Feb
June
69
Kress (S
5%
2%
Jan
14s4
87
Jan
Mar 27
Jan 15
2,900
Apr
9%
97g
13
Jan 15
29%
34%
7%
18
119% Sept
Jan
35
*4%
113
Jan 31
57g Feb
par
Sept
7% Nov
2%
25%
24%
33g
28%
11%
15
*3%
28%
76
8% Jan
Kimberly-Clark.......No
5
f
10*4
Sept
77g Aug
Apr 10
Kinney (G R) Co
1
$6 prior preferred...No par
Kresge (S S) Co
10
Kresge Dept Stores....
l
29%
22
1%
4
10% Jan
90
160
*4%
29%
21%
2%
Dec
700
5
113
107
400
15%
21%
Jan
378 Sept
2%
15%
*44
4
1,300
45
Oct
84
109
_
Sept
102% Apr
4*4 Jan
478 Jan
29%
25%
3%
28%
34%
7%
2%
29%
25%
17
45
*6%
14%
cl A.l
38
33
15% Jan
337gMay
13% Mar
16
113
Jan
Kennecott Copper
No par
Keystone Steel & W Co.No par
16
30
95
Feb 23
90
*14
7
May
Class B
1
Kendall Co $6 pt pf A ..No par
16
7
11
Kelsey Hayes Wh'l
25,900
34
*44
97
7,400
35
34%
13%
30
12
Jan
40*4 Sept
20
Mar 28
1
5
29
16
Feb
j
May
Apr
77% Jan
17
5584
138
19
62
6% Jan 22
Jan
Sep
Jan
28
Mar 18
123% Jan 19
65% Jan 16
8%
17% Sept
10
31% May
Mar 13
100
.
Oct
Jan
17
100
conv
Apr 12
41
195*4 Mar
71% Sept
166*4 Aug
Jan
39%
_
57g Sept
14*4 Jan
573g Dec
6% May
60% June
25% Aug
3% Jan
Jan 24
Feb
28
Apr 19
Dec
Sept
Aug
6%
127
8,000
110
35
123
»
Apr 29
121
......
5% Apr
18
9%
103
34
1
Apr
2% Aug
Jan 11
5%
56%
37%
36%
Sept
3'4
Jan
387g Jan
Feb
conv pref erred
5
Jan 13
16%
8%
Jan 23
7
120
5%
103
34%
....
25%
16
16%
9
29
18
16
Keith-Albee-Orpheum pf..100
300
108
142
457g Sept
14% Apr 20
Mar
Kayser (J) & Co
97
11
171
13
4% preferred
Kaufmann Dept Stores
*88
Apr
Sept
10
100
12%
*103
33%
44%
2%
400
18
18
1
167g Sept
37g Oct
16
5% Jan
Sept
57g Dec
9% Mar
3% Dec
46% Oct
109% Dec
145
Jan
21
Apr
3
Kan City P & L pf ser B No par
Kansas City Southern.No par
40
11
*100
9%
103
100
Kalamazoo Stove Ac Furn
7%
*12%
97
Preferred
Jones Ac Laughlln St'l pref. 100
108
*10%
*103
.
100
16
*7%
.16
36%
•
*88
11%
108
Johns-Manvllle
No par
No par
800
120
*6%
18%
1278
*12%
10
15%
11%
*3%
97
*17
2,200
38
98*4 Sept
2% Apr
7% Aug
1% Apr
191% Mar 12
62s4 jan 4
67
1
Jewel Tea Co. Ino
May
123
1
17% Apr
90
5
1334 Apr 19
457g Mar 6
...1
B) Co
14%
*118
7
Jar vis (W
25
26
23
15
3% Apr
8% Apr
82% Feb
7%May
2434 Jan
par
63%
63%
*14
120
*6%
71
127
69%
*6%
29%
*28
14%
500
16
*35%
a51
63%
Island Creek Coal...
S6 preferred
"""666
48%
*126
63%
120
13%
16
29%
12%
*170
126
*14%
18%
12%
27%
130
13%
*47%
Jan 18
3
par
lntertype Corp.......No
2*4 Sept
2*4 Dec
4
73
33gMay
60%May
34% Mar
313g Mar
23% Apr
97% Jan
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
400
27%
15%
3534
3%
6%
7
69%
1,600
127g Jan
2% Apr
Apr
9% Apr
4% Apr
6
5034
*
Telep A Teleg...No
Jan
133
_
67
21%May
100
Inter
300
15%
3534
3%
*6%
16%
*14%
35%
14
48%
70%
126
16,166
5
May
100
100
Aug
Mar 28
1034 Mar 18
No par
Sept
8
Jan
5
534 Apr 24
28%May
International Shoe
No par
International Sliver....
60
""466
*127
14
*4734
7
8%
103
27%
130
Apr 16
Mar 18
Jan 19
Feb 1
Apr 17
128
3
113
Jan
131
157
47% Mar 20
3
5% preferred...
International Salt
90
15%
18
29%
*1134
*16%
9%
27%
Jan 15
Jan
5% conv pref
Internat Rys of Cent Am
7% preferred
7%
Jan 15
share
9% Sept
Apr
80
6% Feb 28
167% Mar 12
3% Mar 20
8% Jan 15
Internat'l Mining Corp
1
Int Nickel of
Canada. .No par
Preferred
...100
Inter Paper & Power Co.... 16
300
7%
*1334
14%
*87
8
109% *107% 109% *108% 109% 108% 108% *108
108%
36%
36%
36%
34%
36%
3234
34%
33%
34%
43
44
43%
44
43%
43%
43% *43%
43%
334
3%
3%
*3%
3%
*3%
3%
3%
3%
18
*17%
18
18
*17% 18
17%
17% *17%
*108
*108
*108
*107%
24%
24% 24%
24% 24%
24%
24%
24%
24%
160
160
161
163
161
*159% 163
161% 160
*19
19
18%
19%
*19%
19%
19% *19%
19%
56
56
55%
55%
55%
*55% 56%
56%
56%
34
*33
33
*32%
33%
33
33%
32%
33
138
25%
16
16%
103
Z45
34%
*135
*10%
*103
49%
3834
*107%
24%
*159%
18%
55%
*88
11%
8%
45%
34%
43%
*3%
*1734
97
103
8%
34%
3534
*17%
*12%
49%
38
*109
18%
13
"
*7%
*127
14
48
*6%
50
25%
*37%
*13%
16%
•38%
14
130
90
34%
7%
*107% 10834 *107% 108%
10834 10834
108% 108%
*178% 184
*178% 184
20%
*20% 21%
20%
*16%
734
28
*120
7
*3%
29
34%
7%
*14
14%
9%
9%
103
35%
45
1334
4734
*87
_
35%
14%
50
*127
14
49
35%
*13*4
43%
2%
*29%
25%
*3%
*13%
*27%
130
14
*103
1634
9
103
*3%
7%
*2734
27%
49
*88
11%
105
*103
24
8
90
71%
71%
71%
7134
69%
17%
127% *126
127% *126
127% *126
127
65
63%
63%'
63% 63%l ; 63
63%
*126
.
*87
90
Jan 15
29%
147% May
90% Apr 27
157g Apr 11
6% Feb 14
63% Mar
Preferred....
....100
Int. Hydro-Elec Sys class A.25
700
*127% 129%
197g
21% 111,600
70%
72% 28,200
400
3%
3%
200
50%
51
*36%
36%
34%
34% """466
Jan 17
Jan 22
174
Int Mercantile Marine.No
par
2,600
31,100
57g
28%
*
No par
par
200
4
Jan
Apr 16
37g
8%
1%
32%
100
Int. Business Macblnes.No
par
In tern at'1 Harvester. ..No
7,000
3
per
4% Apr
I684 Apr
1
Jan
168
3
40
Prior preferred..
1,000
56%
57%
162% 162%
9*4 Apr
29
Highest
per share S
118
108
Internat Agricultural..No
par
300
37
*36%
36%
*36%
34%
*34%
34%
*34
*34
34%
24% *23%
*24
24
24
24%
*2334
25%
*100
*100
104
104
*100
104% *100
104
*100
104
*100
104
3%
3%
3%
3%
3
3 •
3%
3%
3
3%
3%
3%
3*8
*3%
3%
V 3%
3%
' 3%
3%
3%
*3%
3%
3%
3%
8'
8%
*8%
81>>
8%
8%
*8%
9
8%
8%
8%
*8%
*36%
Interlake Iron.
share
Jan
11%
55g
3%
2%
Certificates of deposit
Interchemlcal Corp. ...No par
6% preferred
100
Intercont'l Rubber....No par
150
per
Apr 20
80% Jan 22
...
111
4
5%
29%
128% 12834
334
5234
36%
3434
23%
40%
41
110% 110%
*2%
40 %
40%
111
10%
*134
5%
28%
19
2,000
3
174% 174% *175
17534 17534 176
176% 176%
57%
58
57%
58%
56%
57%
5634
57%
164% 164% *162
164% *161
164%
164% *161
4
3%
4
4%
334
3%
334
3%
13
13%
14%
13%' 12% 13%
13%
13%
6934
3%
3
S
108
Inspiration Cons Copper...20
Insuranahares Ctfs Inc
1
t Interboro Rap Transit
100
3%
share
Lowest
150
No par
"
Year 1939
Highett
5% Jan31
24%May 1
100
86
6%
3%
*234
4%
10%
33
2
5%
5%
*5%
6
29% 30%
2934 30%
129
129
*128% 129% *128% 129%
19% 20*8
20% 2034
19% 20%
72
73
71% 72%
7034
72%
52%
3
10%
*1%
30
*3%
52%
3%
*4
10%
534
29%
6%
42
42
4134
11034 11034 *110% 111
*34
36
12%
*234
42%
3
25
109
14%
14
6I4
S per
.
25
*108
88
*86
14%
Par
Indian Refining.......
10
Industrial Rayon
No par
IngersoU Rand...
No par
300
25
*154% 158
90
Lowest
Shares
8%
*7%
110
24%
90%
3
$ per share
8%
108
89%
14)8
6I4
*3%
*234
334
3
Range for PreHoat
EXCHANGE
May 2
8%
*110
25%
*110
*8
Thursday
May 1
2837
Range Since Jan. 1
On Basis of 100-Share Lou
NEW YORK STOCK
Wednesday
Tuesday
Apr. 30
Monday
6
June
Aug
Nov
Dec
Dee
1 Called for redemption.
LOW AND
Monday
Tuesday
Apr. 27
Apr. 29
Apr. 30
9%
3712
612
9?s
6^4
2712
8%
2712
8%
♦10612 108
13*8
13l4
79i2
*78
717g
33*4
5
7178
33*4
4*4
22
»21l2
5 per share
20
207#
20%
2412
•30
30%
30
*10*4
15%
30
11
167«
*15%
38%
39%
38%
15%
38%
16%
53
52*4
52*4
107% *105%
*105
10%
4%
49
10%
4%
*47%
10%
»1»
*4
*%
3%
3%
*»!»
%
*s,«
115
118
118
*42
44
27
27
*26%
*26%
*15%
15%
17
22%
17%
22%
*15%
17%
22%
22%
4
4
4
4
*32
33
32%
32%
14*4
14*4
17%
23
23
15%
17%!
*13%
78*4
I
*4
6
53
6
6%
*51*4
6
6%
1734
21%
1434
1734
20%
20%
19%
7%
7%
*52%
18
*1734
*20
20%
20
13%
13%
11%
1178
1178
110
13
*8884
2034
89%
21
21%
14
79*4
*40
*40%
7
*10
1,700
%
%
%
""600
16
500
3,500
16
117% 117%
*117% 117*4
121
121% *120
121%
63,300
48*s
*27
42%
27%
14%
17%
*22%
14%
17%
23
4%
31%
*4
*32
45
4%
33
42
160
17%
23
27
15
17%
23
4%
32
4%
32 I
*41
27
14*4
2,200
1,300
600
900
50
7%
3,300
7
53
*52
53
6
17%
21
*17
6*4
7
6*4
500
6
5*4
*16%
5%
18
12", 300
18
578
20%
19%
20*4
33,500
20%
50
47
Feb 29
Apr 17
110
3*4 Jan 29
37% Jan 16
48
Minn Mollne
*11%
17%
13%
11%
17*4
13%
*11%
1778
110%
7% preferred series A...
J Missouri Pacific RR
6% conv preferred
Mohawk Carpet Mills
24%
*11%
9%
88*4
20%
5*4
*5%
5%
5%
7
*6%
7
67g
25
13
10%
25
24%
25
13
10
24%
67g
247g
*11%
90
*85%
88*4
20%
13
9%
*85
20%
89
*11%
978
*85
20%
20%
143%
8
8%
8%
64
64%
64%
7%
*10
22%
10%
22%
64%
884
8%
13
*12%
*40%
4134
*40%
*40%
43<%
*40%
7%
24%
8%
8%
8%
*12%
13%
13%
100
7,500
40%
40%
42%
7% cum pref
Nat Bond A Invest
Nat Cash
*40%
43%
*40%
7
7
7
7
10
10
10
10
42%
43%
6%
80
4,300
1,000
7
97g
•
10
*22
23
*22%
23
*22%
23%
22%
22%
200
91
*88%
91
*88
90%
*88
89
88
88
*46
50
*46
50
*46
50
*46
50
*109
*109
112
*109
112
*109
112
109
109
112
12%
11%
12
*69%
11%
70
12%
69%
11%
70%
12
*69%
11*4
11%
69%
117g j
46
45
45
*44%
46
44
44%
*43
45
45
45
15*4
1534
16%
15%
16
15%
15%
15%
*17%
15
15%'
17%
17%
600
32%
15%
18
32%
31%
32%
11%
15%
*18
32
32
32
*69
18%
19
32*4
*31%
*7%
10%
32%
7%
10%
32%
7%
*6%
*10%
110
*110
110
110
*110
*50
54
*52
%
»i«
%
*%
*118
119
*33% 34%
*217% 218
10%
*%
*%
%
26%
25%
118
%
V 7s
%
26
118
*33% 34
*218% 220
220
*7
10%
*110
55%
%
118% 118%
*33%
34
218
17%
31%
*31%
111% 111%
%
*%
25%
70
70
33
32%
7%
112
*52
%
%
%
'
*110
111%
55%
25%
25
10%
10%
112
70%
18%
32%
32%
*6%
32%
*31%
110
%
*18
18%
32%
33
12
18
32%
32%
7%
10%
57%
22%
57%
23
90
8*4
*110
*57%
23%
*89%
8%
57%
»
23%
57%
22%
*89
90
8%
8%
111
*35%
3%
38
111
111
*109%
36
36
36
*35%
3%
3%
38
7%
7%
21%
21%
3%
*38
3%
*38
41
7%
7%
7%
22
22
I
,
21%
57%
%
%
%
*%
*%
%
24-%
26%
*117
33%
220
*141
119
34
220%
10%
140
*141
141
1078'
10%
10%
38%
30%
*35%
*29%
387s
*29
31
I
*52
55
*52
54
!
*35
*115% 120
62*4
62*4
9%
9%
1 6%
18
5%
17%
9%
*12%
3134
44%
9%
13%
3134
44%
*15
15%
*115% 120
62%
9%
6%
62%
17%
17%
8%
9%
13%
32
*12%
31%
44%
15%
133
133
*132
150
150
*150
5%
*
5%
5%
9%
6%
44%
15%
1337g
152%
5%
41
*38
90
41
77«
7%
8%
21%
20%
*13%
21
13%
143
10%
10%
*35%
3778
HO'
*4%
1578
*141
97g
!4|
»1«!
10%.
117%!
%|
25
National Supply (The) Pa.. 10
22 conv preferred
40
5H % prior preferred
100
6% prior preferred
100
National Tea Co
No par
Natomas Co
No par
110
5%
16%
143
10%
1,400
%
224%
112% 112% *112
112%
22%
57%
57%
2178
*57%
*57%
221
.
22%
*57%
57%
22%
57%
57%
23 j
22%
89%
*38
77g
21
13%
*109
*4%
16
*141
978
*38
41
41
8%
8%
8%
1
21%
20%
21
13%
13%
13%
*109
110
110
5%
*4%
15%
1578
2,800
140
12,600
600
600
20,900
40
8,100
400
40
1,500
45* % conv serial pref...100
No par
*141
143
10%
978
10
1,800
1,500
80
"2", 700
Newmont Mining Corp
Newport Industries
N Y Air Brake
6.200
*35
37
36
36
New York Central
*30
31
I
30
30
100
54%
*52
54%'
*52
31
54
*52
54%
*115% 120
*115% 120
*115% 120
*115% 120
62
61%
62%
62%
62%
62%
6178
62%
9%
978
8%
8%
9%
878
9%
*6
*6
6%
6%
6%
6%
6%
16%
16%
16%
17%
16%
16%
17
17%
9
9
8%
8%
8%
8%
8%
9
*13
14
13%
13%
13%
*12%
13% *12%
32
32%
32%
32%
32%
32%
33%
33%
44%
44%
44% *44%
45
44%
*44% 44%
15
*14%
15
14
14%
*14%
15% *14
132
*130% 133
*132
133% 132
*130% 133
*150
152% *151% 152% *151% 152% *151% 152%
478
5%
5
5%
4%
4%
4%
5%
day.
t In receivership
a
No par
100
6% preferred series A
Def
—No par
..No par
5% preferred
20
100
100
JN Y Ontario A Western. .100
N Y Shlpbldg Corp part stk—1
7% preferred
100
Noblltt-Sparks Indus Inc
5
Norfolk A Western Ry
100
Adjust 4% preferred
100
10
6% preferred series
5H % pref series
North Amer Aviation.
Northern Central Ry Co
50
50
1
50
1,300
40
173% Jan 31
50
Telegraph
50
Preferred
62
1st pref..No par
Jan
Apr
Oct
11% Feb
29% June
87% Aug
8% Apr
10% Apr 11
25% Mar 13
22% Apr 26
83
91
Jan 26
40
Jan 16
6
Jan
4
9
14% Feb 20
Jan
60
Jan 22
3
8% Sept
18%
Apr
73% Mar
32
Apr
105% Sept
Mar 18
39
29% Mar 16
Apr 19
1st preferred
No par
25
Pacific Gas A Electric
Pacific Ltg Corp
No par
8%
27
Apr
Apr
25% Sept
4534 Sept
Apr
43%
1«4 May
6%
preferred
12% Apr 22
115% Mar 11
111% Apr 30
478 July
15% Sept
106
Nov
118% Mar
119
May
120
Mar
Feb 20
47
July
62
Mar
Apr 27
52% Jan
66
5
% Jan
% Apr 27
2678 Apt 22
Apr 13
357g Apr 6
121
Jan 30
28% Jan 15
Jan 22
3
113% Mar 27
2384 Jan 3
224%May
208
110% Feb 26
20% Mar 5
56
56
Mar
Mar
Jan
69
Jan
5
58
Jan 10
26>4 Jan
38
% May
3
8% June
70
Apr
31%
Dec
103% Sept
113
June
26%
597#
Aug
59
Aug
Apr 15
113
Apr 29
29
Sept
40
17
20
23
16
3
284
Apr
Jan 12
32%
Apr
6
Aug
Mar 19
41
delivery,
n
New stock,
4
144
578 Apr 4
18% Jan 4
Feb 19
12% Jan
3
Jan 11
r Cash
7%
33
Oct
Apr
July
Dec
Jan
3
Aug
7% Sept
2% Apr
11% June
77g Nov
2334 Feb 13
12% Jan 4
Jan
3
Jan 16
139
154
Jan 24
x Ex-dlv.
2
y
7%
Jan
Ex-rights.
4
Sept
Dec
16%May 2
8% Apr 30
16% Jan
16
55% Sept
70
10% Apr 26
684 Jan 6
34% Apr 15
Jan
20% Mar
Apr
5% Feb 29
5% Feb 24
50
30
113% May
8% Jan
27% Jan
148% July
50
6
31% Apr 25
42% Apr 19
13
Jan 23
101% Sept
Dec
40%
114%
Apr 15
Aug
54
Jan 17
14
Oct
6% Nov
4484
120
Jan 22
Jan 15
Jan
Dec
Jan
55
120
Jan
Nov
Jan
Apr
64%
1434
26%
16%
3234 Apr
Apr 19
sale,
434 Aug
15% Sept
128
4
4%May
89
Sept
150
1
29% Nov
100
5% Jan
Feb
18% Apr
52% Sept
50% Sept
12% Apr
Mar 2s
42%
Dec
Nov
Jan
36
1
Dec
217
June
113
Sept
Jan
168
7
103% Jan 22
11
17
94%
33%
82
112
35
5% 8ept
I84 Sept
3
9% Jan
Apr 23
478 Apr
15% Apr
138% Apr
9%Mar
178 Sept
90% Feb 20
5
33% Jan 30
3%May
8
6
20% Mar 18
88
4
% Dec
1% Dec
% Jan 11
% Apr 4
13% Jan 15
92
3
Jan
2
Sg Apr 12
130%
Pacific Tin Consol'd Corp
Feb
1034 Sept
63s Jan 31
Jan 9
100
Pacific Telep A Teleg
Sept
Apr
Apr
30
Jan
4
Mar 12
No par
1784 Sept
62
23% 8ept
8% Apr 22
100
Pacific Mills
July
3% Jan 12
59% Jan 15
2d preferred
No par
Pacific Finance Corp (Cal).lO
42
112% June
10%
18%
33% Mar
31
Co. 12.60
5
5%
11% Sept
187g Jan
21% Jan
14% Mar 16
15
Apr 29
2%
75% Mar
3
11% Jan 18
69%May
41
!
53% Apr
110
107% Mar 12
26% Jan 19
54
Apr 30
119
Feb 23
10
Jan
40% Feb 10
3% Jan 4
9% Jan 10
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
Pacific Coast Co
Jan
Apr
100% Sept
conv
20
60%
Mar 28
25.50
Aug
Sept
15%
Dec
i.4% Sept
12
Sept
No par
10
82
41
4
Otis Steel Co
Jan
Feb
145
43% Apr
3
100
27%
59%
Apr
8%May
6% preferred
Jan
Mar
10
23% Apr
14% Mar
No par
Jan
18%
1678
106
33% July
13
No par
Feb
Jan
14%May
Omnibus Corp
Otis Elevator
Oct
6%
28%
4334 Apr
6% Feb 24
6
100
8%
2
18% Jan 20
(The)
8% preferred A
Oppenhelm Collins
Mar
114
35% Sept
No par
■
Jan
117%
-
Apr
Apr
July
Oliver Farm Equip....No par
Ohio Oil Co
Jan
Sept
18% Aug
173% Aug
5% Aug
9»4 Jan
110% Apr 26
Northwestern
14%
634
87g Jan
16
Jan
North States Pow 25 pf No par
Norwalk Tire A Rubber No par
132
73»4 Jan
26%
Sept
Oct
152
148% Jan 29
27
Jan 4
7% Mar 16
20
3,500
7
8
9
100
Northern Pacific Ry
177g June
Jan
17% Nov
95% May
2334 Sept
Apr 20
IN Y N II A Hartford
Conv preferred
North American Co
9
22% Apr
4
6
3
Nov
12
110
230
100
96
110
Pacific Amer Fisheries Inc
800
Mar
Jan 31
2678 Apr
1578 Jan
12% Jan
15
28% Mar
175
Apr
4% Jan
20% Sept
10% Sept
8% Sept
83
Sept
7% Mar 14
2
14% Dec
z8% July
12% Jan
110
Sept
107
Sept
Jan
Dec
9% Jan
267g Nov
1834 Sept
39
50
13,900
5,700
9%
52
Aug
77g Aug
7% Sept
21% Sept
14778 Oct
10% Apr
87
Sept
17% Apr
4%
6% Apr
2l%Mar 18
7% Mar 6
63% Jan 2"
7% Apr 19
50
"3~600
680
Apr
140
10% non-cum pref
Owens-Illinois Glass
80
19% Feb
Jan
114
Jan 15
165
NY A Harlem RR Co
200
31
54
No par
N Y Chic A St Louis Co.—100
30
36
*29%
100
10
1
5% pref series A
30
27,700
5%
16%
143
1
Nelsner Bros Inc..
N Y Lack A West Ry Co—100
26%
222
220
No par
National Steel Corp
40
%
%'
100
%
%
25
26% 20,100
70
117% 117% *117% 119
I
600
*33%
33%
33
33%'
*%
*%
25%
100
100
preferred A
6% preferred B
600
6^800
18% Apr 17
116% Jan
12% Apr 25
934 Apr 25
8834 Apr 30
1
Co
24.50 conv preferred-No par
National Lead Co...
10
New York Dock
55%
%
Jan
Jan
13% Mar 12
9
6
Nat Gypsum
Apr
16%
Apr 24
110
23
preferred
NYC Omnibus Corp..No par
6,000
112
19
4
6
5% Mar
100
36
*30
Bid and asked prices: no sales on this
57%
22%
%
28,200
170% Mar
109% Jan 30
400
22% 23%
89%! *89%
90
8%
8%
8%
8%
8%
8%
8%
*110% 111%
111% 111%
111
*109% 111
36
36
36% *36
36%
| *34%
36%
3%
3%
3%'
3%
3%
3%
3%
1378
143
57%
23%'
22%
90
I *89%
13%
1378'
13%
13%
*109
110
*109% 110
*109% 110
*4%
5%
*4%
5%
*4%
5%
16%
16%
16%
16%
16%
16%
13%
*10%
*110
112
117% *110
117% *110
*52%
55% *52%
*52% 55%
112% 112% zlll% 111% *111% 113% *112
113%
22
22%
2178 22%
21%
22
21%
22
58
58
*57%
58
57% 57% *57% 57%
*89%
8%
10%'
10
*110
112
*110
3,300
800
6%
*6%
Jan
10
6%
1,900
32
70
70
*44*4
2
Nat Distillers Prod....No par
10
400
21% Apr 30
16% Apr 15
24% Jan 24
—100
100
Newberry Co (J J)
*108% 112
111% Nov
Aug
No par
7% pref class A
7% pref class B
Nat Dept Stores
200
50
Apr
Sept
4
Gas Co—1
No par
Nat Dairy Products
65%
800
50
105
20% Jan
National Pow A Lt
1,100
Mar 29
1834 Feb
1
13% Apr 16
10% Jan 3(1
16% Jan 15
No par
Register
National Cylinder
1
Jan 24
16
Jan
Mar 14
99% Apr 17
5% pref series A.
100
Nat Bond A Share Corp No par
Jan
8% Feb 16
53
Apr
73s Feb 15
92% Jan 17
4
Nat Mall A St'l Cast Co No par
91
I
" 92
100
Co-No par
22%May
165
Oct
7%
83
Feb 13
14
1,100
9%
Sept
22% Jan
3,700
14%
9
Jan
177g
30
111
Jan 22
ll%Mar 18
64%
42%
43%
1534 Mar 20
19
44% Mar
1434 Sept
70% Dec
39
3
13% Jan 13
""166
43
Apr
5% Feb 16
17
5
10
Sept
30
4
9
National Acme Co
8
8%
47
Feb 28
Apr 18
18% Apr
267s Jan
Jan 30
May
May
37% Mai
16
43% Sept
5% Sept
24
13%
122% May
5734 Oct
Oct
21
121
22% Sept
9% Apr
10
Apr
16% Apr
378 Aug
3078 Feb
673g Jan 23
8
42
Sept
America.. 10
Myers (F & E) Bros..-No par
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis... 100
7%
2,000
II,400
11484 Sept
Apr
40% Apr
31% Aug
Feb
Feb
Apr
Sept
112
Jan
45
10
24
8%
64%
9%
137g
8534
121% Jan 3f
56
2% Sept
Dec
110
193g Jan
8
26
12
2n
23
30
Murray Corp of
*171% 173
24
24
"4" 300
Jan
1% Sept
%
10%
5% Jan 13
49% Mar 26
578May
1
400
3,800
Jan
40% Apr
109
Jan
934
8
100
Jan
Mar
147g
2%
3
4
6%
64
Aug
% Jan
7g Jan
Mar 26
1534 Jan
21% Apr
Jan
July
114
2% Aug
% July
May
26% Apr
10% Jan
Dec
85%
1% Jan
Jan
116%Mar
40
120% Nov
4»4 Jan
May
45
preferred
Apr
Dec
6% Jan
2812 Jan
21% Sept
39% Jan
167g Sept
18
Sept
44% 8ept
118
118
Apr
103% Sept
2% Sept
36
Sept
884 Aug
119
Inc.No par
No par
Morris & Essex
50
Motor Products Corp..No par
Motor Wheel Corp
5
Mueller Brass Co
1
Mulllns Mfg Co class B
1
27 preferred
No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
Montg Ward & Co.
Morrell (J) A Co
101
434 Apr 24
Apr 25
Nat Enam & Stamping No par
97g
90 I
20%
142% 143% *141% 143
143% 143% *142
24%
25
,
24
8%
20%
20%
20
Aug
8
% Jan 18
16
Apr 30
104
Jan 15
Chemical Co
10
24.50 preferred
No par
Preferred series B—No par
50
13
97g
*171% 173
*171% 173
173
*170
*11%
9*4
5%
100
100
100
Monsanto
270
6%
5%
600
11,600
400
24%
5*4
400
*110% 111
110% 110%
111
7%
5*4
89%
207g
13%
11%
17%
137s
11%
1778
51*4' *46
23
*88
No par
Mo-Kan-Texas RR
July
Jan 20
Apr
11
9% Mar 11
% Apr 16
234 Mar 16
»u Jan 26
10
2,900
13%
100
300
*47
*22
No par
26.50 preferred
Mission Corp
Nov
30%
11% Apr
18% Apr
5
104
series B... 100
Power Impt— 1
4% conv pref
Nov
63
25
8
54
73
Dec
11% Sept
Apr
6% Apr
3
Mar
8% cum 1st pref
100
Minn-Honeywell Regu.Aro par
July
28%
14
40% Apr
120
1378
1178
17%
13%
11%
17%
100
1334Mar23
Jan 25
5%
53
*52
May
Oct
10%
101% Nov
14% Sept
3
3278 Apr 8
12% Apr 10
16% Jan 2
Mar 16
70
100
26
Jan 15
83
120
46*4
46%
7
13% Mar
28
59% June
18% Sept
397g Aug
'
Feb 21
26
111
National Biscuit Co
*10
10%
3
117% 118
*40%
17
7
7
900
13%
13% 13%
13% 13%
79% *78% 79*4
79% 79%
*109% 111% *110
111% *110 111%
8%
64%
878
13%
42
43%
7%
10%
13
%
%
27%
27%
14*4
14*4
17
23
20%
13
8%
8%
4,000
Mar 19
No par
Prod
Midland Steel
300
10%
%
16%
42
42
*5134
5%
5
Petroleum..10
8% Jan 27
Nat Aviation Corp
143% *142
143%
25%
24% 24%
8%
6434
65%' 65% 65%
13%
4178
43%,
1,800
48
700
7%
53
5
5
8,700
*24%
8%
4%
4%
10%
119
49%
31%
13%
79
2
2
60
**19
*4
32%
I,100
48
%
27%
27%
14%
14%
16%
*22%
15%
15%
17%
23
23
May
Mld-Contlnent
378
42
42
27
27
May
82
1,300
53%
56
84
4,200
1,400
105%
Aug
34% Mar
6% Jan
10%
52%
Jan
6
53% Feb 6
29% Jan 30
4% Apr 1
15*4
38%
105
6% Aug
88
3
21
Apr
Apr 15
14%May
10%
230
1
4
884
9% Mar 23
64
Feb
6
15%
119% 120
32% Apr
9% Jan
107
2
Jan
Sept
1
No par
26 preferred series K.No par
25.50 pref ser B w yr.No par
Melville Shoe Corp
1
Mengel Co (The)..,
-1
5% conv 1st pref
50
Merch A M'n Trans Co.No par
Mesta Machine Co
5
Mead Corp
Miami Copper
37*4
99
39
3
9
834 Apr
77g Apr 18
100
4,300
*141
*13
800
48
6%
*7
25%
173
*170
173
*168
121% 121%
50*4
43
43
17*4
10
10
934
11,310
31
%
118
111
110% 110% *110% 111
109% 110
*109*4 110% *110
110%
2434
*11%
25%
26
31
3
*16
16%
21%
13%
*11%
17%
*109% 110%
534
*5%
578
*678
7%
7%
25%
*11%
934
*8884
24
9% Apr 25
25% Apr 19
-1
preferred
14
14%
14*4
14%
14%
14%
14%
22%
22%
22%
23
22*4
23
23
*166% 168
*166% 168
166% 166% *166% 168
18%
18% *18
18%
*18%
18%
*18% 18*8
*97
*97
98%
97
97
*97
98%
98%
20
20
*19%
20
*19*4
20
*19*4 20
110
*5%
*678
21%
40
Inc.—5
pref— -No par
23 series conv
per
12% Jan
47% Jan
9% Apr 18
6
Apr 19
10
McLellan Stores Co
14%
1778
1734
1778
700
*%•
Porcupine Mines,.5
McKeesport Tin Plate
McKesson & Robblns,
22%
13%
1178
17%
4%
53
»i«
117*4 118
117% 118
33
4%
120
3
%
*»!•
1,600
1,600
21
*51
3%
110
82
33
120
52%
17*4
20
*13%
110
15%
120
20*4
14%
14%
14%
23
2278
2278 23
*166% 168
*166% 168
18%
18%
*18%
*18%
*97
97
97
98%
♦110% 111
37%
*3
4%
*31%
*13%
*78%
14
78*4
7%
53%
10%
15%
38
*16
*109% 111% *109% 111% *109% 111%
*52%
24*4
30%
*10%
52
118
26%
7
30
10
121% 121%
26%
67g
21%
21%
25%
9",500
84
21%
25*4
30%
10*4
15*4
37%
4%
15%
%
50%
*42
*42
14 '
79*4
4*4
Mclntyre
6% conv
32*4
4*4
32*4
McGraw-Hill Pub Co~No par
~
82
33%
37%
6,300
2,300
1,000
82
84
79
21%
23%
118*4
118
117% 117%
*120% 121% *120% 121%
49*4 50
*13%
*78*4
6%
75
30
16
117
115
44
6%
73
4*4
%
16
16%
116
114
*41
6*4
79
33
3%
*ai«
S!«
*16
16%
6%
27
27
27%
8%
8%
8%
38
*106% 108
*106% 108
14
14%
13%
13%
14
13%
120
3%
3%
%
Sl#
%
**1«
*16
9%
107% *105% 107% *105% 107% *105% 107%
*4%
4%
4%
4%
4%
4%
4%
*45%
48
47%
47%
4g78 *47% 48
10%
10%
10%
10%
10%
10%
10%
*4
%
*%
*%
%
*4
_%
*3
*»!•
4%
*46%
9%
73
53*4
53%
9*4
1,600
2,200
38
37%
Highest
share % per share
1034 Jan
5% Sept
$ per share
share
7% Jan 17
37
Apr 15
2 per
Par
Year 1939
Lowest
Highest
Lowest
400
8%
8%
9
37*4
*78%
120
120
120
53
120
120
120
10%
Shares
*8%
8%
361
38%
11
*10%
*38%
$ per share
27
27%
8
25%
30%
11 i
15%
23*4
30%
Week
*8%
97«
6%
6%
27%
the
May 3
37%
9%
9
37%
*8%
37%
978
*8%
9%
9
9
37
3714 z37% 37%
10
10
978 10%
6*4
678
6*4
67«
28
28
28i4 28l2
8%
8%
*8%
8*8
*106% 108 ,
*10612 108
13%
13%
1312 13*4
79
*78
7912 *78
72%
72%
*7212 74
33% 33%
33*8 33*8
4*4
4*4
*4*4
5
*21*8 22% *21% 21*4
Friday
May 2
|
May 1
$ per share
$ per share
S per share
I
.
100-Share Lots
On Basis of
STOCK
EXCHANGE
Thursday
S per share
Wednesday
.
NEW YORK
for
1940
4,
Range for Previous
Range Since Jan. 1
STOCKS
Sales
PRICES—PER SHARE. NOT PER CENT
HIGH SALE
Saturday
♦8^2
3712
9*8
May
New York Stock Record—Continued—Page 7
2838
384 June
984 Apr
27%
Apr
41
Apr
9%
Apr
114
Apr
128
Sept
6%
Dec
25
Nov
15% Sept
1234 Mar
3434 Mar
52
Oct
21% Sept
132
June
156% July
7%
Dec
1 Called for redemption.
New York Stock
Volume 150
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
Record—Continued—Page
Sales
PER CENT
NOT
STOCKS
for
Saturday
Apr. 27
Monday
S per share
*7%
3%
*8
3i2
7i8
3%
2078
22%
2134
8%
8
*8
»1«
»!•
$ per share
,
8l4
85s
,"<j
5 per share
*7i8
33s
1
1
7i8
312
7i2
33s
21l2
223S'
1
1
*9
914
*17
205s
9%
*17
19
*2
2%
433s
20%
*H2
1034
7l2
*58%
9478
3%
*2i8
435s
203s
43%
2
214
.
4334
*205s
*75s
134
lli8
435s
20%
134
107g
77g
712
7i2
59
59
95
947«
3%
*21
22i2!
*12
1278!
*12
*121
3i2
35s!
*121
2178
*21
22
*353s
3612
*212
36
363$
234
*2i2
234
*2434
25%
*10i8
36l2
*24l2
12%
*26i2
12%
37
*24
24'4
77»
*10
778
9
*44i2
45%
83%
*81
*%«
*95
*138
*45
9i2
2812
*40
*40
*534
*23%
*8%
25l2
*23
8I4
7934 *75
*17414 177
*174i4
7
7%
7ig
*912
10
*9i2
*31
33i2 *30%
*1738
1878
*17i2
*3212
3514 *33%
I3i8
131s
*13l2
*150
*150
....
*34
11
*%
1234
*1234
%
13%
13%
13%
*38
40
40
7034
71%
70%
114
114
42
42
4178
734
734
9is
9
9
3478
3514
35U
4534
83is
%
3512
46
83%
8,200
45l2
3458
*44-58
34*8
4412
l2
96i2
1,400
45I8
*80
'1
*80
7
'16
6
578
46i2
83lg
716
39%
4%
2812
*40
*
*55s
75
25i2
8%
10
7
7
*912
10
*29
33
183s
*17
35%
1378
34
18l2
34i2
137g
1378
11
1*4
14
42
71
34
*150
*",6
1
*34
*2078
*14%
21
*14%
1034
1«4
16
1034
IV
%
14
*17
*13ig
*150
21
1012
1%
Ji«
13%
1334
13%
1334
114
*39
41
69%
7034
42
114
114
42
118
2434
10%
*9478
87%
*115
25
87%
14%
*14
15
6%
*80
1234
*1234
*3734
69l2
67%
*1
1%
21%
26%
14
*14
1%
634
100
6734
1%
6%
100
2034
*3%
7%
1%
1%
1%
21%
87%
77%
8584
8 534
86
7634
77
78
77
13%
1334
14
*28%
29%
*28%
30
1334
2834
*83
93
*83
92
*57%
13%
59
*57%
59
*88
97
19%
*1
10-%
19%
1%
39%
39%
%
*%
14
*88
*1
*10%
4334
10%
55
*53%
1034
*10
*19
*%
40
%
%
%
%
4%
*3%
*4%
4%
*4%
50%
*49%
108% 108%
30
30
*
4984
5034
108% 108%
29%
3034
I
*3834
69%
—
114
24%
11 j
88 I
14%
14%
6%,
100
40%
69%
114
,
%
300
12%
1378
14,700
13%
40%
68%
13%
40%
69% |
*114
700
24%
107«
*95%
88
14%
*14%
6%
*80
118
2434
*115
23%
900
118
200
300
70
I
24%
1034
11
9,900
32,700
97%
89 |
6%
100
88%
137g
*14%
6%
*80
*1
.
200
3,700
2,100
14
15
1
31~, 300
6%
100
"
20%
*40
*10
12
*3%
734
734
*12
12%
200
26%
2134
3%
%
600
134
2078
20%
21%
87
84%
76%
13%
75
85%
7634
13%
29
*83
91
*83
*5678
57%
13%
*567g
13%
1,100
4,200
57%
*88
6,100
26,600
1,000
91
97%
7%
*534
6%
10
10
7%
*57g
10
500
28%
"150
14
2,600
......
11%
15,200
437g
11,900
57
70
7%
5,000
6%
100
10
700
19%
19
*1
1%
3934
*1
19%
1%
39%
41
800
-
4,300
%
100
7i«
*%
%
%
*38
%
*%
%e
500
4%
*2%
4%
*2%
*4%
4%
i
50
50%
108
108%
29%
49%
50
108
108%
28%
28%
Bid and asked prices; no sales on this day.
*4%
4934
50
108
108
29
29
49%
IDS
28%
t In receivership,
50%
108
29%
3,800
2,080
8,600
a Def. delivery.
17
40% Jan
Jan
684 Sept
684 Apr
28%
Jan 20
47
Jan 11
36
Apr
Apr
85
Jan
75
Jan
Jan 23
Jan 10
36% Mar
4
%Mar 1
97
Apr 24
136
4% Jan 31
Jan 23
734 Apr
40
4
Mar 25
41*4 Jan
5
% July
74
Sept
124
Sept
284 July
25
Apr
31% Apr
Jan
9
2
Jan
66
Feb
8
36
Jan
Jan
10
May
2
6
Aug
23
Apr
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares'
Pitt C C A St L RR Co
100
26
43
..100
100
Corp No
21
par
7
$5 conv preferred
No par
Pitts Ft W A Ch 7% gtd pf 100
Pitts Screw A Bolt
No par
Pittsburgh Steel Co
7% pref class B
5% pref class A
H7g Feb
Jan 22
May
107% Feb 10
4% Feb 27
Jan 29
171
287s Apr 26
49% Jan 5
110
7
5
Mar 12
4
9
Mar 18
100
28
Mar 19
80
Apr
50
Apr
Apr
8% Jan
158
Sept
175
11
47g Aug
6% Apr
Jan
16
Mar 18
36% Apr 24
1934 Apr 8
22
Jan 18
31
Apr
4
18
12
Feb
16% Apr
8
6
1% Mar 12
2234 Feb
Poor A Co class B
10
1284 Jan
_
No par
JPorto Rlo-Am Tob cl A No par
B
IIO34 Feb 21
90
Apr 15
60% Jan 3
1
preferred
preferred
Reynolds Metals Co—No
SH % conv preferred
5^
%
112
31% Sept
51
Sept
12
Sept
32% Sept
14% Sept
95
Sept
176
11%
16%
48%
25%
40%
20%
149
Aug
Sept
Sept
Oct
Oct
Sept
Sept
Deo
2% Sept
167g Sept
2% Jan
84
Jan
16% Sept
I684 Sept
49
Sept
66
Deo
11934 Feb'
4184 Aug
114% Aug
128% Aug
Aug
Juno
89
May
1 <% Feb
15% Feb
7% Apr
90
Apr 15
69
Apr 8
17* Jan 29
23
Apr
4
z22% Aug
6% Aug
70
90% Mar
6334 Aug
1084 Jan
81% Jan
18% July
11
Aug
16
5
Aug
85%
53%
June1
8% Jan
85% June
6778 Jan
2?g Jan
Apr
1% Dec
16% Apr
Dec
Dec
54
Apr
16%
6%
10
9
Apr
Apr
9%
Dec
Jan
9
13% Feb
10% Jan
2%
July
Dec
Apr
4
2
Jan
43
Apr
9584
Deo
Apr
8934
20%
Oct
Jan
61% Apr 8
15% Feb 20
96% Apr 8
Apr 17
ll%May 2
43% Apr 30
53% Apr 8
8% Jan 3
7% Jan 3
Feb 27
12
53
9
Mar 14
111% Mar 28
31% Apr 26
Ex-rlghta.
45
Jan
52
July
58
Jan
Apr
10%
Jan
6% May
984
Oct
6%
10
Sept
3
Jan
Jan
35
2
4
Jan
Dec
11%
Apr
Sept
Jan
9
1484
87
Jan
5%
7g Jan
Jan
y
7% June
7884
15% Sept
% Apr
4
19% Jan 15
Sept
27% Apr
% June
Apr 22
2
56
3
%
Jan
37% July
4
9
4
Jan
Sept
Jan
Jan 30
40%
84
22% Apr
1% Feb
%» Apr 18
28% Sept
Aug
42
2
44% Jan 15
Nov
2«4 Nov
42
14»4
63
34 Apr 19
36% Feb 7
% Apr 19
75
95
Apr
79% Apr
92
Apr 30
978 Apr 16
18% Jan 15
Oct
14% Sept
17% Jan
75% Mar
?8 July
12% Apr
30% Apr
6
Mar
Nov
Apr
2378 Jan
9% Apr
21% July
62% Jan 29
6*4 Mar 19
Dec
7
16
50
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Common
10
Dec
Jan 12
8
60
3
19
40
3
5734 Apr
6
23% 8ept
2884
4
Jan
Mar
69
Jan 23
Nov
2284 sept
2834 Oct
27
Sept
5% Sept
4% Feb
8
417g Sept
1134 Sept
Sept
6
Ex-dlv.
3% Sept
45% Mar
9% Oct
143
45% Feb 28
x
Jan
July
46% Sept
166
6
Jan
Mar
7
35
117% Dee
Mar
104
154
Sept
6
7684 Feb 16
St Joseph Lead
Aug
111
13
May
18% Jan 22
79% Jan 23
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mlnes.
Ruberoid Co (The)
No par
91
17g Sept
103% Mar
Jan
1% Jan
—
48% Aug
Sept
Apr
55
8% Apr 30
Richfield Oil Corp
Oct
584 Sept
19«4 Sept
45
Sept
40
Sept
25
Sept
10% Sept
8% Mar
47% Sept
Sept
23
97t Jan
45
129
Jan 31
6% Jan 18
39% Jan 2
Cash sale,
Apr 20
Mar 29
49% Feb
par
27% Sept
147
>
64
100
100
Mar
Apr
14
207g Sept
8778 Mar 12
r
128
Apr
Mar
26% Apr 10
100
nNeWStoc*-
Apr
31% Apr
101% Sept
50%
8
22% Feb
100
...10
tSt Louis-San Francisco..-100
6% preferred
100
JSt Louis Southwestern... 100
5% preferred
100
Safeway Stores—
No par
5% preferred
100
Savage Arms Corp
No par
18
Jan
Aug
6% Sept
17% Apr
11% Feb
Deo
124
% May
6
6% June
65
Mar
17
Sept
12% June
10% Apr
5
5% Sept
33
17
3
Jan 13
10
A..
8
11% Jan 19
100
A. 100
Dee
Aug
Sept
6% Apr
7% Aug
% Aug
43% Apr 8
115% Jan 11
1
678 Apr 22
1
Mar
Sept
3
10
July
24
May
pref. .100
Corp.—No par
13%
II84
59%
9434
484
Apr
112
20%May 1
3% Jan 15
Republic Steel Corp...No par
Class
Mar 11
14% Jan 16
25
Mar 16
Rels (Robt) A Co 1st
6% conv preferred
42
Aug
297gMay
40
Jan
4% Sept
Sept
21
Sept
2% Feb
17% Sept
37
100
6% conv prior pref ser
Revere Copper A Brass
Sept
%
15%Mar 16
4% 1st preferred—
50
4% 2d preferred—......50
Real Silk Hosiery
5
JReo Motors vtc
6
27
50
Company....
_
77% Feb 13
1
25
Inc
preferred
June
7184 Apr 16
118% Jan 2
32% Jan
11% Apr 16
97%May
1378May 3
14% Mar 11
5% Jan 6
Feb
19% Feb
26
47
118
No par
......
Jan
165
9
85
Rayonler
Reading
Feb 20
...100
100
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
$5 preferred B
No par
$3.50 conv 1st pref..No par
fRadlo-Kelth-Orpheum No par
Raybestos Manhattan.No par
$2
% Feb 27
147a Jan
1484 Jan
141% Jan
160% Feb
117% Jan
23%May
8% Feb
No par
Purity Bakeries
Jan
2% Feb 27
124
Pure Oil (The)........No par
6% preferred
5% conv preferred
15
% Apr 23
11% JanlS
ll%Mar 15
33% Mar 16
6584 Jan 2
112% Feb 16
3984 Jan 18
1
5
50
Pullman Inc
Mar 18
7« Jan 12
No par
5% conv 1st pref
5% conv 2d pref
Apr
12% Aug
142
% Feb 14
20% Jan
12% Jan 13
Class
Apr
Mar
24
100
5H % 1st ser conv pr pf.100
Pittsburgh A West Va
100
Pitts Y'n A Ash Ry 7% pf.100
Plttston Co (The)
No par
Plymouth Oil Co
5
Pressed Steel Car Co Ino
2% Apr
12
4
27% Jan
6% Feb 19
No par
Aug
35% Mar
9% Apr
Jan
Jan
Jan
13%
Jan 17
Feb
769% Feb 16
tRutland RR 7% pref
•
*4
*4%
*%
Apr 25
8
7%
*19
39%
Apr
21
Apr
13% Sept
4
30
1
1%
Apr
May
7%
3
Remington-Rand
1%
7%
2
2
2
136
Preferred with warrants..25
57
30%
74% Jan 26
%Mar 20
8884 Jan 15
10
4,100
2% Aug
17% Aug
4% Jan
13% Apr
3934 Apr
29% Apr
8% Apr
34%May
Rensselaer A Sara RR Co.. 100
43'%
21%May
3884 Jan
24
Apr
44
Reliance Mfg Co
9%
84
Feb
14%
Apr
5
100
12
117g
104
107%
Apr
Preferred
100
Pierce Oil 8% conv pref... 100
Reliable Stores
10%
.43%
*5334
Jan 24
Jan
10% Feb
40
No par
10
11%
Feb
Mar 18
118% Jan
24%
36
II84 Sept
120% June
15
Aug
6% Jan 11
100
Hosiery
Apr 18
Apr 15
Mar 19
8
Jan
7% Mar 20
No par
700
*i«
*4%
21
conv pref series A... 100
7% preferred
Phillips Petroleum
200
*5334
%
2%
978
30%
21%
Phlla & Reading C A I.No par
Philip Morris A Co Ltd
10
67
53%
1034'
197g Apr 22
No par
Phillips Jones Corp
Feb 17
16% Jan
33
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
preferred
4
25
Apr 16
May
118% Jan
21% Jan 15
100
56
4334
7%j
3% Apr 19
100
*60
13%
Apr
12
No par
*52%
*88
2
8
20
No par
66
10%
43%
1%
preferred
77g
*28%
10%:
Apr
74
27a
v t e No par
77g
13%
28%
48
6
4% Jan
56
76%
13%
5
2
9
*85
1% Aug
684 Apr
*5% Deo
Jan
10
20
9
12% Mar 4
884 Apr 18
Feb
9534May
13%
12
18
62% Jan
*10%
20%
57%
19%
Corp
Apr
Sept
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
92
2% Apr 12
44% Apr 9
22% Apr 16
2% Mar 12
5
Corp
%
35
7
6
Preferred
1%
r
39%
A Coke
2
19% Dec
884 Sept
2
Sept
60% Jan
June
9
Feb
8%
6%'
*1
12%
Jan
Mar
Petroleum Corp of Amer
6
Pfelffer Brewing Co...No par
Phoenix
Apr
5
55
prior preferred
preferred
5%
97# Sept
88
Pet Milk Co
J6
Jan
Apr
No par
Peoria & Eastern Ry Co... 100
Pere Marquette Ry Co
100
5%
Jan
484
1% Feb 28
Pennsylvania RR
50
Peoples Drug Stores Ino
5
Peoples G L & C C(Chtc)_.100
5%
117S
Apr
9% Jan 11
5% Jan 13
Penn-Dixie Cement
..No par
%7 conv pref ser A ...No par
conv
Deo
...No par
Penney (J C) Co
Penn G1 Sand
7
3
1
Jan 15
share
per
4
Jan
18
Corp
1
Patino Mines <b Enterprises. 10
I
Mar 11
45% Apr
101% Jan 25
8% Apr 4
94
Apr 15
10% Apr 6
427g Feb 24
Pathe Film
Penn Coa
2
Jan
Highest
1«4 Feb
1
66
14
19%
734
17
1
2.50
Parmelee Transporta'n. No par
Penlck & Ford
Jan 15
Jan
8% Jan 18
No par
*52%
834
52
67
1%
21%
97%
39%
*20%
3%
900
I
46
10
*26
V.SOO
6734
4%
%6
*3%
28%
20%
26%
3%
4534
91
*978
%
'
7634
1384
28%
*6
1034
19%
1%
40%
.
67%
7
5% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J..No par
15 preferred
No par
6% preferred
100
7% preferred
100
8% preferred..
....100
Pub Ser El A Gas pf $ 5. No par
300
97%
14%
Jan 18
85
Procter A Gamble.....No par
4,400
11%
15
34 Feb 13
May 3
100
1
Park <fc Tllford Inc
Park Utah Consol Mines
8%
4%
25%
8%
684 Jan 16
10
Parke Davis & Co
Parker Rust Proof Co
\ per share
67g Apr 17
3% Jan 12
jrl5% Feb 15
100
6% 1st preferred
6% 2d preferred
140
98
8884
100
5,100
115
41%
4178
41%
41%
11434 II484 *114% 1147g
126% 126%j 126
126
143
143
I 142 142
161% 161% *160
162
*115
8 534
978
43%
53%
7%
6
3934
*%
%
*3%
,
97%
76%
13%
28%
*88
4378
55
7%
6
1%
39%
,
69-34
85
14
97
10%
4334
7%
8%
517g
*65%
1%
20%
57%
14%
97
7%
*7%
*83
57%
57%
19%
*19
2834
92
6%
*97g
14
*83
20%
*3%
*40
*12
12%
834
8%
1
10
7%
*12
85
*97„
40
114
*%«
16
13
13%
26
13%
*6
*
13
*13
15
7634
6%
%
13%
15
85
*6
1,600
15%
26%
2012
3341
2034
7%
"""906
1%
15
21%
43%
*53%
10%
1%
15
21
7%'
10%
lh
15
21%
55
1034
*114
26
2078
4334
1034
1%
13%
$ per share
share
per
Year 1939
Lowest
Pond Creek Pocahontas No par
10%
15%
67
7%
16
800
15%
*26
55
43%
21
16
23,200
5,800
1,200
*65%
*53%
20%
*14%
297g
37
*52
14%
2078'
"""566
|
2734
357g
67
137g
1
36
55
10%
*14%
....
*%
1
2778
*52
*88
|
60
90
267g
*65%
13%
16
2078
,
35%
67
10%
*150
I
*34
2H41
*"""40
34 !
13%
27
35%
55
10%
...*150
18
34
13%
200
26%
3434
*65%
1%
1%
18
|
10
3,900
27%,
35%!
2634
*52
1%
1378
$
41
No par
4% conv preferred
Paramount Pictures Inc
Pittsburgh Coal of Pa
6% preferred
34
13
834
34
Parafflne Co Ino
Pitts Coke A Iron
10
600
*10%
12%
18%
*31
Corp
5
Pan-Amer Petrol <fc Transp__5
Panhandle Prod <fe Ref
1
100
1
13
834
*17l8
No par
500
21%
*10%
*12
2312
8U
1
12
87g
23l2
21%
*10%
12%
,
8l2
1
*40
87g
25
"""466
5I2
67%
46
*12
512
30
21%
*40
7%
6I4
1
I
*21%
2178
*7%
43
67%
67%
1)1
46
7%
28%
109
21%
*40
*7%
43
*
67%
*20%
*3%
3%
2734
4434
200
21%
15
*3%
70
6,100
1,200
.
67%
267g
347g
*20%
4
10
1%
21%
15
'
6%
*80
26%
2034
3%
457g
3%
6,500
1
21%
26%
21%
10
67%
21%
*26
26%
634
*80
26%
347g
15
15
14
15
67%
35
*26
14
*14
*21
26%
35
24%
10%
*96%
87%
14
6%
283s
*13%
1
1378
118
15
*80
I8I4
*115
88%
r"~3o6
578
41
39%
*74
35
162
14
6%
67%
88
1,100
54
978
109
*23%
*712
8
118
10%
96%
97
25
200
4
10
*5-%
7934
162
*14
100
*21
10%
88
6i4
*ht
114
2478
1034
96%
28i4
*3714
500
54
414
*
600
148
*514
*30%
39ig
54
95s
28i2
4434
163
2434
*4
54
42
41%
4178
115
113% *114
126% *126% 126%
145% 1437g 14378
*115
25
10%
*95%
8734
10%
96-%
*14
118
2434
I
934'
1,200
8%
7934
*74 / 7934
175
175
*17434 177
*17434 177 1
7
634
678!
67g
7i8
10
I
*912
10 |
10
*912
10
*30
3212
*29
32%
*29
32l2
*72
337g
....
578
37%
39l2
8
75
*17414
*7i
*138
*5l4
109
*22
8i4
*3g
96
3714
39ig
*5-%
*23
7934
83
148
*138
4
28i2
*3714
*445g
96
512
53
*
24
41
39l2
934
109
2512
8%
148
4
934
2834
4434
*8138
%
96
71»
9612
53
414
53
934
4434
39
3914
53
978
2834
512
*3714
41
*4
56
57g
578
*37i2
38-%
*113% 114% *113% 114%
113%
*126
126
*126
126% 126
*143
*14378 145
145% *143%
162
162
163
162% 162%
*115
200
734
22%
24
'
114
830
24
3512
*878
*31«
13
2312
100
200
778
34
*1%
150
22l2
*23i2
1,000
234
12
87g
21%
16
*14l4
36
2334
36
*2
734
34
10%
1>4
*11
878
21 ig
103s
1%
36
10i2
3512
9%
36i2
45%
83%
1
16
♦14
600
77«
21
21
19", 300
2178
21
77«
5%
*75
21U
*2078
9l8
355s
109
6I4
*35
2334
24
Pacific Western Oil Corp... 10
Packard Motor Car
Pan Amer Airways
17
*23l2
1.
734
*4
*28%
200
24
*138
*
300
36i2
234
10%
36
1,300
*121
*2
234
11%
312
22i8
12i2
2438
149
28%
*115s
500
24
*5%
109
*21
12i2
*36
*139
4434
*
3-38
3i2
23
*12
36%'
147
958
3l2
400
5,500
3
*21
36
*137
*48
3,900
3
21
96
9i2
8%
3
2158
97
55
*48
7%
1,400
9534
21
97
414
300
2,600
58
21-38
36
1%
1034
58
2134
*2
21-38
9512
...i*121
,
*1018
357g
225s
1,300
9534
21581
2%
"i.m
112
1012
714
2H8
1134
2's
4334
207g
1&8
11
213s
97
3914
*4
21
2134
365s
2OI4
2's
4334
24
'16
*37i2
3834
*17
2's
30
1,766
9U
9is
4334
3
1238
Range for Previous
Highest
•
t
12f000
90
*88
22
2%
714
58i2
95i8
I
23
12
97
6
*58
400
101%
7
9i8
7%
3I4 I
314
*21
*121
*10
45l2
83ls
*8134
46%
39
358
1034
42
*99
90
*112
3i8
41
42
5,400
9%,
3634
*9
148
*5l2
*3712
*20i4
15s
1034
712
58i2
9512
3i8
200
2414!
778'
36i2
%
96i2
2034
8I4
"it
2014
2's
4334
29,100
43,300
2514
7%
3634
2%
44
95
1278
"36
36%:
*24
9
36i2
*17
15s
10-%
7%
22
22
*2118
365s
2134!
*21
2%
44
58l2
358
22%
*17
205s
1*121
22
22%
90
33s
23
8U
101%
714
7
Par
600
'
1
Lowest
8iS
3lg
22
8-%
*8734
878
33s
22
13
*12
*8734
*87g
778
59
*3
3%
22l2
*21
*99
134
95
3i8
*4H2
100 '100%
7
7%
11
*5834
3'a
3i2
42
8
23 i8
1
95
59
"95
33s
2258
*814
*ls16
: 9
20%
Range Since Jan. 1
On Basis of 100-Share Lois
Shares
83s
*4012
21
*158
1034
$ per share
2839
EXCHANGE
Week
3i2
1
9i4
2OI4
2i8
4378
*17
*1%
105s
20%
*338
♦878
the
May 3
2234
*8
*4078
43
*40i4
42i2
*4014
42
*99% 102
*100i8 102
*100i8 102
7%
7%
7U
7%
7is
73S
♦87«4
88% *8734
90
*88
90
9%
7i2
Friday
$ per share
*7
734
May 1
NEW YORK STOCK
Thursday
May 2
Wednesday
Apr. 30
$ per share
7%
3%
2034
20%
Tuesday
Apr. 29
8
17% Sept
34
Jan
2% Nov
49% Sept
7g Sept
Aug
2
Jan
I84 May
3% May
6
Sept
%
2784
82%
1084
Apr
6% Sept
5H4 Nov
Jan
109
A'lg
Apr
23
Sept
T Called for redemption.
New York Stock Record—Continued—Page 9
2840
LOW
'and
sale prices—per
high
NEW YORK
for
|
Apr. 27
Apr. 29
5 per share
$ per share
|
May 2
$ per share
14
14
14
14
14
14
1334
83
*81
82
82
83
*82%
4%
4<r>«
*112
11234
10734 10734
14
434
%
434
%
*4%
%
4%
l2
*i«
%
%
*%
*2l4
18
2l2
8514
17%
2%
85%
12%
17%
2%
85
17%
*2%
85%
1234
8534
12%
15
14
*58%
7,600
4%
4384
112% 112%
10784 10784
%
%
14
60%
4%
56
7
39
*1«
4%
*42%
434
44
800
112% 112%
107% 107%
30
210
%
%«
13,900
1,000
17%
900
4%
*42%
17%
2%
86%
1234
*14
%
63
5
%
*%
17%
%
18
23»
855s
13
13%
84
6,600
83%
13%
*»ie
12%
*17l2
23g
85U
127«
*14
1434
*14
15
*58%
60%.
*585S
5
60%
5
*58%
*434
*54i2
6%
56
*54%
7
6%
*3834
1234
*17%
12%
*5
*53%
634
*38»4
125s
5%
56
6%
39%
12i2
39
39
12%
13
4%
13
12%
17%
*2
*2
500
600
400
84%
2%
85%
14
12%
*13%
12%
14%
*59
56
6%
39
12%
*53%
634
*3834
17%
60
*59
60%
4%
*54%
5
56
2%
86%
12%
85%
12%
*13%
'
634
634
39%
12 34
39
12%
19,100
8,200
100
100
54%
634
39%
12%
12%
1,700
100
3,400
*110
*110
114
*11334
*113%
*1123s
II2"
115
*110
114
107s
2%
15
22»4
2%
22%
10%
2%
*1434
29%
15%
2934
*1434
28%
15%
23
2234
11
2%
10%
*2%
11
2%
10%
15
15
15%
11
400
1,000
""166
20
2%
28%
234
634
2%
*6
234
634
234
634
2%
634
2%
2%
*6
6%
68
68
*67
68
68
68
*22%
23
43%
23
23%
*2234
23%
43%
4334
43%
44%
23%
42%
23%
43%
36
36%
36
36
36
36%
35
56 34
5634
56%
57
9%
*56
5634
5612
64
65
*65
39
39%
43
9%
*64
39
7%
*108
*1%
■*5%
9%
66%
39
7%
109
1%
5%
9%
7%
7%
107% 107%
1%
1%
5
5%
17%
1734
18
18
20%
22%
27%
20%
22%
2734
20%
22%
27%
41%
21%
22%
27»4
4134
9%
9%
64%
65%
38%
38% 38%
7%
7%
7%
107% 107% *105
1%
1%
1%
5
434
5%
18
21%
*16%
42%
*3334
22%
27%
4134
3334
77%
7734
77%
7%
7%
7%
7%
77%
784
7%
9%
934
41%
41%
*3334
7634
7»4
34 %
77%
34%
77%
34%
77%
734
7%
7%
7%
7%
7%
7-%
7%
73S
*9%
10%
984
9%
9%
934
10%
63%
10%
10%
10%
10%
10%
63%
63%
62%
20
63%
*62%
*123
934
*2234
*2
*123
124
934
23
2%
*6%
16%
2934
7
24
24%
29%
*8%
29%
8%
*5%
6
*16%
2934
123%
934
23
9%
23%
2
9
123
21%
*434
28%
29%
*6%
7%
24
2334
2414
29%
30
29%
7%
2438
29%
29
29
8%
6%
5%
8%
8%
8%
6%
6%
5%
*5%
37%
*36
5
684
5%
37%
*36
5
6
834
6%
*5%
37%
5
6
*434
*4%
.
5%
5%
538
5%
5%
12%
12
*10%
11%
12%
12
*10%
11%
12%
12
*10%
*11%
12
12
*48
49%
*47
49
*45
48%
*45
48
*5%
4
40
4
8
*334
4%
41%
*334
4%
*384
*39%
4%
*31
40
40
40 J
5
*40
4%
5
*4%
5
*30%
33
31%
31%
6%
37
37
34
6*4
*5%
32
6%
534
4%
40
5
5
*31%
6%
"1%
638
5%
36%
1%
2
634
5%
37
5%
3634
1%
6%
5%
5%
37%
2
*15%
11%
1734
11%
11%
1%
1784
11%
*95%
96
96
96
26%
4734
5%
26%
27%
48
18 %>
8%
18%
7%
7%
7% '<
7%
2%
2%
2%
2%
36%
1%
2%
26%
47%
*534
1838
*734
2%
*78
82
*16
47%
534
*78
*4%
5%
*4%
*8%
10%
*8io
*95
534
19
*15%
11%
26%
48%
534
1834
*78
82
5%
10%
26
11%
11%
*10%
%
si«
%
he
17%
18
82
82%
3834
1734
82%
*116
*16%
*95%
*84%
26%
4834
20%
*17
116% *115
16%
95%
85%
26%
49%
2034
1734
113% ll3lo
65
*18
2%
3634
*
65
18%
2%
36%
Bid and
16
9534
*85
26%
48%
20%
17
112%
65%
*18
2%
37
11%
11%
7-96%
96%
26%
5%
196
8 '
2%
534
19
*7%
2%
*78
83
26
-
11
8%
2034
2%
i
8%
2034
25
25
2%
10%
%
38
38
*38% 3934
38%
17%
18
17%
17%
81
82% 83%
82%
82%
116% *115% 116% *115% 116%
15%
16%
1534
1534 16%
96
95% 95%
95% 9534
*85
8 534
86
85%
8 534
27
27
26% *26% 27
49
4784 48%
49%
4934
20% 21
2034 21%
21%
17
17%
17%
1634 1634
113
*111% 112%
112% 113
65
65%
65% 65%
65%
18
18
18%
*17%
17%
2%
2%
2%
2%
2%
37
*37
37%
3734
37%
ked prices; no sales on this
day.
8%
20%
*2%
*24
10%
%
39
18%
47%
10%
35
7%
5%
18
"loo
4
50
39%
4%
33
1,400
7
6,400
80
5%
3784
4,200
134
17%
11%
96
700
700
-
47%
534
*7%
2%
2%
*78
5
*8%
8
No par
Stone & Webster
Corp (The)
1
Oil—.—....No par
Studebaker
Sun
6%
100
10c
preferred
Paper Co......10
Sutherland
—
50
25
Swift A Co
Without warrants
—
1
9
50
5
Tennessee Corp
5
Texan Corp (The)
i—25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
5H% preferred
Telautograph Corp..
10
Texas Pacific Coal A Oil
Texas Pacific Land Trust
1
Texas A Pacific Ry Co
100
Thatcher Mfg
No par
No par
pref
conv
The Fair
.....No par
..100
Preferred
Thermold
$3 div
1
Co
preferred
conv
Third Avenue Ry
10
..100
25
Thompson (J R)
Thompson Prods Inc..No par
Thompson Starrett Co.No par
cum
preferred.No par
Tide Water Associated OH..10
$4 50
conv
No par
pref
5%
Bearing.No par
Transamerlca Corp
2
6,000
8%
200
Transcont'l & West Air Inc..5
Transue A Williams St'l No par
2%
3,300
"166
No par
No par
Truscon Steel Co
10
2io
300
Twin
~
50
*24
26
11
11
11
5
8,500
100
2,400
1
2,600
fUlen A Co
3734
17%
37
3734
1,900
17%
18%
28,900
82
80%
82
116% 116% *115% 116%
15
15%
15%
15%
95%
96
95%
96
85%
85%
85% 8538
2634
26%
2634 27%
47% 49%
4734 48%
20%
21%
20% 21%
17%
17% *16%
17%
112% 112% 111% 112
65
65%
64%
64%
1734
1734 *17%
17%
2%
2%
2%
2%
37%
37%
37%
37%
par
preferred
81
9,500
7%
City Rapid Tran.No
Twin Coach Co
37%
17%
a
.No par
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
26
J In receivership,
Tri-Contlnental Corp.
$6 preferred
Truax-Traer Corp
10
700
8%
No par
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
8,000
Union El Co of Mo$5 pf
Union Oil of California
1,900
Union Pacific RR Co
10
800
1,600
16,200
21,900
400
130
1,600
200
II,400
2,500
Del. delivery,
4
10i2 Jan 19
13% Jan 19
May 3
4%
No par
25
n New stock,
5
2
100
•
No par
No par
r Cash sale.
Jan
9% Mar 16
Jan 15
9 •
56% Jan 23
122
Jan 23
914 Jan 6
2034 Apr 19
l%May 3
13% Feb
1
5
70% Apr 3
2334 Apr 11
47
7% Apr
108% Apr
6
34
Mar
lit Aug
434
60
Apr
Sept
14i2
8I4 Aug
5734 Dec
18% Apr
5% Dec
94
Oct
2
Dec
484 Apr
10
Apr
Apr
38
Aug
34x2 Apr 11
Jan 3
8% Feb 15
8% Apr 2
20%
Apr
Apr
12% Jan
5
12% Feb 21
64
May 3
Feb 13
124
10% Jan 20
5
27% Jan
Feb
2
34i2 Jan
2
40
2734May
6% Feb
3
7
22
2
Jan
Mar 27
7% Mar 19
5% Feb 5
5
Jan 25
4
5
5% Feb
42% Feb
1
3t2 Jan 23
3234 JaD 2
712 Feb 21
5
Mar 26
10% Apr 18
1158 Apr 30
4934 Apr 22
3i2 Jan 12
34
Jan 16
3% Jan 16
2684 Jan 8
27% Jan 15
134May
16
Apr
10
Feb
1
89% Mar
6
20i2 Jan 13
Jan 19
5% Mar 5
12% Jan 15
Jan 19
2is Feb 2
77i2 Feb 16
4% Feb 13
8% Mar 20
8
7
Mar 21
47% Apr
4
4x4 Apr 4
3584 Apr 11
8% Jan 8
6% Jan 4
12x2 Jan
18i2 Jan
8
8
53
Mar 21
4
Feb 16
3
May
Apr 24
2X4 Jan 26
Jan 15
Jan 27
ll%May
96
3
Apr 26
15
3
May
Jan 15
7%
Apr
19% Sept
I84 Aug
10
Apr
2284 Sept
5% Sept
17
Apr
2434 June
4% Aug
33s Aug
4% Aug
33%
Oct
3% Aug
i
Apr
4
32% Aug
3% Aug
26
Sept
Aug
7
534 Nov
8X2 Sept
15i2 Dec
48
Dec
314 Dec
Sept
2i2
Apr
Apr
lx2
Jan
234 Sept
17
Apr
1% July
712 Apr
9i2 Aug
83
Sept
27% Apr 24
52
Jan 3
7
Mar 14
1084
Apr
34%
Apr
Sept
21% Apr
4
.6X4
812 Apr
234 Jan
4
4
5
5%
Apr
Apr
2
Mar
82i2Mar 7
5% Apr 15
74
Apr
3
Apr
10% Apr 24
6
1314 Jan
4
2514 Jan 23
3% Apr
4
13% Mar 14
lx2 Jan 11
112% Feb
Apr
6% Apr
4534 Sept
118% Sept
14
7
7i2 Apr
30
3
3
3% Apr
8%
Mar
34
9% Jan 15
i4 Mar 16
37
May 3
11% Mar 18
6% Aug
30
24
78i2 Feb
65
16
534 Mar 8
42 x2 Feb
23
2
Jan
20
5
3
4
7
5
2
5
46 x2
Mar
6% Mar
8
534 Apr 22
3814 Apr 16
2i2 Jan 4
234 Feb
Apr
46% Jan
8034
2i2 Jan 3
17i2 Apr 4
35% Feb 28
7% Mar 25
24% Apr 22
3214 Jan 25
9% Jan 3
7%May 3
6
Apr 11
93
Unlted-Carr Fast Cor p. Wo par
United Corporation
No par
preferred
3
84
Un Air Lines Transport
5
United Biscuit Co
No par
$3
7i2May
100
Union Tank Car.^
.No par
United Aircraft Corp
5
United Carbon Co
Apr 16
28i2 Jan 29
76% Feb 8
100
preferred
Preferred
Mar 18
•28
Symington-Gould Corp w w.l
Timken Roller
5
2
40
L S--No par
Sterling Products Inc
10
Stewart-Warner Corp
5
Stokely Bros A Co Inc
1
3,200
4,700
10%
Jan
Standard Oil of New Jersey.25
Starrett Co (The)
47%
21
%6
Jan
Apr
13%
Tlmken Detroit Axle..
*20
%
4
Apr
23X8 Jan
10i2 Apr
11% Apr
15% Apr
2234 Aug
9,800
834
20%
2%
*2%
7
Sept
14
24% Sept
27
83
>434
10%
6
25
19%
26
2984 Jan 26
103% Jan
25
Standard Oil of Indiana
$3.50
13,800
2
Jan
22
$3.60
134
*15%
11%
9534
8
*%6
"""766
800
534
19%
83
1234
1,700
2,900
6%
5%
36%
26 34
47%
2634
47%
*434
2634
39
*15
*8%
8%
21
2%
4
12
4%
21%
234
39
*78
4634
47
96
Jan
2% Apr 23
13
127
29
$7 cum
Talcott Inc (James)...
12
5%
37
2
39
Dec
26% Jan
$6 cum
Sweets Co of Amer (The)
40
60
Standard Oil of Calif-..No par
100
*44
7%
2934 Apr 30
152X2 Apr 23
303s Apr 6
15% Jan 3
20i2 Jan 3
34% Jan 3
9
12% Apr
10% Aug
lx2 Sept
2% Jan
5%
4%
9
7i2 Jan
l8i2 Jan
2284 Jan
7%
36
32%
4
Jan 2
2% Mar 11
16% Jan 3
1% Jan 19
Swift International Ltd
*10%
34
Jan
Feb
Jan
11% Apr
3% Jan 19
1,800
5,700
5,400
*334
*36%
5
...No par
prior pref
No par
prior pref
No par
preferred
$4
~7~, 900
9%
734
5%
1% Feb 8
6% Mar 15
Apr
Apr
Standard Gas A El Co.No par
29%
13
11%
*134
No par
preferred
24%
47
1%
17%
lla4
$4.60
29
34%
634
*5%
3634
No par
Standard Brands
24
3434
7%
I
10%
*26
11
82
7
4%
*20%
*2%
*%»
*7%
2%
7
6%
5%
37
1
Square D Co
Superior Steel Corp.......100
400
39%
5
No par
Conv 84.50 pref
Superheater Co (The)..No par
Superior Oil Corp
1
I,200
4%
2
Spiegel Inc
Sunshine Mining Co
7%
39%
preferred
1,800
4,600
16%
*8%
28
11
534
1834
1
70
15.50
2,000
28%
5%
21
2%
8%
47%
2
900
*6%
10%
*25
834
26
27%
48%
534
19
600
15%
*4%
*20%
2%
8%
11%
*95%
1,100
2,700
1,900
9,700
13,400
23,200
30,400
2734
*8%
8%
*20%
2%
8%
*15
1734
1134
96
300
10%
4
11% Mar 18
14% Mar 18
25% Mar 23
35%May 2
18%
11%
2484
12i2
Apr
101
Apr
1,000
18,400
64 i
123% 123%
934
934
2134
22%
46
—
3
112% Apr 24
May
15I2 Aug
92
70
Apr
1634
*31
1
Spear A Co
Feb 19
42
28%
7%
24
29%
8%
4%
No par
Sparks Witblngton
25
2
Ills Jan 3
66% Apr 9
40i2 Apr 10
28%
*6%
23%
29%
8%
*334
Mobile A Ohio stk tr ctfs 100
.
Apr
214 Dec
16% Apr
57 x2 Apr
260
63%
*10%
11%
5%
No par
..100
Ry
preferred..
6%
Jan 19
2
434
17% Apr
50% Feb 5
8% Apr 17
320
4,400
16,700
4
3
13
98i2 Aug
2i2 Apr 29
Jan
Apr
Apr
2,000
46%
May
Jan
9% Aug
11
7%
37%
9
19«4 Jan
7
"
6ij Dec
28
36
9%
5%
Feb
•
June
3
24
114
15
Dec
3% May
3
7%
34%
7%
5%
Southern
6i2 Jan 10
51
43
9
2,300
2,000
*44
8
Southern Pacific Co...No par
7
Jan1 29
1434 Feb 26
22% Jan 16
14484 Jan 6
28% Jan 19
8% preferred....——-.100
Southern Calif Edison
-.25
69X2 Apr 12
684 Jan 11
66
Apr 5
7% Mar 13
40x2 Feb 13
13% Jan 4
IO8I4 Feb
6OI4 Apr
11% Apr
IOI4 Apr
9
111
Lines..6
Sugar...No par
15X2 Apr
Jan130
10% Apr 16
S'eastern Greyhound
2% Mar 25
Apr 6
168s Jan 11
105
—
15X2 Aug
1% June
88
22% Apr 9
10312 Jan 31
120
Apr 8
Socony Vacuum Oil Co Inc. 15
South Am Gold A Platinum.. 1
So Porto Rico
3
Feb
3%
*11%
3434
Corp...No par
2
2
3834 Apr
9%
634
21% Jan119
•16
18% Mar
99x4 Jan 3
Jan
Jan 15
7%
36
8
20
Marl6
9%
5%
2% Jan
112««Apr24
Corp
10
Typewr.-No par
Snider Packing
3
3s Jan
IX4 Jan
29
4
3434
734
46
Smith (A O)
Smith & Cor
May
% Aug
Apr
Feb 27
109
41
7%
*5%
No par
preferred
Preferred called..
$6
3
5%May
Sept
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
83 conv pref A
No par
9%
*36
Skelly Oil Co
15
15% preferred
..100
Sloss Sheffield steel A Iron. 100
Jan115
Apr
105
1
115i2 Jan 11
Jan 16
7%
8%
6% Jan 13
36% Jan 11
10% Mar 15
Apr
4412 Sept
Jan 29
4,000
7734
1%
Oil
Feb 24
50
4
8,300
1,500
43%
343j
56%
2
Sheaffer (W A)
Shell Union
31
15
2
18
26
2
Jan
65
6
46%
34%
*10%
42%
10%
G)...No par
Pen Co.No par
No par
Shattuck (Frank
3
49
Sept
%
334
21
2,600
20,200
1,900
3,000
34%
734
5%
*734
43%
35
5634
7634
7%
Sharpe A Dob me
No par
$3.60 conv pref ser A .No par
17%May
1*4 Jan
80«4 Jan
12%May
12% Mar
64% Feb
4% Feb
61
3
3$ Jan 2
734 Feb 21
No par
5%
34%
4
34%
43%
77%
7%
Sharon Steel Corp
Apr 24
% Jan 2
% Apr 22
May
Highest
\ per share
10
Aug
Spencer Kellogg A Sons No par
20
23
7%
——1
No par
No par
Servel Inc
106
per
600
23
5%
*3%
34%
7%
5%
e%
4634
100
6%
*67
5%
*3%
734
I
5%
46%
46
34%
*6
6%
3,600
2%
200
3%
734
21*
2%
4%
6%
4
100
4%
46%
46%
37
5
3%
4
*35
*4%
4534
46%
13,000
7,700
3,900
5
6
*6
12%
15%
27
*15%
16
16%
*6%
*36
5
*15
16%
29
8%
15
23
2
2
2
7%
24%
*5%
38
22%
6,700
30%' "5^500
23
77
300
26
10% |
17
2414
29%
*6
800
500
15
30%
11%
63%
29%
*16%
29%
*6%
6%
*36
934
2
2
2%
30%
12%
1584
2634
35%
10%
10%
63% 63%
123% 123% *123
123%
9%
9%
934
9%
2134 2134
*21% 22
10%
*62
123
934
,2I«
3334
34%
56%
56%
56%
9
9
9%
9%
9%
64
64%
6334
6384
65
37%
37%
37%
37%
3834
7%
7%
7%
7%
7%
107%
107% *105% 107% *105
1%
1%
1%
1%
1%
5
5
5%
434
4%
18
18
18%
18%
17
20
21%
21%
22
2034
22
22%
22% 22%
22%
27%
28
27%
28
28
42%
42%
41%
4234
4234
*33
34
33%
33%
3334
22%
2734
4234
34%
17%
2084
22%
27%
2%
15
28%
29
29
152%
152% *150
35
9%
22%
11%
*68
*67
*67
2134
10%
15
2%
*1434
29%
2834 29%
2734 2734
147% *150
152% *145
152% *145
*15034 152l2 *145
30%
30%
30%
30% 30%
30%
30%
30% 30%
12
12
12%
12% 12%
1214
12%
12%
12%
16
15%
15% 15%
1534
16%
16%
1558
16
26%
26% 2634
26% 27%
27%
27%
26% 27%
*35
*35
35%
36%
36%
*35
36%
36% *35
234
*534
22%
11%
2%
*22%
10%
Seagrave Corp
No par
Sears Roebuck & Co...No par
Apr 24
20
1,900
24,700
1,400
23%
11
2%
23
preferred
tSeaboard Air Line
4-2% preferred
100
Seaboard Oil Co of Del.No par
112
No par
Slmms Petroleum...
10
Slmonds Saw & Steel-..No par
2,660
23
$4
No par
No par
No par
3
Jan
Simmons Co
1121*18 112i*i« 112"18 1121*16 112»i8 112"*2 1I2"m 112«« 112»as 112»%j 112 *7M 1I227,2
*17
*17
*17
*17%
18
1734
1734
1734
16%
1734
I6I4
I6I4
0
9
*9
*9
9%
*834
9%
*9
9%
9%
97s
9%
23
No par
84
t
% Apr 22
4% Apr 26
40% Apr 18
6H% conv preferred...10
Silver King Coalition Mines. .6
500
114
114
*113%
*113%
....
preferred
Co
14.50 preferred.
8%
Scott Paper
11*4 Jan 23
72
105
300
115"
" *u2' 115" *112"
112
5K% preferred
JSchulte Retail Stores
share
14*4 Mar 27
1,100
107
*5%
*2114
Year 1939
Lowest
Highest
$ per share
3,200
106%
106% *106
106% *106
a 106
106
106% 106% *106
5%
5%
5%
5%
*5%
5%
5%
5%
*5i2
5%
5%
20
21
21
20%
2034 21
21% 21%
2U4 2H4
21%
*2
*2
2%
2%
*2%
3
*2%
3
2i2
2%
*23a
212
*23%
24
*23%
24
2384
24
*23
23% 23%
233s 233s
23i2
21
2034
21%
20% 21%
21%
*20% 21
2014
21J2
*19% 20>4
*10278 10318 *102% 103% *102% 103%
*106
6
100
1
100
Schenley Distillers Corp
$5 conv preferred
~2~666
5
5
54%
634
*3834
Pas
Shares
%«
%e
*42%
4334
4334
112*4
U234 *112
11234 11234 *112
1077« 10778 *107% 10734 *107% IO784
%
%
%
%
%
Ji«
%
May 3
14
83%
13%
*82%
13%
84
%
4%
42%
43
43
44
*43
%
*438
Lowest
Week
% per share
Range for Previous
On Basis of IQO-Shars Lots
STOCK
EXCHANGE
the
Friday
i
|
May 1
$ per share
Apr. 30
$ per share
*81
aj«
Thursday
Range Since Jan. 1
STOCKS
Sales
share, not per cent
• Wednesday
Tuesday
Monday
Saturday
May 4, 1940
45
Apr
4
Feb 19
1834 Apr 22
4
883s Jan
116%May
17i2 Jan
98
Apr
2
8
8
Apr
11% Dec
1934
1%
17i2
7%
Sept
Apr
Apr
Apr
34 Dec
34i2 Sept
6
Aug
65% Apr
IO884 Sept
15% Aug
81l2 Apr
5
89i2 Feb 10
78
2234 Jan 11
2714 Mar 20
20is Mar
43i2 Jan 15
14% Jan 15
15% Jan 2
53% Apr 16
31
Mar
2384 Apr
4
18
Apr 17
llli2May 3
54% Feb 5
17% Jan 12
1
Mar 5
119
Feb 23
6
42
3654 Mar
xEx-div.
y
65%May
19% Apr
2% Apr
Ex-rights.
2
5
4
Feb 13
Apr
Aug
7% Apr
14% Sept
112% Mar
52
Apr
13%
Apr
2
Apr
30%
Apr
1 Called for redemption.
Volume
LOW
AND
Saturday
Apr. 27
*458
434
•43a
62
4%
SALE
PRICES—PER
NOT
Record-Conciuded-Page
Sales
CENT
PER
Wednesday
Apr. 30
May 1
*4%
62
6I4
*458
62
60
9 per share
63s
6i4
47g
*458
60
*58
6i4
47g
Par
7,500
478
434
700
60
60
62
Lowest
Shares
6i2
United Drug Ino
United Dyewood
40
4%
412
412
4%
45s
4%
4%
33
3314
805s 80%
12%; 12%
3314
*32i2
3278
3278
500
805s
12i8
81
8112
12U
8134
33U
81%
1214
81%
12U
8234
82
8212
5,400
12i2
12U
1212
llfl8 114% *113 1145s *113 11434 *113 11434 *113 11434 all3ig 113i8
lUg
IH4
1H8
llig
1078
11
1058
1034
1034
1034
1012
105s
6%
6%
6I4
6
6I4
6
6I4
6
6
*558
6
6%
534
534
*512
034
512
5t2
5i2
*53g
534
5l2
*92
94
94
93l2
94
94
94
95
95
94
12,000
914
914
9%
8034
*9U
80
*178
4%
1214
*9%
914
80l2
12%
914
9U
81
834
*8%
817$1
179
,*178 " 180
578|
533
533'
*538
*3134
2612
34
*3134
2634
265s
7
»
7
IH2
♦68I2
O^34l2
*3712
34
11%;
71 |
11%
71
o„,.
I
71
o.
343s
38
34,8
37i2
11
1
1
1
3H8
3H2
10H2
6OI4
69%-
101
6OI4
69i4
60i2
31l2 32
1005s 10H8
*6014
6II4
*69
61%|
123%'
123l2
*37
♦7%
70
61is
6178
*46i4
47
64
1578
„(
*66
*154
*100
103
%
17%
102
%
37I4
*3412
102
37i2j
~28%
27%
117
117
*12
1278
*42
44
*33%
34%
*86
11%
*42%
*33%
®i«
1934
*.«» -
*1
-
1%
1%
78
7%
*1%
78
7%
*227g
*97%
5%
31%
"7%
*7%
*1%
*22%
3%
*97%
5%
98%
534
33g
46
26%
*71
73
1123g 1123s
129
129
*31%
32
38
38
*37%
383g
*55
67
*97% 98
*30% 31
*96% 105
*66%
69%
*10%
11%
12%
13
9%
*884
534
534
*47
60
*22%
2%
3%
22%
2%
3%
6%
634
*68%
6%
6%
6934
*120
26%
40%
22%
26%
40%
23%
71
*40%
*5034
♦121
4034
5134
123
9234
*22%
17%
9234
23%
17%
*121% 124
*12%
42%
*91%
*21%
*15%
3%
♦
12%
43%
94
21%
15%
3%
*86
*7
1%!
1%
*23%
3%
46
*44%
*1%
1%
8%
19
*22
22%
4%
4%
I
*6%
*28%
*18
22
*43s
7%
1%
2334
3%
453g
*1%
3%
46
13g
8%
*6%
30
*29
26%
18%
*22
22%
4%
*438
*82
1%
1%
7%
538
26
25%
26
73
72%
72%
113
25%
*70
3%
45%
13g
3834
4%
*6%
4%
7%
uu
110
110
110
112
112
112
*%
22
22%
2334
*4
*6%
*%
213g
36%'
34
4%
7%
*4
"16
22
*65
97%
30%
67
*55
97%
3034
*97%
67
67
*48
*49
*10%
13
*834
6%
58%
23%
3%
23%
*2%
3
6%
*46
23%
*27g
3
6
6%
0
034
6%
7
,
69341
6%
*68
69%
*120
26%
23%
26%
40%
22%
40%
227g
132
133
133
32
32%
38%
38%
*38
*38
60
*60
97%
97%
297g
31
*96% 120
66%
66%
*934
10%
12%
127g
9%
634
6
6%
66
*96% 120
*66% 67%
*934
10%
12%
12%
9
9%
7%
58% *52
23% j
23%
3
I *2%
3
3%
68
*120
26%
40%
23%
21
112
97%
30%
1234
834
6I2
3
21%
23%
•57g
6%
65
55
26
40
2534
3934
217g
22
*51
5,200
7,400
64%
800
26%
3978
23%
14,500
13,500
64
26
40%
39%
*38
51
52
50
50
*121
125
121
121
118
120
93
93
*49% 50%
120% 120%
93
93
92
92
92
23%
23
23
22%
17%
23
*22
43%
4334
93%
93%
22
16
3%
Bid and asked
22
600
4334
41%
4234
42%
43
16
16
16
3%
21
21%
15%
15%
3
no sales on this
22
12
22
*3%
23%
*17%
1734
119% 119%
3%
day.
*93
110
1,200
99
17%
1734
119% 119%
12
123s
41%
44%
*93
99
21%
15%
21%
22
22%
15%
15%
3%
3%
15%
3%
| In receivership,
3%
a
220
100
3034 Sept
9%
50'4
141$
Oct
20% July
7
Dec
147$ Mar
27$ Jan
Feb 19
50
Jan
3
17$ Jan
3
9
Feb
1
Jan 10
Jan )0
Jan 10
Mar 16
30
Feb
1% Nov
6% Apr
19%
Apr
1434
20
Apr
Sept
44
07$
58
Mar
Jan
July
37$ Jan
1334 May
3534 Oct
243$
3284
334
Jan
Apr
Dec
80
Dec
29% Apr 16
16
July
28%
Jan
75
55% Aug
Jan
4
47$ Feb 23
Jan
4
17$
Jan
Oct
79
Jan
107%
112%
Deo
8
88
Apr
106
Deo
105% Sept
115
Nov
102
105
Mar 27
3234May
2 53gMay
1
1057, Jan 15
•
Apr 27
129
26
3
Apr 29
407$ Apr
5
4
Jan
1
118
20% Apr
36% Nov
%
Apr
Jan
120
0'4 Sept
11% Sept
Deo
Apr
37
May
34% Apr
10%
Apr
33% Jan 23
353g Jan 19
38% Feb 13
39% Jan 3
15%
Apr
60
2
67
94% Jan 29
98
May
2534 Jan 18
100
Apr
8
66% Jan 23
9
71
Mar 19
Jan
3
4
3
Jan 15
Apr
5
634 Apr 13
73$ Apr 22
47« Jan 13
6IS4 Jan 5
1
Apr
3% Jan 11
3% Apr 22
5
2
July
74
11% Apr 18
137g Apr 9
11% Apr 10
7%May 3
57% Mar 8
247gMay 2
1934 Feb 28
234May
1% Jan
Apr
42
35% Apr 9
105
Apr 30
10% Mar 18
4% Mar 23
4% Jan 2
38
*29
4
Jan 30
Mar
70
Mar
121%
277$
42%
2334
Mar
6
1
Apr 9
Apr 5
Apr 24
Oct
Oct
8% Dec
7
Apr
3% Sept
134 Aug
14
Apr
14
Sept
23$ Aug
1
June
23$ June
27, Aug
32
Aug
1051$ Apr
15
Apr
30
Apr 23
43
41
Apr 29
23% July
31% Apr
53% Apr 23
93
Apr 9
Apr 26
2184 Apr 18
16% Mar 19
1157$ Jan 5
25
Jan
3
19% Jan
4
10% Feb
124
Apr 23
14
Apr 16
1
May
85
Apr
75
Mar
18»4 Sept
11%
Apr
98
Apr
9% Aug
12% Mar
1584 Oct
7
6%
115
Sept
3184 Sept
50%
Jan
23%
Jan
74
Oct
09
Oct
38%
53%
124i2
85%
Sept
Sept
Nov
Deo
33% Mar
217$ Oct
127
Nov
21% Jan
56% Sept
48% Jan
3
30
Apr
93% Apr29
28% Jan 4
1734 Apr 8
74
May
92
17
Apr
34
12
Apr
4% Apr 22
2
Aug
21
Jan 15
May
1
14% Feb
3
2
*
Feb
77$ Sept
60% Nov
86
1
Jan
4% Nov
3434 Nov
20% Deo
4% Nov
3% Feb
377gMar 16
par
Oct
78
69
129
Oct
July
Apr 23
Jan 22
97
45
Marl0
Jan 22
75
Jan
34
85
Mar
28% Deo
39% Deo
39% Deo
80
Jan 25
43% Mar 16
Sept
145
Jan
71
105
121
80
69
par
Sept
Sept
387$
Apr 19
17% Mar 18
2
37% Sept
15% Apr
Sept
10% Apr
47% July
62
Deo
Apr
107$
18% Apr
82% Apr
Jan
138
Jan 20
19%
Jan
283$ Jan
28% Jan
Deo
151$ Nov
2%
3%
8% Apr
22% Mar 18
2
Cash sale.
Dec
Dec
3% Deo
Jan
Jan
Jan
r
1%
21
Jan
108
Mar
New stock,
Apr
Oct
118% Apr 30
22
n
4
8
23% July
98% July
114% Jan 10
13% Mar 19
6H% preferred ser A...100
Youngst'n Steel Door..No par
Def. delivery,
Jan
Apr
383$ Jan
onlte Products Corp
85
37$ Sept
3
Sept
Apr
116
Corp....No
June
85
10
enlth Radio
3
1
5% Apr
151$ Apr
95
Young Spring A Wire..No par
Youngstown S A T
No par
8,800
1,100
1,300
3,000
2
Jan 30
10
100
Sept
9
No par
Preferred
1,200
Mar
3
Apr
No par
Yellow Truck A Coach cl B..I
11,100
131
110% Apr 12
1
25
Deo
Mar
115
5
WrlgleyfcWm) Jr (Del)-No
Yale A Towne Mfg Co
101
July
Sept
102 % Feb 14
111
20
6% preferred B
100
Prior pref 4H% serles._100
Prior pf 4>i % convserleslOO
Wright Aeronautical...No par
1,600
Mar 15
03g Jan
Feb 15
10534 Jan
Worthlngt'n PAM (Del) No par
7% preferred A
100
500
92
12
99
120
40%
51%
121%
15
16%
9%
1%
25%
4%
Mar 18
Woodward Iron Co
71
40%
50%
91
12
*93
*
92
12
94
22
prices;
40%
12%
*91%
*21%
3%
17%
118% 119%
71
118
35% Jan 11
6% Feb 1
% Jan 31
21
May 3
8% pref. 100
Apr
1% July
24
Woolworth (F W) Co
2,500
101
5
68
No par
preferred
Wisconsin El Pow
25%
39%
22%
397g
2234
2% Jan
13$ Mar 0
75g Apr 5
23% Apr 22
Jan 16
21
0% conv preferred....... 10
86
Apr
112% Sept
80
6% pref.. 100
Union Telegraph. 100
Wilson & Co Ino
Sept
Apr
»4 July
Feb 21
.100
Wilcox Oil & Gas Co
*120
Mar
3% Jan 13
Willys-Overland Motors
18%
2%
13g Jan
3
100
84 conv preferred
Prior preferred
1,800
100
31% Jan 5
283$ Feb 7
20% Apr 22
3% Jan
White Rock Mln Spr Co No par
White Sewing Mach Corp
1
2,400
25,700
6%
40%
12%
42%
100
Nov
347$ Apr
54% Aug
116% July
44% Dec
56% Aug
65
Sept
2934 Deo
684 Sept
3384 Sept
4
.100
85 conv prior pref
No par
White Dental Mfg(The 88) .20
White Motor Co
1
2,700
6
52
1734
18
119% 121
70
Jan
22
No par
Wheeling Steel Corp...No par
6% preferred
100
400
534
6%
41
'39%
4,200
Sept
40
Apr
641$ Apr
35
17
5% conv preferred
...30
Wheeling & L E Ry Co.... 100
100
5H % conv preferred
40
320
40
16
9
1% Jan
No par
No par
1st preferred
50
Weston Eleo Instrument. 12.50
Westvaco Chlor Prod..No par
800
6
5134
71
160
Sept
Sept
4% July
Jan
3%May
45%May
1% Apr 11
6% Jan 13
2 834 Mar
25% Apr 13
No par
100
21
17
6
48
217g Jan
No par
preferred
Western
Jan
15% Apr
5% Jan 19
6
Westlnghouse Air BrakeNo par
Westlnghouse El & Mfg
50
1,100
1,100
3184 Jan
118
14% Apr 30
7% Mar 20
Western Pacific
5,900
5,400
4,300
4% Jan
Jan 22
29%May
par
100
Maryland....
4% 2d preferred
100
31% Mar 14
0'4 Feb
..No par
Western
500
41
71
24
Mar 27
937g Jan 31
7%
6%
Aug
Apr
1
100
Western Auto Supply Co... 10
14,100
*70
*62
100
Wesson Oil & Snowdrift No par
84 conv preferred
No par
West Penn El class A..No par
200
3%
66
1
No par
preferred
Feb
1
125
100
Webster Elsenlohr
4,900
27g
71
100
preferred
100
WestPennPowCo 4)^ % pf.100
West Va Pulp A Pap Co No par
6% preferred
100
234
*62
25
pref..
78
Jan
Sept
100
conv
103
Apr
25
20% Apr 19
110
...No par
83.85
Sept
%
109
2
4634 July
4
Sept
8% Mar
2% Oct
45%
387g Apr 16
397gMar 15
117% Apr
467g Apr
59% Feb 28
Mar 18
42%May
3 ls4 Mar 14
89
Apr 17
preferred
140
6
16
5% Jan 23
Detlnnlng Co
Oct
is4 Deo
038 May
13$ Apr
65
3
5% pflOO
JWarren Bros Co
90
3
634
56*4 Jan
39
Feb 29
Apr 17
7g Apr 27
3
20% Jan 18
7%
180
3
Jan 23
27%May
par
Warner Bros Pictures..
330
3%
19
283g Jan 22
32
May
43
Jan 22
Mar 27
84 Apr
11434 Jan 23
No par
Ward Baking Co cl A ..No
par
Class B
No par
58
24
247g
*120
25%
397g
213g
70
112
16% Jan
Preferred
600
*%
Jan 19
Jan 15
159
25
Walworth Co
8,200
*6%
Feb 13
% Jan
No par
Walk(H) Good & W Ltd No
100
01
67
100
System
Walgreen Co
1,900
4%
73g
34
21%
24%
11434
133%
33
38%
3834
60
12
9
Chem....No
preferred
Jan 16
Feb
148
...100
100
30
13
June
7%
35%
June
82'4 Sept
1207g Sept
37% June
Deo
$3 convertible pref
4%
x70
Sept
July
Waldorf
200
343g
4%
7%
Jan
124% Apr 23
39% Apr 5
48% Feb 20
234 Apr 24
758 Apr 24
2% Apr 11
17
300
97%
11%
3%
3%
35
July
60
41% Aug
98% May
30
Sept
85
4%
253g
48
4
64
200
24%
Jan
70'4 Jan 11
683g Jan 3
Apr
400
1173g 1173g
6% Mar
5234 Jan
11434 NOV
68% Sept
May
18%
*102
Deo
9
1% Jan 19
54
100
22%
110
Jan
634 Jan
Washington Gas Lt Co.No par
Waukesha Motor Co...
5
Wayne Pump Co.........
1
112% 112%
104% 105
Feb 19
1%
31% Apr
86'4 Apr
60% Sept
preferred
Warren Fdy & Pipe
*109
5
3
April
65
4H % pref with warrants 100
70
1,600
2534
727g
1'4 Jan
41% Jan
37% July
40
100
25%
1
Apr 12
15% Apr 26
tWabash Railway Co
5% preferred A
5% preferred B
5,000
67
66%
10%
6%
600
98
*96% 110
35
500
114
38%
..No par
Apr
117
64% Feb 29
53% Mar 18
par
110
114
31%
38%
500
30%
30
66%
10%
58%
23%
21%
23%
95%May
59%May
300
"u
*6%
%May
2834May
1%
8%
30%
2634
*70
112%
3234
Oct
Mar
39
Jan
70
Vulcan
*82
25%
72%
15% Sept
34
par
46
*43g
534 Aug
67
*22
8%
31
Apr 23
Mar
77$ July
35% July
293$ Sept
10% Sept
49
*1%
*6%
*28%
2634
18%
26%
18%
22%
434
1*102
105
*121% 124
12%
1234
30
600
3%
12 34
Mar 26
Apr
13% Apr
3% July
Jan
180
Apr
115
Virginia Ry Co
6% preferred
300
1%
22%
Apr 25
7% Apr 23
113
40
*43
104% 10434
118% *11738 118%
24%! 23% 24%
3834
•
7%
1%
22%
3%
10438 1043s
105
18
400
1%
1%
23
28
100
Va El & Pow $6 pref
Va Iron Coal & Coke
20
7%
23
3234Mar 11
Feb 24
Apr
3234 Sept
31% Oct
...50
Preferred
5%
29%
1%
2334
110
113
*96% 105
*66% 67%
*10% 11
13
13%
9
9%
5%
6%
1734
90
1
*14 \
*82
26
97%
*22%
92%
*%
4
Jan
02
6%
*134
1
9
11
87% Mar
17% Sept
14
Sept
1334 Feb 20
Va-Carollna
300
7% >
*72%
67
*70
*
700
7%
*7
31%
26%
90*2
1,000
600
23%
23% 2334
113
113% 114
113%
12934 130
*131% 133
*131% 133
32
32
31% 31%
31% 31%
38
38% *38
38%
38% 38%
38
38
*3734 38%
38% 38%
40%
22%
90
700
4,500
1,900
114%
*120
34
5% Aug
65% Sept
14934 Sept
Sept
7% Sept
Apr 30
38% Jan 4
7% 1st preferred
100
Vlck Chemical Co..
5
Vlcks Shreve & Pac
Ry_..100
5% preferred
..100
Victor Chemical Works
5
1,100
5%
22%
23%
6%
6%
44
Jan 11
Nov
14
72
Vanadium Corp of Am.No par
Van Raalte Co Inc..
5
10
14%
"18
*69
120
Jan 25
6% Mar
9% Jan 18
50
No
Preferred
700
3%
Mar
15
117% June
33%May
Universal Pictures 1st pref. 100
Sales
..No par
12,100
2934
4%
7%
3%
3%
June
5
89
1
Vadsco
40
*26% 28
117% 117%
*10%
12
*43% 44
*3334 34%
27%
34
130
1,300
14%
7%
26%
23%
*234
3%
27
75
181
Apr 27
8
60
Steel Corp 1
Universal Leaf Tob
No par
79%
*26
3
3
Jan
Feb
8% Sept
35% Sept
95
Sept
43% Jan
17g Feb 15
8%
30%
*82
97%
1
79%
273g
100
30
1
27%
31
16
Jan
1034 Apr 11
103$ Jan 3
74
Universal-Cyclops
63
6934
16
*66
11
*5g
7%
19
*55
63841 *55%
155s)
6934
1,000
1,400
*14
19
233g
7%
134
600
27%' *2634
113
*7%
134
Apr 10
Apr
Sept
6% Apr
334 Aug
534 Mar
834
7% preferred
J25
United Stockyards
Corp
.1
Conv pref (70c)
No par
United Stores class A
5
16 conv preferred...No par
1,000
31
22
7%
1%
Mar 12
May
95
5% Mar 18
_
98%
*29
113
22%
233s
30
*98
110
21%
23%
600
98
*26%
73
Preferred
U 8 Steel Corp
800
98%
5%
5U
27%
18%
22%
4%
4%
*6%
*%
2%
98%
53g
103% 103%
•1173s 118% *117% 118%
24%
24%
24%
24%
105
105 '
*10334 105
39
39
1
387g 387$
4%
7%
47
98
*103% 104%
*43g
*6%
*%
37
110
Feb
10
Preferred..
U 8 Tobacco Co
Feb 24
Jan 15
100
8% 1st preferred
Smelting Ref & Mln
500
117%
1334
7%
7%
7% Mar
10
U 8 Rubber Co
2,200
11
6
2534 Apr
62% Apr
share
per
20
U 8
56,200
58i2
5%
30
1%
8%
113
703g
6178
122%
373s
3734
*46%
48
23s
2%
6OI4I
98%
2334
3%
*109
703g
123%' 122
6
29% Feb 13
100
JU 8 Realty & Imp....No
400
5%
*22%
3%
*43%
1%
*6%
110
95%
59%
*70
59%
*97%
2334
3%
46
112
31
99
59%
31%
100
1%
*38
*7%
*227g
1%
112
2834
6,600
23,700
7,000
Prior preferred
3
Jan
21
conv cl A ..No par
U 8 Pipe &
Foundry
U 8 Playing Card Co
100
23
1%
*109
7g
11
*1
7%
7%
*71
%
1
400
3
4% Feb
5
par
Partlc &
Jan
16
8% Jan 23
80
4% Aug
4% Deo
54% Deo
3% Apr
857$ jan
7% Jan 25
177
3
Highest
per share S
5
Mar
80
...100
Corp
35
3
4% Feb 5
5% Mar 18
par
5 H % conv
preferred
50
U 8 Industrial
Alcohol.No par
U 8 Leather Co
No
1,700
23
*%
7%
1%
*22%
3%
26%
1,200
23
1%
1%
14%
7%
1%
2334
*82
*26%
11%
74
337g
38%
23
1%
30
*4%
lUl
75 "I *7H2
34
3312
38% *3612
*%
14%
*22
600
lllg
.10
Mar 13
53g Jan
10% Jan 13
No par
preferred
U 8 Hoffman Mach
3,300
6%
*34
7%
22%
1
30
30
34
2714
6I4
112
6
65% Mar 14
Feb 27
117gMar
Co..._.:_._.L20
7%
400
26i2
75
Corp conv pref. 100
U 8 Freight Co...
No par
U 8 Gypsum
3,700
678
*134
1
14%)
22%
4%
*134
30%
*26%
18%
*31%
16 first preferred
100
2634
*43
44
14%
19
*4%
42%
I
303g
27
*82
3%
147g
31
*22
273g
3%
27%
27
31
19
8%
79% *
28%
*7
26%
1%
40i8]
147$
*1%
*6%
*29%
34
3278May
U 8 Dlstrlb
160
538
3634
3734
36% 3834
34
32
3234 *33
1 i6i8 116% *115% 116%
463s
46%
46% 46%
|
31
*43%
1%
*6%
53s
5
Paperboard..
ForeignSecur.._No
U84
50
1%
H4
7%
23
23
24
*43
180
180
584
CoaII._5
S
7% Apr 11
4% Jan 11
10 1
300
2
56% Jan 10
4% Feb 29
United
1,000
*1%
7%
*2278
147g
714
13g
83
833s
178
Year 1939
Lowest
% per share
Jan
100
United Fruit Co
No par
United Gas Ivaprov't..No
par
$5 preferred
No par
United Mer & Manu
Inc v
1,500
1,600
1
1%
1%
*
914
914
8312
5
Corp..... 10
United Electric Coal
United Eng <fc Fdy
200
1
98%
147g
44
134
"l
*1%
3T1«1
33
117% 117% *117%
90%
1
*15I4
nW
35%'
92%'
*134
99l2
I
12
44
23
5%
31%
117%j
34%
*87
90%
*134
79% *
283s
27%
3%
"*5i
3%
27%
26%
1134
44
31
'
59%
*8i2
*85g
157% *154
157%
*99
101
99% 100%
|
9912 100%
®i«
®l«
®16
®i«
®i#
%
*167s 1934 *107g
1934 *1678
1934
101%
®i«
*17*4
914
9I4
.
3134I
16
157l2 *154
79% *
28% 2834
283s
3%
3%
3%
*2634 28
27
117% 117% *117%
2S7g
3%
*3%
27%
I
1
6934 *66
15712 *154
38 I 37U 38 I 36%
35
I *3312 34 | 32%
11658 *116'8 11658 *116,8
4534 4534
46i8 46U *4514
*
34
*36%
78
99l2 101%;
60
I
37
46%
337g|
38i2
*59
35%' *34
*45U
1H4!
1H8
72
f *72
*66
7ig
ia4
101
|
1
305g
2678
634
*15
o,:
2l2
*15i4
®i#
®i6
17%
17i2
171*
72
33j2
*3612
34
16
4678
6934 *66
157l2 *154
15712 *154
11
*5i4
♦31l2
2634
*63s
6378
I
7-%!
15%
8258
178
51,
6934
38
*4683
<1,.
2i2
7%
134!
i34
63% *56i8
*15%
0934
*8i2
*834
914
8314
70% 7OI4! *70i8
58«4 60%
593s
123i2 124 (2123
*37
3778
37
46%
46% *4612
*214
212
212
7
7%
7%
134
1%
*134
*55
637$ *5512
25s'
2%
*66
*37
OsJ
95o
I
_
38%
*15
*55
1
*123% 124
*37
7%
134
*563s
134
3712
315s 32%'
10H2 103
6OI4 6OI4
69l2
70ig
60%
6178
12334 124
38i2
46l2
9r,o
258
7%
134
46l2
95o
258
11%'
72 I
341gl
7H2
3412'
34
I *3712
39
26%
634
7
*11%
834
180
| *31%
27^
*634
123s
5%
34
27
11%
*178
534
| *31%
27I4
7%
*678
817g
180
*5i2
82
Range for Previous
Highest
% per share
__s
Preferred..
1,400
33i2
4I4
3278
412
*33U
2841
EXCHANGE
Week
$ per share
6%
10
Range Since Jan. 1
On Basis of 100-Sfajrs Lots
NEW" YORK STOCK
the
Friday
May 3
May 2
S per share
478
*60
Thursday
.
4%
33l2
*33
'
STOCKS
for
Tuesday
|
478
*60
SHARE,
|
$ per share 1 $ per share
6i2
6i2
6%
6i2
05s
*60
HIGH
Monday
Apr. 29
$ per share
6%
New York Stock
150
Mar
Ex-dlv.
1
y
1
Ex-rights.
Sept
Sept
22% Jan
37$ Sept
\ Called for redemption.
■~v
May 4,
1940
2842
York Stock Exchange
|k||s Bond Record—New
YEARLY
FRIDAY, WEEKLY AND
.
' {J®
shown in a footnote
defaulted bonds Cash and deferred delivery sales
when selling outside of the regular weekly range are
NOTICE—Prices are "and interest"—except for income and
unless they are the only transactions of the week, and
week's ranee
the range for the yea"*.
the month when the bonds mature.
which they occur.
No account is taken of such sales in computing
Italic letters in the column headed "Interest Period" indicate in each case
in the week in
The
Friday
Friday
Week's
Last
Range or
Range
Sale
Friday's
Bid
A
Asked
ll
Since
High
No.
BONDS
N. Y.
EXCHANNGE
STOCK
Week Ended May
United States
1947-1962
...1944—1964
4Mb..—
Treasury 4s
.
Treasury 3 *4b
Treasury
1946-1966
1940-1943
3 Ms
3Ms
Treasury 3Ms—
Treasury 3 Ms
Treasury 3Ms—
Treasury
o
120.20
J
D
114.24
3 Ms
D
j
3s..........-.1946-1948
Treasury 3s
1961-1966
Treasury 2 Ms
1956-1960
Treasury 2Mb—
..1946- 1947
Treasury 2Mb
.,1948-1951
Treasury 2Mb..
1951-1964
Treasury 2Mb—
1966-1959
Treasury 2Mb
1958-1963
Treasury 2Ms
—1960-1966
Treasury 2Mb
1945
Treasury 2 Ms
1948
Treasury 2 Ms
1949-1963
Treasury 2 Ms
1960-1952
Treasury 2Mb
..1961-1963
Treasury 2s
..194
Treasury 2s
1948-1960
Treasury
D
3
101.3
103.12
1
103.12 104.24
«,
m mm
*109.10109.13
ml m
2Mb
3s series A
2Mb series O
109.19 109.19
110.15 110.15
109.22
21
18
110.6
110.21
J
111.30
4
111
112.13
112.19
112.23
13
111.19113.10
111.8
111.10
13
111.8
109.28111.30
107.7
1Mb series M
68—......1962
♦68 assented
......1962
♦Chilean Cons Munlc 7b
1960
♦7s assented
1960
♦Chinese (Hukuang Ry) 6s
1951
♦Cologne (City) Germany 6 Ms. 1950
♦Guar sink fund
109.18110.1
110.17
111.27
—...
J
J
D
111.8
111.2
110.31
111.13
82
108.8
108.5
108.20
70
109.20
8
109.18 109.17
lb's'.i"
109
108.1
108.8
111.22
108.12
105.27 108
16
107.7
32
107.1
107.9
288
*109.2
109.5
mmmm
105.25108.1
108.10109.13
108.20
108.25
54
107.17 108.31
106.13
6
107
107.1"
>
106 TO 106.8
106.7
104.13
♦Costa Rica (Rep
107.3
105.5
''
-
105.13
105.18
9
104.13
21
102 23104.24
■
36
External loan 4Mb ser C
Ms external debt
Sinking fund 5Ms—Jan 15
*10810108.14
108.1
104.28
107.26 107.21
107.29
104.25
28
102.5.:
3% corp stock (Plan B) w
3% corp stock (Plan I) w
Foreign
&
Govt.
95 M
96 X
94 M
95 M
96 M
95 M
94M
301
95 M
350
16
95M
(Colombia)
♦Gtd sink fund 6s...
♦Gtd Blnk fund 6s
Akershus (King of Norway) 4s.
1947
1948
1968
F
1945
♦Antloqula (Dept) coll 7s A
♦External a f 7s series B
♦External s f 7s series C
1945
1945
1945
♦External s f 7s 1st series
1957
♦External sec s f 7s 2d series. 1967
♦External sec 8 f 7s 3d series. 1967
f 7s series D
*25 M
"~25M
25 M
26
::::::
"iik"
11M
11M
*11M
■m m m m
External g 4 Ms of 1928
♦Austrian (Govt) s f 7s
11M
3
1
11M
11M
mmrnm
12
9M
9X
10
8
9M
9M
67 M
72
30
64M
77
96
96
96 M
66
94
96 M
90
90
91
30
87M
9M
84 M
84 M
1
9M
13
16
7
11M
13«4
13m
17m
1
14
17M
12
5
10M
13
12 H
14
29
*12
O
J
O
26 M
26
27 X
26M
26 M
49
60
72
>73.:';* 85
80
77
100
102 %
99
a99M
102 m
a99M
1
60 M
101
60 m
60 X
81
102 M
5
56
63
91
85
67 M
102
63 X
62 M
69 M
165
60 M
60
65
55
8
3
6
2
20
J
23
21M
25
A
20
20
22%
19
18M
73
63 M
A
O
20 M
20
22
40
17 M
55M
72
72
72
1
71M
72
72
9
71
75
75
75 %
70
75
75
75M
75X
Af S
A
O
A
O
M
S
A
O
A
O
39
12
3
70M
*12
*15M
17
62 M
*12
88
87
87
V.
98 M
98 H
.1955
14
14
"92 M "102
83
102 M
100M
89
108
3
13
14
m
11 M
20
17 x
38
13M
14 X
109
13M
12M
23 M
18M
18M
14M
22
13
18M
3
57
9
57 M
78
87 M
.1958
♦Brazil (U 8 of) external 8s._
.1941
"l8M
♦External s f 6Mb of 1928.
.1957
14 M
14M
15
♦External s f 6 Mb of 1927.
.1957
14 M
14 M
♦7s (Central Ry)
.1952
14M
14
••••
.1957
*l"9M
57 M
57 M
.1958
57 M
20-year 8 f 6s
.1950
57 X
*
—riii
.1962
♦Budapest (City of) 6s.....
Buenos Aires (Prov of)
mmm
.....
60 M
59
69 M
"z6M
mmm
73
m
10 M
6M
5
7%
External s f 4M-4M8.....
*74
4M-4Ms.—
Bulgaria (Kingdom of)—
♦Secured sf7s
1
.1968
♦Stabilization loan 7Mb-..
.1960
Aug 15 1945
26-year 3 Ms..
1961
7-year 2 Mb
1944
1967
30-year 3s...
1968
........
♦Carlsbad (City) 8s
...
1964
1950
♦Cent Agrlc Bank (Ger) 7s
—
♦Farm Loan s f 6s...July 15 1960
♦68 Jan. 1937 coupon on_. 1960
♦Farm Loan s f 6s...Oct 15 1960
♦6s Apr. 1937 coupon on.. 1960
1942
♦Chile (Rep)—Extl s f 7s
...
1942
♦External sinking fund 6s._. 1960
1960
♦6s assented
m m m
•»'
b
Af N
1951
ser
B *47
F
J
67M
♦Lower Austria (Province) 7 Ms
1950
45 M
14
♦Medellln (Colombia) 6 Ms
Mendoza (Prov) 4s read!
1954
J
1954
15
11M
11
—
32
86 X
21
92 X
92 X
\
'
80
80
82 %
80 M
80
82 M
15M
14 M
)
♦6s assented
Jan 1961
"ii"
14"
0
S
S
"
1962
?
1962
1
33
"14"
1954
13
96 M
i*Treas 6a of '13 assent
1945
1933
14
"
11
22 M
4
7%
8
*6
8M
6%
6H
m
23
75
♦75
7
5
9
6M
5
48
Z2H
50
42
88 M
92
48
72
50
78 M
36 M
77M
54 M
91M
57
65M
54 X
44
80
5
53
50
47
146
86 M
91
103
62 M
*10
39
79
89
64
78M
88 M
6
7
MUan (City. Italy) extl 6Ms... 1952
Mlnas
Geraes
65
71
15M
14
15M
♦Sec extl b f 6 Ms
mm,
12M
....
"26""
*11
14
.
mm mm
15M
15M
2
14M
14M
15
15 %
1
14 X
11
.....
13M
11M
13M
15
16 M
.....
17
14M
17
12
14M
17
15X
6
13M
14
14 M
13
15M
4
12M
13M
14M
17
12
14M
13M
16M
12
14M
13 M
17
14
14M
*15M
♦15M
13M
14
11
mrnmm
"l4M
"3
mmm
"ii"
-
15
12M
14M
18
mmmm
13 M
14
2
16M
14 M
12
♦Montevideo
(City) 7i
*
♦6s series A...
New So Wales
s
f 5s.
m
11M
m
mm''
17 M
12 M
14
72
82 H
6
10
14%
'
4
80 X
80 M
D
%
M N
J
*1
mm
m
A
j
F
m
*%
D
'mm
'
m
mm
1M
m
m mm
mm
36 M
mm* mm
M
39%
71
12%
*9M
10M
1H
7
35
1M
....
*70
D
H
X
mm
IX
2%
1
*1M
71M
,
>
H
35
8
8M
mmrnm
1%
1
I
55
1M
*9M
m
O
1959 MAT
"
%
m
Y'j
1M
1H
53 %
12%
12«
44
71M
mm
40
71M
62
m
64 %
66
62
90 M
61
61
2
61
89
32
32
45M
9
32
97 M
38
38
45 M
10
38
97 M
24
24
33 %
19
24
90
24 M
24M
33 X
39
24 M
80 M
24
2 jk
34%
56
24
80
30
30 X
4
30
80
mm
mm
m
m
A
(State) extl 5s„1957
A O
Apr 1958
F A
Norway 20-year extl 6b
1943
F A
20-year external 6s
1944
External sink fund 4Mb——1956 Af S,
A O
External s 1 4Mb
...1965
F A
4s 8 f extl loan
...1963
j D
Municipal Bank extl s f 5s...1970
External
m
mm
15M
9%
10
D
-
m
—
D
1958 Af 8
M S
1959
1952
14
*12
(State)—
♦Sec extl s f 6Mb
2
mm
mmm mm
9
23
203
48
65
9M
7
87 M
,/7
10 M
7
m
mm
mmmm
28M
23
-
16M
*15M
^
♦Assenting 4s of 1904
♦Assenting 4s of 1910
15H
14 M
♦External sinking fund 6s... 1963
10
2
*0%
-
A
♦Assenting 5s of 1899
3
15 X
♦Extl sinking fund 6s..Sept 1961
♦68 assented
Sept 1961
mm'*
j
15M
*14M
1943
93 M
15 x
J
90
mmmm
7%
m
j
16
15M
J
82 M
92
15M
14M
7r
(
)
Jan 1961
95
J
O
1945 Q
*5M
m m,
2
15
mmmm-
D
(US) extl 5s of 1899 £.1945 q
♦Mexico
16
*11
♦Ry extl s f 6s..
A
♦4 Ms stamped assented
101H
100 M 107
91M
96 M
93 M
110
92 X
Y
16M
79
11
Mexican irrigation—
11
84 X
^
70
A
40
92 M
^
68
Japanese Govt 30-yr b f 6 Mb.—1954
AfN
Extl sinking fund 5 Ms
1965
56M
—
100M
.33333
21M
12
10
*
J
8
44
92 M
84 M
92 X
-
82 M
A
j
61M
100 x
)
82 M
10
Af 8
66
lT
J
\
.
15M
21
10
M N
56M
X
101X
""311
21X
13
AfN
1960
t 5b
Italy (Kingdom of) extl 7b
Italian Cred Consortium 7s
j
25
95
/
11 Ml
"lb" "20M
13 *;■'}
j
J
60
12 X
""
6M
'
J
♦Jugoslavia (State Mtge Bk) 7b 1957
F
♦Leipzig (Germany) s f 7s
1947
*6M
S
"lOM "?8M
13 M
13
68
15M
8
.....
*13m
21%
J
65M
63 M
93 M
J
2
15m
*24
O
57M
94
i
2847.
4s
5%
"36
0%
O
A
57 M
Y.vyy.
Feb 1961
♦68 assented
Irish Free State extl
A
J
17
>
1961
♦External sinking fund 6s
m mm-
15m
15%
AO
36
j
i
♦Extl sinking fund 6s..Feb
A
59 M
*6M
1952
6b
s
59 M
*41X
.1967
Canada (Dom of) 30-yr 4b
¥
59 M
"59 M
.1975
.1984
1968
f 6s Ber A... 1952
♦Hamburg (State 6s)
1946
♦Heidelberg (German) extl 7Msl960
Helslngfom (City) extl 6 Mb
1960
Hungarian Cons Municipal Loan—
♦7 Ms secured 8 f g
1945
♦7 8 secured s f g
1946
♦Hungarian Land M Inst 7 Ms. 1961
♦Sinking fund 7 Mb ser B
1961
Hungary 7Ms ext at 4Mb to... 1979
(Republic)
8M
—1968
61
.1976
3% external s f $ bonds...
mm
15
109
40
7m
6%
M N
58 M
.1976
External s f 4M-4Ms
80
14 h
"13 %
"ilk"
D
j
59
59
.1977
External read)
"o
F
.1961
Refunding sf4M-4Ma...
a
Italian Public Utility extl 7b...1952
,tr'
....
'■'7
118
106
9
79
14
.1960
Sinking fund gold 6s...._
Haiti
110
117'
12%
OM
13k
D
92 M
92
*108 M
j
13H
96M 105
97 m
in"
63 H
80
12M
19m
*"97M
97 m
Yd
...1964
♦6s part paid—
14
83 M
D
/
10
43
40
"75"
*48
Af N
1958
7b.J1964
♦Sink fund secured 6s
10
49
101M
6Mb..
Brisbane (City) s f 6a_
84
88
90 X
♦External sinking fund 6s.
....
90 M
60
6M
8
l*H
13 M
*44
M
75
UH
15
75
71M
*75
M N
75M
70X
*70%
German Prov a Communal Bks
♦7s part paid
13M
13M
j
1965
♦5Ms stamp (Canadian Holder) *65
♦German Rep extl 7s stamped-.1949
♦7s unstamped
1949
♦(Cons Agrlc Loan) 6 Ms
81M
13M
13M
unstamped
♦Greek Government b f ser
12M
7M
7M
89
For footnotes see Da^e
80 M
83 %
63
.1965
♦6s assented
79M
33
85
104
74
F
♦5Ms of 1930 stamped...... 1965
♦5 Ms
62
101
80 M
13M
*13M
1952
101M
56
13M
80
103 M
17
'"2
100
100
21
102 M
102 M
22 M
*18M
A
15X
70
*62 m
"rf"
52 M
17m
16%
16 X
16
*17 m
16m
S
F
34
25M
*25 m
M N
Af
84M
28 M
30
25m
*25 m
27X
29
28M
A
25 m
28
j
A
6M
6M
0%
6%
German Govt International—
HM
14M
95
87 M
87 M
83 M
.1949
External 30-year s f 7a
9M
63 X
.1946
External s f 6s
2
Af S
...
15M
15M
14M
11M
1
16
"70"
Belgium 26-yr extl 6 Mb
♦6s assented
29
11M
11M
9M
♦Bavaria (Free State) 6 Mb.
♦7s assented
15M
3
1956
1967
8 f extl conv loan 48 Apr.
Australia 30-year 6s.....
External 6s of 1927
30-year 3s
66
11M
1967
8 f extl conv loan 4s Feb
♦6s stamped
40
*6
37M
28 M
1971
1972
1972
1955
S f external 4Mb
♦Berlin (Germany) s f
26 X
25 M
31
A
Argentine (National Government)
8 f external 4Mb.
...1948
,
14
14m
D
J
1948
Estonia (Republic of) 7s
1967
Finland (Republic) ext 6s
—1945
♦Frankfort (City of) s f 6Ms_—1953
French Republic 7 Ms stamped. 1941
7 Mb unstamped
1941
External 7s stamped
1949
7s unstamped
1949
"TH
1968
Antwerp (City) external 6s
10-year 2 Ms
13m
11M
Municipal
Agrlcultura JMtge Bank
s
12M
1
11M
12
♦El Salvador 8s ctfs of dep
♦External
Ti
13m
S
S
1942
..1955
Apr 15 1962
Dominican Rep Cust Ad 6Ms.. 1942
1st ser 6 Mb of 1926
1940
2d series sink fund 6Ms
1940
Customs Admin 5Ms 2d ser..1961
5 Mb 1st series
1969
5 Ms 2d series1969
♦Dresden (City) external 7b... 1945
101.10102.12
96 X
1..1980
1—1980
13 M
14 %
17m
M
External g 4 Ms
New York City
Transit Unification Issue—
11M
14%
M
External gold 5Ms
104.8
2
102.10
13 M
16
13m
Af N
Denmark 20-year extl 6s
107.18108.12
104.25
14
104.12
13M
Mb—June 30 1945
1951
♦Sinking fund 8s ser B.
104.26 105.2
*104.18104.22
——
1
♦Czechoslovakia (Rep of) 88
104.20105.15
2
14m
15
13m
1977
1953
♦Public wks 5
107 26108.21
108.4
104.26
108.1
108.24
108.9
——
I'M
AfN
1949
1949
4
16M
"~5
*12%
14 %
of) 7b.......1961
External 5s of 1914 ser A
12M
13m
14 %
5s of 1904—1944
Cuba (Republic)
102.20104.23
104.16105.30
103.31
104*4"
High
Low
No.
13
*14m
107.2
105.1
3
106.8
104.3
106.9
Since
High
Low
13
6 Ms—.1947
M JV
♦Sinking fund 7s of 1926
1946
F A
♦Sinking fund 7s of 1927—1947
j D
1962 AfN
Copenhagen (City) 5a
25-year gold 4Mb
1953
F A
J^Cordoba (City) 7s stamped—1957
J J
Cordoba (Frov) Argentina 7«..1942
109.19
107.12
107.12 106.26
Oct 1961
Jan 1961
1928
♦6b of 1927..—
♦Colombia Mtge Bank
106.28108.30
111
of
♦6s
109 16
108.2
(Republic of)—
Colombia
108.28 109.26
6
109
1942-1944
1945-1947
...
104.10105.17
A
a
Loan Corp—
May
1 1944 1952
Home Owners'
109.11109.30
6
Corp—
..—Mar 16 1944-1964
May 16 1944-1949
Jan
15 1942-1947
Mar
1 1942-1947
3s
mmm
m
104.13
Federal Farm Mortgage
3s
102.8
101.8
104.11 104.11
A
-
3Ms
115.9
103.12
8
Af
114.9
101.8
m » m m
m m.
& Munlc. (Com.)
Bank 8Mb
.1957
♦8Mb assented
..—1957
♦Sink fund 8Mb of 1926
1961
♦6Ms assented
1961
♦Guar sink fund 6s——...1961
♦6s assented
...
1961
114.14115 6
*114.30115.1
«"•
m
Jan. 1
Price
♦Chile Mtge
119.30121.6
114.24
Range
Friday's
Bid
A
Asked
Foreign Govt.
High
Low
1
121
M 8
1
Jan.
Range or
Sale
h
STOCK EXCHANGE
Week Ended May 3
N. Y.
28
a
1941-1943
1943-1947
1941
1943-1946
1944-1946
1946-1949
1949-1962
3Ms
Treasury 3 Ms
Treasury
Low
Government
rreasury
1 Treasury
Price
3
Week's
Last
bonds
*m
—
*70
75
m
m
Volume
150
New York Bond
Friday
Range or
N.
Y.
STOCK
EXCHANGE
Sale
Week Ended May 3
Foreign Govt. & Mun.
(ConcT)
1952 F
1953
1955 A
.
♦Stamped assented
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
♦Nat Loan extl
s
♦Nat Loan extl
1963
1961
9)4
9%
9)4
7 '■.
J
1966
J
1951
M
1952
8 f
—.1941
7s
25-year external 6s
♦Rhlne-Maln-Danube 7s A
13
13
A
O
98)4
98)4
78)4
99 %
"9)4
"9)4
"l4
8%
9)4
5
A
1946
A
O
♦6s extl s f g
1968 J
D
♦7s extl loan of 1926
♦7s municipal loan.....
1966
1967 J
1959
F
Santa Fe extl
1964
41
40
J
*9
M S
...1952
MN
§♦83 extl loan of 1921
♦10 %
8)4
1936
♦6s extl dollar loan
M
1968 J
f 7s
..1940
SH
*13
A
10 %
S
J
9)4
33)4
O
Serbs Croats A Slovenes
♦Silesia (Provof) extl 7s..—
♦4%s assented
1958
J
F
10
A
f 5%s
1971
Tokyo City 5s loan of 1912—
External s f 5%s guar
oj 6s
♦External
s
J
61
8
12)4
9)4
22
A
1946 F
J
O
56)4
35)4
59 %
60
A
*62)4
"75)4 *80""
12)4
754
12
*9
7
10)4
23
13)4
8
9)4
13)4
7)4
7)4
12)4
11)4
37)4
"Vk
5)4
....1979 MN
1979
3^-4^-45ii8 extl conv
4-4%-4%s extl readj
3%s,extl readjustment
....1978 J
1978 F
53)4
40
53
15
50)4
7
53)4
17
1984 /
J
39)4
F
53
51)4
46
56)4
40
51
8)4
8)4
*5
A
1961
43H
43)4
39)4
"40"
*8
A
F
65)4
44)4
40
*39)4
O
J
D
5%
5)4
59)4
N. Y.
Week Ended
RAILROAD
Last
Rating
Sale
See A
STOCK EXCHANGE
Friday
Elig. &
60)4
Prtc$
May 3
-
5
14
56)4
7)4
•
69
u
Bid
&
0 co
Ask
Range
Since
Jan. 1
COMPANIES
Coll trust 4s of 1907
1947 /
2
56
54%
1
*104%
l
104%
104%
2
l
108
108%
11
59%
1
ybb
1
Ala Gt Sou 1st cons A 5s
x
aa
4
aa
cons
1946
Alleghany Corp coll trust 58.1944
Coll &
conv
5s..
55
2
x
6s with warr assented... .1948
bbb3
ybb
1949
♦5s stamped
2
b
x
Albany Perfor Wrap Pap 6s. .1948
Alb A Susq 1st guar 3 )4s
4
yb
1943
59%
*109%
*108%
y
1943
48 series B
«
-
-
-
b
3
73%
2
44
y
♦Alpine-Montan Steel 7s
1955 M 8
Am A Foreign Pow deb 5s...2030 M S
y
b
J y b
1
108%
-
-
55
5
58
82
82%
73%
60
44%
172
73
5
21
-
101%
1
98%
107%
99
99%
108%
109
*16
7
31
mi*
mm.
64%
05%
104%
104%
104%
23
105
105%
2
....
3)4s debentures
3)4 s debentures
Am Type Founders
*
57%
31%
Ref A gen ser F (int at
1%
to Sept 1 1946) due—1996 M S
♦Conv due
Feb 1 1960 F A
z
ccc4
26
26
26 H
78
24%
28
z
cc
3
12
12
12 H
195
12
15%
3
56
55
56
18
55
59%
43%
49%
58
—
PfgLE&WVa System—
Ref g 4s extended to—1951 MN
ybb
S'west Dlv 1st M (Int at 3 % %
to Jan
1 1947) due...1950
Con ref 4s
4s 8tamped
107% 108%
64%
60
53
61
82
43
87
76%
83
66%
74%
47%
64%
41
105% 107%
100
101 %
99%
107% 111
17%
17%
60% 68%
102
105%
103
105%
107su
107*16
135
109%
109%
105%
26
108
39
107% 110%
109
105
Am Wat Wks A Elec 6s ser A. 1975 MN y bbb2
108%
108
109
Anaconda Cop Mln deb 4%S-1950 A
102%
102%
103
jL'm
*38%
8
107*16 109%
105
107
107
41
{Ann Arbor 1st g 4a—.—.1955 Q
2
J y bb
1
Ark A Mem Br A Term 5s.. 1964 M S
Armour A Co (Del)
45
x
bbb4
4s B—1955 F
A
x
aa
2
99%
103%
1957 J
J
x
aa
2
103%
1st m s f 4s ser C (Del)
5
42
102% 107%
99%
103%
103%
34
45
11
99%
104%
104%
7
57
60
Atchison Top A Santa Fe—
General 4a
.....1995 A
O
x
aa
2
.1995 Nov xbbb3
Stamped 4s..
—..1995 MN xbbb3
Conv gold 48 of 1909.....1955 J D x aa 2
106%
Adjustment gold 4s...
a95%
104%
100%
aa
109%
a
109
109%
108%
aa
x
aa
x
aa
x
x
1958
Cal-Ariz 1st A ref 4%s A—1962 M S
.
D
x
Atl A Charl A L 1st 4%s A..1944 J
J
x
bbb3
1944 J
J
x
bbb3
Atl Knox A Nor 1st g 5s
1st 30-year 5s series B
1946 J
19
104
x
Conv deb 4)4s
Rocky Mtn Dlv 1st 4s —1965
1
87
104%
100%
aa
Conv gold 4s of 1910..—.1960
aa
......
Atl Coast L 1st cons 4s.July 1952 M S x bbb3
General unified 4 Mb A
1964 J D ybb 2
10-year coll tr 5s__May 1 1945 MN ybb 2
LAN coll gold 48...Oct 1952 MN ybb
2
175
80
a95%
97%
x
Trans-Con Short L 1st 4s.
106%
86%
a95%
97%
*95%
Conv 4s of 1905......—.1955
—..1948
105%
86
______
100
*99
*95
69%
54
52%
13
92% 101
1951
bb
3
bb
3
bb
"65"
65
2
aaa3
..I960
aaa3
116M
134%
1
sinking fund 6Ms—1959
b
1
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6 %s '56
Beth Steel 3 Ms conv debs.. 1952
b
1
cccl
bbb3
1959
107%
3
105%
a
Big Sandy 1st mtgs 4s
1944 J D x aaa2
Blaw.Knox 1st mtge 3 %S—.1950
A xbbb3
Boston A Maine 1st 5s A C 1967 M S y b
2
Stamped
M
Stamped
1st g 4%s series J J
ccc2
y
b
Certificates of depos t.
x
—1950
A x aa
3
D
x
1952
Consolidated 5s
1960 A
1966 A
52%
41%
45%
57
159
40%
66%
52%
194
44
79%
110M
102%
91%
50
50
49
*10M
79m
110
102 H
90 m
90m
98
115
97 m
99%
69%
52%
73%
64%
Guaranteed gold 5s
Guaranteed gold 5s
Guar gold 4Ms..June 15 1955
Guaranteed gold 4Mb
1956
Guar gold 4Mb
Sept 1951 M S
45
,104%
79
95%
aa
99
99
aa
aa
99%
99%
97%
99%
x
aa
95%
aa
95%
aa
106%
60%
41
43
50
97%
100
99%
104%
99% 104%
103% 107
85% 87%
85%
89
2
92
93%
2
91%
97%
95
96
96
109%
109
77
101% 105%
9
99% 100%
108% 110%
106% 109
6
15
>-----
97
mm
70
79
89%
13
101
12
76
108%
84%
76
a
73%
ccc3
*45
Caro Clinch A Ohio 1st 6s A. 1952
D
x
a
108%
Carriers A Gen Corp 5s w w„ 1950 MN y b
Cart A Adlr 1st gu gold 4s_—1981 F A yb
*99%
36
97% 105%
22
21
95% 103%
95% 103
30
106% 113%
87
109
1C0
Oelotex
{♦Cent of Ga IstgSs—.Nov 1945
♦Consol gold 6s
1946
♦Ref A gen 5Mb series B..1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g 4s..1951
♦Mobile Dlv 1st g 6s
1946
Central Foundry mtge 6s...1941
Gen mortgage 6s
1941
Cent Hud G A E 1st A ref 3 Ms *65
Cent Illinois Light 3 Ms
1966
44
D y bb
Corp deb 4Mb w w_.1947
F
88
D
z
ccc2
A
z
ccc3
MN
z
cc
A
O
z
17%
*26%
6%
/
c
2
O
z
c
2%
D
z
cc
J
z
cc
M
S yb
*94
80%
74%
x
x
aaa4
z
101
♦General 4s.
79
44%
44%
44
3
89
28
109%
94% 100%
44
45%
85% 90%
1
rrM
"2
2%
2%
15
2
16
2%
19%
26$
30%
6%
8%
4%
7%
3%
I"
6%
"IO
96
4%
4%
95%
95
75
108
77
73
106% 109
*111%
110
b
51
51
*51%
3
z
ccc3
17
17
17%
316
..1987
z
ccc3
15%
14%
15%
13
1962
x
a
107 h
107%
{♦Cent New Engl 1st gu 4s._1961
{♦Central of N J gen g 6s.—1987
69%
70
108
17%
108
aaa3
O
60%
46
*70
M S
A
2%
4%
8 y bb
M
2
*8
99% 107
103
x
♦Cent Branch U P 1st g 4s__ 1948 J
100%
99% 107%
7
22
1
73
99
65
>
85
95% 103%
97%
97%
108%
63%
83%
J
114
114
Central N Y Power 3%s
111%
54
44
10%
20%
14%
18
106% 110
issue)—1950 M
issue)—1950 M
S
x
bbb3
S
x
bbb3
.1992 M S
Ref A imp mtge 3 Ms D..1996 MN
Re A Impt M 3Mb ser E..1996 F A
Ref A lmpt M 3 Ms ser F—1963 J D
J
Craig Valley 1st 6s__May 1940 J
x
aaa4
125
x
aaa2
1C0
x
aaa2
99%
x
aaa2
105%
x
aa;a2
S f deb 4%s (1935
S f deb 4%s (1938
Chesapeake A Ohio Ry
General gold 4 Ms
Potts Creek Br 1st 4s
1946 J
R A A Dlv 1st con g 48—1989 J
2d consol gold 4s
1989 J
Warm Spring V 1st g 6s..1941 M
♦Chic A Alton RR ref g 3s._1949 A
Chic Burl A Q—III Dlv 3 Ms-1949 J
27
68
77
Illinois Division 4s.——1949 J
General 4s
62%
62
75
12
69%
76
20
64%
70
17
59
65%
73%
61
54
58
1
66
45%
"27
02%
110'w 112111
"28
82
75
Champion Paper A Fibre—
96%
05%
108
F A ybb 2
69%
67%
69%
♦—...
67
Through Short L 1st gu 4s. 1954 A O ybb 2
Guaranteed g 5s—_——1960 F A y b
"47"
46%
47%
60
60
Central RR A Bkg of Ga 5s31942 MN y b
Central Steel 1st g s 8a
1941 M N x bbb2
*109»j» 110
81
Certaln-teed Prod 5 Mb A... 1948 M S y b
3
81%
81%
Cent Pac 1st ref gu gold 4s_. 1949
18
54
79
40
100
{♦Carolina Cent 1st guar 4s.1949
76
47
61%
61
102% 105
79%
a
102%
7
6%
69%
40
14
5
aa
102%
40%
3%
34
x
79
36%
66%
60
x
79
112%
108% 108%
4%
45%
a
99%
70%
97%
95%
95%
106%
60%
113%
109
70
105
x
93%
2
99%
92
87
112
111% 115%
93%
98%
105
107%
72
1946 M S
J
5s equip trust ctfs
1944 J
D
Coll trust gold 5s..Dec 1 1954
J
Collateral trust 4M8
.1960
Coll trust 4Mb
92
mmrnrn
99%
x
109
97%
101%
101%
101%
48%
55%
88% 106%
5%
4%
59
aa
31
37
;:.v 7
40%
*2%
x
5
98%
111%
*3%
x
11
107
109
38%
x
38
44%
18
113%
106m
109"
83% 103
82
92%
26
"~5
91
115
95%
x
109
31
56
113
45
aa
11
48%
106%
79
x
62
190
47 h
x
1957
1969
Oct 1969
1970
"IO
52%
52%
12%
79%
110%
9
110%
102%
*55m
106m
104%
O xbbb3
Canadian Nat gold 4 Ms
Guaranteed gold 5s
July
79%
48 %
*68%
a
12
l"06%
*108 M
b
x
109% 109%
10
196
O y b
O
100% 106
208
bb
y
...1955
104% 112
74
52%
56 m
aa
y
15%
163
106
57
Stamped modified (Interest
at 3% to 1946) due
2
1957 MN tb
{Burlington Cedar Rapid A Nor
|*lst A coll 5s
1934 A O z cc
z cc
♦Certificates of deposit
Bush Terminal 1st 4s
16%
15%
£0
2
4
16%
15
4
49 m
1957 MN xbbb3
Buffalo Gen Elec 4%s B
1981
Buff Nlag Elec 3 Mb series C.1967
Buffalo Rochester A Pgh Ry—
14%
15M
109m
54
bbb3
D y bb
*15% "17"
"16k
50%
3
Bklyn Un Gas 1st cont g 5s__ 1945 MN x a
1st*lien A ref 6s series A.. 1947 MN xbbb3
Debenture gold 5s
1st lien A ref 5s series B
"iek
99%
50
y
134m
65%
53 m
A xbbb3
45
72%
115% 117%
131% 135
43%
2
1950 F
72
72%
99
2
2
83m
h6m
70
56
37
41%
cccl
ybb
67
325
O y b
o y b
Certificates of deposit
11
49m
2
z
9
65
578
2
A
*14m
*14%
16%
107%
104%
65
40
99M
55m
52%
2
1961
134m
*105%
16%
99
1955 MN y b
MN y b
1st M 5s series II
116"
m
*109
53 m
50 %
S y b
...........
%
*
aaa3
b
63
*35
bbb4
Belvidere Del cons 3 Ms
1943
♦Berlin City El Co deb 0%s,1951
Cons mtge 3%s ser F
m
%
63m
109
'
;
110%
♦Anglo-Chilean Nitrate—
y cc
15
95
J y bbb2
109%
...1967 Jan
28
53
94
J
109%
109%
S f Income deb
44 m
52
Can Pac Ry 4% deb stk perpet—
107»«
105
43%
53 %
Canadian Northern deb 6 Ms.If 46
...—1961 A O x aaa3
1966 J D x aaa3
J ybb 2
conv deb.1950 J
O xbbb3
44
bb
1951
Battle Cr A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3)18—1951
Bell Telep of Pa 5s series B..1948
1st A ref 5s series C
•
b
bbb3
104%
aaa3
x
c4
104^4
107% 108%
59% 80%
109
110
Amer Telep A Teleg—
20-year sinking fund 5)4s.l943 MN
28
101
32 f 94%
65%
—
48%
59
mil
106
105%
101%
2
y b
2
Amer IG Chem conv 5 )4s-_.1949 MN xbbb3
110%
82
43%
*63%
108
24%
104
81%
-
82
y cc
...1950
)4s_1949 /
*55%
2
Allegh A West 1st gu 4s
1998
ybb 2
Allegh Val gen guar g 4s
1942 M S x aa 2
Allied Stores Corp deb 4)4s—1950 A O y bbb2
4)4s debentures
....1951 F A y bbb2
Allls-Chalmers Mfg conv 4s. 1952 M S x a
3
Am Internat Corp conv 5
70
ybb
Adriatic Elec Co extl 7s...—1952
1st
57%
D ybb
10-year deb 4)4s stamped. 1946
69%
76
Week's
Range or
Friday's
and INDUSTRIAL
U*AbItlbl Pow A Pap 1st 58.1953 / D z cc
Adams Express coll tr g 4s...1948 M S ybb
66
27
27%
Canada Sou cons gu 5s A—1962 A
Bank
11
62
20%
24%
Bush Term Bldgs 5s gu
Calif-Oregon Power 4s
BONDSv
69 M
26 M
28
63
63
52
1952 MN
1958
67m
ccc4
34
65
60
1952 A
...1958
z
70%
44
53
2
Venetian Prov Mtge Bank 7s
...
D
69
bb
64%
26'M
Bklyn Union EI at g 5s
"3
♦Vienna (City of) 6s
♦Warsaw (City) external 7s
♦4%s assented
Yokohoma (City) extl 6s
3
85
30 m
62)4
53
"53"
A
z
69m
26
41
49)4
D
O
67%
28M
63
52
52)4
69%
26
55
52)4
MN
3
88%
101M
28M
53
62)4
82
c c
35)4
62)4
90
100
O y bb
Bklyn Queens Co A Sub RR—
1st con gtd 5s stmp ctfs._ .1941
1st 5s stmp ctfs
...1941
3%-4-4 %s ($ bonds of *37)
external conversion
*87 M
71
ccc4
15)4
65
75%
107%
43%
I
87
20
68
105
1
z
4
60
17
61
71
D
2
57
75%
106M
Sept 1 1946) due..2000 M S
to
15)4
3754
75
High
41
34%
37%
31%
ybb
Bklyn City RR 1st 5s ctfs._1941
ybb 2
Bklyn Edison cons M 3Ms.. 1966 MN x aaa4
Bklyn Manhat Transit 4Ms. 1966 MN ybb 2
.5
2
1%
to Dec 1 1946) due.. 1995 J
Ref A gen ser C(lnt at 11-5%
to Dec 1 1946) due...1995 J
Ref A gen ser D (Int at 1 %
65
4
9
32
71
14)4
5)4
No. Low
38
106M
{♦Boston A N Y Air L 1st 4s. 1955
62)4
1964 MN
75
15)4
5
High
31M
J y c
16
9)4
Jan. 1
Adk
37 %
31m
J y b
S x a
10
11
Since
A
Low
J y b
18
3%s-4-4%s ,($ bonds of *37)
external readjustment
1st mtge g (int at 4% to
Oct 1 1946) due.July 1948 A
Ref A gen ser A (int at
Range
Friday's
J y b
21)4
16)4
62
....I960 MN
...
t 6s.
Baltimore A Ohio RR—
1st mtge gold 4s
July 1948 A
Stamped modified bonds—
♦Deb
"es"
65
1952 M S
.....1961
♦Uruguay (Republic) extl 8s
♦External
39
754
11)4
9%
*4)4
5%
*14)4
A
1955 F
f 5%s
s
-?8 11
12)4
9)4
J
Range or
Bid
Austin A N W 1st gu g 5s... 1941 J
J y bb
Baldwin Loco Wks 5s stpd_.1940 MN
Stamped
D
1947
Sydney (City)
Taiwan Elec Pow
13
11)4
Last
Price
15
11
D
♦Sllesian Landowners Assn 6s
s
61
10
4%s*39
Week's
Sale
See a
Toledo Cln Dlv ref 4s A.. 1959
1
77)4
deb
conv
Elig. &
Bangor A Aroostook 1st 5s..1943
9)4
♦14
11
MN
1958 J
{§*Auburn Auto
Friday
Bank
Rating
Second mortgage 4s
1948 J
Atl Gulf A W I SS coll tr
58—1959 J
Atlantic Refining deb 3s
1953 M
1154
8)4
34)4
33)4
*14)4
D
1962
2843
o
Railroad & Indus. Cos.
(Cont.)
Atl A Dan 1st g 4s.
1948 J
10)4
7)4
10)4
D
1962 MN
extl..
2
<2-a i
v
"NR.
7
(Kingdom)
♦8s secured extl
sec
98
21
1
Week Ended May 3
7)4
7
5
18)4
1946 J
♦Sinking fund g 6 %s
73
17
10)4
9)4
9)4
9%
1945 J
♦Saxon State Mtge Inst 7s
♦7s series B
J
...1950 J
.....1956
v ;•
\ ■/
"77""
77
MN
1957
f.......
;
s
San Paulo (State of)—
♦8s external
29
14
*8)4
f 4s
♦7s extl water loan
80
11)4
9)4
9)4
w
A
1953 J
s
11)4
98)4 103
13)4
13)4
45)4
;
9)4
O
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
♦6%s extl secured
4
81
9%
"9%
D
1952 A
Rome (City) extl 6%s
♦Roumanla (Kingdom of) 7s
10
9%
MN
13
12
21
8%
11
7)4
11)4
13
...1953 F
11H
1
S
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
Sao Paulo (City of. Brazil)—
♦8s extl secured s f
10
"l3"
O
O
7H
5)4
*12)4
A
9)4
7
A
A
in)4
16)4
•
3)4
13
1946
10)4
8)4
7%
13
1950 M
♦Rio de Janeiro (City of) 8s....
♦Extl sec 6%s
1
10)4
9)4
9)4
8)4
6)4
13
10
11
' 9)4
15
S
1947 F
.
12
7)4
6)4
*6
*10)4
1952 MN
;
"37
**754
7%
J
10)4
J;),
*5
D
74%
6)4
9)4
*14
1950
66 %
9
9)4
9)4
;
*9
O
1963
"54
11
9)4
O
1961
82
■8)4
*9)4
D
75
103)4 105)4
73
68
8 %
O
_.
"io
75
67
"67"
S
40
30
105)4
105)4
O
f 6s
Queensland (State) extl
s
58
...1947
♦Prague (Greater City) 7%s
♦Prussia (Free State) extl 6%s
♦Secured
65
51)4
1968
♦External slDk fund g 8s
s
13)4
5^%
4
*73
O
1958
f7s
s
♦4 %s assented
♦Porto Alegre (City of) 8s
♦Extl loan 7%s
s
A
1940
♦4 %s asseDted
♦External
12
"81
56 %
*20
105)4
MN
1960 J
f 6s 2d ser
♦Poland (Rep of) gold 6s
♦4 %s assented
♦Stabilization loan
17)4
59)4
A
1947 M S
f 6s 1st ser
■
D
1959 M
High
55 %
.1963 MN
..
No. Low
High
>
58)4
59
O
1953 J
A
ser
BONDS
N. Y. STOCK EXCHANGE
Since
Jan, 1
Ask
4
*
A
MS
1958 MN
Oslo (City) 8 f 4%s
♦Panama (Rep) extl 6%s
♦Extl 9 f 58
Bid
Low
Oriental Devel guar 6s
Extl deb 5%s
Range
Friday's
Price
♦Nuremburg (City) extl 6s
Record—Continued-Page
Week's
Last
BONDS
106%
106%
*104
123%
99%
105%
104% 106%
103
2
*117
aaa3
98% 100
98%
34
♦109
x
125%
86
aaa2
aaa3
X
104%
122
19
*100
x
8
125
99%. 100
99%
105%
x
J
106%
104%
99%
103% 107%
101% 101%
109
109
114
117%
106
118%
110
aaa2
O
z
ccc3
13%
13%
J
x
aa
2
J
x
aa
2
97%
101%
91%
100%
2
..1958 M S x a
1st A ref 4Mb series B
1977 F A xbbb3
1st A ref 5s series A——.1971 F A x bbb3
97
91
83
82%
89%
89
14%
98
101%
91%
83
89%
34
12%
16%
24
92%
98
40
38
97% 102%
87%
93
14
77%
83%
31
83%
90
f
For footnotes see page 2847
Attention is directed to the
new
column Incorporated In this tabulation
pertaining to bank eligibility and rating of bonds.
See
i.
Rating
Price
Week Ended May 3
Railroad A Indus. Cos.
68.1934
1961
O
A
*12034
2
b
*
No
High
Low
122
118
78
155*
15
M N
z
1534
15
♦Certificates of deposit
Chicago Sc Erie 1st gold 5fl.. 1982 MN
z
cccl
4
bbb2
loo"
94
100
16
86
M
S
z
ccc3
30
29
30
198
J
J
z
ccc3
*163*
195*
J
/
z
ccc3
*163*
20
J
J
z
ccc3
*155*
175*
M N
z
cc
2
B_.May 1966
J
J
z
cc
2
4S..1966
J
J ybb
2
{♦Chicago Great West 1st 4s. 1969
{♦Chic iDd A Loulsv rel 6s.. 1947
♦Refunding g 6s series B..1947
♦Refunding 4s series C...1947
♦1st Sc. get 6s series A
1960
♦
1st Sc gen 6s ser
Chic Ind Sc Sou 60-year
{Chic Milwaukee Sc St Paul—
♦Gen 4s series A —May 11989
cccl
83*
834
1930
MN
M N
z
z
M N
z
ccc2
MN
z
ccc2
M N
z
ccc2
17
z
z
cc
2
z
cc
2
D
z
cc
2
M N
z
c
2
J
A
x
aa
3
10834
108
10834
33
A
O
x
aa
3
1103*
S
x
aa
3
10934
11134
11034
1U3*
19
M
134
634
4
♦50
J
D y b
3
*40
D
z
ccc2
*25
35
J/N
x
a
J
D
x
aaa3
10634
A
O
x
aa
4
10834
J
{{♦Dul Sou Shore A Atl g 68.1937
Duquesne Light 1st M 3 34s.. 1965 /
J
z
ccc2
J
x
aaa4
2
48
J
1995
A Tunnel 4 34s. 1961
1951
3 34s 1902
2
9834
9834
26
2534
1
3
36
27
10734
107
10734
4
99
1063*
10834
75
*10634
A
O
x
aa
18
East T Va A Ga Dlv 1st
MN
x
bbb3
J
J
x
aaa4
x
bbb3
y
bb
y
bb
X
aaa2
*10034
X
aaa2
*10034
{♦Erie RR 1st cons g 4s prior 1996
♦1st consol gen lien g 4s...1996 J
♦Conv 4s series A
..1953 A
♦Series B
1953 A
z
ccc2
6234
61 M
6334
z
cc
28
2734
28
z
cccl
2234
23
z
cccl
23
23
A
z
cccl
2234
♦{Ref A imp 6s of 1927
1907 J/N
♦{Ref A lmpt 5s of 1930 —1976 A O
J
♦Erie A Jersey 1st s f 0s.. 1955 J
J
♦Geneesee River 1st s f 6s. 1957 J
z
c
1534 :
1434
2234
153*
159
z
c
15
1434
153*
170
z
b
6134
6234
7
z
b
6834
6934
15
♦N Y A Erie RR ext 1st 4s. 1947
J/N
z
bb
*9334
..1938
M S
z
b
*8034
Dlv 1st 4sl948
6s.—1950
6s. 1995
Auto Lite conv 4s...1952
3
1234
1834
2
14
183*
Electric
183*
193*
16
El Paso A S W 1st 5s
17
1
133*
17
17
1334
19
10
934
234
31
8
115*
19
834
U5*
1134
29
3
5s stamped..
Erie A Pitts g gu 3
Series C 3348
2054
165*
834
150
1054
934
234
10
31
1054
1054
1834
1034
133*
234
4
1905
1965
34s ser B..1940
1940
1953
♦Gen conv 4s series D
A zbb 1
J z ccc2
F
{♦Chic RI & Pac Ry gen 4s.. 1988 /
♦Certificates of deposit
40 34
*4034
1634
1634
42
06
17
49
13 34
1534
1
73*
15
z
ccc2
{♦Refunding gold 4s
..1934 AO
♦Certificates of deposit
z
cc
z
cc
534
654
69
z
c
734
73*
73*
10
z
c
634
6
63*
11
134
15*
1
23
1 93*
45*
{♦Secured 434s series A...1952 M~5
♦Certificates of deposit
634
634
15*
1960
Ch St L Sc New Orleans 5S..1951
Gold 334b
June 16 1951
Memphis Dlv 1st g 4s
1961
Chic T H Sc So'eastern 1st 58.1960
Income guar 5a
Dec 1 1900
♦Conv g 4Mb
J
D y bb
3
J
D y bb
2
75*
85*
734
234
805*
75
*
67
4734
{♦3d mtge 434s—
58
59
50
50 34
6834
O
104
x aa
4
104
64
3
J
J
x
aaa3
1085*
109
M
S
x
aa
106
J
x
a
9634
S
x
a
94 34
9334
10634
953*
94 34
6234
52
series D..1962
1943
Gulf con 5s. 1952
J
M
A
O y b
9334
5s_.1942
z
x
aaa4
X
aaa4
x
aaal
M N
x
aaa4
F
x
aaa4
3 Ms D.. 1971
E—.1909
68—1943
A
10954
8934
953*
49 34
69
1234
135*
22
1035*
10834
6
11034
11154
18
10934 11134
•
{Florida East Coast 1st 4 34s .1969
•
/
1083* 11034
109
11154
J
J y bb
75
*80
bbb2
y
1993
J
B—.....1993
J
D
x
bbb3
a
D
x
bbb3
Ref Sc lmpt 4
J
Mt series E—1977 J
J
1st 4s._1991 J
St L Dlv 1st coll trg 48.-1990 MN
y
b
Cln Wab & M Dlv
y
bb
y
bbb2
x
bbb3
1940
M
1940 J
Cleve Elec Ilium 1st M 35*8.1906 J
Cleve & Pgh gen gu 4Mb B..1942 A
Series B 334s guar
1942 A
1942
Series C 334s guar..
1948
Series D 3348 guar
1950
Gen 4Mb series A
1977
Gen Sc ref 434s series B..1981
Cleve Short Line 1st gu 4}4s.l981
Cleve Union Term gu 5348—1972
1st s f 5s series B guar
1978
1st s f 4 34s series C
...1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f 5s.. 1943
Series A 4^8 guar
S
J ybb
x
A..1980
1952
Apr 15 1952
1075*
{{♦Proof of claim filed by owner MN
(Amended) 1st cons 2-4s._ 1982
{{♦Proof of claim filed by owner MN
♦Certificates of deposit..
z
x
10734
aaa2
aaa2
X
aaa2
*1055*
1055*
MN
X
aaa2
x
07
Gen Steel Cast 534b w w
2
x
aa
2
*
x
bbb3
x
bbb3
x
bbb3
x
bbb3
aaa2
*10834
x
bbb3
y
b
3
J/N y b
3
2
1055*
J
x
D
Goodrich (B F) 1st 434s
1956
Gotham Silk Hos deb 5s w w.1946 M 8
bbb3
A
x
1055* 10054
x
aa
38
76
26
13
6834
«»
„
105
3
73
6
2734
2854
43
1053*
38
104
10534
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aa
a
x
aa
73
6734
745*
.....
.....
10434 1063*
67 34
733*
2734
3434
10334 10554
1105* 1105*
108
6
10734 10954
11134
130
15
201
88 34
1
8834
89
1095*
1
10
1093*
110
9
x
a
1083*
1083*
1085*
19
Great Northern 434s ser A...1961 J
General 534s series B
.1952 J
x
bbb3
101
100H
101
45
.1973 J
x
bbb3
95
9334
95
35
General 434s series D
.1976 J
x
bbb3
8734
8534
8754
General 434s series E
.1977 J
x
bbb3
8534
875*
General mtge 4s series G_..1940 J
x
bbb3
'i05~~
1035*
Gen mtge 4s series H
Gen mtge 35*s series I
.1940 J
x
bbb3
9634
945*
965*
.1967 J
x
bbb3
7834
78
7854
General 5s series C
....
...
*613*
T940 MN
Greenbrier Ry 1st gu 4s
..
.1950 A
.1950 A
1st mtge 5s series C
...
Gulf A Ship Island RR—
1st A ref Term M 5s stpd.. 1952 J
a
x
6
J y b
f 434s.... 1901 A O
1969 AfN
..
8634
1063*
bbb3
x
a
3
J
z
434s.. 1999 J
J
x
O
z
bb
107
107 34
19
1053*
106
45
1053* 10734
4
1085*
1093*
31
10754 1093*
1434
1063*
1434
1
10634
53
x
aa
x
aa
x
aa
of Upper Wuertemberg 78.1950 J
Consol Oil conv deb 334s... 1951 J
{♦Consol Ry non-conv deb 4s 1954 J
J
z
cccl
D
x
bbb2
J
z
cccl
*1734
1734
15
19
♦Debenture 4s.
1956 J
J
z
cccl
*1734
19
15
183*
♦Debenture 4s
1956 J
J
z
cccl
Consolidation Coal s f 6s.... 1960 J
J
z
ccc2
♦Consolidated Hydro-Elec Works
14
1454
10434 10634
183*
183*
4
155*
1834
60
6434
32
5534
6434
Consumers Power Co—
1949 MN
Hudson Co Gas 1st g 5s
aaa3
76
54
1003*
3134
10034
1263*
1263*
30
bbb4
Collateral trust gold 4s.... 1952 A O
1955 MN
Refunding 4s
bb
2
bb
2
Purchased lines 334s..... 1952 J
J
Collateral trust gold 4s
1953 MN
bb
2
"41'k"
bb
2
1955 MN
bb
...
*
bbb4
40
"45H
463*
53
4434
38
2
533*
5234
ccc2
4234
5354
4334
bb
4
bb
2
bb
4
1951
bb
4
1095*
1
102
1013*
1
Omaha Dlv 1st gold 3s
St Louis Dlv A Term g 3s
8
1013* 10234
10634 11054
10234 1055*
10
10434 1075*
Springfield Dlv 1st g 334s 1951
Western Lines 1st g 4s.
1951
9
1023* 1045*
6
14
A
423*
*
2
10
98
7734
*6134
64
*
65
64
5034
50
5934
bbb3
*75
bb
*55
1013* 10534
2954
Gold 334s
F
21
4834
4134
4534
1951
.....
463*
4134
4434
1951
Aug 1 1960
28
4634
10554
Refunding 5s
40-year 4{*s
112
*8654
Extended 1st gold 334s.... 1951
1st gold 3s sterling
1951 M 8
102
10534
3
*8654
11134
bbb3
1045*
127
63
*87 54
bbb4
106 34
3
3234
11134
1950
1043*
6
22
aaa4
Litchfield Dlv 1st gold 3s.. 1951
Loulsv Dlv A Term g 3 34s. 1953
105
77
54
101
bbb4
1951
Cairo Bridge gold 4s
106
10
122k
bbb4
1st gold 334s
1013*
10434
*12134
Illinois Bell Telp 334s ser B. 1970
Illinois Central 1st gold 4s... 1951
1093*
bbb4
63
35
1095*
56
in
111
26
107
10834
103 34
16§k|I
*19
135*
102
a
11034
4734
1065* 1093*
10734
7
13
10
102 34
825*
47
29
3
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1334
35
110 34
"12
4734
b
111
10934
654
3
A
109
4
42
64
ccc2
♦Adj Income 5s
1085*
108 34
34
293
Feb 1957
Hudson A Manhat 1st 5s A.. 1957 F
10734 10934
10834 11034
1085* 11134
10834
109
10234
ill
2
11034
334s
10334
aaa4
1944 A
22
285
*8534
cccl
2
{{♦Housatonlo Ry cons g 5s. 1937 MN z b
Houston Oil 434s debs...... 1954 J/N y bbb2
ccc2
Hudson Coal lstsf 5s ser A.. 1902 J D
4
29
8134
2
x
Hoe (R) A Co 1st mtge
cons g
"8634
823*
1949 J
♦Harpen Mining 6s
105
aaa2
O y bb
O y bb
10934 1095*
J
1952
7234
108M 110
O
734s series A extended to 1940
6s series B extended to 1946—
Del A Hudson 1st Sc ref 4s.. 1943 J/N
7034
*10434
aaa2
Hocking Val 1st
O
bbb3
7234
J
1183* 119
1055*
6434
8634
b
Gulf States Util 3 34s ser D
A
x
3
86
J
Gulf States Steel
1305*
A
x
1
b
125
10554 10734
10634 10834
J
26
893*
bb
1093* 1113*
4
J
25
A
Gulf Mob A Nor 1st 5 34s B
1
J
1948
1948
.1942
2034
10534
D
1035* 1053*
•»
aa
x
1634
*8034
103 J4 10534
113J4 11434
-»
x
1950 MN
Toik
b
12
••
1105*
*11834
1095*
10934
May 1 1965 J/N x aa
1st mtge 334s
1967 MN x aa
1st mtge 334s
1970 MN x aa
1st mtge 334 s
1960 MN x aa
1st mtge 334s
1969 MN x aa
Container Corp 1st 6s
1946 J D x bbb4
115-year deb 5s
1943 J D ybb 4
Continental Oil conv 234s.. 1948 J D x aa
Crane Co s f deb 334s
1951 F A x a
2034
*19
3
D
69
-
O
A
"2634
bb
105 34
Consol Edison of New York—
1940
1948
1950
1958
12
10434
8934
104 34
M
12834
8834
bbb3
x
11
6934
♦Green Bay A West deb ctfs A... Feb y bb
Feb z c
♦Debentures ctfs B
11054
x
9034
8234
10754
a
x
2834
1043*
6834
8334
8334
1105*
4
x
-
10434
28
D x aa
/
743*
773*
8654
73
aaa4
MN
2834
10354
Gouv A Oswegatchle 1st 5s.. 1942 J
Grand R AI ext 1st gu g 4 34s 1941 J
(Japan) 7s..1944 F
1st A geD sf 634s
1960 J
105
aaa3
Columbus Sc Tol 1st ext 4s—1955 F
16
10334
6834
cccl
1065*
7554
bbb3
X
22
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cccl
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8334
bbb3
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10434
105
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c
10934 10934
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b
10834 10834
68
x
A
1
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J
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x
2
17
10434
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J
-
234
61
104
O
{♦Georgia A Ala Ry 5s_Oct 11945
234
101
*125
105"
{{♦Ga Caro A Nor 1st ext 08.1934
-
19
*25
J
1949
57
61
♦Good Hope Steel A Ir sec 78.1945
-
57
Grays Point Term 1st gu 6s..1947 J
aa
A/N
*234
234
101
....
107 54 11054
aaa2
A
Debenture 5s
..Jan 16 1901 J
Columbus AH V 1st extg4s.l948 A
4s.. 1965
Commonwealth Edison Co—
1st mtge 334b series I
1968
Conv debs 3 34a
1958
Conn Sc Pasump Rlv 1st 4s.. 1943
Conn Ry Sc L 1st A ref 434s..1951
Stamped guar 434s
1961
Conn Rlv Pow s f 3 5* « A
1901
5134
*109
F
J
x
Columbus Ry Pow Sc Lt
5434
62
*10834
X
"~4
65*
6
634
cccl
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5
10034
53
c
a
aaa3
J
653*
100
"28
: 55
*234
bb
1947 J
f 534s A
795*
99
10434
10434
10434
c
bb
s
40
100
10434
•S
Francisco Sugar eoll trust 6s. 1956 MN y b
49
14
1
"6
634
cc
z
3
1033*
1043*
*10334
cc
z
J
76
108
102
Fonda Johns A Glov 434s...1952
4
*9934
X
1970
Columbia G Sc E deb 5s.May
2
aaa4
102
D y bb
39
79
50
6634
22
*40
1043*
ccc2
475*
6534
*7634
493*
4934
4754
6534
*1003*
6334
4
10734
1033*
*10234
mk~
z
1945 J J
♦Sinking fund deb 634s
1940 J D
♦20-year b f deb 6s
1948 J/N
Gen Motors Accept deb 3348.1951 F A
2
6534
"102"
bb
Gas A El of Berg Co cons g 5s 1949 / D
Gen Am Investors deb 6s A. 1952 F A
75
Louis Ry
8734
10634
52
x
z
31
121
8634
x
Gen Cable 1st
Clearfield Sc Mah 1st gu
9534
10334
10634
bbb2
z
51
"n
59
6234
J
♦Certificates of deposit
Fort St U D Co 1st g 434s...1941 J
••••
x
9434
109"'
*55
O
1974 M 8
♦1st A ref 5s series A
i
10734 1095*
11034
Firestone Tire A Rub 3 348—1948 A
{♦Fla Cent A Pennln 5s
1943 J
10454 10634
90
953*
31
*1103*
*1103*
'*10354
11134
100 3*
10734
M 8
1942 M 8
1954 J D
1st lien 6s stamped
20
5054
135*
13
cc
J/N
Cincinnati Gas Sc Elec 33*8—1960 F A
1st mtge 3 J4b
1967 J D
Cln Leb Sc Nor 1st con gu 4s. 1942 MN
17
137
104
10834
*56
6s International series. .1942 M 8 x bbb2
1st lien s f 5s stamped....1942 M 8 xbbb2
30-year deb 0s series B
A
9334
♦149
109
...1954 F A ybb
Fairbanks Morse deb 4s... .1956 J D x a
6334
50
3
2
Ernesto Breda 7s
5134
59
50
.
Federal Light A Trac 1st
67
55
3
M S y b
18
834
5
67
*60
D y bbb2
1234
805*
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D y bbb2
J
4s. 1952
{♦Choctaw Ok Sc
7
534
J
1951
Chllds Co deb 5s
1534
1
M N
..1944
1903
F
1634
1734
ccc2
D
For footnotes see page 2817.
ccc2
17
17
D
Cuba RR 1st 5s g
z
Ed El 111 (N Y) 1st cons g
*
J
S f 434s debentures
M S
♦Second gold 4s
23*
12
165*
1634
J
Crucible Steel 4Mb debs
Cuba Nor Ry 1st 534s
ctfs.1935
17
ccc2
—May 1 2037
12037
♦1st Sc ref 434s C-.May 1 2037
♦Conv 43*s series A
.1949
{{♦Chicago Railways 1st 5s stpd
Feb 1940 25% part pd..l927
Crown Cork A Seal s 14s
12
434
165*
ccc2
M N
1st Sc ref 4 Ms stpd.May
mtge
63*
♦4)4
East Ry Minn Nor
♦1st ref g 5s
1st
634
2
{♦Des M A Ft Dodge 4s
734
634
134
10
16
16
16
♦
334s debentures
3 34s debentures
3 34s debentures.....
3 34s debentures
10
2
cc
Dow Chemical deb 3s
ccc2
Debenture 6s
2
c
z
Detroit Term
z
Colo Sc South 4Mb series
2
z
3034
M N
Ry
mtge..
z
{♦Dee Plains Val 1st gu 4 34S.1947
Detroit Edison 4Mb ser D..1961
Gen A ref M 4s ser F
1965
Gen A ref mtge 3 34s ser G.1966
Detroit A Mac 1st lien g 58—1995
1034
1134
254
J
2954
1987
♦General 4a.
....1987
♦Stpd 4s n p Fed lnc tax.1987
♦Gen 4 5*8 stpd Fedlnctax 1987
♦Gen 5s stpd Fed lnc tax—1987
•4Mb stamped—...
1987
F
10634 10834
♦10734
3
O
Dul Miss A Ir Range Ry
♦General g 3348—
Income
2
10454 100
10434
A
2334
103
♦6s
ddd2
10434
B.Apr 1978
♦Assented (subJ to plan)
♦Ref A lmpt 5s ser
185*
1034
24
156
Spr Sc Col Dlv 1st g 4s
W W Val Dlv 1st g 4s
5
14
154
General 6s series
234
15
05*
General g 4s
234
273*
2734
27
154
Cleve Cln Chic & St
234
265*
"27k
ccc3
ccc3
654
1st mtge gu 354sser
ddd2
27 34
134
Cln Un Term 1st gu
z
295*
634
1st Sc ref M 4 Mb
8
A
2434
3
Chic Sc West Indiana con
834
29
21
2
series E
41
93*
32
c
guaranteed—
~~9M
834
22
cc
1st mtge 35*s
9
834
27
z
3 34 s
9
cccl
27
z
Chicago UDlon Station—
Guaranteed 4s...
cccl
z
26
26
ccc3
A
{♦Secured 634s
aa
z
J
2834
AO
{Chicago Sc North Western
x
J
6034
ccc3
z
J
4 34s
2334
z
z
1969
..1969
4s..1936
{♦Consol gold 434s
.1936
{♦Denv A R G W gen 5s.Aug 1955
1st mortgage
67
26
High
10834 109
aa
40
26
No. Low
♦10834
x
2634
26 34
62
*6134
ccc3
Ask
High
x aa
Tst A ref 434"
21
20
0
2
Sc
Low
(Cont.)
A Light Ist434s..l971
{{♦Den A R G 1st cons g
305*
63*
14
834
z
1 1989
11989
11989
1 1989
{Chic Mllw St Paid & Pac RR—
♦Mtge g 6s series A
1975
♦Conv adj 6s...—Jan 1 2000
1234
1254
Fridays
Bid
J
1934
100
233*
1634
----
8
834
z
«Geng334s ser B.May
♦Gen 434s series C.May
♦Gen 4 34s series E.May
♦GeD 4 fit series F.May
1534
15
Price
Range or
Sale
See A
J
Del Power
120
195*
15
y
Last
Rating
EXCHANGE
STOCK
Railroad & Indus. Cos.
High
Low
Y.
Week Ended May 3
Jan. 1
1940
Week's
Friday
Elig. <k
BONDS
N.
Since
flQ<§
Ask
Sc
Range
1^
Fridays
Bid
(Cont.)
A East 111 1st
{♦Chic Sc. E 111 Ry geD 6s
J {♦Chicago
.3
Range or
Sale
See a
EXCHANGE
STOCK
Last
Ellg. &
BONDS
Y.
Bank.
Week's
Friday
Bank
N.
May 4,
New York Bond Record-Continued-Page 3
2844
y
b
2854
b
38
39
6
35
40
y
ccc2
433*
433*
1
43
46
y
ccc2
3234
33
6
32
35
y
bb
553*
5634
553*
"70"
31
y
3
633*
285*
39
5534
Attention is directed to the
new
79
column incorporated in this
tabulation
pertaining to bank eligibility
and rating of bonds.
See A.
New York Bond Record-Continued
Volume. ISO
BONDS
N.
Y.
Railroad
Last
Ellg. &
EXCHANGE
STOCK
Week Ended May
Price
1963 J
1st & ret 4Mb series C
Jan. 1
Bid
Low
Indu*. Cot. (Coru.)
Ill Cent and Chic St L A N O—
&
Joint 1st ref 5a series A
Range
Friday's
A
Ask
SaU
See a
y
1963 J
ybb
♦Ilseder Steel Corp 6s
1948, F
Ind Bloom & W 1st ext 4s..-1940 A
z
2
46
2
No. Low
High
47 H
66
46
X
44
26
X
"lbb'x
*-
14 X
12
x
aaa2
bbb2
106X
aa
J
105
104X
24
13
Inspiration Cons Copper 48.1952
y
bb
98 H
98H
100
z
bb
79
77H
79
59
z
bb
79
77H
79
319
0
z
cc
38 H
38
39 H
♦Certificates of deposit
{♦10-year conv 7% notes..1932 M "S
♦Certificates of deposit...
z
♦Certificates of deposit
1932
A
74)4
bb
75X
{♦IntrGrt Nor 1st 6s ser A. .1952 J
J
z
♦Adjustment 6s ser A.July 1952
cc
1956
z
z
cccl
y
b
1941
Int Merc Marine s 16s
Internat Paper 5s ser A A
ybb
1955 M S
Ref 8 f 6s series A
Int Rys Cent Amer 1st 6s B
1st lien A ret 6 Ha
.1972
1947
Int Telep A Teleg deb g 4Xal952
y
b
3
3
J
68 X
51
76H
148
22
103
102
102
102 X
39
19
92 X
2
37H
98 X
34)4
~34H
2
93 X
*98H
92 X
J y b
z
5
103)4
73)4
36X
39)4
105
IX
1
37
IX
cccl
♦Certificates of deposit
106
105 H 109 H
98 H 100 H
♦Second 4s
2013 >"d
♦Certificates of deposit
Manila Elec RR A Lt s f 6s.. 1953 Af ~S
Manila RR (South Lines) 48.1959 AfN
73 H
79
{♦Man GBANWlst 3HS.1941 /
Marion Steam Shovel
30
79 H
39 H
36
"85
Stamped
s
Market St Ry 7s ser AI April" 1940 Q
Certificates of deposit
Steel 4%a A1961
Kanawha A Mich 1st gu g 4s 1990
lones A Laughlin
D ybb
U»K C Ft 8 & M Ry ref g 4s 1936 A
♦Certificates of deposit
54
95 H
3
A
6
54
3
Af S ybb
96H
z
b
1
36H
35
z
0
11
86
*85
O xbbb4
b
1
35
34)4
35
65X
65
"9
65)4
bbb3
1950
Apr 1950
1st 4s.—1960
x
x
aaa4
Kansas Gas A Electric 4 Ha. 1980
x
aa
z
36H
6
,
31
cccl
Kan City Sou
1st gold 3s
Ref A lmpt 5s
Kansas City Term
ybb
65)4
107 X
66 H
14
107)4
66
3
108 X
56
(Rudolph) Ino—■
$645) 1943
♦Ctfs w w stmp (par $925) 1943 MN
♦Ctfs with warr (par $925) 1943
2
b
{{♦Met W Side El (Chic) 4s. 1938 F
10)4
1H
9X
10
66
65H
16H
2
14H
74 H
76)4
101
103 H
96 H 103
96
H
z
♦Mex Internat 1st 4s asstd..l977 M S
*
•
-
-
-
-
-
-
33X
36 H
1H
Stamped
1961
J
J
x
bbb3
*80
1961 J
J
x
bbb3
*84 H
92 X
J
J
x
bb
2
*84 X
90
A
0
x
aaa4
*165X
F
A
x
bbb3
*100H
xbbb3
Certificates of deposit—
1954 ¥"}
xbbb3
1954 J
Kings Co Lighting 1st 5s
1st A ref 6 Xs
J
x
M N
x
a
1959
m
4s series A
Uniform ctfs of deposit...
(♦Laclede Gas Lt ref A ext 5s 1939
Ref A ext mtge 5s
1942
Coll A ret 5 Ha series C
1953
106X
5
....
106
5
Ref A impt 4Hs series C—1979 J
Michigan Consol Gas 4s
1963 M
47
47
48
12
47
46 X
47
13
2
b
2
*42 X
42 X
2
*41'
5s extended at
1947
3% to
1
50 X
x
3 Ha—1997 / D
Lautaro Nitrate Co Ltd—
....
♦
1975
f 4Xa A.. 1954
1st mtge Income reg
3
x
-----
85 H
Dec y cccl
J
Lehigh C A Nav a
Cons sink fund 4 Ha ser C.1954 J
J ybb
1944
1954
...1954
¥
A
...—1964
.1974 F~k
♦5s stamped
1974
♦Sec 6% notes extended to 1943 7~j
♦6s stamped..
..1943
f 5s
♦5s stamped. .......
s
f 5s
.....1964
♦5s stamped.....
s
f 5s
Leh Val Harbor Term gu 5s..1954
34 X
¥'k
b
24 X
b
*24 X
30
z
b
z
b
53
53
1
y
bb
40
40 X
2
z
cccl
2003 AfN
assented
.2003 AfN
♦General cons 5s.........2003 AfN
♦5s assented
2003 AfN
z
ccc2
z
cccl
z
A
z
12
•
»---
12 X
39 X
13X
12
13
-
— -
13X
-
8
32
X
16
*12X
----
ccc2
14X
14X
1
cccl
14
15 X
15
*47
49 X
-----
*42
115
115
115
bbb4
103 X
103 X
x
aaa4
-----
x
bbb3
a
x
3
48 X
1
64H
69 H
04 X
68 H
106H 109
♦Long Dock Co 3X8 ext to.-1950 A
107H
1st A ret 4s series D
1st A ret 3X8 series E
88H 101
87
92
105H 107H
107
z
z
cc
z
cccl
106
4X
J
9
—
-
—
--
—
2
O
♦
A
O
x
aaa3
F
A
x
aa
4s..1945 Af 8
13
x
aa
124X
84 X
.....
3
x
bbb3
x
2003
2003
2003
2003
bbb3
102
35
z
29 H
29H
29
8
1
♦Certificates of deposit
♦1st & ref 5s series 1
O
z
ccc2
z
1980 A
cccl
ccc2
z
z
♦Certificates of deposit
Atl Knox A Cine Dlv 4s..1955 AfN
x
a
z
b
F
A
------
*106X
19"
4
21X
21H
13H
21 %
21H
IX
2H
21X
"l9X
19
75 H
*28
13X
15H
13H
14
"79""
"12
21H
68
79
21H
21H
21X
20 H
20H
20 H
4
cccl
31 %
31H
*31H
38%
32 H
33
44
1977
m'S
1938
M~8
cccl
M~S
b
2
aa
4
I960
a
4
1965
bb
3
111X
a
4
102%
cccl
cccl
♦Certificates of deposit
38
39
6
20 H
52
*I06X
20 H
21X
"48
25 H
20 H
34 X
33 X
32
41H
5
X
26 X
30 H
•38
38
I
1st mtge 4Hs
6s
debentures...
Montana Power 1st A ret 3%a '66
bbb2
s
f 5s series A... 1955
Morris A Essex 1st gu 3
H
20
H
51H
1955 MN y b
*53"
40H
55
47
Nassau Elec gu g
13
16H
y
bb
yb
1951
2
x
bbb3
AfN
x
a
3
1949 Af 8
x
a
16H
Nat Acme 4H3
14
17
Nat Dairy Prod deb3Xs ww
12H
14H
16H
Nat Distillers Prod 3 Ha
19
19H
51H
56 X
56 H
56 H
43
30
41
47 X
37
37
4
35
44 H
31
39
70 H
32
32%
50
109
119
103
69H
100H
54%
54 H
102%
102%
14
107X 109X
117H 120
101H 101H
1
69H
101
54%
102%
107
106X
4
48
1
70X
66
101
55 H
102X 102X
43X
42 H
National Rys of Mexico—
14
D
J
86
55 H
*101H
2
extended to. 1946
1951
12
112X
102X
56
109
2
b
99 H
75 H
*117
4
y
4s stpd
Certificates of deposit
109 X
41X
32
bbb3
1941 AfN
109X 110X
56
37
Nash Chatt A St L 4s ser A.. 1978
19
12
193
110H
111H
102 %
*48 H
,42 H
Mut Un Tel gtd 6s ext at 5 %
107
105
79
.
r
2
45
107
75
,
I
2
bb
Ha--2000
Constr M 5s series A
48 H
49 X
50
54
115
118
102 H 104
125H 127H
127H 131H
64
107
106H
106
21
108
107H
35
104
106H
1
1
*1
J
J
J
J
1
J
J
*x
J
J
X
A
O
*x
A
♦4s April 1914 coupon
♦Ass't warr A rets No 5 on '77 A
O
*x
O
X
1914 coupon od_1957
♦4Hs July 1914 coupon on 1957
♦4 H8 July 1914 coupon off 1957
♦Ass't warr A rets No 4 on *57
♦4 Ha Jan
on.1977
off.. 1977
♦4s April 1914 coupon
1
1
V*
X
H
X
H
IX
X
X
-
1
X
X
X
---
X
X
3
X
Nat RR of Mex prior lien 4Xa—
♦IX
{♦Ass't warr A rets No 4 on '26
♦4s April 1914 coupon on.. 1951
....1954
3X8
X
X
...
O
x
D
J
X
I
X
*X
...
z
National Steel 1st mtge 3s... 1965 A
Natl Supply
3
X
z
♦4s April 1914 coupon off.. 1951
♦Ass't warr A rets No 4 on '51
-
—
-
—
1
~"x ""X
105
aa
95H
{♦Naugatuck RR 1st g 4s...1954 AfN
z
b
87 H
95
Newark Consol Gas cons 5s_1948 J
D
x
105
102
104H
104%
102H 104X
44 X
123H 124X
36
43 H
aaa3
105
94 H
87H
104
104 X
x
89
108H 110
108 H
1H34
85
88
79 X
83 X
79
82 H
112
112H
73 H
79
105 H 107
15H
3
J z cccl
{♦New England RR guar 5S.1945 J
J z cccl
♦Consol guar 4s.
..1945 J
New Eng Tel A Tel 5s A—1952 J D x aaa2
1st g 4 Ha series B
1961 AfN x aaa2
N J Junction RR guar lst'4s.l986 F A y bbb2
N J Pow A Light 1st 4 Ha. —1960 A 0 x aa 2
J ybb 3
New Orl Great Nor 5s A
1983 J
*69 X
*42 X
*41X
127X
128
107X
107X
*
124X 128 X
70
*74
15H
J y bb
3
55 X
I05H 109"
75
69 H
104X
N O & N E 1st ref <fel mpt Ha A'52
New Orl Pub Ser 1st 5s ser A. 1952
Ox bbb3
1955
Dx bbb3
104%
J y bbb2
67H
1st A ret 5s series B
New Orleans Term 1st gu 4s. 1953
{{♦NO Tex A Mex n-c inc 5s
0 z ccc2
1
Z b
1935
♦Certificates of deposit
78X
53 X
104X
59
67 X
68
33X
*25X
102 X 105 X
103 X
66 H
27 H
'SB
33
30
25
37
37
1
30
39
b
1
35
35
1
29
A z ccc2
*34
40
37 H
37 X
*35
38
z
1956
D
103X
O z ccc2
♦Certificates of deposit
1st 5s series C
55 H
104 X
...
.1954
♦1st 58 series B
1st 5 Ha series A
...
.1956
F
z b
z
1
ccc2
35
33 X
*32
'.1954
ncorporated In this tabulation pertaining to
^
-
-
—
■
-
—
19
35
—
-
-
-
38
9
36
bank eligibility
30
X
32 X
37
28
36 X
29
—
36 X
♦Certificates of deposit
new columnl
43
34
125 X 128X
126X
107%
71
70
*125
102
102X 104H
1
16
110
110H
101X
l
♦Certificates of deposit
54
19H
ccc2
A
♦Certificates of deposit
♦Certificates of deposit
Attention is directed tot he
15
ccc2
♦Montgomery Dlv 1st g 5s 1947 F
♦1st 4 Ha series
For footnotes see page 2847.
20 H
13H
13X
"9
*18H
40
94 H
—
77 X
6
19X
19
2
2
Constr M 4Ha series B...1955 MN|y b
aaa2
Mountain States T A T 3X8.1968 J D
a
2
Mutual Fuel Gas 1st gu g 6s. 1947 MN
cccl
6H8-1944
3
77 x
19
cccl
z
55X
90
10
77X
19
21X
2X
13
19
♦18H
50
40
104 X
bbb2
97
1H
29H
97 X
a79
y
19H
13H
14
*18 H
49 H
11
104X
—
5
"63
2
50
126H 129 H
83
86 X
-
86
"2 X
c
20H
124M 126H
*mx
19H
2H
18H
18%
cccl
Gen & ref s f 5s series D...1955
H
20H
24 X
1
a79
104X
19H
♦18H
1
14
4
a79
19H
2
13
3
53
"2H
ccc2
bb
24
83 X
3
15H
10%
8H
z
b
85
86 X
a
27
z
Gen & ref s f 4 Hs series C.1955
128
82
a
5X
5
-
19
.1949 AfN
33 H
125X
86 X
bbb2
11H
11H
z
1978 MN
♦Certificates of deposit
♦Conv gold 5Hs
♦1st A ref g 5s series H
22
124X
86 X
x
9
1
18
83 X
x
14 H
2
94
bbb3
x
15
14H
18%
♦Certificates of deposit
♦1st A ret 5s series G
bb
95
bbb3
Ha..1945 M S
/
South Ry Joint Monon 4s. 1952 J
19H
13X
14H
19
b
95 X
x
Mob A Montg 1st g 4
12
cccl
Gen & ref sf 5s series B... 1955
93 X
95
x
Paducah A Mem Dlv 4s..1946
19
ccc2
Gen A ret
1
94 X
15H
z
2
35
20
93
14%
13X
cccl
38
94X
94 H
32 %
15
Moh'k <fe Malone 1st gu g 4s. 1991
94 X
102
59
26
z
{♦Secured 5% notes
73 H
106 X 110
67
63 H
101X
7
26
1977 Af S
92
22
108 X
109 X
allOX allOX
74
♦1st A ref 5s series F
85H
107 X
84 X
2H
2
1H
28
cc
70H
69H
128
3
1%
67
cccl
81
101H 105
*70X
1951
1
27 H
"27 H
ccc2
82
104 X
1944
7
59 H
74
z
♦Ref &impt4Hs
♦Certificates of deposit
110
95 X
2
1%
59
{Mobile A Ohio RR—
104 X
Af S xbbb3
2
IX
59
z
A
45
105
Af 8 xbbb3
6X
7X
z
1965 F
44
12
.....
4%
1975 Af "s
1st A ret 5s series A
49 H
105
.....
7
4H
♦General 4s
40
104 X
69
2
4%
1
14
ccc2
z
2
43 H
104
3
29
2
44
105
3
5H
5%
6H
2
ybb
MN
2
a
2M
2H
5H
1
J y bb
1962 J
Prior lien 4Hs series D...1978 J
♦Cum adjust 5s ser A.. Jan 1967 A
F~k
2
22
aaa3
a
18H
5H
3
2
1981
x a
x
13H
"5H "~8H
5%
2
ybb
1962 J
A
ser
{♦Mo Pac 3d 7s ext at 4% July *38
101
x
14
73
6H
2
85H
51H
96
O ybb
Af S
15
<
"ox
D ybb
90 X
9
65 X
14
62 H
26H
Missouri-Kansas-Texas RR—
82
2
107
14
2
J z cc
1946 J
1949 Af S z cc
J ybb
1978 J
5X8
1st A ret 5 Hs series B
108X
104
97 X
St Louis Dlv 2d gold 3s.-.1980 Af S
♦Lower Aust Hydro El
♦
cccl
J
J
/
♦Certificates of deposit
'
Louisville A Nashville RR—
1st A ret 4Xs series C
♦1st & ref 6s series A
♦25-year
85
129 X
.....
27
*50 H
*25
50
97 X
J xbbb3
Louisiana A Ark 1st 5s ser A. 1969 J
Louisville Gas A Elec 3Xs—1966 M S x aa 3
1st A ret 5b series B
{ {♦MStP&SS M con g 4s int gu'38 J
{♦1st cons 5s
1938 J
{♦1st cons 5s gu as to int.. 1938 J
{♦Mo-Ill RR 1st 5s series A. 1959 J
Mo Kan & Tex 1st gold 4s...1990 J
14H
129 X
107 H
22
665
101X 1045
9H
30
48 H
48 H
22%
32
1H
125X
1
29
94X
61H
163
2H
.....
b
91X
104
2
129 H
y
94
103H
*1X
2H
3
104 X
103 X
65
2
aaa4
aaa3
94
*62
2
ybb
x
18%
c
103 X
127
x
X
18%
z c
39H
45
*38
—
13 X
x
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A. 1962 MN
Loews Inc s f deb 3 Ha—...1946 F A
Lombard Elec 78series A....1952 J D
Lone Star Gas 3Xs debs— .1953 F A
Lou A Jeff Bridge Co gu
-
7H
X
68
94
2
40
-
12X
y
McNeil A Libby 4s.. 1955
Liggett A Myers Tobacco 7s. 1944
5s debenture
1951
Lion Oil Ref conv deb 4X8.-1952
Lorillard (P) Co deb 7s
5s debenture
-w
O y bbb3
Libby
....1949
1949
1949
7
*51
13X
3
X
18X
90
z
1st A ref gold 4j
1949 Af S
♦Ref A ext 50-yr 5s ser A. 1962 Q F
38 H
28
24
9
b
2
{Leh Val Term Ry 1st gu g 5s 1941
5s assented
1941
Lex A East 1st 50-yr 5a gu—1965
-
b
ccc2
*X
18X
3
37 H
29
-
-
b
z
♦4 Ha
-
z
ybb
♦General cons 4X8
-
z
{♦Lehigh Val (Pa) cons g 48.2003 AfN
♦4s assented
2003 AfN
8
7
3
25
*38
68
6
Monongahela W Penn Pub Ser
z
40
69
6
"*ox
90
29 X
70
68
......
2
55H
25X
24X
83
72
22
110H 112H
cc
57
3
24 X
52 H
52 X
77 H
67
111X
ccc3
87 X
32
---
*24 X
25
81
ccc3
16
25
z
:
66
81
66
z
48
29
111H
19H
64 H
81
z
Monongahela Ry 1st 4s ser A 1960 AfN
*40
*25X
76M
nix
19H
81
z
39X
34X
b
2
stamped.....'
34 X
"77 X
~88X
J
34H
49 H
54
b
ybb
4s
54X
5
88X
z
{Leh Val N Y 1st gu 4X8—1940
4 Ha assented
1940
Long Island unified 4s
Guar ref gold 4s
14
z
A
♦1st A ret
39 X
z
F
♦1st A ret
14
*86
42 H
{♦Minn A St Louts 5s Ctfs... 1934 MN
Montreal Tram 1st & ret 5s..1941
♦5s stamped
s
85 X
*52 X
-
M
Lehigh Valley Coal Co—
♦1st A ret
91
85
54
2
J ybb 2
Lehigh A New Eng RR 4s A.1965 A O x bbb3
3
Lehigh <fc N Y lstgu g 4s
1946 M S yb
.
91
38X
2
a
74
*71X
bbb3
ybb
1941
2d gold 5a
46
{♦Milw A State Line 1st 3Hs 1941 /
IX
LAke Erie A Western RR—
Lake Sb A Mich So g
♦31X
19X
76 X
78 H
76 H
ddd2
J ybb
S x a
39
83 X
yb
3
s f 7s.. 1956 J D z cccl
Mich Cent Det A Bay
City—
Jack Lans A Sag 3Hs
1951 M S ybb 4
1st gold 3Hs
2
1952 AfN x a
85
86
83 X
yb
y
53
40%
H
*85 X
44 H
"28H ~39H
2H
2
42 H
*43
95 H
5
yb
83%
47H
163X 168
-
-
1
2
77 H
ccc2
55
80
106H
*83
bbbl
89
ccc2
~80~" ~80"
-
-
ybb
1942
1942
Coll tr 68 series B
106
-
91
*
y
Coll A ref 5Xa series D...1960
Coll tr 6s series A
3
-
--
*J08X
M S
Koppers Co
106 X
^
-
83 X
53
55 H
{Missouri Pacific RR Co—
-
—
91
k *»'
bbb3
1951
[♦Kreuger A Toll secured 5s—
Mr
83 H
b
52
50
167
unguaranteed
1961
Kings County El L A P 6s... 1997
Kings County Elev 1st g 4s.. 1949
4 Ha
78 H
z
86
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6
81
z
93 H
107
92 X
w
46
82 H
82 H
z
40-year 4s series B._
-
39
z
99
103
-
ccc3
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A
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-
50
{♦Mid of N J 1st ext 5s
1940 A O
{{♦Mil A No 1st ext 4Hs
1939 J D
♦f Con ext 4H8
1939 J D
{♦Mil Spar A N W 1st gu 4s. 1947 Af S
95
84
14H
*106H
18
20
♦Mlag Mill Mach 1st
14H
14H
*102 H
74
54
45 X
83 X
102 H 103
13 H
Corp 1st 6s
1946 Af S ybb 3
J x a
3
Kentucky Central gold 4s—1987 J
Kentucky A Ind Term 4X8-1961 J J X bbb3
2
52 H
ccc2
aa
90 H
81
93H 101
44 H
2
y
83 H
High
104»«107H
53H
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39
44 H
1
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No
1
98
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Jan. 1
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A
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or
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1955 F
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I
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B.1947
4
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cccl
1956
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♦1st g 58 series C
75)4
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UX
cccl
z
75
86
Interlake Iron conv deb 4s..1947 A O ybb 3
tint Agric Corp 5s stamped.1942 M N y bbb2
99
33
74
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101
D ybb
D y b
2
f__.Feb 1 1957 MN y ccc2
{ »Manhat Ry (N Y) cons 4s. 1990 A O z cccl
s
30 H
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cc
z
61
105H 105 H
105H
flnterboro Rap Tran 1st 5s. 1966
6s
17
63
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x
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Manati Sugar 4s
*60H
x
1948 J
Railroad & Indus. Cos. (Cont.)
McCrory St's Corp s f deb 5s 1951 AfN xbbb2
McKesson A Robbins deb 5 He *50 Af S y b
2
Maine Central RR 4s ser A. 1945 J
Gen mtge 4Hs series A...1960 J
ccc2
Price
Range
Sale
See k
99 H
Week's
Last
Rating
21
bbb2
Industrial Rayon 4)48
Ellg. A
EXCHANGE
43
z
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STOCK
50 H
47
99 H
57 H
*105
Y.
Week Ended May 3
High
45 H
y
J
N.
20 H
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cccl
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Since
46
44
xbbb3
Ind 111 A Iowa 1st g 4a
1950 J
{♦Ind A Louisville 1st gu 4s. 1956 J
bb
Friday
Bank
Range or
Rating
3
2845
Page 4
-
Week's
Friday
Bank,
36
20
and rating of bonds.
32 H
31 X
40
33
38 X
See
a.
New York Bond Record
2846
Bank
Friday
Last
Range or
Rating
Sale
Friday's
Asked
Bid
Ac
See
Price
a
Co*. (Cont )
Edge gen gu 4*8.1945
4s series A
1998
10-year 3*s sec s f
1946
Kef & Impt 4 *s series A-2013
Ref A lmpt 6s series C
2013
Conv secured 3*s.___.—1952
N Y Cent & Hud River 3*8.1997
Railroad & Indu*.
ybb
N Y Cent RR
/
J
Purchase money
1948
F
60
74
79*
Consol sinking
94
94*
49
86
95
General 4 *s
x
60
60*
12
66
61*
General 5s series B
66*
00
4*8
General 4*8 series
*51*
62
65*
90
61*
68*
56*
80*
104
53*
85
30
77*
59*
86*
86*
86*
5
81*
78*
55*
65*
54*
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80*
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b
2
80*
83
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3
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108*
107
5
108*
1
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3
19
50*
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67*
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109
109*
X
109*
17
108
110*
20
108* 110*
3
110
J
D
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A
X
126
aaa4
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110*
126
1
116*
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116*
1
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2
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124* 120*
110
118*
11*
17
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2
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56*
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/
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1956
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19*
18*
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48
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23*
60
71
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8*
2*
4*
3
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22
2
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3
2
m
mm
m
m
:m
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m
43
1
43*
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110*
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108
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105*
105*
106*
107
24
29
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27
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J
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a
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108
b
1
103*
103*
bb
2
c
2
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5*
5*
62*
39*
109* 111*
16
108
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2
90*
92
85*
mmmm
87
mmmm
4*
14
5*
110*
14
110
-
90
92
6*
112
107* 109
10
102
8
104
c
2
16
18*
70
11*
2
16*
17*
44
10
17*
A
18*
c
F
MN
z
ccc2
O
{{♦Norfolk & South 1st g 68.1941
4s.. .1996
North Amer Co deb 3 Mb
1949
x
aaa4
A
75*
75*
125*
125
54*
31
79
7
F
A
x
a
4
106
106
1954
F
A
X
a
4
100*
106*
106*
4
...1959
North Cent gen & ref 5s
1974
Gen A ref 4 Mb series A....1974
{Northern Ohio Ry—
F
A
x
a
4
108*
108*
25
Debenture 4s
M
S
x
aa
2
M
S
x
aa
2
A
O
z
ccc3
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A
cellation of guarantee) .1945
O
z
ccc2
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ccc2
"J
x
F
y
1945
106*
104* 107*
105* 106*
105* 108*
114
mmmmm
114
107* 107*
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61
79
121* 125*
7
125*
61
1
45
61
5
40 *
40*
♦1st mtge g
♦Certificates of deposit
4s—1997 Q
3s Jan...2047 Q
Ref A lmpt 4 Mb series A— .2047 J
Ref & lmpt 68 series B
2047 J
Ref & impt 5s series C
2047 J
Ref & lmpt 5s series D
2047 J
F
Northern States Power 3*8.1967
Northwestern Teleg 4*s ext 1944 J
North Pacific prior Hen
Gen Hen ry & Id g
J
*43
mmmrntm
40*
40*
bbb2
69*
68*
69*
52
63*
09*
bb
42
42
42*
49
39*
43*
59
42
53
60*
62*
47*
47*
49
J y bb
58*
57*
59*
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52*
52*
42
J y bb
52*
50*
52*
44
109*
109*
109*
28
A
x
aa
3
x
50*
bbb3
J
{♦Og A L Cham 1st gu g 4s. .1948
M S
1st 4s. .1943
MN
Ohio Edison 1st mtge 4s— .1965
*90
2
z
c
x
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x
a
4
5*
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,
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110
45
15
a
4
x
a
4
110
Oklahoma Gas A Elec 3Ma., .1966 J
.1946 J
4s debentures
D
x
a
D
x
bbb4
Ontario Power N F 1st g 5s., .1943 F A
Ontario Transmission 1st 5s .1945 AfN
x
aa
4
x
aa
4
*104*
D
x
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no*
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.1946
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x
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x
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1940
Pacific Gas A El 4s series G.1904
1st A ref mtge 354s ser H..1961
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D
b
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{♦2d ext gold 5s
1938
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106
1
105
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1
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D
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J
b
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3*s series C
1966
J
ff g 4>48..1955
Panhandle East Pipe L 4s—1952 M S
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3
*118
106*
„
74
117*
110*
117*
118*
107*
75*
5*
2
mmmm
mmmm
35
19
8*
108*
106* 109*
110
108*
100* 110
108* 110*
105* 107
103* 108*
104* 105*
110* 1U*
116* 118*
117* 119
104* 107*
73* 77
6
112*
112*
113
24
58*
60*
111* 113*
1955 F A
Paramount Pictures 3Mb deb '47 M s
Parmelee Trans deb 6s
1944 A O
Pat A Passaic G A E cons 5s. 1949 M S
♦Paullsta Ry 1st s f 7s
1942 M S
Penn Co gu 3 Mb coll tr ser B. 1941 F A
Guar 3Mb trust ctfs C
1942 J D
Guar 3*s trust ctfs D
1944 J D
Guar 4s ser E trust ctfs
1952 AfN
112
111*
109*
112*
30
109* 112*
110
11
107* 110*
80
3
80
2
*75*
no*
111*
Ill*
♦102*
mmmm
a
3
S
x
1959
1960
111*
a
4
103*
104*
9
y
b
2
51*
51*
2
x
bbb3
y
ccc3
x
aaa3
z
b
x
aa
x
45*
aa
x
89
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aa
x
89
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2
70
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106
13
90
m
70
102*
106
*107*
106
10
46*
*» m m
m
m
m -m
5
mmmm
2
mmmm
106
1
104*
104*
104*
28
96*
96*
96*
8
Penn Glass Sand 1st M 4*s 1960 J
Pa Ohio A Det 1st A ref 4*s A '77 A
D
O
x
a
3
J
J
x
a
3
87*
98
1
117*
a
113* 118
114* 117*
6
70
30
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cc
x
a
64
A
7*
J y bb
J y bb
J
J
66*
66
66*
10
106* 107
60* 71
"31
57*
57
57
65*
6
110
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70
65*
z
D
J
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18
60
54*
59*
9
55
110*
80
109
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59*
110
a
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F
A
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J
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cc
cc
106* 108*
59
111*
33
104* 100*
109* 111*
13*
51
3*
3*
11
3
4
7*
7
6
8*
109*
8*
110*
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100*
100*
19
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1
J
107
108*
106*
7*
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cccl
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106*
2
12*
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J
2
109* 110*
114
116
2
110*
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1
110
105*
110
114*
109*
108*
2
J
1
J
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2
109*
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114*
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J
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98
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106* 108
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;
111
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116
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51*
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104* 107
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3
8
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53
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3
52
51
53
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41
53
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3
52
51
53
43
40*
53
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3
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106* 106*
*110*
110* 110*
D
Pitta Y A Ash 1st 4s ser
A—.1948
1962
J D
x
F
A
x aa
3
1st gen 5s
J
D
x
aa
3
1st 4*s
/
D
x
aa
3
1st gen
6s series B
series C
1974
series D
1977
Port Gen Elec 1st 4 *s...—1960
1st 5s extended to
1950
M
J
*100
S y bbbl
3
*98*
72*
*106*
80*
80*
80*
24*
22*
73
x
bbb2
{♦Porto Rico Am Tob conv 6s '42
♦6s stamped
1942
z
cccl
z
cccl
{ {♦Postal Tel A Cable coll 5s 1953
Potomac El Pow 1st M 3*8.1966
z
cccl
x
aaa4
Pressed Steel Car deb 5s
'80*
110
73*
{♦Providence Sec guar deb 4s 1957 Af N
{♦Providence Term 1st 4s.-.1950 Af S
J
/
1st A tef mtge 5s
20371J J
1st A ref mtge 8s
20371/ D
Pub Serv of Nor III 3*s
1968 A O
Purity Bakeries s f deb 5s... 1948 /
3
Public Service El A Gas 3 *s 1968
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk(65%pd) J
{♦Debenture gold 6s
1941 J
{♦Deb 6s stamped
1941 J
Reading Co Jersey Cent coll 4s *51 A
Gen A ref 4*s series A.—1997 /
Gen A ref 4*s series B... 19971/
198
67*
104
"83"" "l5
82*
25*
110
ybb
1951
2
80*
81*
z
cc
1
*3*
3
47
350
5
8
z
b
x
aaa4
x
81*
107*
69
86
68*
85*
17*
25*
108* 110*
79
84*
5*
3*
63*
*66*
6
63*
110* 113
*112
148
aaa4
148
148
148
147
x
aaa4
225*
aa
225*
109*
226
x
110
222* 226
108* 110
103*
104*
102* 105
4
110
x
bbb3
D
D
z
....
D
z
O
J
J
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bbb2
x
x
*50
z
55*
15
55*
65
04*
60*
71*
92
66
75*
71
49
66
75
32
98* 102
52*
57*
*50
"57*
bbb3
57*
70*
68*
bbb3
70*
68*
Remington Rand deb 4*s w w '56 M 8
bbb3
101*'
4*8 without warrants
1950 M 8
Rensselaer A Saratoga 6s gu.1941 MN
Republic Steel Corp 4 *s ser B '61 F A
Pur mon 1st M conv 5*8.1954 MN
bbb3
Gen mtge 4*8 series C...1956 MN
J
Revere Cop A Br 1st M 4*8 1956 /
bbb3
x
107
101*
107
100*
101*
*98*
101
100
*
bbb2
97*
"97*
bbb2
106*
106*
97*
bbb4
Qft
101*
100*
13
98* 100*
98*
107*
82
98*
109
91*
98*
106* 109
92
98*
102*
0
99* 102*
100*
bbb3
102*
102*
12
*23
26
30
*17*
16*
17
J
*14
15
15
♦Rhine-Westphalia El Pr 7s. 1950 MN
*15
♦Direct mtge 6s
1952 MN
*14
♦Cons mtge 6s of 1928
1953 F
♦Cons mtge 6s of 1930
1955 A O
Richfield Oil Corp—
4s s f conv debentures
1952 M S
♦Rheinelbe Union s f 7s
1946 /
♦3 *s assented
1940 /
♦Rhine-Ruhr Water Serv 08.1953 /
Rlchm Term Ry 1st gen 5s.. 1952 /
♦Rlma Steel 1st s f 7s
1955 F
{{♦Rio Gr June 1st gu 5s...1939 J
{{♦Rio Gr West 1st g 4s—.1939 J
con
15*
16
^L9*
15*
bbb3
aa
b
/
ccc2
17
109
107*
106
105
1
ccc2
J
16*
14*
107
107*
105
103* 105
2
A
D
17
14
16
16
14*
*14
*
10*
9
9*
*36""
35*
30*
30*
28*
10*
"30*
2
40
11
10*
O
cc
1977 M S
aa
aa
40
34*
12*
*122*
*108
A coll trust 4s A—1949 A
Roch Gas A Ei 4 *s ser D
A
Gen mtge
1948 A
{♦RutrCanadian 4s stmp
1949 J
{♦Rutland RR 4*s stmp...1941 J
111
110*
111
108* 111
110*
aa
aa
110*
8*
107* 110*
6*
9*
*8
cc
cccl
O
/
c
cc
21
"....
2
6
21
0*
6
9
6
*6*
2
/
Saguenay Pow Ltd 1st M 4*s *66
St Jos A Grand Island 1st 4s. 1947
x
a
2
90*
x
aaa2
St Lawr A Adlr 1st g 5s
1996
ybb
1996
y
b
42
47
9*
120
z
bb
z
bb
1
40
10
90* 98*
110* 112
St Louis Iron Mtn A Southern—
124
92
♦111*
61*
90*
103* 105
48*
84*
72
67*
101* 102*
105*
106
100
107*
104* 106*
103
104*
94
98
105
107
90* 101*
97*
99
2d
gold 6s
♦{Rlv A G Div 1st g 4s...1933 mn
♦Certificates of deposit
60*
{♦St L-San Fr pr Hen 4s A... 1950 J
/
♦Certificates of deposit
♦Con M 4 *8 series A
1978
m's
♦Ctfs of deposit stamped
64*
cccl
cccl
cccl
2
♦2d 4s lnc bond ctfs..Nov 1989 J
J
z
b
{♦1st term A unifying 5S..1952 /
♦Gen A ref g 5s series A.—1990 J
J
z
ccc2
/
Attention is directed to the new column incorporated in this tabulation pertaining to bank
63*
22
25
66
65
18*
20*
22
65
59*
68*
68
21
63*
60*
39
02*
10*
14*
17
10
14*
106
11
46
"l47
"12*
12*
13
12*
12*
12*
"13*
13*
13*
20
11*
12*
cccl
z
63*
*42
cccl
z
z
/
cccl
z
1950 J
z
z
♦Certificates of deposit
♦Prior Hen 5s series B
24
2
/ y b
60
*58*
/I z ccc2
{♦St L Peor A N W 1st gu 5s 1948 J
2
St L Pub Serv 1st mtge 5s
1959 m s y b
St L Rocky Mt A P 5s stpd.. 1955 J
"76""
*
2
65
{♦St L S W 1st 4s bond ctfs. 1989 MN ybb
82
87*
113*
:
102* 102*
a
2847.
99*
80*
68
♦Ruhr Chemical s f 6s
10«* 112
b
For footnotes see page
99*
95*
113*
99*
*61
A. 1958 J
4 Mb series B
series C
89*
95*
85
99*
b
Apr
F
85
34
97*
O y b
A
79
89*
117
aa
M
25
89*
98*
98*
87*
bbb4
x
92
120*
100* 104
106* 110*
181
113*
x
O
A
75
108* 110*
bbb2
1981
x
74
7
x
A
99*
80
2
y
F
89*
74*
110*
Penn-Dlxle Cement 1st 6s A.1941 M S
1963
110*
110*
3
3*s series H
1967 M S
Gen mtge 3*8 series I
1967 M S
Gen mtge 3*s series J
1969 M 8
{{♦R I Ark A Louis 1st 4 *s. 1934 M 8
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
109
3
4s guar. 1943 MN
1st mtge 4*s
♦1st
59
aa
Ref mtge
Paducah A 111 1st
62*
110
58*
2
O
*117
106*
aaa2
A
109
106
3
1st mtge A 4*s. .1962
17
109*
■
45*
108
31
108*
x
J
Pacific Coast Co 1st g 5s
3
6*
mmmmm
109*
S
.1972 J
46
108
....
107*
109*
.1967 M
4
95
251
107*
107*
108*
.1946 J
104
49
2
/ y bb
Ohio Connecting Ry
A '52
A...1940
Series B 4 *s guar
—1942
Series C 4 *s guar
—.1942
Series D 4s guar
..1945
Series E 3*s guar gold—.1949
Series F 4s guar gold
1953
Series G 4s guar..
...1957
Series H cons guar 4s
1960
Series I cons 4*8
—1903
Series J cons guar 4*s
1904
Gen mtge 5s series A
1970
Gen mtge 5s series B——1975
Gen 4*s series C
...1977
1st mtge
103
87*
117
12
5*
2
J
no*
*88*
110*
bb
30
1948
PlttaCCC A St L4*s
Pitta A W Va 1st 4 Mb ser
9
54
55
J
D
Phillips Petrol conv 3s
Pitts Coke A Iron conv 4*s
Pitts Va A Char 1st
6*
111*
J
1949
104* 106
104
107*
2
12*
5s. 1973
{{♦PhlUppine Ry 1st s f 4s„1937
♦Certificates of deposit
106* 10S*
m m-
14*
J
52
107* 110
aaa4
aa
1974
General g 4 *s
♦Conv deb 6s
—
—
103*
a
1st g 4s—1943 MN
General 5s series B
{♦Phlla A Read C A I ref
64
19
20*
Phlla Bait A Wash
72*
20
Nort 4WRy 1st cons g
^4*8 series B
58.1956
series C
..1980
Phelps Dodge conv 3*s deb. 1952
3*s 1952 called bonds
80
18*
J
{{♦Norf South 1st & ref 5s..1901
♦Certificates of deposit
28-year 4s
1st ser A
1st 4s series B
07
20*
{{♦N Y West A Bost 1st 4*8 1946
Niagara Falls Power 3*8—1906
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 5 Mb 1950
Otis Steel
Pere Marquette
Apr 1990
1st 5*8—1974
71
mm
m
20
S
—1940
1943
1967
1946
1946
Ore-Wash RR & Nav 4s
4s
9
y
05
00
mm.
16
M
—1937
4s.
♦Income
Peoria A Pekin Un
91
a
115
113
"92"
bbb4
♦Certificates of deposit
80
m
M
2
Oregon RR & Nav con g
1947
4s—1940
Refunding gold 5s
♦Peoria A East 1st cons
mmmm
89
S
2
3*8—
6s..1943
series C
1977
General 4 *s series D
1981
Phlla Co sec 6s series A
1907
Phlla Electric 1st A ref 3*8.1967
5
mm
89
b
/
M
b
1st mtge
Conv deb
Peoples Gas LAC cons
113* 115
119*
x
D-.—1981
4*8 series E
1984
3*s
1952
108* 109*
119*
x
109*
107
114*
*114*
90*
91*
x
1968
1970
mrnmrn
62
J
14
99* 100
60
53*
101 *
M N
b
1st mtge 4s
fund 4*8—1960
series A
1965
Debenture g
Gen mtge
A
1st g 4 *s
z
gtdg5s
56*
47
56
109*
y
O
1st
86
104* 107*
106
108*
55
55*
A
♦
87*
57
b
3
ccc2
y
O y
1993
N Y Queens El Lt A Pow 3 *s '65 MNjx
/
Jx
N Y Rys prior Hen 6s stamp. 1958
MN)x
N Y & Rlchm Gas 1st 6s A..1951
J
Jx
N Y Steam Corp 1st 3*8—1963
J
J|z
{{♦N Y Susq A W 1st ref 58.1937
Debenture 3Ha
3
77*
1942
-
a
77
1965
Rock 1st 6s
3
aaa2
77
65*
N Y & Putnam
6s stamped
2
a
2
2
N Y Trap
aa
x
x
c
YTelep3*sser B—
x
O
62*
63*
z
♦Terminal 1st gold 5s
afn
66*
D
N
aaa2
57
/
{♦2d gold 4 Mb—
x
61*
3
3
4s._1992
♦General gold 5s
24
109*
*114*
afn
55*
x
1956
♦Conv debenture 6s
1948
♦Collateral trust 6s
1940
♦ Debenture 4s
1957
♦1st & ref 4*sser of 1927.1967
{♦Harlem R A Pt Ch 1st 4s 1954
♦General 4s
40! 107* 109*
109
72
X
3*8
{♦N Y Prov A Boston 4s
1st con gu 4s.
109*
108*
31
F
debenture 4s..1956
debenture 4s..1956
{♦N Y Ont A West ref g
109
108*
aaa2
53
94
High
109*
a
x
58*
60*
1
No. Low
4
x
58*
3
Since
Jan.
A xbbb4
57*
bbb2
bbb2
High
Range
f-
A
afn
58
a
sqs
f
52*
165
-3
Friday's
A
Asked
f
57*
O ybb
M S ybb
gold 4s.—1949
♦Conv debenture
—.1974
4s..1943
Consol gold 4s
1948
4s ster! stpd dollar May 1 48
Gen mtge 3*8 series C—1970
58*
A
Greenwood Lake 5s. 1946
N Y & Harlem gold 3*s
2000
N Y Lack A West 4s ser A—1973
4*s series B — -------.To
♦N Y L E & W Coal A RR 5*8 42
♦N Y L E & W Dk & Impt 6s 1943
N Y & Long Branch gen 4S..1941
{{♦N Y A N E (Bost Term) 4s *39
{♦N Y N Hav A Hart RR—
♦Non conv deb 4s—
1947
♦Non-conv debenture 3 *s 1947
♦Non-conv deb 3*s
1954
♦Non-conv
Pow
4*s debentures
Pennsylvania RR cons g
52*
A y
A y
F
♦N Y &
♦Non-conv
Penna
3
3
J ybb
J
1951
Conv 5% notes
1947
Y Edison 314s ser D.-—1965
1st Hen A ret 3*s ser E—1966
N Y
80
81
3
x
gold 4s
Erie—See Erie RR
Gas El U H A Pow g 5s
62*
7 AM
b
y
coll gold 3*8.1998
coll gold 3*8.1998
N Y Chic & St Louis
Ref 5*8 series A
1974
Ref 4 *b series C
1978
4s collateral trust
1946
1st mtge 3*8 extended tO-1947
3-year 6% notes
1941
N Y Connect lstgu 4*s A—1953
1st guar 5s series B
1953
N Y A
56 M
93
1940
i
Range or
Bid
Low
Railroad & Indus.
yb
Mich Cent
N
59
81
Price
3
M N ybb
Lake Shore
N Y Dock 1st
58*
1
Sale
See A
^a.
ybb
1942
Debenture 4s
111*
56*
57*
3
Rating
3
Cos. (Ctmf.)
A Lt 3*8
1969
Last
Elig. A
EXCHANGE j
Week Ended May
High
111
*111 *
aaa2
x
Newp A C
Y. STOCK
1
No. Low
High
Low
N.
Since
Jan.
fel
BONDS
Range
ts
Week's
Friday |
Bank
Elig. A
BONDS
Y. STOCK EXCHANGE
Week Ended May 3
N.
May 4,
Page 5
Continued
-
Week's
"II*
11*
64
10
10*
15*
108
10
14*
11*
12
13
10
13*
63*
64*
58
56
67
*31
1
14
27*
37*
"19*
19*
20
"22
12*
12*
13
18
eligibility and rating of bonds.
37*
10
21*
8*
13*
See a.
New York Bond Record
Volume 150
Bank
BONDS
N.
Y.
STOCK
Last
Range or
§r
EXCHANGE
1
Week Ended May 3
Sale
Rating
See
— -
x
{♦St Paul E Gr Trk 1st 4 Ha. 1947 J
{♦St PAKCShL gu 4X8-1941 F
z
cccl
/
x
a
J
x
aaa2
Bid
cccl
z
bbb2
No. Low
"•
1972 7
82
5X
4%
5**
13
8
2
♦98
116
97 J*
98H
116
114
116
1943 J
{♦Schulco Co guar 6 Ha
♦Stamped
♦Guar s f 6 Xs series B
1946 J
ybb
3
64
O y a
3
San Diego Consol G A E 4a..1965 M N x aaa2
Santa Fe Prea A Phen 1st fie. 1942 M S x aaa2
108
1963 A
J
J
16
110 H
liox
108
110%
51
*109X
z
30
1946 A
O
z
A
0
z
x
aaa3
z
ccc2
cccl
45 H
21
1950 A
1950 A Ox cccl
♦Adjustment 5s
O
.Oct 1949 F
{♦Refunding 4s
1959 A
♦Certificates of deposit
♦1st cons 6s series A
A
17
33 X
47
47
28 X
29
X
118
125
123X
z
1945 M
1
11%
11H
2
c
13*
12
5
11
*1H
3%
cc
2
z
cc
"1%
1
1933 M S
{♦Seaboard All Fla 6s A ctfs.1935 F A
c
*13
1
2 %
1
58
6%
5%
5
2
c
"33
4 H
5%
cccl
z
z
A z
IX
4X
3%
5X
4?*
13X
1%
4H
3%
~~4 X
cccl
S z
♦Certificates of deposit
{{♦Atl A Blrm 1st gu 4s
♦6s Series B certificates... 1935 F
13X
UH
O z cccl
z
Shell Union Oil 2Xs debs.. .1954
Shlnyetsu El Pow 1st 6 Ha.. .1952
J x
17
14%
2 H
15
15X
IX
6%
5%
8?*
7X
15?*
"~8
2X
4
2
2%
2
IX
3X
2
97 X
L
14X
x
aaa4
O
x
a
O
L
3Xs—. .1962
bbb2
x
x
J
97?*
67
29X
z
O
i:
23
102 H
102%
106 X
3
106
t
23
2
102%
33
106%
21
23
20%
99 X
102?*
104X 106X
119
108%
aaa3
33X
15X
108 %
"3
105%
107%
105%
28
107%
6
x
aaa2
110
110
12
107X 109 X
103 X 105 %
107% 108X
109X HI
x
bbt>3
105%
102%
10
105
bbb3
105%
102%
59
Ox bbb4
106%
106%
10
.1979 J
J
x
aaa3
105 H
.1961 M S
1st mtge A ref 4s
63
95
57
138
97%
*30
A y cccl
Socony-Vacuum Oil 3s debs .1964
Southern Calif Gas 4 Ha
96%
*61%
1
z
'
South Bell Tel A Tel
3s debentures
4
aa
D y b
♦Siemens <fe Halske deb 6 Ha .1951 M S
♦Silesia Elec Corp 6 Ha
.1946 F A
South A Nor Ala RR gu 5s. .1963
x
aa
3
107%
.1965 F
A
Southern Colo Power 6s A.. .1947 J
Southern Kraft Corp 4Ha... .1946 J
J
D
x
106
.1951 A
So Pac coll 4s (Cent Pac coll). .1949 / Dy bb
1st 4 Ha (Oregon Lines) A. .1977 m s'y bb
Gold 4 Ha
2
44
2
47%
32
70
48
2
45%
45
45%
43%
43%
44
84
.1981 Mivy b
2
44
43%
44
131
jy bb
10-year secured 3X8
1946 J
1950 A
1st 48 stamped
J ybb
.1955
X 102 X
53
50%
53
73%
72%
73%
62%
59%
89
56%
74%
O'ybb
75
y
bb
80
y
.1956 A
bbb2
1956
1st g 5s
St Louis Dlv 1st g 4s
1996
y
bbb2
x
aaa4
x
aaa4
1951 J
So'western Bell Tel 3 Ha B.. 1964 J
1st A ret 3s series C
1968 J
{♦Spokane Internat 1st g 5s. 1955 J
z
x
a
1961
x
aaa4
1953 J
x
aaa4
Studebaker Corp conv deb 6s 1945
z
bb
Swift <fc Co IstM 3Xs
Tenn Coal Iron A RR gen 5s
Term Assn St L 1st cons 5s.
1950 M N
x
aa
Gen refund sfg4s
Texarkana A Ft S gu 5 Ha A
Texas Corp deb 3 Ha
1953 J
...
Standard Oil N J deb 3s—
debenture
—
3s debentures
...
con
gold 5s
1951 J
7,x aaa3
1944 F
"ioi"
Gen A ref 5s series C
Convertible
1943 J
O x aaa3
J y bb
1980 J
103%
106%
bbb3
D x bbb3
Tex Pac Mo Pac Ter 5 Ha A
1964 M 8 x a
1960 J
J yb
2
Jan
{♦Third Ave RR 1st
g 58—1937 J
Tide Water Asso Oil 3Xs—1952 J
O y cccl
J y bb
x
J
a
1953 J
D y b
58
80 %
57**
152
54 X
61X
79 X
75
28
48
79**
69**
"~5
Trenton G A El 1st g 5s
110
25
22%
6
20**
106
105
62
108**
26
105%
26
....
91
2
2
103**
38
106?*
121
67
17X
105
"l4
105%
UJlgawa Elec Power
s f
1952 F
z
A
3
J
aa
{{♦Union ElevRy (Chic) 58.1945
0
A
aaa3
A
aa
Union OH of Calif 6s series A. 1942
3s debentures
1959
1st lien A ret 5s
3
99 X
88
92
103X 108
104 X 106 X
65
107
70**
18
67%
72 X
26
67 X
72
30
67
72
61?*
25**
67
110X
91
97 X
120
50%
822
13X
62X
25 X
100
107 J*
25
1
95
100X
105X 107 X
60**
25
65X
110%
103%
aaa3
3
aa
3
a
3
85X
89X
67**
1
64 X
67 X
b
3
bb
4
UNJ RR A Canal gen 4s...1944 M 8
98
125
J
a
D
2
98%
97%
♦3Xs assented A
"14%
84?*
107**
86**
107**
9%
110%
110%
103?*
103%
114?*
114%
108** 108ui#
"70%
87%
*70 X
87
110**
103"Vi
1951
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97**
97**
103 "j2
24**
1951
1951
*17
b
1
110
cccl
7
21
♦3^s assented A
1947
United Stockyds 4%a w w—1951
Utah Lt A Trac 1st A ret 58.1944
b"bb3
Utah Power A Light 1st 5s..1944
bbb3
{♦Debenture 5s
♦5s stamped
Vandalia
14 X
83
95
14 X
"ii
9
110X 112X
77
101X 103X
51
113
61
106 X 109
32
109
98**
62
99
87
~72X
"38
87%
110%
103%
24%
80
1
56
1
2
1947
1
1959
1959
cc
2
b
1
A
x
1957 M N
z
c
z
..
x
aa
110X
111X
6
110X 112
102
102X
17
99 X
84 X
83
84 X
32
82 X
.1977 J
J
x
bbb3
92
90 X
92
x
aa
West N Y & Pa
gen gold 4s.. 1943 A O
{♦Western Pac 1st 5s ser A1946 M S
♦68 assented
1946 M 8
Western Union
Teleg g 4**s
25-year gold 5s
30-year 5s
♦Westphalia Un El Power
West Shore 1st 4s
guar.
z
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cccl
6s"
Registered
17
-
17
107 %
5
17
17
16%
22
16%
18?*
66
22
63 X
68
69
13
67%
67 X
72
1960 M S y b
1953 J
J z b
66 %
27
66 X
J y bb
J y bb
M
S
66 X
68
*15%
2361 J
46X
-J.-™.
46
15X
47 X
45X
115X
15X
46 X
8
41X
62 X
47
ww
—
46
115?*
1
x
bbb2
100?*
101X
55
1940 M N
x
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101X
101 x
102i3j
2
1942 J
z
cc
------
12 X
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11
F
A
D
1955 J
J
1947 A
48111 1960
1st gen 4sII 1949
S B 1st
J
J
./
z
102
22 X
---
-
-
21 X
20 X
-
102
-WW
113 X 116
96 X
12X
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103 % 106 X
29
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WW -
101 X
101X 103
19
106X
101X
*nox
ccc2
cccl
106
106X
3
aaa2
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97
70
8X
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102
110
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23 X
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112
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23
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cc
1
x
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x
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4
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103
105X
253
103
109X
IN
x
bbb4
106X
106 X
106?*
32
105
106X
.1961 J
{♦ Wor A Conn East 1st 4 Xa .1943 J
Youngs town Sheet A Tube—
....1948 M
111961
2
bbb3
x
deposit.
C
x
aa
O y bb
J
{♦Su A Du dlv A ter 1st 4s.
1936 M N
♦Certificates of deposit.
Wisconsin Elec Power 3
**8 .1968 A O
Wisconsin Public Service 4s"
ser
x
70
14
18
W
{{♦Wilkes-Bar
Conv deb 4s
1st mtge s f 4s
18X
17 v
63X
2
115X
101X
of
92
108X
63 X
Wheeling ALE RR4s.II
1949
Wheeling Steel 4Xs series- 1966
A East gu 5s
86
88?*
7
108X
102X
68 X
1951 J
....
-----
108X
9
D y b
1950 M N ybb
2361 J
_
108 X
2
,
8X
-
-
-
-
8X
*8X
-
110
—
-
8X
109 X
— —
110
no
—
10
7
X
9
107X 110
110
*10 X
14
10
20
----
109 X 110X
14
9%
Cash
e
sales transacted
during the current week and not included in the yearly:
Budapest 6s 1962, May 1 at 6X.
r Cash
sale: only transaction during current week,
a Deferred
delivery sale;
transaction during current week,
n Odd lot sale, not included In year's
range.
ange
only
{ Negotiability Impaired by
maturity,
t The price represented Is the dollar quota¬
per 200-pound unit of bonds.
Accrued Interest payable at exchange rate of
$4.8484.
tion
1 The following is
list of the New York Stock
a
Exchange bond Issues which have
been called In their
entirety:
Treasury 3Xs. 1940-1943, June 15 at 100.
Container Corp. 5s 1943, June 1 at 101.
Inland Steel 3?*s D
1961, June 20 at 105.
~
.
Internat Agrlc 5s 1942, May 1 at 103.
United Biscuit 5s 1950, May 13 at 105.
{Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy
Act, or securities assumed by such companies.
*
Friday's bid and asked price.
Bonds
v
Deferred
under
No sales transacted during current week.
selling flat.
'
■
.
delivery sales transacted during the current week and
Included
not
In
the yearly range:
y
Indicates those bonds
or some
96
116X
99 X
96
99 X
believe
we
believe
not bank
eligible due either to rating status
provision in the bond tending to make lt speculative,
we
are
Indicates Issues in default, In bankruptcy, or In process of reorganization/
The rating symbols In this column are based on the ratings assigned to each bond
by the four rating agencies—Moody, Standard, Fitch, and Poor's.
The letters indicate
the quality and the numeral Immediately following shows the number of agencies so
rating the bonds.
In all cases the symbols will represent the rating given by the majority,
bond rated Aa by Moody, Al by Standard, AAA by
Fitch,
and A by
Poor's, would be represented by symbol aa2 showing the majority rating.
Where all
four agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are in default.
All Issues
bearing ddd or lower are In default.
77
77X
89 X
110
110X
61X
103X 106 X
23 X
25
92
^Transactions at the New York Stock Exchange,
Daily, Weekly and Yearly
"24** "24X
20
92**
9
93 X
Railroad &
United
Total
Number of
Mis cell.
Municipal
States
Bond
May 3, 1940
Shares
Bonds
For'n Bonds
Bonds
Slate
349,040
Saturday—
82,196,000
$380,000
$144,000
$2,720,000
525,000
93,000
4,663,000
685,000
807,000
243,000
104,000
5,820,000
102,000
5,776,000
224,000
6,149,000
$910,000
$30,583,000
103**
103%
89%
104
24
100X 104
Monday
568,150
4,045,000
103
103?*
91**
66
101
Tuesday
Wednesday.
592,280
4,892,000
810,050
4,544,000
Thursday..
645,420
1,069,590
4,897,000
5,098,000
777,000
827,000
4,034,530
$25,672,000
$4,001,000
89**
13
*115
91
~9l"
*115
"l2
Sales
20
90
Stocks,
Week Ended
"23 X "25"
104
86 X
—
97
100X 115
86 X
96
100
115X
Friday
5,455,000
aa
§♦4 Ha July coupon off
1934
{♦4Xs assented
1934
Va Elec A Pow 3Ha ser B...1968 M 5
110?*
102 X
aa
x
110
120
4
Total.
4s series A.. 1955 F
128X
108
117
21
*17
92
bbb2
cc
126
6
18
a
for example, a
115
*17
b
5
110
117X
bbb3
z
106 X 109
8X
*23**
♦5 Ha stamped
125
14 X
13 X
*23**
♦Sink fund deb 6 Ha ser A. 1947
{{♦Util Pow A Light 5X8—-1947
127X
109X
117X
------
105»«109
♦Un Steel Wks Corp 6 Ha A..1951
♦Sec s f 6 Ha series C
107X 109X
109 X 109 4
<*
A Bank Eligibility and
Rating Column—x Indicates those bonds which
eligible for bank investment.
106 X 108
109
aaa4
fU 8 Steel Corpus debs.—1948
*» w
99 X
125**
107**
3
United Cigar-Whelan Sta 58.1952 A 0
United Drug Co (Del) 5e
1953 M 8
w
x
66X
85**
*8%
ios11^
0
34-year 3 Ha deb
35-year 3Ha debenture...1971 M N
fUnlted Biscuit of Am deb 5sl950 A 0
*
107%
114%
aa
«.
x
♦
58**
85**
14?*
aaa3
....1970 A
aaa3
70
"5
108X
113X
104 X 106 X
126X 128X
114X 115X
107X HI
2
99
aaa3
June 2008 M 8
*109X
127 X
23 X
107**
*14**
cccl
Union Pac RR 1st A Id gr 4s. 1947
J
1st Hen A ref 4s
June 2008 M 8
aaa3
x
-W
-
35 X
70
107**
26
106**
*125
1
UnlOD Electric (Mo) 3X8—1962 J
aa
-
110
3
x
x
J
io8X
------
—
36?*
35
No sales.
1
b
aaa4
30?*
37
70
------
X 106 X
103?* 106X
67**
cccl
7s...1945 M 8
aaa3
x
1
31X
90 X
104
107**
100
106%
1
b
x
70
79 X
84 X
108X
92
60
aaa3
z
♦Tyrol Hydro-El Pow 7 Ha.. 1955 ¥N
♦Guar Sec s f 7—
a
aaa3
A
64
74
"129
112
107
*91%
4
x
J y bb
31X
*32
D
10
79X
*
b
D
67
90
72
17
aaa2
x
I
1949 M 8
Trl-Cont Corp 5s conv deb A. 1953 J
65
6%
104?* 106 X
O
84 X
35
70
59%
Toronto Ham A Buff 1st g 4s. 1946 J
7
9?*
9?*
9%
9X
78
108
68%
60 X
74**
78 X
73%
64 X
111**
70
85%
x
22
w
D
♦Certificates
65X
68**
1
S
6X
105X
«.
.1952 A
{♦Wis Cent 50-yr
91
69%
Tol A Ohio Cent ref A Imp 3 %B '60 J D x bbb3
Tol St Louis A West 1st 4s—1950 A O ybb 3
Tol W V A Ohio 4s series C-1942 M
6X
89 X
cc
y
1966
92
m
Western Maryland 1st 4s
1st A ret 5
Xs series A
Tokyo Elec Light Co Ltd—
1st 6s dollar series
P?1*® 3%s series 1
6X
6X
13
6X
22
*76
89 X
x
J
""36
6X
West Va
Pulp <fc Paper 3s...1954 J
50 X
57%
68**
3
2
.
65
------
A y b
West Penn Power
1st 5s E..1963 M 8
42
86 X
70
2
Third Ave Ry 1st ref 4s
1960 A
90%
103%
106%
67
x
z
42
6X
6X
1945 F
Winston-Salem
49X
'
107
O X bbb3
M S
50
39 X
"iox "13
104X
2
28
.13X
41X
cc
O ybb
20
12?*
10X
6X
bbb2
x
48
41
6X
6 X
O y b
S y b
M
Westchester Ltg 5s stpd
gtd.1950 J
_G®n1 mtge 3Xs
1967 J
""5
6X
cc
Q M
1945 F A
53
110
110?*
3
a
O
O
F
37?*
16X
25%
*40 X
6X
cc
1955 A
Wash Term 1st
gu 3**s
1st 40-year
guar 4s
32
50
Tox
b
1955 A
debentures
26
17X
High
106 X 109
28
49
—II—
cc
D
Warner Bros Plct 6s debs
1948
{♦Warren Bros Co deb 6s
1941
Warren RR 1st ref gu
g 3X8.2000
Washington Cent 1st gold 4s. 1948
25
44 X
17
cc
1945 J
4Xs
60 %
72 X
115"
4
x
deb
Walworth Co 1st M 4s
43 X
50
No. Low
High
109
*26
A
1980 A
Walker (Hiram) G A W—
44 X
Since
Jan. 1
03
cc
♦Ref A gen 5s series B
1976 F
♦Ref A gen 4
Xs series C... 1978 A
♦Ref A gen 5s series D
50 X
91
115
A(x bbb3
D x aaa3
1939 J
3X8—1941 A
..!J0,edo A CUc Dlv g 48—1941 M S
{♦Wabash Ry ref A gen
5Xs A '75 M S
47
91
110%
1951 J
1979 A
Gen A ref 5s series D
20
*103%
105%
104%
104%
107%
105%
105%
*127%
J x aa
1950 F
1959 A
69%
111%
107%
105X
A x aaa4
Texas A Pacific 1st gold 5s...2000 J D
Gen A ref 5s series B
1977 A O
♦AdJ Income 5s
b
43 X
42 X
8
79%
*75
cccl
1946 F
Staley (A E) Mfg 1st M 4s
z
A
Range
IS
Ask
108X
b
1941 J
109
cc
z
Wilson & Co 1st M 4s
A
Conv deb 3Xs
89
62%
90 %
56%
Jx bbb3
O y bb
Devel A gen 6 Ha
Mem Dlv
7
105?* 107X
43 X
48 %
jy bbbl
1st cons g 5s.. .1994 J
Devel A gen 4s series A... .1956 A
Devel A gen 6s
2
O* bbb2
So Pac RR 1st ref guar 4s... .1955
Texas A N O
47%
45
2
San Fran Term 1st 4s
2Xa
44
.1968 M s y b
.1969 ATN y b
Gold 4 Ha
Gold 4 Ha
Southern Ry
z
1st 5s
A
White Sew Mach deb
6s
97
Southern Natural Gas—
1st mtge pipe line 4 Ha
b
z
1939 F
1954 J
{♦Des M Dlv 1st
g 4s
♦Omaha Dlv 1st g
txt
Sllesian-Am Corp coll tr 7s_ .1941
Simmons Co deb 4s
.1952
aaa2
1939 flf N
6s
{♦1st g 4s plain
§♦48
stamped
x
♦pet A Chic Ext
33
18**
7
45 H
43
*122
68 %
107?* 108?*
109** 111?*
109?* Ill
15
31
43%
44
54
"3
"30
30
1989 M N
35
64%
107 H
cccl
z
J
63 H
H
Bid
Low
M 8
•?
Range or
Friday's
Sale
Price
♦1st Hen g term 4s
98 X
Week's
Last
Rating
See a
{Wabash RR Co.—
5*lst gold 5s
118
Friday
Elig. &
EXCHANGE
?a<l * ,ndu«- Cos.iConcl.)
yinfinian Ry 3Xs series A. 1966
"
S A A Ar Pass 1st gu g 4s
San Antonio Pub Serv 4s
♦Stamped
STOCK
..
6 H
8
6%
Y.
Week Ended
May 3
High
82
69%
....
N.
Jan. 1
{♦2d gold 58
fPaclflc ext gu 4a (large)—1940 J
g
High
*5
BONDS
Since
Ask
A
Low
St Paul Minn A Man—
Scioto V A N E 1st gu 4s
{Seaboard Air Line Ry—
2847
Bank
Range
Friday's
Price
a
Railroad & Indus. Cos. (Com.)
|
St Paul A Dul 1st con g 4s. .1968 /
St Paul Un Dep 6s guar
Concluded-Page 6
Week's
Elig. &
,g?
Friday
cons g
Cons s f 4s series B
Vera Cruz A Pacific RR—
Week Ended May 3
Sales at
*%
Jan. 1 to
May 3
New York Slock
*%
1%
2
110**
110J*
109
*45**
76**
50
40
51X
76**
75
76 X
59?*
61
59
62 X
1940
1939
1939
110X
Va Iron Coal A Coke 1st g 5s. 1949 M 8 y ccc3
1940
Va A Southwest 1st gu 5s...2003 J
1st cons 5s
1958 A
J y bbb2
bb 2
O
Exchange
X
X
Stocks—No. of shares
..
—
Railroad and industrial.
Total
new
column incorporated
in this tabulation
2,634,820
74,952,538
86,327,575
Bonds
Government
State and foreign
Attention it directed to the
4,034,530
$910,000
$1,486,000
4,001,000
25,672,000
3,923,000
20,483,000
$14,163,000
83,859,000
485,014,000
$33,170,000
97,235,000
480,717,000
$30,583,000
$25,892,000
$583,036,000
$611,122,000
pertaining to bank eligibility and rating of
bonds.
See note A above.
New York Curb
2848
NOTICE—Cash and deferred delivery sales are
of the regular
Exchange—Weekly and Yearly Record
In the week In which they occur.
weekly range are shown In a footnote
May
1940
4,
of the week and when selling outside
No account is taken of such sales In computing the range for the year.
disregarded In the week's range unless they are the only transactions
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Apr. 27, 1940) and ending the present Friday (May 3, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the following
Week
Last
Sals
Acme Wire
Aero
Week
High
Low
Shares
1
Class B
---1
Alnsworth Mfg common..6
Air Associates Inc com—1
Conv
6*
5*
14*
3*
Feb
22*
Jan
Apr
Mar
Mar
6*
5*
6,000
4*
Jan
300
5*
Jan
6*
14*
5*
5*
13*
1,900
3,200
3*
3
*
Warrants
Apr
Jan
Mar
Mar
78*
Apr
Apr
Blckfords Ino
72*
Jan
108*
Apr
Birds boro Steel
14* May
3* Apr
30* Apr
**18
20
101
96*
40
93
Jan
2
Feb
Blauner's
"IH "i*
1
Jan
2*
1*
Jan
""l66
Feb
Bliss (E WO common
10
Jan
11*
Mar
Blue Ridge Corp com
20
Feb
21
Apr
Apr
Apr
Apr
$3 opt conv pref
Blumenthal (S) & Co
20*
189M
186
114
114
20*
190*
114*
""25
138*
450
114
Apr
100
17
Jan
1,650
18
18
Jan
8*
50
7*
Feb
100*
108* 108*
1 *
1*
650
93*
Feb
103*
*
Jan
8*
97
07
200
98
Mar
192*
118*
18
11*
110*
108*
Feb
Mar
„
210
Apr
Jan
1,600
Amer Maracalbo Co
50
31*
Jan
35
31*
100
31
Jan
1*
600
1
Mar
33*
1*
Jan
34
Jan
37
38*
19*
36*
18*
16*
36*
fH
13,400
19,700
Apr
31*
14*
Jan
39*
Apr
Mar
19 *
Apr
*
Mar
•i6
Jan
4,500
11*
32*
Feb
36*
Mar
14*
39*
3*
3*
700
3*
Jan
Apr
Jan
Apr
29*
30*
575
"l4* ""400
4
25
Jan
31*
Mar
31
Feb
34*
Mar
11*
Jan
19*
16
Jan
18*
14*
*
British Amer Oil coupon.
Am dep rets
Am dep rets
25*
Apr
Brown Rubber Co
68
Feb
(EL) Co common..5
Buckeye Pipe Line
50
Buff Niagara & East Pow—
$1.60 preferred
...25
$5 1st preferred
*
Bunker Hill & Sullivan 2.50
Burma Corp Am dep rets..
*
100
6
Jan
*
Jan
109*
Feb
Jan
Apr
10* May
Class A
*
preferred
$6
Jan
64
64*
200
Mar
76
Jan
12*
3*
12*
100
Mar
17
Jan
700
3*
Feb
100
1*
Feb
1*
Mar
1*
Apr
2
"l3* "l3*
"166
11*
Mar
113* 114*
40
112*
Apr
3*
Jan
*16
"2*
5*
Am dep 5
2*
2*
8*
97*
5*
5*
1,100
2*
2,200
2
Feb
2
Feb
7
Feb
2*
8*
14,700
1,000
97*
30
5*
6*
1,300
800
6*
6*
200
*
»»•
Feb
94*
Jan
5* May
6
Apr
*
1,900
*
*
2*
6,800
1,500
6*
*
1*
Jan
2*
2*
8*
99
Jan
7% partic preferred...25
1
10*
6*
Mar
5*
Jan
Apr
8*
Feb
Class
Jan
*
Jan
Carnation Co common
*
1*
May
5*
Jan
Carnegie Metals com
Carolina P & L $7 pref..
1
14* May
16* Apr
19*
Jan
17
Apr
20*
Feb
Apr
Mar
Jan
20
Feb
1*
Mar
Feb
35
Apr
5*
18*
Feb
100
15
2*
600
Jan
Feb
2* May
2*
1,700
2
40*
500
28
2,600
100
98
Mar
12*
1*
700
12*
1*
*
Mar
14*
Apr
Jan
Feb
2*
1*
1*
Apr
1
2*
100
Jan
Mar
Jan |
19*
Apr
4*
Jan
11*
Jan
43
Feb
22*
Jan
108
Jan
Jan
$6
Casco
Atlanta Birmingham &
68
Coast RR Co pref... 100
Apr
68
2*
300
ui«
Jan
3*
il5*
Apr
Mar
3*
18*
Mar
1*
Feb
2*
Apr
Apr
5*
Apr
3*
700
300
2*
1,500
25
17
9*
10*
3,500
3,400
4
2*
Mar
18
Atlantic Coast Line Co..50
5*
5*
1*
3*
1
18
6
1*
3*
17*
3*
Products
4*
Apr
6
*
Feb
2*
100
*18
1,700
1*
6*
300
200
6
6
200
19
19
25
*18
*18
1 *
1*
6
6
6
25
25
23*
500
2*
13*
Feb
Jan
Castle (A M)
Apr
1
3*
Jan
7% 1st partic pref...100
126*
Apr
1st partic pref
Cent Hud G & E
5*
5*
6*
Feb
7*
Mar
Cent Pow & Lt
Mar
20
17
Apr
Jan
Jan
1*
Feb
4
4*
3,800
3*
Jan
4*
Apr
Cent N Y Pow
7% pf 100
5% pref. 100
7% pfd 100
Cent States Elec com
6%
7%
3*
29
400
3*
29*
4,300
8*
28*
100
preferred
8*
7
30
26*
25
100
Feb
63
Jan
Baldwin Rubber Co com.l
3
Jan
3*
30*
Apr
6*
»16
Co
Charls Corp common
Jan
16,600
5*
Mar
21 *
Apr
6*
*
7
<■
*
1,600
Jan
Mar
*
8* May
27
May
10*
10*
"14* "15*
8,700
10*
Basic Dolomite Inc com_.l
15*
9*
6*
9*
Strip
102*
III"
5*
5*
5*
100
..20
5*
*5* 'T*
4*900
T,706
1,025
127
121
30*
25
86
10
15*
200
102* 103*
113"
113"
"350
165
Apr
2
Apr
2*
Jan
Jan
1*
Feb
*
Jan
8
1
Jan
Feb
5*
38
Jan
Jan
* Apr
Jan
100*
Jan
92*
10* May
7*
9*
Feb
9*
1*
25
Jan
Jan
Feb
7* May
40*
Apr
*
Jan
108*
Apr
104* May
15*
Jan
7*
Apr
Mar
12
Feb
Jan
2*
20
Jan
105
Jan
Jan
3*
127
Jan
May
3*
20*
69*
5*
Feb
Jan
34*
Feb
Jan
87
Apr
14
Jan
17*
Feb
Jan
Jan
109
Jan
Jan
105*
Apr
Feb
10*
Apr
106*
97*
7*
109
Feb
115
Jan
*
Jan
Jan
*
Jan
750
1* May
2*
Jan
6
100
5
Apr
8*
Jan
2
175
1*
Mar
2*
Jan
1
Mar
2*
Jan
Feb
4*
Apr
7*
Mar
an
*
*
300
1 *
1 *
6
2
......
4*
Chicago Rivet & Mach
Jan
Chief Consol Mining
Childs Co preferred
11*
7*
Jan
$6
Mar
16*
Apr
»
4*
12*
5*
Jan
Jan
Feb
Mar
6
Jan
5*
Apr
15
8*
Mar
Feb
Cities Serv P & L $7 pref
$6 preferred
Mar
13
Jan
117
Apr
Jan
83
Apr
Apr
10
Mar
Jan
*
29*
Mar
79
150
68
26*
27*
225
4*
6*
64
38,400
5*
500
8*
"""260
6
62*
58*
5*
4,400
21*
4
Jan
Jan
54*
4*
Feb
Jan
Jan
Apr
6* May
"97
50
64
May
6* May
7
6*
115*
Mar
Jan
110
Mar
May
Jan
7*
600
6*
Jan
7
15
Feb
7i«
#i«
Apr
42
6*
6*
Apr
16*
Jan
*
Jan
*
Mar
3*
140
15
15
ht
*
Cllnchfleld Coal Corp.. 100
Jan
82
57
6*
Mar
2,200
Clayton & Lambert Mfg..*
Cleveland Tractor com.
Feb
2,000
6*
6*
6*
*15~~
1
50
60
89
57
96"
*
Co
Cleveland Elec Ilium
Jan
11*
110
51
City Auto Stamping
City & Suburban Homes 10
Claude Neon Lights Inc
25
200
78*
100
preferred
3*
6*
60c preferred B
Apr
100
117
116
4
Cities Service common. .10
Jan
Apr
4*
"l2* "12*
117
Chicago Flexible Shaft Co 6
Apr
Clark Controller
For footnotes see page 2853
Apr
Feb
*
"ill
$6 preferred BB
10
"111
10
Cherry-Burrell common. .5
Chesebrough Mfg
25
*
*
Baumann—See "Ludwig"
Beau Brummell Ties Inc..l
11*
300
5
7*
Mar
Barlow & Seelig Mfg—
150
Jan
Chamtferlln Metal Weather
Apr
19*
Bardstown Distill Inc
Barium Stainless Steel..
100
Conv pref opt ser '29.100
850
27
200
15*
100
42
Baldwin Locomotive—
Purch warrants for com.
2,900
7*
10
"T
1
preferred
Conv preferred
Ayrshire Patoka Collieries 1
11*
Cent & South West Util 50c
Feb
Jan
16
1*
10
7*
Cent Ohio Steel Prod...
300
46
10*
86
*
*
com
Jan
1*
46
30
Cent Maine Pow
Tobacco—
10
200
22,800
30 *
*
Jan
Jan
14*
1
$7 div. preferred
*
1*
1*
Warrants
400
Celluloid Corp common. 15
Mar
Apr
Jan
Jan
6*
18
common..10
1
.*•
22
Celanese Corp of America
Mar
4
19*
39*
*
10
*
Feb
4*
9,100
600
18
Feb
7*
103* 104*
Catalln Corp of Amer
3*
Apr
Apr
17
2,000
1
*i«
'is
preferred
Apr
6% pref 100
3*
Jan
Mar
*
17*
39
39
7*
Apr
Mar
22
6*
*
*i«
11*
pref
34
3* May
16
Apr
1*
Feb
*
B_
Jan
Feb
1
conv
Feb
14*
Feb
25
Carter (J W) Co common. 1
$1.50
38
Jan
Feb
30*
22
100
Carrier Corp common
Beech Aircraft Corp
Feb
20* May
200
Apr
com..
1*
100
1
Apr
Beaunlt Mills Inc
Feb
100
9*
Feb
1
3
580
1
*
Bath Iron Works Corp
Jan
Apr
Apr
1*
3*
9*
25c
»u
5
49
32*
100
2*
*
Jan
May
30
20*
Carib Syndicate
Marconi
Apr
A com
100
*
Class B non-voting
Apr
conv
14*
_*
*
1
Class A voting
Feb
Avery (B F) & Sons com
Apr
3*
Canadian Indus Alcohol—
Can Colonial Airways
*
$1.20
14*
17
*i«
Automatic Voting Mach.
17*
36
Canadian Car & Fdy Ltd—
1*
preferred
80
Canada Cement Co Ltd..*
Apr
Apr
Apr
Jan
*
2*
._*
6
Jan
Apr
1* May
Camden Fire Insur Assn..5
Assoc Tel & Tel class A...*
com...6
Plywood Corp
*
{Austin Sliver Mines
Mar
5*
Apr
115
warrants
Atlas
Mar
5
10
Apr
Apr
Callite Tungsten Corp—1
*
*
Assoc Laundries of Amer *
7%
300
32*
17
Calamba Sugar Estate..20
15
Carman & Co class A
Babcock & Wilcox Co
120
2*
35*
2*
3*
* % pref shs £1
Feb
Canadian
preferred
Class A common
8,100
*
Formerly Elsler Elec
113*
Class A
Axton-Flsher
2*
Capital City Products...*
Atlas Drop Forge
Feb
6* May
Cables <fc Wireless Ltd—
1*
12*
3*
1*
61*
11*
3*
........
Aviation & Trans Corp
*
Burry Biscuit Corp.. 12*c
Cable Elec Prod com...50c
Vot trust ctfs
50c
{Associated Gas & Elec—
6% preferred w w
6% preferred x-w
11,400
12*
1*
Mar
rets—£1
1
Feb
1*
8*
7*
*
Apr
Jan
20
•is
Associated Elec Industries
Atlas Corp warrants
8*
9*
6*
4*
Assoc Breweries of Can—*
Automatic Products
5,100
15*
40
40
1 *
Atlantic Coast Fisheries.
Feb
Apr
Mar
5
19*
20*
100* 101
2*
com—1
Jan
6*
Atlantic Rayon Corp
7*
14*
Bruce
Mar
6
1
Atlanta Gas Lt
*
preferred
si»
2*
8*
common
900
2*
Brown Forman Distillery. 1
8,100
6l«
97*
c
7*
15
*
6
10
V t
48*
6*
Apr
Jan
3*
Feb
85*
6*
Jan
* May
28*
100
6*
Mar
Mar
20*
29*
32
pref....100
{Brown Co6%
Brown Fence & Wire com
Mar
475
1
Jan
2*
31*
1*
ord reg.. 10s
British Col Power cl A...*
18
15,100
150
Am dep rets
68
10*
5*
Jan
Apr
8*
Apr
17*
50
107*
5
45
Mar
1*
26
18*
24
8*
200
ord bearer £1
ord reg_._£1
Jan
106
Jan
British Celanese Ltd—
29*
10*
45*
1*
Jan
"""* ""* ""460
Registered
Jan
106*
43*
Jan
Feb
40*
Jan
Apr
British Amer Tobacco—
28*
Jan
60
6
19*
12*
100
Jan
100
6*
Jan
1
Apr
Mar
29 *
29
.
2*
32*
'mmmmmm*
-
29
36
200
Jan
*
16*
Arkansas P & L $7 pref—*
Option
"2*
Mar
Jan
43*
30
14*
Jan
1,400
1
2
3,100
*
1*
Mar
40
36
17*
32
1*
6*
14*
24
*
$5
\ 7
29
Angostura-Wupperman __1
Apex Elec Mfg Co com...*
Appalachian Elec Power—
$7 preferred
*
{Arcturus Radio Tube—1
Arkansas Nat Gas com...*
Common cl A non-vot..*
.
*~6*
is*
1,700
5*
preferred
100
common...*
A
14*
12*
1
5*
15*
*
100
9", 300
Brlllo Mfg Co
CIBSS
Apr
Feb
Mar
Feb
*
B
Apr
•u
h$
13*
5*
29
Feb
46*
5
17*
Corp com *
1st 86 preferred
..*
$6 series preferred
*
American Thread 5% pf..6
Common....
43*
""*
1
Aeronautical—1
Co.*
Bridgeport Machine
*
Preferred
100
Brill Corp class A
—.*
7%
*
19*
18
2*
15*
*
100
14
Apr
Mar
200
27*
29
400
*
Jan
32*
8*
Mar
1,000
♦
Apr
Apr
Jan
Am Superpower
Ashland Oil & Ref Co
Apr
35*
"l4"
14
*
Amer Pneumatic Service.*
Amer Potash & Chemical.*
American Republics
10
Amer Seal -Kap common..2
Art Metal Works com
Mar
33*
31*
Amer Meter Co
preferred
Jan
31
100
100
1
Anchor Post Fence
*
1*
26
preferred
Preferred
Mar
Jan
6
7% 1st preferred
100
2d preferred
Brazilian Tr Lt & Pow...*
Class
com—*
American Gas & Elec—10
Amer General Corp com 10c
$2 conv preferred
1
82.50 conv preferred..
Amer Hard Rubber Co..50
Amer Laundry Mach—20
Amer Lt & Trac com
25
Amer Mfg Co common.
51(
Jan
33
31*
Pow warr...
Amer deposit
1*
Bridgeport Gas Light
Mar
43*
43*
1
1
--*
Brewster
*ii
80
Mar
4
Bowman-Blltmore com—*
2*
20*
Mar
1
5*
19*
100
Co.—..25
*
Bourjols Inc
Jan
Jan
Mar
Feb
17*
125
Jan
38
7% 1st preferred
Borne Scrymser
7*
72
Apr
»
14
C) Co com...*
49*
*
Amer Fork & Hoe
6%
Bohack (H
Mar
Common class
114
17*
45
Breeze Corp common
common..—10c
B
10c
$3 preferred
*
15.60 prior pref
*
Amer Centrifugal Corp—1
Am Cities Power & Lt—
25
Class A
Class A with warrants.25
Class B__.
---1
Amer Cyanamld class A. 10
Class B n-v
10
Amer Export Lines com._l
Class A
Jan
25
•i«
*
common—...*
1*
42
136
*
& Machine Co com
Jan
41
1*
Apr
Foundry
Apr
Apr
Apr
Apr
Mar
May
115
—*
$2.50 preferred
5*
"43 *
44
200
6
20
116* 116*
common...*
75
96*
1,400
117
Purchase warrants
76*
75*
6*
6
115
com...*,
Conv preferred
*1
Berkey & Gay Furniture .1
Jan
American Capital—
6%
6
Benson & Hedges
1*
17*
High
3,500
39
11
100
Pa 6 *% pf-100
10
Jan
Low
Shares
27*
26
27
Bell Tel of Canada
Bell Tel of
Range Since Jan. 1.1940
| Week
High
Low
Pries
com...1,
108* 108*
Southern..60
Alabama Power Co $7 pf-*
$6 preferred
*
Alles & Fisher Inc com...*
Alliance Investment
*
Allied Products (Mich)..10
Class A conv com
25
Aluminum Co common...*
6% preferred
100
Aluminum Goods Mfg...*
Aluminum Industries com *
Aluminium Ltd common.*
6% preferred
..100
American Beverage com.. 1
American Book Co
100
Amer Box Board Co com.l
Gt
Amer Foreign
Bell Aircraft Corp
»u
common..*
preferred
Alabama
of Prices
High
10
22*
6*
A
jAlr Investors
,Week's Range,
Sals
Bellanca Aircraft com
8upply Mfg—
Class
Last
Par
21
Co common. 10
150
21*
*21
STOCKS
(Continued)
Range Since Jan. 1, 1940
for
Range
Low
Par, Pries
STOCKS
»
of Priest
Sales
for
Friday
Salst
Friday
42*
350
7*
1,100
6
Jan
Apr
48*
Feb
5*
Jan
Feb
2
Jan
7*
2*
41
Apr
Volume
New York Curb
ISO
Friday
STOCKS
Last
(Continued)
Sale
Par
Club Alum Utensil Co
Price
*
Exchange—Continued—Page
Sales
Week's Range
of Prices
High
Low
Range Since Jan. 1,1940
for
3%
Cockshutt Plow Co com..*
5%
Apr
6
Feb
Colin A Rosenberger Inc.*
Colon Development ord
7%
Apr
Apr
Apr
Mar
Mar
8%
Jan
2%
Jan
4%
Jan
6%
Apr
6%
conv preferred
Colorado Fuel & Iron
1%
80 K
£1
ik
ik
'4 k
6K
82
69k
g9k
4k
"6H
warr.
Colt* iPatent Fire Arms.25
82
6%
400
700
1%
400
4%
900
4%
71%
900
Mar
5% preferred
100
69%
1
•100
64
Ford Motor Co Ltd—
Am dep rets ord ref.__£l
70%
Jan
Feb
Ford Motor of Canada—
Class A non-vot
1,900
1%
Feb
2%
Jan
16,700
hi
Jan
ik
ik
300
Commonw Distribution.. 1
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv_.l
46%
400
49%
Apr
Jan
38%
Apr
Froedtert Grain A MaliCommon
l
Feb
%
Apr
34
K
si«
""206
»u
Compo Shoe Mach—
1
15
15
200
Apr
18
Feb
42%
May
45
Feb
15
Conn Gas A Coke Secur—
42 %
42 k
Conn Telep & Elec Corp.-l
IK
ik
preferred
Consol GELP Bait com.*
82
81
4%% series B pref..-100
118
1
"ill
Consol Mln & Smelt Ltd..5
27 %
Consol Gas Utilities
118%
70
1%
900
1%
27 k
3
29
150
3
3
200
100
10
preferred
Consol Royalty OU
5 k
7% prior pf 100
5K
94%
Continental Oil of Mex
1
J16
Cont Roll A Steel Fdy
5%
96
1,200
$3 prior preference
$6 preferred A
160
Feb
120
Jan
4%
Mar
%
Jan
98
Jan
90
Apr
Jan
%
Jan
700
4%
Feb
1,000
%
Jan
ik
100
1%
Feb
2
2
400
Jan
25
.
8%
May
30
Apr
9
Feb
7%
Jan
Feb
24%
May
Mar
6%
Apr
13%
200
12%
400
9%
17%
25%
13%
Apr
19
Jan
19%
Apr
27%
Feb
38
Apr
41
Jan
85%
Feb
87
69
Apr
78
1
Mar
1%
Jan
Apr
15%
Mar
10%
10%
10%
20
20
100
"26%
26%
27
200
86
2,400
%
Jan
%
Apr
1%
14%
86
86
*16
63
Warrants
10
Common
100
63
42%
41%
*42%
"*70
1%
71
1%
74
100
90
$3
Jan
4
100
7%
Jan
8%
Feb
300
1
Feb
1%
Feb
7% conv preferred
25
*
..10
22 k
22 k
22 k
25
18
Jan
Cuban Atlantic Sugar
5
9k
Cuban Tobacco com
*
May
22% May
Georgia Power $6 pref
$5 preferred
Apr
Apr
Apr
50
Feb
6%% pref. 100
65
Apr
hi
Mar
Jan
90
Mar
Jan
48
Jan
35
<:
Tu
Mar
h*
1
Apr
Apr
1
Mar
71
May
*
17
400
98
Apr
87%
5%
40%
Jan
200
9%
8%
27
9%
27%
30,100
100
*
preferred..
Jan
8%
Feb
Goodman Mfg Co
May
10%
Apr
105" 105"" """"26
.*
Gorham Inc class A
Apr
2%
Jan
$3
Apr
112
Feb
Gorham
Curtis Mfg Co (Mo)
6%
6%
6%
100
6%
Jan
7
Feb
Grand Rapids Varnish...*
Darby Petroleum com
4%
4
4%
900
4
Feb
4%
Jan
Gray Mfg Co
Jan
Jan
4%
6%
6%
Apr
Feb
Jan
23%
8%
Apr
Feb
100
1%
81
15%
15%
27%
7%
17
27%
75
Feb
1%
14%
25%
6%
Apr
105%
Jan
Apr
Feb
10%
Apr
41
Mar
101%
91
Feb
Mar
7%
48
Apr
Jan
5%
Apr
6%
Apr
9% May
32%
Apr
11%
105
Jan
25
*
*
Jan
hi
50
preferred
Jan
99%
98%
*
Class B
Jan
Mar
""7% ""7%
*
Godchaux Sugars class A.*
2%
800
Jan
16%
9%
*
Glen Alden Coal
9%
7
10%
Jan
-
41
Goldfield Consol Mines..1
9k
Jan
Jan
Jan
38
*
*
'3^666
Apr
32%
Feb
*i»
103%
1
com
preferred
Gladding McBean A Co..*
IK
Apr
20%
13%
200
100
Gilchrist Co
7%
zll%
Jan
%
*
Jan
IK
Jan
25
100
25
hz
1%
Jan
16% May
Apr
75
1
$6 conv preferred
Apr
7%
Jan
General Tire & Rubber—
Apr
ik
Mar
13%
20
*16
hj
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock...*
General ShareholdlngsCorp
*
25c
Cuneo Press
16%
1
*
Gilbert (A C) common
Preferred
Crown Drug Co com
Crystal Oil Ref com
$6 preferred
75
100
preferred
Gen Water G A E
2%
19%
4%
56
Feb
Jan
Feb
hi
"~3~
Apr
14%
16
"13%
Gen Electric Co Ltd—
Apr
Apr
1%
1%
1%
Crown Cork Internat A..*
preferred
General Alloys Co
6% preferred A
Feb
7
300
5%
Feb
"9^266
5
Jan
17
Feb
600
100
Gamewell Co $6 conv pf..*
Gatineau Power Co com..*
Feb
%
.....
17%
Apr
13%
*
conv preferred
5%
%
1%
77%
69
k
13% May
13% May
Feb
hi
13%
13%
41
Feb
1%
6%
%
4k
Mar
3%
14%
97%
Feb
5k
k
113
Jan
38
Mar
28 k
5
Jan
2%
Gen Fireprooflng com
*
Gen Gas & El 6% pref B_*
General Investment com.l
Jan
4 k
1
96%
Jan
3
Jan
400
425
2,000
100
May
12 k
Feb
100
11%
24
3
70
1%
10%
uk
•
Mar
13%
14%
Jan
"21%
2%
30
1%
Mar
Crowley, Mllner A Co—*
Crown Cent Petrol (Md) .5
108% 109%
3
Mar
12
13%
Mar
uk
68
36%
Jan
Mar
„.*
5%
"24 %
4%
68
High
Apr
9%
%
67%
Amer dep rets ord reg.£l
9%
7%
■
Low
500
Jan
ik
Crocker Wheeler Eleo....*
68
*16
Mar
8,300
2
conv stock
*16
16
1%
39%
3%
%
1
Range Since Jan. 1, 1940
Shares
Jan
1%
2,400
100
High
27% May
28k
5
Croft Brewing Co
Jan
117
8%
£1
Courtaulds Ltd
Creole Petroleum
Apr
11%
"Ik
50
5% conv preferred
83%
9%
1
*
Cos den Petroleum corn..
Jan
7%
*
Copper Range Co
*
Cornucopia Gold Mines 6o
Corroon & Reynolds
78%
~8%
*
com
Feb
400
*
Cooper-Bessemer
Apr
3%
UK
*
Cook Paint A Varnish
1%
Apr
1%
Consol Steel Corp com...*
Cont G & E
1,200
Apr
95
1
Consol Retail Stores
82%
1%
2%
2,300
1
Consol Biscuit Co
8%
42k
ik
25
•
Conv partic pref.....15
Fruehauf Trailer Co
1
Fuller (Geo A) Co com
1
$3
*
S3
for
Wee
j Prices
Low
35
Amer dep rets
100 frcs
Fox (Peter) Brewing Co..5
46k
Jan
Feb
Jan
Mar
46k
1%
40%
%
1%
2
Week's Range
0
Price
*
Class B voting
Ford Motor of France—
33I
ik
hi
Vtcextto 1946
Fidelio Brewery
1
Fire Association (Phlla) 100
Florida P & L S7 pref
*
Jan
Commonwealth A Southern
Warrants
2849
Sale
Fed Compress A W'h'se 25
Flat Amer dep rets....
83
Columbia Gas A Eleo—
Columbia Oil & Gas
Sale
Par
Jan
3k
Last
(Continued)
High
Low
3
3%
STOCKS
Week
Shares
2
Friday
Apr
Apr
»u
Feb
1%
Apr
25
Feb
Mar
17
Apr
Mar
28%
Apr
Apr
Great Atl & Pac Tea—
110
5
5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
35
Class A conv
"l4% "15% -""550
29
28%
80
Decca Records common.. 1
6%
6%
6 %
2,400
1
4%
4%
4%
300
Dejay
Stores
l
Feb
19%
Jan
28% May
32
Feb
7% 1st preferred
100
Apr
8
Jan
Gt Northern Paper
25
"49%
Feb
Feb
5
Apr
Greenfield Tap A Die
*
9%
6%
4%
*
Dennison Mfg cl A com..5
%
14
Feb
1%
27%
Feb
Feb
Grocery Sts Prod com__25c
50
100
84%
Feb
98
Apr
Gulf Oil Corp
$8 prior pref
8% debenture
Derby Oil & Ref Corp com*
A conv preferred
Jan
Gulf States Util 15.50 pf.*
20
w
Detroit Gray Iron Fdy.-.l
1H
1%
ik
1,100
~T"
""300
20%
1
Detroit Paper Prod
Detroit Steel Prod new. 10
900
20
De Vilbiss Co common. .10
7%
preferred
10
Diamond Shoe Corp com.*
Distilled Liouors Corp
5
17%
Jan
Hall Lamp Co
1%
2%
Jan
Hammermlll Paper
10
Mar
Hartford Elec Light
1%
Apr
Hartford Rayon v to
Jan
28
Apr
Apr
Jan
Apr
10
Apr
28
Apr
25k
25k
50
9%
9%
100
69%
Dominion Bridge Co Ltd.*
Dominion Steel A Coal B 26
9%
70%
80
Dominion Tar A Chemical*
100
preferred
Draper Corp
7%
100
•
79
78
79%
*
7%
7%
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
10%
10%
53%
52%
53%
23%
22
24
Common
100
100
8%
5%
Mar
3
Eastern Malleable Iron..25
110
71%
Mar
Mar
Apr
2%
6%
Jan
8%
Feb
12%
32%
Apr
1%
3
100
2%
Feb
600
42%
17%
Jan
Feb
1,750
ex-warr
Apr
114%
Feb
"11" "
110
20
109
10
111%
""500
40%
875
37%
"5%"
"460
27
Mar
Jan
70%
I
IK
1
"l%
"360
1%
Jan
%
1%
Jan
Jan
100
27
Mar
2%
17%
Jan
Mar
Apr
40% May
Apr
3%
20
6%
27
2%
3%
700
19%
20
6%
300
6
2,500
Jan
Jan
6
2
25
May
2
Apr
Jan
Feb
Mar
8%
29
Apr
Jan
3% May
21%
Feb
7%
Jan
Jan
20
14
Apr
Jan
20%
10
12%
Apr
Jan
Jan
Mar
11
Mar
27%
Jan
Mar
27
Holllnger Consol G M
Jan
13
12
100
88%
90
200
67
Jan
91
Apr
Apr
20
20
100
20
Apr
22%
Apr
7
1
Hoe
Jan
10
Jan
9% May
12
Jan
14
Jan
Feb
Apr
Apr
12
Holophane Co common..*
(R) & Co class A... 10
""9% "9%
6
"266
11%
Jan
12%
Mar
Mar
Horder's, Inc...
*
14%
Feb
14%
55%
Mar
Hormel (Geo A) A Co com*
29%
Mar
Horn (A C) Co common..1
Jan
Apr
36%
24-%
10%
Apr
Horn & Hardart Baking. _♦
1%
Apr
Horn A Hardart
4
1,125
16
Mar
28
1%
4%
8%
1%
4%
75
200
6%
preferred
*
59%
6%
59%
56
preferred
*
69%
69%
1%
Hummel-Ross Fibre Corp
Feb
Mar
2%
Hus8mann-Llgonier Co
Jan
Mar
Mar
64 %
73
Apr
Apr
12%
1%
Mar
20
Jan
Common
60%
65%
62%
65%
20
Jan
Jan
Apr
Illinois Iowa Power Co
79
Feb
5% conv preferred
Jan
Apr
70
Mar
Illinois Zinc Co
*
70
Mar
Illuminating Shares A
"67%
65%
67%
225
63%
62
71%
Mar
72
Mar
3,000
9,800
Jan
68%
125
65
25
50
25
Jan
10
200
Apr
Mar
19%
Apr
68
Jan
Jan
58
Mar
4%
Feb
Jan
8% May
Jan
%
10%
Jan
Feb
Jan
10%
2
Apr
2%
Feb
Feb
2%
Imperial Chemical Indus—
Am dep rets regis
£1
26
66
Jan
Apr
25
68
Empire Power part stock.*
8%
Jan
3
•
3%
Jan
2%
.....
*
60
Dlv arrear ctfs
60%
61%
Jan
35%
%
7%
8%
7%
120
111%
14
60
8%
1
14
Jan
Mar
77
65
Jan
Jan
Feb
33%
"
1%
29%
Apr
Jan
190
Empire Dist El 6% pf 100
Empire Gas A Fuel Co—
b
Mar
12%
%
100
225
110
*
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod
6
Hygrade Sylvania Corp..*
23
29
35
3%
§HuyIers of Del Ino—
8%
65
62
100
Humble Oil A Ref
Apr
800
"366
29
Jan
1,600
1
Elgin Nat Watch Co.... 15
1%
5%
120
34%
100
5
17%
14,700
1%
preferred
Apr
Apr
Hubbell (Harvey) Inc
4%
7%
1
5%
3
*
Feb
61%
71
*
warrants
Apr
Jan
3%
16
$5
8%
Mar
Jan
Imperial Oil (Can) coup..*
Registered
*
%
%
716
3,000
%
Feb
hi
Feb
Imperial Tobacco of Can.5
1
24%
24%
24%
100
23%
25%
4%
4%
600
5%
Apr
31
Apr
Indiana Pipe Line
11%
"moo
23%
9%
Jan
10%
Mar
Indiana Service
6%
25,300
4%
Mar
12%
6%
Jan
5%
Feb
31%
8%
6
2%
44%
Jan
47%
5%
32%
Mar
5%
33%
7%
8%
Mar
8%
Apr
Apr
Apr
Apr
5%
6
Apr
7%
63%
Mar
Mar
29
„
Mar
Jan
9%
Jan
2%
44%
4%
30%
8%
8%
11%
9%
9%
11%
6
600
5%
Jan
8% May
8% May
11%
Apr
400
19%
5%
110
10
Mar
22
10%
Mar
21%
6,000
Jan
12%
Jan
12%
Jan
Imperial Tobacco of Great
1
Jan
Apr
Mar
Emsco Derrick A
Equip..5
Equity Corp common.. 10c
"16"
10
4
Eureka Pipe Line com..50
1
Fairchild Eng A Airplane. 1
"ii%
6
1
10
10
10
Fanny Farmer Candy
1
25%
25%
26%
Fansteel
*
13%
13%
14
7
5
see
Jan
Jan
Mar
39%
111%
25
Apr
28
For footnotes
ww
Jan
*
25%
Fedders Mfg Co
Jan
%
Mar
6
12
26%
Easy Washing Mach B.*.*
Metallurgical
2%
Mar
May
113
27
88%
J6 preferred series B
8%
Economy Grocery Stores.*
Eisner Electric Corp
1
Falstaff Brewing
2
34
110
"l%
Heyden Chemical
Hires (Cbas E) Co
Apr
Fairchild Aviation
700
%
Hewitt Rubber common. .5
28
Esquire Inc
"lK
Jan
79% May
Mar
$3 conv preferred
Apr
Henry Holt & CoParticipating class A...*
Mar
6% preferied
...100
6%% preferred
100
.7% preferred
100
8% preferred.......100
Apr
10%
4,100
4%
8%
8%
Apr
8%
%
c com
Jan
49%
Jan
2%
*
Apr
2%
15%
Electrol Inv v t
50
_25c
common
Mar
Mar
500
Option
Co
Preferred
1,400
Electrographic Corp
Heller
Preferred
28
Elec P & L 2d pref A..
135
Jan
7%
39%
Class A
Jan
26
Elec Bond & Share com..5
Apr
40
69
40%
...»
Helena Rubensteln
Mar
27%
*"l"%
*
Hecla Mining Co
78
$7 preferred series A...*
Eastern States Corp
6% conv preferred
67
300
10
1
Hearn Dept Stores com..5
Apr
Jan
1,000
11
Corp
Mar
1%
200
128%
Apr
Holt (H)—See Henry
...»
4%% prior pref
6% preferred
Jan
"1.400
Duro-Test Corp common.1
38%
B non-vot common....1
12%
100
31
"lk "2%
700
114%
Haverty Furniture conv pf *
Jan
13%
Apr
9%
7%
Apr
25% May
1%
31
1%
Durham Hosiery cl B com *
Duval Texas Sulphur
Mar
25% May
9% May
5% Mar
50
1,100
"ii% "ii%
6
Jan
68%
27%
107%
100
Duke Power Co
Jan
2
49%
10
113
110
*
Apr
1%
%
10
preferred
Dublller Condenser Corp.l
7%
4%
67
.*
Driver Harris Co
Mar
13
1,400
Dobeckmun Co common. I
5% %
preferred.:
Hazel tine
9%
129
48%
9%
Jan
Mar
1
11%
Hat Corp of America—
22
Distillers Co Ltd—
9%
98
hi
38%
Harvard Brewing C0....I
Mar
Feb
1%
Am dep rets ord reg...£l
475
8
May
Hartman Tobacco Co....*
Jan
Jan
Feb
25%
Divco-Twln Truck com__l
114%
25
16%
1%
1%
%
18%
10
111
Jan
8
Gypsum Lime A Alabast.*
$6
Det Mich Stove Co com__l
2
200
1
25
Apr
11%
*
Detroit Gasket & Mfg—1
6% preferred w
2
Apr
Mar
26%
600
1%
9%
ik
ik
Guardian Investors
112%
300
8%
129
19
Non-vot com stock
200
7%
8
......
10
Jan
14% May
17%
14%
Mfg common.. 10
page
7
2853
6%
4
11
100
7%
Jan
10%
650
23%
10%
Jan
28
Jan
15%
1,000
600
6
Feb
7
Apr
Apr
Mar
Jan
Britain A Ireland
7%
300
£1
10
0% pf-100
preferred....... 100
7%
17%
18%
7%
18%
19
30
Apr
Feb
13%
Jan
24%
Feb
7%
Mar
Apr
Apr
New York Curb
2850
for
of Prices
Week
Sale
(Continued)
Par
High
Low
Price
Low
Shares
B
lll'w
615
109*
Max
113
Jan
100
*
Mar
1
Feb
Jan
1
%
400
h,
Jan
preferred
100
14 *
No Am. 10
International Cigar Mach *
72 *
Insurance Co of
14*
HX
73 X
Indus A..*
Internat Paper A Pow warr
International Petroleum-
lin
12 n
"bX
2,100
Wk-7Jm 82*700
15 *
--
Registered shares
Products...*
Apr
23*
Apr
.
*
Mar
15*
Jan
2*
Apr
7*
Apr
1*
Feb
Mar
*
*
1
15N
15
4,400
14
Apr
19*
Feb
14
Apr
19*
Feb
5*
5*
4,400
4*
Jan
5*
May
n
N
100
*
Jan
1*
Apr
:>
7*
7N
X
300
8
X
X
30 X
of 1940.
Vitamin—1
Interstate Home Equip.. 1
Interstate Hosiery Mills. *
Interstate Power 57 pref
Investors Royalty
1
Iron Fireman Mfg v t c—*
Irving Air Chute
1
Italian Superpower A....*
Jacobs (F L) Co
1
Jeannette Glass Co..
*
Jersey Central Pow & Lt—
S*% preferred
100
6% preferred
100
7% preferred
100
Jones & Laughlln Steel. 100
Julian 6c Kokenge com..*
Kansas G A E 7% pref. 100
Keith (Geo E)7% 1st pf 100
Kennedy's Inc
6
Ken-Rad Tube A Lamp A *
30 N
50
"Tx "3*4
*
Apr
*
Jan
Feb
18*
Jan
ION
5,900
9*
11n
4N
4N
Jan
Jan
10*
13*
Mar
Feb
Mar
Mar
5*
Apr
Jan
Jan
New common.........*
16N
16N
350
16
Jan
17*
Mar
13*
13N
14*
600
13* May
*
Apr
Feb
2*
17*
Feb
he
Jan
3
Jan
Jan
2*
Feb
"600
100
95 X
94
225
100 N 102
100
108*
29*
108
100
28
29 *
800
26 N
27
150
88
Jan
95*
Apr
Jan
95
103*
25*
102
May
Jan
109
Mar
Mar
36
Jan
6N
6N
5
Mar
National Candy Co
National City Lines com.l
50
National Container (Del).l
Jan
0
200
Klrkl'd Lake G M Co Ltd.l
N
*
89
N
500
7*
Mar
Mar
ex
Apr
100
89
90
50
90
67*
1*
2*
*
Lake Shore Mines Ltd...l
300
17 X
17N
,3*
17*
700
4*
1,100
OX
2,300
5X
Feb
ox May
10 X
200
17 X
17 X
National
Jan
Nat Tunnel A Mines
Transit
Nat Union Radio
1
"85""
Jan
Feb
"~9o"" May
Jan
75
Apr
"lex
"166
12*
Apr
"if* "IE"
'"400
5
Feb
rex
Apr
Jan
43*
Mar
17* May
25*
4*
Jan
3*
Feb
Mar
ex
"llX
*71
30
81X
10X
t
24
2", 100
11*
11*
716
1,000
310
*
31
17*
Apr
47* Apr
13* May
300
"l3%
16X
17X
47 X
150
13X
12X
10,000
42 X
95 X
500
44
550
97*
3*
12 X
11X
13*
5,900
5
54*
Mar
X
5*
Lefcourt Realty com..
Conv preferred
*
2*
2*
1,300
Apr
Apr
2
Apr
ox
Mar
11X
IX
"~X
X
-
11X
IX
X
Feb
8*
Mar
200
12*
Apr
600
1
11*
IX
*
Feb
Jan
1,100
New Haven Clock Co
New Idea Inc
X
Jan
New Process Co
"if"
6
Jan
Jan
Jan
22*
Mar
Feb
1*
Apr
31*
.....
"if*
""560
Llpton (Thos J) class A..I
..26
1
*
Feb
Apr
Mar
•
13*
13*
13*
150
12 N
Apr
13 N
Mar
*
ION
10
10*
9,500
9N
Jan
10N
Jan
1*
1,700
Feb
IN
Jan
41
41
41
50
39 X
Mar
48 N
Jan
38 N
38*
38*
125
36N
Mar
44 X
Jan
2*
200
IN
Jan
2*
Mar
800
5
Feb
6*
Apr
1
Common
2
"Ex
5*
5*
Jan
1
Ludwlg Bauman A Co com*
Conv 7 % 1st pref
100
Conv 7% 1st pf v t o.lOO
5
§MaJestlc Radio A TeL.l
1
103
Louisiana P A L 50 pref..*
Lynch Corp common
N Y City Omnibus—
Warrants
Mar
100 N
2
1
25
100
X
X
X
Jan
5% 2d preferred
Jan
25
Jan
29 X
Apr
6,000
X
Mar
he
Jan
Feb
IN
Apr
IX
600
he
IN
IN
100
JH
35
Jan
Feb
Class B
Apr
Class A preferred
Nlles-Bement-Pond
*
Jan
10
Jan
Nineteen Hundred
25N
Jan
29
Feb
Nlplsslng Mines
15
3N
*
Mass Util Assoc v t c
1
2N
Massey Harris common..*
Master Electric Co
...1
"38"
2N
3N
38
100
15
15
Feb
2N
3N
42
300
2N
2N
3*
Jan
Jan
Apr
2,100
3N
21X
Jan
300
200
Corp B 1
4N
IN
McCord Rad A Mfg B.._»
7N
7N
166
170
5*
4N
18
Mercantile Stores com...*
3N
Merchants A Mfg cl A...1
5X
700
7N
180
7N
170
152*
4N
1,700
50
18
3N
100
15
15
100
Apr
15
21X
500
20X
Apr
28*
Jan
8X
8X
400
7*
Jan
9*
Mar
30
114 X
Jan
118*
Jan
100X 107 X
110
104 X
Jan
109
Jan
22*
1,600
12 X
Feb
20
116
116
116
21X
21
107
103 X
Apr
100
5X
Jan
20
21X
Jan
17,100
4X
Feb
107
7
.....
7
26
26
5
5X
88X
89
82X
82X
3N
25
28
3N
500
6*% A pref erred ...100
1
25c
N
2N
X
2N
100
Mar
87
Apr
Class B v t o new
107
107
107
10
350
n
67
"67"
Mar
Feb
99*
Feb
67 X
"460
57 X
Jan
70
Apr
"ix
"466
4X
100
8X
....
"l
4X
For footnotes see page
Jan
X
4X
Mar
Tio'o
2N
Mar
Jan
1*
103*
Mar
Feb
26*
Apr
Apr
26*
Jan
52
Feb
Jan
North Amer Rayon cl A—*
24*
24X
25X
*
24X
25X
51*
24
51X
24X
SIX
300
prior preferred...50
170
49 X
5
Jan
Class B common
42
Apr
6%
X
Norlnd PubSer0% pf.100
5X May
18 X
Apr
Jan
4
7%
2X
5
he
1
preferred
100
Jan
110
10
106 X
Jan
Jan
117* May
6X
Northern Sts Pow cl A..25
13*
Northwest
Engineering..*
Novadel-Agene Corp
*
14X
900
11
15*
Jan
19X
100
10 X
Jan
21
Apr
35 X
800
34
37
22X
Apr
Jan
125
*
22 X
22 X
275
108 X
107 X 109 X
100
106
106
106X
400
N
Mar
114* 115X
50
Feb
Ohio Power 6% pref...100
Ohio P S 7% 1st pref...100
115X
3*
Jan
42 N
Jan
Feb
108 N
Jan
Feb
N
8
Jan
Apr
preferred
$5* conv prior pref
*
Mar
Mar
IN
Apr
Oldetyme Distillers
Feb
6N
Apr
Oliver United Filters B
3N
Feb
4H
»i«
200
N
Mar
8N
8
8N
2,900
7N
Mar
2853.
Jan
»u Jan
9N
Jan
108
"l8X
50
*
...1
1
•
Apr
Jan
Apr
Mar
Jan
98 X
113X
Jan
Feb
107
116*
Feb
Feb
Jan
Feb
116*
108*
Mar
115
3X
110*
Apr
25
106 X
10" "moo
18 X
46
Jan
21*
Jan
50
Mar
111X
Mar
117
Mar
108
8*
Apr
Apr
Apr
'lll'x III"
""156
4X
19,700
IX
Feb
4* May
50
7*
2*
Jan
Jan
8*
Feb
3*
Feb
3X
*
Overseas Securities
24
May
107
7X
5
Oklahoma Nat Gas com.15
$3
19 X
Mar
9*
112*
6% 1st preferred.... 100
common
Feb
300
Ohio Brass Co cl B
Jan
Mar
hi
8X
Ohio Edison 56 pref
*
Ohio Oil 0% preferred..100
67
Jan
3*
35 X
"~8X
com
Jan
Feb
'll
8X
13X
108 X 110
117 X 117X
10
Northern Pipe Line
Jan
Mar
19X
109X
100
Omar Inc
800
Jan
•u
73 X
23 X
Nor European OH com
3N
Jan
Jan
575
600
Jan
3N
N
Mar
6,000
Apr
3N
9*
1*
5*
IX
Mar
5X
IN
Jan
95 X
Mar
*!•
Feb
4X
N
104
Feb
700
1
4N
Tx
1
Middle West Corp com..6
5*
4X
94
Middle States Petroleum..1
1
1
Oilstocks Ltd
10
Class A v t c new
Apr
94 X
4%
4N
38
16
Metropolitan Edison—
$6 preferred
Michigan Bumper Corp._l
Michigan Steel Tube..2.60
Michigan Sugar Co
...*
Jan
X
94
Feb
Jan
Apr
Feb
ht
30N
2N
Jan
92
Jan
.._*
2*
9N
Jan
Jan
6*
Mar
Feb
3,400
Apr
84
3N May
63
"n"
Apr
7*
29
x73
Jan
Warrants
Mesabl Iron Co
107
10
N
28
3N
23* Apr
175
Mar
25
Apr
...1
preferred
170 X
Apr
Apr
Common
Jan
Feb
3N
3*
$6
Apr
May
Mar
Jan
Apr
Feb
Nor Central Texas Oil
*
Participating preferred. *
A Scott *
15
36
Apr
17
May Hosiery Mills Inc—
Merrltt Chapman
Feb
Apr
Apr
1*
8%
No Am Utility Securities.*
Memphis Nat Gas com..5
Feb
Nor Amer Lt A Power—
£1
*
Marlon Steam Shovel
*
15*
07
20X
1
Marconi Internat Marine
Dredging...*
Jan
Apr
20%
5
Noma Electric
100
29
Apr
8* May
12
Feb
Jan
136*
59 X
2
100
Mar
IN
39
Mar
33
5
common
Jan
1
Niagara Share—
10
29
Mapes Consol Mfg Co...*
Jan
124 X
5
Class A opt warrants....
Class B opt warrants
Jan
1
opt warr...
Mangel Stores
1
56 conv preferred
*
Manlschewltz(The B) Co.*
700
1,350
5*
Jan
100
28
4,300
15
07
88 X
20
27 N
8X
14
04X
10
24 N
21
27 N
5X
14
100
100
1st preferred
25*
Apr
05
66 X
N Y Water Serv 6% pf.100
5%
13*
76*
Jan
Feb
23X May
11
5
Common
Apr
Apr
25
20
Jan
1*
30*
225
Niagara Hudson Power—
Apr
Apr
1
70 X
23X
•
Apr
Jan
7
Jan
23X
130 X 132
69
23X
*
preferred
Mar
6
Jan
May
New York State El A Gas—
5X%
Apr
14*
4X May
5X Mar
25
25
N Y Shipbuilding Corp—
New York Transit Co
117*"
15
.10
preferred
May
50
25
...
N Y A Honduras Rosarlo 10
$6
Feb
12
Jan
X
1X
N Y Auction Co com....*
Founders shares
Long Island Lighting—
100
1
N Y Pr A Lt 7% pref.. 100
...6
"160
ox
1
N Y Merchandise
Loblaw Groceterias cl A
7% pref class A
100
0% pref class B_
100
Loudon Packing
*
Louisiana Land A Explor.l
*
25
New Mex A Ariz Land
9*
1,200
Jan
3,000
12
ox
•
common
New Jersey Zinc
Jan
*
35*
12*
16*
he
13*
~~4~x ~~4X
New England Tel A Tel 100
Apr
Jan
100
iox
115
"l2X
100
Feb
Mar
3
10*
18*
3i#
Leonard Oil Develop.,.26
G) Ino.-l
2N
ex
X
Jan
12*
11M
3% cum 4%non-cum.l00
Pow Assoc
*
*
Jan
Apr
Feb
200
10X
New Engl
preferred
Feb
6X
1.700
5X
Jan
3*
12
Nevada Calif Elec com. 100
preferred
Jan
47
17 X
Nestle Le Mur Co cl A..
$2
Jan
Jan
Apr
Apr
"if* "Feb
Nelson (Herman) Corp...5
Neptune Meter class A..
6%
Apr
Mar
Mar
25*
10
fNebel (Oscar) Co com...*
Nehl Corp new common..*
1st preferred
*
Apr
May
13X
17 X
77X
76
*
Corp
Jan
10
"le"
10
12.50
Apr
Apr
21X
142
10
142
142
*
Jan
15
10*
Class B
Feb
6*
National Sugar Refining.*
National Tea 5 N % pref.
A
Preferred
National Steel Car Ltd
Jan
Feb
Partlc preferred
Feb
*
Jan
16*
Metal Textile Corp
he
.*
2*
8*
Jan
4X
4X
com...*
2
Jan
Jan
73*
Mar
171
Jan
Nat Rubber Mach
1*
May
Feb
National Refining com
Mar
163
*i«
Mar
Apr
Mead Johnson A Co
470
4X
Mar
Jan
Jan
Apr
3 H
95
Jan
1
2X
7X
Feb
Mar
1,500
94
15*
1
Langendorf Utd Bakeries-
McWill lams
Mar
4X
95*
Jan
preferred
Apr
4
National P A L $0 pref...*
Apr
54
Apr
41
Jan
Mar
12*
Communlca'ns ord reg
11*
9*
Jan
May
Jan
"11
80
Margay Oil Corp.....
Jan
24 X
30
Mar
Jan
B
5X
.500
26
42
Jan
Manatl Sugar
*
Jan
8,900
Jan
42*
Mar
8
1,300
8X
Apr
National Oil Products...4
9*
Class
National Fuel Gas
Jan
11*
5N
7% pref. .100
Lone Star Gas Corp
Apr
21X
Jan
41
5N
4
Lakey Foundry A Mach..l
Locke Steel Chain
5X
Nebraska Pow 7% pref. 100
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lit Brothers common
Jan
...*
Jan
55
4% conv 1st pref
100
Kress (8 H) special pref. 10
Line Material Co
Feb
4X
Navarro Oil Co
Kresge Dept Stores—
Lehigh Coal ANav
117H
100
26
112*
Jan
6*
1
Mar
5*
Jan
100
preferred
10
Kobacher Stores Inc..
preferred
conv
13*
Co com
Apr
200
Jan
500
Klelnert(I B)Rubber Co. 10
Feb
Jan
...25
preferred
Mar
3*
600
6%
7%
27*
250
IN
1
"76"
21X
29X
%
120*
111
N
11
70
169
21*
29X
10 X
Jan
300
2N
Lane Wells Co common..
163
1
Nat Mfg A Stores
N
May
Mar
8*
7*
39
163
National Breweries com..*
$3
4*
10 X
X
Nat Automotive Fibres..1
Nat Bellas Hess com
Jan
57 X
*
26* May
116*
Apr
2
Murray Ohio Mfg
Nachman-Springfllled
100*
108N
1*
Apr
8X
7
Co
*
Muskegon Piston Ring. 2 N
Muskogee Co common
*
0% preferred
—100
IX
2H
40 X
8
8X
Mountain Sts Tel A Tel 100
IX
114 X
100
IX
7X
Mountain States Power—
*
10*
IN
Knott Corp common
10
Mountain Producers
Jan
Jan
Feb
800
jMoore (Tom) Distillery.l
3*
"2N "~2*
67*
5*
Moody Investors part pf.*
Mtge Bank of Col Am shs
Mountain City Cop com.5c
250
2N
Le Tourneau (R
Montgomery Ward A
*
Montreal Lt Ht A Pow..*
105
175
900
Util—10
Mar
7*
10*
*
Kimberly-Clark 0% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products.
...1
Klrby Petroleum
1
Koppers Co 6% pref
Montana Dakota
Apr
8
10 x
Monogram Pictures com.l
Monroe Loan Soc A..
1
37
300
12
_69*
39 X
""3*
*
9*
1
Jan
19
X
$2.50
Common
6
Jan
116*
7X
10*
8
Missouri Pub Serv com..*
Molybdenum Corp
Monarch Machine Tool.
Mar
U2X
110
50c
Midwest Oil Co—.....10
Midwest Piping A Sup...*
Mining Corp of Canada..*
Minnesota Min A Mfg
*
Minnesota P A L 7% pf 100
Mississippi River Power—
0% preferred
100
Mar
.......
"Ex
Key Co common
Class
shares.*
Jan
30*
2*70 0
30 N
Warrants series
Mar
May
14
S3.60 prior pref
9*
7*
600
$1.75 preferred.—
International
Jan
12*
5* May
300
14
5*
Razor B
Class B
Lane Bryant
$2 non cum div
Mid-West Abrasive
Mock Jud Voehringer—
International Utility—
Class A
Apr
*•-
14
Coupon shares
73*
9*
1*
300
2*
2
Jan
Feb
9
100
2*
Internat Metal
Jan
21
1,050
22 *
60
Industries Inc—1
Kelln (D Emll)
Feb
Apr
*
10*
70*
125
72*
22 *
Elec—
Pref 13.60 series
Internat Safety
4X
17 X
Mid vale Co
H
High
LOW
Shares
12 conv preferred
*
1
International
Price
Midland Steel Products—
—
Internat Hydro
Par
1
1
V t c common
Internat
Week
lll'ii 112
Industrial Finance—
7%
for
of Prices
Low
High
Midland Oil Corp—
1
Non-voting class A
Class
Week's Range
Sale
*
Jndpls PAL8H% Pf~ 100
Range Since Jan. 1,1940
Last
Hihg
Indian Ter Ilium OH—
1940
Sales
STOCKS
(<Continued)
Range Since Jan. 1, 1940
Week's Range
Last
Friday
Sales
Friday
STOCKS
May 4,
Exchange—Continued—Page 3
Volume
New York Curb
149
Friday
STOCKS
Last
{Continued)
Sale
Par
Price
Low
High
for
554%
1st preferred
32%
25
Pacific Public Service
SI.30
32%
13%
32%
1,900
400
86
86
86
5%
400
5%
5 54
30%
Jan
354
Jan
Apr
12 54
Feb
9%
900
8%
Apr
1054
Jan
Feb
Jan
Feb
55.50 prior stock
Jan
16 54
35%
31%
30%
32%
300
3314
150
Jan
3654
31%
Apr
3254
54
Mar
Jan
254
Jan
Seton Leather common
1154
Jan
2254
Apr
Shattuck Denn Mining...5
Shawinigan Wat & Pew..*
Sherwin-Williams com..25
38%
38%
50
37
Apr
2
111
Jan
11354
20
109
Mar
112
Feb
179
185
350
Jan
185
May
Apr
185
100%
12
67
67 %
310
63
Mar
77%
77%
77%
75
77
Mar
6%
0%
7%
7%
110% 110%
200
0%
Apr
600
6
Jan
26
1
PhUa Elec Co $5 pref
*
Pnila Elec Pow 8% pref .25
Phillips Packing Co
110%
100
114%
Apr
30%
25
X30%
Mar
0%
700
5%
Mar
11%
40
40
18%
14%
Meter
13%
42%
18%
15,000
0%
400
34
1%
7%
1%
7%
13
12%
55%
12%
102%
55%
12%
102%
1%
25c
X8
99
100
100
900
23%
»
"~8% ~T%
""300
8%
154
Jan
154
Apr
454
Jan
Apr
854
Jan
8154
Feb
Jan
2454
154
Apr
Jan
hi
Apr
Jan
5%
954
954
Feb
6
Feb
83%
110% 112
Jan
109 %
Jan
Mar
'"ioo
75%
22J4
U54
8%
654
80
11554
30
149
30
84
20%
27%
600
27%
24
27%
4,500
"~0% "e%
118
153
152
118
•
11*4
*
9
153
11%
9
300
,
450
8
Red Bank Oil Co
11
2
2
22%
%
5
13
0%
500
%
500
0%
18,900
13
100
1
104% 105%
Mar
2654
Jan
154
Feb
Mar
75
pref
054
Feb
Jan
Jan
Feb
Mar
Apr
Apr
54
1954
Mar
x5%
2 54
Apr
Tu
104
54
Jan
Jan
Feb
Jan
10554 May
Feb
Jan
110 54
14
11
11
600
1054
154
Feb
~~2% "~2%
"400
254
Mar
0%
0%
200
%
13%
%
200
59%
50
56
"13% "13%
'l~806
13
2%
2%
1%
Jan
654 May
54
Apr
Feb
Jan
300
'1254
354
Jan
Mar
4%
80%
9
3%
77
8
com. 1
Sanford Mills
Mar
Mar
Jan
1654
Jan
50
%
Apr
31%
2853,
Jan
Jan
1154
Mar
4%
81%
9%
%
31
31%
Apr
Apr
154
Jan
500
154
Feb
954
127
Mar
20
Apr
May
102
100
0% 1st preferred
6% 2d preferred
102
254
Mar
Jan
Apr
54
Mar
53.30 A part...
common
Swan Finch Oil Corp
Mar
1
Jan
Jan
14
Jan
Mar
33
Apr
Jan
10554
Feb
54
Feb
154
Jan
154
254
Apr
454
100
4
Jan
6
Apr
2
200
154
Mar
500
37 54
3854
3954
254
Jan
Jan
44%
45
3054
2954
44
Jan
Jan
35
Feb
44 54
30
Mar
22
2954
Apr
4654
Mar
100
29 54
Jan
1,200
28 54
Jan
3054
3054
Mar
154
3054
2954
Mar
554
954
354
20
754
254
16
800
100
254
50
260
Jan
654
1154 Apr
454 May
Jan
20
Jan
May
754
254
16
Jan
hi
Apr
Mar
Jan
Jan
12
Jan
Jan
72
17054
Jan
200
1,000
20
2
Apr
454
254
1454
654
954
454
Apr
Mar
Apr
1454
6,500
19
22
1,350
154
hi
Jan
Feb
254
Mar
Mar
u
1054
1054
Jan
154
154
Jan
1054 May
19
May
2
Jan
54
Jan
1654
Mar
24
Mar
154
200
"1054
'"250
37
2054
4054
5,400
28 54
Mar
4054 May
110
11054
200
10854
Jan
11054 May
"~io~
2054
154 May
954
25
700
200
10
14
Mar
Jan
11
Mar
20
Jan
Mar
Mar
8
300
2054
Mar
20
300
54
Feb
Jan
854
*»
2354
954
54
3654
254
1254
37
300
Apr
54
54
54
2754
1054
Feb
Jan
Jan
Jan
Apr
Jan
*11
Jan
31
Apr
Jan
4054
154
Feb
21
Feb
21
54
l«u
700
com
354
354
954
150
854
854
1,400
154
154
700
Jan
36
50
Apr
Jan
Feb
15
Apr
354 May
33
Jan
Jan
02
454
Feb
38
Apr
954 May
954 Apr
454
454
054
554
154
Apr
Jan
2
Jan
Jan
Apr
354
454
Feb
354
Jan
125
»ii
Mar
54
"954 "10%
'9%
454
"250
954
Feb
100
954
Jan
1054
1354
Jan
15
2,300
Jan
Feb
1054
1054
40
40
100
1054
154
3354
3554
3554
100
33
154
1%
154
2
Jan
Jan
Apr
Apr
Apr
Jan
4054
Apr
Mar
36
Jan
Jan
13
*
*
6
13
654
2954
1
654
100
5
5
554
1,300
1,000
2954
3054
6
54
Apr
454
Mar
27
1
10
11154
254
2054
1454
54
1
1454
1554
11154 11154
254
254
2054 21
1354
1454
554
Jan
54
154
Apr
Jan
1654
Feb
70
Apr
110 54
Jan
700
254
Feb
300
18 54
Jan
254
2454
600
1154
54
Jan
15
Jan
Mar
3,700
454
Jan
Mar
n
73
115"
115*
Jan
54
0454
105 54
Jan
114
"26
154
Jan
Apr
Apr
Apr
Jan
554 May
1054
54
76
Jan
Jan
Apr
Apr
109
Jan
112
Jan
Mar
59
Apr
175
70
3654
12 54
10 54
70
Jan
Jan
2,000
50
454
Jan
954
6
2,500
115
Mar
Jan
hi
154
254
154
154
800
254
254
1,400
Trl-Contlnental warrants
54
54
600
1
854
854
300
1
3454
100
400
754
3454
354
754
554
654
33,000
Apr
hi
hi
Jan
H
Jan
154
Apr
2% May
354
Feb
1
3
300
hi
Apr
Jan
Jan
Jan
hi
854
Trunz Pork Stores Inc.—*
Tung-Sol Lamp Works... 1
80c conv preferred
*
Udyllte Corp—
1
lUlen & Co ser A pref
*
Series B pref
*
Mar
54
1454
£1
Def registered..
5s
Todd Shipyards Corp
*
Toledo Edison 0% pref 100
Trans Lux Corp
154
Apr
254
154
15
Tilo Roofing lnc
....1
Tlshman Realty <fe Constr *
Transwestern Oil Co
Mar
54
200
8
Technicolor lnc common.*
Texas P & L 7% pref
100
Class A
Jan
Mar
20
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast lnc class A....1
Taylor Distilling Co
1
Corp
Apr
Mar
154
12
Sterling Aluminum Prod.l
Sterling Brewers lnc
1
Sterling lnc
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp
6
Stroock (S) Co
*
Sullivan Machinery..
*
Sun Ray Drug Co
1
Sunray Oil
554% conv pref.
60
Superior Oil Co (Calif)..25
Superior Port Cement
Tublze Chatillon
2
100
Tonopah Mining of Nev.l
4%
Mar
154
36
Jan
6754
Apr
954
155
500
60
Feb
650
Apr
154
Stein (A) <fc Co common.
2
6,700
1,000
28
454
154
9,100
154
2
"3854
SterchI Bros Stores......*
454
24,000
1,600
Apr
67
Jan
35
1554
2254
454
Ordinary shares
Feb
Apr
Jan
Jan
454
7% preferred
100
Tonopah-Belmont Dev. 10c
1654
Apr
454
Apr
8154 May
954 May
Jan
154
Jan
Phos¬
Jan
Apr
100
.
30
*
page
Wholesale
254
ll354
300
....5
Scranton Elec 56 pref
Apr
114%
54
6
Ordinary reg
Mar
5
Feb
Schlff Co common
25
100
Jan
1
Spring
Feb
154
154
*
Savoy Oil Co
Feb
111
»n
*ii
54
5
1
1%
"15% '15%
preferred—..100
Salt Dome OU Co
89
330
Tobacco & Allied Stocks..*
1254
St Regis Paper com
854
654
I854
154
154
154
Tobacco Prod Exports...*
Tobacco Secur Tr—
354
1%
St Lawrence Corp Ltd
*
Class A 52 conv pref..50
Feb
134
102
*
Jan
65
Apr
Apr
Feb
900
..1
Feb
Jan
Mar
Apr
Common class B
Preferred
354
754
Jan
354
43
*
102
Conv preferred
10
Standard Dredging Corp—
Common
Class B
Mar
2
130
1554
Standard Brewing Co...
Standard Cap & Seal com. 1
Tbew Shovel Co
*
Ryan Consol Petrol
see
54
1354
Feb
101
59%
1
Ryerson & Haynes eom__l
For root no tee
6
Jan
800
2)4
Mfg
Jan
54
Feb
154
2 54
5%
600
Am dep rets ord reg—£1
Spencer Shoe Corp
*
Stahl-Meyer lnc
..*
Texon Oil & Land Co..-.2
Royal Typewriter
ScovlU
Feb
Feb
1254
2%
Rustless Iron & Steel
Corp
Feb
4054
154
2J4
Feb
*
Samson United
Mar
Jan
Feb
5
Royallte Oil Co Ltd
7%
1054
13
£1
*
conv
Feb
11654
20
454
154
phate <fc Acid Wks Inc. 20
Starrett (The) Corp v t c.l
Steel Co of Canada—
153 54
10354
2
*
Root Petroleum Co
454
*
Jan
125
•11
Jan
Feb
hi
14
654
32 54
2754 May
1054
Apr
754 Mar
Feb
Jan
19
254
Standard
Apr
Apr
54
5
6
9554 9754
11154 112
1
Jan
14
Valley Gas CoVoting trust ctfs
1
52.50
Jan
Mar
454
1%
Rio Grande
Russeks Fifth Ave
Jan
Feb
1854
*
Rossia International
Southland Royalty Co..
Spalding (A G) & Bros
6% 1st preferred
Spanish & Gen Corp—
86
Jan
hi
1
pref
Mar
54
Jan
154
Apr
2254 May
554 Mar
54
Jan
1254 Mar
554 Mar
400
24
%
"o%
Rome Cable Corp com
Roosevelt Field Inc.
1,400
1054
Standard Products Co...l
Standard Silver Lead_...l
Feb
1
105%
9554
11154
25
Standard Steel
1054
200
(Daniel) common.*
50c
Preferred A
Feb
35
10%
*
22%
Apr
Feb
Feb
10954
11254
Mar
1154
25
Raytheon Mfg com....50c
conv
May
5954 May
54
10%
Jan
Standard Tube cl B
83%
11%
Apr
7
2054
106 54
Feb
39 %
654
5954
60
1554
4054
Mar
79%
Jan
Jan
150
554
11054
Apr
11354
1,775
%
Feb
5854
'11
Standard Oil (Ohio) com 25
55 preferred
100
106 54
Jan
3,250
Feb
54
*
Standard Pow & Lt
100% 100%
51%
59%
54
4 54
52 54
52 54
2
51.60 conv preferred..20
Standard Invest 5554 pref *
Standard Oil (Ky)
10
Apr
104 %
Common
SI.20
102
Jan
Jan
Jan
50
%
Apr
Apr
Jan
Railway A Utll Invest A.l
Raymond Concrete Pile—
Roils Royce Ltd—
Am dep rets ord reg
Feb
Jan
Feb
110%
*
Roeser & Pendleton lnc
Mar
Mar
500
Mar
Feb
Jan
1,500
454
66
15
Apr
154
854
11
58
167
Jan
Apr
Jan
Apr
Feb
58
Southern Phosphate Co. 10
Southern Pipe Line.....10
10
*io
954
Mar
100
Southern Union Ga
42
*4
6
100
Jan
106 %
112
7% preferred
South New Engl Tel
Jan
97%
118
Rochester G&E10 % pf C100
0% preferred D
100
Rochester Tel 6)4 % prflOO
Mar
154
Apr
400
54
Southern Colo Pow cl A.25
11
20%
Jan
% May
39%
Jan
8
Apr
2,600
20%
Rheem Mfg Co
104
Jan
>1*
*
Rice Stix Dry Goods
Richmond Radiator
554% pref series C...25
%
%
100
Eug'g
Apr
3%
7%
100
Soss Mfg com
....1
South Coast Corp com
1
South Penn Oil
25
Apr
Jan
6,100
3,300
754
454
53 conv pref
•
81mmons H'ware & Paint. •
Simplicity Pattern com__l
Simpson's Ltd B stock...*
Feb
354
8%
Puget Sound Pulp & Tim *
Pyle-National Co com...5
Pyrene Manufacturing.. 10
Reliance Elec &
Jan
1%
9%
Apr
39
Mar
58
5% original preferred.25
0% preferred B
25
Apr
1,100
40
100
1
Simmons-Boardman Pub—
Jan
0154
1354
Public Service of Colorado
Republic Aviation
{Reynolds Investing..
Jan
Jan
Jan
40
*
Southwest Pa Pipe Line. 10
Southern Calif Edison—
Apr
300
8%
Reiter-Foster Oil
Feb
54%
9%
430
300
*
*
Apr
May
54
Apr
*
Reed Roller Bit Co
Mar
4754
1854
854
Apr
9
1
Jan
2
Jan
1
654
1
1354
%
%
Prudential Investors
Reeves
Jan
1
Mar
6
45
*
preferred
1554
Jan
Feb
%
25
common
Solar Mfg Co
Jan
1
%
Puget Sound P & L—
Line stamped
Skinner Organ
Feb
Jan
3%
23%
104%
58%
AAA 100
Feb
81 %
*
25c
ser
Feb
9%
%
Pressed Metals of Am..
conv
3154
654
7%
40%
100
100
Jan
3,200
1
common...
Jan
300
\3%
50%
12%
102%
1%
3%
3%
Prentice-Hall lnc com..
pref
Singer Mfg Co
...100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G & E
7% pf 100
Jan
Feb
13
Powdrell & Alexander..
Power Corp. of Canada..*
6% prior lien pref...100
7% prior hen pref... 100
Mar
1%
900
10
*
Jan
9%
3,400
50
Pittsburgh Forglngs
1
Pittsburgh & Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co
Plough lnc com
7.50
S6 preferred
Public Service of Okla—
Jan
cum
"u
Sherwin-Williams of Can.*
Shreveport El Dorado Pipe
Sllex Co
Mar
%
1%
Pltney-Bowes Postage
7% 1st preferred
100
Public Service of Indiana—
57 prior preferred
*
Mar
5%
754
300
*
Sonotone Corp
12%
Pines Winter front Co
1
Pioneer Gold Mines Ltd..
$6 preferred
8*4
854
120
5%
Conv S3 pref series A. 10
Pierce Governor common. *
Providence Gas
Feb
30%
*
Phoenix Securities—
Common
Jan
1654
254
7254
9054
2854
Mar
67%
PhUadelphla Co common.*
S3
Feb
2%
Pepperell Mfg Co.....100
com
Apr
100
1%
50
6% preferred
Quebec Power Co
38 54
Mar
112% 112%
109% 109%
Perfect Circle Co
Pharis Tire & Rubber
Ry & Light Secur
Jan
100
900
%
%
0%
1
3,500
65
Mar
...1
20%
Apr
53
£1
Sentry Safety Control
Berrick Corp
19
64
Mar
Jan
%
40
58%
Amer dep rets reg
2954
854
1
Allotment certificates
Selfridge Prov 8tores—
1%
2)4
$5 prior preferred..
56 preferred..
Apr
Mar
High
Jan
%
>h»
5
11,000
com 20
0% 1st preferred
Apr
Apr
Low
854
25
20
Penn Water & Power Co.*
Producers Corp
Prosperity Co class B
3
Apr
854
%
8elberling Rubber com.., *
Selby Shoe Co
Selected Industries Ino—
Common
__..l
2%
Penn Pr & Lt 57 pref.—.
56 preferred
Penn Salt Mfg Co
6% 1st preferred
Pratt & Lambert Co
Premier Gold Mining
Mar
Feb
2
common
Polaris Mining Co
Potero Sugar common.
654
Apr
2
Pennsylvania Gas & Elec—
Quaker Oats
%
Range Since Jan. 1,1940
45 54
1
.
for
Week
Shares
24
*
Convertible stock
43 %
12
3554
4954
Jan
"30
4
of Prices
High
Low
*
11%
*
com
Seeman Bros lnc
100
Pennsylvania Edison Co—
Pneumatic Scale
Warrants
Securities Corp general
12,400
%
2%
Pennroad Corp com
1
Penn Cent Airlines com.l
Pitts Bess & L E RR
20
Feb
5%
50c
Penn Traffic Co
Jan
Feb
Feb
654
Mar
Segal Lock & Hardware.
2 54
Pennsylvania c,ugar
9554
May
5%
30
Peninsular Telephone com*
SI.40 preferred
25
Class A
Jan
Feb
11%
"47% ~~8%
*
55 series pref
>2.80 series pref
3154
10854
Week's Range
Price
Scranton Lace common.
Scranton Spring Brook
Water Service 56 pref..*
Sculln .Steel Co com
*
8%
"48 H
*
Penn-Mex Fuel
Apr
4%
9)4
_
Penn Traffic Co
Mar
3*1
Parkersburg Rig & Reel. 1
Patchogue-Ply mouthM ills *
Class B
14 54
3454
11%
Paramount Motors Corp.l
Parker Pen Co.......-.10
Pender (D) Grocery A
Feb
Apr
20
Pantepec Oil of Venezuela-
Par
Apr
86
100
*
American shares
2851
Sales
Sale
High
Apr
i29%
J0654
125
Last
{Continued)
Low
32%
*
1st preferred
STOCKS
Week
Shares
X29%
29%
107% 107%
29%
107%
Pacific Lighting $5 pre!..*
Pacific P & L 7 % pref—100
4
Friday
Range Since Jan. 1,1940
Pacific Can Co common..*
Pacllic G <fe E 6% 1st pf-25
Exchange—Continued—Page
Sales
Week't Range
of Prices
Jan
*854
Jan
854
3154
254
754
354
54
Apr
Jaw
1054
3954
354
Jan
H
Mar
Feb
Jan
Feb
8
Jan
Feb
654
Apr
Ma.-
154
Jan
Mar
1
Jan
New York Curb Exchange—Continued—Page
2852
Last
Week'si Range
for
(Concluded)
Sale
of Prices
Low
Hioh
Price
.10
2x
......
3k
UK
2%
11%
*
Shares
5.400
300
Union Investment com
Union Premier
14%
Low
Apr
Apr
3k
Feb
Feb
1
U
U
U
U
6X
Jan
15K
Apr
♦6Ms ctfs of
Danish 5Ms
Jan
16
Apr
Jan
65
60
200
•is
50
k
6M
IX
Mar
600
92 X
Jan
6ie
800
35%
K
36k
26
26M
Feb
.of*
Apr
Jan
Lima
Apr
Jan
he
feb
K
3,800
2,600
8%
Jan
k
Mar
83
1
Mar
Jan
8, .500
he
ik
Feb
,
89
Jan
Jan
Jan
IK
ix
Jan
3,900
50
•u
Mar
29 M
24
Jan
Jan
27
Apr
70
%
3 5M
Feb
74
Mar
t
t
10
com.25
"*72*
72
39
Jan
Apr
6
Feb
Apr
♦Mtge Bk of Chile 6s.
Jan
34%
7k
Apr
Jan
7%
Feb
Jan
8
Apr
£00
•is
Jan
71
Mar
3
Jan
6
Feb
1,400
4x
19M
50
2
27 K
2%
2
5
2%
2%
18,700
1H
6K
5,200
3
IK
IK
69%
50
IK
69 m
1,200
53
75
preferred
5
Mach Tool.5
Venezuelan Petroleum—1
Va Pub Serv 7% pref—100
Vogt Manufacturing
*
Waco Aircraft Co
*
Wagner Baking v t o
*
14M
14
150
IK
IK
*28 K
"*200
lht
IK
7% preferred—..—100
Wahl Co common
*
Watt & Bond class A
*
Co—....1
Wayne Knitting Mills
5
Wellington Oil Co
1
Went worth Mfg
1.25
West Texas Utll 56 pref..*
West Va Coal A Coke—*
Western Air Express
1
Western Grocer com
20
Western Maryland Ry—
7% 1st preferred
100
Western Tablet A Statlon'y
VA
Woodley Petroleum.....1
Wool worth (F W) Ltd—
Wright Hargreavea
Ltd..*
Mar
1st 5s—
Mar
1st A ref 5s
Mar
ik
1
y
1967
2016
1946
y
bbbl
bbbl
y
bb
x
14M
1,000
.......1963
1st A ref 58..—...
1st A ref
4Kb
deb 6s_.
Mar
IK
Jan
Jan
55 k
Apr
x
106M
«.-*«•
-
m.
«,
—
*
w
'rn,
103 M 104
103 K
4
Appalachian Eleo Pow—
Mar
*16
Jan
1%
13k
Jan
2M
Apr
Jan
20 x
Jan
H
Jan
ix
Mar
Jan
29
Apr
25
Jan
30
Apr
Mar
IK
Jan
1st mtge 4s
Debentures
3
1956
1953
x
bbb3
y
b
1948
z
dddl
1949
z
dddl
1950
1968
1977
A '55
1955
'64
z
dddl
16 k
z
dddl
16M
z
dddl
♦Conv deb 4)48..
83k
Apr
♦Conv deb 5s
12
Apr
♦Debenture
Apr
♦Conv deb 5M8—
Jan
10
Apr
Assoc TAT deb
Apr
74
Apr
Atlanta Gas Lt 4Kb_.
5s
5)4a
Atlantic City Elec 3xb
Apr
2
Feb
5M May
X
Mar
ix
Apr
6s with warrants
1,200
"16
Apr
ix
Feb
5s without warrants
14 X
100
14%
Jan
Apr
407,000
3
14,000
3,000
1,000
106
28,000
53 M
53 M
54
39,000
$16M
VA
6%
300
100
10
200
2
7
1,400
2x
ik
15k
Mar
4
Jan
17H
100
7
400
ix
500
11
225
8
600
17M
7,000
16M
17M
16M
17 k
18
72M
23,000
43,000
Bell Telep of
Feb
4x
7 K
Jan
Apr
Jan
6k
Apr
Apr
59 K
Jan
14 x
Jan
Jan
Feb
4
4
10
400
Jan
6X
Feb
ix
Apr
17x
12 x
7X
6X
7x
2
Jan
11X
Jan
9k
104 x
Jan
4
Mar
112
4 7a
May
Apr
Feb
Feb
Mar
Jan
Jan
Mar
Apr
Jan
6x
200
6K
Jan
7k
Jan
5
5k
200
4%
Mar
5x
Jan
x
10 %
10k
500
5k
5M
6,100
K
Apr
12 x
Feb
5K
Apr
0K
Jan
10
107M 107M
3,000
x
aa
3
109% 110
5,000
102
1,000
95M 105
370,000
103M 127
109 k 116
y
bb
2
102
y
bb
2
$97
z
ccc3
126 M
115M 127
x
aa
3
110M
110M 111M
64,000
x
aa
3
111M
110
117
aa
2
151
111M H3M
150
151
35,000
x
26,000
141
x
bbb3
99 x
98M
99 M
92,000
96
151M
99 x
y
bb
3
97 M
97 x
98
y
bb
3
22,000
4,000
C
92 M
97X
101M 101M
85
88
$22
$22
$22
Apr '48
a
2
85 X
a
2
75M
76M
10,000
bbb2
104 % 104%
22,000
104 k 107 x
y
bb
IOOM 101
7,000
35,000
28,000
98 x 101x
31%
41
31
41M
35,000
71M
83
1955
1966
5s.........—1950
Debenture 5s
1958
Debenture 5s
1969
Cities Serv PAL5)4s
1952
5 Kb
1949
Community Pr A Lt 5S...1957
Conn Lt A Pr 7s A
1951
Cities Service 5s
Conv deb
4
75x
36 M
37 M
1
37 x
36 M
2
y cc
y cc
78
77 M
37 M
78
1
•
■
V;
■
y
b
x
bbb3
z
bb
1
40 M
y
bb
4
86M
y
bb
4
91M
104 M
104 X
40 %
86 M
87 M
91M
91x
39 M
75
77 X
b
3
y
b
3
75 M
72M
76M
y
b
3
75
72 k
y
b
3
74 %
72 M
76%
76
y
b
4
88 x
85 %
y
y
b
4
88%
86 M
88 M
88 M
y
bb
3
96
96
96%
x
aaa4
Jan
29
Feb
Apr
*28 M_Feb
$9M
$8M
$8M
$8M
13%
13
13
$10
40
♦78 2d ser ctfs of dep '57
♦7s 3d ser ctfs of dep *57
13
1945
12 x
25
Feb
12 X
11x
Feb
11X
11M
Jan
11M
12
Jan
13
Feb
Feb
25
1,000
Jan
May
$10
11 %
$8
11
Apr
15
Jan
92 %
92 M
91
97
135
40
109 M 111M
-1954
x
aaa4
126M 126M
2,000
125M 127 M
1943
58...—1958
Cuban Tobacco 5s
^1944
Cudahy Packing 3 Ms
1955
Delaware El Pow 5 Ms *
1959
y
b
4
88
88%
33,000
78 M
y
bb
4
92
90 M
93 M
b
2
52
61M
2
93 M 203,000
2.000
61M
98 M 112,000
87M
y
93
98 M
6s ser A stamped
x
a
X
z
cc
1
c
98M
bbb4
z
93 M
1
M
61M
97 x
6%
6k
13,000
5M
6%
6%
6k
11,000
5M
1
14,000
M
%
81M
Aug 1 1952
c
1
1956
Ms,. -1905
Elec Power A Light 5s
2030
Elmira Wa Lt A RR 58... 1956
y
bb
2
x
aaa4
y
b
4
x
a
4
1950
x
bbb3
Empire Diet El 5s
1952
x
bbb2
1953
1967
y
b
1
x
a
3
30 x
32
109
109
1954
y
4
100 M
25
14
Feb
14
Feb
$13
25
14x
Feb
16
Apr
b
Gary Electric A Gas—
5s ex-warr btemped
Gatineau Power 3 Ms
General Bronze 6s
1944
A—1969
1940
4,000
110
89,000
$105
104 M
$27
107
104 M
101
112
84 M
77
117M 120
104
1,000
6M
6M
1
84M
106
103 x 105 x
3,000
32
47 x
1,000
7,000
109
109 M
90
101M
22 M
45
57
104
103M 104
73,000
105
104 M
105
63,000
98 x 104
103 % 105
101
101M
57,000
100M 102
bb
3
101M
x
a
2
79 M
y
b
3
y
9,000
119M H9M
82 M
77 x
84M 283,000
110M 110M
82
83 x
Finland Residential Mtge
Florida Power A Lt 5s
$13
—1952
84 k
Ercole Mare 111 Elec Mfg—
1901 y cccl
x bbb3
1906
1954 xbbb3
104X 107
3,000
Eastern Gas A Fuel 4s
Lighting 5s
107X 109
106 x
106
z
Florida Power 4s ser C
♦Prov Banks 6s B..1951
79 M
80
100M 100'n
13,000
4,000
79M
81
87 M
100»m
t
For footnotes see page
2853.
M
19,000
9,000
Banks 6a-5s stpd
30
$8
♦7Ms ctfs of dep
1946
Cent Bk of German State A
K
108M
Federal Wat Serv 5 Ms
30
$10 x
of dep '46
7s
1948
depo8it._1948
76 M
80
80
78 M
77 M
66
108 M
Erie
♦Cauca Valley
M
66
110M 111M
6 Ms series A
Bogota (see Mtge Bank of)
♦Caldas 7Ms ctfs
67
aaa4
El Paso Elec 5s A
25
♦7s 1st ser ctfs of dep '57
80
70
aaa4
♦Deb 7s
25
♦7s ser D ctfs of dep. 1945
90
x
Edison El 111 (Bost) 3
25
:
93 X
95M
85
x
♦6Ms
..Aug 1 1952
♦Certificates of deposit
12
104 M 106
49
39M
133
$134M 136
Detroit Internat Bridge—
lombia—
$9M
3,000
1,000
9,000
589,000
113,000
50,000
133,000
42,000
31,000
83M
1971
Gen mtge 4Kb
26
$9M
$9M
5,000
44,000
75M
1909
Cont'l Gas A El
♦7 ser C ctfs of dep. 1945
99 M
x
Consol Gas (Bait City)—
20 x
♦7 ser B ctfs of dep. 1945
M
100 x 103 x
85
100%
(Bait) 3Ms ser N
Antloqula (Dept of) Co¬
♦7s ser A ctfs of dep. 1945
24,000
94
98 M
x
x
-
Consol Gas Utll Co—
♦20-year 7s—.Jan 1947
♦7s ctfs of dep. Jan '47
♦6s ctfs of dep
Aug '47
106 x 107 x
106 k HO
1st ref mtge 3s ser P
Sales
35
35
28
35
35
35
75
2
Consol Gas El Lt A Power—
$25M
x22
$25M
34 M
3
a
Bethlehem Steel 6s
08 series B
28 M
b
1st 5s series B
6s series
12%
60
x
1957
1960
...1998
Birmingham Eleo 4 Kb
1968
Birmingham Gas 5s
1959
Broad River Pow 5s
1954
Canada Northern Pr 5s ...1953
Canadian Pac Ry 0s
1942
Carolina Pr & Lt 5s...—
1956
Cent Power 5s ser D
1957
Cent States Elec 5s.
1948
dKa
..—.1954
Cent States PAL 5 Ms—1953
Chicago A Illinois Midland—
Ry 4 Kb series A
1956
|*Chlc Rys 5s Ctfs
1927
Cincinnati St Ry 5kb A ..1952
2M
Jan
28 %
y
12,000
Canada—
Jan
102
30
26 M
12 X
13
$17
71M
...1950
♦Convertible 6s
2
Jan
Feb
7M
...1947
1947
129
126
105 M 108
47
62 M
14
17
F)—
Mar
90M
ix
10
Avery & Sons (B
107K HIK
105K 108
12 K
17M
Baldwin Locom Works—
Feb
99M 105M
103 M
100
105 M
105 %
105 M
106 M
104
101M 103 %
105M 105M
105 x
bbb3
104 M 107 M
20,000
108M 108M
108 k
bbb3
Co—
J Associated Gas A El
♦Conv deb 4Kb
Jan
6x
a
x
x
106 M 109
10,000
127 M 127 M
x
1948
Apr
2A
IK
99%
Range
104
$102M 103
2024
4Kb
Appalac Power Deb 08
Arkansas Pr & Lt 5s..
Associated Eleo 4Kb—
3x
2K
IK
Jan
Sales
bbb3
1st A ref 5s..
Amer Seating 6s stp
3
♦6 series A
1
Am Pow A Lt
6x
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦7s ctfs of dep. Apr '46
♦7s ctfs of
1
a
a
Feb
72
Week
♦Bogota (City) 8s ctfs
17
108
a
x
x
1946
1951
1950
1968
—
Feb
BONDS
1951
Jan
Mar
Power Co—
Apr
Apr
for
♦Baden 7s
Alabama
9x
MUNICIPALITIES—
♦6s ctfs of dep
Feb
17 x
8,000
17,000
Mar
6x
FOREIGN GOVERNMENT
AND
x
107K 108M
106M 106 M
$104M 105
104M 104X
102% 103
2
4x
110M 110M
"5%
Mar
•is
Jan
Since
400
7M
5s
Amer dep rctfl;
10 x
Jan
Jan. 1
1,000
11
'Ik
Jan
x
x
S
24
Jan
5X
2
Wolverine Tube com
7M
k
he
for
IK
7/s
6M
ix
4
12,000
8%
Week
200
Mfg....1
Wolverine Portl Cement-10
Mar
Price
Apr
6M
Winnipeg Electric B com.*
Wisconsin PAL 7% pf 100
Mar
16 M
Mar
Jan
10
1
17
BONDS
5%
17M
*
Apr
46 M
See a
0
Williams OU-O-Mat Ht..»
25M
Jan
of Prices
Low
High
54
*
Apr
Apr
9M
Weeks' Range
IK
99 k
IK
8k
RAILROAD and INDUSTRIALS
""266
Wichita River Oil Corp.. 10
Wilson-Jones Co
♦Santiago 7s
14M
2%
16
5,000
14
14
1921
1949
-
»!•
...*
Wilson Products Ino
+5KB
4K
Westmoreland Coal Co...*
Weyenberg Shoe
xx
xx
17
ix
ik
Mining
25M
40
$20
6Kb—1919
5
IK
Class
K
Mar
40
40
5k
74
4
14 M
20
$20
26
Feb
66
"12
4%
Jan
40
$20
"12"
.
"12"
$22
$15M
"Ik
Mar
X
Mar
Sale
16%
1,200
Apr
26 %
12
30
Last
17
l%
$25 M
Friday
13
200
28 M
54 conv
Van Norman
26 %
Feb
Bank
23 x
52
Jan
26
40
Rating
he
14
26
28
$22
1947
♦Russian Govt
Jan
20
Elig. &
Jan
Jan
ix
Apr
Mar
15
Jan
Feb
61
10 k
13 x
13 x
20
$8
1947
X
53
$8
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s
1958
♦Rio de Janeiro 6MS-1959
ix
50
Jan
Apr
14
Apr
8k
21
21
Jan
10 M
2,000
12
2% May
Jan
17 K
Feb
k
6
Jan
Apr
Apr
Apr
Apr
Apr
12 x
Apr
Mar
Mar
ik
5K
k
Apr
♦7s ctfs of dep
11
Jan
11
12
$10
1931
♦0Kb ctfs of dep
Mar
13 %
12
1,000
k
Jan
Apr
he
300
K
"Ik"
-.7
7% pf-100
com
1
WllUams (R C) A Co
35k
Feb
Feb
preferred
Common
Jan
1H
2x
he
JUtll Pow'A Lt
Walker
28 k
400
Utility A Ind Corp com
Valspar Corp
Jan
1,000
pref
X
k
Feb
61
4x
*
common.60c
United Wall Paper
2
Universal Consol Oil
10
Universal Cooler olass A..*
Class B
*
Universal Corp v t c
1
Universal Insurance...—8
Universal Pictures com.—1
Universal Products Co...*
Utah-Idaho Sugar
—5
Utah Pow A Lt $7 pref—*
Utah Radio Products
1
Utility Equities com... 10o
$5.50 priority stock. Conv
Mar
Apr
5,200
34%
2
4
Jan
350
28
4M
Mar
K
Jan
14
Jan
20
$10 M
7
Jan
12M
25
$12
Mar
12M
9M
$10
Mtge Bank of Colombia—
♦78 ctfs of dep.——.1946
4
6
$13M
IK
7k
4x
6M
10
$25 M
Jan
42
Mar
13
May '47
♦Issue of Oct 1927
♦7 ctfs of dep..Oct '47
Feb
83 k
45
Jan
49
14
of May 1927
Apr
500
5M /
4M
27 M
2
United Stores
Feb
52
Feb
13
♦7 ctfs of dep.
k
230
70
09
M
Feb
Jan
25
$3M
1958
7M
71M
2,700
ht
7ie
Jan
5x
243 x
19
25
$13
—1958
♦Medellin 7s stamped-1951
♦7s ctfs of deposit—1951
♦6Ms ctfs of dep
1954
Mtge Bk of Bogota 7s_ 1947
"2,000
6%
6%
6
Apr
65
$15M
(City) Peru—
*6Kb stamped
*466
74
45
44
"*0*
B
240
I
»—
1
l
Sharing..25c
4M
$15M
.....
♦Maranhao 7s
♦Issue
200
4k
4M
dep—1959
1955
1953
Danzig Port A Waterways
♦External 6kb
1952
♦German Con Munlc 7s '47
♦Secured 6s
1947
♦Hanover (City) 7s__.1939
♦Hanover (Prov) 6M8-1949
Ext 5s
40
of)
Cundlnamarca (Dept
Jan
7M
IK
IK
105
"»«
1
25
com_..l
1
S Graphite com
6
8 and Int'l Securities..*
$51st pref with warr...*
8 Lines pref
*
S Plywood
1
JIM conv pref....—.20
S Radiator com..
1
S Rubber Reclaiming..*
S Stores common
50c
1st S7 conv
30
Apr
7,700
High
Low
$
40
$10
19%
64 X
106K
7M
1%
United Specialties
U
$22
Jan
12
*1«
*14
Co—
Am dep rets ord reg-,
UnitedNJREA Canal 100
U
$22
of dep..Oct '61
♦6s ctfs
Jan
United Molasses
US Foil Co class
Colombia (Republic of)—
♦6s ctfs of dep..July '61
17 K
GOO
65
»*i#
*
United Milk Products...*
53 partlc pref
*
10% preferred
United rihoe Mach
Preferred
Week
High
3k
13k
Feb
1,1940
Range Since Jan.
for
of Prices
Low
High
Price
Mar
1%
11M
3M
300
15%
65
100 M
11*206
*13 % "15 X
15 K
preferred
United Profit
Week's Range
Sale
64 %
400
18M
18M
Foods Sta.l
of Omaha.. 100
United Aircraft Prod... *
United Chemicals com..
$3 cum A Dart pref
*
Un Cigar-Whelan Sts-.lOc
United Corp warrants
United Elastic Corp
*
United Gas Corp com
1
1st $7 pref. non-voting.*
Option warrants
United O A E 7% pref. 100
United Lt A Pow com A—*
Common class B_.
*
Un titk Yds
$6 1st
Last
Range Since Jan. 1, 1940
*
U
BONDS
{Continued)
Week
Par
Sales
Friday
Sales
Friday
STOCKS
1940
May 4,
5
Attention is directed to the
new
column In this tabulation
pertaining to bank
eligibility and rating of bonds.
See A.
Volume
New York Curb
149
Bank
Friday
Elig. &
Last
bonds
See
General Pub Serv 5s
♦General Rayon 6s A
Gen Wat Wka & El 58
1948
of Prices
High
Price
a
1953 y b
1956 ybb
Gen Pub Util 6 34s A
Week's Range
Sale
RaXing
(Continued)
Low
Since
$
99 %
99
H
4.000
99 H
74 H
99 H
19,000
74 H
1978
y
b
4
♦Geefruel 6a
1953
z
b
1
Glen Alden Coal 4a...
Gobel (Adolf) 4 Ha
1965 ybb 3
1941 y ccc4
1950 x a
3
74 H
99 %
99
1
106 %
1,000
17,000
35,000
106 H 107
73
98 H
73 %
102
Pittsburgh Steel
96% 100H
74 H
75
96
6,000
x
a
~70"~
3
107 %
74%
88
4,000
70
75
2
a
3i"666
74
88
88
75
5,000
74
107% 107%
6,000
105
105H
9,000
62 H
62 H
50
50
1,000
3,000
20,000
Grocery Store Prod 6a
1945 y b
2
Guantanamo A West 6a—1958 y ccc2
Guardian Investors 5a
1948 y c
1
♦Hamburg Elec 7s
1935 zdd 1
34
35
*14
74%
107% 108H
103
105H
60 H
63%
42 %
Houston Lt A Pr 3 Ha
1966
aa
c
y
b
77
77
78
78
1,000
6,000
1967
HI Pr & Lt 1st 6s ser A
x
111H 111H
aa
106 H
107
1953
x
bbb3
1st A ref 5Hs ser B
1st & rel. 5e ser C—
1954
x
bbb3
1956
x
bbb3
8f debSHa.-.May
1957 y bb
1958 y bbbl
1950 yb
Indiana Hydro Elec 5s
Indiana Service 5a
1st Hen A ref 5s
106 %
1968
x
103 H
104 % 105
77,000
42,000
5,000
97 %
98 H
68 H
71 H
29,000
68
71
30,000
7
71
105%
1
30
73
72 H
105% 105%
34 H
34 H
30
34 X
61H
Debenture 6s
34
34
34
35
13,000
30
66 %
65 H
67 % 111,000
61
47%
71H
43 %
45 H
40
51
b
y
1952 y ccc2
1957 y bbb4
1961 y bbb4
1958 x aa
Iowa-Neb L&P 5s...
5s series B
Iowa Pow A Lt 4 Ha
Isarco Hydro Elec 7a
j
23,000
3,000
104 H 104 H
*104 H 106
107 H
1952 y b
1963 y cc
Italian Superpower 6s
JacksonvlHe Gas
2,000
1952 y b
1957
7s series F
Interstate Power 5s
49
"17666
107 H 107 H
48
50 %
15,000
39
37 H
47,000
31
.1942
b
z
47%
49
17,000
45
...—.--.-1947
z
a
1961
x
a
4Hs series C
Kansas Elec Pow 3 Hs.—.1966
Kansas Gas & E ec 6s
x
2022
Lake Sup DIst Pow 3 Hs.
x
1946
♦Leonard Tietz 7 Ha
aa
* a
1966
..
x
a
cccl
Long Island Ltg 6s
1945
x
bbb3
1957
x
a
•
»
•
m-m'm
-
-
Louisiana Pow & Lt 6s
-
-
-
—
107%
Mansfeld Mln A Smelt—
♦7s mtgeaf
1941 zdd
McCord Rad & Mfg—
6s stamped
.....1948
4
bbb2
y
b
2
-1965
x
Middle States Pet 6Ha
1945
y
bb
2
1943
y
bb
2
x
bbb2
x
bbb3
103%
x
bbb3
106%
1967
1978
Minn P & L 4Hs
1st A ret 5s
1955
2
"
„
«. -
.
»
109
.
99%
Mississippi Power 5s
1955
x
bbb2
103%
Miss Power A Lt 5s
.1957
x
bbb3
104%
1951
x
aa
Miss River Pow 1st 5s
3
Missouri Pub Serv 5s.—1960
y bb
Nassau & Suffolk Ltg 5s
1945
Deb 5s series B
{♦Nat Pub Serv 5s ctts...l978
Nebraska Power 4%s.
1981
6s series A
1948
aa
x
N E Gas & El Assn 5s
2
„
3
+
1961
4
68
8,000
aaa3
*109
109%
79
' 80%
*121% 122%
68%
69%
68
2,000
16,000
2,000
26
68
67
68%
*109% 109%
98%
98%
99%
99% 100%
4,000
■
2,000
3
1949 ybb
2
"102%
♦Ext 4Hs stamped.....1950
y bbb2
94%
Penn 6c Ohio—
N Y State E & G 4Ha
1st mtge 3%s
1980
x
a
4
1964
x
a
4
N Y & Westch'r Ltg 4s
Debenture 5s
2004
x
aaa3
1954
x
aa
1953 y b
100% 100%
102% 103
91
94%
103% 103%
108% 108%
106% 106%
3
*114%
1
60
60
102 X
110H
No Bost Ltg Prop 3H8.—1947 x aa
Nor Cont'l UtU 5Ha
1948 y b
3
N'western Pub Serv 5s
1957 x bbb4
Ogden Gas 1st 5s
Ohio Pow 1st mtge
Ohio Public
Serv
1945 ybb
3%8_,__1968
x
aa
102% 102%
105
106
2
4
109%
3
108%
109% 109%
108% 109
108%
108% 108%
1962
Okla Nat Gas 3%s B
x a
Okla Power A Water 5s... 1948
x
bb
Pacific Gas A Elec Co—
1st 6s series B
x
aaa2
Pacific Invest 5s
ser A
Pacific Ltg 6c Pow 5s
Pacific Pow A Ltg 5s
Park Lexington 3s.
Penn Cent L & P 4Ha
105
44%
45%
105% 105%
111% 111%
1955 xbbb3
4s
1941
1948 y b
.1942
x
4
......
1
1977
x
bbb2
1979
x
bbb2
.1971
x
aa
.1962
x
aa
103
108% 108%
93%
94%
aaa4
1955 y bbbl
1964 z ccc2
103
96
42
*109
109%
94%
96%
42
42
103% 104%
105% 106%
105% 105%
107% 108%
108%
1959 y bb
Penn Electric 4s F..
5s series H
103%
106%
105%
107%
..1950 y bb
1st 5s
106%
108% 108%
106% 107%
107% 107%
2
Penn Ohio Edison—
6s series A
Deb 5Hs series B
Penn Pub Serv 6s C
1947
x
aa
1954
x
aa
.....1981
x
bbb2
98
1961
x
bbb2
99%
5s series D
7,000
106
107 X
20 H
26
108 X 111H
4s series B
Phila Elec Pow 5Ha
Phlla Rapid Transit 6s
46,000
2,000
10,000
31,000
12,000
5,000
3,000
2,000
7,000
1972 * aa
3
2
1
3
108 X
108 H 108%
x
3
aa
110
77 X
x
aa
3
108%
4
105%
105X 105%
2
71H
71H
71H
62 H
94%
96
51
1
4
b
2
3
3
z
73 X
73 X
102
81k
y
b
3
73 H
y
b
3
73 H
73
74%
3
73 %
72%
74 H
78
73 H
20
72%
74%
80
19
1956
x
a
105% 106%
106
105% 106%
*116% 118%
"97 H
97%
98%
2
96%
98%
98
99%
112
112%
112%
102%
101% 102%
43% 43%
*106% 107
11
aaa4
118% 118%
36
36%
*18
25
"36
1
cccl
1.
1975 y b
1974 y b
2
87
2
88%
1959
x
bbb3
1952
y
bb
3
"93%
1952
x
bbb3
118%
18%
2
2
18%
2
87
89
13
88%
91
10
108% 108%
92% 93%
77
118
15
1
1973 y b
86
1944
x
bbb3
2022
x
bb
100% 100%
100% 101%
"l"03%
1946 y bb
103
103%
102% 103%
101
101%
103
101
1954
z
cc
2
1951
x
aa
4
2030
x
7%
bbb3
x aa
Newspaper Un 6s...1944
y
x
aaa2
x
bbb3
bb
55
x a
—.1937
z
bb
1947
y
89
100%
1950 y bb
1946 y b
5s... 1960
118%
bb
98
7%
7%
*108% 112
*106% 108
116% 116%
54%
55%
103% 103%
106% 107%
104
104%
97%
97%
97%
98
9
14
7
9
14
16
19
1
6
8
15
8
3
24
No par value,
a Deferred delivery sales not Included
In year's range,
d Exn Under the rule sales not
included in year's range,
r Cash sales not in¬
cluded In year's range,
z Ex-dlvldend.
55
* Friday's bid and asked price.
65
101H 103
44%
49
T Called for redemption:
X
Heller (W. E.) 4s 1946, May 18 at 102.
e
90H
43 H
104
103 X
107 H
105 H
y
Under-the-rule sales transacted during the current week
and not Included In
or yearly range:
weekly
No sales.
.
v
107 % 109 H
106
107 X
1,000
107H 108X
106X 108H
94 X
96 H
or
yearly range:
No sales.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "M," mortgage;
"n-v," non-voting stock*
v t c." voting trust
certificates; "w 1," when Issued; "w w." with warrants: "x-»"
'
without warrants.
\
96
A
Bank
Eligibility and Rating Column—x Indicates those bonds which
we
believe eligible for bank investment.
y
Indicates those bonds
status
or
some
provision!
n
we
believe
are
not
bank
eligible due either to rating
the bond tending to make it speculative,
Indicates Issues In default, in bankruptcy, or in
process of reorganization.
The rating symbols in this column are based on the
ratings assigned to each
bond by the four ratlhg agencies—Moody,
Standard, Fitch, and Poor's.
The
letters Indicate the quality, and the numeral
immediately following shows the number
of agencies so rating the bond.
In all cases the symbols will represent the
rating
given by the majority; for example, a bond rated Aa by Moody, A1
by Standard,
AAA by
Fitch, and A by Poor's, would be represented by symbol
z
98
99%
110H 115
41H
■/'
Deferred delivery sales transacted during the current week
and not Included in
weekly
107 H 108 X
8,000
15,000
In weekly or
No Sales.
97%
42
101X 104 %
Cash sales transacted
during the current week and not included
yearly range:
102 H 105
9,000
No sales being transacted during current week
Bonds being traded flat.
( Reported In receivership.
107 H 109 X
106 H 109
5,000
1,000
11
*
93 H
97 H
109 X 112
13,000
28
10%
Interest.
104X 106H
113% 114%
108 H 110H
11,000
~27
68%
94X
102 H 105%
105H 109
3,000
29,000
62,000
14
18
68%
b
—
13
27
10 H
1956 y bb
1945
61
68%
z
x
37
105%
2022 y bbb2
1979 y bb 3
...1949
27
103
4'
37
34%
bbb4
22
25
„
x
64
74%
20
z
1960
59
74%
*36
1953 yb
1950
74 H
103H
16,000
11,000
8
72%
72%
72%
100H
110% 111%
107 X 109 %
1,000
1
100H 102H
3,000
73,000
2
106 X 106 X
1946
{♦York Rys Co 5s
♦Stamped 5s
104 H 106
87,000
8
51
102 X 103%
106% 106 H
58 X
58 X
Wheeling Elec Co 5s
1941
Wise Pow A Light 48
1966
Yadkin River Power 5s... 1941
104 H 106 H
1,000
24
21
bbb3
x
z
West
99 %
12,000
13,000
13,000
15,000
3,000
■
108% 109
aa
z
f 6s
West Penn Elec 5s
West Penn Traction
83
122 H
63
9
112%
x
.1940
♦5s Income debt
Wash Ry A Elec 4s..
128
11,000
*106% 108
1962 y bb
Piedm't Hydro El 6Ha. —1960 yb
Pittsburgh Coal 6s
...1949 y bb
44
Waldorf-Astoria Hotel—
108 X 110
Peoples Gas L 6c Coke—
4s series D
19
112
1957 yb
Deb 6s series A
Va Pub Service 5H A
1st ref 5s series B
Deb s f 6s
100
1UH 112%
124
10
1957 y b
3
1950 z ccc2
6s series A
98
98 H
87%
21
112H
4
1948 yb
Deb 6s series A
Utah Power A Light Co—
1st lien A gen 4Hs_.
*
1956 y b
87 H
92
1
89 H
88 X
(Me)—
101H 104 X
104 H
92
3
3
91
94 H
101% 102 H
1948 y b
Un Lt A Rys
(Del) 5Hs.
United Lt A Rys
103 X
35
29 H
88
United Light A Pow Co—
100 H 104 H
34,000
......
No Amer Lt A Power—
5Ha series A
a
88
z
70
121
38,000
1942 ybb
100 H
106
28,000
30,000
5s stamped
"67
1st lien A cons 5Hs
110%
99
65
103 X
108 X
49,000
99% 100
111% 112%
107% 107%
111%
108
134
27 X
102% 102 H
67
68%
Debenture 6s
Debenture 6Hs
109 H
105 X 106 H
1,000
97
128
107
134
29%
102 H
♦United Industrial 6Hs...1941
s
2
1951 ybb
(stamped)
(stamped)
♦1st
7
20 X
40
109
*16
2
a
x
63
93
2022 y bb 4
1945 x bbb4
Conv 6s 4th stp._
United Elec N J 4s
United El Service 7s
95
4,000
11,000
67%
♦Income 6s series A
cc
x
1961
Tide Water Power 5s
Tletz (L) see Leonard—
71%
22,000
"98%
1948 y bb
1954 y bb
Nippon El Pow 6%s
21,000
1,000
21,000
109
24%
""68%
4
109
128
79%
2,000
4,000
99%
*111
+
128
4
1950 y b
New Eng Power 3Ha
x
'm
107%
bbb3
New Eng Pow Assn 5s
Debenture 5Ha
New Orleans Pub Serv—
100
«.«•»*<*
aaa2
x
1947 y b
1948 y b
Conv deb 5s
«**»«■
26
aaa2
1956 ybb
New Amsterdam Gas 5s...1948
m
99 H
90 H
10,000
109
99
67
1,000
65% 65%
103% 103%
103% 103%
106% 106%
103% 103%
103% 104%
95%
z
x
x
2022
Neisner Bros Realty 6s
Nevada-Calif Elec 5s
m
4
y bb 2
2026 y bbb2
2030 y bbb2
Nat Pow A Lt 6s A.
106"
108
1,000
109% 109%
Midland VaUey RR 5s
Milw Gas Light 4Hs
aa
71
101% 101%
94%
94%
2
aa
104%
cccl
93%
92%
20 X
*13
109
134
Twin City Rap Tr
5Hs.—1952 y b
{Ulen A Co—
71
b
x
18,000
z
z
91
27
1968
Terni Hydro El 6Hs
Texas Elec Service 5s
Texas Power A Lt 5s
108
105
4,000
107% 107%
aa
aaa2
98 H
96%
1 '60
6s series A
105
105
3
x
1
97 %
2025 ybb
7s 2d
stamped 4s
7s 2d
stamped 4s
105X
105X 107X
125H 127%
105 %
1
11
1947 yb
2
1957 y bbb2
6s gold debs
102H 105
1,000
cccl
1951 yb
Standard Pow A Lt 6s
♦Starrett Corp Inc 5s
Stinnes (Hugo) Corp—
104
3,000
b
92 H
81H
95X
93%
93 H
4
x
Debentures 6s...
1951
Debenture 6s
Dec 1 1966
*17
x
MetropoUtan Ed 4s E.....1971
5,000
9,000
107% 107%
*15
40
1
y
Memphis Comml AppealDeb 4 Ha
1952
Mengel Co conv 4Hs
1947
4s series G
102% 102%
104% 104%
*106% 110
127% 127%
"104%
97 H
96%
z
1951
Conv 6s
53 H
Jersey Central Pow A Lt—
6s series B
6s
42
47%
j
153
a
z
..1989
Standard Gas 6c Electric—
—
5s stamped
1953
So'west Pow 6c Lt 6s
S'west Pub Serv 6s
52
35 H
x
Spalding (A G) 5s
104 H 106%
104
106H
107
109X
37
107
1966
Ref M 3%s B
July
Sou Counties Gas
4Hs
Sou Indiana
Ry 4s
8' western Assoc
Tel 5s
43 H
49 H
,
107
3
y aa
May 1 1960
78 H
30
153
Sou Calif Edison Ltd—
Ref M 3%s
109 H
5,000
16
153
Southeast PAL 6s
72%
62 H
*13
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
73 %
105 %
*79
b
6c P 4HS...1967
1st 4Hs series D
...1970
101%
6,000
53 H
a
z
Shawinlgan W
100
10,000
53 %
x
Scullin Steel Inc 3s
101H 105
5
87 X
87 X
108 X 108%
110
110
1947 y ccc2
♦Schulte Real Est 6s
107
63H
„
Scripp (E W) Co 5H8..—.1943 xbbb2
106 H 109 %
105 H 107%
100 H 101%
100
100
"71%
a
1955 y b
1957 y b
7s series E—...
6,000
79
105
International Power Sec—
6Hsseries C-_
57.000
81
101H
1963 y b
1952 z bb
♦Indianapolis Gas 5a A
Indpls Pow A Lt 3%s
106 H 108
106H 107 H
106 H 106 %
a
6Hs
-1958
Safe Harbor Water
4Hs... 1979
San Joaquin L & P
6s B...1952
♦Saxon Pub Wks 6s
1937
HIH
66 H
87 X
a
x
ig54
♦Ruhr Gas Corp
6Hs
♦Ruhr Housing
103%
67
x
Queens Boro Gas A Elec—
5Hsserie8 A
1952 ybb
16
35
*..._
91X
P 6c L 5H8—1949
y bb
1st & ref 5s ser C
1950 y bb
1st A ref 4Hs ser D
1950 y bb
103
105
"17666
.......1949 yb
6s series B
York
"1766 6
x
Idaho Power 3 Ha
New
11,000
103 %
*103
z
♦Hungarian Ital Bk 7 H8«—1963
Hygrade Food 6s A...
1949
5s.
15 H
102%
103 H
101H
108%
*90
Puget Sound
40
35
*14%
103 H
*102
103% 104H
*12
bb
$
102 X
30
1961
4s series A
♦Hamburg El Underground
A St Ry 5 Ha
1938 z cccl
^Heller (W E) 4s w w
1946 x bbb2
Houston Gulf Gas 6s......1943 xbbb3
conv deb 6%s
1943 y bb 3
102
y
6% perpetual certificates
Pub Serv of Oklahoma—■
53
for
Week
High
b
1956
♦Prussian Electric 6s
Public Service of N J—
78
30 %
of Prices
Low
Corp(Can)4HsB...1959
91
50
Week's Range
Sale
5
Potomac Edison 5s E
4Hs series F
Potrero Sug 7s stpd
Power
Sales
z
Stamped
107 H
75
Price
1948 y bb
♦Pomeranian Eleo 6s
1953
♦Portland Gas A Coke 5s..1940
101
105 %
66 H
6s
Last
See a
CConcluded)
*17 \
x
2853
Friday
Elig. db
Rating
bonds
Jan. 1
99 %
Georgia Power rel 5s
1950
Green Mount Pow 3%s.._1963
Week
99 H
Georgia Pow A Lt 5a
6
Bank
Range
1
4
Gr Nor Pow 5a stpd
for
2
ccc2
1943 ybb
1967 x a
Grand Trunk West 4s
Exchange—Concluded—Page
Sales
102H
48 H
104X 106H
aa2, showing
the majority rating.
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 in default.
All
Issues bearing ddd or lower are In default.
Attention is directed to the
new
column In this
tabulation pertaining to bank
eligibility and rating of bonds.
See note
A
above.
;
May 4,
Chronicle
The Commercial & Financial
2854
1940
v:>-
Other Stock Exchanges
Baltimore Stock Exchange
Listed and
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
16%
17%
*
Bait Transit Co com v t c *
1st pref v t c
100
Consol Gas E L & Pow_._*
Arundel Corp
S
Eastrn Sgrs Assn com
Fidelity & Deposit
Fidelity & Gur Fire
Finance Co of Am
1,202
35c
29
1.90
2.05
36c
2.10
753
121
82
81
117% 118
100
v t cl
12%
1243
30%
■v.
13
30%
31
Pref vtc
30%
Jan
1.50
Feb
Jan
Mar
Mercb <fc Miners Transp..*
26
30c
346
19
40c
1,532
26
28%
7% pfd25
MtVern-Wood Mis com 100
Mt Vrn-Woodb MisPreferred
100
100
30c
21%
Monon W Pa PS
1,000
28%
158
Apr
2.25
45%
17%
405
1.05
1.20
225
Jan
32%
Feb
Feb
Last
Jan
Sale
Apr
70c
25c
Apr
Mar
Jan
1.75
Jan
Apr
Stocks
(Continued)
16%
CasualtyS
North Amer Oil Co com__l
89%
Northern Central Ry...50
25c
25c
Owings Mills Distillery—1
89%
32
25c
200
15
90
2
90
21%
90
;
22%
1,367
Jan
12%
1.05 May
Jan
88
Feb
23c
Feb
87
May
Advance Alum Cstgs
Mar
Jan
2.50
21% May
Jan
48
Apr
17%
Jan
1.45
Mar
Jan
40c
Mar
90
-1975
Jan
23%
April 27 to May 3, both
Equipment Co com__l
15%
50
60
4
Price
500
92
Jan
95%
Mar
11
11%
150
4
4%
250
27%
Jan
10
Jan
10
*
Beldon Mfg Co com
Apr
20
13%
Feb
50
1%
167%
Apr
Jan
1%
1%
172% 173%
2,098
%
300
%
97
11%
80%
45%
20
20
10
11%
195
32%
ht
92
10%
78
Jan
Jan
34%
920
11%
1,050
1
com.5
Borg Warner Corp—
Common
5
4
4%
350
3%
Jan
4%
150
17%
Mar
23%
Jan
1,008
21%
Mar
25%
Jan
Apr
22%
Apr
5%
11%
Feb
Binks Mfg Co cap...
335
18%
3%
May
9%
Apr
Burd Piston Ring Co com.l
3%
3%
400
2
Jan
Butler Brothers
1,255
2%
0%
Mar
Feb
Jan
Mar
175%
Mar
16
Jan
Mar
hi
103
Cent 111 Pub Ser $6 pref..*
pref
conv
12%
Apr
Feb
Common new
*
*
37 preferred...
Prior lien pref
507
2%
76
3
52%
52%
52%
30
22
22
23%
285
60
Preferred B........100
62 %
13
Adjustment....--.-100
Lines com*
~~7%
6
*
27%
2%
8%
5%
Feb
Club Alum Utensil com..*
Feb
Feb
10
Cities Service Co com
13
60c
Feb
145
59%
10%
Feb
67
hi
100
*19
74%
20
10%
10%
Feb
11%
85
86%
6%
09%
8%
79%
Jan
100
Jan
91
3,700
3%
150
3
32%
12,950
31
14%
15
%
3%
18%
Jan
33
13%
Jan
16%
2%
2%
Apr
3%
Jan
7%
900
7
Feb
8
Jan
50
1
Jan
1%
Jan
50
3%
19%
20%
71%
17%
160
% May
3% May
Feb
Apr
Apr
%
4%
19%
24%
Jan
71%
Apr
19
Feb
27%
10
22
Apr
30
16
15
16
Apr
18%
Jan
25%
360
21%
Jan
26%
Apr
Dayton Rubber Mfg com.l
15
15
15
100
15
30
30
55
29%
4%
Jan
30%
Feb
Deere A Co com
*
22%
22
22%
220
19%
Feb
Dixie-Vortex Co—
Common
*
13%
Class A
*
6
155
5%
Apr
5%
5%
288
5%
Apr
6%
Mar
12%
12%
20
12%
Jan
12%
Jan
7%
7%
110
6
Mar
90
20
Mar
5
5%
12%
22
22
22
2%
2%
17
16
462
2%
Jan
160
2%
14%
Mar
975
4%
Jan
6%
0%
6%
25
2%
17
Mar
Fuller Mfg Co com
1
10%
General Candy cl A
General Foods com
11%
Jan
137
Apr
4
Apr
4
Apr
11c
11c
5
11c
Jan
~~39c
39c
39c
260
19c
Jan
Fox (Peter) Brewing com.5
5
Jan
Goodyear T A Rub com..*
Il0%
9%
Jan
446
8%
11%
207
10%
12
Feb
Gossard Co (H W) com..*
Great Lakes DAD com..*
10
224
9
Mar
12%
Jan
32
309
29
Jan
33%
Mar
29%
31
262
31
72
74
1,330
43%
44%
25%
Jan
Apr
Helleman Brewing cap
72
Feb
84%
Jan
Heln-Werner Motor Parts 3
42%
Apr
44%
Apr
Apr
1
57c
57c
150
41c
Mar
9
9
100
2
Mar
Hormel A Co
7%
40
Houdaille-Herahey cl B__*
1%
110
7%
3%
Mar
1%
1%
6%
1%
Mar
7%
Jan
10%
Feb
12 %
Apr
48%
245
45%
Jan
49
51
Jan
26%
Jan
31
Hupp Motor Car com
99
100 %
1948
106
106 %
5,000
103% 100%
4,000
900
225
16
Apr
20 %
Feb
120
7
Jan
9%
May
9%
10
300
10%
10%
100
8%
26%
50
26%
39
40
35%
14
18
18
9%
14%
Price
Common
*
For footnotes see page
67
67
48%
25
2857.
68%
48%
Mar
35%
50
30
Jan
35%
Apr
675
11%
Jan
16%
Apr
14
Jan
19%
Apr
10%
27%
Indiana Steel Prod com__l
2%
50
1
Feb
3%
Apr
Apr
5%
241
9%
Mar
13%
Jan
300
Feb
28
Apr
100
21%
1%
Jan
Mar
Jan
Jan
300
%
4
100
11
28
%
Jan
Apr
Inland Steel Co cap
*
84%
90
109
82 %
Jan
Apr
International Harvest com*
55%
58
156
53%
Feb
6244
4
100
2%
Mar
4%
14
350
1% May
17
Jan
50
Apr
Common...
4
2%
13%
49%
*
Jan
Range Since Jan. 1,1940
100
46%
Jan
5%
200
5%
Apr
6%
Feb
8
50
7%
Jan
8%
Apr
100
101
101
10
100
Jan
5
5
50
4
Mar
6%
Apr
48
200
43
Mar
40
100
49%
103%
Feb
Joslyn Mfg A Supply com-5
Katz Drug Co com
1
Kellogg Switchboard com .*
Preferred
Kentucky UtU jr cum pf .50
6% pref
100
Kerlyn Oil Co cl A com..5
High
Low
49%
5%
8
Ken-Rad TubeAL'p comA*
lists
Abbott Laboratories—
Acme Steel Co com
42
Feb
106%
Week
Shares
Apr
May
3%
90%
Sales
for
10%
26%
Mar
April 27 to May 3, both inclusive, compiled from official sales
of Prices
Low
High
10
38
Jarvis (W B) Co-
Week's Range
Jan
Jan
Apr
Apr
Apr
93%
Chicago Stock Exchange
Sale
Jan
14%
4
Interstate Power 36 pref..*
Last
27 %
220
%
1
8%
12 %
Mar
101%
Friday
Apr
Apr
Feb
17
25
101%
106%
Jan
104
1948
$1,550
0%
11%
Indep Pneumatic Tool vtc *
Eastern Mass St Ry—
Jan
26%
26%
9%
10%
*
com
4%
5%
Apr
20% May
11%
Apr
24% Mar
9
Hllnols Brick Co cap
10
Illinois Central RR com 100
Bonds-
1948
1,640
2,043
% Apr
56%
Apr
7%
Apr
16%
HubbeU Harvey Inc com.5
50
Apr
Apr
31
57%
11%
11%
Heller pref (w w)
*
25
Hlbbard Spen Bart com.25
60c
31
Jan
Mar
25
25%
20%
Hamilton Mfg cl A pt pfdlO
Jan
15%
51%
11%
HaU Printing Co com... 10
31%
18
Apr
Feb
48%
*
9%
May
5
100
400
1%
Feb
16%
100
287
Mar
11%
Feb
Mar
9
16%
21%
GUlette Safety Razor—
Common
May
1254
3%
52%
11%
20%
Jan
Apr
Apr
16%
70
24%
*
4%
1,500
5
6%
16%
Feb
Apr
200
5%
13
21
*
250
7
202
1
85
9%
16%
55
1,108
Waldorf System
49%
37%
47%
6
15%
Utah Metal & Tunnel Co.l
Jan
22%
53
22%
1%
25
May
800
6%
13%
10
4%
29%
3,000
"54%
21%
1%
~~72~
Apr
Jan
Feb
3
4%
29%
Gen Motors Corp com.. 10
13%
"31%
17%
General Outdoor Adv com *
21%
1%
Jan
Feb
Apr
Pennsylvania RR......60
Mar
15
Feb
Pacific Mills Co
9
50
15c
Apr
11%
Feb
16%
Mar
52%
*
Mar
Stone A Webster.
11%
May
36c
-
1%
Mar
14
14
9
"~4%
Gardner Denvcom (new).*
Gen Amer Trans Corp cm.5
1%
124%
150
14 %
38
16
1%
5
24
Jan
Jan
Jan
46%
9%
Feb
19%
23%
Jan
4%
Fairbanks Morse A Co cm*
Apr
Feb
Jan
115*
29
4%
6%
Apr
May
34%
Elgin Natl Watch Co... 15
294
1%
10%
400
Elec Household Util cap_.5
4
Mar
19%
250
Mar
132
300
15
69
350
16%
4
60
13%
*
130
100
37
Eddy Paper Corp(The)cm*
Apr
335
Jan
13%
Feb
4
1%
~17~~
70%
16%
Feb
8%
131
1%
20
36%
13%
FitzSim A Con DAD com.*
'
3%
Apr
Mar
%
25
2.60
Par
Mar
50
20
Feb
Stocks—
May
3%
350
Crane Co com
"20%
Jan
6%
Jan
3%
32%
%
Jan
Apr
Mar
Feb
4
Container Corp com
May
Series D 6s
441
Jan
%
Series C 6s.
Feb
Apr
hi
Apr
75c
Series B 5s
37
74%
4%
Jan
84
%
75%
0%
3%
Jan
Apr
Jan
2%
7%
Cudahy Pckg 7% pfd-100
CunnlnghamDrugStores2 %
1H
Jan
Feb
Jan
17%
Mar
21
Mar
Apr
Feb
Warren (S D) Co
36
150
Feb
Apr
Warren Bros
750
Apr
hi
_
1%
36%
79%
1%
45c
Venezuela Holding Corp.
1%
3%
10
163
preferred
Feb
135
11,630
cum
18%
9,926
*i»
6%
0%
2
7%
75c
Union Twist Drill Co
5
United Shoe Mach Corp.25
4%
Jan
Jan
1
Common pt sh B v t c..*
V t c pref pt shares
50
he
*
120%
1%
i
Common pt sh A v t c.50
Jan
99c
67c
Torrlngton Co (The)
Mar
30
1
Jan
63
*16
*
Mar
112
1,300
79
Jan
77
54
80
3,100
7%
Mar
75c
Shawmut Assn T C
Mar
36%
6
2%
24%
100
Reece Button Hole MachlO
Jan
%
112%
5%
6%
20%
20%
7%
65%
Feb
N YNHAHRR
25
6%
Apr
290
56
112
Consolidated Oil Corp...*
Jan
17%
100
Qulncy Mining Co
Apr
8%
2,950
Consolidated Biscuit com.l
42
New River Co com
25
85%
245*
*
Racing Assn
dep)
55%
112%
Jan
Mar
16
Mergentkaler Linotype
Old Dominion Co
18
78%
27%
......100
Old Colny RR(ctfs of
%
Mar
25
Compressed Ind Gases cap5
Dodge Mfg Co com
North Butte
%
55%
3%
Maine Central—
New England Tel & Tel 100
7%
300
32%
14%
2%
Mar
66c
13
1%
*
Natl Tunnel & Mines Co.*
20
50
600
Jan
13
*
*
1
Feb
18
85
Consmers Co—
Economy Grocery Stores.*
Inc
Apr
Commonwealth Edison—
62%
66c
...100
5% cum pref
100
Mass Utilities Assoc v t c.l
Apr
19%
7%
Chrysler Corp common..5
16
Eastern Mass 8t Ry—
Intern'l But HI Mch Co. 10
23 %
Jan
*
Capital
2%
Jan
13%
Chicago Yellow Cab com.*
Jan
Gillette Safety Razor....*
Chicago Towel com
Jan
Feb
2%
Jan
21
375
Chic A N West Ry com 100
Apr
6%
General Capital Corp
Gilchrist Co
Apr
May
4
Mar
4%
1
7%
150
19
6
1%
95
81
6%
22%
1%
1
Feb
Apr
Mar
6%
18
Convertible preferred..*
19%
379
-
4%
22%
83%
84
*
Jan
Feb
6
Employers Group
1:
Mar
7
Preferred
com
Chi Flexible Shaft com
4%
5
Chain Belt
Chicago Corp common
100
Copper Range
25
East Gas A Fuel Assn—
Jan
May
1%
7%
17
10%
3% May
2% Mar
15%
15%
19
18%
0%
22%
...50c
3
Feb
11%
Central A 8 W—
Jan
Jan
Mar
9%
Central 111 Secur conv pref*
86
Feb
1%
Narragansett
...10
30c
Camp Wy A Can Fdy cap*
Castle (AM) com (new) .10
Cum
Feb
2%
12%
16%
20
14 %
1%
1%
1%
117
20
10
1%
20
4
20
50
142
6
20
250
1
5
812
2%
3
Mar
15%
10%
Common
20
3%
Apr
9%
3
3%
2%
648
22%
9%
17%
20%
44%
22%
3%
Jan
794
22%
9%
17%
Mar
48
20%
21
10
Jan
Apr
20%
Bliss A Laughlln Inc
Bunte Bros com
149%
50%
139%
2%
4
5%
11
33%
Jan
60c
Jan
Jan
2,057
149
141
47%
16
97
Apr
32%
Aviation com....5
4%
Brown Fence A Wire—
High
Low
30c
100
16
16
"i%
Jan
11%
Apr
Apr
Feb
May
Bruce Co (E L) com
173%
Apr
18 %
Brach A Sons (E J) cap..*
Range Since Jan. 1,1940
Shares
50c
11
3%
9%
Berghoff Brewing Corp__.l
Brown DurreU Co com...*
East Steamship
36%
200
7,500
Boston A Providence.. 100
preferred........ 100
Apr
95%
2%
2%
2%
Common
Apr
4%
11 %
1,250
3%
100
100
Jan
8%
4%
3
4%% prior pref
6% preferred..
7
Mar
10%
50c
50c
Cl C 1st pref std
......_*
Apr
6
10%
C1B 1st pref std.
Common...
Apr
5
16%, 17%
Class A 1st pref std--100
Calumet A Hecla
1%
Jan
Apr
Jan
911
Bastlan-BIesslng com....*
Central States Pr A Lt pf d *
100
7%
Barlow A Seelig Mfg A cm5
8%
100
Cl C 1st pref
100
CIDlst pref std
100
Boston Per Prop Trusts..*
4
Jan
Mar
Apr
9%
100
7
600
Mar
50
5
7%
3,550
5%
13 %
%
1,100
41%
175%
7%
15%
Apr
Boston A Maine—
preferred
7%
15%
1%
Feb
Jan
Jan
Mar
Jan
40%
Week
82
1st
1%
167 %
35%
Sales
148
100
Boston Herald Traveler..*
15
550
Jan
of Prices
Low
High
..100
Boston Elevated
6%
6%
Jan
Feb
100
Jan
for
Boston Edison Co. _—100
Boston A Albany
190
95
Apr
4
13%
20 %
11
Mar
26%
Week's Range
*
Bird & 8on Inc
33%
89
31
inclusive, compiled from official sales list*
100
Preferred
50
100
172% 183%
1
Athey Truss Wheel Co cap4
Aviation Corp (Del)
3
Common
100
Assoct Gs & Elec Co cl A.l
Blgelow-Sanford Carpet—
10%
34%
18,150
American Pneumatic Ser—
pref
Jan
10
10%
38,000
Sale
non-cum
18%
Feb
Jan
Apr
39%
Last
1st pref
18%
18%
35
Friday
Amer Tel & Tel
11%
800
Asbestos Mfg Co com
Belmont Radio Corp
Common...........--*
2%
350
33%
94%
10%
Bendlx
Par
450
Jan
Jan
16 % May
8%
Jan
4
Apr
Boston Stock Exchange
Prior
"l8%
10
Co..*
Amer Pub Serv Co pref.100
Amer Tel A Tel Co cap. 100
Armour A Co common—5
Allis-Chaimers Mfg.
Aro
3%
12%
94
39%
Stocks—
High
Low
33%
37%
34%
1975
1,1940
Range Since Jan.
for
Shares
3%
3%
com.5
Mfg com 1
Allied Laboratories com..*
Aviation A Transport cap. 1
flat...1975
B 5s
of Prices
High
Low
Week
12%
Aetna Ball Brng
90
Week's Range
Jan
55c
26
29%
Bonds—
Bait Transit 4s
A 5b flat
6%
Price
Par
Allied Products com
New Amsterdam
Sales
Friday
10
19%
13%
28
CHICAGO
Apr
Jan
36c
Municipal Dept. OGO. 521
La Salle St.,
10 S.
Apr
31%
130
Apr
17
45%
103
1.75
45%
16%
14
Principal Exchanges
Teletype
Bell System
OGO. 405-406
Trading Dept.
Apr
Feb
8%
27
Members
Apr
Feb
9%
35c
2 50
83%
30%
18%
Jan
119%
8
40c
Jan
65c
Jan
90
18%
21%
Jan
78%
116
9%
pref—...100
Mar Tex Oil
1
Common class A
1
U 8 Fidelity & Guar
100
Mar
125%
9%
Houston Oil
530
Apr
125% 126
30%
30%
126
20
CorplO
45
30c
Paal H.Davis & Go.
High
16%
180
A com.5
Phillips Pack Co pref.. 100
Low
Shares
19
-1
4%% prel B
Unlisted
Range Since Jan. 1, 1940
Last
Stock*—
SECURITIES
CHICAGO
Sales
Friday
399
67
Mar
70%
Jan
45 %
Mar
51%
Apr
Leath A Co
com
46%
103
103
*
2%
1%
450
1%
La Salle Ext Univ com..
113
\
300
1%
3%
3%
600
3%
2%
2%
Jan
101
Feb
Jan
Jan
Jan
3%
1%
Jan
4%
Mar
Feb
Jan
Volume
The Commercial & Financial Chronicle
ISO
Sales
Friday
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
LibbyMcNeUl&Llbby com7
Shares
High
Low
..
Apr
3X
Apr
Dow Drug
Jan
Eagle-Pi cher..
550
2X
24*6
150
20
20%
Mar
7X
1,650
4%
Jan
7M5
Feb
2
26
Common
10
Lion Oil Refg Co cap
7
50
12
Jan
14*6
Apr
10
15%
IX
Jan
18 X
Mar
Jan
2%
Apr
12 H
Feb
15%
Feb
Jan
39
Apr
14%
38
38
800
50
,
Class A com
1
3%
3%
$2 cumul part pref
*
27 X
27 X
4X
4%
zx
Apr
25
20
•
Middle West Corp cap
5
Midland United conv pf A*
Common
*
4
Mar
3X
250
30
Lunkenheimer
Magnavox
Meteor
Moores-Coney A
i..._*
Mar
9%
Jan
Mar
4%
May
8X
4,250
8,550
1%
ht
1,200
hs
Jan
hi
Jan
5%
5%
50
4X
Mar
6X
Jan
%
X
100
%
Jan
US Playing Card.
X
X
100
X
X
Jan
Jan
%
Jan
U S Printing
V.
...100
sx
:-*• X
-.100
X
cnv
Preferred
■J.'}
7
7
24
pf_*
*
com
•
24
8
370
24
;
1%
*
300
100
lX
10
sx
Jan
3X
2.50
P A G
24
Apr
Jan
1%
IX
42%
10
Jan
Mar
2*6
Feb
Feb
12*6
Jan
18*6
18*6
95
13*6
Jan
19*6
Apr
53%
300
51*6
Jan
Apr
28*6
29
527
56*6
29*6
5*6
13*6
275
107
Jan
Jan
484
Mar
Jan
15
Feb
107
Mar
28 %
Jan
34*6
18
Apr
22
34*6
20*6
18
21
1,170
1
225
X
Jan
1*6
Apr
5
50
4*6
Feb
5
Feb
*6
Mar
1
Apr
Apr
i
1
5
>.
*6
5
71*6
445
*6
mmm'Lmm
*
68*6
mmiimmm
..*
68*6
227
227
Jan
65*6
227
7
10
___*
..50
71*6
Feb
Feb
23
Apr
22
85
18
47*6
47*6
25
May
jmmrn-mm
38
38
24
47*6
34*6
2
75
1*6
Jan
13*6
Apr
1*6
13*6 vV;*."
13*6
mmmmmm
8
Jan
230
21
2
Apr
Feb
mm mm mm
Timken Roller Bear
Preferred..,
43
33*6
100
......
Apr
Mar
6*6
.
Feb
12*6
101
73
■v-*'
Jan
4*6
40
68
13*6
105
mm,rn mm _
26*6
50
5*6
40*6
40
8% pref
Apr
Jan
19
2
162
53
Randall A
100
Miller A Hart Inc
*
....
.4%
3
ht
374
2*6
10*6
7%
10*2
_____*
4X
High
May
100
34*6
Jan
Jan
Midland Utilities Co—
Mo dine Mfg Co com
Monroe Chemical Co
100
...
Jan
3X
Low
6
6
2
2
Range Since Jan. 1, 1940
Shares
10*6
13*6
1st pref.
ht
8
4%
6
6
*
7%
8X
Price
10
.
Apr
50
:
Week
29
Gibson Art..
Hatfield prior pref.
Kroger
Mlckelberry's Food com.l
for
of Prices
Low
High
*
Kahn.
36
14 *6
Mfrs Sec—
7% prior Hen
7% pre! A
6% pref A
.....10
Week's Range
54*6
...
Hobart A
38
McQuay-Norris Mfg com.*
&
*
...
General Motors.
250
16%
2%
14*6
2
2
*
._*
Apr
14*6
14*6
16%
*
Liquid Carbonic Corp com*
Merch
*
Formica Insulation..
Lindsay Lgt A Chem—
Loudon Packing com
Marshall Field com.
Par
Crosley Corp..
8*6
2*6
24*6
2%
24*6
Stocks (Concluded)
...
9
Jan
6X
Last
Sale
7X
Lincoln Printing Co com_»
13.60 prel
*
Sales
Friday
Range Since Jan. 1, 1940
Last
Stocks (Concluded)
2855
Jan
51*6
Apr
39
Apr
2*6
Feb
17*6
Mar
Apr
37
May
45%
May
Wurlitzer.
104
...10
104
5
104
Apr
109
Jan
Jan
37
37
45%
45%
50%
25
25
25
10
21
Jan
28
40 X
40*6
60
37
Jan
40*6
Apr
18X
18%
75
16%
Jan
18*6
Mar
1%
Jan
Mar
*
Montgomery Ward—
Common
*
Muskegon Not
spec c A__*
National Battery Co pref.*
Natl Bond & Invest Co cm*
■e. mmmm
Natl Repub Invest Trust—
Cumul conv pref
*
27%
32 X
2 ft
Feb
1%
28%
28
Feb
36
3
Feb
300
34
5*6
5%
mm
„
nx
-
1,900
5%
UX
100
X
Members Cleveland Stock Exchange
Jan
Apr
5%
GILLIS Kl RUSSELLco.
May
Jan
10%
Ohio Listed and Unlisted Securities
Mar
450
1%
27%
32 X
Noblitt-Sparks Indcom._5
Nor Amer Car Corp com 20
North Illinois Finance cm-*
Vv,
Jan
55%
89
~27*6
National Standard com.10
869
12
Feb
Northern Paper Mills com *
Northwest Bancorp com. *
North West UtU—
14
70
7X
Jan
14
Apr
10%
10%
10%
300
10%
Mar
12
Jan
7% preferred
100
Omnibus Corp common__6
u
15
15%
120
15
13%
13X
28
11
11
_
Ontario Mfg Co com
Peabody Coal Co B
'
14
*
com.
Perfect Circle (The) Co
*
Pictorial Paper Pkge com.5
Pines Winterfront com
Pressed Steel Car
5
1
1
com
4X
119
Raytheon Mfg Co com.50c
6% pref—
5
Rollins Hsry MIs(new)cm-4
30%
(new).*
Jan
14*6
Jan
11
Apr
12
Jan
X
Mar
14%
150
14X
Feb
15*6
Mar
505
21X
Mar
36%
27%
172
33%
Apr
24*6
38*6
26
Feb
29
70
Jan
X
300
4%
Jan
5%
%
Feb
%
11%
Mar
14%
Jan
Mar
123*6
Feb
Jan
1*6
Feb
50
115
300
%
700
X
Jan
1
50
1%
Feb
4*6
Apr
26
Jan
30*6
Apr
9
Feb
10*6
Feb
Jan
88
Apr
200
100
May
Amer Home Prod com._l
a63
3
a63*6 r-V:
351
6*6
al3
60
al3*6
245
62*6
63*6
a40*6 a40*6 V: V 100
6*6
City Ice A Fuel
*
Cl Cliffs Iron pref...
*
Apr
6
66*6
12*6
Jan
51
Feb
35*6
Jan
Mi
Jan
27
28
493
Jan
31
17*6
Jan
Apr
Jan
5
15*6
1
11
28%
9X
Jan
*
45
45
15
45
11
Elec Controller
Apr
Apr
Jan
12*6
210
500
16*6
12*6
17*6
30
Cliffs Corp com
Colonial Finance
Mar
17
1,649
Mar
al8*6 al9
25
25
9
Mar
2*6
100
27 X
IX
IX
7X
Jan
1%
25%
Mar
250
28
11%
1,150
1%
11%
IX
1%
Mar
2*6
28*6
Mar
Jan
200
IX
14
70
7%
Mar
2
9
Feb
2X
Apr
Feb
29
Jan
29*6
Apr
29
30 X
408
28
Mar
32*6
Feb
24*6
23 X
1,052
22
Jan
25*6
Mar
Texas Corp capital
46
45%
5X
14X
80X
24*6
46 X
5X
47*6
5*6
Apr
16*6
Apr
20 X
80X
25
Thompson (J R) common25
5%
14*6
TraneCo (The) com
2
Union Carb A Carbon cap *
United Air Lines Tr cap..5
U S Gypsum Co com
20
United States Steel com..*
59
60%
362
150
15%
Jan
42%
Jan
,-',,4
Apr
14%
Jan
83
137
78%
Feb
88
Jan
21
264
14%
Jan
23*6
Apr
83%
193
80X
Apr
Jan
1,600
61X
53%
Mar
87*6
68*6
Jan
123 X
1*6
7
*
124%
40
U5X
Feb
124*6
Apr
IX
100
IX
350
IX
Jan
2*6
Apr
100
19
Jan
24
1%
800
2
22%
21%
23 X
1%
20%
Jan
490
Jan
23*6
Apr
22%
113X 114%
206
May
28*6
Jan
123
21%
106*$
Jan
117*6
*
95
95
10
91X
Jan
.*
7
7
100
6%
Jan
IX
IX
23
*
24
23
24
*
Western Un Telegcom.100
Westh'se El A Mfg com.50
May
Jan
Apr
95
Jan
7*6
cap..2
Wrlgley (Wm Jr) cap
*
Yates-Amer Mach cap...5
Apr
1*6
Jan
4%
Apr
5*6
Feb
250
4
Jan
6*6
Apr
93 X
ux
15*6
200
IX
329
Jan
84%
>
Apr
93*6
3
3
3
Zenith Radio Corp com..*
1%
150
5X
91X
Woodall Indust Inc
4X
5 Vs
Wisconsin Bankshrs com.*
c
*
Goodyear Tire A Rubber.*
Great Lakes Towing prdlOO
Grelf Bros Cooperage
.50
2%
Jan
3*6
Apr
16
585
14 X
Feb
17*6
Apr
82,000
Jan
126%
58
c
Interlake Iron com..
Jaeger Machine
-V-
*
10*6
16*6
32
a60
5*6
36
May
Jan
41
Jan
23*6
Jan
20*6
Apr
20*6 May
24*6
Apr
50
Feb
58
Apr
May
50
Jan
42*6
Apr
50
50
135
10
88
■:
44*6
41
Jan
24*6 May
8*6 Mar
36*6 Mar
29
Jan
12*6
Jan
44
Apr
Feb
Jan
17*6
13
Feb
15
45
16%
Feb
17*6
Jan
75
31
Mar
33*6
Apr
7
60
Jan
60
Jan
25
214
.
16
Jan
40
100
41
Apr
869
Jan
21*6
Apr
3*6
21*6
3*6
24*6
13*6
Jan
19*6
100
2*6
Jan
3*6
Apr
41
Apr
104
36*6
Jan
1*6
155
Jan
al5*6 al6*6
22*6
23
1*6
14*6
305
a8%
445
19*6
6*6
Feb
8*6 May
a9% al0*6
100
9*6
Mar
50
956
18*6
Apr
Jan
12*6
10*6 May
41
N Y Central RR com...
Ohio Brass B
-
41
a.7%
Ohio OH com....
Otis Steel.....
c
Jan
3*6
Apr
40
8%
Packer Corp...
21*6
Feb
Jan
a60
National Tile
e
Apr
1
—
Natl Refining (new)
Prior pref
18*6
:
*
Monarch Machine Tool--*
National Acme
50
May
102
16*6
14*6
17*6
32
14*6
Apr
Feb
'
16*6
11
14%
Apr
13
185
41
.___.*
Kelley Isl Lime A Tran...»
McKay Machine
*
McKee (A G) B
*
Metro Paving Brick
*
Mar
18*6
Feb
17*6
42
41
Jan
Apr
Mar
60
a24*6 a25*6
"41
14*6
63*6
43*6
29*6
164
44*6
42
*
Interlake Steamship.
137
58
44*6
44%
.100
Industrial Rayon com..*
-
-*
-..—*
-
10*6
20*6
38*6
10%
*
Republic Steel com
*
Richman Bros
38%
Thompson Products Inc..*
c United States Steel com.*
378
072
00
50
27*6
53*6
178
al2*6 al2*6
a42*6 a43*6
Tube*
Mar
Jan
l
63
18*6
Jan
24
Apr
Jan
Jan
23*6
40*6
Mar
8*6
Jan
Apr
Jan
6
10*6
37*6
Jan
1*6
Apr
36*6
a59*6 a61 *6
50
White Motor
10*6
21*6
39
a6*6
a7*6
a37*6 a37*6
Seiberling Rubber...__..*
Youngstown Sheet A
Bonds—
Commonw Edison 3*6sl958
*
5
a37*6
al7*6 al7*6
al6*6 al6*6
20*6
21*6
25
Halle Bros pref
i.
50
a36
General Electric com...*
Goodrich (B F)
Feb
V
IX
AX
Williams Oil-O-Matic com*
Fostoria Pressed Steel.
5
.
c
150
15
Firestone TAR com.. 10
General TAR.
Apr
27 X
2,750
c
17
Apr
Mar
7
Jan
13%
22%
Cl Graphite Bronze coml
Cleve Railway
100
c
Jan
19*6
Jan
16*6
56*6
28
29*6
Wieboldt Stores pr pref
Common
c
Brewing Corp of Amer...3
High
Low
25
al7*6
100
UX
IX
5
common
al7
100
~28%
Walgreen Co
Addressograph-Mul cmlO
100
Sunstrand Mach T'l com.5
com
c
Shares
16%
81*6
Swift International cap.. 15
Swift A Co
25
Wahl Co common
Price
1X
30%
27*6
Sterling Brewers Inc com.l
Viking Pump Co
for
Week
628
9
25
pref
Par
of Prices
Low
High
28
2
20
1
Convertible
Stocks—
Week's Range
Sale
86%
Stand Dredge—
7% cum pref
Utility A Ind Corp—
Range Since Jan. 1,1940
Last
IX
'28 %
Stewart Warner
Sales
Friday
Jan
1,142
Exchange
April 27 to May 3, both inclusive, compiled from official sales lists
Feb
4,300
5
Cleveland Stock
Jan
Feb
Mar
16 X
Sou Bend Lathe Wks cap.5
Standard Oil of Ind
A. T. & T. CLEV. 505 9c 500
30 X
"30*6
Preferred (new)
Common (new)
Billdlif, Clivtlani
Telephone: CHerry 6050
85 X
Slgnode Steel Strap pref-30
Common......
*
common
22%
Apr
22%
9
y-l 9
Schwitzer Cummins cap__l
Sears Roebuck A Co cap..*
Serrick Corp cl B com
1
Spiegel Inc
370
X
X
12*6
13%
usx 119
1
X
1
X
3%
3%
30 X
30%
%
13%
Quaker Oats Co common.*
com
Uiici Cnmrtt
May
13%
100
14%
21X
35%
27 X
14-Hi
60
Peoples G LtACoke cap 100
Sangamo Elec
14
_5
Penn Elec Switch conv A 10
Penn RR capital
.
Jan
38*6
Mar
68*6
Jan
Mar
13*6
Apr
Mar
48*6
Jan
Apr
131
Watling, Lerchen
Cincinnati Listed and Unlisted Securities
Sl Co.
Members
New
Ei LYONS *£&
Established 1878
Members:
Exchange
Fourth
E.
115
Teletype Cln. 274-275
Cincinnati Stock
Detroit Stock Exchange
Exchange
Last
Sale
Sales
Friday
Last
Week's Range
Sale
Par
Price
Range Since Jan. 1, 1940
for
Week
of Prices
High
Low
Shares
Low
Stocks—
Par
1
5
Baldwin Rubber com
1
Bohn Alum A Brass com..5
Briggs Mfg com
---*
Brown McLaren com
1
Burroughs Add Machine.*
Burry Biscuit com—12 %c
Price
*
Amer Laundry
Amer Products
.*
8X
17%
Mach—20
"X
*
...... _ .
Cln Gas A Elec pref
Cin Street
7
Feb
15%
Mar
%
,
100
*
.*
105
100
Champ Paper pref
Cln Advertising Prod
45
723
108
.
Cln Telephone
50
Cln Tobacco Ware
100
%
254
13 X
Mar
681
3%
Jan
llO 5
25
2
102
Jan
105
7X
10
5%
106%
2X
Jan
8
357
Mar
110
2X
97%
5%
2%
98
578
218
4%
13
35
13%
14%
14%
13%
6X
6%
237
4%
14%
*
14%
105
3X
107% 108%
*
6%
X May
17
May
Cin Union Stock Yard
Col Gas
Apr
5%
Cln Union Stock Yard
City Ice
Feb
18
6
7X
2%
97%
11%
May
15%
3X
3%
5%
.
..50
%
14%
Rolling Mill
Burger Brewing
_ _
8%
17X
35
4
97
3
12%
12X
13%
5%
8X
Apr
Jan
Feb
Jan
Mar
Feb
Jan
2X
Mar
Jan
Mar
Jan
100x
4%
14 X
Mar
Jan
14%
Mar
Apr
14
Jan
Mar
7%
Apr
Jan
Apr
10
100
Detroit Gray Iron com...5
Det-Michlgan Stove com.l
Detroit Paper Prod com..l
Divco Twin Truck com.__l
Durham Mfg com
1
Eaton Mfg com
4
of Prices
High
Low
Range Since Jan
for
1, 1940
.
Week
Shares
High
Low
1%
2
1,970
1*6
Feb
2
3%
200
2*6
Feb
4*6
6%
275
6*6
Jan
7*6
6%
Apr
Mar
Apr
28
22X
28%
1,020
24*6
Feb
28*6
Apr
22%
23%
1,087
19*6
Feb
23*6
Mar
Feb
91c
100
88c
Jan
1*6
10*6
'10 Mi
478
10*6
Apr
12*6
1.00
1.00
120
87c
Feb
1.25
Jan
85%
85X
649
82*6
Feb
90*6
Apr
16
16
100
15*6
Jan
16*6
Mar
1*6
Apr
91c
Chrysler Corp com
5
Consolidated Paper com. 10
Det A Clev Nav com.
Week's Range
3
Allen Electric com
High
Atlas Drop Forge com
Aluminum Industries
Sales
Friday
April 27 to May 3, both inclusive, compiled from official sales lists
Stocks—
Randolph 5530
Telephone:
St., Cincinnati
Telephone Cherry 3470
Churngold.
DETROIT
Ford Building
Cincinnati Stock Exchange, New York Stock Exchange
and Other Principal Exchanges
Am
New York Curb Associate
Chicago Stock Exchange
York Stock Exchange
Detroit Stock
98c
IX
1,400
70c
Feb
120%
72
118*6
Jan
1*6
Apr
2*6
Mar
_
119
Detroit Edison com
Jan
125
Jan
IX
IX
1%
1,100
1*6
Jan
1%
1%
IX
1,100
1*6
Jan
1.00
1.00
140
75c
Mar
1*6
Apr
9X
9%
200
8
Jan
9*6
Apr
1
1
125
1
Apr
1*6
Apr
I Jan
35*6
Apr
35 X
35 X
100
30*6
The Commercial & Financial Chronicle
2856
Stocks (Concluded)
Par
Eureka Vacuum com
for
of Prices
Low
High
Price
100
845
14%
3%
2X
923
12
We
*
3%
2X
5%
*
Jan
Apr
9*c
Calumet Gold Mines—10c
*c
3* May
15*
4*
4(H)
2%
Mar
2*
Jan
4*
Mar
6*
Apr
685
0
33
146
32
Feb
33
c*
100
10*
Feb
13*
General Motors com.... 10
53 X
54
1,868
51*
Jan
56
1
Graham-Paige com
1
Grand Valley Brew com.. 1
2%
2%
600
2*
Jan
75c
81c
560
65c
65c
200
75c May
56c
Jan
Anaconda Copper..
50
Armour & Co (Hi)..-..—5
Apr
7
7
3*
1*
Apr
Atcb Topeka &
Atlantic Refining Co
a24*
80c
Apr
Aviation
Baldwin Looomo Wka v t c.
8 Fe Ry 100
25
Corp (The) (Del) 3
Apr
Apr
23*
Feb
24*
Apr
a0%
a6*
a6*
~~5*~Mar
7*
Apr
al
al
al
1*
4*
Feb
14*
Apr*
Bethlehem Steel Corp....*
aS4*
Hudson Motor Car com..*
5*
5X
100
Jan
Feb
45c
300
40c
Feb
52c
Jan
Borg-Warner Corp
Cities Service Co
5
43c
a22*
a4*
IX
175
1*
Mar
1%
Jan
Columbia Gas & Elec
60c
Mar
Kresge (8 8) com.......10
Lakey Fdry & Mach com.l
LaSalle Wines com
2
Masco Sere w Prod com... 1
4
Feb
Jan
4
25%
25%
5
10
Feb
35c
100
4
Jan
4*
600
1*
Feb
Commonwealth & South. *
Continental Motors Corp.l
Mar
Continental Oil Co (Del) .5
26
.
"l%
1%
1%
1.00
440
90c
Jan
Jan
Curt las-Wright Corp
Class A
1
1.00
1*
1*
Jan
1.00
71c
71c
TOO
30c
Jan
75c
Apr
General Electric Co
*
1
"26c
24c
27c
16,300
19c
Jan
27c
General Foods Corp.
I
Michigan Sugar com.....*
m
1%
2
1* May
2*
Apr
Feb
*
*
IX
lox
2*
10%
McAleer Mfg com..
McCIanahan Oil com
Michigan Silica com
Mlcrornatic Hone com
...
1
Mid-West Abrasive comSOc
1.00
2.25
14%
Motor Products com.....*
10
"o%
6H
Packard Motor Car com. .*
Parke Davis com........*
3*
43 %
Parker-Wolverine com...*
14
3X
43%
12%
Murray Corp com
Peninsular Mtl Prod com.l
1%
Pfelffer Brewing com
*
0%
Prudential Invest
1
1X
2%
com
205
1%
10%
2%
14 X
7H
3%
43%
14%
1%
OX
1%
1,200
72c
Mar
1.25
7*
Jan
11*
*
Jan
2.50
10*
5*
3*
16
8*
4*
Feb
44*
Jan
1,495
150
837
Jan
Mar
Nor American Aviation. 10
Mar
North American Co...... *
9*
Feb
Ohio OH Co
a8%
100
1*
Apr
2
Jan
*
Packard Motor Car Co..*
Jan
3
Jan
Paramount Pictures Inc.. 1
a7
Mar
2*
Apr
Pennsylvania RR
7
Apr
Radio Corp of Amer
2
2
500
OX
6%
1,830
4*
Jan
IX
1*
Jan
'26X
IX
13%
26%
2%
3%
4%
1%
3%
1%
100
Stearns (Fred'k) com....*
com.. 10
IX
13%
25%
2%
Union Investment com...*
We
United Shirt Dlst com....*
4X
Universal Cooler B
Warner Aircraft
VA
.*
Walker & Co B_.
3%
*
.1
com
IX
IX
IX
VA
Wayne Screw Prod com..4
Wolverine Brewing com..!
25c
2
25c
464
50
240
048*
61
125
a35*
c33*
40
47*
15*
a23*
265
a34*
033*
47*
15*
022*
a21*
a7*
3*
a2l%
Jan
6*
1
12*
34*
Apr
1
Mar
3*
Jan
Jan
12
16*
a22%
Mar
13*
1*
Apr
1
6*
985
3
8%
.1
Timken-Det Axle
15*
150
2*
1*
T1 voll Brewing com
New York Central RR—*
700
4,750
Rlckel (H W) com
..2
River Ralson Paper com. .*
Sheller Mfg com
.1
StdTube B com....
Montgomery Ward & Co.*
a34*
a33*
47*
Mar
43
Kennecott Copper Corp..*
Loew's Inc.
*
a23
16*
a29* a30
a3
v a3*
a3*
Feb
Jan
570
*
Apr
350
10*
10*
a28* a28*
o36* o37*
a48
Jan
5
35
50
10*
a28*
o36*
15
"9*"
Feb
28*
Apr
38
Jan
45*
Jan
16* May
35
30*
Apr
101
3*
Apr
~ii*~Mar
29*
Feb
40
Jan
47*
20*
38*
4*
Feb
Apr
Jan
Apr
Feb
100
3*
a23
International Tel & Tel..*
Goodrich (B F) Co
Intl Nickel Co of Can
Mar
1
1
3*
3*
a23
a48*
16*
029*
Apr
200
900
.
8*
Apr
18* May
84
15*
6*
24*
Jan
210
Feb
1(H)
Apr
6
a85*
022*
a4*
a4*
11*
5*
750
Apr
Mar
Feb
Feb
635
45c
7*
24*
22
15
Mar
18*
all*
a32*
26
30
Jan
Apr
11*
Bendix Aviation Corp....5
45c
Mar
Jan
Mar
31*
73*
Jan
1
47*
174*
31*
Mar
26*
5*
16
14*
Klnsel Drug com
Jan
47*
172
60
Barnsdall Oil Co—
Feb
IX
Jan
1,070
Apr
13*
Kingston Products com..!
Jan
2c
a32*
19
100
Hurd Lock <fc Mfg com...l
14*c
Jan
18*
all*
Apr
Apr
13*
14%
608
Mar
16*
all*
a32*
o82*
022*
13*
125
5*
17*
Feb
18
13X
14%
5X
*
9c
*c
483
7
18
11*
High
7*
7
18
11X
320
7
022* a22*
a24* a24*
a 22*
Jan
308
290
o29* a30
a29*
Hoover Ball & Bear com. 10
-2*
HoudaUle-Hershey B
*
Hall Lamp com—.
20
a 50*
a50X a50*
Amer Smelting A Refining.
Amer Tel & Tel Co
100 cl73* al72*al73*
Jan
Hosklns Mfg com
7,000
6,000
Low
Unlisted—
Jan
12%
.......
10c
*c
9*c
*c
Week
Jan
12*
Goebel Brewing com
Par
Shares
Price
Mar
4*
100
33
B
(Concluded)
far
of Prices
Low
High
Mining—
Black Mammoth Cons.lOe
Feb
34
Jan
34
14
14*
3%
3%
Stocks
Hihg
Apr
3%
20*
3
Gemmcr Mlg A.....
Shares
33 %
3
Federal M ogul com
Federal Motor Truck com*
Frankenmuth Brew com. .1
Oar Wood Ind com
Low
Week's Range
Sale
Week
5
Ex-CeH-O Corp com
Week's Range
Range Since Jan. 1, 1940
Last
Range Since Jan. 1, 1940
Last
Sale
Sales
Friday
Sales
Friday
May 4> 1940
50
*
Republic Steel Corp.....*
Feb
Jan
1*
14*
Jan
26*
Apr
So cony-Vacuum OH Co..15
2*
Jan
Apr
Standard Brands Inc....*
200
13*
275
21
Mar
*
Sears Roebuck & Co
3*
10*
7*
1*
3*
Jan
2*
3*
Mar
Jan
1*
May
VA
Jan
Texas Corp (The)..
25
Tide Water Assoc Oil.-.10
1
Feb
2*
Apr
Union Carbide & Carbon.*
a81
200
10c
Jan
25c
Apr
United Air Lines Transp.5
United Aircraft Corp
5
20*
48*
a2*
a30*
a61*
3
Jan
Mar
Standard OH Co (N J)...25
225
3*
Jan
4*
Mar
100
Studebaker Corp..
Swift & Co.....—
242
Apr
.1
25
United Corp (The) (Del).*
U S Rubber Co
10
U S Steel Corp
..*
Wm.Cavalier&Co.
7*
Jan
4
7*
170
21*
Jan
Jan
363
08I
•7*
Apr
Mar
23*
Apr
85
Apr
87*
Apr
130
10* May
12*
Apr
Jan
7*
Jan
43*
12*
23*
47*
Feb
240
48*
a2*
a30* a31*
a59
a61*
Apr
9*
40
22*
88
.
40*
45*
10*
78*
15*
Jan
Jan
Mar
Feb
Feb
Jan
48*
2*
Jan
Mar
70
435
208
4
137
33
Apr
572
54
Mar
86
all4
all 4
Westinghouse Elec& MfgSO all4
2*
3*
WUlys-Overland Motors. 1
2*
.
6
44
a3
a3
5*
85
5
20*
48*
a2*
Jan
Feb
19
a81
20 *
Apr
183
10*
7*
042*
alO* alO*
024* a24*
a46
a46*
all* all*
Apr
Mar
8*
24*
948
a42 *
a3
Warner Bros Pictures Inc.5
Jan
3*
50
20* 21
a85* 085*
1,200
1,766
115
2*
3*
7
195
21*
6*
6*
Jan
36*
Jan
35*
Feb
47* May
18*
Jan
26* Feb
23* Apr
298
a7
21*
10*
7*
a42*
alO*
a24*
a46*
all*
557
177
170
022*
08*
3*
a7
21*
6*
20*
a85*
50
265
35* Mar
35*
Jan
47* May
15* Apr
20* Mar
20* Mar
Feb
Feb
Apr
11
Jan
82*
23*
51*
2*
38*
Feb
Apr
Apr
Jan
Feb
Apr
65
3*
Apr
4*
Apr
1*
Mar
3*
Apr
10
320
MEMBERS
New York Stock Exchange
Philadelphia Stock Exchange
Chicago Board of Trada
April 27 to May 3, both inclusive, compiled from official sales lists
San Francieco Stock Exchange
Lot An gelcm Stock Exchange
'
523 W. 6th St,
Los Angeles
'
^
American Stores
Sales
Range Since Jan. 1, 1940
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Bandlnl Petroleum Co...l
Barnhart-Morrow Cons..l
3*
10c
10c
10c
Blue Diamond Corp......
Bolsa Cbica Oil A com.. 10
1%
1%
1%
3%
2
2
Mar
1,409
10c
2,438
1*
Apr
Feb
500
2
12c
3
Salt Dome Oil Corp
11
Apr
Scott Paper
6
Apr
8
4*
Jan
6*
105*
10
10*
437
10
10
340
9*
5*
87*
Jan
Jan
5
,
90*
88*
10*
400
9*
8*
Apr
Mar
Mar
11
35o
Feb
Exeter OH Co A
com
1
37c
37c
38c
1,800
General Motors
com
10
53%
53*
54*
744
Jan
52
■mm mm
Apr
Feb
230
mmm mm m
"31"
Feb
7*
507
Horn & Hardard(Phil)com*
Horn <& Hardart (N Y) em*
Phlla Elec of Pa $5 pref.
*
Phila Elec Pow pref.... .25
83*
282
5%
88*
10*
54*
Jan
501
7%
5%
10*
10%
5%
Apr
"33*
General Motors........ 10
Jan
87
88
""5%
—*
21%
Mar
88
Budd Wheel Co..
.50
23*
Douglas Aircraft Co
Eleotrical Prods Corp
4
Emsco Derrick & Equip..5
"lie*
Pennsylvania RR
85
730
Bell Tel Co of Pa pref. .100
Budd (E G) Mfg Co
*
Jan
14
7%
5%
m
26
20
87
mm
Shares
172* 173*
15*
15*
116* 117
4%
5X
5*
5*
85* 86*
32* 33*
53* 54*
122* 123
34*
35*
Low
r
r
395
Feb
11*
Jan
168*
13* Feb
Apr
113*
4* Mar
4* Apr
80* Feb
28*. Jan
Jan
50*
371
14
101
52
274
260
250
125
1,364
108
119
Jan
420
34
Feb
581
2
Jan
High
14*
175*
15*
125*
Apr
Jan
Apr
Jan
6
Jan
6*
90*
33*
Feb
Jan
Apr
Apr
55*
Jan
125*
35* May
2*
Mar
Feb
8*
Apr
Mar
2*
Jan
Jan
24*
120*
31*
Jan
Jan
13* al3*
a25X a25%
7%
5%
10*
'
14*
1,000
Jan
87
10
Pennroad Corp v t C.....1
Mar
2c
Apr
Barber Co—
Jan
1*
4*
Chrysler Corp
..6
Consolidated Oil Corp...
Consolidated Steel Corp.
Preferred.
Creameries of Amer v t c
13%
13%
Jan
2*
100
2c
25%
*
2c
Jan
4%
a
Price
Lehigh Coal & Navigation*
Nat'l Power <fc Light
.*
2c
a
Jan
Feb
4%
Calif Packing Corp com..*
Goodyear Tire & Rubber.*
4*
2c
al3%
Week
Chrysler Corp
5
Electric Storage Battery 100
High
3*
200
4*
Broadway Dept Store
*
Buckeye Union Oil pf v t c 1
Byron Jackson Co..
*
.
4%
Low
Shares
for
of Prices
Low
High
American Tel & Tel..-.100
April 27 to May 3, both inclusive, compiled from official sales lists
Last
Par
Week's Range
Last
Angeles Stock Exchange
Friday
Range Since Jan. 1, 1940
Last
■■■
Stocks—
Los
Sales
Friday
'
•
Teletype L.A. 290
Mar
Apr
Mar
Jan
43o
56
Jan
Apr
188
21
May
24*
Feb
Hancock Oil Co A com...*
38c
38c
38c
203
36*
Mar
40
75c
72*c
a5*
75c
a5*
800
62c
Mar
60
5%
Apr
»ie
»i«
200
3c
3c
1,000
..
8%
1
*
Tacony-Palmyra Bridge..*
Corp pref..
United Corp com
*
Transit Invest
Preferred
mmmm mm
Westmoreland Inc.
8
IX
2*
6,310
21*
22*
2,928
60
115* 116*
30*
31
8*
8*
42*
43*
40*
*
74
790
155
396
2*
10
46*
"12*
114*
_*
*
60
2
2*
695
37
mmm mmm
_.*
United Gas Imprvmnt cm-*
Preferred
*
2*
37*
25
12*
113* 114*
9,024
12
10*
224
205
11
7*
1*
21
114* Apr
30* Mar
6* Apr
41* Apr
Jan
41*
* May
1% Mar
30* Mar
11* Mar
111*
9*
Mar
Jan
Jan
Jan
8* May
49
Apr
48*
Mar
1
Jan
Jan
2*
41*
15*
117*
Feb
Jan
Feb
12
Apr
Apr
Holly Development Co..l
Hudson Motor Car Co...*
Hupp Motor Car Corp...l
"~VA
2*
8
2%
Jade Oil Co.
21
a
5%
•u
3b
..10c
Lane-Wells Co......
1
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp.. 1
Los Angeles Investment.IO
Menasco Mfg Co
1
Occidental Petroleum
Oceanic Oil Co
.1
1
Pacific Finance Corp com 10
Paclflo Gas & Elec com
25
6% 1st pref
25
5*% 1st pref....
25
Pacific Indemnity Co
10
Pacific Lighting Corp com *
Pacific Western Oil
10
Puget Sound Pulp & Timb*
Republic Petroleum com.l
5X% pref
...50
Rice Ranch Oil Co
_1
Richfield Oil Corp com
*
Roberts Public Markets..2
Ryan Aeronautical Co...l
Safeway Stores Inc
.*
Security Co units ben Int..
Signal Oil & Gas Co A
*
Solar Aircraft Co
Sontag Chain Stores Co..*
So Calil Edison Co Ltd—25
0% preferred B
25
5*% preferred C....25
Mar
Pittsburgh Stock Exchange
April 27
to
May 3, both inclusive, compiled from official sales lists
Sales
11*
100
9*
11*
Apr
Friday
14c
15c
4,600
1,005
7C
Jan
16C
Mar
Last
Week's Range
far
27*
Mar
41*
Apr
Sale
203
4*
Jan
10,128
1*
Jan
4*
4*
Jan
of Prices
Low
High
Week
4*
3*
38*
4*
3*
Apr
a 15o
al5c
a15c
200
25c
Feb
30c
Feb
Allegheny Lud Steel com.*
30c
30c
13
37c
600
35c
Mar
47c
Feb
Arkansas Natrl Gas pfd-100
13
13
222
Jan
Armstrong Cork Co
31*
32*
29*
31*
32*
321
255
29*
100
13*
34*
34*
31*
39*
Apr
31%
32X
20%
11*
31*
a38
11*
a38
a38
44*
7%
26%
2%
44*
39
39
44*
7*
26*
2*
39*
15c
a 15c
al5c
7%
7*
a
10
6%
a40%
33
a26%
4%
ox
30%
30%
29 %
30
12
5%
7*
25
2*
10
7*
10
6*
6*
049* o50*
33
33
026* 026*
4*
4*
6*
6*
30
30*
30* 30*
29* 29*
12
12*
22* 22*
36
5*
36
100
824
12
13
442
1,214
2*
20
30*
600
14c
Price
25
7*
*41*
._.*
8*
Mt Fuel Supply Co.
27
Jan
31
Mar
_
_
m
mm
.1
100
"90
mm
Lone Star Gas Co com...*
4*
Apr
4*
Apr
390
6
Feb
7
Apr
Apr
6*
17*
Mar
15*
177
11
Jan
14
Mar
18*
1*
235
13
Jan
20
1*
84*
Jan
90
Jan
90
Feb
2,413
0%
Feb
10*
Apr
3,795
5
Jan
1*
88
36*
13
13
~"i*
1*
1*
*
Jan
30* May
Pittsburgh Plate Glass..25
29*
Feb
30*
29*
16*
26*
Jan
Jan
Pittsburgh Screw -fe Bolt..*
Pittsburgh Steel Fdy com.*
Jan
Ruud Mfg Co
5
mmmmmm
San Toy Mining Co
1
1,382
300
11
11*
2*
100
Western Pipe & Steel Co.10
18
100
Mar
22* May
33* Apr
5% Mar
15
May
4*
Jan
2*
Mar
18
Apr
Jan
36
Jan
Mar
Westinghouse Air Brake..*
17*
Jan
Westinghse Elec & Mfg-50
14
_
0*
100
Jan
1*
1* May
50
32*
Jan
20
10
Jan
49
99*
6*
137
4
110
7*
8
50
6*
5*
2*
36*
Jan
8*
Jan
Apr
Apr
Apr
Jan
4
Mar
9*
Mar
Feb
lc
Feb
Apr
36
Jan
33*
28*
117*
Jan
Mar
201
1*
Jan
2*
Jan
170
1*
32
6* May
Jan
1*
Feb
Jan
Apr
lc
1,000
lc
Jan
1*
13*
104*
Mar
3
Jan
22*
100*
lc
23* 24*
112* 114*
32
Vanadium-Alloys Stl Crp_*
7
100
102*
7*
102
mmmmmm
12
2,785
4
28*
1,262
405
90
10*
6*
1*
1*
36*
6
""
Mar
4
100
10
1,345
Jan
10
6
Apr
15*
13*
""0*
Pittsburgh Forgings Co..l
28*
Apr
Jan
Feb
18
m
mm
"18"
875
339
Jan
7*
25
Apr
15*
13*
6
mm
100
10
NatlFlreprooflng Corp..*
Pittsburgh Brewing Co
*
Preferred
40c
Jan
Hoppers Co pref-
30
Apr
Mar
Fort Pitt Brewing
Feb
10c
5*
Jan
33
10,322
15*
Feb
Jan
Mar
65
16c
31
30
161
Feb
11
Mar
6*
Follansbee Bros pref.
Apr
Apr
Apr
Apr
9*
11*
137
Jan
24*
5
Jan
7
Feb
37
6*
23*
*
Copperweld Steel.
62*
Apr
0%
8*
43*
11*
13*
23
6*
Col Gas & Elec Co..
Jan
50* Mar
25
15c
Apr
31
High
Jan
10c
40*
10
98
Low
18*
15c
Feb
Jan
220
1
Apr,
Jan
25
24*
8*
7*
40* *41*
10
10*
11*
11*
"u*
Devonian OH Co
10
Duquesne Brewing Co...5
8
Range Since Jan. 1, 1939
Shares
*
Byers (A M) Co com
Carnegie Metals Co
Crandall McKenz -fe Hend*
Mar
11%
18
Blaw-Knox Co
Jan
7*
4*
Vega Airplane Co
AX
Wellington OH Co of Del.. 1
18
Jan
*
Jan
ox
15
For footnotes see page 2857.
Apr
Par
,
2*
708
4,205
15
2*
49*
Mar
Stocks—
26* May
Jan
1,684
2,106
4,451
2.553
2%
Jan
Apr
33
Apr
29* May
35* Jan
42
Apr
7* May
5*
10*
3c
37*
22*
25
Jan
6*. Mar
Apr
87*c
14c
11%
Superior OH Co (The).-.25
2
»u May
2c
Jan
80c
38%
4%
3%
Southern Pacific Co
.*
Standard Oil Co of Calif..*
Transamerloa Corp
Union OH of Calif..
21
21
100
29
Apr
3*
18
Jan
Apr
24*
Jan
Jan
Unlisted—
Pennroad Corp v 10
1
1*
Volume
2857
ISO
Sales
Friday
St. Louis Stock
Sales
Last
Stocks—
Par
Week's Range
of Prices
Week
Price
Low
Rdnge Since Jan. 1,1940
Par
Price
1
...
73c
54%
55
500
53%
Apr
55
Jan
45%
46
202
41
Feb
46
Apr
55%
56%
220
51
Jan
56%
Apr
28
29
560
16%
Jan
29
3%
19%
3%
Feb
4
Apr
March Calcul
19
225
12
Jan
20
Apr
32%
33
50
31
Jan
34
Apr
*
Iw
2.00
Jan
19%
Mar
,
50
"55%
i.__l
28%
5% preferred
Burkart Mfg com
Century Electric Co
10
3%
Chic & Sou Air L pref—.10
Coca-Cola Bottling com_
Collins-Morris Shoe com,
Columbia Brew
W
«
1
_
1.10
Class B
200
18
18%
18%
21%
176
14%
20
203
20
May
27
Jan
18
120
18
Apr
19%
Jan
Occidental Petroleum
121%
97%
10%
Apr
General Shoe com-
-
—
50
Laclede Steel
LempBrew
com.
-
m
National Candy com
~
~
~
V
~
m ~
m
1——1
com..
mm
mm,
~
~
10
m
m
~
15
com
m
—
Pacific Tel & Tel com.. 100
Preferred
100
105%
Jan
Paraffine Co's
12%
Mar
12
Feb
100
25
405
10%
Feb
9%
10
111
Feb
98
Mar
99
98%
115
Mar
Feb
98
3%
4%
570
2%
1.25
154
1.00
85
95%
80c
80c
100
36
Income.. ——.1964
mm
36%
5%
Jan
7%
Jan
9
28%
29
161
Mar
67%
65
10
'mm
10%
39
mm.
39
...
39
37
v
ST.
418
OLIVE
LOUIS
BANK
Mississippi Valley Tr Co
-
32%
5
100
20%
15%
May
0%
Mar
11%
6%
Apr
Mar
13c
Feb
Jan
Jan
Feb
17%
Feb
10
298
8%
14%
Jan
23%
Api
425
12
15%
Jan
Apr
May
May
May
;
""21
21%
20%
2,028
100
19
2.00
2.00
100
2 00
44%
45%
2~6o
15o
Jan
10
650
4%
Argonaut Mining Co
Atlas Corp common
Ask
Bid
Bendlx Aviation
133
130
55%
53%
V
455
May
4%
3
Jan
385
10
14
Jan
1,610
,
4Ai
Jan
15%
13
Jan
21%
22
Mar
Feb
2.90
Apr
Jan
Apr
Jan
<
45%
Apr
May
Feb
9%
174%
Mar
171
67c
75c
9,820
52o
Feb
75c
Apr
29%
9%
29%
10%
350
27%
975
Jan
Feb
Apr
180
8%
2%
fl8%
54
8%
7%
o5%
034% a34%
1%
1%
12%
12%
675
3
"7
1
1%
Sullivan.2^
6% pref n clOO
are
12%
3
85
10
4
Mar
Jan
Feb
5%
35%
Apr
Apr
25
5%
50
30%
1%
12%
Apr
82%
4%
Jan
Feb
205
10
516
Jan
9%
8%
Jan
Apr
Jan
2
14%
86%
Apr
Jan
Mar
0%
May
%
%
200
%
Feb
%
Mar
50c
320
10c
Jan
50c
Apr
a31% o31%
70
30%
Jan
32%
Apr
7%
Feb
9%
Jan
31% Apr
5% Mar
30% May
17
Apr
7%
Apr
Mar
6%
Consolidated Oil Corp...*
Curtiss-Wright Corp
1
Doralnguez Oil Fields Co.*
a7
a7%
28
10%
33%
1,385
ElecBond & Share Co....5
06%
General Electric Co
36%
10%
33%
00%
37
Goodrich (B F) Co com..*
Hawaiian Sugar Co
20
17
17
Idaho Mary Mine? Corp. .1
20%
6%
6%
20%
6%
6%
Int Nickel Co of Can.. ...*
30
30
o3
c3
Honokaa Sugar Co——20
offices in San Francisco and Los Angeles
31%
Apr
10% May
Mar
6
426
85
Apr
50c
com..
Cons Edison Co of N Y..*
York Stock Exchange
500
8
08%
>
7
o5%
Corp.
Bunker Hill &
Apr
8
556
8
io'%
5
£
Blair & Co Inc cap...
36
135
172% 172%
"s
Coen Cos Inc A com....
which
Broadway, New York
own
Feb
11%
4%
12%
18%
20%
Aviation Corp. of DelBait & Ohio RR com
100
Bk
Cortlandt 7-4150
Private Wire to
20o
12
13
7
12% May
May
34%
Jan
40
May
11%
"
Jan
Mar
Feb
12""
4%
Jan
Jan
Mar
Apr
15%
26%
33%
10
12%
11%
Feb
Jan
33%
11% Mar
22% May
Apr
28%
1%
...
Intl Tel & Tel Co com....*
111
390
2.75
19%
8%
108%
Mar
25%
Western Pipe & Steel Co. 10
Schwabacher fit Co.
Members New
363
Victor Equip Co com
1
Preferred
........5
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
open
4%
4,587
9%
Amer Hawaiian S S Co.. 10
Exchanges,
3,010
11,117
Jan
24% Mar
29% May
37
May
Unlisted—
St Louis Union Trust Co—
Stock
100
106
16%
9%
Amer Rad «fc Std SanPa-y*
<fc Trust Co
Coast
566
7%
2.25
Apr
17% May
0% Mar
Jan
103%
15%
9%
20%
'15%
Claude Neon Lights com.l
Pacific
on
Jan
700
640
000
Cities Service Co
solicited
28
2.40
Jan
Jan
4.00
Apr
Apr
18
Jan
Mar
27% May
Mar
1,181
Cal Ore Pwr
Orders
15
16
,8870
American Tel & Tel Co, 100
Amer Toll Bridge (Dei).J
Commerce
80
14c
STOCKS
Mercantile
2.05
Jan
6,767
3,578
2.30
37
54
Mar
12%
11%
5%
Tread well-Yukon Corp... 1
Union Oil Co of Calif...25
Union Sugar com
25
11%
5%
Transamerlca Corp......2
Jan
(MEMBER)
>
44%
30%
-
36%
42%
271
50
12c
Tide Water Ass'd Oil comlO
May
Yosemite Ptld Cem pref. 10
Art
34%
.
100
5,859
11%
5%
Jan
39
38%
Apr
St. L. 494
Bid
Boatmen's National Bank
50%
12o
A. T. & T. Tel.
First National Bank
Feb
500
St. Louis Bank and Trust Companies
on
43%
100%
15c
Anaconda Copper Mln..50
Anglo Nat Corp A com.
Quotations
Jan
Feb
15c
1
Yellow Checker Cab serl 50
ST.
41%
99%
17
29%
Vega Airplane Co..
Garfield 3450
Jan
700
1,275
3,831
United Air Lines Corp
Universal Consol Oil.
EXCHANGE ISSUES
154
12%
22%
29%
ACTIVE IN:
STOCK
138%
34
Super Mold Corp cap... 10
Jan
Feb
Jan
12
Texas Consol Oil Co
108%
Jan
34
Jan
Jan
Apr
Apr
May
22%
Apr
50
Apr
Apr
Jan
149%
"12%
69
Jan
Apr
130
134
16
22%
1.50
34%
34%
31%
42
306
6%
12%
Apr
Apr
Apr
Apr
Apr
5%
21%
40
Bros., Jordan & McKinney
LOUIS
5%
JS
Inc.
ST
32
29%
42%
106%
2.25
"m
1.20
754
29%
106
Feb
Jan
11
31%
30
17%
7%
7%
Apr
Apr
Mar
5%
Apr
5% May
9%
Apr
15% May
Mar
Mar
35%
st. louis, mo.
Gatch
37
"17%
Mar
3%
12%
66%
12%
Mar
36%
914
2,400
2,051
3,160
1,154
1,237
5
28c
Jan
6
39%
"'
Mar
9%
36
130
Shell Union Oil com......*
Apr
63
Feb
Soundview Pulp Co com.6
So Cal Gas Co pref ser A.25
Southern Pacific Co
*
Jan
67
2,000
12,000
80,000
5,000
3,000
•
Jan
26
Apr
30
67%
'
11
Jan
10c
Apr
9
170
\
Apr
25
Standard Oil Co of Calif..*
100
9
26
100
Ryan Aeronautical Co...l
9%
a27%
2.30
Roos Bros pref Ser A
8%
36%
m
Apr
Mar
Mar
V
65
United Railway 4s—1934
95c
Apr
36
8%
63%
m'm.
WW
Apr
8%
m
28%
.1941
36
70c
96
10%
152
15%
.....25
Jan
87%
60
Preferred
Rheem Mfg C0.........1
Richfield Oil Corp com...*
Jan
705
1.30
26%
34%
29%
Republic Petroleum com.l
Apr
4.25
11
9%
1,416
33
50%
100
10
19%
Jan
5%
5%
9%
15%
024
Apr
Apr
Apr
Jan
42
42%
100% 100%
a27H
1.30
Jan
20
32%
29% 29%
44%
44%
106% 107%
5%:> 5%
19%
131% 133
"42%
41%
Jan
7%
100
152
Jan
Mar
525
32
131%
Feb
Feb
35
May
1.75
600
32%
29%
16%
8%
Apr
Jan
Feb
Mar
4
5% May
Feb
15
908
15c
1.20
76c
300
10%
25%
31%
Mar
5,435
10
33
..1
com
Jan
6
10
Preferred
Rayonier Inc
19
3%
10%
9%
14%
R E & R Co Ltd com.....*
4% May
Jan
1.37
Apr
9%
95%
Puget Sound-P & T com..*
Apr
0O0
1.10
5%
4%
Philippine Lg DlstTel P100
Mar
27%
5%
.100
Jan
100
>■
.*
com.
Feb
6%
110%
Apr
4%
108%
634
1,059
"5 %
_..___*
May
■:
39
15c
...
Preferred.—
31
10%
*
com
1st preferred
Jan
114
4
114
9
V:
—
Apr
Apr
Feb
Jan
m
Bonds—
St L Pub Serv 5s.„— 1959
Pacific Pub Serv
Apr
3
mm
Feb
4%
14%
260
275
25
25
Pac Light Corp com
*
85 dividend.......,..*
10%
105
80c
~
Jan
Apr
Feb
1.05
m
Feb
11
5
4%
*
2
155
.
5
31
10
6% 1st preferred
25
5%% 1st preferred...25
30%
37%
Jan
10
...25
20
340
100
mmmmmm
Scullin Steel warrants
Feb
229
110
95%
Pac G & E Co com
50
Feb
2
18%
3%
3%
Pacific Coast Aggregates.5
Apr
39%
11%
5
100
Feb
Apr
12%
Feb
10
39
98
1
com
19
Pac Amer Fisheries com..5
Pacific Can Co com
,*
15%
Mar
3
200
3%
110
5
1st preferred
4sc-d's
17%
Apr
Apr
800
1
45
Apr
32
35
98%
~~~~
*
„
com
1%
5
90
18
10%
m'mmmm
m
100
St L Bk Bldg Equip com
St L Pub Serv com A
2
34%
114
100
Scullin Steel 3s
Mar
*
com
1st preferred
Wagner Electric
49
10%
10%
11%
11%
104
104
"10%
2d preferred
_
10
39
—
100
_
49
2
11%
100
Stlx Baer & Fuller
Feb
3%
*
2d preferred
Sterling Alum.com
Max
11
34
——
1st preferred
Securities Invest
42
4
70
18
.*
com.
Scruggs-V-B Inc
''W-: 5
11
m
34
Midwest Piping & Sply cm*
Mo Ptld Cement com—.25
Natl Bearings Metals pflOO
Rice-Stlx D Gds
14%
45
5
com.——
McQuay-Norris
m
mmm
*
_
m
20
com
Jan
Jan
7%
14% May
49
mmm.m.
-
mmmm
Hydraulic Prsd Brk pref 100
International Shoe
81
99
:
_*
Pref series 1936
Feb
35
10
11
-1
-
118
97
9%
14%
121% 121%
9%
Griesedleck-West Brew cm*
com.
10
97
45
1
Hussmann-Llgonler
Feb
3%
15%
95c
O'Connor Moffatt cl AA._*
Oliver Utd Filters B
*
97
mm m m
1.15
700
38%
No American Oil Consol.10
Occidental Insurance Co. 10
18
'mm.~~m.rn.
m m
Jan
75c
31
Machine..5
1.10
Emerson Electric pref—100
com
Mar
1.00
r
1.10
Dr Pepper com..
*
Ely & Wlaker D Gds com25
1st preferred
.—100
Falstaff Brew
10
20
5
com
m-m
•
33
1
.
17%
55c
3%
LeTourneau (R G) Inc...l
Lockheed Aircraft Corp..l
Magnavox Co Ltd.
2%
May
Apr
100
15%
5%
Menasco Mfg Co com... 1
Natl Auto Fibres com.__l
Natomas Co.
*
L_ _20
com
870
1.00
3%
'
American Invest
13%
13
Langendorf UtdBak A...*
A 8 Aloe Co com
High
Low
1.00
Honolulu Oil Corp cap...*
Hunt Brothers com
10
Preferred
..10
High
Low
Range Since Jan. 1, 1940
65c
13
75c
.....
Shares
High
(Concluded)
Holly Development.
for
Sale
for
Week
of Prices
Low
High Shares
Sale
Stocks
Friday
Week's Range
IjOSt
Exchange
33%
6%
135
50
501
310
45
50
1,040
405
20
11%
36
Apr
Apr
7
5% f Jan
30
Jan
Jan
20%
21%
6%
Jan
5%
Jan
8%
41
,
38%
4%
16c
Apr
Apr
Apr
Jan
May
25
3%
Apr
Apr
11c
11c
670
10c
Mar
1.30
1.30
827
1.20
Mar
1.55
Jan
o34% a34%
45
35%
27%
Jan
35%
Mar
Jan
29
20
6%
10
4
Apr
May
8%
4%
Apr
12c
45% May
3%
Feb
55%
4%
Italo Pet Corp of Am com 1
Preferred
.........1
Jan
'
San
Francisco Stock
Exchange
Kenn
April 27 to May 3, both inclusive, compiled from official sales lists
Friday
Last
Sale
Par
Stocks—
AlaskarJuneau Gold
Price
10
Anglo Calif Natl Bank—20
Associated Ins Fund Inc. 10
7%
4%
Atlas Imp Diesel Engine.5
Bank of California N A—80
Bishop Oil Co
1
20
Calamba Sugar com.
Calif Cotton Mills
com.
100
mmmmmm
17
W.mmmmrn
Calif-Engels Mining..-25c m'mmm'm:m
Preferred-
50
....
1
'm m
mm m
Coast Cos G & Elst pref100
Commonwealth Edison.25
m
4
mmmmmm
Cons Chem Ind A—...—*
26%
Creameries of Am com...1
Crocker First Natl BanklOO
mm
Di Giorgio Fruit com
.
.
..
10
.....100
El Dorado Oil Works. .—*
Electrical Products Corp_4
Emporium Capwell Corp.*
Preferred—
....50
Ewa Plantation Co cap. .20
890
6%
Jan
625
4
Jan
300
5%
116%
Apr
121
1.60
300
17
1.50
16
155
14%
15c
1,000
25%
401
52
38
25c
25c
100
4%
2,600
107
32%
25%
5%
300
107
10
463
32%
26%
5%
678
150
300
5
Jan
Feb
1
a6%
6%
Feb
Jan
No
Mar
American
North American Co com. 10
1.60
19
Feb
Feb
Mar
Packard Motor Co com..*
Pennsylvania RR Co
«22%
"1%
10
Apr
Pioneer Mill Co.—.20
25c
Feb
Radio-Keith-Orpheum ....*
"m
6%
26%
Feb
Riverside Cement Co A..*
.....
4%
51
Jan
52%
Jan
32c
Jan
4%
Mar
106
31%
23%
6%
290
Jan
109
Feb
Jan
33
Apr
Jan
20% May
Feb
6
Jan
300
,
Apr
Apr
5
Sebumach Wall Bd com..*
Preferred.....
25
—*
Shasta Water Co com....*
So Calif Edison com
6% preferred
5%% pref...
"30%
25
.25
Standard Brands Inc
Studebaker
25
Corp com
19,876
15
Jan
670
88%
Feb
^mmm'mm
2.50
2.50
221
1.95
Mar
3.50
Jan
8%
8%
32
Mar
Jan
U 8 Petroleum Co
6%
10%
6%
10%
Jan
United States Steel com..*
Mar
Utah-Idaho Sugar com...5
West Coast Life Insurances
mm
m
m
m
m
19"
+<mm'mmm-
mmmm mm
Fireman's Fund Indem—10
mmmmmm
mmmmmm
27
Food Mach Corp com...10
General Metals cap—..2%
General Paint Corp com.. *
5%
Golden State Co Ltd——*
8
10%
Feb
19
20
975
17%
Jan
43%
32%
44
120
40
Jan
10%
8%
10%
20%
44%
50
31
Jan
32% May
45%
98%
45%
98%
27%
6%
5%
10%
Jan
45% May
99% Apr
27
6%
5%
10%
32%
;
100
164
35
0%
May
108
30%
93%
Jan
490
27
Apr
200
504
Feb
6%
5% May
591
9
Jan
15
Greyhound Corp com....*
Hale Bros Stores Inc.....*!
"*19%
20% May
94% Apr
15
300
15
Apr
15%
18%
15%
19%
466
13%
18%
Jan
908
Apr
33%
7%
7%
11%
17%
16%
20%
Apr
1
75
102
a46%
"~90c
20
9%
30%
30%
6%
7%
Apr
20
24% May
22% Mar
20%
20%
3%
Jan
26
21%
Jan
10
10
5%
540
Jan
5
1%
Mar
4%
Apr
Apr
Mar
Jan
5%
Apr
.25%
30
23
105
9
30%
30%
1,354
29
Jan
220
29
Jan
289
29%
Apr
295
Feb
Mar
9%
%
6
315
Jan
Apr
Jari
1%
4
29%
7%
7%
10%
10%
a45% a40%
49%
49%
a2% o2%
Jan
Jan
Apr
Feb
Apr
Feb
Jan
Mar
12
May
165
400
25
Apr
Feb
6%
4%
23%
Mar
Mar
385
Apr
26%
23%
23%
Mar
5
6%
4%
29%
*
1
.25
92
10
17
Apr
Apr
Jan
100
fl22
Feb
25c May
20
24%
a22
:
3%
a6%
a21% a22%
22%
22%
5%
5%
3%
3%
15c
13
|
20%
94%
m'mmmm
315
*
50
19
m
794
4
a22 % a23
20
93%
mmmmmm
46%
c0%
24%
8c
500
8c
4
4
Oahu Sugar Co Ltd cap. .20
Olaa Sugar Co.
a6%
45%
46%
Aviation..!
Jan
125
2,380
8e
National Distillers Prod..*
7%
5%
7%
.■
4
4
21%
143
15c
Jan
/
94
Fireman's Fund Ins Co..25
Hawaiian Pine Co Ltd.—*
Mar
25%
51%
14%
High
-
20%
*
Preferred
mmm
Low
6
Texas Corp common
United Aircraft Corp cap.6
United Corp of Del
»*
Crown Zellerbach com...5
Preferred-
m
Shares
29
29
..5
Montgomery Ward & Co.*
185
29
M J & M & M Cons.,...]
Mountain City Copper...6
Nash-Kelvlnator Corp...5
6%
7%
4%
6
6%
118% 120
a34%
McKesson & Robbins com5
McBryde Sugar Co
Week
6%
7%
4%
1.60
,":7.
Range Since Jan. 1, 1940
for
4
mmmmmm
Central Eureka Mlncom.l
of Prices
High
Low
17
Calif Packing Corp com..*
Carson Hill Gold cap
Bales
j Week's Range
Copper Corp com.
Matson Navigation Co...*
9
191
44%
188
47
Feb
Jan
Jan
Jan
30% May
30% May
30%
Jan
7%
Apr
12%
Feb
12%
Max
46%
Apr
Jan
51%
Apr
35
2%
Mar
2%
Apr
90o
Apr
1.15
Jan
Mar
06%
1%
9%
Jan
Apr
Apr
90c
92c
600
59%
1%
9%
59%
1%
9%
330
1%
Jan
385
4
Jan
542
55
Feb
*
Odd lot sales, b Ex-stock dividend,
c Admitted to unlisted
trading privileges,
d Deferred delivery,
r Cash sale—Not Included
In range for
year,
z Ex-dividend,
y Ex-rights,
s Listed,
t In default.
No par value,
a
Feb
Jan
CURRENT
NOTICE
Feb
Mar
Apr
Apr
Jan
—The New York office of KIrchofer & Arnold, Inc. has been
from 37 Wall St. to 1 Wall St.,
New York City.
removed
The Commercial & Financial Chronicle
2858
May 4, 1940
Canadian Markets
LISTED AND UNLISTED
Montreal Stock Exchange
Service
Sales
Friday
all Canadian
on
Last
Securities.
507 Place
Week
Price
11%
11
12%
500
10
13%
13%
14
177
13% May
93%
Apr
...100
5%% preferred
100
—-
..
*
General Steel Wares
3%
9
9
95
Goodyear T pref inc 1927 50
Gurd (Charles)
Gypsum Lime A A lab as..*
Hamilton Bridge
*
Hollinger Gold
5
Howard Smith Paper
*
Preferred
100
Municipal Issues
Closing bid and asked quotations, Friday, May 3
(American Dollar Prices)
Bid
Ask
Bid
1 1948
60
62
5s
Oct
1 1956
49
51
6s
4%a
July
4%b
Oct
12 1949
1 1953
89
92
86
89
June
5s
Apr
Apr
1 1962
15 1965
202
6%
380
4% May
6H
6%
7%
640
6
14
14
14
295
13%
20%
20%
22
830
19
114
100
102
Mar
Feb
Jan
Jan
Jan
Feb
"29"
29
29 ; i
27
Jan
29
Feb
50
88%
90
94
96
Intl Bronze Powders
Industrial
101%
50
*
Intl Nickel of Can
Intl Paper A Power
2 1959
76
80
45*s
May
1 1961
89
91
15
International Petroleum..*
Prov of Saskatchewan—
36%
35
80
"21%
20%
5s
June
15 1943
68
71
86
5 54s
Nov
15 1946
68
71
Preferred-.————100
4%b
Oct
1 1951
62
65
Jamaica P 8 Co Ltd preflOO
131%
Lake of the Woods
*
.....100
Preferred-
25
26
3
5
335
Apr
58
Jan
80
Apr
Apr
24
Jan
94
Feb
May
131 J*
6
Apr
135
Jan
Feb
27
120
Apr
128
15
Jan
8%
226
35
59
23%
12%
7%
May
Jan
Apr
5
59
Feb
6s
4
Canadian Pacific Ry—
perpetual debentures.
Sept 15 1942
5*s
Dec
..July
6s..:
15 1944
1 1944
59
Feb
5
5%
1,015
5
Feb
7%
8%
1,109
7% May
120
Mont L H A Pow Cons...*
120
30
30%
42%
30%
3
42%
204
107
Jan
Mar
30%
62%
454s
Sept
1 1946
80
81%
Montreal
Telegraph
40
75
76%
6s
Dec
1 1954
76
79
Montreal Tramways
100
51
50
52
121
68
70
4%a
July
1 1960
73
74
National
*
33
32 %
35
1,443
33?*
61%
102% 103%
Breweries
42%
Jan
Mar
9%
35
*
100
13
Apr
*
Montreal Cottons pref
Jan
Feb
35
M cColl-Frontenac Oil
Ask
Jan
16 %
10
Masse y-Harrls
(American Dollar Prices)
Feb
Mar
5
171
59
Jan
23%
1,606
12%
35
Feb
46%
88
/■-
Apr
Feb
J*
36% May
Apr
19?*
20%
3%
16
f'8
Legare pref
25
Lindsay (C W) pref.... 100
MacKinnon Steel pref—100
23
28
Jan
50
Apr
Apr
10
12%
"l2%
Apr
195*
25
82
2,531
:
16
Laura Secord
Closing bid and asked quotations, Friday, May 3
30
120% 120%
Lang A Sons (John A)...
Railway Bonds
88
131% 131%
25
120%
430
3
85
85%
*
5,286
21%
3
89
83
98
220
23%
80
v-
39
22%
85
International Power
s
85
19%
25%
23
100
Preferred—
655
50
19%
25
92
93
4a
Apr
15%
95
Canadian Pacific Ry—
Apr
1,612
Acceptance—*
Intercolonial Coal.
100
Bid
Jan
15%
Preferred
Ask
Apr
15
23 J*
106
15?*
93%
Bid
Feb
Mar
8%
15%
16%
89
94
Jan
Mar
55%
10%
5%
34
1 1958
90
Mar
7%
4%
Feb
Feb
Apr
2 1950
1 1960
Mar
6%
4
Jan
105*
96
Apr
Mar
15 1952
15
Jan
12%
Feb
Mar
May
89%
55%
26%
454a
Sept
9
221
Feb
385
4s
5s
6
745
9%
96%
54%
Feb
105
Mar
5,339
91
454s
Mar
4%
12%
80
Province of Nova Scotia—
100%
28%
76
15 1960
15 1961
41
1354
88
Prov of New Brunswick—
6s
Jan
Jan
28
1 1941
Dec
4%b
June
4%b
102% 104
100
Feb
16%
96%
130
4
102
•
Jan
15%
Jan
13
15 1954
Aug
5s
4s...
54%
53
24
21% May
28%
Mining
Imperial Oil Ltd
103%
Province of Quebec—
Province of Manitoba—
4%b
15 1943
May
1 1959
Sept
102
225
*
.*
Imperial Tobacco of Can.6
Hudson Bay
1 1942
..Oct
6s.
Prov of British Columbia—
6s
Ask
Province of Ontario—
...Jan
22
95
95%
102% 102%
3%
3%
Preferred
5s
Hihg
*
Power..
Rights.
rovlnoe of Alberta—
Low
21%
Preferred
d'Armes, Montreal
MR
Provincial and
Range Since Jan. 1, 1940
Shares
21 %
Gatlneau
Montreal Stork Exchange
Montreal Curb Market
for
of Prices
Low
High
Famous Players C Corp..*
Foundation Co. of Canada*
Greenshields & Co
Members
Par
(Concluded)
Stocks
Week's Range
Sale
52
40
6%
9%
Jan
Jan
120
Feb
Feb
315*
Feb
45
Jan
Feb
May
50
565*
385*
Jan
Mar
Jan
38
185
37%
Apr
415*
60
60
60
105
61
Feb
6«»
Jan
32
32
32%
180
26%
Jan
Apr
Noranda Mines Ltd
*
64%
64%
69%
2,110
3254
785*
Ogllvle Flour Mills
*
30%
11%
31
11%
100
12%
10%
13%
10%
1,665
Preferred
Government Guaranteed
Dominion
38
National Steel Car Corp.*
Niagara Wire Weaving...*
Bonds
Closing bid and asked quotations, Friday, May 3
25
Ontario Steel Products...*
(American Dollar Prices)
Ottawa Car Aircraft
*
Ottawa Electric Rys
Bid
Ask
Canadian National Ry—
4?*s
45*8
Sept
1 1951
June 15 1955
Feb
1 1950
454s
July
1 1957
58
July
1 1969
6s
Oct
1 1969
5s
Feb
1 1970
454s
Bid
Canadian Northern
97%
97%
99% 1005*
97%
97%
97%
98%
101% 101%
101% 102%
101% 102%
6 54s
July
Ry—
1 1946
Grand Trunk Pacific Ry—
4s
Jan
1 1962
3s
1 1962
Jan
*
Ottawa L H A Power
Ask
100
Penmans
108% 109%
Penmans pref
94
82
84
5% preferred
Quebec Power.......
Last
Stocks—
Par
Agnew-Surpass Shoe
for
of Prices
Price
Preferred
100
Asbestos Corp
"ii%
92
*
21%
18%
Bawlf (N) Grain
"14%
*
100
"44%
161%
954
British Col Power Corp A *
Brack Silk Mills
»
29
Building Products A (new) *
15%
29%
Bulolo
6
Canada Cement Co...
*
Preferred
12%
20
2%
20
34
14%
14%
92
92
21%
10
540
20
980
Low
11
High
12
3
Mar
Apr
35
Jan
14%
Jan
16%
Apr
92
Jan
2H
22
Jan
100
6%
13 %
7%
74
Jan
80 54
270
16
Feb
175*
5%
195
5
Jan
6
Feb
15
Apr
17
Jan
50
Wabasso Cotton.
1054
Jan
7
15%
20%
21
6%
6%
935
-535
4%
15
Feb
20% May
591
6
Apr
51
95
Jan
99
25
20
Jan
23
Apr
Mar
"5%
Feb
55*
Jan
5
20
19%
5%
2,110
20%
1,600
4%
Jan
17%
Jan
21
29
120"
Jan
29
35
28
Mar
120
40
120
Mar
Apr
30
120
125
Jan
Jan
50%
49%
52%
1,917
42
Mar
5254
Apr
21%
21%
22%
13%
1,839
20
Feb
245*
Jan
100% 101%
30
99%
15
13
Mar
13%
13%
350
12
Jan
Feb
15
Mar
1035*
7
153% 153%
810
Apr
15
Jan
160
Mar
153J*
May
5
May
65*
Fib
%
4
50
2?*
60
60
10
51%
Jan
32
34
25
28%
Jan
22
22
22%
280
21%
Mar
325
1 80
Apr
Jan
245*
1.80
254
254
-
1.80
1.80
Apr
60
Apr
37
Mar
Apr
Jan
*
2
2
397
2
Jan
100
Zellers
10
10
100
10
Mar
12
Apr
12%
12%
430
9%
Jan
13
Apr
25
25
120
23%
Feb
25
Apr
*
Preferred...
25
Jan
Banks—
Canadienne
18
6%
7%
1,722
5%
Jan
8%
20%
1,120
15%
Jan
21 %
64
5
56
Jan
56
*
42
42
215
42
Apr
45
107
Apr
107
168
Jan
17654
Mar
11
200
Feb
212
Mar
304
304
23
302
Jan
311
Mar
175
176
249
175
Apr
190
Mar
May
100
100
May
9
31
205
164
160
Jan
164
Apr
Jan
107
170
205
Jan
Canadian Bronze
170
205
Nova Scotia
Apr
64
22
170
100
Royal
Mar
18%
*
164
100
....
Montreal........
Jan
Can Wire & Cable cl A
100
Commerce
Feb
13
10754
32
Preferred
Feb
20
230
Apr
100
B
Jan
97
14
105
105
5%
*
Jan
20
13
20
105
1954
Feb
8%
102
4
*
Apr
17%
23%
Jan
4%
Winnipeg Electric A
Feb
575
Mar
101
*
Wllsils Ltd
Mar
5%
15%
16
5
Jan
Jan
Apr
30
175
Feb
Viau Biscuit
Mar
Jan
17
1054
1,685
8%
16
102% 102%
Jan
45%
27
25
10
20
110
102%
15
50
44%
9%
Jan
15
11
*
Preferred...
29
Feb
11
Jan
97
"26"
170
16%
5
Jan
11
15%
29
Jan
80
Tooke Bros pref
100
Tuckett Tobacco pref..100
United Steel Corp
*
Mar
Jan
24
86 5*
3,615
1,640
Mar
Feb
15
9
17%
77
145*
1.75
2,460
22%
705
Jan
45
Jan
79
Feb
169
1454
115*
Jan
16%
100
...»
Canada
Mar
Apr
Mar
78
of
19%
Feb
9%
13
78%
Co
26%
May
100
403
13%
112%
15c
Jan
13%
10
13%
Jan
25%
131
13%
Apr
161%
Apr
128 %
100%
16%
45
Mar
Steel
Feb
375
Feb
72
100
110%
12%
161% 165
Mar
16
Feb
13% May
58
Southern Canada Power..*
12
Apr
Jan
Apr
Mar
135*
11%
79
5
16
Simpsons preferred
415
22%
19
Feb
7%
33 5*
12
16%
Sher Williams of Canada.*
Apr
Feb
31
111
18%
5%
100
Can Fsrgings clA
.._*
Can North Power Corp..*
Canada Steamship (new).*
12%
2%
111
Bell Telephone
100
Brazilian Tr Lt A Power.*
Preferred
Shares
Apr
79
*
Preferred....
.100
St Lawrence Paper pref.100
Shawlnigan W A Power..*
15
100
Bathurst Pow A Paper A_*
High
33
2%
*
Breweries
Preferred
Low
Apr
Mar
11
100
9%
St Lawrence Fliur Mills..*
Range Since Jan. 1, 1940
30%
10%
Jan
21
100
Saguenay Power pref
St Lawrence Corp
A preferred
Week
*
Alberta Pacific Grain A__ *
AlbertaPacificGrain prf 100
Algoraa Steel Corp
*
Associated
Week's Range
Sale
20
128% 128%
25
Rolland Paper v t
Preferred
Sales
Fridau
145
112
May
13%
9%
20%
*
Preferred
April 27 to May 3, both inclusive, compiled from official sales lists
13%
67
66
..*
Prioe Bros A Co Ltd
Exchange
75
13%
100
Regent Knitting
Montreal Stock
160
67
*
Placer Development
1
Power Corp of Canada...*
90
12%
38
5% preferred
50
Preferred
100
Canadian Canners Ltd
*
Canadian Car A Foundry.*
Preferred
25
Canadian
Rights
Canadian
9
12
*
"35"
*
Celanese
22
Converters..100
Canadian Cottons pref.100
Cndn Industrial Alcohol.*
Class B
*
Canadian Locomotive
Canadian
19
Pacific Ry
25
*
25
1,917
265
36%
813
30
Jan
28%
37%
395
20
Jan
22
40
16
Jan
19%
116
24
18%
116
754
112%
Feb
2%
406
2%
Feb
2%
13%
7
21
2%
2%
315
13%
55
12
7
7%
7,105
7%
8
175
40
39
41%
*
31
31
32
27
26%
27%
Bridge
100
Preferred
25
Dominion Steel A Coal B 25
*
21%
260
21%
145
Jan
'•
Feb
::
'
v'
■
•
V
"
Last
*
Stocks—
Par
Jan
Apr
3%
Jan
Jan
19%
Feb
6
Jan
8%
Mar
7
Feb
9
Abitibi Pow A Paper Co..*
6%
7%
cum pref
100
cum pref
Aluminum Ltd
*
Jan
Bathurst P A P Co B
39*4 May
48 %
Jan
28 %
23
Jan
32
Apr
Beauharnols Power Corp.*
Brewers A Dlsts of Vanc.5
Jan
275*
Apr
Brit Amer Oil Co Ltd
Jan
96 %
Apr
40%
Jan
Burt Co Ltd
20%
25
Canada A Dom Sugar Co. *
22
Feb
125
Jan
145
150
25
145
May
155
Feb
Canada Malting Co Ltd..*
Can Nor P 7% cum preflOO
Canada Vinegars Ltd
13 54
12%
13%
1,986
12%
May
15*4
Jan
4%
4%
7
15
4%
Jan
5%
Jan
CanWire A
6%
850
6H
Jan
8%
ADr
Cndn Breweries Ltd
89%
141
8"k
A or
90%
Mar
10
390
7%
Mar
*
4
31%
10
4
31%
50
.
5
"I35"
10
2%
31
Jan
Jan
Jan
Range
Range Since Jan. 1, 1940
for
Week
Low
Shares
*
High
Anr
37
*
145*
205*
133
14054
45*
454
554
5%
5
45*
205*
21%
2,166
11
Mar
55
23
Feb
32
Jan
447
119
Feb
145
Apr
Mar
5
Jan
65*
55*
Feb
135*
205*
No par \alue.
r
877
35*
5
Feb
255
4%
Jan
3,810
2054
Apr
235*
19?*
Apr
Jan
Jan
Jan
18
143
V
Jan
30
100
May
100
3454
652
33
Jan
35
3754
1065*
115*
107?*
25*
3054
22554
325
36
Jan
39
Feb
46
105
Apr
111
Feb
3354
37
"Il54
1154
1075*
254
295*
22554
25
1
*
51
254
1754
100
105
3054
Cndn Industries Ltd B
Cndn Intl Inv Trust Ltd—*
Feb
"33*54
*
Preferred..
Jan
Feb
11,853
18
""25*
Feb
1.30
254
254
100
*
11%
5%
45*
2054
Cab6%cmpfl00
12
34
"""554
(FN)
Jan
10%
13?*
British Columbia Packers'*
May
94
33%
*
Jan
9%
254
*
122
1054
Price
100
,
80
'"954
of Prices
Low
High
-
123
......
Week's
Sale
;
May
3%
2%
Sales
Friday
Feb
May
"'1%
Dominion Textile...
Electrolux Corp
1
Enamel A Heating Prod..*
60
885
116
Montreal Curb Market
April 27 to May 3, both inclusive, compiled from official sales lists
Jan
123
*
Dom Tar & Chem
English Electric A
95
35
16%
89%
Dominion Stores Ltd
Dryden Paper
115
2,960
95
100
100
2,162
33 %
.__*
Dominion Coal pref.
Dominion Glass
May
May
May
22
.*
Preferred
9
22
Consol Mining A SmeltlngS
Dominion
106?*
84%
Crown Cork & Seal Co
Distillers Seagrams
11
9
13
1154
22%
18%
lie"
*
Cockshutt Plow
11?*
22?*
176"
Canadian market.
25
30
1154 May
10
10754
Mar
2,855
1,344
1.55
Jan
15
JaD
May
Jan
Jan
Mar
Jan
1075*
25*
3154
3
224
Apr
238
Mar
25
25
Apr
25
Apr
245*
Apr
Apr
Volume
The
ISO
2859
Commercial & Financial Chronicle
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Week's Range
for
Sale
of Prices
Week
Price
Par
Low
Cndnlntl 111vTr5 % cm pflOO
Cndn Light & Power... 100
Canadian Marconi Co
7%
cum
1.00
1.25
4k
fO
3
80
15
Apr
Apr
33
4
Jan
4
16
Jan
18
9k
8k
9)4
!
36 k
2k
8k
9k
2,158
7k
7k
8k
458
7
7
7
Ford Motor of Can A
*
19
19
19k
*
18
17
18
*
MacLaren Pow & Paper.
♦
Apr
10
Feb
May
22)4
Feb
Mar
20
Jan
Mar
2154
Jan
15
2,670
m
mmmm
20k
50
50
5
50
Apr
56
Apr
33
mmmmmm
33
100
33
Apr
36
Mar
3
25
2k
9k
'm
mmmmrnm
25
25
Lake Sulphite Pulp Co...*
McColl-Fr OI16%cm prfl1
Melchers Distilleries pf._
6)4
Jan
18k
19k
International Utilities B..1
Mackenzie Air Service...*
Jan
Apr
May
15)4
1.60
30
mmmmmm
25
9k
30
1.60
20k
325
99 k 100k
5k "V 6
262
12
99 k
;
12k
46k
30c
200
30
100
20k
mmmmmm
Jan
Apr
1.60 May
13
46k
Jan
Apr
6k
Mar
16)4
Jan
4754
Feb
4454
5)4
92
3
92
107
Apr
6k May
Apr
Apr
5
Feb
6k
Jan
May
12
350
101
107
5k
Apr
Feb
5)4
92
„
550
22
107
Noorduyn Aviation..
N 8 Light & Power Co
Page-Hersey Tubes Ltd..*
Jan
Jan
90
50
47
Jan
2.00
Feb
19)4
35
Apr
■;
60C
25c
150
r
II
8)4
v577
Jan
3)4
2)4 May
93
Apr
111)4
Jan
Power of Canada—
0%
46
46
6
6
4k
2d pref...6
Provincial Transport Co.
Quebec Tel & Power A...
Rogers-Majestic Corp A..
n c part
4k
2k
.
35
Sangamo Co Ltd
Sou Caa Pr
6%
cum
Thrift Stores Ltd—
Thrift
"i05""
pf.10
..
;43
Jan
47)4
Apr
6k
4k
2k
1,040
6
Mar
7k
Feb
Jan
4)4
Mar
••-j,
30
1.25 ^
30
Jan
36
Apr
105
May
112
Feb
125
11
11
100
455
40
k
20
20
;
75c
35
100
40k
__
2)4 May
$1 cum pref...
Feb
49
"166"
Sts6k%cm lstpf.2
Walkervllle Brewery
Walker-Good A Worts(H)
3
46
107 k
1.25
4)4
30
35
105
~.
125
47
90c
40)4
Jan
36
19)4
Jan
Apr
1.20
Mar
;
Apr
12
Jan
6
270
42 k
20
1.25
Apr
Apr
435*
Feb
20)4
.
Last
Feb
Stocks
Par
(Continued)
Aldermac Copp Corp Ltd.
24c
5c
1,810
lc
lc
.500
8c
8c
1,000
8c
46c
46c
1,000
16c
Feb
55
7c
Apr
Mar
25c
8c -vi:
7c
Apr
Apr
Feb
4)4c
Mar ■V
6c
Feb
Mar
Mar
87c
Jan
l)4c May
2kc
Feb
1,000
3)4c
Brazil Gold & Diamond..
6c
6c
500
6c
Cndn Malartio Gold.....
61c
61c
2,150
60c
lkc
12c 13 kc
900
2,900
Cent Cadillac G M Ltd..l
lkc
12c
16c
"23 k
Dome Mines Ltd.
23
23 k
20c
Mar
Jan
14c
270
.
21c
Mar
Mar
29 k
Jan
Mar
12c
1,500
k
15kc
Century Mining......
Jan
lie
3kc
"lkc
13c
Apr
52c
3kc
Cartler-Malartlc Gold
lc May
lc May
23
Duparquet Mining
lkc
lkc
lkc
2,600
l)4c
Feb
254c
Jan
East Malartio M Ltd
3.45
3.40
3.45
1,200
3.65
Mar
4.10
Jan
,60c
60c
00c
1,200
74o
Apr
1.25
Jan
3.70
205
3 70
May
5 05
Apr
40c
40c
45c
900
43c
Mar
68o
2kc
2kc
500
3)4c
Jan
3kc
Jan
2c
2c
10,470
2c
Mar
4kc
4kc
6kc
17,500
3)4c
Feb
4)4C
8540
Mar
1.13
1.15
200
1.13 May
1.45
Jan
24 k
24 k
155
2254
Mar
3.70
3.70
3.90
600
3.85
Apr
4.80
Feb
1.15
1.13
1.25
16,550
1.02
Mar
1.45
Mar
1.25
1.25
1.20
Mar
1.49
Jan
50c
50c
2,600
48c
Jan
54c
Apr
"l .07
1.05
1.25
4,130
1.05
Apr
1.82
Jan
4c
4ke
1,500
4c
Apr
1054c
Jan
1.65
1.70
650
1.68
May
2 11
Jan
May
4.15
Jan
Feb
2.40
Jan
3.70
J-M Consol Gold
1
Jollet-Quebec Mines
1
Klrkland Lke Gold
1
Lake Shore Mines Ltd
1
Macassa Mines Ltd
1
m
.»
„
Malartic Gold Fields...
McKenzie-Red Lake
1
te
-
«.
1
Normetal Mining
O'Brien Gold
Pandora-Cadillac Gold... 1
Perron Gold
Pickle-Crow
mmmmmm
1.65
1
Gold...
Gold
2.10
Sladen-Malartlo Mines... 1
3.00
1,200
2.10
2.11
500
2.03
Feb
Jan
3ik
Jan
2)4e
Apr
554c
80c
2kc
87c
500
""80c
3,630
87c
Apr
1.15
Jan
89c
87c
92c
5,060
75c
Feb
950
Apr
50c
52c
3,400
38o
Jan
61c
Jan
...
Sberritt-Gordon Mines... 1
Sisooe Gold
1
v
3.00
2kc
Preston-East Dome Mines 1
Shaw key
500
2.99
2.99
1
1
Sylvan!te Gold
Gold
1
Wood-Cadillac Mines
1
1
mmmmmm
mmm
mmmm
m
Brit Columbia Power A
Buffalo-Canadian
Building Products (new).*
Can Cycle & Motor pref 100
Preferred
»
Canada Steamships
Preferred—..—.... I80
Canada Wire A....... __*
I"*
Amm
Gold Mines
Preferred...
...
Arntfield Gold
Ashley......—
Astoria Que..
Aunor Gold
Bankfleld
Mines
Cons..
Canadian Can
3,500
2c
Apr
45
Ilk
Apr
2.00
3,185
35e
2,600
5
500
6k
274
320
16
13
19
95
1
Feb
v
Jan
2.39
Jan
4)4 May
6
May
92 k
Jan
5k
Jan
8k
Jan
47c
Feb
Mar
Jan
106
30
Jan
66
101
May
39 k
104k
145
mm
146
11
140 H
*•
88
104 54
JaD
15 k
Jan
20
55
Feb
65
325
17
Jan
24
22
1.50
60
2.12
2.25
5,127
30 k
1,092
24
45
168
29 k
170
172
65
,V
172
3.00
1.50 May
1.65
Jan
k
2 75
31k
Jan
Jan
Apr
Apr
Jan
8k
21)4
5k
690
1.50
,
160
1,042
7k
63 k
22
mm
22
Jan
Jan
99
250
v''i"
38
Apr
14
76 May
33c Mar
I
103 k
105 k
Jan
178
Mar
Apr
Apr
Apr
Feb
Apr
Apr
Feb
375
8k
Feb
20 k
30
19 k
Apr
Mar
10 k
20 k
22
Feb
Ilk
1,425
Ilk
Mar
14
Feb
12
1,443
I25
22 k
Ilk
22k
Ilk
13 k
24k
235
Ilk May
22 k May
29
Jan
i-*
Preferred
—
Celanese
35
34
37
728
30
37k
Feb
127
20
124 k
22 k
75
21k
2k
315
"k
25
10 k
61c
...
100
Canadian Ind Alcohol A
II*
Preferred...
m.
m
m
mmm
*
Dredge
9
mmm
m
m
m
mm m
127
21k
2k
mmm
...
I"*
160
14
14
mmmmrnm
....—.
k
21k
Canadian Locomotive-
Canadian Oil..
9k
■+'mmm~m
Canadian Malartic
Jan
1.00
C P R—
mmm
62c
~19
70c
1,900
19
mmmmrnm
.26
19
275
123
123
10
Canadian
Castle-Trethewey
1
10k
Jan
Jan
Mar
129
Jan
3k
20
Jan
Feb
85c
Mar
Jan
Mar
32
Apr
Jan
Jan
Apr
21
Apr
118k
Apr
123
May
6
19
2.35
1.10
1,500
15c
'
mm
15c
Jan
Apr
.....
_*
Commonwealth Petroleum*
Coniarum Mines........*
Consolidated
..100
Consumers Gas
*
Cosmos
2.51
5,350
2.40
Apr
3.10
Jan
Dominion Stores.
1.10
300
1.10
Feb
1.34
Apr
Dominion Tar.
26kc 28 kc
175
27 kc May
36c
Jan
2.12
1.30
4kC
15C
700
15c
2k
2k
20
33
33 k
24c
26c
14k
10
3c
2kc
3c
8.500
.
81c
81c
88c
9,000
2.40
2.40
300
10c like
4kC
3kc
"301"
258
4)4c
3kc
""1454
Mar
Mar
21c
Jan
2k
Apr
*
2c
12c
3,000
1,688
49
173
29 k
29
1.75
85
2.00
2,725
4,700
8,500
28kc 29 kc
5c
5kc
26 k
27)4
2354
24 k
205k 207
21
30k
30
32
29
30
12k
4k
13k
6k
254c
"Vk
.....
375
35
5
21
.....
6,266
3*4
Jan
35c
Apr
Apr
8c
Jan
Jan
27 k
29
May
23
23k
204
Mar
Jan
20k
400
4k
6k
3c
550
It
6)4
Apr
15k
Jan
Feb
31
Jan
512
Jan
22k
36k
Feb
190
Apr
Mar
210
Apr
Apr
May
Jan
6k
8k
3kc
9 k
Feb
Jan
Jan
Apr
Feb
Feb
3c
Feb
4C
5c
Mar
10ke
Jan
Mar
80
Apr
—...1
East Malartic
Economic Investment--.25
———I
English Electric A——..*
English Electric B...
*
Equitable Life.
-.25
Extension Oil
.—....*
Falconbridge—
*
3.40
3.40
3k
"28
59c
3.70
3k
58c
66c
19,200
6
Feb
Jan
6
Jan
Jan
26c
Feb
3 35 May
5 00
500
"3*60
3.35
3.95
27 k
27 k
4c
29k
454c
3,320
2,268
20,000
19k
19
9kc
9kc
Apr
6ko
Jan
42c
42c
1354
1354
14
9.4 k
95k
115
9k
954
705
5kc
6c
2kc
2kc
19,400
1,000
Gatineau Power
,..*
General Steel Wares.....*
.100
Preferred
Lake.—
1
Jan
God's Lake...
1
*
Jan
Goldale--
"~9k
554c
1
2.00
2,766
1.85 May
5,033
15c May
200
Apr
211
Mar
301
315
Feb
Gold Eagle
268
Feb
Goodflsh
—
Golden Gate———1
1
—.—.—LI
Jan
♦
No par value
"~39c
Jan
Jan
Apr
82
24c
Jan
23
4k
4k
22kc
5)4
Jan
1
30
4k
24c
3.00
Mar
Jan
5
Jan
Jan
4k
29k
33
4k
654
58c May
4.10
:
Mar
1
A
May
29k
1
Fanny Farmer
Federal-Kirkland
3.40 May
3
Feb
28
Jan
15
32
32
5
25
28
28
4,000
..*
Jan
31k
Apr
Mar
27
May
—*
33c
Jan
1 75
22 kc
5c
12k
Foundation Petroleum.25c
Francoeur
,__*
16 k
Feb
29
Fleet Aircraft—
Mar
178
30
654
Jan
Jan
Jan
5kC
Glenora..—..,
12k
169 k
854
,8
16c
49
82
454
Feb
19
Apr
May
39
541
2,648
Ford
May
258
Apr
19c May
10 kc
500
Gillies
1,195
215
18
4254
39
16,800
19,300
Jan
5,100
1.98
7c
Apr
21c
1.47 May
17
Apr
6c
7c
15)4
2,950
3kc
4kc
1454
Jan
1.58
Apr
Jan
6c
Apr
20
k
30c
6c
Mar
Apr
260
9
Apr
3c
2c
258
Feb
26c
6c
4c
8
6k
600
6c
7k0
306
740
26c
Jan
280
Jan
8
Jan
2.68
78o
60c
754
Feb
Jan
Jan
1.47
V
38c
1.03
Jan
58o
21c May
70c
16k
81c May
2.30
Jan
1.05
3,100
2,349
9,160
1,700
4kc
6)4
86
54c
Apr
38c May
6"e Feb
26c
70c
42c
Jan
3c
500
301
Jan
1
9,400
1,600
15
14o
Apr
Duquesne Mining.......1
East Crest...
..*
15c 18kC
204
207
1.85
Jan
9ke May
Feb
14
-
2.65
21
.*
Dominion Woolens
*
Preferred..........—20
17c
19c
Base Metals............*
Jan
Apr
Mar
24c May
10,770
14 k
15c
Apr
4kc May
55
24c
14k
1.89
2.60
17 k
6c
2k
29 k
1454
33
10 kc
Feb
Mar
11
27
Dominion Steel B......25
Eldorado
15c
w»f«.
Dom Scottish Inv pref..50
Easy Washing Machine..*
3,148
1,645
2,800
13k
4)4c
Dominion Foundry......*
Dorval-Siscoe
2.50
5C
25
Jan
High
29 k
1.80
...100
Dominion Coal
Mar
Low
2.04 May
172
*
40c
Shares
3954
173
—-1
2.35
High
9,700
2,500
1754
10ko
28 kc
Distillers Seagrams......*
19)4c
of Prices
1.47
...*
Denison
Apr
Low
75c
26c
Bakeries...»
Consol Chibougamau
1
Cons Smelters..........6
Apr
Range Since Jan. 1,1940
Mar
60c
60c
Mar
for
Week
650
38c
38c
754
40c
Sales
6,500
70c
*
Cockshutt Plow
1.96
Week's Range
70c
21c
......
Cochenour-Wllliams Gold 1
300
Exchange
70c
"
1
Chestervllle-Larder Lake.l
800
j
Apr
2.67
10c
Jan
1.03
Apr
22
Jan
954c
8.20
Mar
12
Jan
2.25
954c
7.00 May
87c
4k
19k
Apr
140
1
Chromium
May
500
4k
21
2.20
Chemical Research
Mar
13
2.50
4k
2.04
Porcelain
Jan
110
8k
Feb
9k
6,075
2.50
20 k
2.50
2.08
Centra]
'
15
7k
13
Central Patricia.........1
250
900
13
Wirebound.... *
Cariboo................1
7.00
87c
7k
7k
13
Canadian Wallpaper B—*
Canadian Wineries
*
Jan
40c
—
3c
4ko
17k
3kc
Jan
Ilk
I20
3ic
....1
Batburts Power A.......*
Jan
Feb
Jan
Apr
2)4o May
"
mm
Can Car & Foundry
Preferred
69o
19 ko
8.60
mmmmmm
.
tmrnm
—..
m m. m mmmmmm mmrnrn mm
Apr
1
1
1
100
7,600
Apr
Jan
Mar
20
B.................
16c
Bank of Montreal..... 100
Bank of Toronto
3c
30k
30 k
13,000
2.40
Bank of Nova Scotia...100
Jan
15c May
47c
4 85
101
»
18c
1.96
mm
...1
...1
815
7
—
17c
13)4
Anglo-Can Hold Dev....*
4,600
19
Cndn Bk of Commerce. 100
—
2.25
Anglo-Huron.
Apr
Mar
6
2.25
Davles Petroleum
Price
.
28,350
30
4k
19
Breweries...
Cub Aircraft Corp.......*
26 kc
*
..*
m mm
B_................ 3%
Jan
1.10
.100
51c
5.15
105
36 k
101
Can Permanent Mtge.. 100
Canadian
Jan
94
.** f
Malting—
Canadian
27
2c
6k
94
Canada Packers. —■
Jan
Aiberta Pacific Consol—1
Algoma Steel
V:
100
Preferred—
A-m
285
1.76
:
5
Canada Cement Co....
Canada
5k
23k
Ilk
Canada Bread.
3.35
*
Aldermac Copper...
Apr
Feb
May
34c ;
mm~
34c
...
4.15
"2.38
Alberta Pacific Grain....*
Mar
10 k
4
2kc
15k
m
III
Calmont L
8k
20
2c
Apr
15c
100
mmm
m
1.76
Apr
Sale
preferred
mm
Burlington Steel.——— ._*
Calgary & Edmonton..
Mar
Last
6%
m
Bunker Hill—
78c
40c
*
Mar
11 ko
11
4,860
3,901
7,460
5.05
m
3.05
Friday
Acme Gas—
15c
3.50
April 27 to May 3, both inclusive, compiled from official sales lists
Abltlbl
10
Apr
May
Jan
10
7kc
52 ko
12
Jan
5k
21k
29k
28 k
47c
III
160
1.85
Par
J&u
Feb
I2e
10
20
48c
*
....
Buffalo-Ankerlte
300
Toronto Stock
Stocks-
Apr
Mar
4k
1
III
Broulan-Por c u pine
Brown Oil...
600
1.85
w
«*
Royalite Oil Co Ltd
846
6k
169
15c 15kc
6
20 k
29
80c
87c
...
2,600
Mar
May
8k
9
British American Oil...
Dominion Bank
OkaltaOils Ltd
10
Brewers & Distillers... -5
3.65
80c
Oil-
Home Oil Co Ltd.......
8c
10k
7kc
10
k
■
3.65
Anglo-Canadian Oil Co
'mm
Ilk
7kc
.
*
Brazilian Traction
Dome Mines.
Calgary & Edmonton...
Dalhousie Oil Co Ltd...
48c 413,492
;
100
Ilk
37c
39c
*
2.86 1 2.95
"2*86
Wright-Hargrea ves
Brown Oil Corp Ltd
102
<
,
—*
m
mmmmmm
mm
4
272
164 k
-1
7.00
Sullivan Consol
Teck Hughes
Mar
5k
Jan
2kc
Graham-Bousquet Gold-.l
Feb
1.19
339
5
182
55
5k
5k
162
-1
.....
—
8c
1.01 May
4
Jan
1.07
v"'"
5
5
Bobjo
Mar
5 He
1.01
5k
High
Low
8,200
5,675
8c
1.02
100
Biltmore.
Range Since Jan. 1,1940
Shares
7c
..
Bldgood Klrkland
Braiorne-
High
for
Week
7c
_
Beauharnols..
Bell Telephone Co
Low
Price
*
Beatty A
Canadian
Jan
35c
of Prices
Bear Exploration...... -1
Beattie Gold.
...... -1
Canadian Bakeries
Mines—
Week's Range
Sale
Jan
854
8)4
Sales
Friday
Feb
6)4
236
Voting trust
3)4
Jan
19
692
Fraser Cos Ltd
10
Jan
3)4
1,425
2,470
4k
Feb
5
70
7k
3k
6k
Jan
Toronto Stock Exchange
Apr
44
36)4
10
8k
Feb
8)4
,354
1 80 May
10
2k
Mar
Mar
2)4 May
7)4 Mar
6)4 Mar
0,489
2,000
36 k
3k
6k
TORONTO
Jordan Street
Feb
10
May
6)4
13
3)4
Jan
3
1.335
;
2.25
5
13 k
50
3k
7k
Fleet Aircraft Ltd....
11
Mar
9k
*
(The Toronto Stock Exchange
Grain Exchange
(Winnipeg
Jan
10
1.95
EasternDaries7%cm pf 100
,
Members
Jan
1,105
4
9k
7k
Donnacona Paper A...
,.*
*"J4
4
3
mmmmrnm
..
Apr
Apr
15
1.80
Corp Ltd..*
Intl Utltee Corp A
5
16
3
Consol Dlv Sec pref.-.2.60
Consolidated Paper Corp
Freiman Ltd (A J)__
_.*
Inter-City Baking Co-.100
Intl Paints (Can) Ltd A..*
Apr
U
4
Commercial Alcohols Ltd.*
Fair child Aircraft Ltd
Feb
4
3
*
B
Apr
1.50
15
3k
...100
Dom Engineering Wks...*
Dominion Woollens....
*
Apr
I 40
1.00
61
'4k
Catelli Food Prods Ltd...*
Cub Aircraft
15)4
Feb
200
4k
—_
pref
Canadian Wineries Ltd
Apr
1.00
66
1.25
listed and unlisted
F. J. CRAWFORD & CO.
Apr
15)4
15k
1.00
♦
45
45
1.25
1.25
Apr
10
on
Canadian Mining and Industrial Securities
High
Low
Shares
45
15 k
mmmmmm
Cndn Power & Paper Inv_*
Cndn Vlckers Ltd
High
45
1
5% cum pref
1,1940
Range Since Jan.
Last
Stocks (Concluded)
Inquiries incited
Sales
Friday
754
1954
9kc
45c
26 H
So
30
6ke
Apr
Mar
Apr
54 May
10k
Jan
May
22 k
lie
Jan
Mar
70c
Jan
13k May
92 k Mar
Jan
9k
4kc Mar
lkc Jan
38c May
16k
Jan
97
Feb
10k
Feb
590
6
1,745
1,600
9,500
19
100
Jan
Feb
8c
Mar
40o
Jan
iokc
Jan
2kc
Apr
69c
Jan
14c
38c
42c
10,350
17c
"~17c
i7kc
Mar
13 kO
Apr
230
22c
Jan
18c
1,200
42,080
15kC
16c
14c
16c
8,300
12c
Mar
26c
Jan
lkc
154c
7,000
lkc
Jan
lkc May!
Jan
The Commercial & Financial Chronicle
2860
May 4,
1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Last
(Continued)
Par
for
of Prices
Week
Price
Low
High
60
Grataam-Bousq uet
83
545*
54
55
2Mc
3 Ho
7A
25 H
Great Lakes vot trust
*
7A
Voting trust pref
*
25 A
Great Lakes Paper
8
..*
Gunnar
1
Gypsum..
Halcrow-Swazey
48c
1
45*
VAa
..
_
...
48c
6*4
lAc
25*c
654
4A
15*c
25*c
7H
38
~
Halllwell
Hamilton Bridge
*
Hamilton Cottons pref. .30
48c
63
25
38
1,550
1,045
30,200
2,000
1,050
87
English Transcontinental, Ltd.
Jan
Mar
6754
Feb
2c
Apr
354c
Mar
6A
Mar
24
So. American Bonds
High
Mar
11,000
30
8
4
81
25
Foreign Dollar Bonds
Low
Shares}
67
82
1
Range Since Jan. 1.1940
25
83
Goodyear Tire A Rubber
Preferred.
Week's Range
Sale
Stocks
British and Any Other European Internal Securities
Sales
Friday
Mar
8
rector street
19
new
Apr
275*
york
Jan
7A
Mar
48c
Mar
64c
554
Teletype N. Y. 1-2316
Telephone Whitehall 4-0784
Jan
May
15*c May
Mar
8
4A
2c
May
354 c
Jan
Jan
35*c
Feb
Jan
6
Apr
Mar
Feb
854
3854
Hallnor
1
6.76
6.75
6.75
300
6.55
Mar
7.75
Feb
Hard
1
1
92c
92c
1.04
7,280
92c
Mar
1.48
Jan
5c
25.716
1,090
16,650
13,600
6o
Apr
10c
Jan
Rock...
Harker
.....
50
13 A
Hollinger Consolidated... 6
14
Home Oil Co
*
2.40
Homestead Oil
1
554c
14 A
2.35
2.60
4c
4c
Honey Dew—........
Howey Gold....
..1
24
34c
23 A
34c
Hudson Bay Mln A Sm..*
28 A
27A
285*
70
70
Huron & Erie
100
Imperial Bank of Can.. 100
Imperial Oil..
*
Imperial Tobacco.......6
Inspiration.
*
Preferred
.....100
Intl Milling pref.
34c
May
Jan
33Ac Mar
27 J* Mar
Jan
3.10
Jan
7 54c
25
(Concluded)
Stocks
10 A
106
Silverwoods
Preferred
Jan
7454
Jan
—
11
12
55
5A
Jan
10154 103
93
991*
Jan
12 A
105
91c
11,467
75c
Jan
95c
40,450
2,500
38c
Apr
61c
Apr
Jan
4c
Mar
3 Ac
1.10
Mar
7Ac
7Ao
Jan
Apr
2.00
Jan
30c
Jan
20A
22
205
9A
Apr
Feb
Jan
105 A May
1045*
Apr
114
Apr
Mar
A
11
35
39
20
215*
9
97
20
7,872
7,812
125
10
9
35
May
May
20
8A
Apr
Feb
1554
47
Jan
Feb
Straw Lake Beach
Mar
May Y 65c
115*
30c
35c
450
30c
Jan
3»4c
3*Ac
Apr
5c
Jan
8c
8c
3,733
7,274
1,000
35*c
1
8c
Mar
19c
Jan
2Ac
Apr
454c
954
Feb
Apr
Apr
Feb
2.75
Jan
Texas-Canadian
18c May
32c
Feb
T T Tailors
2AC
8A
1
2.46
2.39
2.47
34,288
.1
18c
18c
18c
..1
1.11
Consolidated.
1
Kir kl and Lake
G.........
Lamaque
Lang & Sons
Lapa-Cadillac
1.16
1
...
Lake of the Woods...;
1,000
13,370
245*
24 A
-533
*
...
Lake Shore
105
26
26
*
6.30
*
.....1
Laura Secord (new)
Lebel-Oro
11 Ac
Legare pref
Leitch
1.08 May
22
Jan
1,464
6.25
15*4
16
HAc 14 Ac
100
15 A
Apr
Apr
3c
35*c
17,500
154c
7*4
28
Jan
Feb
86 A
Jan
76
Feb
83
Jan
2.60
2.90
554c
6c
1554c 1654c
1.65
1.65
1.70
654c
500
2.86
2.99
5,305
115*
1154
435
3.60
3.70
4,642
1.40
1.60
980
12
12
108
1.55
13
12
Feb
May
4.15
Jan
2.05
Mar
12
135*
Mar
Apr
106J*
Feb
1.60
Jan
110
Mar
1.90
Jan
28
May
32
Jan
47*4
Mar
Apr
49
Apr
90
Feb
485*
49
15
83
83
8
Jan
Twin
Uchi Gold
1
55c
Union
*
1654
254
55c
4,200
1,648
16
3954
654
United Fuel A—
""654
81
92
60c
1654
254
*
B
Feb
35
Toronto Elevator pref.. .50
Gas
Jan
Feb
3.45
1.40 May
3.60
100
Toronto General Trusts 100
City......—
Feb
2.05
8J*c
29
Mar
55*0
Apr
95* Mar
May
Apr
28
28
Jan
22540
Apr
Mar
11
23
1.55
3 10
854c
2054c
2.86
30
10854
1.55
Jan
3 Ac
11J*C
3,600
1,100
654c
Jan
Feb
Jan
1.65 May
4Ac Feb
1.80
31,600
18,450
Feb
7.50
17
66c May
76 A
180
2.64
*
Mar
Jan
587
79
554c
1554c
1
lie
785*
100
Preferred
Toronto Elevator
12J*
78
7854
7854
7854
-*
Toburn
585
1.25
1.40
Jan
20,200
7
1.10
4, °00
185
"3.60
Jan
12 H
5c
1
32
Mar
53c
45*c
....*
.1
27
7*4
""66c
1.54
46c
"2"86
Mar
Feb
454c
1
Feb
225*
6.40
6.30
"3HC
26
1
76
12 A
3
1
1.08
8
2.29
Feb
Mar
454c
*
Sudbury Contact
Sylvanlte Gold
Tamblyn common
Teck Hughes
3*4c
9 Ac
25*c
8A
Jan
48c
—1
——*
1
Sudbury Basin
1
Jellicoe..
87c
A
4?*c
■/
25
Steep Rock Iron Mines—.*
24
654
654
88c
Preferred
Sturgeon River
Jan
10154
Preferred
Jacola
Kelvinator
654
Steel of Canada
115
10
Mar
41c
Feb
11
B
10
1654
Feb
6
600
Jan
Mar
6A
7A
21A
16
36c
1554
Mar
5
20 A
280
High
4A
50
11,130
15'A
Low
1,474
20
13A
1554
Jan
5
20
100
Siscoe Gold
1
Sladen Malartic
1
Slave Lake..__
.--...1
South End Petroleum.—*
Standard Paving———*
1254 May
15 A
Jan
Range Since Jan. 1,1940
Shares
20
Apr
12A
High
—*
*
Simpsons A
220
Low
*
Jan
34
209
21A
Kerr-Addison..
Kirkland-Hudson
Price
454
22
'36 A
J M
Week
....
212 A
105 A 106
105
105A
....1
for
of Prices
Feb
Mar
4054c
Par
Mar
International Utilities A..*
B
4c
17 A
15
Week's Range
Sale
69
International Nickel.....*
International Petroleum
*
.
May
Sales
Last
36c
13 H
15A
100
.
5,885
2,010
Mar
2 35
Exchange
Friday
10
210
*
Intl Metals A.......
170
13H
Toronto Stock
20 A
210
.........1
International Bronze
4Hc
37
40
2A
115
385
1.12
Apr
Jan
Jan
Feb
Feb
42
Mar
Jan
6
17
10
Feb
68c
3,300
88o
Jan
*
2.53
2.50
2.65
2,150
2 50
May
3.40
Jan
United Oils....
*
*
26 A
26A
27A
790
26 J*
Mar
2854
Jan
United Steel—
*
*
25*4
25A
25*4
348
25
Apr
265*
Jan
Upper Canada..
.1
Ventures
*
.1
3.70
3.65
4.00
May
4.75
Feb
Wait© Amulet
*
5.40
5.20
1.80
1.80
1.90
6,522
3,389
3 65
1
1,76
Mar
2.65
Jan
Walkers
*
405*
405*
43
.1
40c
39c
44c
16,516
37c
Feb
62c
Jan
*
20
20
205*
520
1
1.14
1.13
Feb
1.45
Mar
15c
19,000
Apr
15*0
Apr
354
300
3
May
5
Jan
20
37
Jan
47
Apr
3Ac
Apr
Little Long Lac
Loblaw A........
B
Macassa
Mines
MacLeod Cockshutt
Madsen Red Lake
Malartic
Gold
66c
1.29
51,235
*
lc
lc
2,100
Maple Leaf Gardens pref 10
Maple Leaf Milling......*
Preferred.....
*
OA
OA
5
4 A
5
Manitoba & Eastern..
Maralgo
1
M assey-Harrls ..........*
Preferred
100
McColl Erontenac....
Preferred
Mclntyre
*
"4 A
7
7H
100
48
1
McVlttie
*
Mercury Mills..
Mining Corp
*
7A
3Ac
6,500
5A
<585
447
Mar
454
7
May
25*c May
4A May
May
954
168
96
Feb
48
May
May
9c
43c
115*
240
9c
"40c
11
1.27
10c
40c
11
...»
Preferred.
1454
154
163
2.00
150
954
954
Wright Hargreaves
Jan
Ymlr Yankee
75
75
100
1
4.35
4354
Jan
20 *4
160
Feb
8c
Jan
94c May
6.05
4c
15
Jan
Jan
Apr
Mar
12
Feb
1?*
;v 1.30
Apr
254
Feb
2.38
Jan
9
A May
1154
Feb
75
May
25
100
Wood (Alex) pref
Wood Cadillac
May
50
154
Jan
Feb
3.40
1,285
154
2.00
*
—
Jan
58
1.18
48 A
1.18
B
"l4A
...*
........
Winnipeg Electric A—
Apr
101
1,010
8,005
10,700
4,800
995* 101
48
1.20
145*
Westons.
.—*
Jan
65*
5.15
Apr
40?* May
19?* Mar
500
Mar
7
12c
854c
May
69o
5,695
1,579
354c
—
May
5
793
5.45
354c
Jan
Jan
550
14c
3.65
45
95*
Ac
8
3.40
3
4
7
3.45
44
Westflank...
Mar
94c
3
Jan
Jan
Jan
48
84c
44
554
210
89c
3,900
68,030
6c
100
Preferred
49
554
6c
500
6
1
Wendlgo...
Jan
Feb
6c
5
Western Canada Flour...*
7
654
5954
1
McWatters Gold....
A
5*c
48
48
6
.....
McKenzie
2*4c
4
..100
....
7
.....
875
920
6
Preferred...—.
754
2?*
Apr
55c May
15*4
38?*
85
Apr
Jan
Mar
Mar
1654c
Jan
York Knitting..*.
40c
Mar
68o
Jan
1254
Apr
May
Apr
30c
Jan
7.10
9,705
6.90
Jan
15,500
4Ac
May
Feb
8.15
5c
554C
Jan
854
854
225
7A
Jan
11
Jan
8754
8500
87 A
May
97
Feb
1005*
15.400
99 A
Feb
1754C 1754c
*
6.90
.1,700
Jan
OA
16 J*c
6.90
454c
1.47
*
Bond*—
95c
1,995
.95
1.33
Jan
Uchi
18c
18c
100
15 Ac
Jan
20c
Feb
War Loan 1948-1952
Monarch Knitting..... 100
4
4
15
4
Apr
6
Feb
Monarch Knitting pref. 100
Monarch Oils.
26c
65
65
20
60
Feb
65
May
Modern Containers
950
*
Moneta
..1
Moore Corp........
»
A..
..........100
Morris-Klrkland
6c
6c
67c
66 Ac
46
184
184
1
5c
_*
National Grocers
1A
National Grocers pref...20
National Sewer A.
*
National Steel Car...
*
5c
7A
25 A
9
.......
6c
68C
1,400
5,330
181
5*4c
7k
25k
9A
24.717
8c
Mar
9
Mar
35
2Ao
254c
1.17
125
64
64
*
....
49c
3,874
50c
51 Ac 51 Ac
3,860
3,000
North Star...
*
1.05
1.05
1.15
200
O'Brien.......
Okalta Oils..
Omega.
1
1.05
1.05
1.22
...»
1.10
1
25c
1.10$ ) 1.15
L
5,500
4,725
Ontario Loan.
60
Orange Crush.
Preferred....
Oro
9A
*
48c
Pantepec
Perron
107
1.31
1
1.16
Jan
60c
Feb
1.30
Apr
Abltlbi P & P ctfs 58-1953
Alberta Pac Grain 6s..1946
1.05 May
1.81
Jan
Algoma Steel 5s—
1.08
Feb
1.35
Apr
24o
Feb
34o
Jan
Beauharnols Pr Corp 5s *78
British Col Pow 45*8.1960
Jan
75
9,600
100
11
102
107
Mar
5c
5c
7 Ac
36c
17,100
10,320
1.65
22
1.65
22
1.70
22
3,250
Jan
Brown Co 1st 5548—1946
Calgary Power Co 5s..1960
87
95* May
Canada Cement 45*8.1951
Canada SS Lines 5s...1957
7554
67
70
Canadian Cannera 4s.1951
Canadian Inter Pap 6s 1949
74
76
8954
9054
56
58
Jan
61c
Feb
JaD
1354
Mar
111
Jan
2.35 * Jan
6c
Apr
4c
Jan
10c
35c
5c May
Feb
63c
Apr
Jan
2.12
24
Dom Gas A Elec 6 548.1945
3.05
6,066
2.90
Apr
4.25
Jan
2.20
2.15
2.25
1.12
1.10
1.25
1,653
5,300
2.05
Powell Rou
10A
215
16 Ac 1654c
1.13
1.20
800
Corp.'
*
...
Pressed Metals
10
1.14
Relnhardt Brew.
9A
8A
9A
115
1
2.07
2.07
2.13
14,000
3
...
Reno Gold
1
"""25c
Roche L L.......
Bank
Royallte Oil..
St
100
_*
177
4c
175
27
75
25c
4
1,200
Ac
2.35
Apr
2.18
Jan
95*
Apr
1654c May
1.13 May
854 May
115*
22c
Jan
Feb
1.42
Jan
1254
Feb
2.38
63
354
Feb
Jan
25c
Apr
57o
May
654c
190
Jan
30
647
55
135
Feb
190
Apr
25
155
Feb
190
Apr
Feb
554
5A
175*0
23,055
13c
Feb
3654
21c
Jan
St Lawrence Corp......
A
60
San Antonio.....
..1
5A
200
55*
Jan
215
Jan
2054
Apr
2.21
2.21
20 A
2.30
454
1754
Mar
5,125
2.16
Feb
2.50
Jan
Sand River.............1
8c
8c
8c
1,600
8c
Feb
15c
Jan
34c
33c
37o
57c
Jan
3 Ac
1.10
4,870
1,000
33c May
3c
254c
Mar
554c
Jan
1,610
1.05
1.24
Jan
1.18
Jan
8.75
Jan
Senator-Rouyn
........
Shawkey
Sheep Creek
Sherritt-Gordon
Sigma
60c
20
1.08
1.08
77
80
1961
64
66
Maple Leaf Milling—
25*s to '38-5543 to '49—
Massey-Harris 45*8—1954
Minn 6s Ont Pap 6s—.1945
McColl-Front Oil 45*8 1949
56
58
67
69
385*
7354
395*
7454
554s
—
82
82
74
76
1956
65
6854
61
8054
7054
72 54
Quebec Power 4s.
Saguenay Power—
'63
82
1962
71
73
45*8 series B
..1966
Winnipeg Electric—
75
77
4-5s aeries A
.1965
55
57
4-5s series B
1965
46
48
7054
77
59
Power Corp of Can 454a '59
Price Brothers 1st 5s. .1957
6754
Famous Players 454s.. 1951
Federal Grain 6s
1949
7654
85
4s
•No
par
value.
/Flat
price,
n
Nominal.
Jan
Apr
2654 May
180
15c
—
8054
Jan
4c
175
180
16c
68 A
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
Feb
3
180
...100
675*
7354
Jan
1.98
5,500
177
26 A
Feb
1.10 May
179
Industrial.....100
Anthony.............l
3
25c
4c
Royal
Preferred...
5,825
•
Preston E Dome
Russell
10
16 Ac
Ask
Gen Steel Wares 4548-1952
Qt Lakes Pap Co 1st 5s '55
N Scotia Stl A Coal 3 54s
554s ex-stock..—1961
Dom Steel A Coal 6 5*81955
Dom Tar <fc Chem 454s 1951
Donnacona Paper Co—
Jan
2.96
Prairie Royalties
25c
Premier.
...........1
Canadian Vlckers Co 68 '47
Consol Paper Corp—
Jan
1854
3.00
Power
1948
Feb
15
Pickle Crow............I
Pioneer Gold
1
1
79
45* May
112
Jan
1.65 May
53
7754
7354
7354
485*
8854
7754
7
1.30 May
51
7654
7554
7154
7154
475*
35o
100
6c
35c
Bid
Ask
Jan
55c
Bid
Jan
60c
50c
5c
(American Dollar Prices)
Jan
7854
Apr
6,614
1.40
Feb
9A
1.45
Closing bid and asked quotations, Friday, May 3
Apr
Feb
125*
1.30
45*0
May
47c
108
Section
2864
Industrial and Public Utility Bonds
Jan
Jan
Jan
51c
3
6c
Photo Engraving
Ma
69
3yHc
45c
64
109
35c
.1
....
59 A May
19A0 Mar
2 Ac Feb
96
1
...
Cons
A
5
4A
.1
Partanen-Malartio....
Paymaster
9
5,000
4 5*0
12 A
107
*
Page-Hersey..
......*
Pamour Porcupine
*
25c
110
4 A
_...*
Plata..........
Ottawa Car
25c
110
..*
.....
See page
Mar
265*
1054
2 Ac
Canada.......*
Apr
Jan
854
Jan
*
Northern
Mar
Apr
295
70
Toronto Stock Exchange—Curb
10054
Apr
7
Newbec
1.17
189
8754
100
Apr
25
60,100
3,000
64
48
160
26C
59 A
Jan
Jan
Feb
Feb
A
310
22 Ac
Normetal
9354c
75
60 A
23C
6
Mines.........*
9c
Mar
44
...1
Noranda
May
522
Naybob
Nipissing
6c
66c
47 A
189
46
8754
100
81c
80c
91c
25,816
Apr
80c May
7.25
7.25
7.35
543
7.25 May
CURRENT
—A circular
containing
financial position
a
NOTICES
discussion of the history, business, earnings,
and outlook of American
Potash
&
Chemical
Corp.
is
being distributed by the New York Stock Exchange firm of Neuhut, Plohn
& Co., 60 Broad
St., New York City.
—Amott, Baker & Co. have announced that their Mortgage Certificate
Department hereafter will
be under the
joint supervision of Lionel Asen
formerly of Sterling Investing Co. and Jules Whitney who
with Charles King & Co.
—Walter B. Pierce & Co.
quarters at 71
announce
was
formerly
the removal of their offices to larger
Broadway, New York City.
Quotations
New York
Bid
a25*s July
a3s
a3s
1977
Ask
Bid
1979
mm
m
96
a4}*8 Mar
1
1964.
1
1966.
1163* 118
99
a43*s Apr
a4}*s Apr
1
1975
a33*s
a33*s
a3}*s
a33*s
1954
107
119
1972.
1173*
1
1974.
a43*s Feb
15
1976.
117}* 119}*
118}* 1195*
a43*s Jan
a43*s Nov
100}* 102
1
1
1977.
15
1978.
15
a43*s June
1083*
15
1976
1981.
a4s
May
1
1957
111}* U25*
a43*s Mar
a4}*s May
118}* 120
120}*
120
121}*
1957.
117}*
<z4s
Nov
1
1958
112
1133*
a43*s Nov
1957.
a 4a
May
1
1959....
112}*
May
1
1977
119}*
119}* 121
120}* 122
a4s
Oct
1
1980
a4}*8 Mar
a4 }*s June
a4>*s July
1963.
a4s
1133*
1145*
<z43*s Sept
1
1960
a4}*s Mar
1
1962
Nov
1
1954
Mar
1
1960
Jan
mm
107 X 1083*
.mm
106 3* 1073*
mm
mm
mm
m
104
113}*
114}*
mm
m
...
Bid
Ask
Bid
Ask
116}* 117}*
99
a3}*8 July
May
Federal Intermediate Credit Bank Debentures
City Bonds
Ask
98
mmm
1
Over-the-Counter Securities—Friday May 3
98
1969
1
Feb
on
95
15
Jan
2861
The Commercial <fc Financial Chronicle
Volume ISO
1053*
119
1965.
a4}*8 Dec
15
1971.
116
a43*s Dec
1
1979.
1245* 126}*
1967.
---
6.20%
6.25%
Deo
3*% due
6.20%
Bid
Par
Jan
*
■
1 1940 6.25%
2 1940 6.30%
2 1941 6.30%
Oct
Ask
Harris Trust & Savings. 100
...100
& Trust
Bid
Par
Ask
221
209
298
309
Northern Trust Co
American National Bank
563
575
100
Continental Illinois Natl
88
...100
FRANCISCO—
SAN
91
246
252
Bank & Trust....33 1-3
First National
f
■
?*% due
6.20%
Chicago & San Francisco Banks
1175*
115}* 1163*
1173*
1 1940
1 1940
11940
1 1940
Sept 3 1940 6.25%
119
121H 123
122
123}*
1153*
5*% due
May
5*% & 1% due June
5*%&1% due July
5*% due
Aug
5*% due
5*% due
Bk of Amer N T & S A 12}*
413*
393*
New York State Bonds
Bid
62.15 less
3s 1981
62.20 less 1
Canal & Highway—
5s Jan & Mar 1964 to '71
62.35
Highway Imp 4}*s Sept '63
Canal Imp 4}*s Jan 1964..
World War Bonus—
1
4}*s April 1940 to 1949.
Hlghway Improvement—
4s Mar & Sept 1958 to '67
—
Canal Imp 4s
142
Can & High Imp 4}*s 1965
139
Ask
Bid
Ask
3s 1974...
J&J '60 to '67
Vermilye Brothers
51.20
132
Unlisted Industrial Stocks
132
142
Barge C T 4}*s Jan
mmm
Public Authority
Bid
1 1945.
114}*
BROAD ST., N. Y. CITY
30
Teletype N. Y, 1-894
HAnover-2-7881.
Bonds
Ask
Bid
Ask
Port of New York-
California Toll Bridge—
Gen & ref 4s Mar 1 1975.
1083* 109}*
1941
M&S
1977
Gen & ref 3}*s
6.25
M&S
1942-1960
108 X
100
Par
103
M&S
6.25
M&S
1075*
127
51
63
Home Fire Security
-10
31}*
33 3*
Homestead Fire
Agricultural
„25
75
51.50
2.50%
10
__
13*
25*
.....10
183*
203*
Ins Co of North Amer—10
725*
733*
Jersey Insurance of N Y.20
Knickerbocker
......5
415*
443*
93*
103*
22
23 3*
193*
213*
..10
73*
93*
153*
13
American Re-Insurance .10
473*
American Reserve
—
10
20
5
2
2
493*
213*
Maryland Casualty
1
Mass Bonding & Ins.. 12}*
Merch Fire Assur com—5
Merch & Mfrs Fire N Y..5
American Surety
U S Panama 3s June
111
11961
Apr
1955
Feb
1952
111
113
63*8 Aug
1941
105
119
'
43*8 July 1952
5s
July 1948 opt 1943.
119
116
Camden Fire
City of New York
-10
City Title.
-.6
Connecticut Gen Life.
JlO
Carolina..
—
10
Continental Casualty. ...5
Federal Land Bank Bonds
Ask
Bid
3s 1955 opt 1945
3s 1956 opt 1946
38 1956 opt 1946
1063*
106 }*
M&N
-2}*
Eagle Fire
Employers Re-Insurance 10
106}*'
Ask
Bid
i
106}* 106}*
J&J
J&J
33*8 1955 opt 1945..MAN
4s 1946 opt
1944—J&J
1085*
1115* 1123*
108
Excess
—
Federal
—
10
Fidelity & Dep of Md. -20
—10
Flre Assn of Phlla
107}*
Fireman's Fd of San Fr.25
Firemen's of Newark.
_
National Liberty
624
National Union Fire
...5
215*
29}*
223*
313*
243*
New Brunswick
Chicago.—..............
Denver 2s, 3s
First
Lafayette }*s, 2s.... i s ...
f
99}*
15
17
r3
3}*
285*
303*
Northeastern
34
363*
Northern...........12.60
North River
2.50
Northwestern National .25
15*
2}*
51
53
85*
473*
493*
93*
126 3* 128 3*
675*
693*
103*
V7 93*
100
.-"mmm
First Texas 2s, 23*8
99 H
•
7
■
mm m
Pennsylvania l}*s, 1}*8...
993*
Chicago—
100
■
'mmm
43*s
.......
Fremont 45*s, 53*s
Illinois Midwest 4}*s, 5s_.
60
293*
313*
263*
283*
■-%mrn
243*
405*
263*
423*
103*
12
Virginian Is,
At!anta..........*...100
Bid
80
Par
100
New York
North Carolina
100
52
155
Pennsylvania
100
50
55
Potomac
100
100
San Antonio
100
5
100
3
Lincoln
100
3
263*
105*
133*
28
Sun Life Assurance
123*
Travelers
10
Bank of Manhattan Co. 10
16 5*
Bank of Yorktown._66 2-3
42
Bensonhurst National...50
75
183*
.13.55
34
36
Commercial National.. 100
201
207
Chase.
..
143*
U 8 Fidelity & Guar
263*
US Fire
U S Guarantee...
Hartford Steam Boiler —10
695*
613* (Westchester Fire
100
Fifth Avenue
760
First National of N Y..100 1925
100
Merchants Bank
110
zTZT
Par
Bankers
57
59
20
23
84
89
Central Hanover
100
20
Chemical Bank & Trust.10
Clinton Trust
50
1033* 1063*
Ask
Bid
.......
463*
30
Florida 4J*s...
13
15
17}*
Sterling Nat Bank & Tr 25
! Par
i
Delaware
335*
Pennsylvania 4}*s
Tennessee 4}*s.. .........
Maryland 4}*s
Michigan 43*8
101
14
30
28
m
i
fiiiir [Or *
Minnesota 4}*s
.......
102
101}* 102}*
103}*
103
1023*
1023* 1033*
—
Rhode Island 4}*s
102
102
New Jersey
South Carolina 4}*s—...
Texas 43*s
insured Farm Mtges 4
3*s
Virginia 43*8
West Virginia 43*S-.—
from }*% to 5*% must be
Asked
1013* 1023*
101}* 102}*
101
102
102
103
101}* 1025*
102}* 1033*
102
103}*
101}* 1025*
1015* 103
101}* 103
101
102}*
101
Bid
deducted from Interest rate.
Ask
Manufacturers...
20
Preferred....
20
25
12
New York
123*
143*
Trade Bank & Trust
533*
123*
Underwriters
United States
115*
SPECIALIZING
1620
29
1660
32
41X
39}*
54}*
52}*
1113* 114}*
3}*
23*
12}*
10
100
80
100
1750
F.H.A. INSURED
123*
;
14}*
90
1800
The
best "Hedge" security
:
MORTGAGES
for Banks and Insurance Co*s.
Circular
on
request
STORMS AND CO.
Commonwealth Building
Phone Atlantic 1170
102
101}* 1025*
303
40
102}*
101}* 1025*
1013* 102}*
50
225
32
For footnotes see page 2862.
755*
315*
Bid
101
33}*
12
298
513*
113*
—
45
210
Guaranty
13}*
10
615*
733*
FISCHER
101}* 1023*
102
103}*
313*
100
Irving................10
Kings County...
100
Lawyers
25
...—
52}*
Empire
225*
495*
43*8
New Mexico 43*8
N Y (Metrop area) 4}*s—
New York State 43*8
North Carolina 43*s
Georgia 4}*s
Illinois 4}*s
Indiana 4 3*8
Louisiana 4 3*8
100
Fulton
493*
.103*
300
469
Companies
20
25
43*
280
459
21}*
Asked
101}* 102}*
101}* 102}*
102
103}*
Massachusetts 4}*s
10
50
Penn Exchange
Continental Bank & Tr.10
Corn Exch Bk & Tr
120}*
3}*
4
10
2.50
101
...
28}*
Title Guarantee & Tr
Colonial Trust
353*
116
FHA Insured Mortgages
3
42}*
7IZ
10
83*
393*
33
Co. .2
115
12}*
National Safety Bank. 12}*
Ask
424
Bronx County new—
Brooklyn
Bid
63*
37}*
Telephone: WHlteball 3-6850
108
23*
i
414
252
34
120
100
5
33*
New York, N. Y.
44 Wall Street,
A servicing fee
Bank of New York
85*
73*
Offerings Wanted—Circular on Request
National Bronx Bank...50
New York Trust
86
110
790
1965
124}* 128}*
FHA Insured Mortgages
4 3*8
District of Columbia 4}*s_
Peoples National
Public National
100
100
......
873*
Arkansas 43*8—
Par
National City
100
.....5
843*
5s
'
—
25
Bid
Ask
St Paul Fire &
-10
—
105
•
New York Bank Stocks
Bid
,
126 3* 131
246
.1
Alabama 4}*s
Par
43*
26
24 3*
265*
—
7
Virginia-Carolina
173*
103
27 3*
...6
5
105
18
99
253*
Great American
Ask
101
Virginia
64
13*
49
33*
26
Great Amer Indemnity
—
30
100
14
343*
155*
133*
95
47
Denver
58
323*
47
Republlo (Texas)
10
Revere (Paul) Fire.....10
Rhode Island—........5
WHITEHEAD &
145
100
18
173*
Stuyvesant.
86
2
100
100
16 5*
24
Bid
100
100
83*
150
37
173*
Hartford Fire
100
Dallas
Des Moines
144
153*
73
Hanover
83
Atlantic
Fremont
595*
73*
35
15
993*
i
90
First Carollnas
31
28
575*
v
82
70
993*
13*s
Ask
<
83*
Providence-Washington. 10
-15
Globe & Rutgers
Joint Stock Land Bank Stocks
Par
51
73*
....10
6
Phoenix
Preferred Accident
Fire. -15
—6
Globe & Republic
mmm
rl3
...
Virginia Carolina Is
98
Iowa 4}*s, 43*8
5s
47
995*
San Antonio 5*s,2s__
Southwest (Ark)
25
Pacific Fire
Marine._25
Seaboard Fire & Marine..5
Seaboard Surety
.—.10
Security New Haven
10
Springfield Fire & Mar. .25
mmm
'mmm
683*
443*
Halifax
99
104 3*
r22
Union Detroit 23*s
993*
100
Indianapolis 5s
'mmm
mm"*
995*
Potomac l}*s
Southern Minnesota
100
5*s, 33*s._
47
1033*
5s..
St. Louis
43*8, 43*8
91
r44
Phoenix
7,7
99 3*
Is, 2s..............
""'rn'mm
100
Phoenix
.......
Reinsurance Corp (N Y) .2
100
97
42
—.5
Glens Falls Fire
88
Pacific Coast Portland 5s..
3s, 3}*s.............
Trust
81
Oregon-W ashlngton
:,7
99}*
First New Orleans—
Fletcher
Lincoln 5}*s
York 5s
North Carolina 3*8, l}*s._
Carolina—
13*8, 2s
First Montgomery—
First
80
New
100
7-. -r
78
Lincoln 5s_..ii—s
...5
5
2d preferred
993*
Lincoln 4}*s
993*
__
10
Fire—10
New Hampshire
New York Fire..
8
7
Gibraltar Fire & Marine. 10
•'
Atlanta 13*8, 2s..........
Atlantic 3*s, 15*s
Burlington
20
2
New Amsterdam Caa
General Reinsurance Corp 5
-10
Georgia Home
Franklin Fire
Ask
Bid
Ask
2
102}*
Joint Stock Land Bank Bonds
Bid
10
-.10
National Fire
8
7
195*
109}* 111
HI}*
Conversion 3s 1947
25*
33*
653*
365*
111
U S conversion 3s 1946
Hawaii 4}*s Oct 1956.....
Lincoln Fire
National Casualty
106}*
117
513*
345*
Bankers & Shippers... ..25 *100
615
BOStOn
mmtmmmmmm
Govt of Puerto Rico—
100}* 101}*
6s
493*
-10
Baltimore American.. .2}*
111
6s
—25
Automobile
122
113
109
Ask
Bid
Ask
34
32
793*
American of Newark.. -2H
United States Insular Bonds
Ask
Bid
10
American Equitable.. ...5
American Alliance
American Home
Philippine Government—
4 }*s Oct
1959
43*8 July 1952
5
Home
123
..10
Aetna Life
25*8 serial rev 1945-1952
---
Bid
':■■■ 77.7., Par
7..
Ask
..10
Aetna Cas & Surety
3}*s 8 f revenue
1980 1015* 102}*
98}*
3s serial rev 1953-1975.. 52.55%
Inland Terminal 4}*s ser D
1942-1960
Bid
Aetna
—
Trlborough Bridge—
1941
Companies
104
Gen & ref 4th ser 3s 1976
Holland Tunnel 4}*s ser E
Insuranee
1065*
Gen & ref 3d ser 3}*s *76
San Fran-Oakland 4s '76
PITTSBURGH, PA.
The Commercial & Financial Chronicle
2862
Quotations
May 4,
1940
Over-the-Counter Securities—Friday May 3—Continued
on
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
Akron Canton A Youngstown
6s
.
1944
Baltimore A Ohio 4s secured notes
3o$*pb Walkers Sons
Boston A Albany 4Ms._.
--
4MB
D«ak»ia
_
;
Chicago Stock Yards 5s __
Chicago Union Station 3M ser F
Sine* 1859.
_
_
.
...
Cleveland Terminal A Valley
Elgin Joliet A Eastern 3 Ms ser A
Bid
Asked
6.00
100
10.50
Allegheny A Western (Buff Roch A Pitts)
100
—
81
77
6.00
73
76
2.00
30 %
32
8.76
80 %
82 M
8.50
16
19
-.100
3.00
42
Carolina Clinchfield A Ohio com (L A N-A C L)_ ..100
Cleve Cln Chicago A St Louis pref (N Y Central) -.100
6.00
39 %
87 %
5.00
61%
66
50
Beech Creek (New York Central)
Boston A Albany (New York Central)
...
100
Boston A Providence
(New Haven)
Canada Southern (New York Central)
—
3.50
77%
—.50
2.00
<8
...25
(Pennsylvania)
-100
Fort Wayne A Jackson pref (N Y Central)
-100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western).. -100
100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
—50
2.00
90M
45%
Cleveland A Pittsburgh (Pennsylvania)
Betterment stock
...
Delaware
6.50
80M
•
47
51
60
64
69
62
...
Memphis Union Station 5s
—....—.—.........1959
New London Northern 4s...............—.—.——.1940
3Ms
2000
New York Philadelphia A Norfolk 4s
1948
New Orleans Great Northern Income 5s
...2032
New York A Hoboken Ferry 5s
..1946
Norwich A Worcester 4Ms
1947
86
88 M
87
92
79
107 M
Terre Haute A Peoria 5s
28
Toledo Peoria A Western 4s
1967
98 M
1957
,..*....1946
1 80
107 M
55 M
Toledo Terminal 4Ms
88 %
90M
Toronto Hamilton A Buffalo 4s.......
4.50
35
39
Union Pacific ref mtve 3MserA
Pittsburgh Bessemer A Lake Erie (U S Steel)
—50
1.50
41
44
United New Jersey Railroad A Canal 3Ms
52 M
5.00
3 00
83
176 %
173%
154
»
6.64
64%
6.00
134%
-
-
-
68
Vicksburgh Bridge 1st 4-6s
Washington County Ry 3Ms
West Virginia
3.00
70
A Pittsburgh 4s..-s
139"
5.00
63
Alabama Mills Inc
*
6.00
00 M
63%
American Arch
*
37
40
63M
67
Amer Bern berg
*
18M
19 H
24
20 M
American Cyanamid—
56
58 M
5% conv pref 1st ser..10
12M
13
12M
13
3.50
—60
3.00
•
.
55%
A com
Equipment Bonds
Bid
Atlantic Coast Line 4%b..
61.25
0.75
Baltimore A Ohio 4%a
62.50
1.75
Nash Chat A St Louis
Bessemer A Lake Erie.2Mb
61.75
1.25
Nat Steel Car Lines 5s
Boston A Maine 6s
63.00
2.25
New York Central 4Ms.~
Ask
62.25
—
2Mb
1.75
62.30
1.75
62.50
Missouri Pacific 4 Ms
1.25
61.90
1.50
—
2M8-—-
62.10
1.75
Canadian National 4Mb-5b
63.75
3.00
N Y Chic & St Louis 4s...
62.75
2.25
Canadian Pacific 4Mh-_
63.75
3.00
N Y N H & Hartford 3s_—
63.00
2.00
3.50
61.50
1.00
North Amer Car 4 >$8-5 Ms
64.30
Central of Georgia 4s......
64.25
3.50
1.50
Chesapeake A Ohio 4Mb—
Chic Burl A Qulncy 2Ms.-
1.00
Northern Pacific 2Ms-2Ms
No W Refr Line 3Ms-4s
61.90
61.50
63.00
2.00
61.70
1.25
Chic Mllw & St Paul 5».
64.50
3.75
Pennsylvania 4 Ms series D
61.00
0.50
_
-
4s series E
.
62.10
1.70
61.90
_
2%b series G & H.._...
1.40
Pere Marquette—
Lack'A Western
4s.._.
63.00
2.25
Denv & Rio Gr West 4Ms.
Erle 4Ms
....
63.00
2.00
Del
— —
62.50
1.50
Louis-ban Fran 4s-4 Ms.
62.75
2.00
1.25
St Louis S'westem 4Ms_-_
62.00
1.50
64.00
3.00
Shippers Car Line 5s_....
64.50
3.50
61.65
1.25
Southern Pacific 4 Ms
Southern Ry 4s
61.90
1.50
61.65
1.10
Texas & Pacific 4s-4Ms.-Union Pacific 2 Ms
61.75
1.25
61.75
1.30
61.00
0.50
St
Express
4s, 4 Ms and 4 Ms
Grand Trunk Western 5s
_
.
Great Northern Ry 2s
Illinois Central 3s...
62.25
1.75
Kansas City Southern 3s..
Lehigh & New Engl 4MsLong Island 4 Ms
61.35
1.00
61.75
1.25
62.50
1.50
Louisiana & Ark
62.50
1.75
Virginian Ry 4Mb
Western Maryland 2s
62.50
1.75
Western Pacific 5s.
....
Merchants
Despatch
2 Ms. 4 Ms & 5s
61.90
1.25
61.90
1.50
62.75
2.25
West Fruit Exp 4Mb-4Ms.
3MS—
Maine Central 5s
1.40
1.30
61.75
....
Fruit Growers
61.90
61.75
2Ms~2Ms and 4Mb.
Reading Co 4 Ms
61.50
1.00
Wheellng & Lake Erie 2 Ms
61.50
1.10
.
.
_
Par
Bid
•
102
100
116
Bid
Ask
3M
»
25
44M
com.
115
105%
117M
120
Bell
Telep of Pa pref... 100
Cuban Teleph 6% pref. 100
114
Emp A Bay State Tel.. 100
47
Franklin
Telegraph
100
Int Ocean Telegraph... 100
Mtn States Tel A Tel.. 100
140
74
$0.50 1st pref
So A Atl Telegraph
144
Sou New Eng Telep
2%
2M
Mfg 5% pref 100
Arlington Mills
100
Armstrong Rubber A
*
76
81
Pollak
Manufacturing...*
15%
17M
24
27
Postal Telegraph System—
53M
14M
58
16M
7M
8%
4% preferred
....60
Remington Arms com....*
Safety Car Htg A Ltg—50
Bid
Ask
Berland Shoe Stores....,*
5
7
B
2%
3Va
/G Foods Inc common. *
Bohack (H C) common...*
7% preferred...
100
_
2%
27
Kress (S H)
*
6% pref...100
No par value,
/Flat price,
maturities,
a
19
20 M
'
Cessna Aircraft
1
Chic Burl A Qulncy
100
Chilton Co common....10
City A Suburban Homes 10
Coca Cola Bottling (N Y) •
Colgate-Pal mollve-Peet—
S4.25 preferred
Columbia Baking com
SI cum preferred..'.
Consolidated Aircraft—
33
pref
Crowell-CoJiler
»
3M
2M
40
38
3%
6M
4%
7M
89 M
85
102M 103M
*
12
10
*
25
64
66 H
*
25%
27%
com...
7% preferred
05
mm
_
,
*
*
Tennessee Products
4M
24
5
5%
6M
2%
8
3
164
160
Tokhelm Oil Tank & Pump
5
14%
16
*
36
38
Triumph Explosives
2
Common
Dictaphone Corp
•
Dixon (Jos) Crucible—100
Domestlo Finance cum pf_ *
35 M
38 %
24
27 M
28 H
Draper Corp....
70
31M
73 M
3M
10M
3M
1
United Piece Dye Works.*
*
Farnsworth Telev A Rad.l
Federal Bake Shops
*
...30
3M
9M
7%
1
1
Landers Frary A Clark..25
Lawrenoe PortI Cement 100
Ley 'Fred T) A Co
•
Long Bell Lumber
*
35 preferred
100
2
62M
21H
108%
4%
1H
%
3
64M
23 H
2%
100
33%
5%
7H
43%
*
3%
100
26 M
4%
28 M
54 M
57
52
15
Worcester Salt
21H
23 M
York Ice Machinery
30 M
31 %
4%
5%
Amer Writ Paper
Beth Steel 3s
3
M
9
6S..1961
1960
30
1965
Brown Co 5Ms ser A.. 1946
Carrier Corp 4%a
1948
Chic Dally News 3 Ms. 1950
Comml Mackay 4s w 1.1969
Deep Rock Oil 7s
..1937
%
10M
Inland Steel 3s
42 M
40
preferred
2M
3Ms
Stamped......
.....
.1961
Kresge Foundation 3s. 1950
McCrory Stores 3 Ms—1955
28
30
14M
M
11M
12
Minn A Ont Pap
16
1M
3H
35
6M
9%
Bonds—
Mead Corp 4
Ms..—.1955
6s—.1945
55 M
57
♦
13M
1
48 %
14%
50M
J NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Scovill Mfg 5Ms
1945
72
74
Skeily Oil 3s.
17M
U nited Biscuit 3Ms
Xl5
19
100
101M 101 %
103M 105M
/47M 49%
88 M
90 M
103M 104 M
51% 52%
/60
62%
104H 104M
102 % 102M
103% 104
104M 105M
/38M 40M
30
32
Woodward Iron Co—
95
Merck Co Inc common..1
36 preferred
100
Muskegon Piston Ring 2 4
National Casket
»
Preferred
preferred
14
1
5
2M
.100
50
1%
7%
2
Good Humor Corp
Gr&ton A Knight com
*
com
Welch Grape Juice com
33 cum preferred
*
Wlckwire Spencer Steel..*
Wilcox A Glbbs com....50
American shares......»
Garlock Packings com...*
Gen Fire Extinguisher
*
Gen Machinery Corp com *
100
Preferred
Veeder-Root Inc
%
West Dairies Inc com v 101
23
Foundation Co—
Mallory (P R) & Co
Marlin Rockwell Corp
..100
*
common
3M
22 %
Trlco Products Corp
Kildun Mining Corp
King Seeley Corp com
Kobacker Stores—
Steel
5
66
114
Ask
Stromberg-Carlson
*
Sylvanla Indus Corp....*
1
Tampax Inc com
Taylor Wharton Iron A
2%
7%
21
100
Bid
48
5%
4
19
51
19
43%
46
1%
63
Interstate Bakeries com..*
$5 preferred
.*
173M
40%
25
Stanley Works Inc..
United Artists Theat com. *
Preferred...
31 X
138
133
*
32 %
17
Manufacturing..25
6%
5M
55 M
10
com
31
170
8covlll
6M
4M
52 M
30 M
Singer Manufacturing.. 100
Singer Mfg Ltd...
£1
Skenandoa Rayon Corp..*
Solar Aircraft....
.....1
Standard Screw....
20
Time Inc.
Pub
Dentists Supply
Devoe A Raynolds B
23
*
conv
11M
Miller (I) Sons common—5
1
.
15M
1950
I960
1955
Superior Oil 3Ms
118
2d
conv
Income 5s.. 1962
36
38M
104M 106M
100M 100M
100
100M
106
106 H
109M112M
3
preferred..... —50
12
17
Reeves (Daniel) pref. -100
United Cigar-Whelan Stores
99
*
23
Obligations of Governmental Agencies
108 M
8%
10
12M
13
$5
preferred
6 Basis price,
d Coupon,
e Ex
Bid
25
coupon,
fNow listed on New York Stock Exchange,
t Now selling on New York Curb Exchange.
Quotation not furnished by sponsor or issuer.
5
10M
1M
28M
889.50 of principal amount.
1%
Nov 15 1941 101.4
Federal Home Loan Banks
2s
....Deo
1 1940 101
101.6
on
July 2 and
101.3
Call May 16 *40 at 100 M 101.24 101.30
1%b Jan 3 1944—
Call July 3 '40 at 102
Ask
Home Owners' Loan Corp
100.2
May 15 1940 100
May 15 1941 100.15 100.17
%a
Ms
Reconstruction Finance
28 May 16 1943—
5% was paid
Bid
Ask
Commodity Credit Corp—
H%
Aug
1 1941 100.15 100.17
2s.
1 1943 102.28 103
Apr
Federal Natl Mtge Assn—
♦
5M% Sept. 25.
3
4
3M
3%
30
Interchangeable.
on
M
"2"
:
37
n Nominal quotation,
r In recelvorship.
Quotation shown is for all
to< When Issued,
uhs With stock,
x Ex-dividend,
v Ex-rights.
T Quotation based
Bankers Indus Service A_*
Botany Worsted Mills cl A5
fl.25 preferred
10
Buckeye Steel Castings..*
35
Par
8%
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
Art Metal Construction. 10
Autocar Co com..
10
49
Chain Store Stocks
Par
American
Harrisburg Steel Corp
25
100
30c
2M
Exploration—..I
Great Lakes S3 Co com..*
Great Northern Paper. .25
Rochester Telephone—
mmm
10c
Pilgrim
17
54
J5M
18M
343
325
Petroleum Heat A Power. *
25
Preferred A
18
Petroleum
7
24
117
16M
13%
16%
25
57
'
41
25
Preferred
18%
Conversion... 1
6%
28
39
46%
5
15
Pan Amer Match Corp..25
Peosl-Cola Co.
*
Ask
23
52
Atl Telegraph...25
Peninsular Telep com.— *
*
5%
25
23 M
*
Pac A
Teleg (N J)
Preferred
Bell Telep of Canada... 100
New Britain Machine
B d
*
100
New York Mutual Tel..25
preferred
com___l
50
Pharmacal...2M
Ohio Match Co.
...»
2M
Machine Tool....
Par
Ask
Par
Nat Paper A Type
5%
Glddlngg A Lewis
Telephone and Telegraph Stocks
Am Dlst
2M
pflO
Amer Maize Products
1.50
62 M
Norwich
American Hardware
Ask
IH
series..
Amer Distilling Co 5%
American Enka Corp
1.50
47
61M
Ask
Bid
Pa
2d
62.50
44
Industrial Stocks and Bonds
52
5.00
62.00
77 M
76M
245%
6.00
—50
-
"87"
1940
1968
1954
1990
;
.....
97
102M
104
1951
........—.........—
109
93
102 M
-*>
-
135
(Del Lack A Western)...
Clinchfield 2Ms.--
.
138 %
241 %
6 00
10.00
West Jersey A Seashore (Penn-Readlng)....
Chic A Northwestern 4 Ms
.
Yoo
"
....
—
.....
4Ms
Vermont Valley
7.00
7.00
...
Central RR of N J 4Mb—
75
800
26
4.00
Bid
117
1961
—50
Railroad
58
55
163 M
1947
New York Lackawanna A Destern (DLAW).. -100
Northern Central (Pennsylvania)
Warren RR of N J
15
38
30
Tennessee Alabama A Georgia 4s
Oswego A Syracuse (Del Lack A Western)
Preferred
100
99
1957
1942
3.875
Preferred
101
99
99 M
/13M
..1949
1941
1947
.....
104 M
106 M
199
New York A Harlem
Pennsylvania A New York Canal 5s extended to
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
98 M
97
103 M
106M
112M
1950
I960
-
650
50.00
Pittsburgh Fort Wayne A Chicago (Penna) pref.. -100
Pittsburgh Youngstown A Ashtabula pref (Penna) -100
Rensselaer A Saratoga (Delaware A Hudson)
-100
St Louis Bridge 1st pref (Terminal RR)
-100
Second preferred
Tunnel RR St Louis (Terminal RR)
-100
United New Jersey RR A Canal (Pennsylvania).. —100
Utlca Chenango A Susquehanna (D L A W)
-100
-100
Valley (Delaware Lackawanna A Western)
Vicksburg Sbreveport A Pacific (Illinois Central) -100
78
77
48
Providence A Worcester 4s
43
40%
101M
100 %
Portland Terminal 4s
170
165
4.00
M
61
67%
9.00
"
58
"36M
.1950
1978
Te/minal 3Ms
Indiana Illinois A Iowa 4s..............
4s
100M
99M
56
1970
Louisville A Nashville 3Ms
131
126%
60
81
183 M
—..1946
1953
Kansas Oklahoma A Gulf 5s
100
Albany A Susquehanna (Delaware A Hudson)
Alabama A Vicksburg (Illinois Central)
55
75
1945
Illinois Central—Louisville Div A
Par in Dollars
102
100 M
36
.
—
M
112
Florida Southern 4s
Hoboken Ferry 5s
Dividend
53
..1995
1951
._
Cuba RR Improvement and equipment 5s
(Guarantor In Parentheses)
71
1960
_
Connecting Railway of Philadelphia 4s
Guaranteed Railroad Stocks
76
69
1956
1951
1961
1963
.
55
76
1955
.
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s
2-6600
STOCKS
—
Cambria A Clearfield 4s—_
Tel. RE ctor
GUARANTEED
NEW YORK
-
52
50
1943
1940
1944
—
Boston A Maine 5s
JsLrw T»rk Stotk Extbmmg*
120 Broadway
-
52
/50
/50
54M
1945
1945
5M8
101.25 101.29
Corp—
%% notes July 20 1941 100.29 100.31
%%
...Nov
11941
101 1
101.3
Jan
15 1942 101.2 101 4
-July
11942 101.15 101.17
U S Housing Authority—
IM% notes Feb 1 1944— 102.26 102.30
%%
1%
Volume
The Commercial & Financial Chronicle
ISO
Quotations
Public
Over-the-Counter Securities—Friday May 3-Continued
on
Utility Preferred Stocks'
Bought
Sold
•
Bid
__*
11.85
12.61
Investors Fund C_.
10.53
11.45
21.09
23.14
Series B-3
14.11
15.50
8.02
Series B-4
6.63
7.31
15.07
16.53
10.33
11.39
13.72
15.10
.31
.36
Series K-2
5%
4%
Series K-l
3%
•
Series S-2
—
...
...
Series S-4
Alabama Power $7 pref..*
Amer Cable A Radio w i__5
Amer G & E 4 %
% pre!. 100
Amer Util Serv 6%
Arkansas Pr A Lt
Associated Gas
pref.25
7% pf.
A
Bid
1
6.33
3%
4%
Manhattan Bond Fund lnc
6.70
Maryland Fund Ino... 10c
4 20
5.40
1
20.51
22.05
Mutual Invest Fund...10
10.67
11.66
3.82
15.42
.13
British Type Invest A
1
Broad St Invest Co Inc..5
16.58
.28
Mass Investors Trust
23.99
13%
14%
1
3.05
3.80
(Colo) ser B shares
*
(Md) voting shares..25c
*
25.39
27.30
National Investors Corp.l
97
Chemical Fund
1
10.83
11.71
New England Fund..
1
3.58
3.89
34%
♦Continental Shares pf 100
4%
2.49
33%
5%
34%
Corporate Trust Shares..!
1
2.42
New
5%% pf.*
Eng Pr Assn 6%pf 100
7%
68%
70%
Accumulative series... 1
2.42
Ltg7%pf 100
w
Series AA mod
$6 prior lien pref
70
♦Crum A Forster com..10
12%
22%
14%
25%
86%
New Orleans Pub Service.*
$3.60 prior preferred..60
46 %
iSH
New York Power A Light—
*
preferred
*
preferred
100
Serv 6% pf-100
$6 cum preferred
$7
preferred
*
Cent Indian Pow 7% pf 100
108 %
90
7% cum
N Y Water
111
121% 124
*
$4 preferred
Cent Pr A Lt 7% pref.. 100
Consol Elec & Gas $6 pref.*
107% 109%
99% 101 %
112% 114%
10
11%
Consumers Power $6 pref.*
105% 100%
Ohio Edison $6 pref
$6
100
preferred
preferred
..100
(Del) 7%
(Minn) 5% pref
25%
27%
58
60
7%
preferred
$7
...100
preferred..
95
60
100
preferred
7%
preferred
100
7% pref...100
Okla G & E
Federal Water Serv Corp—
$6 cum preferred
*
$6.50
cum
preferred...*
Florida Pr A Lt $7 pref..*
42
Pacific Pr & Lt
41
43 %
Panhandle
18.56
17.17
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
C
1
D
2.50
5.80
6.55
1.30
Plymouth Fund Inc... 10c
Putnam (Geo) Fund
.40
.45
19.35
13.80
14.76
11.60
ment Fund series A-l__
F
12.45
Quarterly lnc Shares.. 10c
7.45
8.70
29.04
6% deb series A
Representative Tr Shs.. 10
Republic Invest Fund....
100%
103%
10.31
10.51
4.35
4.88
27.01
24%
25
*
18.69
20.13
First Mutual Trust Fund..
6.65
7.39
Scudder, Stevens and
84.75
86.47
Selected Amer Shares..2%
8.89
9.69
Selected Income Shares..!
4.34
112% 113%
21
20
78%
77%
Clark Fund lnc
Fixed Trust Shares A
2
$7 preferred
*
Mississippi P & L $6 pref.*
Missouri Kan Pipe Line..6
91%
84 %
VJ7%
S'western G A E
Texas Pow A Lt
6% pf.100
7% pf.100
Utah Pow A Lt $7 pref
15
28 %
29%
*
Washington Ry A Ltg Co—
Participating units
17%
19%
West Penn Power com—*
*
7% pref
44%
45%
West Texas Util $6
Mountain States Power
5% preferred.
4%
Bid
Amer Gas A Elec 2%s 1950
3%ssf debs
1960
3%s
1970
f debs
Amer Gas A Pow 3-58.1953
5%
Fundament'l Tr Shares A 2
5.10
*
4.62
28%
30%
Ask
pref..*
5%
6%
104% 106%
23%
22%
101% 103%
19%
18%
105
106%
110% 113%
70%
68%
6.24
61
Corp—
3%s
1978
/17%
Income deb 3%s
1978
/17%
/18%
/18%
/29
1978
Income deb 4%s_..1978
..1973
Conv deb 4%s
1973
Conv deb 5s
1973
Conv deb
5%s
1973
8s without warrants 1940
/31
/32
/32
761%
17%
17%
18%
5.83
6.35
Chemical
7.00
7.61
21%
20%
26%
26%
99% 101%
|
i
Ask
103% 104%
111% 112%
103
103%
Montana-Dakota
/13%
7 li
60%
1954
4%s..
32%
NY PA NJ Utilities 5s 1956
33%
'62
1965
4s
Northern
107
1964
3%s._._
3%s
110% 111
100
Portland Electric Power—
1950
6s
Pub Serv of Colo 3%s.
Central Gas A Elec—
90%
92%
44%
96%
103% 104
Petroleum
Steel
1968
107
107%
Cent Ohio Lt A Pow 4s 1964
104% 105%
Central Pow A Lt 3%s 1969
105
105%
1964
1949
Debenture 4s
Pub Serv of Indiana 4s 1969
4.40
shares
Tobacco shares
Income 5%s with stk '52
/1%
2%
Cities Service deb 5S..1963
74%
76%
Cons Cities Lt Pow A Trac
6s series B__
107%
105
107
Corp
105
105%
4%S
...
City~G
.
Sou Cities Util 5s A... 1958
S'western Gas A El 3%a
*70
S'western Lt A Pow 3%8*69
56%
58
Toledo Edison 3%s.._196«
60%
63
1970
1920
1st mtge 3%8
108% 109%
Dallas Pow A Lt 3%s_1967
111
77%
104%
87
80
105%
89%
Gas Corp—
1952
/58
60%
106
106%
6%8 stamped
15.5 J
16.68
1% 7
...
♦Central Nat Corp cl A..*
*
♦First Boston
Bank Group shares
1.09
1.19
Insurance Group shares.
1.28
1.40
Corp
.10
♦Schoellkopf Hutton A
Pomeroy lnc com___10c
Bid
103%
105%
102%
105%
107% 109%
1st coll trust 4%s..l966
%
1st 5s series C
s
f
debs 3%s
United Pub Util 6s A. 1960
5s
1957
.
Wash Wat Pow
3%s..l964
West Penn Power 3s..
1970
West Texas Util 3%s_1969
I960
5%s
Wisconsin G A E 3%s
Wis
Mich
Pow 3%S.
.
1966
196'
105
Peoria Water Works Co—
1st A ref 5s....
1950
102
...1948
103
1st consol 5s.......1948
101
1948
104
1st consol 4s
Prior lien 5s.
Phila Suburb Wat 4s.. 1965
107%
Pinellas Water Co 5%s.'59
101
Pittsburgh Sub Wat 6s *58
Plalnfleld Union Wat 5s *61
103
Richmond W W Co 5s 1957
105%
107
Community Water Service
1946
85
90
6s series A
....1946
87
92
Roch A L Ont Wat 58.1938
101
4s ser A 1966
106
5s series B
St Joseph Wat
Water—
.1954
1954
1962
5s
Indianapolis Water—
1st mtge 3%s
1966
101%
Scranton Gas A Water Co
103
4%s
1958
Scranton-Spring Brook
105
Water Service 58.1961
101%
109
95
Indianapolis W W Secure—
...1967
96
Shenango Val 4s ser B. 1961
107
103
1st A ref 5s A
101
Monongahela Valley Water
1958
5s
1950
102% 102%
100% 102%
80
104
105%
Texarkana Wat 1st 5s. 1958
105%
Union Water Serv 5%» *51
103
106
1950
Morgantown Water 5s 1965
102
105%
W Va Water Serv 4s.. 1961
M uncle Water Works 5s '65
105%
Western N Y Water Co—
5%S
..1950
5s series B_.
New Rock ell e Water—
5b series B
5%8
1st mtge 5s
1st mtge 5%s
.....1951
1950
..1951
96
101
1951
98
103
Westmoreland Wate r5 s'52
95
100
101
99
103%
Wichita Water—
New York Wat Serv 5s '51
103
101
68 series B
......1956
100%
5* series C
....I960
109
6s series A
1949
103
W'msport Water 5s... 1952
104
131
108% 109%
106% 107
107% 107%
Ohio Cities Water 5%a '53
Ohio Valley Water 58.1955
Ohio Water Service 4s_ 1964
Ore-Wash Wat Serv 5s 1957
99
1956
4s A
103
105% 106%
96
ilOl
100
108% 108%
108%
For footnotes see page 2862.
7
2%
3
2
16%
Penna State Water—
105% 106%
106% 107%
101% 103%
108% 109
105% 105%
m
30
26
Bid
Ask
103.
Ashtabula Wat Wks 5s '58
Monmouth Consol W 5s '56
50%
m m
'm
15.64
Corporations
♦Class B
2.23
106% 106%
Western Public Service—
Iowa Pub Serv 3%s._1969
14 23
mm
Banking
Investment
52%
104
Utica Gas A Electric Co—
111%
1
Springfield City Water—
Tel Bond A Share 5s..1958
Texas Public Serv 5s..1961
Cumberl'd Co PAL 3%s'66
Inland
Fund
5s
57%
Dayton Pow A Lt 3s_.1970
Federated Util 5%s...l957
Wellington
105%
74%
90%
Dallas Ry A Term 6s. 1951
.36
2.19
_
Joplln W W Co 5s
1957
Kankakee Water 4%s. 1939
Kokomo W W Co 5s.. 1958
72%
A Pow
1947
A E 4s" 1966
56 %
1954
5.76
.16
_
South Bay Cons Water—
1951
Collateral 5s
94
'mm
•
5.79
B
101
St Joseph Ry Lt Ht
88%
1962
4.25
1
Investors..5
6s
22%
/20%
106% 107%
105% 106
.63
.57
--
♦Huron Holding
Huntington
89%
1962
Crescent Public Service—
Coll lnc 6s (w-s)
25c
Class B
106% 107%
88%
1962
58
3.90
629
shares-
4.80
5.32
shares
5%s series B
1948
Pub Util Cons 5%8
Sioux
Central Public Utility—
Consol E A G 6s A
Trusteed Amer Bank Shs—
'
Republic Service—
Central Illinois Pub Serv—
1st mtge 3%s
1964
1970
Peoples Light A Power—
1st lien 3-6s
1961
2.56
.....
.84
16%
105%
Penn Wat A Pow 3%s
99
5.13
U 8 El Lt A Pr Shares A...
.1957
13
1st lien coll trust 6s. 1946
1
B
Trusteed Industry Shs 25c
101%
/n
Cent 111 El A Gas 3 % s. 1964
♦Series
6.32
101%
Sink fund lnc 5-6S..1986
Blackstone Valley Gas
6.55
5.83
?■
City Water (Chattanooga)
5s series B
.1954
Nor States Power (Wise)
104%
1st lien coll tr 5%s..l946
1
A
5.81
shares
Mining shares
City of New Castle Water
5s
1941
Parr Shoals Power 5s. 1952
Cent Ark Pub Serv 5s. 1948
♦Series
6.35
Merchandise
106% 107
106%
Indiana-
Old Dominion Pow 5s. 1951
13
2.46
9.41
107
13
1968
.1
3.59
81%
13
A Electric 3%s
D
4.95
Calif Water Service 4s 1961
67
80%
/n
/n
1983
C.—
♦Series
3.29
Butler Water Co 5s... 1957
106% 107%
Sflnc4%s-5%s_:._1980
Sink fund lnc 5s
♦Series
8.66
Alabama Wat Serv 5s. 1957
110% 111%
82
83%
Sink fund lnc 4%s.. 1983
2.63
mm
m
Trustee Stand Oil Shs—
62%
N Y State Elec A Gas Corp
14%
2.53
mm''
Trustee Stand Invest Shs—
4.54
94%, 95%
105% 106%
Util—
Public Service 3%s.l969
1958
10.75
Investing shares
Atlantic County Wat 6s '58
Marion Res Pow 3 %s. 1960
New Eng G A E Assn 5s
34
9.89
102% 103%
18%
63
3.79
1
Water Bonds
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s*68
''
2.58
2
Electrical Equipment—
Food 8hares
Independence Trust Shs.*
Institutional Securities Ltd
32
Assoc Gas A Elec Co—
Cons ref deb 4%8
6.71
4.92
10.67
.40
74
....1
B
6,40 Supervised Shares
9.82
shares
Standard
AA
32.47
4.51
shares
87%
60
Income deb 4s
4.96
Aviation shares
RR Equipment
Bid
105% 105% Kansas Power Co 48..1964
108% 109%, Kan Pow A Lt 3%s._.1969
110% 110% Kentucky Util 4s
1970
55
53%
4%s
....1955
85%
Conv deb 4s
3 61
«<
30.20
Group Securities—
Agricultural shares
Incorporated
Associated Electric 5s. 1961
Income deb
70%
Super Corp of Amer cl A.2
4.60
18.95
General Capital Corp
*
General Investors Trust. 1
Utility Bonds
Amer Utility Serv 6s.. 1964
Assoc Gas A Elec
♦State St Invest Corp...*
mm'Lm
4.05
♦Blair A Co
Public
s
109
4.8% preferred
Southern Nat Gas com_7 %
Monongahela West Penn
Pub Serv
16.28
.30
-
17.43
104% 106%
Southern Indiana G & E—
85
partto pref..60
".71
15.36
Utilities Ino. 50c
-
-
Foundation Trust Shs A. 1
Automobile
100
Sierra Paclfle Pow com—.*
35
82 %
conv
.65
«
Building shares
34
5%
Sovereign Investors...10c
Spencer Trask Fund
*
5.88
9.80
10
B.
Rochester Gas A Elec—
Mass Utilities Associates—
f 2.63
....
1.18
Equit Inv Corp (Mass)..5
Mass Pow & Lt Associates
Mississippi Power $6 pref.*
——
1
3.58
Queens Borough G A E—
6% preferred
..100
25
2.84
Series 1958
18.01
25c
Shares
Eaton A Howard Manage¬
■
24
——
.1
2.75
*
$7 prior lien pref
Republic Natural Gas
....*
2.34
2.90
Series 1956
3.75
.1
3.24
*
6% preferred D
preferred
45%
Series 1955
'
$2
7.51
1.57
Fundamental Invest Inc.2
$5 cum preferred
42%
6.88
6.93
2.83
1
Equity Corp $3 conv pref 1
Pub Serv Co of Indiana—
40 %
3.35
6.35
Steel
2.49
33%
preferred....... 100
8.15
Insurance stk series. 10c
32 %
7%
8.13
7.53
3.09
Bank stock series... 10c
26%
Long Island Lighting—
7.51
Deposited Insur Shs A
Fiscal Fund Ino—
Jamaica Water Supply...*
Jer Cent P & L 7% pf..l00
94%
Metals
Railroad
'f
m
118%
Philadelphia Co—
Kings Co Ltg 7% pref.100
9.06
66%
28
91 %
10.71
41%
24%
109%
102% 103
8.47
9.91
8.38
65%
24
108
6.62
10.30
39%
Interstate Natural Gas...*
Kansas Pow & Lt 4% % 100
6.U
9.63
7.83
88%
*
Penn Pow A Lt $7 pref
*
Peoples Lt A Pr $3 pref-25
Indianap Pow A Lt com.. *
Building supplies
Chemical
Oils...
34%
4.95
114% 117%
Eastern Pipe
Line Co
69%
9.52
86;
7% pf-.lOO
Penna Edison $5 pref
68
8.80
*
39%
Hartford Electric Llght.25
5.74
13.89
*
113
107% 109%
117
8.10
5.29
12.87
Automobile
Insurance stock....
31
32%
10
100
Fidelity Fund lnc
108% 110%
7.48
Agriculture
Electrical equipment...
'•"'eimmi'rn
117
Delaware Fund—
Series
6%
Derby Gas A El $7 pref..*
115%:
r
6.68
13.23
Railroad equipment....
♦Common B shares
Ohio Public Service—
97%
57%
107% 109%
113
6.27
N Y Stocks Ino—
Deposited Bank Shs ser A 1
86%
84%
110% 112%
~1~35
1.22
12.28
l
Bank stock
—
mm mm mm
,,
2.86
29
Cumulative Trust Shares. *
Dividend
Continental Gas A Elec—
■
Diversified Trustee Shares
100
*
pref
100
3.80
Aviation
117
116
Northern States Power—
7%
♦8% preferred
♦7% preferred
106% 108%
Northeastern El Wat A El
92 %
Central Maine Power—
'm'mm.im
♦Crum A Forster Insurance
84 %
Carolina Power A Light—
.
Nation .Wide Securities—
Machinery
1
73%
122 >6
$6 cum preferred
2.86
1
Series ACC mod
72%
67%
Atlantic City El 6% pref.*
Birmingham Elec $7 pref-*
Birmingham Gas—
$7
Series AA
,*
,*
*
$7 prior lien pref
*
32
New Eng Pub Serv Co—
98%
10%
9%
National Gas A El Corp. 10
Nassau* Suf
Electric
$6.60 preferred
Ask
New Eng G A E
106% 108%
3%
3%
111 M 112%
6%
Bid
7.40
25.94
_.l
Century Shares Trust
Par
6.94
Knlckbocker Fund
Canadian Inv Fund Ltd
Ask
4.61
8%
Commonwealth Invest
Par
10.87
7%
♦5% preferred...
Utility Stocks
9.82
4.09
Series S-3..1.
Bullock Fund Ltd
Public
29.62
Series B-2
3.46
3%
Bankers Nat Investing—
♦Class A
Teletype N.Y. 1-1600
7-1600
27.11
16%
:
Basic Industry Shares.. 10
Boston Fund lnc
Tel. BA relay
11.16
7.29
Assoc Stand Oil Shares...2
New York City
Ask
10.46
1
3.14
15
Amer Gen Equities lnc 25c
Am Insurance Stock Corp*
Stock and Commodity Exchanges
115 Broadway
Par
3.73
3.41
1%
Amer Foreign Invest Inc..
established 1879
Bid
Keystone Custodian Funds
Series B-l
Affiliated Fund lnc
Jackson & Curtis I
Ask
Par
Securities...
Admlnls'd Fund lnc
Aeronautical
Quoted
•
Investing Companies
♦Amerex Holding Corp..*
Amer Business Shares
Members Principal
2863
105%
18%
1
The Commercial & Financial Chronicle
2864
May 4, 1940
Quotations on Over-the-Counter Securities—Friday May 3-Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
3s. 1967
Beacon Hotel lnc 4s..1958
B'way Barclaylnc 2s..1956
B'way & 41st Street—
1st leasehold 3%-6s 1944
Broadway Motors BldgAlden Apt 1st mtge
in which you
our
have interest, you will probably find them in
Record.
monthly Bank and Quotation
In this publi¬
quotations ar8 carried for all active over-the-counter
stocks and bonds.
The classes of securities covered are:
cation
Domestic (New York
/35
/5
Bid
35
2s
Public
65%
1957
/io%
12%
N Y Title A Mtge
'45
Cheseborough Bldg 1st 6s '48
Utility Bonds
Federal Land Bank Bonds
39%
42
49%
52
5%s
5%s
5%s
5%s
Colonade Construction—
Public Utility Stocks
Railroad Bonds
1st 4s (w-B)—
1948
Court A Remsen St Off Bid
Real Estate Trust and Land
26
....
3%s
Stocks
Equit Off Bldg deb 5s 1952
Deb 5s 1962 legended...
Mining Stocks
U. S. Territorial Bonds
sells tor $12.60 per year.
2d mtge 6s
OU
52
21
23"
37
39%
...
5%s stamped.—...1961
Realty Assoc Sec Corp—
15%
5s
17%
34%
...
Film Center Bldg 1st 4s
Your subscription should be sent to
65
22
20
1946
52d A Madison Off Bldg
1st leasehold 3s. Jan 1 '52
1943
54
56%
..1957
66
68
10%
11%
income
Roxy Theatre—
1st mtge 4s
AH
'49
40 Wall St Corp 6s... 1958
42 Bway 1st 6s
1939
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
3
f2
J„—....1951
165 Broadway Building—
Sec s t ctfs 4% s (w-s) '58
3
38
500 Fifth Avenue—
Quotation Record Is published monthly and
45%
OA
6%s (stamped 4s)..1949
The Bank and
40%
61
43%
series Q
59
Prudence Secur Co—
1st Income 3s
U. S. Government Securities
56%
38%
...
1 Park Avenue—
50 Broadway Bldg—
Mill Stocks
54%
series BK
series C-2
series F-l
103 E 57th St 1st 6s—. 1941
2
36
Hotel units
Title Guarantee and Safe Deposit
Co—
Ollcrom Corp vtc
Eastern Ambassador
Stocks
ties
28%
Dorset 1st A fixed 2s..1957
Real Estate Bonds
Insurance Stocks
Joint Stock Land Bank Securi¬
6%
5%
22
26
1st
Industrial Stocks
Investing Company Securities
20
-—-1950
.
Railroad Stocks
Industrial Bonds
21%
63%
-.—
Chanin Bldg 1st mtge 4s
Foreign Government Bonds
20
1948
—
3B
Canadian
Canadian
1955
N Y Athletic Club—
Domestic
and
71
25
32
69
Brooklyn Fox Corp—
Municipal Bonds—
Out-of-Town)
1945
Sf deb 5s
/23
Ask
Metropol Playhouses Ine—
mm
7
N Y Majestic Corp—
4s with stock stmp—1956 ■V
4-68
Banks and Trust Companies—
Certificates
Ask
Bid
19"
17%
Savoy Plaza Corp—
3s with stock
31
/28
1400 Broadway Bldg—
Sherneth
.
40
1948
Fuller Bldg debt 6s...1944
1st 2%-4s (w-s)
1949
Graybar Bldg 1st lahld 5s '46
1st 4s stamped
mmm
no
11
1947
34
37
1950
26
28
1957
24
—1956
60 Park Place (Newark)—
22
20
1956
Corp—
1st 5% c(w-s)
'
1st 3%s
37
83"
81
61 Broadway Bldg—
Hantaan Bldg 1st 68.1951
Hearst Brisbane Prop 6s' 42
Inactive Exchanges
19
3%s with stock
45
47
616 Madison Ave—
Hotel St George 4s... 1950
Foreign Stocks, Bonds and Coupons
/17
34
36
3s
Syracuse Hotel
51%
1955
1948
Lewis Morris Apt Bldg—
1951
1958
1st 3-5s_
48
29
32
/31
/43
33
Trinity Bldgs Corp—
Lexington Hotel units
Foreign Unlisted Dollar Bonds
Due to the European situation some of the quotations shown
below are
nominal.
Bid
1946
Anhalt 7s to
Antloqula 8s_
1946
.
Bank of Colombia 7%. 1947
7s
1948
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Jugoslavia 5s funding. 1956
Barranqullla 8a'35-40-46-48
/26
/26
/36
Bavaria 6%s
/13
to...—.1945
.
67
Walbridge Bldg (Buffalo)—
36%
38
Wall & Beaver St
1950
3s_.
45
12
14
20
22%
66
60
v
Corp—
1st 4%s w-s—....1951
Westlnghouse Bldg—
■
mmm
66
46
1948
1st mtge 48.
mmm
/4
15
20
Jugoslavia 2d series 5s. 1956
/12%
/52
43"
65
1963
London Terrace Apts—
1st A gen 3-4s_.
1952
Ludwig Baumann—
1st 5s (Bklyn).——1947
1st 5s (L I)
1951
1st 5%s
Ask
Bid
Ask
41
1939
2 Park Ave Bldg 1st 4-5s'46
1st 4s
Tel. HAnover 2-5422
St., N. Y.
74
55
55
Lincoln Building—
Income 5%s w-s
52 William
71
Textile Bldg—
1st lease 4-6 %s
& CO., INC.
mm»
(Syracuse)
1st 3s
Lefcourt Manhattan Bldg
1st 4~5s
1948
Lefcourt state Bldg—
BRAUNL
with stock
15
20
—1943
/14
/3
/4
Sugar Securities
/4
Bonds
Bid
As*
Stocks
Par
•
Ask
Bid
Bavarian Palatinate Cons
1945
/8
Bogota (Colombia) 6%s '47
8s...
1945
/19
21
Land M Bk Warsaw 8s '41
/17
19
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
/13
Cities 7s to
Koholyt 6%s
/4%
4
1958
/4%
7s
1969
6s
....1940
/4%
/4%
/13
/26%
/35
/14 %
4%
5%
5%
Bollva
(Republic)
88.1947,
7s
Brandenburg Eleo 6s. 1953
Brazil funding 5s.. 1931-51
Brazil funding scrip
Bremen (Germany) 7s. 1935
68
1940
British
see
X
27%
1953
6%s
Buenos Aires scrip
Burmelster A Wain 6s. 1940
Caldas (Colombia) 7%s '46
Call (Colombia) 7s... 1947
Callao
(Peru) 7%s___1944
Cauca Valley 7%s.—1946
Ceara
(Brazil) 8s
1947
Central Agrlo Bank—
.
see
/12
/27
/5%
/12
/I%
Madgeburg 6s.....1934
Cordoba 7s stamped.. 1937
Costa Rica funding 5s. *51
Costa Rica PacRy7%B'49
-1949
Cundinamarca 6%s—1959
Dortmund MunUtll6%8'48
Duesseldorf 7s to
1945
Dulsburg 7% to
1945
Electric Pr(Ger'y) 6 %s'50
6%s
1953
European Mortgage A In¬
vestment 7%s
1966
7%s Income..... 1966
7s
1967
7s Income.
1967
Farmers Natl Mtgo 7s. '63
Frankfurt 7s to
1945
French Nat Mail SS 6s '52
/60
6%
13
3%
61%
1962
/4
Hungary 7%s
1948
North German Lloyd—
.77
/52
/13%
/17
80
/14%
/11%
16%
12%
15%
19
1947
1945
Panama City 6%s
1952
....
5% scrip
—1956
Porto Alegre 7s
.1968
Protestant Church (Ger¬
1946
many) 7s
Prov Bk Westphalia 6s '33
6s 1936...
5s
.1941
Rio de Janeiro 8%.—.1933
Rom Cath Church 6%s '46
/13
/13%
/13%
7s ctfs of deposit.
8s.
p,
6s..
...1948
;
Haiti 6s
/8
Canadian
/18
6%s
41
1951
Saxon State Mtge 68—1947
Stem A Halske deb 6s.2930
/8%
37
mmm
46
.
Unterelbe Electrio6s..l953
Vesten Elec Ry 7a
1947
Wurtemberg 7s to
1945
Apr
11%
11%
12
*
Dalhousle
I
11% May
15%
Jan
1.15
1.25
2,100
1.00
Jan
1.40
Feb
1.55
1.15
■
1.55
100
1.55
Apr
2.20
8%
7,316
6%
Mar
Apr
Apr
Apr
—7%
7%'
221
—
3c
40c
40c
2c
40c
1,700
Mar
14
.100
25
*
14
10
11
34%
85
22
*
""l "~17c
22
12 %c
24
30
8%
68
Mar
33%
Dominion Bridge
Howard Smith
Jan
40
100
3c
*
25
68
65
3c
III*
3c May
65c
Apr
17
33%
May
40
Jan
25
20%
Apr
10c
Jan
Feb
23%
6,600
18c
Mar
15c
Apr
Apr
Mar
18
Mar
30
Apr
31%
10c
Jan
1,000
7%c May
%c Mar
2o
Apr
1.92
5,285
1.66
Mar
2.35
Jan
%c
Apr
3%
Feb
74
25
30
30%
387
Osisko Lake
I—1
7%c
7%c
1,000
—.1
lc
lc
1.70
1
Robb Montbr
"1.75
—1
%c
*
Rodgers Majestic A..
*
Shawlnlgan..
Temiskamlng Mining. I"l
2%
21%
.......
<00 is
*
.
5c
.
27
Feb
19%
9%
—Sutro
Bros.
announce the
&
Co.,
opening of
members
2,000
%c
Mar
130
2%
35
20%
Jan
Feb
4.000
5c May
24
Jan
8%c
Jan
a
NOTICES
of the
New York
Stock
Exchange,
municipal bond department in their New York
office under the management of John
the
%c
2%
22%
5%c
No par value
CURRENT
9%
W. Hutton, who formerly managed
municipal bond department of Francis I. Du Pont & Co.
—Fuller, Rodney & Co., 44 Wall St., New York City, have prepared an
analysis of the plan of recapitalization which will be offered to the stock¬
78
73
Feb
6
mmm
74
1953
6%
Jan
Corrugated Box pref— 1100
*
Crown Dominion
Pend-Oreille
300
75
Feb
4
mmm
/14
/14
/14
67%
/60
/13
/13
/12%
5
497
mm m
/17%
Britain A Ireland 4s. 1990
100
6
Pawnee-Kirkland
20
holders of General Cable Corp. at a
18%
77
69%
special meeting to be held on May 23.
In detailing the advantages of the plan to the
firm recommends the acceptance
Kingdom of Great
3%% War Loan
Uruguay conversion scrip..
Jan
5%
*
Montreal Power
/17
f!7
/14
fl2
l%c
mm m
8
2d series 5s
....1956
Stettin Pub Util 7s
1946
1957
High
Apr
5%
—5
Klrkland-Townsite
Langley's pref
20
—1956
lc
1,000
5%
1-1
Marconi
V
Toho EleotrioTs—.1955
Tollma 7s
1947
24%
2%
lc
6~"
DeHavilland
QL/
Mtge Bk Jugoslavia
5s
lc
~
Coast Copper..
Consolidated Paper
/83
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s—1945
Low
Shares
III*
Canada Vinegars:
/7%
/8
/2
/16
/14
Price
*
Bruck Silk
mmm
/13
/12
/12
/12
/13
/12
Week
mmm
/8%
/13
Range Since Jan. 1, 1940
for
of Prices
Low
High
lc
Can Bud Brew
J2
1947
United
Hamburg ElectrleSi—1938j /12
Housing A ReaU mp> >
40/13%
30
/50
/34
Sales
Week's Range
Brett Treth
/13
Santander (Colom) 7s. 1948
f\2%
Hanover Hare Water Wks
deposit. 1948
8%
State
/23%
Exchange—Curb Section
—
/12%
Santa Fe 4s stamped. 1945
Great Britain A Ireland—
See United Kingdom
Guatemala 8s
1957
1948
8s ctfs of
/14
10
2862.
Par
Santa Catharlna (Brazil)—
German Conversion Office
Funding 3s
1946
German scrip
Gras (Austria) 8s.....1954
.
4s scrip
/14
1938
Stocks—
/9%
7s 1957
123
4
9%
Sale
Salvador
R C Church Welfare 7s '46
/19
/4
/4
/12%
3%
Sugar Co
Last
28
4s
/13
/12%
/12%
/19
/4
5
West Indies Sugar Corp.-l
Friday
/4
Mtge 7s
Ptland 38..
/18%
Agricultural 6s
Vertientes-Camaguey
National Hungarian A Ind
/4
bank 6%s .........1948
German Central Bank
22
25
mmm
Panama
GermanAtl Cable7s..1945
German Building A Land-
/20
1989
Toronto Stock
/65
7s to
119
35
April 27 to May 3, both inclusive, compiled from official sales lists
Saarbruecken M Bk 6s.'47
East Prussian Pow 6s. 1953
12
33
Corp.*
Refg—1
Sugar
—.
Oldenburg-Free State—
/14
60%
11
Savannah
/13
(A & B) 4s... 1946-1947
13
Punta Alegre Sugar
51
For footnotes see page
(C & D) 4s... 1948-1949
Nat Central Savings Bk of
25
66
/49
Nlquero Sugar—
3%s
—..1940-1942
/13%
Oberpfals Eleo 78—1946
City Savings Bank
Budapest 7s
..1953
Colombia 4s
.1946
/12%
/12%
Nat Bank Panama—
German Central Bk
5s
1945
Nassau Landbank 6%s '38
Central German Power
Chilean Nitrate 5s—..1968
46~~
2%
/64
1954
5s
/4
/13%
f50
32
1%
/50
scrip
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
British Hungarian Bank—
1962
43
13
30%
*
Haytian Corp com
1947
6s
...
29
/27
New
Munlo Bk Hessen 7s to '45
Brown Coal Ind Corp—
1951
12
Baraqua Sugar Estates—
Haytlan Corp 4s
/14
Meridionals Elec 7s—1957
...
/14
Munich 7s to
United Kingdom
7%s
1948
Water 7s....
Montevideo
/12
6s
/13
Mannheim A Palat 7s. 1941
Eastern Sugar Assoc com. 1
Preferred
1
Antilla Sugar Estates—
several classes of stock, the
of the plan.
—G. A. Saxton & Co., Inc. announce that
Howard S. Perry has become
associated with them in their Boston office, where he will be in charge of
their unlisted trading department.
the securities
firms since
Mr. Perry has had long experience in
trading field, having been connected with Boston investment
1917.
—The firm of P. F. Fox & Co. announces the removal of its offices to 120
Broadway, New York City.
'
''
~
Volume
The Commercial & Financial Chronicle
ISO
General Corporation
2865
and Investment News
RAILROAD—PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
FILING
OF
it is not
reasons
However, they
are
always possible to
always
SECURITIES
ACT
The
to
following additional registration statements (Nos. 4391
4397) have been filed with the Securities and Exchange
Commission under the Securities Act of 1933.
involved is
The amount
approximately $139,902,000.
Tampa Union Terminal, Inc. (2-4392, Form A-2), of Tampa, Fla.,
has filed a registration statement covering 7,212 shares of $4 cumula¬
Liabilities—$6
preferred stock, no par, (cumulative after Jan. 1, 1952), and 3,350
stock no par.
The 1st preferred
certificates for $1,202,000 prin¬
cipal amount of 63^ %, 1st closed mortgage sinking fund gold bonds, due
1953 and issued by predecessor, Tampa Union Terminal Co., and will be
offered on the basis of three shares of preferred stock plus $200 cash for
each $500 principal amount of bonds.
The 2nd preferred stock will be
exchange through certificates for $670,000 principal amount of
7%, 15-year sinking fund gold debentures, due 1943, issued by predecessor
company, and will be offered on the basis of 2M shares of preferred for
$500 principal amount of debentures.
Certificates are also to be issued to
Baltimore Trust Corp. for $62,500 principal amount of bonds, $10,000
principal amount of debentures, and $165,000 promissory note and such
certificates to be exchanged for $40,000 cash.
(See registration statement
2-4391).
There will be no underwriter.
Filed April 25, 1940.
in
Rich's, Inc. (2-4393, Form A-2), of Atlanta, Ga., has filed a registration
statement covering 10,700 shares common stock of no par value.
10,000
shares are to be offered to common stockholders through warrants at $60
{>er share. stockholders who convert are to preferred stock warrants to be
ssued to
The balance, 700 shares their be reserved for into common.
Walter H. Rich is
underwriter. Filed April 26,
Proceeds of the issue will be used for working capital.
1940.
cumulative
preferred
§30,505; general taxes accrued,
stock,
$679,300;
common
stock
$48,469; Federal income
taxes accrued,
$62,900; interest on long-term debt accrued, $61,258; dividends on pre¬
ferred stock accrued, $3,396; miscellaneous accruals,
$6,142; consumers'
extension deposits & unearned revenue, $57,469; reserves, $1,424,764;
contributions
for
extensions,
$4,037;
Alabama Great Southern
March—
Gross from railway
Net from railway......
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income-..
—V.
tive 1st
There will be no
possible.
(6,000 shares of no par value), $600,000; long-term debt, $5,766,853;
accounts payable, $28,723; consumers' deposits and accrued interest thereon,
capital surplus,
f50, p. 2245.
$546,298;
earned
.
150, p.
RR.-
Earnings—
1940
$652,822
211,160
164,352
$642,479
209,445
167,603
$540,829
107,550
102,743
$691,990
232,028
145,429
1,783,393
452,116
304,671
1,771,551
478,825
331,304
1,443,249
180,299
190,471
1,862,255
548,103
340,117
1939
1938
1937
2561.
Alberta Pacific Grain Co., Ltd.—Acquisition—
shares of $4 non-cumulative 2nd preferred
stock will be offered in exchange through
President of the company.
as
surplus, $465,565; total, $9,785,679.—V.
Tampa Union Terminal, Inc. (2-4391, Form Dl-A), of Tampa, Fla.,
has filed a registration statement covering SI ,264,500 of certificates for
6H% 1st closed mortgage sinking fund gold bonds, sude 1953, and issued
by predecessor; $680,000 of certificates for 7%, 15-year sinking fund gold
debentures, due 1943, and issued by predecessor; and $165,000 of certifi¬
cates for promissory note dated Jan. 13, 1933 and issued by registrant.
(See registration statement 2-4392).
The certificates are registered under
plan of recapitalization.
William H. Foster is President of the company.
There will be no underwriter.
Filed April 25, 1940.
issued
companies in exact alphabetical order*
arrange
alphabetical position
UNDER
STATEMENTS
REGISTRATION
as near
See N. Bawlf Grain
Co., Ltd., below.—V. 149, p. 1751.
Alleghany Corp.—Collateral Value Below 150%—
The quarterly appraisal of collateral behind the 5%
bonds of the
corpo¬
ration made May 1 by the three bond indenture trustees showed collateral
behind all three issues was below the 150% level required by the indentures.
The collateral value behind the 1944
bond issue was 142% of the $31,044,000 of bonds; collateral behind the 1949 issues was appraised at 133.02%
$21,938,000 of bonds outstanding and the collateral behind the 1950
issue had declined to 31.16% of the $22,500,000 of bonds outstanding.
The Guaranty Trust Co., trustee of the 1944 bonds, appraised collateral
behind its bonds at $44,103,714, including deposited cash of $349,189.
This compares with appraised collateral totaling $43,456,546, including
$349,189 of cash, or about 139.9% of the face amount of the bonds shown in
the Feb. 1 appraisal.
of the
The Continental Bank & Trust Co., trustee of the 1949 issue, appraised
collateral behind that issue at $29,181,714, including $693,315 of deposited
cash. In the Feb. 1
appraisal, the collateral value was $29,004,463, including
$693,315 of deposited cash,
or
about 132.2% of the face amount of the
bonds.
The Marine Midland Trust Co. trustee of the 1950 bond issue, appraised
collateral behind its issue at $7,014,328, including $103,569 of deposited
City, N. J. has
covering 25,000 shares of $1 par class A
common stock which will be offered at $7 per share.
Proceeds of the issue
will be used for working capital.
Joseph A. Reichart is President of the
company.
Reichart, DeWitt & Co., Inc. have been named underwriters.
cash.
Filed April 27, 1940.
Terminal Shares, the Alleghany
Corp. and the trustees of the bonds had
been settled, a pending suit instituted by the Chicago Burlington & Qulncy
Business Capital Corp.—(2-4394, Form A-l) of Jersey
filed
a
registration statement
Montgomery Ward & Co., Inc. (2-4395, Form A-2) of Chicago, 111.
has filed a registration statement covering 772,910 shares of common stock,
no
par, common stock subscription warrants and common stock sub¬
scription instalment receipts. Filed April 29, 1940.
(See subsequent page
added
an
explanatory note pointing out that
while suits instituted by the trustee of the Missouri Pacific
RR. against
RR. had been tried and the Court found in favor of the Burlington having
the right to condemn certain properties of Terminal Shares. For this
a valuation of $447.61 per $1,000 note was placed upon the Terminal
reason
Shares
by the Guaranty Trust in making its appraisal.
The Continental
and the Marine Midland Trust Co. omitted their ex¬
planation for carrying Terminal Shares notes in the present appraisal at
$465.66 per $1,000 note instead of $546.45 per $1,000 and $546.43 per
$1,000, respectively, as carried in the Feb. 1 appraisal.
The Guaranty
Trust Co., on April 1, valued the Terminal Shares notes at $397.47 per
$1,000 note.
notes
for further details).
Indianapolis Power & Light Co. (2-4396, Form A-2) of Indianapolis,
Ind. has filed a registration statement covering $32,000,000 of 1st mtge.
3H% bonds, series due 1970, and 140,591 snares of 5H% cumulative
preferred stock, par $100. Filed April 30, 1940. (See subsequent page for
further details).
Collateral behind the 1950 bonds in the Feb. 1 appraisal was valued at
$7,685,608, including $142,766 of deposited cash or about 34.16% of the
face value of the bonds.
The Guaranty Trust Co.
■
Texas Corp. (2-4397, Form A-2) has filed a registration statement
covering $60,000,000of debentures, due May 15,1965. Filed May 2, 1940.
(See subsequent page for further details).
Bank & Trust Co.
New Director—•
Stockholders, at their meeting held May 1, reelected the directors with
opposition offered to the management's slate.
Only change in the
board, which includes Chairman Robert R. Young, was the naming of
J.J. Anzalone, Secretary, to fill a vacancy left by the resignation of Harvey
D. Gibson, President of Manufacturers Trust Co. of N. Y.—V. 150,
P. 2709.
:
no
The last
in
our
previous list of registration statements was given
April 27, page 2709.
issue of
■
Alton RR.-
Acme Wire Co.—SO-Cent Dividend—
Directors have declared
dividend of 30 cents
a
per
share on the common
stock, payable May 15 to holders of record April 30.
Regular quarterly
dividends of 25 cents per share were previously distributed.
See also
—V. 149, p. 3543.
Aircraft
cisco Stock
Accessories
Corp.—To List
on
the
San Fran¬
Exchange—
Corporation has applied to the San Francisco Stock Exchange for listing
The exchange has approved the
177,000 shares, 50 cents par value, and listing
of the company's class A capital stock.
a
date to be announced later.
Company, in its Glendale plant, manufactures several different kinds of
specialized aircraft equipment, notably hydraulic devices for the extension
and retraction of landing gears, wing flaps and machine gun turrets.
A
Kansas City subsidiary, the Thomas L. Siebenthaler Mfg. Co., produces
de-iqing equipment, radio transmitters and receivers, and other aircraft
supplies.
Customers include some of the largest aircraft manufacturers and airlines
in the United States and abroad, several of which—Consolidated Aircraft,
Curtiss-Wright, Lockheed, North American Aviation and United Aircraft—
have shares traded in the aircraft group on the San Francisco Exchange.
The officers and directors of the company are:
Walter A. Hamilton,
Chairman of the Board; Ted Lynn, President; Edward Burke, Vice-Presi¬
dent; William J. Hosmer, Secretary; and John H. Newby and S. W. Voorhees, directors.—V. 149, p. 2677, 1615.
,
Aircraft Precision Products,
Inc.—To Merge—
March—
Net ry. oper. income—
From Jan. 1—
1940
$182,746
57,306
29,800
1939
$166,907
47,072
13,924
113,343
Gross from railway
Net from railway.
Netry. oper. income.
—V. 150. p. 2405.
Ry.—Earnings—
572,214
200,201
V
Gross from railway
Net from railway—...
-
1938
1937
276,888
9,995
$1,199,072
162,748
def90,715
$1,434,327
425,511
151,253
def31,995
3,615,691
720,711
def50,721
3,591,762
599,399
defl68,153
4,074,249
1,250,877
453,027
/
From Jan. 1—
Gross from railway
Net from railway
3,867,109
Net ry. oper. income—
—V. 150, p. 2075.
def73,015
721,538
.
American General
Corp.—March 31 Statements—
The statements of
corporation for the three months ended March 31,1940,
preferred share
(preference in liquidation $50 per snare and accrued dividends) and $7.37
indicate net assets as or that date equivalent to $111.82 per
per common
share.
„
1938
$140,083
30,294
30
1937
$207,577
82,861
43,953
497,203
148,313
379,667
56,599
55,370
def28,376
600,440
239,661
115,589
_
The annual report for 1939 showed net assets as of Dec. 31 equivalent to
$116.67 per preferred share and $7.78 per common share.
The statements
for the three months ended March 31, 1939, showed net assets as of that
date equivalent to
—V.
$100.99 per preferred share and $5.91 per common share.
150, p. 830.
American Insulator
Statement
Corp, of Del.—Earnings—
of Income for the 3 Months Ended March 31, 1940
$375,889
277,778
allowances and outward freight
of goods sold (incl. depreciation amounting to $9,082)
Gross sales, less returns,
Cost
Gross profit
Selling, administrative and general expenses
Discounts on sales, less discounts on purchases ,&c
Income taxes, estimated.
See United Aircraft Products, Inc., below.—V. 150, p. 1749.
Akron Canton & Youngstown
1939
$1,304',900
1940
$1,298,702
245,814
March—
Gross from railway
Net from railway..
Net ry. oper. income...
application, which covers
will become effective at
-Earnings—
Netincome
—.V.—
... —
.
—_—-
$98,111
35,364
4,220
14,000
$44,527
---—---— — ... —
Note—Sales and expenses are not made or incurred ratably through the
Therefore, the results from operations for the three months ended
March 31,1940 may not be indicative of the rate of yearly earnings.—Y. 150,
p.
1924.
year.
American
Investment Co. of Illinois—To
Pay 75-Cent
Common Dividend—Stock Dividend—
Alabama Water Service Co.
1939
1938
$1,094,655
Miscellaneous deductions—
690,462
$373,849
4,301
$391,234
5,118
$413,080
—
$378,150
263,538
1,585
$396,352
263,598
1,585
3,023
.
1,585
6,869
.""$141,148
Net income
$110,004
$1,081,696
$128,903
Balance Sheet March 31, 1940
Assets—Utility plant, $8,382,139; investment and fund accounts, $432,620; cash, $709,057; accounts/warrants and notes receivable (net), $110,950;
accrued unbilled revenue, $17,635; material and supplies, $73,059; prepaid
insurance and taxes, $26,805; deferred charges, $33,413; total, $9,785,679.
Directors have declared a dividend of 75 cents per share on the common
stock, payable June 1 to holders of record May 15.
Dividends of 60 cents
were paid on March 1, last, and on Dec. 1,
1939 and previously regular
2,265
263,478
Interest on funded debt.
Amort, of debt discount & expense..
715,019
$404,613
8,467
Net earnings
Other income (net)—...
$1,088,868
690,042
Operating revenues
Operating expenses and taxes
Gross income.....
(& Subs.)—Earnings—
1940
12 Months Ended March 31—
quarterly dividends of 50 cents per share were distributed.
Board also authorized issuance as a stock dividend two additional shares
value common stock for each share of common held, payable
July 26 record July 15.
On April 22, stockholders voted to increase
authorized common to 1,800,000 from 750,000 shares, and to change par
to $1 from no par.—V. 150, p. 2563.
of the $1 par
American
Radiator
&
Standard
Sanitary
Corp.—
[Including Subsidiaries in United States]
Quarter Ended March 31
Net profit after charges and Federal taxes
1940
1939
$440,754 loss$307,042
During the first quarter dividends received*from foreign subsidiaries
amounted to $171,723.
No part of these dividends is included in the
foregoing statement: and will not be included in income until the earnings
of such companies for the full year shall have been determined.—V. 150,
p.
1925.
American
$40,755,473
tSSSLSS!^. "T"8":::::::::::::::::::: "3S:li
ills:™.?
company
,
3,317,566
5,537,404
2,883,715
4,912,143
operations of subsidiaries
on-operating
Non-operating income of subsidiaries
$8,610,011
Dr26,679
$8,369,652
Dr 10,307
subsidiaries. .
Interest, amort, and pref. divs. of
$8,583,332
$8,359,345
4,425,683
for"depreciation
Provision
General taxes and
estimated Federal income taxes.
Net earnings from
Total income of
_ ..----
4,231,192
subsidiaries
and Subsidiaries)
$3,933,662
9,180
7,607
attributable to minority
Proportion of earnings,
common stock.
754,999,030 754,772,950
Plant, property, franchises, &c
Investments and fund accounts
Notes and loans receivable
Cash in banks—on demand
Cash in banks—time deposits
Total
$4,342,960
1,554,811
$5,890,176
$5,480,866
226,376
174,221
stocks of subsidiaries..
201,256
Expenses of American Light & Traction Co
Taxes of American Light & Traction Co—
245,934
Balance
61,000
$5,381,986
804,486
Balance
Earnings per share of common
stock...
$4,974,956
$4,577,500
consolidated surplus
Dividends on preferred stock
—V. 150, p.
$5,080,269
105,313
$5,442,986
—
deductions
Balance transferred to
$4,170,470
$1.51
804,486
$1.65
....
2709.
Prepayments
5,638,121
614,293
current assets
deposits
Reacquired securities—subs, preferred
Unamortized debt discount and expense
Other deferred charges
413,159
3,390,321
1,583,464
Miscellaneous
7,179,282
1,583,464
Other income
$5,387,562
$7,320,661
$696,858
$1,303,378
Admin. & sell, exp., int.,
(other than Fed.
income), deprec., de¬
pletion, &c—
taxes
15,289,527
703,675
15,234,658
573,270
380,213
Total
419,128
...831,003,750 828,116,495
-
.214,579,677 214,579,677
Capital stock (no par)
Subsidiaries—Preferred stocks
a
stocks
Common
111 ,622,200 111,623,500
425,076
450,519
;
Capital stocks subscribed—Pref. stocks of subs—
1,200
Long-term debt............
......
.........359,294,000
Customers' refunds........
—-.
159,669
Dividends declared
3,084,226
Currently maturing long-term debt
Accounts pay able.... ...
...
.....—.... — .
2,320,899
1,300
355,088,400
15,667,589
4,749,125
17,508,068
4,564,713
b Accrued accounts
Customers' deposits
Matured int. on long-term
791,356
for
Prov.
prospectiveI
purch.
627,773
2,952,792
2,591,341
$512,022
$69,085
$4,367,869
$2,796,221
i
.
■
losses on metal
& sale contr. for futureI
Crl21,845
Federal income taxes
•
mmrn —
m m
Dr3,238
'
m
$633,867
108,535
Drl,646
Net profit
Earns.per sh.on com.stk.
150, p. 1924.
$4,364,631
852,057
Dr8,802
$2,796,221
$523,686
$0.34
—
Minority interest
$69,085
59,076
Cr4,645
$14,654
$3,503,772
$2,001,294
$1.30
806,191
Crll, 265
$2.53
Nil
372,197
380,213
—
—
Co. (& Subs.)—Earnings—
American Power & Light
1939—12 Mos.—1938
1939—3 Mos.—1938
Period End. Dec. 31—
419,128
911,270
60,837,443
1,356,775
56,122,674
1,891,095
500,423
...—2,098,776
698,424
reserves
577,195
619,879
8,052,832
8,892,176
191,897
36,026
41,344,588
214,586
36,026
39,431,269
divs. on pref. stock of subs..
cum.
1,848,264
,
Minority interest in surplus of subsidiaries.
Capital surplus...
—
...831,003,750 828,116,495
Total
Represented by $6 preferred cumulative (entitled upon liquidation to
$100 a share); pari passu with $5 preferred; authorized, 1,000,000 shares;
issued and outstanding, 793,581 2-10 sbs., inclusive of 26 2-10 shs. (28 2-10
In
1938) shs. of scrip; $5 pref. cumulative (entitled upon liquidation to
$100 a share); pari passu with $6 preferred; authorized, 2,200,000 shs.;
issued and outstanding, 978,444 shs.; common, authorized, 4,000,000 shs.;
issued, 3,013,812 27-50 shs., less 5,30l shs. reacquired and held by company;
outstanding, 3,008,31127-50 shs., inclusive of 2,114 27-50 (2,248 27-50
in 1937) shs. of scrip,
b Includes miscellaneous current liabilities.—
V. 150, p.1417.
a
American Seating
Co.—Earnings—
Gross sales, less returns and
Cost of sales.
1939
1940
$1,875,995
977,170
332,520
allowances
$1,338,701
1,353,279
3 Months Ended March 31—
—V.
196,300
.
2,065,842
503,611
Contributions in aid of construction
Undeclared
2,057,615
1,161,464
credits
Casualty and insurance reserves
Inventory adjustment reserves..
Other
3,979,359
2,190,061
4,413,000
debt (cash in special
deposits)
Contingent liabilities (contra)....,
Earned surplus
Balance
375,543
150,577
-
stocks
Uncollectible accounts reserves...—....
Ltd. (& Subs.)—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
$3,993,477
$2,305,956
$1,007,994
$387,137
3,081,606
3,327,185
309,722
295,383
Profit before charges
1,178
5,766,968
....
Retirement and depletion reserves
Perm End. Mar. 31—
12,550,129
11,093,704
1,075
Subscriptions for preferred
Materials and supplies
Sundry
American Metal Co.,
>
14,878,755
11,852,164
Liabilities—-
-
Holding company interest
262,387
15,717,657
272,749
Working funds
TJ. 8. Govt., State, mun. & other short-term securs.
Accts. receivable, customers & miscellaneous
$3,926,055
1,547.216
2,301,866
1,017,940
346,408
19,006,590
750,000
Contingent assets (contra)
Equity of American Light & Traction Co. In
earnings of subsidiaries
Income of American Light & Traction Co. (exclusive of income received from subsidiaries)
$
$
Special
$4,352,140
Balance
1938
1939
Assets—
1939
29—
•
1940
earns, of subs, (after eliminating intertransfers)
$43,735,423
1940
May 4,
Consolidated Balance Sheet Dec. 31 (Company
Subs.)—Earnings—
Light & Traction Co. (&
12 Months Ended Feb.
Gross oper.
Chronicle
The Commercial & Financial
2866
338,540
Selling and administrative expenses
51,394
49,912
$138,801
13,870
11,243
loss$26,922
Provision for depreciation
Subsidiaries—
Operating revenues
$26,193,523
Oper. exps., incl. taxes.. 13,881,710
Property retirement and
deple n res've approp.
2,608,505
$24,279,021$101,500,043 $96,883,979
12,905,831
54,306,474
51,880,489
"
$9,703,308
74,440
$8,822,090 $37,152,842 $35,370,097
29,434
158,242
155,192
$9,777,748
$8,851,524 $37,311,084 $35,525,289
Net oper. revenues
Other income (net)
.
Interest and dividends received.
S undry income
Interest
Interest
to
3,970,535
Portion
applicable
minority interests
a
Net
Cr3,396
1,792,933
15,940,046
Crl4,361
7,169,835
16,032,661
0409,035
7,171,707
13,706
Int. charged to constr'n.
Pref. divs. to public
4,048,854
Cr2,628
1,792,459
other deductions
18,392
61,743
64,330
Net
$4,003,676
$2,994,741 $14,153,821 $12,665,626
$4,003,676
equity
equity
$2,994,741
$14,153,821 $12,665,626
19,560
97,408
75,209
21,277
Other income
$4,024,953
Total
Expenses, incl. taxes
147,340
Int. & other deductions.
711,726
$3,014,301 $14,251,229 $12,740,835
109,512
455,217
424,626
725,908
2,892,903
2,907,103
Balance carried to con¬
$3,165,887
solidated earnedsur.
$9,409,106
$10,903,109
$2,178,881
in income of subsidiaries.
Note—Operating revenues for the 3 months ended Dec. 31, 1938 reflect
an adjustment by one of the subsidiaries in December, 1938, following set¬
tlement of a rate case, removing from revenues $582,309 applicable to the
a
Of American Power & Light Co.
first 11 months of that year.
Comparative Statement of Income (Company
Other
$4,121,691
147,340
Int. & other deductions.
711,726
Total
Expenses, incl. taxes
Net
$3,262,625
income
Earned Surplus for
Earned surplus
Jan. 1,
$3,627,077 $11,743,363
109,512
455,217
725.908
2,892,903
$9,417,948
424,626
2,907,103
$8,395,243
$6,086,219
$2,791,657
12 Months Ended Dec. 31, 1939 {Company Only)-
$10,221,134
1939
8,395.243
Net income for the 12 months ended Dec. 31,1939
$18,616,377
Total
4,106,658
4,219,596
Dividends declared—Preferred stock ($6)—$5.17K a share
$5 preferred stock—$4.3114 a share
Adjustment of unamortized debt discount and expense on re¬
acquired bonds, less net profit of $46,472 applicable thereto.
.
Other debits.
29,745
1,235
__
Earned surplus Dec. 31, 1939
*
$10,259,143
Liabilities—
§
$
r
253,372,058
x
Capital
celv. (lessres.)..
2,331,332
1,886,674
receivables.
9,719
28,995
Deferred Income..
depreciation)... 2,733,559
124,844
Capital surplus
6,551,937
6,015,222
2,270,529
2,519,496
8,894,218
250,000
8,704,704
Am. 6% series
265,000
$
S'west'n Pow. &
deb.
...$8,149,944 $7,217,022
306,765
283.299
3,322
1,333,884
208,334
43,360,500
gold deb. bds.,
Divs. rec.—sub.
42,388,000
Light Co. 6%
3,167
int
157
Oth. curr. assets
135
American Water Works & Electric Co.,
49,159
45,017
3,320,303
3,446,955
Special
series A
Accts.
kilowatt hours, an increase of 31.3% over the output
hours for the corresponding week of 1939.
254,078
4,142,000
135,119
1,214,712
1,181,962
pay.
1,810,074
1,206,704
420
420
accts..
Pref. divs.
Capital surplus.
36,026
36,026
Earned surplus.
ears follows;
yei
W>
eek Ended—
49,708,000
51,321,000
50,887,000
51,473,000
—V. 150, p. 2710.
April 6
April 13
April 20
April 27
x
274,453,130 274,863,543
10,259,143
1Q18
1937
1936
40,686,000
41,992,000
40,939,000
39,179,000
39,779,000
38,685,000
38,148,000
38,313,000
49.946,000
49,814,000
50,000,000
50,513,000
45,072,000
46,512,000
45,251,000
45,791,000
American Zinc, Lead &
Smelting Co.—Earnings—
(Including Wholly Owned Subsidiary Companies]
—3 Mos. End.- Mar. 31— 12 Mos.End
Period—
I
1939
1940
Mar. 31*40
Net sales
$1,855,577
$2,416,027 $11,100,499
Cost of goods sold
1,602,119
2,135,459
9,960,764
$253,457
16,340
Gross profit on sales
income
Other
Total income
expense,
exps
net
$280,567
42,975
$1,139,734
161,910
$269,798
94,660
6,468
$323,543
102,119
114,000
9,900
121,500
20,065
$1,301,645
405,648
15,694
456,042
69,796
$44,769
$79,600
$354,463
259
Net profit
150, p. 2563.
Anaconda Wire & Cable Co.—Earnings—
on
manufacturing operations
1
Interest earned (net)
Total income
Selling & administrative expenses
Depreciation, obsolescence and dismantlements
1940
1939
$816,228
3,202
$561,212
3,350
$819,430
$564,562
421,396
220,327
445,709
212,122
10,221,134
Total
See footnote (a) of consolidated balance sheet.
last five
1939
1940
Provision for Federal income taxes
Net income
Total
of 39.179,000 kilowatt
Comparative table of weekly output of electric energy for the
3 Months Ended March 31—
3,911,000
payable.
Accrued
Inc.—Weekly
Output—
Profit
Other cur. liab..
deposit.
Deferred charges
Total.........$8,149,944 $7,217,022
—V. 150, p. 1418.
-V.
bds.,
Accts. receivable
Accrued
shares, no par)
Earned surplus
.
3,778,615
758,734
471,207
Com.stk. (221,062
(less
Other assets
Total.....
187,494
1,668,000
27,538
3,778,615
758,734
907,211
1946.
1,981,612
assets
250,584
1,668,000
28,965
taxes,&c
6% notes due July 1
2,713,481
145,135
Fixed
Provision for depreciation & depletion
Provision for Federal income taxes
1938
$
(no par value) 214,579,677 214,579,677
Cash
Gold
payrolls,
2,385,449
Inventories
$200,000
125,432
$600,000
157,833
payable.
comms.,
Customer accts. re-
Other
Notes payable
66,496 Accrued
71,147
stock
U.S.Govt. oblig.
Short-term secur
Note rec.—sub.
$394,625
Accounts
life Insurance...
Interest
1939
1938
1939
'
Nil
1939
1940
Liabilities—
1939
1940
$493,891
Cash....
Administrative, selling, &c.,
Balance Sheet Dec. 31 (Company Only)
Investments ...251,473,011
def$33,688
Output of electric energy of the electric properties of American "Water
Works & Electric Co. for the week ended April 27,1940. totaled 51,473,000
Only)
1939—3 Mos.—1938
1939—12 Mos.—1938
$4,100,414
$3,607,517 $11,645,955
$9,342,739
21,277
19,560
97,408
75,209
Period End. Dec. 31—
Income—From subs
9,384
Consolidated Balance Sheet March 31
Cash surr. value—
Amer. Pow. & Lt. Co.—
a
Earnings per share on common
Assets—
to
25,020
22,400
$105,134
$0.47
Net profit
and
public
$715
$163,914
25,020
11,360
long-term notes.
Sundry charges
on
Provision for Federal income tax
Gross income
11,582
16,056
9,633,393
10,040,727
2,551,100
274,453,130 274,863.543
Earns. per share on capital stock
—V.
150, p. 2410.
32,319
$129,280
$0.31
loss$77,161
N
Volume
The Commercial & Financial Chronicle
150
Anaconda Copper Mining Co.—New Chairman, (t*c.—
Cornelius F. Kelley, whose first job was as water boy at a dollar a day
in Butte, Mont, and who has been President of this company since 1918, on
April 30 elected Chairman of the Board.
The position of Chairman had not been filled since the death in Feb.,
1933 of the late John D. Ryan.
James
R. Hobbins, formerly Executive
Vice-President, was elected
President of Anaconda to succeed Mr. Kelley.
Mr. Kelley will continue his active executive interest in Anaconda as
Chairman of the Board.—V. 150, p. 2563.
on
Anglo-Canadian Telephone Co.— Earninas—
1939
1938
1937
1936
$691,627
Calendar Years—
Income (divs., int., &c.)
$685,349
67,855
15,581
$698,202
$669,178
70,295
70,422
32,658
Expenses--
64,032
11,824
Taxes
Interest
Net
_
$601,913
25,000
$598,860
■25,000
$565,879
$590,771
210,430
292,260
contin.
gen.
$56,451; prepaid insurance and taxes, $16,301; miscellaneous
deferred charges, $26,882; total $5,587,715.
Liabilities—First mortgage bonds, $2,700,000; 2d mortgage income bonds,
$1,826,250; accounts payable, $45,511; miscellaneous current liabilities,
$3,349; accrued taxes, $103,591; Federal and State income taxes, $6,705;
on 1st mtge.
bonds, $9,000; int. on 2d mtge. Income bonds, $24,006;
interest on consumers' deposits, $9,479; other liabilities, $153,643; capital
8Jt°ck, $524,487; earned surplus, $199,096; deficit in contingency reserve,
Dr$17,403; total, $5,587,715.—V. 150, p. 2410.
interest
A. P. W. Paper Co., Inc.—Bonds
Archer-Daniels-Midland Co.—Earnings—
$576,913
199,650
292,260
$573,860
210,100
191,015
60,887
$565,879
231,000
143,550
125,685
$111,858
$65,644
9 Months Ended March 31—
Net profit after depreciation and Federal taxes
Shares common stock (no par)
Earnings
Balance of income
Dividends
on
preferred
Dividends
on
class A
Dividends
on
class B
Balance
$88,081
$85,003
—V. 149, p. 1318.
1939
Arizona Power
32,316
1,870,593
43,784
2,782,328
31,666
2,307,839
2.006 cts.
2.063 cts.
1.741 cts.
1.708 cts.
Ordinary
$168,008
44,162
expenses-.
8,306
Operating income
Non-operating income
Gross
_
Income Account
1939
$3,774,643
45,673
144,487
.
Interest
$3,964,804
335,132
$3,468,358
$3,920,393
334.928
330,914
764,603
155,214
1,567,170
138.222
1,521
910.704
877,262
143,644
3,621
1,677,125
146,346
3,836
836
612
169
$3,172,751
792,053
262,645
$2,944,336
524,022
244,764
$3,238,940
$3,178,959
783,776
208,744
$529,408
58,927
$279,258
50,220
$454,926
56,701
$575,032
$588,335
196,593
$329,478
189,566
$511,627
196,985
$663,680
216,189
income
23,179
21,777
20,577
19,270
Net oper. income
Non-oper. income
$368,563
16,648
$118,136
17,757
$294,065
21.540
$428,221
16,017
$385,211
$135,893
409,900
9,357
13,345
$315,605
409,900
14,071
$444,238
409,577
-
_
expenses
Transportation
expenses
General expenses
Miscell. operations
-
Transp. for invest.—Cr_
Net oper. revenueTaxes, &c
interest
on
.
operating
Gross income
Interest on funded debtInt. on unfunded debt—
deductions
40,424
144,656
151,102
1,704,852
134,344
681,453
226,527
409,900
20,729
50,310
extent available and are
any
Arkansas-Missouri Power
Period End. Mar. 31—
37,050
42,776
39,102
$66,477
$324,403
$151,142
$1,427,252
1,036,834
$1,313,140
970,406
$74,423
751
$62,029
247
$390,418
27,563
$342,734
27,306
$75,174
35,347
$62,277
36,346
$417,981
142.272
$370,041
146,115
$39,827
$25,931
$275,709
$223,926
Net oper. income
Gross income
Int. & other deduc'ns...
-
150, p. 2710.
Comparative Balance Sheet Bee. 31
'
Investments
$
affiliated cos...
agents & condrs.
8,879
Misc. acc'ts rec__.
93,913
219,806
7,492
111,637
205,208
405
245
16,853
1,621,325
35,017
389
89,777
1,055,382
7,970
1,355,757
Misc. acc'ts pay..
Int. mat'dunpaid.
1,626,372
609
97,371
1,037,737
Divs. mat'd unpd.
Traffic <fc car serv.
Mat'l and supplies
Other curr. assets.
Deferred
assets
Unadjusted debits
balances payable
Audited acc'ts and
Funded
debt
tured
—
200
21,826
Other current liab.
9,432
27,124
Unadjusted credits 3,966,031
Add'ns to property
154,030
Profit & loss bal..
876,691
—25,561,198 25,453,554
def'd liabil.
Total.
Earnings for March and Year to
March—
1940
Gross from railway
Net from railway
14,160
1,228,793
1,849
r
mar
unpaid...
Unmat' int. accr'd
Total
200,200
23,938
7,512
18,202
Net oper. revenues...
Other income (net)
154,030
991,711
25,561,198 25,453,554
Date
1938
1939
1937
$331,734
61,772
25,956
$308,800
53,757
20,903
$398,740
97,784
59,480
1,000,057
159,172
56,377
Gross from railway
Net from railway
Net ry. oper. income--—V. 150, p. 2079.
88,000
1,289,000
1,276,599
$218,582
1,283
$3,156,603
12,715
$3,202,814
13,930
i:
$200,209
$219,865
146,373
146,385
19,054
8,121
$3,169,318
1,756,540
254,829
$3,216,744
mortgage bonds.
Other int. & deductions.
Int. charged to constr'n.
Crl76
Cr420
Cr3,609
Cr7,159
$34,958
$65,779
$1,161,558
$1,349,555
949.265
949,265
$212,293
$400,290
Gross income.
Int.
on
Net
•
income—..
—V. 150, p.
—
—
1,756,624
117,724
2564.
Associated Gas & Electric Co.—F. P. C. Finishes Inquiry
A charge that practices of the Associated Gas & Electric System holding
"damnable to the utmost" brought to a close
April 29 the Federal Power Commission's 4-year investigation of the effect
these practices on rates charged by six Pennsylvania operating suband service companies were
of
The charge was
Edward F.
957,575
152,350
46,067
810,037
71,124
def29,330
1.064,075
226,927
115,699
made by Lambert McAllister, Commission counsel, after
Huber, attorney for the Pennsylvania companies, asserted in
the practices complained of had not existed since the
his closing statement
beginning of 1939 and were "improbable" of recurrence.
"It is of little grace to come forward now and say they are relics of the
past," he said in reply to Mr. Huber's statwnent.
"The fact that they have
been discontinued is an admission of their perniciousness."
As a matter of fact, Mr. McAllister added, the complained-of practices
"are continuing
through the Utility Management Corp.
.
.
.
which today is paying charges for which there is no justification."
Reserving to Mr. Huber the right to cross-examine Daniel Starch, former
Associated Gas & Electric official, Commission Examiner Frank Hampton
announced at the conclusion of the April 29 session the investigation was
ended and he would study the record preparatory to making a report to the
Commission.
Mr, Huber indicated he might wish to question Mr. Starch
on a report, to be filed later on operating expenses of Associated Gas &
Electric companies and a comparison of expenses of non-system companies.
The investigation started in January, 1936, and was delayed more than
two years by litigation which resulted in a Supreme Court order refusing
the request of the Pennsylvania companies for an injunction to block the
inquiry.
The respondent companies are Metropolitan Edison Co., Nor¬
thern Pennsylvania Power Co., Pennsylvania Electric Co., Erie Lighting
Co., Clarion River Power Co., and Solar Electric Co.
.
3,762,002
$333,205
48,370
12,471
Net ry. oper. income-.From Jan. 1—
1,169,788
95,000
$199,739
470
,
sidiaries
payable..
wages
Other
1,250,536
Balance--
7,250,000
7,250,000
68,773
3,251
unmat'd.10,670,000 10,670,000
158,336
from
91,320
grants.—--
Fd. debt
159,005
rec
$9,299,321
3,650.120
$9,824,985
4,128,846
79,453
Prop, retire, res. approp.
Non-negot. debt to
car serv.
rec.
1940—12 Mos—1939
$680,779
282,877
Direct taxes
$
Capital stock
Govt,
Co.—Earnings—
1940—Month—1939
$708,858
334,666
Operating revenues
Operating expenses
1938
Liabilities—
■$
22,940,308 22,810,874
452,824
465,088
35,613
45,549
Cash
Special deposits
1939
1938
V
Period End. Mar. 31—
$25,493
1939
1940—12 Mos.—1939
$291,408
229,378
Other income (net)
—V.
Corp.—Earnings—
1940—3 Mos.—1939
$324,712
250,290
Operating revenues
Oper. exps. and taxes
Dividends applicable to pref. stocks for the period
32,754
Net deficit.
$27,427
27,427
$50,310
Sinking fund appropriation
88,648
from
income
balances
$46,633
18,340
36
300
531
300
Arkansas Power & Light
Total op jr. income—_
Hire of freight cars
Other
deductions
from
Net bal.
$67,674
17,299
30
Cr265
reacquired securities
Net income---
Operating income
Other oper. income
Traffic &
$45,922
711
Sinking fund requirements are appropriated from net income to the
a prior charge to the declaration and payment of
dividends.
Note—1939 figures restated for comparative purposes.—V. 150, p. 1128-
$3,962,735
318,442
800,923
156,963
1,739,309
138,888
1,853
318
Total oper. revenues
Maint. of way & struct-Maint. of equipment
1
-
a
$3,777,655
-
on
Net income
a
$3,729,120
49,500
;
141,773
-
—
i
long-term debt
Other interest-.
Loss
1936
1937
1938
$3,311,687
38,901
117,770
Freight
Passenger
Mail, express, &c
+\S8Ct3
11,255
3,233
20,321
$66,981
693
-
income
on
Taxes assumed
for Calendar Years
[Combined corporate and receivers' accounts]
gross
13,750
per
_
Other
1939
$148,494
50,873
10,476
13,750
5,571
3,068
18,834
Corp.—Earnings—
3 Months Ended March 31—
Total operating revenues
Provision for other Federal taxes
Provision for State and local taxes
1936
1937
1938
49,965
2,258,619
$0.47
$0.49
$0.46
$0.50
train m_
Tons carried (revenue)
2,248,995
2,231,746
1,990,317
2,207,512
Tonscarr. 1 mile frev.).364,025,778 315.836,464 382.250.693 378,859,018
Rate per ton per mile—
$0.008031
$0.008286
$0.008391
$0.007742
$10,762
Oper. revenue per mile..
$10,726
$9,404
$10,484
604
Avge. tons per train mile
631
599
627
Traffic
1940
share
$826,197
549,546
$1.23
—V. 150, p. 830.
Provision for deprec., renewals and replacements.
Provision for Federal income tax
Report—
Operating Statistics for Calendar Years
Rev. passengers carriedRev. pass, carried 1 mile
Rate per pass, per mile—
earns,
per
1939
1940
$2,016,023
544,916
$3.52
Maintenance-
Ann Arbor RR.—Annual
Pass,
Called—
All of the outstanding 3H% 10-year registered convertible notes due
Aug. 1, 1946, have been called for redemption on Aug. 1 at 100 and accrued
interest.
Payment will be made at the National Commercial Bank &
Trust Co., Albany, N. Y.—V. 150, p. 1270.
219
—
$615,771
25,000
income
Approp. for
29,047
2867
expense,
.
.
Open Washington Office—
Trustees to
holding companies of the Associated Gas &
Federal Court for Southern District of New York
The trustees of the two top
Arizona Edison
Co., Inc.—Earnings—
Period End. Mar. 31—
Total oper. revenue
>
-
Taxes
Retirement appropriate
$442,549
230,621
23,867
46,572
62,646
$404,366
210,697
20,447
45,251
60,039
$1,657,679
848,074
86,425
184,421
242,820
$1,563,598
795,416
76,465
184,027
232,324
$78,843
2,607
$67,932
3,303
$295,9.37
27,393
$275,367
25,442
$81,450
27,000
$71,236
34,497
$323,331
125,738
$300,809
137,989
24,006
2,650
6,705
1,165
25,375
2,447
1,844
442
96,340
6,724
4,861
2,751
101,974
7,236
7,122
1,112
$6,631
$86,917
$45,376
Net operating revenue
Other
revenue-..
Gross income
Int.
on
Interest
1940—12 Mos.—1939
$19,923
Operation
Maintenance
1940—3 Mos.—1939
Electric system outlined in
1st mtge. bonds.
on 2d mortgage
income bonds
Miscell. interest
Fed'l & State inc. taxes
-
Other deductions-
Balance
Balance Sheet March 31, 1940
May 1 various proposals for furthering cooperation between them and
Federal Government agencies.
The trustees, Walter H. Pollak for Associated Gas & Electric Co., and
Denis J. Driscoll and Dr. Willard L. Thorp for Associated Gas & Electric
Corp., informed Judge Vincent L. Leibell that they had changed their
original plans to report developments to the court monthly, but would
make reports instead every other month.
Their next report will be filed
with the court about the middle of June.
The program for improving cooperation with the Federal agencies which
was proposed May 1 provides for establishment of an office in Washington
and the designation of a single attorney to examine each report of any past,
pending, or future investigation of the Associated System or any of its
component units by the Internal Revenue Bureau, the Federal Trade Com¬
mission, the Department of Justice, the Federal Power Commission, or the
Securities
and
Exchange Commission.
Judge Leibell authorized the
trustee to open an office in the Nation's capital in furthance of this program.
SEC to Inquire of Shinn
The Securities
Assets—Plant property and equipment in service (net, $5,000,708; con¬
struction work in progress, $31,839; automotive equipment (less reserve),
and Associated
$28,777; investments, $2,504; cash, $194,651; accounts and notes receivable
(less reserve), $114,180; materials and supplies, $97,373; due from salt
River Valley Water Users' Assn, $18,049; unamortized debt, discount and
that
& Co. Influence in Associated—
and Exchange Commission on April 25 ordered
a
public
hearing for May 7 to determine whether Shinn & Co. is subject to a con-,
troling influence, directly or indirectly, by Associated Gas & Electric Corp.
Gas & Electric Co.
the SEC asserted that it has reasonable grounds to believe
Shinn & Co. directly or indirectly, owns, controls, and holds with
In Its order,
to vote 10% or more of the outstanding securities of the following
companies:
power
The Commercial & Financial
2868
The
Railway & Bus Associates:
Cities Traction Corp.;
and
Rochester
Transit Corp.
taken under the Holding
Company Act of 1935. The
proceeding is part of the Commission's plan to determine the status of the
multitude of companies in the Associated Gas System.
The Associated
Gas System is in process of reorganization under the Chandler Act.
The action
was
Output—
•
.
3 Months Ended
x
l£|°COt
$1,052,911 loss$514,928
5,766
4,113
Other income.......
Total income
$1,058,677 loss$510,815
—
...
1,812
1,875
227,300
paid---- --Federal income tax—
Provision for
—...
profit-.----------------------------'--$829,565 Ioss$512,690
administrative and general expenses including provision
and notes.—V. 150, p. 2080.
Net
x
144,698
145,670
plant & equipment
profit on operations.
Net
,
$1,198,581 loss$3<0,230
—
Depreciation of active property,
1940
Subs.)—Earnings—
March 31—
Profit on operations
Interest
'
Management Corp. reports that for the week ended April 26,
net electric output of the Associated Gas & Electric group was 93,671,983
units (kwh.).
This is an increase of 11,181,429 units or 13.6% above
production or 82,490,554 units a year ago.—V. 150, p. 2710.
The Utility
May 4,
Babcock & Wilcox Co. (&
Triple Cities Coach Co., Inc.; Triple
Richmond Railways, Inc.; Staten Island Coach Co.,
Inc.; Gas & Electric Associates; General Finance Corp.; Metropolitan
Investing Co.; New Hampshire Electric Railways; Oley Valley Railway,
Chronicle
After selling,
for doubtful accounts
Associated Telephone
& Telegraph Co.—Dividends—
April 30 declared dividends of 28 cents per share
1st pref. stock and 24 cents per share on the $6 1st pref. stock,
payable on May 15 to holders of record on May 1.
Like amounts were
paid on Feb. 15, last.
Dividends of 49 cents and 42 cents, respectively,
were paid on these issues of Nov. 15, Aug. 15, May 15, Feb. 15, 1939 and
on Nov. 15, 1938.—V. 150, p. 273.
Baltimore Transit
The board of directors on
on
Associates Investment Co.—Correction—
The name "Associated" Investment Co.
in last week's "Chronicle"
should have been Associates Investment Co.
See V. 150, p. 2710.
Co.—Earnings—
,
[Including Baltimore Coach Co.]
the 7%
31—
Period End. Mar.
Opiating revenues..... $1,057,552
873,778
Net oper. revenues
— .
—
$1,028,685
863,490
$3,098,184
2,625,208
$2,878,300
2,486,716
$183,774
97,119
Operating expenses.
Taxes.-.-
.
1940—3 Mos.—1939
1940— Month—1939
$165,195
90,234
$472,976
296,054
$391,584
264,310
'
■
Railway oper. expenses- 10,414,859
Railway tax accruals
al,233,669
Other debits or credits._
CV30.349
10,007,69 1
30,012,522
28.784,648
al,189,551
Z)r90,699
b3,630,443
b3,661,928
$431,396
$108,218
$1,409,803
Gross income—-
Fixed
Net
x$7,669
Net ry. oper. income-
Dr49,294
X)r243,506
$365,246 and $351,587.
representing accruals under the Carriers Taxing Act of 1937 and the Un¬
employment Insurance Acts.
b Includes for 1940 and 1939, respectively, $1,078,330 and $1,026,005
representing accruals under the Carriers Taxing Act of 1937 and the Unem¬
ployment Insurance Acts,
x Loss.—V.
150, p. 2411.
for
Includes
Atlanta
1940
Birmingham & Coast RR.—Earnings—
$317,484
44,078
def8,175
Gross from railway
Net from railway--.--*
Net. ry. oper. income...
From Jan.
1937
$330,901
54,998
def6.615
$386,101
89,386
43,775
863,270
77.278
def22,981
1,010,267
178,052
54,415
$339,725
66,165 >
7,545
1—
914,302
100,693
def44,358
Gross from railway....-
Net from railway
Net ry. oper. income
150,
1938
1939
1940
March—
—V.
respectively,
1939,
and
981,891
195,806
35,993
2079.
p.
Atlanta & West Point
RR.—Earnings—
Gross from railway
Net from railway
$160,159
21,315
def5,161
Net ry. oper. income...
From Jan. 1—
470,843
69,197
def2,063
Gross from railway.....
Net from railway
Net ry. op9r. income
—V. 150, p. 2079.
$144,702
14,409
defl0,219
429,512
51,610
defl9,420
■
■
Atlantic Coast Line
Period End. Mar. 31—
Operating revenues
Operating expenses.,—
$136,077
9,959
defl3,878
391,260
10,270
def60,9.39
1937
$165,562
29,951
5,380
472.253
70,100
def737
■rr^r-./y-
RR.—Earnings—
1940—Month—1939
1940—3 Mo*.-1939
$4,969,003
$5,200,123 $14,579,552 $14,051,144
3,693,179
3,387,793
10,798,210
9,878,452
$1,275,824
$1,812,330
$3,781,342
$4,172,692
625,000
Net oper. revenues...
625,000
1,550,000
$650,824
205,728
$1,187,330
$2,231,342
235,831
750,133
$2,622,692
711,002
Operating income
Equip. & joint facil. rents
$76,695
$180,977
6,359
15,685
$130,780
18,234
$70,336
$165,292
$112,546
for interest on series A 4% and 5% debs.
The approximate interest for the 3 months, at the full stipulated rates is
$235,223.—V. 150, p. 1927.
Purchase Offer—
(N.) Bawlf Grain Co., Ltd.—Receives
advised shareholders that a special general meeting of
May 30 to consider offer of Alberta Pacific Grain
Co. to purchase assets and liabilities of N. Bawlf Grain Co. for $1,000,000
in cash,
A meeting of Alberta Pacific shareholders will be held May 31 to
approve the offer.
Directors of the two companies have recommended
approval of the transactions in letters to shareholders.
Preferred dividends of Bawlf are in arrears since Dec. 1. 1930, and at
the end of the current fiscal year will total $1,300,000.
From this it is
evident that no equity is likely to exist for the common stockholders.
Assuming that $1,000,000 is available for distribution to preferred share¬
holders, the disbursement would amount to less than $50 a share.
Arrears
on the $100 par value preferred total approximately $65 a share.
In volun¬
tary or involuntary liquidation the shares are entitled to $105 and dividends.
R. W. Milner, President, states regarding the position of common share¬
Company has
shareholders will be held
i
"It is obvious that the common shareholders have no equity.
The
company's counsel has advised that since these arrears are unpaid the pre¬
ferred shareholders have the exclusive right to vote at all general meetings
of the company, and accordingly that the common shareholders will have
holders;
special general meeting of the company."—
right to vote at the coming
149, P. 2362.
V.
(Quebec), Ltd.-—Earninqs-
Beattie Gold Mines
Quarler Ended March 31—
ore milled.---Net income from metal produced
Tons of
1939
1940
155,700
.——....
Operating profit
Non-operating revenue.
$596,050
343,879
$265,919
—
148,760
$604,724
338.805
-
—
Development, operating & other current expenses.
$252,170
244
345
$266,163
Total
$252,515
Provision for taxes
30.500
26,600
Net profit
—V. 150, p. 1420.
$235,663
$225,915
1,550,000
Taxes
—
$127,274
3,507
Note—No deduction is made
no
1938
1939
1940
March—
income
$176,922
4,056
$83,382
— -
charges
$74,961
1,734
$88,690
5,308
& Santa Fe Ry.—Earnings—
Atchison Topeka
[Incl. Gulf Colorado & Santa Fe Iiy. and Panhandle & Santa Fe Ry.]
Period End. Mar. 31—
1940—Month—1939
1940—3 Mas.—1939
Railway oper. revenues_$12,049,575 $11,396,159 $35,102,062 $32,682,414
a
$86,655
2,035
Operating income--.Non-oper. income------
--
Beauharnois
Light,
Heat
&
Power
Co.—Notes and
Bonds Called—
Company has called for redemption on June 1, all $1,800,000 principal
of 5% 40-year convertible notes outstanding, maturing Jan. 1,
as well as all $16,200,000 principal amount of 5% 40-year second
amount
Net
income.
—V. 150, p. 2564.
ry. oper.
$445,096
_
$951,499
$1,481,209
$1,911,690
1978,
mortgage bonds outstanding
maturing at like date.
Company has made application to the
Atlantic Refining Co.
(& Subs.)—Earnings—
1940
3 Months Ended March 31—
Gross operating income
Costs, operating & general expenses
Taxes
1939
1938
$35,988,626 $29,820,790 $31,366,799
26,772,549
24,152,152
24,375,638
1,853,317
1,251,672
1,335,192
Insurance and doubtful receivables..
355,750
256,908
379,898
Intangible development costs
Depletion, lease amortiz. & aband'ts
Deprec., retire'ts & other amortizat'n
677,599
512,564
2,652,281
426,663
579,021
2,546,562
473,152
479,272
2,472,060
$3,164,566
157,882
$607,812
130,937
$1,851,587
246,286
$3,322,448
199,532
$738,749
200,296
$2,097,873
49,796
$3,122,916
$538,453
1,173
148,000
$2,048,077
403
148,000
Balance applicable to common stock $2,974,513
Earned per share on 2,663,999 shares
$389,280
$1,898,897
$0.15
$0.71
Net operating income
Non-operating income, net
...
Income before interest charges
Interest charges
t
Net income for period.
—
Income applic. to minority interests
Dividends
common
on
preferred stock
stock
$1.12
—V. 150, p. 2564.
^
Atlas Powder Co.—To
Directors have declared
stock
1,180
148,000
a
40-year second mortgage bonds, due Jan. 1, 1978, and $1,800,000 principal
amount of unsecured 5% 40-year convertible notes, maturing Jan. 1, 1978.
Permission is also sought to create and issue up to $18,000,000 principal
amount of 5% 20-year notes to mature May 1, 1960.
The company states that proposed retirement and issue will have the
effect of simplifying its capital structure and reducing its expenses.—
V. 146, p. 3329.
/;■-V.--
Beaunit
Pay 75-Cent Dividend—
a dividend of 75 cents per share on account of
$1.50 convertible preferred stock, payable June 1
May 15.
Similar payment was made on March 1, last,
and on Dec. 1, last, and a dividend of 3734s cents was paid on Sept. 15,1939,
this latter being the first dividend paid since March 1, 1938, when a regular
value, payable June 10 to holders of record May 31.
Similar
11, last, and compares with $1.50 paid on
Dec. 11, last; dividends of 50 cents paid in each of the three preceding
quarters and 75 cents paid on Dec. 10,1938.
See V. 148, p. 723 for detailed
record of previous dividend payments.—V. 150, p. 2711.
no par
Corp.—Earnings—
1940
$631,933
Cost of goods sold.
479,467
Beaumont Sour Lake & Western
1939
$600,473
452,773
Grc^s profit..
$152,466
106,380
Net ry. operating income
Provision for Federal and State income taxes
on common stock
975,512
546,234
324,551
Corp.—Sales-—
Net delivered sales for the first six months and
year
three weeks of the fiscal
were reported on April 26 at $1,117,438, which compares with
sales in the entire fiscal year 1939 of $1,328,296.
The production
1940
schedule, calling for completion of two twin-engine airline transport planes
for Canadian Airways, Ltd., before April 30, now seems assured, the
corporation said. Delivery of these airliners will bring to more than $275,000
the net total of sales since April
$147,700
101,707
1.—V. 150, p. 2411.
Mfg. Co.—Earnings—
$28,044
$0.29
106,025
42,760
10,284
7,755
$45,224
73.748
$100,178
6,405
-
1939
$1,114,036
$100,178
—
1940
$1,450,630
166,178
44,009
21,990
3 Months Ended March 31—
Net income before depreciation
Provision for depreciation
$118,972
Non-recurring income.
Provision for Federal taxes
(estimated)
Provision for contingencies
Net income
Net income
Earnings per share
—V. 150, p. 2711.
836,906
410,563
225,432
134,649
150, p. 2080.
Beech Aircraft
$28,738
$0.30
Depreciation
830,258
414,236
230,645
821,853
401,217
217,452
$45,992
Cr8,208
6,997
13,274
5,884
$46,086
Cr9,689
5,964
14,669
Other income.
Other deductions.
1937
$340,605
195,690
112,868
1938
$283,452
Net sales billed
Operating profit
72,378
$298,060
152,783
91,531
$270,535
129,148
69,121
Net ry. operating income
From Jan. 1—
—V,
Ry.- -Earnings—
1939
1940
March
Gross from railway
Net from railway
Belden
Sell. & adminis. exps. incl. outward freight
the
quarterly dividend of like amount was distributed.—V. 150, p. 831.
total
Atlas Tack
on
to holders of record
payment was made on March
3 Months Ended March 31—
Net sales
Mills, Inc.—Accumulated Dividends—
Directors have declared
accumulations
Gross from railway--...
Net from railway..-...-
dividend of 75 cents per share on the common
Provincial Electricity Board for
permission to redeem in whole or in part within 60 days at par and accrued
interest to the date of redemption $16,200,000 principal amount of 5%
Net income
-V. 150, p. 2248.
Baltimore & Ohio
March—
RR.—Earnings—
1940
1939
Berkshire
1938
1937
Gross from railway
Net from railway
$13,207,632 $12,523,484 $10,549,384 $15,911,760
3,025,475
3,199,267
1,681,393
4,680,347
Net ry. operating income
1,749,392
2,025,490
420,978
3,241,532
From Jan. 1—
Gross from railway
Net from railway
Net ry. operating income
—V. 150, p. 2712.
40,407,061
8,738,908
4,863,726
35,314,013
8,445,491
4,956,668
30,501,204
3,514,343
def202,938
43,256,121
11,562,235
7,061,954
Fine
Spinning
Associates,
Inc.—To
Pay
Preferred Dividends—
Directors have declared
a
dividend of $1.25 per share on the $5 con¬
vertible preferred stock and a dividend of $1.75 per share on the 7% con¬
vertible preferred stock, both payable June 1 to holders of record May 24.
Like amounts were paid March 1, last, and on Dec. 1, 1939, these latter
being the first payments made on these issues since Dec. 1, 1937, when
regular quarterly dividends of like amounts were distributed.—V. 150,
p.
2248.
Volume
Bell
The Commercial & Financial Chronicle
ISO
12 Months Ended. March 31—
1940
Operating revenues
Operating expenses
a
Operating taxes
'
■
Net operating income
_
Other income
1938
1939
$68,811,093
47,513,666
5,723,732
$72,290,984 $69,088,962
49,273,696
47,725,107
6,523,829
5,946,241
millions of dollars worth of bonds not
now assented should promptly join
majority of assenting bondholders to make the plan possible.
in soliciting assents to
the plan are doing
everything within their power to bring about a successful
conclusion, but the success or failure of the plan is now clearly dependent
upon the cooperation of those bondholders who have not
yet come in.
On Nov. 7, 1939, the Reconstruction Finance
Coropration announced
that it would agree to
purchase new 1st mtge. bonds to make, a plan of ex¬
change possible.
The plan is dated Dec. 15, 1939, and was released to the
public Jan. 4, 1940.
Active soliciation of assents started Jan. 9, 1940, and
it wat hoped the plan
might be made operative by March 15.
It was neces¬
sary to extend the time limit to May 1, and it is now
necessary to extend
the great
——
The executives and staff of the railroad
engaged
..$16,493,459 $15,417,615 $15,573,695
20,522
13,637
Dr55,425
_
Income available for fixed charges_$16,513,981
Fixed charges, incl. int., disc't, &c___
5,402,149
Net income..
Preferred dividends
Common dividends....
$15,431,252 $15,518,269
5,437,073
5,435,647
b$ll,lll,832 b$9,994,178 $10,082,621
1,300,000
1,300,000
1,300,000
8,800,000
8,800,000
8,800,000
...
2869
declared operative to June 13 because not
enough bondholders have as yet
approved the plan by sending in their assents to make its consummation
feasible.
The railroad has now exhausted its
right to make extensions
under the plan, and it is
absolutely necessary to its success that the several
Telephone Co. of Pennsylvania—Earnings—
........
it further
Balance,
surplus.
to June 13.
"The market value of the bonds of the railroad since Nov. 7 has
gone up
30%.
It is considered by the management of the railroad that this
increase in market value is caused
by confidence on the part of the public
that the plan will be successful.
Bondholders who have not yet assented
def$17,378
$1,011,832 def$105,822
No provision included for Federal undistributed
profits tax.
b Equiv¬
alent to $8.92 a common share in 1940 and $7.90 a share in 1939.—V. 150.
a
2248.
p.
over
'
Bernards Water Co.—Bonds Placed
Privately—The
must.realize that the present market value
com¬
Mr.
tioned at the annual
<
,
Proceeds will be used to pay off the presently outstanding 6% bonds
($36,000) called for payment May 20 at 105 and for working capital, &c.
The called bonds may be surrendered at
any time with all coupons maturing
subsequent to May 1, 1940, attached, at office of the Bernards Water Co.,
Bernardsville, N. J., or at the election of holders at office of Fidelity Union
Trust Co., Newark, N.J.
The New York Trust Co. is trustee for the
cannot be maintained if the plan
Trowbridge stated that
the three large institutional holders men¬
stockholders meeting by Mr. French as not having
assented, have since come in, but there are still millions in face value of
bonds in the hands of the public which have not assented.
Because of the
necessary lapse of time required to obtain approvals of the
plan by RFC and the Interstate Commerce Commission, formal applica¬
tions have been filed with those
bodies, but it must be understood that such
April 18 sold privately $250,000 1st mtge. series A
3%% bonds due Feb. 1, 1965.
pany on
application does not assume that sufficient bonds have yet assented to justify
declaring the plan operative.
,
new
Mr.
Trowbridge emphasized
fact that non-assenting bondholders
plan depends on their cooperation, and
that its successful consummation will be much more
advantageous to all
concerned than reorganization under Section 77.
issue.
the
must realize that the success of the
Birmingham Electric Co.—EarningsPeriod. Ended Feb. 29—
$649,309
419,779
86,165
$7,817,264
5,028,223
986,320
50,000
600,000
600,000
309
310
3,719
3,732
$93,056
352
$111,052
$1,169,244
536
$1,199,002
4,466
$93,408
$1,203,468
549,000
52,657
$1,173,456
45,750
4,350
$111,588
45,750
4,412
$43,308
$61,426
$601,811
429,174
$571,900
429,174
$142,726
_
investments-
Other income (net).....
Gross Income....
Int. on mortgage bonds.
Other int. & deductions.
Net income.
.
Presdient E. S. French warned bondholders not to be misled into think¬
ing that the plan of exchange is assured because the railroad
has filed
formal application with the Interstate Commerce Commission for
.
authority
approval of the purchase of new bonds by the
Reconstruction Finance Corporation.
The early filing of these two applica¬
tions was made to start the formal
steps and in the hope that before the
ICC considers these applications the railroad
may be able to demonstrate
to it that
substantially all of the bonds of the railroad have assented to
the plan. ■. ■
;/.1
President French further stated:
"I am greatly disappointed that assents
to the plan are not now sufficient to warrant
declaring the plan operative.
We still need assents from several millions more of
bonds, and we are going
to make every effort to
get them.
However, if we are to be successful,
bondholders must cooperate.
It would be unfortunate if the selfish desire
of a relatively small
group, who seek to profit at the expense of cooperating
bondholders, should now bring about bankruptcy proceedings.
The rail¬
road will not, however,
directly or indirectly, buy any bonds in order to
effectuate the plan."
;/!:!;;./! •
ft::.-f'.y
to issue new bonds and for
Net oper. revenues
a
Interest and principal payments on $2,639,000 of Boston & Maine bonds
which matured May 1 were treated in the same
way as the Feb. 1 maturity
—the interest was paid, but no
payment was made on the principal.
958,748
re¬
serve appropriations.
Amortization of limited-
term
May 1 Interest Paid—Payment of Principal Deferred—
$7,477,985
4,746,261
$172,637
retirement
$629,804
385,159
83,283
50,000
Direct taxes
Property
1940—12 Mos.—1939
1940—Month—1939
Operating revenues
Operating expenses
—
Divs. applicable to pref. stocks for the period--
Balance
4,212
549,000
52,556
a Dividends
accumulated and unpaid to Feb. 29, 1940, amounted to
$178,822, after giving effect to dividends of $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred
stock, declared for payment on
March
1, 1940.
Dividends on these stocks are cumulative.—V. 150,
p. 2412.
Application to ICC and RFC Does Not Mean Success of Plan
Formal application to the ICC and to the RFC for those bodies to approve
its plan of exchange does not mean that sufficient bonds have yet assented
Birmingham Gas Co.—-Notes Called—
to
justify declaring the plan operative, it was announced April 30 by
Trowbridge, Vice-President.
Commenting on reports that the road's formal applications, as announced
by the ICC and the RFC indicated that a sufficient number of bondholders
had assented to make the plan operative, Vice-President Trowbridge said,
"This is emphatically not true."
" ■- -■
"V.^.
Mr. Trowbridge pointed out that, when it was found necessary to ex¬
tend the time within which the plan of exchange may be declared operative
to June 13 because not enough bondholders have as
yet approved the plan
Directors have authorized the redemption on May 31, 1940 of all the
Issued and outstanding six-year 4M% sinking fund notes due Oct. 1, 1944
at the redemption price of 100 and accrued interest. Payment will be made
at the office of the trustee,
W. S.
Birmingham Trust & Savings Co. Birmingham,
Ala.—V. 150, p. 1130.
'
■
'
■
Boeing Airplane Co,—Lists Underwriters—
Company filed May 1 with the Securities and Exchange Commission an
amendment to its registration statement reporting the investment banking
firms that will underwrite its offering of 360,979 shares
($5 par) common
stock.
:"y.:r
The new stock is to be offered in the ratio of one share for each two held
to stockholders of record of May 10 and to holders of certificates for com¬
shares of the United Aircraft & Transport Corp. who become stock¬
mon
holders of the company after the record date and before the expiration date
subscription. Warrants to subscribe will expire on May 24.
The underwriters and the percentages of unsubscribed stock which each
will purchase from the company are:
Harriman, Ripley & Co., Inc., 25;
for
to make its consummation feasible, the railroad "because of the necessary
lapse of time required to obtain approvals of the plan by the RFC and the
ICC filed formal applications wita those bodies.
"It must be understood, however," he said, "that such application does
not assume that sufficient bonds have yet
assented to justify declaring
the plan operative.
It is absolutely necessary ,to its success that the
several millions of dollars worth of bonds not now assented must promptly
join the great majority of assenting bond holders, if we are to make the
plan possible."
G.
M.-P. Murphy & Co., 25; Blyth & Co., Inc., 15: Lehman Brothers,
15; Hayden, Stone & Co., 7H; Dean, Witter & Co., 7K; Ferris & Hard5.
Unfilled orders on April 17 amounted to $26,006,715, compared with
$23,002,575 on Dec. 31, 1939, and $14,394,918 on Dec. 31, 1938.—V. 150,
p. 2565.
Asks
Borg-Warner Corp. (& Subs.)-—Earnings—
$2,672,222
94,837
Total income.,. i
Depreciation
$2,767,058
431,783
Interest
-
_
.
w
_
Federal taxes.
v
A-
1940
62,906
496,129
-.
......
1939*
$1,978,658
1938
$3,049,870
124,126
$2,049,668
456,091
59,923
378,949
$240,612
469,677
50,164
9,060
"$37173,997
com.
stock,
_
$1,776,240
y2,336,713
Earnings per share$0.76
$2,171,923
zl.150,982
x$1.88
On the basis of the new stock
x
(two shares of whicft will be issued for
earnings of $2,171,923 are equal to $10.94 per share
on 2,301,964 shares ($5 par) common stock
outstanding (2,461,814 shares
less 159,850 shares owned by corporation). y Par $5. z Par $10.
each share of old) the
Balance Sheet March 31
1940
A ssets—
:
x
$
equipment..!
%
13 ,978,137
14,867,739
870,568
128,628
Misc. investm'ts 1 ,580,123
Cash
8,748,611
10,000
68,105
13 ,524,642
10,819,443
Marketable secure.
Inventories
Accrued
1,880,414
11 ,576,233
—
int.
and
divs. receivable.
79,889
7,634
Notes & accts. rec.
7 ,224.297
7,530,405
Prepayments
Deferred
856,881/
1940
>
-
k
1939
Liabilities—
z
Patents & goodwill
y
-
S
Common stock..
Securities
in
Voluntary
formally applied to the Interstate Commerce Comm.
agreed to Cooperate.
The road asked authority to issue $124,054,000 of bonds, consisting of
consisting of $72,160,000 first mortgage 4% bonds due 1960 and
$51,894,000 income mortgage 4j^% bonds due 1970.
Of the total issue $51,893,250 of first mortgage 4s and an equal amount
of income 4)^s are being offered to holders of the road's $103,786,500
outstanding bonds.—V. 150, p. 2713.
Boston Edison
Co.—Earnings—
Period End. Mar. 31—
revenues
Hurricane
1940—12 Mos.—1939
1940—3 Mos.—1939
$9,513,069 $36,095,634 $33,533,446
17,616,093
15,463,260
4,118,558
695,212
3,488,064
3,796,838
870,484
$10,165,414
4,529,609
expense
expenses..
— —
Depreciation
Spec. prov. for retire'ts.
1,005,390
Uncollectible
23,993
1,828,788
23,725
1,876,712
750,000
87,579
6,420,031
146,410
6,382,370
Net oper. Income.
$2,777,634
Non-operating income-25,510
$2,623,589
$7,425,092
$7,358,130
15,656
128,123
103,772
$2,639,245
478,802
$7,553,215
478,417
1,922.043
$7,461,902
2,008,539
$2,324,726
$2,160,444
$5,631,172
$5,453,363
617,164
$3.76
617,161
$3 .50
617,164
$9.12
__________
revenue
Taxes accrued
/
Gross income—.
1939
Prop.; plant and
The company has
Operating
Operating
$1,154,705 loss$287,673
y2,302,042
y2,302,030
$0.50
def$0.125
Issue
to
for authority to issue the securities necessary to effect its voluntary plan
of capital readjustment in which the Reconstruction Finance Corporation
468,234
91,101
442,739
Cr617
Net profit..
Shares of
1937
$150,004
90,608
Minority interest
Permission
bonds,
71,011
.
ICC
Adjustment—
grove.
3 Mos. End. Mar. 31—
Operating profit
Other income.
•
$2,803,144
Int., disct., rents, &c__
-
12,309,485
12,309,460
Accts. payable and
accrued
a2,192,891
3,165,793
Other accruals.... 2,594,303
1,798,870
Federal tax reserve 2,176,564
1,395,778
Adv. royalties and
other defd. inc..
80,068
77,897
Refrlg. maint. fund
772,586
591,637
Special reserves...
892,815
793,750
Surplus.
28,682,057 25,048,253
211,787
Income balance
Shares of
common
stock
outstanding ($100 par)
Earnings per share
—V. 150, p- 2249.
Boston Worcester & New York Street
3 Months Ended March 31—
Net profit
617,161
\/
f
$8.84
Ry.—Earnings—
1039
$6,274
716,714
;;
—
Revenue fare passengers
—V. 149, p. 2963.
—
$9,585
705,280
;
918,680
charges..J
Botany Worsted Mills—New Director—
Total.........49,700,769 45,181,444
Total
.....49,700,769 45,181,444
After
depreciation,
y Including 125,184 (159,850 in 1939) shares of
Borg-Warner common stock,
z Par $5.
a Accounts payable only.
x
J. P. Maguire has been elected a director of this company succeeding
Henry C. Whitehead.—V. 150, p. 2565.
:
,
(E. J.) Brach & Sons—Stock Increase Voted—
#
Offers Heating Unit—
the annual meeting held May 1,
stock to 300,000 shares from 200,000
Stockholders approved resolutions at
V;
The Norge heating division is getting underway on a broad
manufacturing
increasing the authorized common
and sales program to provide heating and air conditioning equipment at low
cost for homes in the $2,000-$9,000 class.
Four new units will be in full
and waiving their preemptive rights in regard to 25,000 shares.
They also
authorized the sale of not more than 25.000 shares to employees and officers.
production before June 1, according to Howard E. Blood, Vice-President of
the corporation and General Manager of Norge.
The new units range in size from a small below-floor installation, which
requires no basement, to a completely automatic full-sized pressure type oil
furnace with electric ignition, air filter and humidifier.
All are of the oilburning warm-air type, with an alternate model in the largest size designed
to burn gas.—V. 150, p. 2412.
—V. 150, P. 2565.
Boston & Maine RR.—Time
The time limit in which
the plan
for Deposits Extended—
of exchange may be made operative
has been extended to June 13, it was announced April 28 by W. S. Trow¬
bridge, Vice-President.
Mr. Trowbridge stated, "I am sorry to announce that it has been found
necessary to extend the time within which the plan of exchange may be
Bristol-Meyers
Executive
changes
Co.—New Officers—
approved at the recent directors meeting included
the selection of Philip C. Sayres as Secretary-Treasurer; Walter H. Kamp
as
Comptroller, and L. J. Brosky as Assistant Secretary.—V. 150, p. 2082.
British Columbia Power Corp.,
Period End. Mar. 31—
Gross
earnings..
Operating
Net
expenses
earnings
-V. 150, P- 2713.
Ltd.—Earnings—
1940—Month—1939
1940—3 Mos.—1939
$1,397,739
$1,329,012
803,273
815,544
$4,181,284
2.425,278
$3,998,429
2,373,236
$513,468
$1,756,006
$1,625,193
$594,466
.
The Commercial & Financial Chrdnicle
2870
May 4, 1940
Brooklyn Edison Co., Inc.—Earnings—
Sales of electricity
Sales
or
3 Mos.
March 31, 1940—
$14,178,529 $13,542,508 $51,830,391 $49,705,678
214,317
1.425.828
1,063,364
revenues. ,
407,617
38.430
$502,788
123,336
$1,486,133
432,536
$379,453
477
$1,053,597
3,294
$379,930
$1,056,892
92,400
.
372,410
Administrative and selling expense.
Total oper. revs
Operating expenses—
Depreciation
«,
a
$14,586,146 $13,756,825 $53,256,219 $50,769,042
21.671,995
4,873,172
21,012389
5,530,976
5,431,009
1,593,349
5,564,154
1,500,414
2,962,270
3,033,000
b Taxes
12,089,492
.
Interest received.
11,626.446
Profit
Operating income
$4,521,756
Non-oper. revenues
80,314
Non-oper. rev. deduct'ns
24,952
$4,328,034 $14,063,723 $12,566,053
117,871
451,745
513,292
29,769
125,274
129,003
$4,577,118
$4,416,136 $14,390,194 $12,950,342
555,520
2,222,080
2,254,233
28,047
339,105
217.177
555,520
29,684
Net income
b Including provision
discount and
$3,832,569 $11,829,009 $10,478,932
2,646,643
488,318
2,419,395
$3,991,914
593,725
Incl. maint. expend.of
a
for Federal income tax.
c Amortization of debt
deductions.—V. 150, p. 1423.
expense and miscellaneous
Brooklyn-Manhattan Transit Corp.—Court Order Signed
for Razing Three Elevated Lines—
In
-
-
depreciation
Provision for
68,758
for period
—
Liabilities—
Mar.31 ,'40 Dec.31,39
y
bldgs., ma¬
Land,
Cash
724,125
contracts
L24L788
60,577
61,676
98,866
98,868
54,417
...
Unclaimed wages<fe
Brooklyn Union Gas Co.—Earnings—
1940—3 Mos.—1939
Period End. Mar. 31—
on
75,776
3,536,945
423,200
$1,303,921
Dr32,871
$4,552,340
Dr74,905
$4,757,098
Dr60,138
625,300
$1,271,049
627,500
$4,477,434
2.507,800
Other
interest
and
72,451
26,127
161,824
Represented by 348,000 no par shares.—V. 150, p.
y
.
115,300
Earnings
common
a
per
$617,422
$1,807,810
$2,071,402
$0.84
$0.83
$2.43
$2.78
share
stock
1940
Gross from railway
Net ry. operating income
From Jan. 1—
Earnings—
Net ry. operating income
$101,036
def3,753
defl8,634
$110,943
defl,310
defl5,755
$124,951
26,626
def3,039
296,306
7,002
def33,055
319,346
def9,417
def65,347
308,990
36,211
def33,626
def27,067
—V. 150, p. 2083.
Business
Canadian Malartic Gold Mines, Ltd.—Earnings—
California Oregon Power
1940
1939
$.5,041,321
1,157,697
$4,706,159
1,033,410
267,641
480,000
Operating revenues
Operation....
Maintenance and repairs
271,038
330,000
7,270
Appropriation tor retirement reserve
Amortization of limited-term investment
7,270
648,179
* 150,832
Taxes
Provision for Federal income taxes
Net operating revenues
641,217
92,143
$2,329,702
238,248
...
Gross income...
...
$2,092,871
Dr39,235
$2,074,969
Net operating income
$2,331,081
238,210
$2,091,454
Drl6,485
Rent for lease of electric plant
on
$2,053,636
842,500
203,223
funded debt...
842,500
Amortization of debt discount and expense
Other interest
203,223
2,943
Cr2-,967
85,567
22,527
...
Interest charged to construction
Amortiz. of prelim, costs of projects abandoned..
Miscellaneous deductions
Net income
$921,175
..........
3,010
Cr3,027
85,567
17,622
$904,740
-V. 150, p. 2414.
California Water Service
Co.—Earnings—
12 Months Ended March 31—
Gross revenues
1940
$2,720,436
494,078
Net income
—V.
1939
$2,566,427
435,520
p.
shares
of the
common
$274,409
157,689
6,628
10,000
York, has been appointed registrar
of this corporation.—V, 150,
stock
Calumet & Hecla Consolidated Copper
Cost of same..........
980,905
Co.-
Earnings
1939
1938
1937
$228,041
$203,813
142,231
$2,804,466
146,079
...
$538,868
2,248
$81,962
Dr3,219
Canadian Pacific Lines in Maine—Earnings—
March—
1940
.
$61,582
5,642
$1,456,102
Dr4,811
Net ry. operating income
From Jan. 1—
Net profit
Does not include surtax
$541,117
177,120
194,663
28,000
$78,742
27,921
20,811
$67,223
26,846
20,546
$1,451,290
269,693
269,735
xl30,000
$30,010
$19,831
Canadian Pacific Lines in Vermont-
*
undistributed profits.
-V. 150, p. 2084.
1939
1938
-Earnings-
1939
1938
$63,996
def43,276
def69,329
def47,993
def72,401
$109,423
def 9,999
def36,372
300,012
def.38,616
defll9,439
230,905
def87,445
defl65,040
183,612
def143,445
def 221,181
308,336
def32,715
def 111,258
Net ry. oper. income...
From Jan. 1—
Gross from railway
Pacific
1937
$65,788
Ry.—Unification of Canada's Roads
•'
•
<
v - :
Addressing the company's stockholders at their annual meeting at Mont¬
real, May 1, Sir Edward Beatty, President, in effect demanded unification
of transport facilities in Canada.
Duplication of services by the C. P. R.
and the government-subsidized Canadian National Ry. long has been a
sore spot in transportation matters.
Sir Edward brought this and other
grievances to the fore when he said:
"While the immediate concern is essentially the provision of trans¬
portation which will aid most effectively in the prosecution of the war,
there should be kept clearly in view long-term requirements which have for
Urged—
some
.
time been evident.
"It has long been clear that unnecessary competition exists between
various classes of transportation agencies. At great public expense we have
provided irfeans of transportation far in excess of the economic demands of
the country and we have unwittingly permitted traffic to be diverted to
media of greater costs.
"It is hardly necessary for me to point out that a substantial volume
of traffic has in recent years been diverted from tne railways to highway,
water and air carriers.
Much of this traffic has been lost to the railways
ostensibly because of the ability of other agencies to render cheaper services
and actually because these agencies have been permitted to operate without
being charged adequately for the public facilities they use.
"Whenever departure is made from the strict principle that each agency
must pay fairly and adequately for the facilities provided for it there is
placed upon the general taxpayer the burden of bearing a portion of the
transportation costs.
The result of these policies has been that subsidized
transport has been favored to the disadvantage of self-supporting and more
efficient contributors."
r
Wins Suit in Detroit
on
"Soo" Interest—
Detroit press dispatch has the following:
Wayne County (Mich.) Circuit Court has ruled that no cause for
a suit against the Canadian Pacific Ry. to compel it to pay
July 1, 1938, on the 4% consolidated bonds of the Soo lines.
In 1890 the Canadian Pacific guaranteed interest on Soo Lines 4s which
matured July 1, 1938, and interest to that date was paid.
Because the
Soo lines had petitioned under Section 77 of the Banktuptcy Act on Dec. 31,
1937, principal of the issue was not met, however, and the circuit court
action was to compel the Canadian Pacific to pay interest after maturity
action exists in
interest since
date.
For
an
appeal to be taken to the State Supreme Court, special permission
must be obtained in cases involving less than $500.
circuit court
The circuit court action covered claims of only
for permission to appeal has been filed.
$160 and to date no request
Chicago dispatch also states:
•
A similar suit brought by the Massachuseets Mutual Life Insurance Co.
along with nine other insurance companies and two trust companies is
pending in Cook County Circuit Court.
Date for trial has not yet been set.
Earnings for March and Year to Date
Period End. Mar. SI—
Gross earnings....
Net
1937
$144,334
73,311
107,267
$110,262
82,954
Gross from railway
Net from railway
409,455
210,448
424,304
Net ry. operating income
—V. 150, p. 2084.
316,736
321,429
322,691
118,503
241,639
383,718
183,196
272,240
-V.
$139,492
74,653
92,702
231,436
1940
Net from railway
RR.—Earnings—
1940
$120,108
53,75 2
92,907
Net ry. operating income
From Jan. 1—
900,100
328,123
$89,694
def21,963
def49,155
March—
$781,862
on
Cambria & Indiana
March—
295,658
200,334
100,734
$335,562
134,325
102,370
918,258
300,876
193,054
818,919
363,239
Gross from railway
Working
Gross from railway
Net from rail way
$305,485
105,131
70,165
129,134
A
$141,334
Federal income tax (est.)
x
—
$308,240
479,325
_
1937
1938
1939
$356,533
154,359
121,027
1,097,378
Net from railway—
1,348,364
*s>.
Depreciation
Depletion
$109,130
155,153
6,086
8,600
-V; 150, p. 1424.
of the
Operating gain
Other income (net)
$100,091
Operating profit for period
$278,970
The
2249.
3 Mos. End. Mar. 31—
1940
Rev. from copper sold.. $1,519,773
3,360
Provision for taxes
A
Callite Tungsten Corp.—Registrar—
400,000
58,212
$282,619
3,649
.....
Balance
150, p. 2566.
The Marine Midland Trust Co. New
for
61,659
$277,769
—
Operating costs
Expense—Toronto office
Canadian
Co.—Earnings—
Year Ended Feb. 29—
1939
1940
production (gross)
Net from railway
See list given on first page of this department.—V. 148, p. 1020
Interest
$686,879
Quarter Ended March 31—
ore milled
Net ry. oper. income...
—V. 150, p. 2085.1
Capital Corp.—Registers with SEC—
Other income..
$639,924
1937
1938
1939
$102,238
def1,890
def20,408
Gross from railway
Net from railway
616,724
$222,200
Net ry. operating income
—V. 150, p. 2085.
328,652
25,047
"
Net from rail way
$1,304,220
664,296
Tons
Gross from railway
Net from railway
745,364 shares issued and outstanding. -V. 150, p. 2566.
Burlington-Rock Island RR.
March—
205,503
$213,705
Net earnings
—V. 150, p. 2249-
$427,703
221,335
1
$622,642
1940—% Mos.—1939
$1,303,603
$435,040
Gross from railway
Net income
Ltd.—Earnings—
1940—Month—'1939
Period End. Mar. 31—
Gross earnings
Operating expenses
115,558
885",702
stock.
$7,022,389 $6,862,155
Canada Northern Power Corp.,
mis¬
cellaneous deductions.
3,075 whares.
x
$4,696,960
2,510,000
long-term debt..
Dr27,560
own
Total
2714.
3,587", 528
112,400
$1,320,393
Gross income
Dr27,560
Co.'8
„
Marketing charges
.
Operating income
Other income (net)
2,162",261
x
Metal
$1,336,070
Drl5,677
—
Int.
1940—12 Mos.—1939
$6,093,830 $23,842,506 $22,778,992
3,044,202
11,729,708
11,555,117
3 83,691
1,590,053
1,587,825
363,914
1,934,485
1,176,124
$6,617,452
Operating revenues
3,254,808
Operating expenses
Maintenance
429,157
I*rovision for deprec
526,050
Amort, of gas plant ac¬
quisition adjustments
excl. of franchises
15,043
General taxes
908,625
Federal income taxes
147,700
4,907
2,294,802
credit
unadjust.
.$7,022,389 $6,862,155
Total.
Demolition of the lines will begin within 30 to 60 days, it was estimated
The cost of the razing, he
10,205
76,672
Earned surplus
*
by Leo Brown, assistant corporation counsel.
28,426
castings
Burden reserve
56,284
Deferred charges..
The lines to be razed as a result of the orders are the Fulton Street,
from the East Iiiver to Rockaway Avenue; the Fifth Avenue, from Myrtle
put at $2,550,000, including $2,000,000 for the Fulton Street line, $500,000
for the Fifth Avenue line and $50,000 for the spur line.—V. 150, p. 2714.
144,102
27,980
137,970
Prov. for returned
&
rec'le.
Investments
141,595
220,232
200,526
Dividend payable.
Taxes accrued
777,652
1,023,018
Inventories.
2d mtges.
158,150
145,161
86,231
..
Accts. receivable..
Land
Afar.31,*40 Dec.31,'39
..$4,050,220 $4,050,220
Capital stock
eq.pt.$3,599,539 $3,658,372 Payroll accrued
1,459,980
969,384 Accounts payable.
chinery &
La Guardia and John Cashmore, Brooklyn
Borough President, Supreme Court Justice Charles C. Lockwood signed
orders April 30 authorizing the demolition of three Brooklyn elevated lines.
Bridge
$538,901
Consolidated Balance Sheet
;:!r•
;
Assets—
the presence of Mayor
Avenue and Hudson Avenue, to Third Avenue and 38th Street, Brooklyn,
and the spur between the Broadway, Brooklyn, ferry and Williamsburg
145,580
$218,772
Provision for Federal income tax
Net profit
Gross income
Int. on long-term debt..
c Other interest
$1,447,703
19,554
electricity
Other oper.
12 Mos.
$483,234
..
operating income, net.
Other
Operating revenues:
End.
Period
1940—3 Mos.—1939
1940—12 Mos.—1939
(lcwh)418,121,981 388,350.777 1539477,311 1414115.830
Period End. Mar. 31—
41,812
earnings...
1940—Month—1939
1940—3 Mos—1939
$11,477,555 $10,450,845 $35,637,519 $29,345,791
9,975,994
9.677,294
30,335,030
27,877,870
$773,551
$1,501,561
$5,302,489
$1,467,921
150,p.2714.
Carpenter Steel Co.—Earnings—
Period
220,490
expenses
End.
x
y
Earnings
Mar.
Net profit
per
share
31—
Mos.—1939
$456,084
$137,073
$1.27
$0.38
1940—3
x After
taxes, depreciation,
-V. 150, p. 1424.
&c.
y
On
1940—9 Mos.—1939
$1,033,708
$158,195
360,000
$2.87
shares
capital
$0.44
stock.
Volume
The Commercial & Financial Chronicle
ISO
Central Arizona Light & Power Co. —Earnings—
Period End. Mar. 31—*
Operating
Operating
1940—Month—1939
1—
$387,341
202,508
61,135
$362,832
157,786
60,421
Property retirement re¬
serve appropriations-
30,000
2,913
revenues
.
expenses
Direct taxes
_
Amort,
Earnings for March and Year to Date
1940—12 Mos —1939
$4,300,602
$4,160,473
1,973,873
826,597
2,050,730
700,406
40,000
402,000
420,300
2,913
34,960
34,960
of Limited-term
investments
Net oper. revenues
Other income (net)-——
$90,785
$101,712
53
23
Gross income
Int. on mtge. bonds
$90,838
18,958
$101,735
18,958
737
699
Other interest
$1,063,172
18,946
;
$954,077
82,636
$1,036,713
227,500
10,245
Cr3,841
$1,082,118
227,500
8,836
Int. charged to construe.
2871
March—
1939
1938
1937
$1,369,374
174,185
income...
26,898
$1,380,230
211,545
68,677
$1,357,050
192,738
52,460
$1,754,693
3,987,675
426,156
15,075
3,829,930
471,609
97,871
3,679,322
4,4711310
900,285
475,133
1940
Gross from railway.....
Net from railway..
Net ry. oper.
From Jan. 1—
Gross from railway
Net from railway.
Netry.
income...
oper.
Balance
-
—
„
.
-
$845,782
108,054
$737,728
.......—
$802,809
108,05
$694,755
332,407
def56,297
—V. 150, p. 2250.
Celanese Corp. of America
12 Months Ended March 31—
Net profit from operationsOther income-
(& Subs.)—Earnings—
1939
1938
.--$11,325,891
651,321
$6,236,749
57,543
$4,667,936
.$11,977,212
1,930,897
637,508
26,770
1,925,237
$9,294,292
1,470,583
478,206
15,911
627,378
$4,712,281
1,309,500
207,229
$7,456,801
$3,702,215
1940
Total-—
Net income.
$71,143
$82,078
Dividends applic. to preferred stocks for the period
462,209
309,295
Depreciation
Interest on long-term debtAmortization of deb. expenses.
Federal tax provision
—
_
44,346
—
368,905
—V. 150, p. 2715.
Net income—
Central Illinois Light Co.— •Earnings—
Period End. Mar. 31—
1940—Month- -1939
Gross revenue--.
1940—12 Mos.—1939
$9,469,056
$8,718,123
5,354,114
4,992,833
1,155,000
1,013,400
Oper. exps. and taxes.__
Prov. for depr. & amort.
$888,523
484,377
165,000
$807,126
455,140
90,000
Gross income
Int. and other deduct'ns
$239,146
63,885
$261,986
66,728
$2,959,942
$175,261
41,802
15,949
$195,258
41,802
15,949
$2,178,100
501,607
191,406
$1,941,923
501,607
$117,510
$137,506
$1,485,087
$1,248,910
Net income
Dividends on pref. stock
Amort, of pref. stock exp.
Balance.
-V. 150, p.
$2,711,891
769,968
781,842
—
191,406
2415.
share on
1,
Highest quarterly earnings in history of the company.
Earnings for first quarter of 1939, $1,336,714, equal to'71 cents per share
on 1,000,000 common shares
outstanding.
Earnings for 12 months ended March 31, 1940, $7,456,801, equal to $4.37
per share on 1,050,625 common shares to be outstanding after issuance of
the May 1, 1940 stock dividend.
The results from the operations of Celluloid Corp. (in which this company
has an investment of 51,119% of its common stock) for the 12 months ended
March 31, 1940, subject to audit and adjustments, shows a profit of $247,179
—V. 150, p. 2250.
1,050,625
1940 stock dividend.
Central Illinois
Public Service Co.-
Traffic Statistics for Calendar Years (Combined Corporate and
Avge. miles operated...
Rev. frfc. carried (tons).
Rev. frt. car'd 1 mile.
-
G
: 1
».
1936
1937
1938
1939
1,919
6,024,919
1,927
7,240,914
1,927
6,570,625
1228469853^1131497736
1316074954
1,871
6,546,928
1940—3 Mos.—1939
Operating revenues
$3,748,873
Oper. expenses & taxes—
2,609,062
Central of Georgia Ry.—Annual Report—
per
be outstanding after issuance of the May
common shares to
PeriodEnd. Mar. 31—
Receivers' Account)
$2,826,648
Earnings for first quarter of 1940, $2,419,414, equal to $1.60
>
.
Net oper. income.
Other income (net)
-Earnings1940—12 Mos.- -1939
$3,403,551 $14,588,059 $13,732,579
2,431,101
10,369,486
9,621,916
$1,139,811
£>rl,281
_
Gross income.--Int. & other deductions.
$972,450
$4,218,573
126
885
$4,110,663
5,484
$1,138,530
500,816
$972,576
538,859
$4,219,458
2,103,694
$4,116,148
2,357,220
$637,713
—
$433,717
$2,115,765
$1,758,928
1.02 cts.
1.05 cts.
$4.20
Av.rev.tr. load (tons)..
462.13
Passengers carried
873,579
Pass, carried one mile— 76,399,049
Av. rev. per pass. per mile
1.54 cts.
Earns. per pass. tr. mi le
$0.54
Oper. rev. per m. of road
$8,211
$4.15
443.69
467.99
1206667507
1.06 cts.
$4.25
453.12
763,311
65,535,661
1,223,849
93,585,528
1,262,958
90.097,702
1.85 cts.
$0.55
1.61 cts.
1.57 cts.
Period End. Mar. 31—
$0.62
$8,590
$0.63
$8,269
Operating revenues
Oper. expenses & taxes-
$1,537,266
1,213,421
$1,427,883
1,170,130
$5,868,284
4,736,371
$5,332,365
4,320,834
Net operating income-
$323,845
$257,753
Dr4,383
$1,131,913
3,055
$1,011,530
Dr6,801
$253,370
161,290
$1,134,968
644,590
$1,004,730
839,861
$92,080
$490,378
$364,868
—
Av. rev. per ton per mile
Rev. per frt-train mile.
.
$7,695
Income Account for Calendar Years (Combined Corporate
Receiver's Accounts)
Ry. Oper. Revenues—
Freight.
Passenger
Mail, express, &c_
—
Incidental
Joint facility...
and
—
Central Indiana Power Co.
313
Other income
..$12,507,660 $11,843,906 $13,215,298 $12,803,105
1,178,602
1,212,360
1,503,768
1,412,129
1,193.467
1.146,922
1,275,763
1,291,258
457,708
536,525
527,307
402,607
26,321
25,553
27,574
23,257
1940—12 Mos.—1939
Gross income
$324,158
Int. & other deductions.
157,289
!
—
Total ry. oper. revs..$15,363,757
$14,765,267 $10,549,710 $15,932,358
Railway Oper. Expenses—
2,016,887
3,190,745
Traffic-..
627,225
Transportation..
6,681,407
Misceli. operations—
96,446
General
787,418
Transp. for invest.—Cr_
6,684
Net income-..--..
—V. 150, p. 2715.
$166,869
—
vrv;:
Central Power & Light Co.
^
•
Maint. of way & struc—
Maint. of equipment.—
2,259,918
3,535,289
661,871
6,945,370
105,864
880,601
4,537
1,939,985
2,960,931
628,373
6,592,809
101,074
810,389
4,405
971,417
2,355
oper. income-
Other income (net)
$13,029,156 $14,384,376 $13,292,495
1,736,111
2,165,334
2,639,862
1,351,817
1.331,733
1,052,802
1,137,601
$404,378
Drl50,391
$618,496
Dr63,810
$1,112,532
Dr257,620
$1,502,261
Dr262,457
-1939
1940—12 Mos.—1939
Operating revenues.
Oper. expenses & taxes—
$2,275,366
1,572,399
$2,183,182
1,455,407
$9,376,133
6,314,414
$8,941,818
5,704,095
Net operating income.
Other income (net)
$702,967
3,178
$727,775
2,696
$3,061,719
2,318
$3,237,723
6,690
$706,145
358,582
$730,471
447,422
$3,064,037
1,568,495
$3,244,413
1,846,840
$347,563
$283,049
$1,495,542
$1,397,572
_
_
—
Gross income
Int. & other deductions.
Railway tax accruals—.
Earnings
1940—3 Mos.
1,940,265
3,287,767
637,507
6,364,275
93,618
Total ry. oper. exps..$13,393,444
Net rev. from ry. oper..
1,970,313
Railway
(& Subs.)—Earnings-
1940—3 Mos.—1939
1936
1937
1938
1939
Net income.
—V. 150, p. 2715.
Net income—.
—
—V. 150, p. 2250.
Central RR. of New
Jersey—Annual Report-
Traffic Statistics for Calendar Years
'
Net ry. oper.
income.
$253,987
$554,686
$854,911
$1,239,804
65,873
127,053
117,861
261,863
13,076
141,242
107,333
112,846
51,379
123,410
108,788
115,972
28,127
149,864
114,593
105,340
$572,649
1,127,336
$374,498
628,485
$399,550
1,254,461
$397,926
1,637,731
2,784,028
2,810,226
2,798,698
2,803,183
50,241
399,520
522,216
50,241
384,851
375,032
50,241
403,951
374,381
50,338
392,055
419,176
Balance, deficit$2,628,670
$2,991,867
$2,372,810
$2,027,023
Inc. from funded securs.
Misceli. rent income.._.
Misceli. non-oper. inc..
Total non-oper. inc...
Gross income
Deductions—
Int. on funded debt—
Int.
non-negotiable
on
1936
1938
1937
;
25,375,155
22,277.440
27,227,609
1676237501 1927591,356 1 816,396943
1.351 cts.
1.327 cts.
1.384 cts.
Rev. per ton per mile.—
1.397 cts.
17,810,446
18,698,177 .17,635,070
Passengers carried
17,543,461
Pass;carried one mile.-.349:334,442 358,170,725 378,126,837 365,784,127
Rev. per pass, per mile.
1.265 cts.
1.259 cts.
1.241 cts.
1.231 cts.
Total
Non-Oper. Income—
Dividend income
/.
rev.
Combined Operating Account for Calendar
—
Miscellaneous
Consolidated Balance Sheet Dec
1939
31
;
1939
92,680,032 Stock
1938
$
Liabilities-
J
$
20,000,000
20,000,000
129,888
bonds..
172,769
350,000
48,613,000
4,840,000
269,000
48,613,000
4,840,000
269,000
Receivers' ctfs..
equip. 92,099,307
1,909,000
176,919
_
—
14p,129
162,338
169,635
$33,547,419 $29,251,620 $32,577,715 $31,799,356
—.
construction..
Ma&T.o?way?Sf—
2,778,921
Equip, obllga'ns
Mortgage bonds
Underlying Hens
equipment
6,389,535
Transportation expenses 13,538,012
Maint. of
Grants in aid of
since
June 30,1914.
.
Total
1,866,023
5,042,061
13,140,385
583,685
845,302
243,008
448
2,437,020
6,034,653
13,113,469
579,616
1.181.939
262,110
21
2,515,484
5,947,540
13,615,467
573,108
1,003,703
272,309
35
2,080,000
Impts. on leased
ry. prop,
—
(Corporate and Receiver's)
1938
i
Inv.rd. &
Years
1938
1937
xl936
Operating Revenue—
1939
Merchandise. -;— ——$14,942,824 $12,659,422 $14,891,638 $14,154,334
Bituminous coal—
2:865,200 " 2,675,000
3,050,000
2,769,000
Anthracite coal
9,023,750
7,313,000
7,640,000
8,215,000
4,420,788
4,507,804
4,693,696
4,502,747
Passenger682,171
578,520
683,351
713,064
Express and mail
Water transfer..
486,343
474,393
495,849
461,462
Incidental—
949,424
894,352
953,545
821,409
— —
debt to affiliated cos—
Rent for leased roads
Miscellaneous
ASSelS*
1939
26,028,113
freight (tons).
Tons carried one mile.-. 1920951737
expense.558,231
874,268
225,084
Transport, for inv,—Cr.
214
Traffic
4,110,729
4,090,037
mtg. prop.sold
132
132
Misc. phys. prop
Inv.in affil. cos.:
856,655
860,744
5,114,254
135,000
5,089,754
Non-negot. debt
05,000
to affil. cos—
995,107
995,107
Net revenue—9,183,581
876,682
930,541
566,760
L'ns & bills pay.
Traf. & car-serv.
Railway tax accruals—
5,034,883
Hire of equipment
2,142,703
Joint facility rents.62,691
Depos. in lieu of
Stocks
......
Bonds.......
&
Notes
o
ctfs.
iind't'ness
Advances....
545,819
1,081,325
balances
1,080,215
Other invest.:
Stocks
Income
Special deposits.
L"ns & bills rec.
70803
80,803
57,957
79,146
Bonds..
Cash...
278,235
receiv'le
56,141
1,064,041
256,439
agts. & cond'rs
Misc. accts.
Mat'ls & suppi's
Int. & divs. rec.
1,030,429
51,068
17,459
14,124
148,860
Work.
d. advs.
Rents & insur'ce
prem.
2,063,969
163,932
accts. pay.
Unmat'd
647,130
-$24,363,838 $21,720,016 $23,927,577 $23,608,786
8,190,570
8,650,138
7,531,604
4,624,525
4,976,122
5,382,035
1,594,911
1,813,926
1,862,946
55,533
63,920
27,478
accrued.
curr.
.....
liabil.
advance.....
20,919
84,275
175,356
thru.
23,371
Oth. unad). deb.
$1,943,304
Netoper. income...
10,865
39,756
11,253
35,736
2,918,627
3,000
$259,143
$2,147,765
303,888
102,006
232,905
210,837
32,662
298,723
298,431
109,732
245,635
209,953
56,135
293,930
113,402
234,966
290,235
41,732
1,231
49,535
1,231
46,159
9,412
$3,118,419
2,389,887
338,082
Cr70,646
16,719
2,473,700
40,890
$2,585,659
2,390,441
339,254
296,803
18,468
2,491,700
21,061
-.
-
NOn-oper. phys. prop—
Dividend income_
— —
Inc. from funded sees...
Inc. from unfunded sees.
Release of premium on
funded debt
—
Miscellaneous
258
11,865
475
11,697
275
10,898
1,231
50,781
23,268
$2,877,613
Gross income
Rent for leased roads.
12,969,673
238,582
393,607
Income
„
2,401,592
rents—346,539
Misceli. tax accruals....
217,377
Sep. oper. prop, loss
15,484
Int. on funded debt
2,437,700
Int. on unfunded debt—
23,582
Miscellaneous
Maintenance
of
tired
inc. & surplus
108,732,150
Total
4,105,025
...
ment
organization-—
Misceli. income charges.
through
Prof. & loss def.
Total .......108,637,376
4,116,001
110,477
206,905
210,915
35,171
1,231
55,728
$1,178,294
2,389,153
338,935
216,750
21,043
2,455,700
invest¬
'
surplus—
Funded debt re¬
$1,564,004
100,206
prop.
and
.
Non-Operating IncomeMiscell. rent income.
„
Fund, debt mat.
Add'ns to
paid in
15,722,947
651,280
rents
.
604,780
Oth. def'd assets
52,967
1,830,530
489,493
18,398,886
unpaid
2,919,028
77,461 Deferred 1 lab lis
28,130
600,251 Tax liability
191,303
1,057,684 Prem .on fd. dt_
20,062
52,293 Accr. deprec'n:
11,597
13,587,391
Equipment
Misceli. phys.
14,774
238,582
149,325
property
Oth. unad]. cred
406,871
85,482
rec.
Oth. curr. assets
54,334
pay.
Int.mat'd unpd.
Unmat. int. accr
Oth.
Net bal.rec.from
►
-
Total-----
payable
wages
321,952 Misc.
Traf. & car serv.
bals.
General expenses
Misceli. operations.—
Audited acc'ts &
278,235
321,952
78.437
1,418.467
410,847
Notes,adv.,&c
700,000
applic. to sink,
fund, &c.f res. fund-—
-
-
-
-
--
12,381
Income
229,213
12,662,359
108,637,376
229,213
19,815
20,295
22,505
22,455
$2,596,857
$4,285,121
$2,104,891
$3,005,695
9,508,077
108,732,150
Net loss
——
x Revised figures.
The Commercial & Financial
2872
Chronicle
1938
1939
equip.. 148,312,351 147,672,068
14,066,189
Imp. leased rys.. 14,090,600
inv. In affll
.
4,719,060
5,007,021
5,759,571
4,719,000
5,007,021
5,659,870
Stocks...
Bonds
Advances
740,000
740,000
Other In vest'ts._
4,289,472
Misc. phys. prop
3,170,616
Sees, unpledged.
1,174,000
5,036,109
4,115,759
3,169.416
1,174,000
3,447.002
Notes <fe mtges
Cash
27,436,800
Net oper.
1,823,528
1,550,117
275,018
Accts. A wages-
Traffic, Ac., bal.
Mlscell. accts...
7,731,466
8,411,126
^IrwtJ^nei4,358,644
4,514,015
4.815,245
4,979,454
26,942
income.$12,270,452 $12,407,392 $13,326,496
$13,448,827
Netry. oper.
NlS^PfromireaseDo(f)Sad
Misc. rent income
and
divs.
Int.
9,061,509
158,241
19.442
accrued
104*249
1~20~643
tured unpaid.
2,462,702
840,016
Other curr. llab.
132,172
15,539,069
156,428
Inc. from funded secur
54,560
173,928
184.001
244,240
180,905
lDSuS?lSTS^Sr
30,380
32,314
79,687
126.148
13,717
7,775
14,844
7,360
20,637
6,507
5.540
2,408
$13,405,417 $13,503,209 $14,681,359
85,228
89,734
145,121
24,290
25,976
27,168
Miscell. tax accruals
67,842
64,278
-§5,843
Int. on funded debt
9,376.771
9,412,657
9,318,895
Int. on unfunded debt..
30,093
109,147
68,992
Miscell. income charges159,853
159,654
158,085
$14,743,177
154,958
25,495
$4,907,254
3,416,774
$5,157,164
5,157.164
13,648,963
2,461
3,692
1,167,377
Taxes
...
Agts. A cond'rs.
Mat'l A suppl's.
420,978
1,382,876
1,487,424
Other def. liabil.
959,081
Int. A divs. rec.
112,792
38,446
630,913
113,343
51,407
UnadJ. accounts
Other curr.assets
1,010,727
607,350
613,380
Approp,
1,805,516
466,430
1,453,610
445,249
Ins., Ac., funds.
Oth.unad. accts.
Other def. assets
debt.
Ins. & cas. res've
Accr'd
ation
199,391,542 196,494,901
Earnings
267,140
743,512
Ref'uTdeed0degtre,nS:.0°
589,984
Miscellaneous income.
surplus 66,764,759
depreci¬
29.227.933
66,762,397
694,059
3,461,006
Profit and loss..
Total
Total
Gross income.
27,901,962
199,391,542 196,494,901
to Date
for March and Year
1940
Net fromfrailway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from i;railway
Net ry. oper. income
—V. 150, p. 2086.
1938
$2,695,270
688,277
$2,462,241
661,606
$2,949,371
957,313
80,964
84,634
7,077,717
1,783,457
163,952
7,933,379
2,127,271
503,834
rents
Net income
Dividends
Operating expenses
Maintenance
Depreciation
General taxes
Federal income taxes
1940—12 Mos .—1939
1940—3 Mos. —1939
$111,423
$107,017
59,735
66,749
6,177
6,357
12,200
13,125
8,500
8,484
2,740
791
$443,103
250,472
26,577
52,500
34,854
3,661
$432,722
$94,341
2,137
228,861
22,411
48,800
34,490
3,820
13
7>262
Gross income.
$15,930
$17,403
$77,897
Int.chgs. of subs
482
487
1.956
$96,477
2,049
bonds
11,253
11,664
45,058
47,369
Net income
$4,195
$5,252
$30,884
$47,059
Non-operating income.
on
-
$17,665
Road A equip't
26,585,644
p.
2682.
Other lnvestm'ts
Impts.
1940
1937
1938
1939
$63,551
loss$17,587
$47,467
Nil
$0.54
After allowing for dividends on preferred stock.—V.
150,
p.
1758.
1940
1939
1938
1937
$1,012,079
7,865,606
97,698
1,216,921
$908,517
7,791,467
63,000
1,043,463
$782,730
7,764,304
$755,598
8,110,360
1,062,042
1,062,042
2,233,534
764,929
232,451
64,094
4,956
2,171,634
770,067
179,435
58,309
2,613,888
724,745
108,621
59,287
2.777,056
723,703
333,647
61,261
b'Investments:
Iasurance companies:
Casualty insurance...
Fire insurance
company
Life insurance
Banking institutions:
N.Y.bks.&tr.cos.
Other bks. & trust cos.
-
Accrd. divs. receivable..
Accts. receivable
Total
$13,492,268 $12,985,892 $13,115,617 $13,823,668
Liabilities—
Accrued
Accts. pay. for shs. pur.
Accrued taxes
Total....
$13,492,268 $12,985,892 $13,115,617 $13,823,668
value.
The income statement for the three months ended March 31 was published
in]V. 150,
p.
2716.
Quarter Ended, March 31-—
Net profit after charges and taxes
After deducting
1939
$23,546
$46,050 depreciation and $34,352 Federal taxes.
Charleston & Western Carolina Ry.
March—
—Earnings-
1940
1939
1938
1937
$215,409
48,596
24,477
$219,270
78,304
48,393
$205,004
$262,383
110,669
Gross from railway
663,936
613,349
558,518
Net,(from railway.
Net ry. oper. income...
—V. 150, p. 2087.
176,237
212,294
124,055
109,716
32,761
Gross from railway
Net from railway
oper.
2,306,241
income...
53,428
28,389
79,583
1—*
91,707
651,813
225,804
140,128
Chicago Burlington & Quincy RR.—Annual Report—
Traffic Statistics for Calendar Years
1939
Average miles operating.
8,973
1938
8,964
1937
8,975
1 936
9,004
Operations—
Rev. passengers carried.
7,909,151
7,921,334
8,624,524
8,273,983
Rev. pass, carried 1 mile544,510,004 530,834,556 587,409,450 499,515,927
Rate per pass, per mile..
1.684 cts.
1.722 cts.
1.654 cts.
1.645 cts.
Rev. freight (tons)
29.419,597
28,131,527
32,661,256
31,397,941
x Rev
frt. 1 mile
9793601400 9117287,8001106499650010748209000
Rate per ton per mile...
0.913 cts.
0.941 cts.
0.849 cts.
0.880 cts.
Earns, per pass. tr. mile.
$1.08
$1.07
$1.10
$1.03
Earns, per frt. tr. mile..
$5.70
$5.68
$5.12
$4.91
Oper. rev. per mile
$10,713
$10,382
$11,158
$10,893
x All freight.
-
debt, mat'd
Misc. accts. pay.
152,229
8,232,693
2,600
428,489
314,746
356,856
5,220,604
5,329.385
Other curr. liab.
Tax
liability
fd. dt.
43,646
57,363
799,977
Insur., Ac., res_
1,392,996
1,392,996
513,751
Deferred liab
Prem.
851,165
Special deposits
Rents receivable
23,212
Loans & bills rec.
22,936
3,785
10,306,495
8,956,851
13,981
Int. A divs. rec.
11,884
Bal. from agents
1,139,388
783.904
6,810
on
Accrued
Other
80,166
80,379
76,492,054
73,628,291
1,834,358
897,963
1,756,354
44,044,177
deprec.
44,044,177
unadJ ust.
credit
Add'ns to prop.
882,891
Funded debt re¬
2,771,014
78,471
970,643
671,177
2,414,043
51,668
600
600
3,997,694
202.905
4,159,864
224,986
Profit and loss.-138,107,084
142,631,907
2,018,219
1,802,285
Traf., Ac., bals.
accounts.
curr.
assets
fd. dt_.
Deferred charges
tired
Sinking fund re¬
serves
unadJ ust.
debits
—680,426,448 682,372,669
680,426,448 682,372,669
Total
Earnings for March and Year to Date
1940
Gross from railway
Net from railway
Net ry. oper. income
1938
1937
$7,400,487
1,869,393
812,260
$7,008,319
1,629,668
538,248
$8,720,612
2,795,523
1,705,178
22,687,315
5,672,157
2,436,383
Net ry. oper. income
From Jan. 1—
1939
$7,483,593
2,128,233
1,035,138
March—
Gross from railway
Net from railway.
21,244,755
5,095,659
1,898,198
20,167,090
3,806,029
450,104
24,134,048
6,614,154
3,329,599
—V. 150, p. 2717.
Chicago & Eastern Illinois RR.—Delisting
The Securities and Exchange
Hearing—
Commission on April 26 announced
public
hearing on the application of the New York Stock Exchange to strike from
listing and registration the common stock ($100 par) of the company.
The
application stated, among other things, that the Exchange's Committee on
Stock List has received notice deemed by the Committe to be authoritative
that the stock is without value.
Hearing on the application will be held
New York
York regional office,
120 Broadway,
City.
Earnings for March and Year to Date
1940
Net ry. oper. income
From Jan. 1—
Gross from
railway
Net from railway......
Net ry. oper.
—V. 150,
1939
1938
1937
$1,279,696
246,093
25,490
March—
Gross from railway
Net from railway
$1,330,946
289,830
67,935
$1,223,472
233,836
18,466
$1,608,792
567,577
337,345
3,943,623
799,517
3,745,830
763,641
112,057
3,614,318
667,759
29,900
4,408,394
1,326,428
620,790
164,524
income
p. 2087 , 2416.
1940
Net ry. oper. income
From Jan. 1—
railway
railway.
Net ry. oper. income
—V. 150, p. 2717.
1938
$1,424,795
$1,495,250
350,488
65,705
4,307,033
905,267
77,739
railway
Net from railway
Net from
-Earnings-
1939
$1,415,705
293,758
20,978
Gross from
Gross from
1940
Assets—Land and buildings, $1,245,509; machinery and equipment,
$1,439,246; patents, $134,767; U. S. Treasury bonds, $200,000; other in¬
vestments,
$16,431; inventories, $1,845,413; cash, $234,963; accounts
receivable, $844,170; deferred accounts receivable (patent license), $75,000;
deferred assets, $30,452; total, $6,065,956.
Liabilities—Common
stock,
$3,500,000;
preferred
stock,
$500,000;
accounts payable, $143,879; deferred accounts payable (patents), $187,500;
accrued wages, $49,586; reserve for taxes, &c., $155,280; surplus, $1,529,710; total, $6,065,956.--V. 150, p. 2250.
From Jan.
154,879
March—
1940
x$156,492
Balance Sheet March 31,
NetTry.
900,916
2,600
183,676
2,301,002
Chicago Great Western RR.
Chapman Valve Mfg. Co.—Earnings—
x
947,170
&c_
est,
......
..
a Represented
by 519,032 no par participating shares and 519,032
ordinary shares, no par.
b Market value March 31, 1940. $12,822,661.
c Represented by 487,592 par
$1 participating shares and 487,592 par $1
ordinary shares,
d Represented by 512,880 (495,025 in 1939) shares $1
par
20,521
May 29 at the Commission's New
$2,499
$2,571
$2,740
$3,664
10,563
1,091
9,464
9,463
9,842
Shares outstanding
dl3,383,243 dl2,880,403 cl3,008,540 al3,712,946
Undistributed income..
94,871
93,454
94,873
97,215
expenses
1,510,968
3,888,652
inter¬
Accrued int., &c
$0.36
-
Century Shares Trust—Balance Sheet March 31—
Assets—
5,062,479
leased
Total
$0.23
(no par)
Cash
269,653
7,261,906
on
4,676,134
Matured
4.315.316
Time drafts and
Disc,
1,350,279
Accts. & wages.
unpaid
Cash
Other
$32,048
Earns, per sh. on 100,000 shs. common stock
Holding
on
232,039,040
Traf., &c., bals.
Fd.
sold-*—v
$
Funded debt..-231,122,308
29,828,558
3.677.315
10,734,487
mortg'd prop.
Misc.
3 Mos. End. Mar. 31—
Net income after deprec.
and Federal taxes
x
5,101,711
Misc.phys. prop.
Dep. in lieu of
Oth.
Century Ribbon Mills, Inc. (& Subs.)—Earnings—
*
3,175,520
8,806,234
4,241,569
Notes..----Advances
1938
170,839,100 170,839,100
229,463
575,185
Govt, grants
Mat'ls A suppl's
Edison, Inc. coll. trust
—V.J149,
149,136
$
Liabilities—
Capital stock
.602,641,471 699,739,820
deposits
States
Central
*5
property..—
$75,038
2,860
$15,916
Net oper. income
.$6,764
1939
1938
S
Stocks
Period End. Mar. 31—
9,138,399
*
General Balance Sheet Dec. 31
1939
yLssctS"""*
'•
Central States Edison, Inc.—Earnings-
Int.
$3,641,763
3,416.774
$3,661,339
3,416,774
__
Inv. In affil.cos.;
Gross revenues
^
-
343.742
7,593,393
1,703,094
30,893
Rent for leased roads—
Miscellaneous
1937
8,841,135
2,208.719
407,346
Gross from railway
1939
$2,898,914
693,819
71,409
March—
physical property.Dividend income
Prem. on funded
9,799
322,565
.
_
169,019
153,764
79,921
accounts.
526,059
128,916
923,002
1,113,813
1,094,401
16,029
144,486
502,467
154,131
522,743
130,324
122,683
508,712
Miscell. non-operating
Special deposits.
Misc.
$26,839,407
8,616,802
1,333,854
rents
Interest A
revenues...$25,245,898 $25,982,916 $25,873,207
Railway tax accruals-..
51,198,000
1,959,483
50,798,000
matured
Traffic, Ac., bal.
Loans A bills rec
1936
1937
1938
$93,070,136 1110151,212 $98,082,410
67,087,220 74,278,004 71,243,003
Railway oper. revenues.$96,131,794
Railway oper. expenses. 70,885,896
88,324
Funded debt un¬
fund debt ma¬
Time deposit—
1940
Years
Grants in aid of
construction..
cos.
$
$
27,430,800
Capital stock
1939
1938
1939
•
Liabilities—
$
Asset$—
Road A
May 4,
Condensed Income Accounts—Calendar
Balance Sheet Dec. 31
4,232,083
906,033
69,310
230,906
def43,754
4,013,168
492,556
def329,715
1937
$1,666,337
431,934
152,736
4,596,407
937,547
72,598
Chicago & Illinois Midland Ry.—Earnings—
March—
1940
Gross from
railway
railway
oper. income
Net from
Net ry.
From Jan.
$371,591
—
124,491
80,688
1938
1939
1937
$270,343
62,113
44 ,*85
63,757
$406,115
858,748
223,995
153,572
$313,563
88,935
1,136,117
186,873
130,962
1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 2088.
1,100,737
351,756
236,300
896,539
249,293
189,906
469,561
340,340
Chicago Indianapolis & Louisville Ry.—Earnings—
1940
March—
Gross from
railway
railway
oper. income
Net from
Net ry.
From Jan.
$780,731
219,668
73,309
2,359,839
646,974
225,120
1938
1939
1937
def41,886
$682,762
85,028
def66,619
$968,585
234,595
80,383
2,076,255
172,479
def260,721
1,947,525
def337,151
2,758,640
601,165
132,147
$762,067
101,614
1—
Gross from
railway
Net from railway
Net ry. oper. income
—V. 150, p. 2717.
108.346
Chicago Milwaukee St. Paul & Pacific RR.— -Earnings
1940
March—
Gross from
railway
Net from railway
Net ry. oper. income..From Jan.
Gross from
—V. 150, p.
25,895,196
6,148,660
2,896,019
23,455,628
4,117,878
798,252
1937
$7,819,997
1,312,587
227,564
$8,134,961
1,451,540
321,093
$9,156,833
2,128,386
1,049,098
22,221,298
3,429,299
101,548
25,485,503
1—
railway
Net from railwayNet ry. oper.
1938
1939
$8,525,609
1,967,692
885,925
income
2718.
.
5,359,690
1,999,254
Volume
The Commercial
150
Chicago & North Western Ryv
March-
def443,853
17,786,884
Net from railway———
468,828
Net ry. oper. income.-. def708,431defl,121,119def2,052,873
20,151,895
1,872,222
def771,322
.
-
$6,389,308
664,229
def237,547
$6,397,492
563,846
def423,654
-
Net ry. oper. income
From Jan. 1—
Gross from railway.
......
$6,175,510
392,515
_
Vice-President of the Railway in
charge of the New York office was accepted on April 25 at a meeting of
the board in Chicago.
He resigned also from the same position with the
a
subsidiary.
^
_
_
1939
1938
1937
$1,531,477
615,376
$1,516,024
$1,249,516
590,573
454,302
389,149
287,087
$1,640,611
724,124
Gross from railway.
Net from railwayNet ry. operating income
——
502,145
;
Harry W. Rush, formerly Treasurer of this company, has been appointed
May 1, with offices at 111 Broadway, accord¬
ing to R. L. Williams, chief executive officer of this company and
Presi¬
dent of the Chicago St. Paul Minneapolis & Omaha Ry.
Mr. Rush will
also take over the duties as fiscal representative of the latter road.
F. O. Linstead will become Treasurer of the C. & N. W., and H. 8. Al-
fiscal representative effective
dridge assistant local Ireasurer at Chicago on May 1.
Ernest Melander will become Treasurer and Edward Price Assistant
Treasurer of the Omaha with offices at, St. Paul.—V. 150, p. 2568.
4,525,939
1,662,008
1,258,476
614,789
4,302,920
1,536,842
1,151,806
3,501,912
933,550
734,598
4,366,013
1,632,363
1,213,629
—V. 150, p. 2568.
■
Cities Service
as
Chicago St. Paul Minneapolis & Omaha Ry.,
_
— — .
Offical Resigns—
Resignation of Arthur S. Pierce
1940
Gross from railway Net from railway-Net ry. operating income
From Jan. I—■■
18,124,001
1,473,502
19,684,019
2,038,010
March—
1937
1938
$7,296,706
1,053,168
188,512
Gross from railway-.-—
Net from railway
*
2873
Cincinnati New Orleans & Texas Pac. Ry.—Earnings—
Earnings—
1939
1940
& Financial Chronicle
Co.—-Capital Reduced-—New Director—
Stockholders on April 30 approved retirement of 41,589 shares of common
$415,894.
They also approved a plan for reimbursing non-salaried directors and for
indemnifying directors and officers in special instances.
The plan for
reimbursing directors provides that "no such fixed sum paid to a director
as a member of the board and of
any committee of the board shall exceed
$500 a month, and no attendance fee shall exceed $20 a meeting."
Burl S. Watson, Vice-President of several real estate subsidiaries of
Cities Service, was elected to the board of the parent company to succeed
the late Henry L. Doherty, founder of the company.
stock held in the treasury, reducing the company's capital by
.
Chicago
Additional
Rock
Island
Purchase
Ry.—To
Pacific
&
Equipment—-
Trustees were authorized on April 22 by the U. S. District Court in
Chicago, to purchase 150 open-top, 50-ton, hopper-bottom cars, and 60
covered, 70-ton hopper cars, and a 1,000-h.p. Diesel switching locomotive
for immediate delivery.
The covered hopper cars are to be used in the transportation of cement.
The Diesel switcher is to be used in the railroad's yards at Ft. Worth,
Texas, where it has been under test.
The value of the proposed new pars and locomotive is given as $659,750.
[Includes Chicago Rock Island & Gulf]
March—
$6,430,353
1,272,893
453,569
17,910,533
2,989,212
520,446
From Jan. 1—
Gross from railway
Net from railway
Net
654,961
railway operating income
—V. 150, p. 2718.
Chicago St. Paul Minneapolis & Omaha Ry.
March—
1940
-Earnings
1937
1939
1938
$1,310,293
124,973
operating income
def 89,319
$1,313,521
158,737
def67,446
$1,245,810
181,742
def22,401
$1,386,947
167,465
def50,027
4,037,586
3,727,927
294,901
def353,446
3,723,669
366,330
def255,474
def485,494
Gross from railway
Net from railway
-
Net ry.
From Jan. 1—
Gross from railway
476,292
def2l2,699
Net from railway
Net ry. operating income
3,932,342
177,379
above.—V.
Chicago & North Western Ry.
Childs Co.
150, p. 2718.
—
—
—
—
operating
revenue..—
1940
1939
$3,734,620
3,753,267
$3,730,757
3.874,778
_
Gross income
——$15,062,466
$11,250,943
4,316,264
1,436,211
4,019,553
1,436,333
505,874
*
Co.—Interest
charges
-
803,778
on
funded
debt and amortization of discount..
2,240,600
Net income
—
$6,265,614
$144,021
$
28,734
Loss---..
18,646
4,056
$115,286
94,643
147,450
CY2.899
Interest--
....
_
Depreciation and amortization
Reserved for bad debts, &c_
owns
Co., and Wyandotte County Gas Co., in which Cities Service Co.
the majority of the securities carrying voting rights.
Pursuant to
certain indentures dated July 11, 1939, Cities Service Co. for the
of its outstanding debentures, pledged these securities Gexcept an
protection
undivided
90% interest in its holdings of the pref. stock of Cities Service Power &
Light Co.) with trustees and conveyed to such trustees all of its voting
rights therein.
Comparative Income Account of Company Only
Quarter Ended March 31—
1940
1939
a Interest on bonds
$2,339,004
$2,279,667
b Dividends on preferred and common stocks
1,792,830
593,572
Interest and dividends on other invest. & advances
376,949
269,716
Net profit on securities of sub. and other cos. sold.
147,403
Int. on notes & acc'ts rec. and sundry receipts..—
153
393
Excess of par over book value of debentures
95,785
J2,181
$4,604,722
232,721
233,488
$3,362,933
200,237
188,750
9,166
48,000
9,365
4,038
2,302,214
141,282
85,028
40,018
$1,621,633
General, legal and other expenses
Depreciation of furniture and fixtures
Interest on indebtedness of sub. companies
Interest on debentures and guaranteed bonds
$392,001
2,243,714
137,490
78,511
Amortization of debenture discount and expense.
Franchise, cap. stock, deb. coupon & other taxes._
Provision for Federal income tax
$261,861
14,590
97,505
151,568
Crl ,803
Net Income
a And indebtedness of subsidiary companies and utilities not controlled.
b Of certain subsidiary companies and utilities not controlled,
c Of Oitie,
Service Co. retired through sinking funds.—V. 150, p. 2417.
Clark
-V. 150, p. 1131.
1939
1937
233,640,323 182.560,725
198,831,555 155,351,680
88,585,855
77,037,587
183,207.346
156,430,596
27,209,045
268,793
11,548,269
xl ,008,083
26,776,750
293,073
12,556,352
—_
Cost of sales-...
Gross
-
27,069,823
9,204,355
12.929,785
profit
34,808,768
Int. ,divs. & misc. income
329,189
Adminis., engin'g, sell¬
ing, advertising service
and general expenses.
Prov. for Fed., State and
foreign income and excess-profits taxes and
15,742,388
5,438,915
3,225,735
2,109,970
11,638,290
4,351,132
10,914,303
6,528,498
$3.62
$2.67
$0.48
$2.51
Includes $862,314 profit from sale of investment securities.
Note—Depreciation and amortization have been charged to cost of sales
expenses in the amounts of: 1940, $10,002,838;
1939, $7,514,787;
1938, $2,740,949, and 1937, $6,403,717.
' ;
;
;
Income of the foreign subsidiaries, included in the foregoing statement,
for the three months ended March 31, 1940, has been translated at the
of exchange prevailing during the period, and amounted to
$491,006 after adjustment for translation of net assets (except fixed assets)
at the close of the period to open market rates of exchange.—v. 150, p. 1131.
average rates
Christiana Securities Co.-
•Earnings
f
Total
Income per Share Paid per
from duPont
Common
Income
Net Income
Pref.
Com.
Com.Sh
1939——$21,348,600 $21,845,773 $21,250,468 $141.67| $134.67 $136.60
65.58
9,837,019
58.58
57.50
1938—
10,154,122
9,911,850
126.78
119.78
19,061,250
19,017,550
119.80
1937
19,517,551
125.03
18,755,903
118.04
118.10
1936.— 18,603,780
19,195,210
92.34
13,851,315
85.34
68.00
1935
13,680,832
13,647,854
63.94
9,591,284
56.94
57.00
1934
9,598,965
9,454,380
56.66
8,499,376
49.66
50.00
1933-8,525,703
8,385,150
56.94
49.94
8,540,733
50.00
1932—
8,611,700
8,427,775
82.29
12,343,735
75.29
76.50
12,548,060
1931
12,152,000
86.87
13,030,266
79.87
56.00
1930— 14,016,800
14,570,177
129.56
18,434,167
122.56
107.00
1929
20,861,110
17,224,000
106.96
99.96
16,043,900
1928
88.00
14,490,000
16,091,090
—
-
Comparative Balance Sheet as of Dec. 31
%
'•■""■Vi
Nemours com.-44,659,257
4,412,835
903,592
903,592
846,106
901,585
1938
$
Tax reserve-
545,896
262,500
260,070
262,500
Surplus. ——20,914,979 21,204,511
846,106
News-Journal
Co. common
Cash.—.
1939
$105,420
bl82,447
—
-
4,733
44,503
7,099
44,670
$57,953
Net loss
Ry.—
$128,795
1938
$184,869
169,631
19,273
17,040
49,396
$70,470
Federal income taxes of subsidiaries but
After deduction of normal
before deducting interest on bonds, premium and commission on bonds
purchased, amortizarion of bond discount and expenses, and provisions for
depreciation and depletion (except cost depletion applicable to land and
standing timber sold),
b Includes interest on bank loans.
Note—Total provision for depreciation and depletion for the period of
three months ended March 31,1940, was $107,248 (incl. depletion applicable
to land and standing timber sold in the amount of $7,968), of which the
applicable amount of $54,777 was charged to surplus arising from adjust¬
ment of properties for Federal income tax purposes.—-V. 150, p. 2719.
Cleveland Graphite Bronze Co .—Earnings—
Earnings per
x
V.
After all
1940—3 Mos —1939
1940—12 Mos.—1939
$1,806,871.
$752,573
321,920
321,920
share
$5.61
$2.34
charges, incl. provision for depreciation and Federal taxes.—
Net profit-.. — —
Shs. capital stk. outstdg.
$436,740
321,920
$1.36
$374,992
321,920
$1.17
150, P. 2250.
Cleveland
Ry.—Earnings—
Maintenance
-
Operating expenses
Property retired
Taxes
1939
$3,535,371
525,917
515,676
2,066,551
87,586
2,119,467
Cr2.051
362,758
51,045
336,437
53,034
355,129
57,423
$353,301
expenses
1940
$3,693,498
540,911
2,094,706
290,778
3 Months Ended March 31—
income.
Gross
$465,846
$454,819
-
-
Interest and discount on bonds.-----
Net income
-
1938
$3,500,463
-
55,402
52,447
52.607
Transfer to M. D. & R. reserve acc't.
131,539
324,559
436,953
$166,360
$88,839
def$34,642
Profit
—
—Y. 150, p.
—
—
1132...;
Clinchfield
•V::
RR.—Earnings1940
March—
905,291
Net ry. operating income
Total—.—51,723,375 51,727,081
Gj^sfromrailwa
y
Net from railway
-
operating income
shares at cost of
Net ry.
at
—V. 150, p. 2089.
1940
$98,783
M07.500
Prem. and commission on bonds purch
Net from railway
At cost, represented by 3,049,800 shares,
b 90,151 shares (34,700 5-55
$1,286,791 and 55,450 50-55 shares, received as dividend,
$3.126,044).—V, 150. p. 1759.
a
St. Louis
(& Subs.)—Earnings—
Amortlz. of bond discount & expense.
Prov. for deprec. and depletion— — .
Gross from railway..—
Total—-—51,723,375 51,727,0811
&
$
Preferred stock---15,000,000 15,000,000
Common stock.--15,000,000 15,000,000
Pref. dividends..-
Trust
Co. common.—v
The
44,659,257
4,412,835
Mobilities—
-------
-
Capital reduction sinking fund
1939
1938
E. I.'du Pont de
Wilmington
Cleveland Cliffs Iron Co.
3 Months Ended March 31—
Total income
x
Divs.
1939
Chicago
The Central Hanover Bank & Trust Co. will until 12 o'clock noon, May
15, receive bids for the sale to it of sufficient first collateral trust mortgage
to exhaust the sum of $44,483, at prices not exceeding 105 and
accrued interest.—V. 150, p. 989.
Period End. Mar. 31—
&c.-
Dividends
b Gen. Motors com
Cincinnati,
bonds
a
and
a
Cleveland,
Interest on bonds...
(par $5)
Assets—
dividend of 25 cents
V.
a
Earns, per sh. on 4,351,132 shs. capital stock
x
a
Tenders—
1,242,028
Net profit
Common dividends
dividend of 75 cents per share on the common
An extra of 25 cents
was paid on March 15, last.
See also
150, p. 1132, for detailed record of previous dividend payments.—V.
150, p. 2569.
in addition to
1938
%
1940
a
stock, payable June 17 to holders of record May 29.
Chrysler Corp. (& Subs.)—Earnings
Net sales
Equipment Co.—75-Cent Common Dividend—
Directors have declared
3 Mos. End. Mar. 31—
$2,953,441
*
$
$354,480
_
2,335,742
.
The term "utilities not controlled" as used in statement means Cities
Service Power & Light Co. and subsidiaries, Gas Service Co., Kansas City
Gas
_
Loss from operation
Other income
1939
.
.$14,143,098 $10,059,610
919,367
1,191,333
„
Subsidiaries and Utilities Not Controlled—
Interest charges and amortization of discount
Service
'
——$67,094,802 $57,395,924
45,597,447
40,284,445
7,354,257
7,051,869
Total gross income
Administrative and management expenses
(& Subs.)—Earnings-
3 Months Ended March 31—
—
Other Income
c
Official Resigns—
See
Net
Cities
$6,170,628
1,096,547
151,433
18,473,943
3,313,233
-----
—
Operating expenses, maintenance and taxes
Reserves for depletion and deprec., dry holes, &c_
1939
,1940
railway.
Net from railway
t
Net railway operating income
1940
Gross operating revenue
Preferred dividends paid and accrued.
Earnings applicable to minority interests
Earnings for March and Year to Date
Gross from
Earnings for Quarter Ended March 31
[Including Subsidiary Companies and Utilities Not Controlled* ]
1939
1938
$778,118
441,311
360,442
$606,255
299,603
259,719
515,881
197,385
150,213
2,361,442
1,376,032
1,138,733
1,784,467
917,912
816,991
1,489,206
595,117
493,852
1937
$727,356
404,255
385,297
1,873,301
952,528
919,203
The Commercial & Financial
2874
Colgate-Palmolive-Peet Co.—Listing—
Exchange has authorized the listing of 125,000 shares
of $4.25 preferred stock (no par), which are issued and outstanding.—
V. 150, p. 2917.
.!•
The New York Stock
Colorado & Southern Ryv -Earnings-
def2,571
$518,494
55,426
def30,683
$660,747
163,208
75,984
1,331,244
320,559
320,559
36,693
36,693
1,342.637
211,725
def50,993
1,437.761
1,834,200
396,250
119,556
93,480
operating income
o/o^Tromrailwy
Net from
railway
Net ry. operating
1937
$516,277
125,912
39,622
$495,301
Gross from railway
Net from rail way
Net ry.
1938
1939
1940
March—
income
145,495
defl30,735
150, p. 2089.
—V.
Columbia Gas & Electric
Corp.—New Director—
The corporation announced the election on May 2 of Henry R. Hayes as
director to fill the vacancy caused by the recent death of Samuel Y.
a
Kamage,—V. 150, p. 2251.
Commonwealth Edison Co.—Weekly Output—
of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended April 27,1940 was 142,220,000
The electricity output
company
kwh., compared with 132,799,000 kwh. in the corresponding period
year, an increase of 7.1%.
'
The following are the output and percentage comparisons for the
,
.
corresponding periods last year:
-Kilowatt hour Output
1940
1939
four weeks and the
Week Ended—
Per
132,799,000
139,120,000
138,643,000
137,735,000
April 27
142,220,000
April 20
143,912,000
April 13.
148,264,000
April 6--~—143,369,000
—V. 150, p. 2251, 2419, 2569, 2720.
Cent
7.1
last
,
last
Increase
3.4
6.9
4.1
Commonwealth Edison Co. (& Subs.)—Earnings—
1940—3 Mos.—1939
1940—12 Mas.—1939
$40,321,494 $37,866,210 $148329,129 $140866,392
48,037
46,627
195,453
162,607
1,594,545
.1,392,495
5,642,463
4,957,840
13,033,069
12,173,709 49,299,486 47,430,584
1,805,237
2,013,152
8,061,474
7,980,714
Period End. Mar. 31—
Operating revenues
Power purchased
Gas purchased
Other operation
Maintenance
.
local
State,
miscell.
&
5,233,752
1,585,869
4.26J.890
5,431,357
2,143,270
4,186,012
Federal taxes
Federal income taxes—
Provision for deprec'n..
18,901,713
5,058,549
16,951,525
20,608,943
6,437,161
16,867,964
Chronicle
May 4,
1940
Corporation, which operates utility properties in 10 States, on April 30
challenged the right of the Securities and Exchange Commission to enforce
against its system the "death sentence" provisions of Section 11 of the
Public Utility Holding Act. and declared, in a formal answer filed in Wash¬
ington to the Commission's show-cause integration proceedings, that any
attempt by the SEC to force the corporation to dispose of its subsidiaries
would be "detrimental to the public interest."
The corporation's brief was signed by its President, Wendell L. Willkie.
He declared that any order which might be issued by the Commission
"purporting to be in pursuance" with the provisions of Section 11—the
"death sentence"—requiring Commonwealth &
itself of any securities or properties now owned
Southern Corp. to divest
would be contrary to the
the Act, would be unlawful and would be in viola¬
of the United States.
While the position taken by the corporation in its answer was necessitated
by the desire to preserve completely its legal rights, Mr. Willkie asserted,
it was not to be construed as an indication that it intended to fight the
constitutionality of the Act to the highest court in the land.
If it is at all possible. Mr. Willkie said in a statement in New York April
30, "1 am willing to make a sincere effort to work out the entire integration
problem of our system at a round table conference with members of the SEC."
The Commonwealth and Southern system, which comprises 10 operating
properties serving a population in excess of 5,600.000, is providing electric
service to residential consumers at an average cost of 2.93 cents a kilowatt
hour, while the average use for each customer is 1,226 kilowatt hours
annually, according to Mr. Willkie's answer to the Commission.
Commonwealth and Southern's residential rates are, therefore, Mr.
Willkie added, 27% lower than the national average for the country and
the use 37% higher, saying that in 1939 the national average rate was 4 cents
a kilowatt hour and the national use 897 kilowatts.
Citing the low rates and high use throughout the Commonwealth and
Southern system as a clear-cut indication that it was serving the "public
interest," Mr. Willkie declared that the "facts that the Commonwealth
companies bettered the national average to such an extent and at the
present time have such a high average residential consumption" are at¬
tributable primarily to two outstanding achievements:
1. The Commonwealth and Southern Objective Rate Plan, whereby
sharply reduced rates are made available for additional consumption.
2. The service rendered by the Commonwealth and Southern in rendering
assistance to the operating properties in their aggressive sales appliance
campaigns and merchandising activities.
Mr. Willkie stated in effect that, because of the common ownership of
the various properties comprising the system, many substantial economies
in operation and high efficiencies have been effected.
In discussing the Northern Group in the system, operating in the States
of Michigan, Illinois, Indiana, Ohio and Pennsylvania, he asserted that
common ownership of this group and the services rendered to it had resulted
in "insuring to the communities in which the properties are located electric
and gas service of a high standard at rates for such service not otherwise
Intent and provisions of
tion of the Constitution
obtainable."
Net oper.
$12,079,967 $11,159,716 $41,216,185 $39,422,860
120,384
104,699
916,766
827,105
income
Other income
Discussing the Southern properties, which operate in the Tennessee
Valley area, Mr. Willkie cited past difficulties arising out of the conflict
the Tennessee Valley Authority, but added that at the present it
appeared that the remaining property owned by Commonwealth & Southern
in the Southeast would be free from further competition with the Tennessee
Valley Authority.
"It appears very likely," he added, "that, as soon as the investment
market has come to understand the extent to which the relations of the
Government and the Southern group of subsidiaries of Commonwealth
have been stabilized in this area, the securities of such subsidiaries can be
with
$12,200,351 $11,264,415 $42,132,951 $40,249,965
16,350,421
3,940,113
13,035,054
2,870,582
Gross income
Interest on funded debt.
of debt disc't &
Amort,
1,405,196
451,443
Cr213,882
354,098
34,263
Cr31,891
1,532,098
300,014
0557,461
0168,375
6,563
131,216
69,177
77,804
047,965
940,242
295.135
360,297
& expense
Other interest charges-Int. cbgd. to construct'n '
Divs. on pref. stocks of
30,535
subsidiaries
Minority interests.-
$9,146,256
$6,767,439 $27,793,407 $20,975,903
Shs.
of cap.
stk. out¬
standing ($25 par)— 12,119,312
Earnings per share$0.75
—V. 150, p. 2720
2569 , 2419 , 2251.
9,105,791
$0.74
9,10.5,791
$2.30
12,119,312
$2.29
,
Commonwealth Light & Power
Co.—SEC Rejects Plan
—Proposes Liquidation of Inland Power and Parent Common¬
wealth Light—Both in Reorganization—
The Securities and
Exchange Commission disapproved on May 2 a plan
Light Corp. and the Common¬
of utilities
of the two
for reorganization for the Island Power &
wealth Light & Power Co., condemning "the frenzied trading"
securities by promoters which, it alleged, resulted in formation
companies.
•
product of a protective committee for holders of certain bonds
of Inland Power and supported by the Middle West Corp., principal creditor
of both companies, provides for formation of a new Delaware corporation
which, in turn, would
Both Inland and Commonwealth
to which would be transferred all Inland's assets and
issue 334,440 shares of common stock.
would be dissolved.
The
undergoing reorganization under the Bankruptcy
District of Illinois.
The SEC, which under the
Holding Company Act has a veto power over reorganization of registered
holding companies, rejected the plan on the principal ground of infeasibility,
but also raised the question whether the proposal had been duly responsive
to the Supreme Court's mandate in the Los Angeles Angeles Lumber Co.
Act
companies
in
are
Northern
the
case.
"It
is
evident
Commission said, regarding its main point
enterprise now represented by Inland and
justification.
It was the product of
frenzied trading in utility securities by a series of promoters who have left
a great number of deluded and injured investors in their wake.
"Many of the valuable assets have long since disappeard.
Of those
that ramain, the property in Michigan has no imaginable relation from
an economic or operating standpoint with the property in Kansas and no
conceivable advantage to investors can be found in the creation of a new
holding company to retain control.
"The public security holders who thought they were purchasing bonds
secured by the pledge of stock of operating companies will not even have
that common stock, but will merely have stock of a holding company of
which control will rest in still another holding company.
"Apart from these considerations, the plan itself recognizes that the
new holding company can only be temporary and
proposes that the prop¬
erties be liquidated within two years.
In the event of failure to liquidate
within that time, a trustee is once more to be appointed to carry out that
liquidation.
Custody of Assets
to
as
feasibility,
Commonwealth
here," the
"that the
never
had
economic
"These assets have been in the hands of receivers from the end of 1932
October, 1934, and in the hands of trustees since the latter date.
If
liquidation is to be accomplished within two years, we are unable to see
why that liquidation cannot be accomplished as effectively by the present
to
trustees as
,
i
by
a new group
of five individuals called a board of directors.
If. as has been suggested, the liquidation cannot be accomplished
within two years prescribed by the plan, then it is difficult to justify the
expense of consummation of the
plan and termination of the present
trusteeship only to appoint a new and perhaps strange trustee two years
hence.
The Commission questioned whether the plan "observed the principles
of the Los
as
or
Angeles
case
in
so
far
as concerns
provisions regarding secured
against unsecured creditors."
"As the matter stands today," the agency added, "the secured creditors
Inland, namely, the holders of the collateral trust bonds, have an exclu¬
sive claim to the common stock of the Kansas Power Co. and of the Michi¬
Public Service Co., both pledged as security for those bonds.
The
proposal plan would require these bondholders to share those assets with
gan
the unsecured creditors.
"True it is, that there
are
other assets not pledged,
and that the plan
purports to give these bondholders a greater share of the unpledged assets
than it is asserted is their due by reason of their deficiency claim.
On the
other hand, it is conceivable that a dissenting
bondholders appeared at the hearing) cannot be
a
preferred
savings of annual interest charges and possibly
dividend charges, as has been done by the
subsidiaries of the
Northern group."
Consol. net income.--
The plan,
refunded with substantial
bondholder (and objecting
required to enter into such
Concerning small scattered non-utility enterprises in the Commonwealth
& Southern system, Mr. Willkie indicated that these would be disposed of
as soon as is practicable through outright sale.
>
Arguing that continuation of ownership by Commonwealth & Southern
of its subsidiaries—Consumers Power Co., Central Illinois Light
Co.,
Southern Indiana Gas & Electric Co., Ohio Edison Co., Pennsylvania Power
Co., Alabama Power Co., Georgia Power Co., Gulf Power Co., Mississippi
Power Co. and South Carolina Power Co.—was not detrimental to the
public interest, Mr. Willkie declared the system was not so large as to
impair the advantages of local management, efficient operation and the
effectiveness of regulation.
The continuation of such ownership, he declared, was consistent with the
provisions of Section 11 (b) (1)—the "death sentence"—of the Holding
Company Act.
"The ownership by Commonwealth and Southern of the common stocks
of its subsidiaries," he said, "has not adversely affected the national public
interest, the interest of investors in the securities of Commonwealth, or its
subsidiaries, or any interest of consumers of electric energy and of natural
and manufactured gas, and the elimination of any such ownership would be
contrary to the public interest and the interest of investors and consumers.'
Monthly Output—
Commonwealth & Southern Corp. system for the
702,863,637 kwh., as compared with 644,524.711 kwh.
March, 1939, an increase of 9.05%.
For the three months ended
March 31, 1940, the output was 2,153,036,902 kwh., as compared with
1,848,901,184 kwh. for the corresponding period in 1939, an increase of
16.45%.
Total output for the year ended March 31, 1940 was 8,149,306,078 kwh., as compared with 7,007,042,899 kwh. for the year ended March 31,
1939, an increase of 16.30%.
The above excludes the output of The Tennessee Electric Power Co., the
electric properties of wheh were sold in August, 1939.
Gas output of The Commonwealth & Southern Corp. system for the month
of March was 1,845,637,100 cu. ft., as compared with 1,555,402,000 cu. ft.
for March, 1939, an increase of 18.66%.
For the three months ended
March 31, 1940, the output was 6,096,432,200 cu. ft., as compared with
4,907,253,700 cu. ft. for the corresponding period in 1939, an increase of
Total output for the year ended March 31, 1940 was 17,174,24.23%.
934,800 cu. ft., as compared with 15,017,451,800 cu. ft. for the year ended
March 31,1939, an increase of 14.37%.—V. 150, p. 2720.
Electric output of The
month of March was
for
,
Community Power & Light Co.—SEC Asks Court Order
Enforce Plan Opposed
by Minority—Stockholder Seeks
to
Injun tion—
The Securities and
Exchange Commission April 25 applied to the
Federal
Court, Southern District of New York, for an order to enforce provisions of
the recapitalization plan which that agency has approved for the company.
This action followed by two days the filing of a suit in Wilmington, Del.,
a dissenting preferred stockholder, for an injunction to restrain the com¬
from carrying out the plan, and may result in the first legal test of the
validity of Section 11 (E) of the Public Utility Act of 1935.
This section
appears to have been designed to by-pass State corporation laws in effecting
reorganizations.
It is aimed to protect a voluntary reorganization plan
of a utility which has received tbe approval of SEC from being upset In the
courts by minority stockholders.
Under the procedure, the company files
a reorganization plan with the SEC, which finally approves it.
Then the
SEC speedily gets court approval and so blocks any attempt by stockholders
to obtain adverse judicial action.
♦
The Community Power & Light reorganization plan is regarded generally
as having established a standard to guide utility holding company manage¬
ments in any capital readjustment program where substantial preferred
dividend arrears are involved.
Under this plan, preferred stockholders
receive 95% of a new common stock issue in exchange for their shares and
dividend arrears, while the common stock receives the 5% balance of the
new issue.—V. 150, p. 2720.
•
by
pany
Coniaurum Mines,
Ltd.—Earnings—1940
45,905
Development and operating costs
$122,475
10,031
$182,124
----
$409,043
286,568
$174,945
7,178
■
*
Net income from metals produced
1939
46,620
$452,777
277,831
Quarter Ended March 31—
Tons of ore milled
$132,506
bargain."
In
the aggregate,
Including
be received in return for its
claim against Inland, Middle West, would have received 128,615 shares
of the new company's stock, or about 38.46% of the amount which would
have been outstanding.—V. 139, p. 2517.
new shares to
Operating profitNon-operating revenue
Total
Provision for taxes..
Commonwealth
&
Corp.—Challenges Au¬
thority of SEC—Willkie Says " Death Sentence** for His Company
Would Violate Law, Public Interest—
_
<
23,500
20,850
$158,624
10,173
$111,656
5,239
Southern
Profit before "write offs"
Capita expenditures..
150, p. 836.
—V.
■
The Commercial & Financial Chronicle
Volume ISO
The New York Curb
Exchange has approved the listing of 53,239K
additional shares of capital stock,
par $25, upon official notice of issuance.—
V. 150, p. 2569.
$2,199 from operating expenses
Connecticut Ry. & Lighting Co.—Earnings—
Period End. Mar. 31—
1940—3 Mos.—1939
1940—12 Mos.—1939/
Operating
$717,908
$657,647
$2,689,055
436,227
1,746,819
1,732,878
91,423
5,630
4,542
56,521
355.100
33,596
16,512
224,735
101,530
$63,304
101,508
$312,293
405,176
$200,460
r 405,513
$201,689
1,951
2,107
$164,812
4,259
1,870
$717,469
15,069
7,477
Consolidated Oil Corp.—Debentures Called—
$2,561,774
452,153
$605,973
19,741
6,096
revenues
als & replacements
90,571
13,248
3,807
57,970
Prov, for Fed. inc. tax__
Prov. for other Fed. tax.
Prov.for State & local tax:
•
Operating income..
Non-operating income—
Balance
General expenses—
Gross income
V
$100,159
Prov.for Fed.cap.stk.tax
:/
V
224,170
'2-
$158,683
98,999
$694,923
372,532
io' $59,684
$322,391
317,824
def$18,301
successor
12 Months Ended Feb. 29—
Gross
Net
income
Reservations of net inc
Balance
Note—Previous
—V.
150,
years'
figures
77,985
restated
for
operating
1940
of
earnings
(after
..$38,130,042 $36,459,231
expenses
14,209,310
13,752,529
Maintenance....
1,960,680
1,943,339
Provision for depreciation
5,119,673
5,225,430
General taxes and estimated Federal income taxes.
5,007,360
4,463,668
purposes.
Corporation
formerly
was
Corp.—Dealings—
...
has been reinstated to dealings by the New
known
as
Air
Devices
Total income of subsidiaries
Interest,
Dealings in
Corp.
Consolidated Edison Co. of New York, Inc. (&
1940—3 Mos.—1939
Balance
long-term debt—
dDivs.
on
pref. stocks..
4,403,062
154,583
72,018
$6,380,209
$7,090,399
82,718
86,762
$6,399,143
105,630
154,782
$6,920,919
$6,138,731
2,546,520
160,746
42,037
2,566.337
161,994
41,582
$4,171,616
1,320,053
$3,368,818
1,320,053
$2,851,563
$13.29
'
$2,048,765
$9.55
___
-:
Net income
Miscell. reservation.—
Balance..
Holding Company Deductions—
on 5% debentures, due 1958....
Preferred dividends
...
Balance transferred to consolidated surplus
Dividends
$2,879,314
Balance
Earnings
per
share
*
,,
Continental Steel
18,934
Corp.—Obituary—
Niles Chapman,
Chairman of the Executive Committee and Treasurer
died on April 25.—V. 150, p. 2721.
Cornell-Dubilier Electric Corp.—To Pay
20-Cent Div.—
Directors have declared a dividend of 20 cents per share on the common
stock, payable May 10 to holders of record April 30.
Dividend on 40 cents
was paid on Sept. 15, last; 10 cents was paid on
Sept. 24, 1938, and an
initial dividend of 27K cents per share was distributed on Sept. 28, 1937.
$778,374
$2.07
16,019,088
...—
.
prior preference stock
on
—V. 150, p. 2721.
$34,647,814
10,926,386
22,943,054
—
Common dividends
.
Amortization of debenture discount and expense..
Taxes on debenture interest
$19,807,244 $56,318,924 $53,753,845
4,318,898
17,359,754
17,906,921
8166,218
1,821,113
980,130
60,778
93,051
68,980
$15,111,350 $36,745,006
10,923,138
22,942,554
minority
Balance
$15,578,237 $15,261,350 $37,045,006 $34,797,814
150,000
150,000
300,000
150,000
$15,428,237
to
.....
of this company,
e
attributable
stock
Interest
Operating income
$20,202,749 $19,808,033 $56,299,895 $53,756,310
Non-oper. revenues
126,305
111,348
515,127
481,156
Non-oper. rev. deduct'ns
121,154
112,137
496,098
>
483,621
Other interest
15,104
•
$68,700,388 $253806,610 $242,829,262
29,930,661
28,674,524 117,185,223 116,865,106
6,948,514
6,576,198
25,388,660
20,696,123
14,253,667
13,641,633
54,932,832
51,511,723
Gross income.......$20,207,900
$6,395,314
18,340
Total....
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp
Subs.)
1940—12 Mos.—1939
Total oper. revenues_$71,335,591
b Taxes
$11,837,202 $11,069,195
4,742,703
4,673,881
Equity of Continental Gas & Electric Corp. in1
earnings of subsidiaries
$7,076,158
Income of Continental Gas & Electric Corp.
(ex¬
clusive of income received from subsidiaries)
i4,24i
1,721,725
1,636,240
6,495,279
5,907,150
12,420,112
11,853,893
40,786,570
39,374,126
Sales of steam (M. lbs.).
5,203,128
4,546,024
11,074,703
10,031,692
Sales of electricity
$53,634,992 $51,871,236 $199041,450 $189677,448
Sales of gas..
12,087,406
11,781,723
41,526.493
40,768,041
Sales of steam..
4,992,264
4,406,770
10,630,362
9,708,511
Other operating revenue
620,929
640,659
2,608,305
2,675,262
Operating expenses...
Depreciation
.
$7,094,499
common
Sales of elec. <M. kwh.).
Sales of gas (M.cu. ft.).
a
amort, and preferred divs. of subs
Proportion of earnings,
Electric Corp.
Accordingly, upon the reinstatement of the stock to deal¬
ings, transactions will be recorded under the new name of the corporation.—
V. 150, p. 2720; V. 148, p. 3372.
Period End. Mar. 31—
$11,833,018 $11,074,264
4,183
Dr5,070
Non-operating income of subsidiaries.
the capital stock of Air Devices Corp. were suspended on Oct. 21, 1938.
On April 11, 1940, the name was changed to Connecticut Telephone &
on
1939
subsidiaries
General operating
Net earnings from operations of subsidiaries.
Connecticut Telephone & Electric
Int.
2720.
2569.
p.
The capital stock, par $1,
York Curb Exchange.
c
p.
eliminating intercompany tiansfers)
$4,567 def$l49,070
comparative
trustee, 22 William St., New York.—Y. 150,
Continental Gas & Electric Corp. (&
Subs.)- -Earnings
$155,816
304,886
$25,400
Container Corp. of America—Debentures Called—
Corporation will redeem on June 1, 1940 all its outstanding
15-year
5% gold debentures due June 1, 1943 at 101%.
The debentures will be
paid on that date at the principal office of City Bank Farmers Trust Co.
$580,136
424,320
$106,681
81,281
Income deductions--
Corporation has selected by lot for redemption on June 1, 1940
through
operation of the sinking fund, $750,000
principal amount of its 15-year
convertible 3H % sinking fund debentures, due 1951, at
102M and accrued
interest.
Payment will be made on and after June 1 at the principal office
of the Chase National Bank of New
York, trustee.
At the close of business
on;I?.5? I tbe right to convert such drawn debentures will cease.—V. 150,
p. 2720.
372,349
14,868
17,049
;
$197,631
90,950
.
150**p662?5int^ aIMl ^ montbs ended March 31, 1939, respectively.—
V
Ordinary
operation and
maintenance expenses
Prov. for deprec., renew¬
2875
made through the balance sheet account
"Hydro Equalization" and resulted
in deductions of
$349,881 and $1,374,400 from operating expenses in the
three months and 12 months ended March
31, 1940, respectively, and an
addition of $120,497 to, and a deduction of
Community Public Service Co.—Listing—
—v. 149, p. 1619.
a
Balance....
Earned per share of common stock
Incl. maint. expend, of
3,874,438
$2.25
3,617,650
16,300,139
Cosmos Club—Bonds Called—
All of the outstanding 4^ % mortgage bonds, due July 1, 1949 have been
b Including provision for Federal income tax.
c Amortization of debt
discount and expense and miscellaneous deductions,
d Of subsidiary com¬
panies held by the public, and share of net income applicable to minority
interest in common stock of subsidiary companies,
e Of net income Appro¬
priated for acquisition of bonds or of new property.
called for redemption on May 15 at par and accrued interest.
be made at the American Security & Trust Co., Washington,
Crane Co.—Debentures Called—
A
Comparative Income Statement of Company Only
Period End. Mar. 31—
Sales of elec. (M. kwh.).
Sales of gas (M cu.
Sales of electricity
ft.).
Sales of gas
Other oper. revenues
1940—3 Mos.—1939
1940—12 Mos.—1939
at the
—
15-year 3H % s. f. debentures has been called for
on June 1 at 101 and accrued interest.
Payment will be made
Continental Illinois National Bank & Trust Co. of Chicago or at
J. P. Morgan & Co., N. Y. City.—V. 150, p. 1761.
972,758
949,498
3,675,133
3,427,583
10,178,942
9,853,085
34,374,309
33,442,383
$28,007,872 $27,474,301 $104609,873 $100855,695
10,015,188
9,847,242
34,573,834
34,097,496
1,471,181
1,467,591
6,117,696
5,370,883
Cremo Brewing
Co., Inc.-
Cash
on
Liabilities—
hand &
on
demand
$5,500
Accounts receivable........... x49,875
Inventories
41,659
-----
...
Revenue stamps
1,556
...y361,629
Fixed assets
47,894
3,297
$9,952,938 $27,707,669 $26,856,441
5,108,697
20,486,193
20,437,632
208,087
916,720
714,476
—.$511,4091
Total
Gross income
Int.
c
on
long-term debt..
Other interest
Net income
Dividends declared
$14,350,576 $14,853,548 $47,277,142 $46,579,597
2,677,822
2,677,822
10,711,290
11,015,457
106,707
107,740
1,122,261
576,840
...$11,566,047 $12,067,986 $35,443,591 $34,987,300
$5 cumul. pref. stock
10,944,450
10,944,281
Incl. maint. expend, of
2,202,299
b Including provision for
$24,499,141 $24,043,019
9,327,332
9,425,720
2,166,585
Federal income tax.
c
Amortization of debt
discount and expense and miscellaneous deductions.
x
After
reserve
mortgage notes,
Gas Electric Light
(& Subs.)—Earnings—
Consolidated
Period End. Mar. 31—
&
1940—3 Mos.—1939
Power
Co.
of
1940—12 Mos.—1939
$7,250,616
2,693,309
400,694
$6,681,693 $27,362,676 $25,218,021
2,495,257
9,202,292
8,866,497
341,498
846,142
760,219
Total oper. revenues. .$10,344,619
$9,518,448 $37,411,110 $34,844,737
Elec. oper. revenues
Gas oper. revenues
a
Cuban Atlantic Sugar
a
taxes-
$511,409
-
■
Co.—Listing and Registration—
Crescent Public Service Co.
-
(& Subs.)—Earnings—
1940—3 Mos.—1939
12Mosl940
(incl. Fed. inc. taxes of subs.)..
Depletion-—
$750,845
117,245
38,365
226,393
31,764
69,872
3,780
$689,466
106,378
34,867
207,070
33,723
63,866
3,507
$2,668,311
452,586
111,572
858,353
134,014
254,618
10,248
Income from operation
Non-oper. income (net)-
$263,426
4,477
$240,055
5,904
$846,920
$267,902
$245,960
$876,720
52,972
1,212
63,555
5,439
1,506
9,438
2,787
14,441
a252,445
11,982
4,737
39,984
11,672
67,228
59,550
$148,794
54,496
54,750
$488,672
167,186
226,568
*$122,168
$39,547
$94,459
Purchased power
Purchased gas
Operations.
Maintenance
—
...—
Gross income
....
29,800
Income Deducts,
on
of Subs.—
long-term debt
Interest
on
unfunded debt
—
Taxes assumed on interest
Oper. exp., deprec. &
Total
Capital stock (par $5)
Paid-in surplus
The capital stock, par $5, has been admitted to listing and registration
by the New York Curb Exchange.—V. 150, p. 431.
Interest
Steam heating oper. revs.
14,600
12,887
27,212
349,035
z32,638
al5,561
-
Deferred liabilities
ing to $51,958.—V. 150, p. 686.
Taxes
Baltimore
Notes payable—other
Accrued taxes & expenses.-
doubtful accounts of $8,644.
y After reserve for
z Arising from sale of stock and exchange of first
Including unrealized appreciation of fixed assets amount-
Total operating revenue
Company announced production of the electric plants of its system for
the week ended April 28, amounting to 135,000,000 kwh., compared with
137,000,000 kwh. for the corresponding week of 1939, a decrease of 1.5%.
—V. 150, p. 2720.
$44,850
7,124
7,500
acceptances payable
payable—bank---
for
Period Ended March 31—
Weekly Output—
Notes
depreciation of $203,294.
on
Balance available for divs. on common stock..
a
Accounts payable
Trade
Surplus
Deferred charges
Other assets.--
Operating income
$9,619,321
Non-operating revenues
4,976,374
Non-oper. rev deduct'ns
245.119
-Balance Sheet March 31, 1940
Assets—
$38,789,134 $145301,403 $140324,074
18,614,015
18,171,785
74,365,386
75,547,755
3,836,500
3,481,095
14,233,404
10,832,442
7,424,405
7,183,316
28,994,944
27,087,436
b Taxes
total of $350,000
redemption
Total oper. revenues_$39,494,241
a Operating expenses...
Depreciation
Payment will
D. C.
713
10,226
—
7,986,180
7,298,337
28,635.775
27,138,882
$2,358,439
$2,220,111
163,110
$8,775,335
657,462
$7,705,855
744,493
Dividends
162,967
$2,521,406
628,423
$2,383,220
597,684
$9,432,798
2,519,520
$8,450,348
2,469,591
Fixed chgs. of Crescent P. 8.
Prov. for renewals, replaces.
$1,892,983,
250,801
1,050,657
$1,785,536
278,829
1,050,657
$6,913,278
1,014,095
4,202,629
$5,980,757
1,115,315
4,202,629
$591,525
—
$456,050
$1,696,553
$662,812
$1.41
$1.29
$5.05
of bonds and notes of Central Ohio Light & Power Co., a subsidiary company;
b No accrual of Interest was necessary during this quarter as the entire
$4.17
semi-annual Interest of 3% payable June 1, 1940 for the six months ended
Amort, of debt disc't & expense
Amortization of intangibles
Operating income
Other income
■
c
Gross income.
—
Total income deductions
on
—
preferred shares
2,984
18,078
$181,718
Net Income
Co
& retire-
See b
Pro v. for Fed. inc. taxes of Crescent
:h
Net income.
Divs. on pref. stock
Divs.
on common
stock.
P. S. Co
Balance to surplus
a
Balance
____
Earns, per share
stock
of
com.
—..
a Operating expenses are adjusted to equalize the costs of power for the
effects of variable flow of the Susquehanna River.
The adjustments are
458
-
Includes $26,882 of duplicate interest in connection with the
March 31, 1940 was provided for in full in the last quarter of 1939.
provision for renewals, replacements and retirements.
refunding
c
Before
The Commercial &
2876
<fe
property
equipment
Special deposits
209,591
Notes receivable..
873
1,627
Accts. receivable..
321,497
135,971
32,987
1,425
30,373
Mat'ls & supplies.
Prepayments
Misc. curr. assets,
Notes receivable
a
"9",687
100,000
163,155
102*,950
197,584
100,147
43
302,228
146,704
72
33,2.56
payable
Consumers' deps.
Unredeem'd coups.
Taxes
Interest
..J
234.658
282,970
19,790
Mis cell, assets
Unamort. property
129,750
113,869
1,115
264,542
Suspense
Unamort. Intangs.
108,611
101,469
152,116
146,999
11,633
Mlscell. liabilities,
41*114
Unamort. debt dis¬
abandoned..
.
9,968
receivable
30,373
41,114
1,884,617
83,608
Deterred liabilities
66,160
Unrealized protlt.
PL stk. (sub. co.). 1,325,720
2,038,062
a
Notes
2,778
Common
.
12,806
225,510
1,061,170
60,606
60,606
557,313
352,207
stock...
Deficit
rental.
The rental paid by or charged to the debtor was
Standard or credited to Standard in the running open account
companies.
Under this lease, which expired Oct. 1, 1930,
the debtor paid, or became obligated to Standard in the total amount of
$3 075 000
During the term of the lease, the operations of the leased
company
Merchandise contracts
Cuneo Press,
At the
Inc.—Directorate Increased!—
adjourned annual meeting
number of directors was
were
of stockholders held on April 25 the
Incumbent directors
increased from five to seven.
of George Graves and Jansen Noyes.
with the addition
2571.
re-elected
—V. 150, p.
Corp.—Earnings—
Curtiss Wright
Quarter Ended March 31—
Net profit after depreciation, taxes
and reserves—
1939
$1,698,157
consolidated net earnings for the first quarter of 1940,
above, are the largest for any quarter in the company's history.
indicated
—V; 150, p. 2571.
Dallas Ry.
1940—Month—193 9
$242,271
$233,089
180,370
166,854
17,037
16,623
2,787
8,336
Prop, retire, res. approp.
Operating income
-
Gross income
-
Int. on mortgage bonds.
Other deductions
a
$25,771
$314,448
1,541
15,500
$304,844
21,639
$27,312
$329,948
282,180
24,799
$326,483
$22,969
103,901
$18,691
103,901
$85,210
2,162,533
206,837
23,515
1,959
$1,838
applicable to pref. stock for
Dividends
Balance,
$490,907
186,063
$3,095,545
$41,276
$1,781
income
Net
a
15,505
$500,511
186,063
$27,697
23,515
2,401
operating revenues
Rent for lease of plant-.
Other income
225,664
$3,066,870
2,128,339
190,119
257,505
$42,077
15,505
Net
period..
deficit
Dividends
accumulated
282,390
25,402
and unpaid to Feb. 29, 1940 amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
stock was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 150, p. 2572.
$658,040.
Dayton Power &
Light Cor—Listing—
has authorized the listing of $25,000,000
3% series due 1970, which are issued and outstanding.
The New York Stock Exchange
first mortgage bonds,
—V. 150, p. 2576.
Deep Rock Oil Corp.—SEC Issues
Reorganization Plans—Disapproves Two
Report on Proposed
Plans Already Pro-
$14 800 000'
of the debtor
Commission on April 29, issued an advisory
report on the two proposed plans for the reorganization of the corporation.
One of the plans was filed by the reorganization committee on Dec. 5, 1939.
The second plan was filed by the independent preferred stockholders' com¬
mittee on March 8, 1940.
Both plans were referred to this Commission
on March 12, 1940 for examination and report, pursuant to the provisions
of Chapter X of the Bankruptcy Act, as amended:
It is the conclusion of the SEC "that if the debtor is insolvent, which we
believe to be the fact, neither of the plans meet the requisite statutory and
judicial standards: and on other assumptions of value considered in the pro¬
ceedings only the plan of the reorganization committee may be deemed
The Securities and Exchange
feasible.-.##
Extracts from the
Nature of
unit engaged
Commission's report follows:
the Debtor's Business—The debtor operates as an integrated
in producing, refining, and marketing petroleum and petroleum
})roducts.86,000April 30, oil andthe debtorlocated principally in leases coverOn acres of 1939, gas lands owned or controlled the States of
ng some
Oklahoma, Kansas. Texas, Louisiana and
were developed.
As of July 1, 1939, it
Arkansas, of which 9,175 acres
had estimated underground oil
approximating 9,500,000 barrels.
It owns a refinery at Cushing,
Okla., with a daily capacity of 10,000 barrels of crude oil and a cracking
plant with a capacity of some 5,000 barrels per day.
It has a lubricating
oil plant and other related equipment.
Generally, a large part of the
debtor's market is in the Chicago and contiguous area.
It has some 550
marketing stations, of which 214 are bulk stations and 313 service stations,
located largely in the States of Oklahoma, Wisconsin, Illinois, Iowa, Minne¬
reserves
sota and
Nebraska.
History of the Debtor—The debtor was incorp. in Delaware on May 31,
1919, as the Shaffer Oil & Refining Co. by Standard Gas & Electric Co.
and one O. B. Shaffer for the purpose of acquiring the oil properties then
Shaffer and others.
Byllesby & Co., an investment banking
controlled Standard, contracted with Shaffer to organize the
him for the properties was some $15,580,000,
consisting of $9,500,000 in cash, a $1,000,000 note of Byllesby and Stand¬
ard, 50.000 shares ($100 par) participating 7% cumulative preferred stock
and 80,000 shares (no par) common stock of the debtor (with an assigned
value of $1 per share).
Byllesby agreed to purchase $11,000,000 of a $15,000,000 authorized
issue of first mortgage bonds, $5,000,000 of preferred stock and 120,000
shares (no par) common stock for $15,200,000 in cash, to be applied by
the debtor to the cash payments due Shaffer and for working capital.
Of
the $15,000,000 of authorized first mortgage bonds, $12,000,000 were
distributed to the public by a syndicate formed by Byllesby and the other
$3,000,000 were pledged to secure the debtor's notes for $2,000,000.
The common stock which had been issued to Standard and Shaffer was
owned
firm
by
which
debtor.
The price paid to
deposited in
a
voting trust which
the management of the
his connection with the company,
undertook
gave
equal control to both.
Shaffer
property, but after two years severed
selling his common stock to Standard
debtor his 50,000 shares of preferred stock which
/"Thenceforward the debtor was under the complete
and surrendering to the
were
cancelled.
control and domination of Standard through
Standard's
officers,
of the board.
controlled by
aid."
About
and Standard determined to place some
with the public.
This Standard did by
.
.
ownership of common stock.
directors, and agents always constituted a majority
All of the fiscal affairs of the debtor were wholly
.
Standard, which was its banker and its only source of financial
1922 Standard decided because of the unsatisfactory progress
tandard and at least part of the funds
Deep Rock were Refining by
Slant. Again charged by it to the debtor. so expended Oil & advanced Co.
organized to hold the cracking plant and Bradstreet properties.
In 1925 by various book entries Standard purported to take over from
the debtor the Refining company's stock, evidencing equity ownership in
the above mentioned Bradstreet properties and the cracking plant without
which the debtor could not operate.
As of Oct. 1, 1925, but in fact some¬
what later, at the dictation of Standard's officials, a lease was executed
of this indebtedness
purchasing preferred
arrange a new
offering; but, in order to do so,
it was necessary,
Court has characterized it, to "improve" the debtor's
Accordingly, Standard purchased common stock from the
amount of the then open account and commuted some of its
Supreme
the
balance sheet.
debtor to the
debtor
issue the
by
syndicate
redemption of the
gave the
debtor no new working capital; and by Feb., 1933 the debtor again owed
Standard some $9,342,000, including rentals, management fees and other
similar charges as well as capital advances.
There was also included in the
preferred stock into common.
It then caused the
to
$10 000 000 of notes now outstanding which were sold
a
organized by Byllesby and the proceeds applied to the
notes and bonds then outstanding.
This financing, however,
dividends declared on stock held by Standard.
original insufficient capitalization of the debtor, Standard s mis¬
and the debtor's unfavorable operations had their
a few years the debtor became involved in other financial difficulties.
May of 1932, anticipating difficulties in refunding the note issue
was
to mature March 1, 1933, an attempt was made to extend the
thereof to 1937, but the effort was only partially successful.
Conditions
did not improve.
In the language of the Supreme Court of the
The
In
In
which
maturity
effect.
management
found itself bankrupt not only because of the enorStandard but also "because of the abuses in management due to the paramount interest of interlocking officers and directors
in the preservation of Standard's position, as at once proprietor and creditor
of Deep Rock.
It is impossible to recast Deep Rock's history and experi¬
ence so as even to approximate that would be its financial condition at this
day had it been adequately capitalized and independently managed and had
its fiscal affairs been conducted with an eye single to its own interests.
In order to remain in undisturbed possession and to prevent the preferred
stockholders having a vote and a voice in the management, Standard has
it owed
Rock to pay preferred dividends in large amounts. Whatever
to the legality of such dividends judged by the balance
statements of Deep Rock, it is evident that they would
not have been paid over a long course of years by a company on the precipice
of bankruptcy and in dire need of cash working capital.
This is only one
of the aspects in which Standard's management and control had
to the detriment of Deep Rock's financial condition and ability to function.
Others are apparent from what has been said and from a study of the
record **
■1
•t
.
.
•
On Feb. 28, 1933, two officials of the debtor instituted receivership pro¬
ceedings in the District Court of Tulsa County, Okla., charging
with domination and control of the debtor, alleging fraud in the exercise
of that control, and claiming invalidity of the unsecured claim of Standard.
The case was removed to the U. 8. District Court for the Northern District
of Oklahoma, and in June, 1934 proceedings under Section 77-B of the
Bankruptcy Act were instituted and H.N. Greis, who had been one of the
receivers, was appointed trustee.
The trustee and the preferred stock¬
holders' committee objected to the allowance of Standard's account, claim¬
ing fraudulent transactions.
Hearings before a master were held on this
claim, but before any report thereon a compromise was suggested and
reported favorably by the master.
The first plan in the case was promulgated by the reorganization com¬
mittee in Aug., 1934, and was based on this compromise.
The plan was
rejected by the District Court because it accorded Standard a position
caused Deep
may be the fact as
sheets and earnings
operated
Standard
preferred stockholders, and placed a
of the noteholders.
portion of Stand¬
In Nov., 1936 a
reorganization committee, which allocated
to the noteholders a new $10,000,000 note issue and 8% of the common
stock of a new company.
73% of the common stock was allocated to
Standard and 19 % to the preferred stockholders.
On appeal to the Supreme
Court by the independent preferred stockholders committee that plan was
disapproved, the court holding that it was inequitable to permit Standard's
claim to participate ahead of the preferred stock.
In its opinion, the Supreme Court accepted the finding of the District
Court that the value of the debtor's assets did not exceed $17,000,000.
On Nov. 29, 1939 the reorganization committee filed a proposed plan
excluding Standard, on the ground that the prior claims of the noteholders
and preferred stockholders substantially exceeded the value of the debtor's
assets and, accordingly, that Standard, which had only a subordinate
claim, had no right to participate in the reorganization.
On Dec. 26,
1939 Standard amended its claim to some $6,129,000 and sought allowance
thereof as the basis for participation in the reorganization.
On Feb. 27,
1940, after hearing on the claim and the plan proposed by the reorganization
committee, the District Court found for the reasons above stated that
Standard's claim was entitled to no participation in the reorganization.
The Court also ordered Standard to return the Bradstreet properties and
cracking plant (or the documents of ownership thereof) to the debtor.
Following the hearing, the independent preferred stockholders' committee
ard's claim
a
on
parity with that
plan was filed by the
second
filed its plan.
Present Capitalization
.
6% convertible gold notes, due March
1, 1933:
—$10,000,000
2,900,000
Principal amount
Cumulative unpaid interest
5,000,000
7% convertible preferred stock (50,000 shs.)
Dividends accrued and unpaid as of Dec. 31, 1939
Claim of Standard Gas & Electric Co
Common stock (no par)
x
Standard filed
an
amended claim on Dec.
3,126,666
See x
y599,475 shs.
26, 1939, stating the amount
The
due it at $6,129,248 rather than $9,342,000 as originally contended.
Court has found such claim to be entitled to no participation in the
organization.
y
Standard owns 96.6% of the common
Under the plan
re¬
stock.
Reorganization Committee
reorganization committee, a new cor¬
the following capitalization;
debentures, dated Jan. 1, 1940, maturing
Plan
Proposed by the
proposed by the
poration would be organized with
6%
sinking fund
Dec. 31, 1951
$5,500,000
-
500,000 shs.
would be
Common stock
All of the debentures and 400,000
shares of the common stock
allocated to the present noteholders in full satisfaction
the balance of the common stock would be allocated
of their claims, and
to the present pre¬
Standard would receive no participation, in accord¬
ance with the holding of the District Court.
In addition to the $1,200,000
of cash which has already been distributed to the noteholders on account of
back interest, $1,700,000 of cash would be paid in partial compensation
ferred stockholders.
for interest accrued.
The company
would be managed by a
board of seven directors ,'thqinitlal
board to be appointed by the Court and to be acceptable to the reorganiza-"
committee.
Such initial board would serve for two years and at
tion
least
of
that the debtor should acquire additional oil properties and
erect a gasoline cracking plant.
Standard thereupon advanced to the
debtor on open account some $500,000 for the acquisition of certain prop¬
erties (known as the Bradstreet properties) the price of which was $650,000,
the balance being paid by notes of the debtor.
Title was taken in the name
of a trustee for the debtor.
In 1922, also, the debtor erected a new cracking
the debtor,
was
,
$7,500,000 face value two year 6% notes for $7,273,750,
the notes being sold to the public.
This did not, however, remedy the debtor's need for additional capital,
and by the spring of 1928 the debtor again owed Standard more than
$11 000 000.
Notes of the debtor were maturing, and Standard found it
senior to the present
posed—
f^jp
..
^
stock and some
roous sums
$80,932
Direct taxes
Despite these losses, the lease
States the debtor soon
1940—12 Mos.—1939
$26,572
1,125
Operating revenues
Operating expenses
1930.
United
& Terminal Co.—Earnings-
Period End. Feb. 29—
$30,401.
inception the debtor had insufficient capital, was topheavy with debt, and "in parlous financial condition," requiring that It be
financed by advances from Standard.
In the period from its organization
to 1926
the balance due on open account to Standard grew to more than
its very
From
account
1940
$2,414,196
It is noted that
as
as
properties showed a net loss of
was renewed on similar terms in
as
a
properties in question
received by
necessary to
12,064,215 12,336,686
discounted (contra).—V. 150, p. 2721.
Total
12,064,215 12,336,686
Total
the debtor covering the
pay, for the first three months, $75,000 per
4% years, $50,000 a month to the Refimng
between the two
103,398
Notes
Reserves
count & expense
8,521,420
payable.
Accounts
for the ensuing
month and,
due currently...
1,930
9,687
338,285
Cash.
S
8,600,500
Long-term debt
10 ,528,693 11,205,500 334% serial notes
Investments
1939
S
Liabilities—
$
I
Assets—
Plant
1940
1939
1940
by the Refining company to
whereby the debtor was to
31
Consolidated Balance Sheet March
1940
May 4,
Financial Chronicle
a
majority of such board
would be representatives of the noteholders.
representative of the present preferred
provided that the present trustee shall be the
chief executive officer of the debtor.
There would be at lease one
holders.
It is also
Plan
stock¬
initial
Preferred Stockholders' Committee
independent preferred stockholders' committee pro¬
Proposed by the Independent
The plan filed by the
vides for the following
capitalization:
5% debs, to be dated July
1,1940, and due Jan. 1,1955
Common stock
$7,000,000
500,000 shs.
noteholders $1,800,000 in cash (in
addition to the $1,200.000 already paid).
The above mentioned $7,000,000
of new debentures would be allocated to the noteholders who would also
receive 50% of the common stock, the balance to be issued to the preferred
stockholders.
The plan also provides for a sinking fund into which would
There would
r
be distributed to the
Volume
119933876—
The Commercial & Financial Chronicle
ISO
be paid 50% of the debtor's
income, for the retirement of the debentures.
The debtor would be managed by a board of five directors to be appointed
initially by the Court to hold office for two years.
Of the initial five, two
would be nominated by the reorganization committee and two by the
independent preferred stockholders'committee.
aCostof
'
a
1935
a
zation
Summarized Consolidated Earnings
Sales
$14,293,358
16.169,264
14,883,672
Sales
and Taxes
$7,68b .770
$4,906,208
4,911,310
4,792,933
4,725,480
13.144,735
9,123,369
7,664,717
7,123,503
b
-
—
Depreciation,
Oper. Exps.
b
Includes commodity taxes in 1935 and 1936.
b Not available.
^
i
in sales,
Net
Deple.,Ac.
Earnings
$1,361,901
$338,479
1,367,550
767,035
1,687,550
738.470
1 500,951 def205,199
1,452,603
88,827
Other incomes included
.
Appraised Value of the Debtor's Properly—In connection with our analysis
of value, it is appropriate to mention the appraisal of the debtor's property
made by the trustee as of Sept. 1, 1936,
Such appraisal arrived at a value
for all of the debtor's property of some $16,800,000.
Of this amount,
$9,500,000 represented fixed property of which 50% was in producing
leases and related equipment.
These latter, in accordance with accepted
procedure, were evaluated on the basis of reasonably anticipated earnings.
The undeveloped leaseholds were valued on a per acre basis.
The value of the pipeline, refinery and tank cars, however, while stated
to be "predicated on each unit being an integral part of a complete and
going concern" was determined by a method which involved merely a
variation of the so-called reproduction cost basis.
Under the method fol¬
lowed by the trustee, the reproduction cost new of such property was deter¬
mined; and the depreciation rate which would be allowed for tax purposes
was related thereto,
giving a per annum value which was then multiplied
by the number of years of estimated remaining life.
The distributing
department was valued on a somewhat similar basis.
But in respect of
all such assets, prospective earnings therefrom were not taken into account
in determining the value.
The District Court found that the properties of the debtor were of a
value not in excess of $17,000,000, a finding accepted by the Supreme
Court.
In this connection, it is clear, we believe, that neither the District
Court nor the Supreme Court did more than fix a maximum value which
could be attributed to the property of the debtor.
There has been no
finding which would preclude this Court now from considering a value other
than the maximum value found in the appraisal.
In so far as the nonproducing departments are concerned, we believe that the appraisal was
predicated on an erronous principle.
The earnings from such properties
are the measure of their value to the debtor as a going concern and such
value is substantially less than the appraised value.
committee, to issue $5,500,000 of debt securities, in the light of its
tbat the
working capital equal to approximately 90% of the
apparent ability to meet the interest charges thereon and the fact
debtor would have
face amount of its funded debt.
Under the plan of the
independent preferred stockholders' committee,
fixed
charges would be slightly larger than the fixed charges under the
reorganization committee's plan.
This measure of feasibility is, however,
aclneved directly at the expense of the
noteholders, through a reduction in
interest rate from 6% to
5%.
On a going concern basis, the amount of
the debentures would
approximate the value of the entire enterprise,
bnder the circumstances, we believe that the
independent preferred stock¬
holders
committee's plan would not
provide the debtor with a sound
capital structure, and is. therefore, not feasible.
:
tv- l'1-; Conclusion
It
in
a
and judicial requirements.
Without
have also considered both
plans in
detracting from that conclusion, we
light of the trustee's appraisal, and by
plan of the reorganization committee
We have set out at length, however,
our reasons
why the appraised value is not a sound criterion in judging
the fairness and feasibility of these
plans.
On any test we believe that the
plan of the independent preferred stockholders' committee should be dis¬
approved.—Y. 149, p. 4172.
/
test it appears that only the
may be deemed fair and equitable.
Delaware Lackawanna & Western
March
plan of reorganization depends upon the existence of an equity for
that class.
A plan is not "fair and equitable" unless it provides participa¬
tion for claims and interests in recognition of their priorities, and the value
of the debtor's properties supports the extent of the participation accorded
to each participating class.
If the effect of a plan is to divert to a junior
class values allocable to senior security holders, the plan fails to meet the
requisite statutory and judicial standards.
The U. 8. Supreme Court has recently reaffirmed that doctrine, holding
that creditors must be fully compensated before stockholders are per¬
mitted to participate and that where the claims of the creditors exceed the
value of the debtor's assets, all such assets must be applied to the satis¬
faction of creditors' claims.
The allocation of any participation to stock¬
holders in such a case, except on the basis of a necessary contribution, was
held to be unfair to the creditors and therefore illegal.
The same principle
has been applied as between senior and junior creditors, between creditors
and stockholders of a solvent corporation, and between classes of stock¬
holders.
The fairness of the plans proposed in this case must be judged
by these standards.
as
Plan Filed by the Reorganization Committee—The claims of the noteholders
of Dec. 31,1939, including interest to that date, amounted to $12,900,000.
railway.
$4,162,766
Net from railway
765,422
Net ry. operating income
257,501
.
Deducting the cash distributions contemplated under the reorganization
claim would be $11,200,000;
The plan filed by the
reorganization committee provides for the issuance of new 12-year 6%
debentures dated Jan. 1, 1940, in the aggregate amount of $5,500,000.
These debentures would be distributed to the present noteholders who
would also receive 80% of the common stock.
The balance of the common
stock would be issued to the present preferred stockholders.
As it is our opinion that the debtor is substantially insolvent on a going
basis, the preferred stockholders are entitled to no participation
in the reorganization.
Furthermore, on any basis, the noteholders are
required to make substantial sacrifices if a plan is to be feasible, and they
are clearly entitled to
adequate compensation for such sacrifices.
The
reorganization committee's plan, in order to achieve feasibility, provides
that in respect of more than half of the noteholders' claims they shall
receive common stock, thereby reducing them to a parity position with the
present preferred stockholders to such extent.
The noteholders' present
claims entitle them to $600,000 fixed interest per annum in priority to any
distribution to junior security holders.
Under the plan they would receive
only $330,000 per annum fixed interest and 80% of the balance of the
income.
The record does not indicate that their interest and share of the
balance of the earnings will equal their present interest claim.
In addition
to their loss of priority with respect to income, they would be giving up
priority for part of their present claim in event cf liquidation.
The plan of the reorganization committee is apparently predicated sub¬
stantially on the appraisal, which is the only valuation in the proceedings
thus far which has received any judicial recognition, and on that basis
the plan may be
air.
On the appraised value, the noteholders' claims,
after deducting the $5,500,000 of new debentures would approximate in
amount almost 70% of the remaining equity (giving effect to cash dis¬
tributions, and suggested reorganization expenses).
Under the plan the
noteholders would receive 80%.
Considering the substantial sacrifices
which they must bear, we are of the opinion that an 80% participation in
the equity of the debtor is not in excess of that to which the noteholders are
entitled, even accepting the appraised value.
We must emphasize, however, that in our view, this apprised value is
not sound, and that on our views as to a proper valuation, no value appears
to exist for the interests of the preferred stockholders.
We are not un¬
mindful of the fact that the preferred stockholders were responsible for the
appeal to the Supreme Court which was successful in overturning the
original unfair plan, but, in light of the principles which we believe applica¬
ble, we are unable to recommend to the Court that the equities urged in
favor of the preferred stockholders on account of their successful appeal
justify the diversion to them of values which belong to the noteholders.
_
_
From Jan. 1—
Gross from railway,
Net from railway
Net ry. operating income
—V. 150, p. 2094.
.
13,085,286
2,756,612
1,213,257
.
„
RR.-Earnings—-
1939
1938
1937
$4,111,153
859,341
347,003
$3,775,966
822,089
368,082
$4,616,625
1,218,274
802,222
11,794,332
10,466,581
1,817,068
12,426,924
2,401,187
939,437
2,745.046
1,523,649
468,893
Delaware Power & Light Co.—Earnings—
Period End. Mar. 31—
Operating
revenues,,,,
1940—3 Mos.—1939
1940—12 Mos.—1939
$1,609,643
669,939
40,807
Maintenance
for
$5,908,000
2,465,690
150,023
$5,601,884
2,256,891
171,028
193,157
91,569
27,200
,
expenses
$1,494,090
592,176
39,969
179,291
708,960
672,226
79,070
25,866
307,544
101,062
280,665
34,510
Ordinary
33,383
135,445
133,726
-
deprec., re¬
replacem'ts,
Prov. for Fed. inc. tax,,
Prov. for other Fed .taxes
Prov. for State and local
taxes
Operating income
95,793
$552,461
12,241
_
and expense
70,224
$1,991,554
23,136
$550,332
142,750
1,109,500
555,417
$2,014,690
571,000
3,124
_
\ ,039,277
3,135
12,501
12,542
2,435
5,400
Gross income
Int on long-term debt
Amortiz. of debt discount
$544,334
5,998
$564,702
138,500
Non-operating income..
2,435
6,000
1,089
9,739
23,432
4,608
1,909
$1,391,459
Amortiz. of debt discount
& exp. (bds.
on
578
__
int
459
9,739
20,837
3,072
1,862
$413,917
retired)
Taxes assumed
Other interest
$394,464
$1,506,071
748
Miscell. deductions
Net income
;
Note—Previous years' figures restated for comparative purposes.—V. 149,
2969.
p.
Denver & Rio Grande Western RR.—Annual
committee's plan, the
concern
1940
Gross from
newals &
a
.''T
that the debtor is Insolvent and, therefore, that
plans discussed in this report meets the requisite statutory
that
Plans
class of security holders
v-r V-
is our conclusion
neither or the
Prov.
Fairness and Feasibility of Proposed
The law is well established that the inclusion of
2877
the past record of this debtor and of the numerous uncertain elements which
must be taken into account with
respect to its prospects, it would seem
more desirable that the debtor
be capitalized without any funded debt,
it does not appear to
us, however, that it can be said with much certainty
that it is not feasible for the debtor
,
as proposed in the plan of the reorgani¬
Report—
Classification of Freight Tonnage
(Tons)
1939
1938
..
..
1937
1936,
1935--
*
1934
1933
1932
Agricul.
Animals
901,158 254,894
996,240 243,466
965,689
252,159
1,106,880 243,958
854,927
235,652
884,940 300,031
955,412
193,267
973,134 202,583
Coal &c:
3,661,817
3,346,639
4,499,449
3,987,210
3,368,625
2,909,111
2,872,927
2,962,135
Ore
1,157,283
1,218,023
1,335,488
1,126,735
975,150
699,118
470,885
525,664
Forest
624,890
491,826
639,135
537,836
364,504
259,977
273,510
202,912
Traffic Statistics for Years Ended Dec. 31
1939
Avge. miles operated
Passengers carried
2,556
333,898
Pass, carried one mile,-, 101,113,103
Kate per pass, per mile1.502 cts.
Revenue freight (tons).
8,600,999
1937
1938
2,567
2,575
338,332
409,014
91,158,727 105,171,173
1936
2,582
382,434
97,230,219
1.51 cts.
1.518 cts.
9,786,614
8.911,933
Rev. frt. 1 mile (tons)-.2185252000 1984913,000 2346615,000
Rate per ton per mile—
1.118 cts.
1.045 cts.
1.016 cts.
2193915,000
1.045 cts.
-
1.576 cts.
.
7,940,083
Income Account 'or Calendar Years
Operating Revenues—
Freight
Passenger
Mail, express, &c
Dining, hotel, &c
1939
710,019
711,282
756,160
695,403
139,704
366,785
173,509
410,470
133,089
378,458
Total oper. revenues..$25,073,039
Operating Expenses—
Mamt. of way & struc..
Maint. of equipment—
3,528,417
5,948,805
838,566
8,985,239
243,543
854,080
135,289
—,
Transportation
_
.
— .
Miscell. operations
General.
-
1936
169,393
436,688
Miscellaneous,.
Traffic-
1937
1938
$22,237,756 $20,749,893 $23,845,818 $22,922,897
1,519,182
1,436,506
1,596,035
1,469,462
-
Transp. for invest.—Cr.
$23,404,171 $26,781,992 $25,599,309
3,179,025
5,971,298
769,234
8,792,850
215,211
841,577
26,715
4,757,721
7,785,324
744,533
10,129,391
238,948
920,701
450,900
4,015,100
6,503,865
659,246
8,800,742
182,735
1,012,407
235,137
expenses..$20,263,361 $19,742,480 $24,125,717 $20,938,958
4,660,351
2,656,275
Net revenue from oper-3,661,691
4,809,678
2,247,427
2,179,586
Tax accruals.
2,623,602
-2,227,210
Total oper.
.
—
-
-
,
Plan
Filed
by the Independent Preferred Stockholders' Committee—The
independent preferred stockholders* committee has filed a plan which
provides for the issuance to the noteholders of $7,000,000 of 5% 15-year
debentures, dated July 1, 1940, with the common stock evenly divided
between the preferred stockholders and the noteholders.
The board of
directors would be divided between the present preferred stockholders and
noteholders, with the controlling vote on the initial board exercised by the
fifth director
The plan
appointed by the Court.
would provide for the distribution of $1,800,000
to the note¬
holders, which would leave them with a claim of $11,100,000 as of Dec. 31,
1939, to be satisfied with new securities.
The new debentures to be issued
under this plan would, however, be dated July 1, 1940, when the claim of
the noteholders would be $11,400,000.
In respect of such claim the note¬
holders would receive only $7,000,000 of new 5% debentures and stock
evidencing 50% of the remaining equity.
Even on the appraised value,
such 50% of the remaining equity would represent no more than $3,500,000
which would result in a total compensation to the noteholders of $10,500,000
(assuming the debentures to be adequate compensation in their face amount)
This would mean a lews of $900,000 to the noteholders with respect to
the face amount of their claim as of July 1, 1940.
In addition, they would
be deprived of 1% interest on the principal of such new debentures
during
the period to maturity, or an interest loss of over $1,000,000.
Such loss
by the noteholders would be in addition to the sacrifices involved in their
accepting parity with preferred stockholders, their forbearance by way of
extension and their ultimate loss of income.
Furthermore, even such
computation is based on the appraised value, which in our opinion is
unacceptable.
As we have said, we believe that the debtor is insolvent
and, accordingly, that the preferred stockholders are entitled to no partici-
Sation. committee's basis,should be disapproved.
therefore, the independent preferred stockolders' On either plan
Feasibility of Plans—One of the fundamental purposes of the reorganiza¬
a sound capital structure.
In view of
tion is to provide the debtor with
$1,038,089
$476,688
$2,412,924
780,458
123,429
519,877
102,946
1,138,768
186,260
515,885
935,948
179,909
503,168
88,395
Misc. non-op. phys. prop
Income from funded sec-
845,384
78,955
520,307
96,746
213
51,004
213
213
427
52,455
84,579
78,664
from unfunded
securities & accounts-
185.422
4,815
4,418
5,668
Release of premiums on
funded debt...
463
162,251
2,558
145,241
2,496
166,503
1,352
165,146
1,607
$1,943,303
4,525.771
$1,731,930
2,770,018
$2,187,508
$1,958,934
4,371,858
1,344,392
1,297,161
1,617,341
177,528
839,079
247,686
157,908
835,654
247,435
167,753
815,843
247,437
858
1,041
3,514,219
*2,369,244
355
342
3,505,617
x2,254,037
3,614,138
*2,093,489
2,180
5,844
1,619
1,126
755
$3,957,329
$5,660,106
$5,945,944
$4,046,440
Total oper. income—
$2,582,468
Non-Operating Income—
Hire of frt. cars—rec'tsRent from equipment
Joint facil. i;ent incomeMiscell. rent income-.
-
89,530
Income
Dividend income,
-
Miscellaneous income—
Total non-oper. inc.
__
Gross income.
2,664,196
Deductions—
Hire of frt.cars—paynms
Rent for equipment
Joint facility rents
Rent for leased roads—
Miscellaneous rents
Int.
on
Int.
on
3,375,338
unfunded debt— *2,488,511
bd.,ctfs. & mtge.
1,580,946
117,553
763,636
247.440
Amort, of disc, on fund.
debt--
—
Misc. income charges—
Net deficit
7,528
631
x Includes $1,955 990 !U
1939 and $1,652,190 in 1938 interest on underying bonds matured unpaid.
1939
5
Common stock.
Invest, in road &
Impr. on leased
ry. property..
62,457,539
16,433,200
Preferred stock.
216.360 776 214 937,174
Equipment
$
Liabilities—
16,433,200
Stk.llab.for con¬
version, pf.stk
12,400
12,400
Fd. dt. unmat'd 71,288,844
85,429,410
472,322
443,427
37,876
37,875
175,942
Invs.ihaffU.C08. 16,947,705
163,440
16,134,681
3,284,015
2,337,018
Traf. & car serv.
358,298
61,530
bate, payable.
Audited accts. &
Deps. in lieu ot
mtged.
prop.
sold
Grants in aid of
—
Misc. phy. prop.
x
—
—
432,260
Special depos.
60,930
Loans <fc bills rec.
construction
3,760,644
wages
3,760,644
656,230
557,037
1,476,691
payable
Traf. <fc car serv.
1,090,461
1,295,562
bills
and
Loans
1.097,183
.
payable
80.052
85,364
Misc. accts. pay.
agts. & conds.
Misc. accts. rec.
125,796
1,200,150
109,899
Mater'1 <& suppl.
Int. & divs. rec_
2,758,295
3,640,060
654,182
bate, rec'le
Net bal.
rec.
1,143,998
Int.mat'dunpd. 28,269,233
fr,
chgs.
26,405
Work. fd. ad vs.
4,931
9,277
61,333,000
Unmat.int.accr.
1,121,821
unpaid
5,764
43,918
Other del. assets
Oth. curr. llabs.
4,341
Other
49,633
1,458,784
1,209,737
fd. dt..
1,669,821
16,816
Missabe & Iron Range Ry.—Earnings—
1940
1939
1938
1937
Gross from railway.$122,361
$99,365
$115,356
$155,980
Netfrom rail way
xdef400,452 def439,315 def430,218 def449,631
Netry oper. income--- def565,940
def568,177 def395,682 def675,338
-
Grosslfromurailway.
386,905
275,980
346,085
433,011
-def1150.655 defl328,865 defl258,973 defl313,154
income.--def1623,617 defl689,498 defl413,965 defl989,615
Corrected figure.—V. 150, p. 2722.
Net from railway -----
Netry
oper.
270,933
Oth.unadJ.creds.
„
Add'ns to
inc.
thru.
&
,'
378,460
360,052
Prof.& loss def.
21,386,651
16,884,414
Total
243,136,713 241,230,554
Total..
Duluth South Shore &
-$141,563
27,468
def25,904
$157,036
10,866
11,585
def42,189
defll,006
52,569
452,147
23,693
def22,710
389,107
def05,192
defll6,394
415,549
def56,102
defll8,471
602,570
from railway..—
Net from railway.-----
Netry
income--
oper.
'
Trom1railway
Netry
income--
oper.
Atlantic Ry.—Earnings—
1939
1938
~
*~1937
1940
$153,692
March—
Grl
$246,001
75,492
110,534
39,480
2095.
—V. 150, p.
Public Service Co. (& Subs.)—Earnings—
Period Ended March 31—
1940—3 Mos.—1939
12 Mos. 1940
Total operating revenue
$171,754
$166,854
$795,522
Purchased power—— ---------26,382
24,322
114,955
Operations (incl. uncollectible accts.)
66.943
£2,194
2$£.302
Maintenance
13,175
10,747
49,112
a Taxes—17.996
17,127
71,793
East Coast
prop,
surplus..
x
Net from railway------
12,484,151
375,697
$U-49
Duluth
Gross
13,027,793
equipment
unadjust.
debits
1,423,201
liability
Accrued deprec.,
3,846
42,674
advance
on
145,363
358,584
debt
paid in
prems.
85,297
Prem. on funded
Bents & insur'ce
Disc,
23,521
348,225
Deferred liabs
Tax
1,094,795
21,854
139 585
$1.08
March—
46,143,000
...
Unmat.r'tsaccr.
508,942
26,163
Advanced
962,259
23,561,470
303 775
—
Fund, debt mat.
1,073,777
Net profit after"taxes
Earnings per share
—V. 150, p. 2094.
wio!°378 $2.34l9404
-
-
62,457,539
1940
Co.—Earnings—
1938
S
1938
$
May 4,
Doehier Die Casting
General Balance Sheet Dec. 31
1939
Assets—
Cash
Chronicle
The Commercial & Financial
2878
243,136,713 241,230,554
— ------
Iiailroad
carries' and employees' tax under
Includes
x
Retirement Act
-
sale of mortgaged property.
and proceeds from
Earnings jot March and Year
to
1938
$1,667,636
155.991
196,253
$2,133,379
194,805
def87,511
def79,779
def46.393
.
Net ry. operating income
—V. 150. p. 2421.
Denver & Salt Lake
Net ry. oper. income
From Jan. 1—
11,728
585,888
163,245
194,901
472,224
87,218
129,816
842,634
331.292
337.293
def3,743
2094.
System—Earnings-
Denver Tramway
Operating expenses
Depreciation
Taxes
1,116
4,643
22,831
90,141
$29,416
$183,599
$24,140
-
Exclusive of Federal income taxes
of East Coast Public Service Co.
$94,788,
4,304
underlying bonds
gen. & ref. bonds
$3,019,441
1,862,676
508,854
355,441
$2,986,514
1,846,656
501,043
391,953
$292,470
17,946
$246,862
21,424
$310,416
8,242
249,446
$268,286
18,528
252,242
$69,864
$99,092
1,600
62,182
Gross income..
retirements and Federal
Assets—Property, plant and equipment, $3,143,141;
vestments, $3,298; special funds, $2,427; cash, $84,335;
$74,809
2,835
4.945
62,874
Amort, of disc't on fund.
264
debt
miscellaneous in¬
cash—special de¬
posit—R.E.A., $10,029; notes receivable, $27,415; accounts receivable,
$64,498; materials and supplies, $54,493; prepayments, $7,337; other cur¬
rent assets, $1,828; deferred debits, $6,513; total, $3,405,315.
Liabilities—Long-term debt, $2,326,449; notes payable, $23,242; accounts
payable, $46,425; consumers deposits (refundable), $9,926; interest on
long-term debt accrued, $14,475; taxes accrued, $20,384; insurance accrued,
$1,442; other accrued liabilities, $2,591; deferred credits, $11,357; reserves.
$496,575; common stock (par $1), $30,517; earned surplus, $62,323; capital
surplus, $359,608; total, $3,405,315.—V. 150, p. 1432.
1940—12 Mos.—1939
1940—3 Mos.—1939
$754,111
$784,989
463,303
465,422
125,000
133,148
95,944
91,631
Net operating incomeTotal miscell. income—
on
1937
$217,273
49,044
57,931
.307,127
Total operating revenue-
—____
b Balance
a
1,156
21,787
charges of East
Consolidated Balance Sheet March 31,1940
1938
1939
$110,697
Net from railway
Net ry. oper. income
on
103,455
$161,031
10,442
25,521
Gross from railway
Int.
6.201,239
807,527
681,561
254,422
Net from railway
Int.
4,860,881
52.3,998
def293,376
$132,306
4,925
29,394
Period End. Mar. 31—
$278,384
of subsidiaries
Coast Public
Fixed charges
Fixed
Ry.—Earnings-
1940
p.
6,024
$53,363
b Before provision for renewals, replacements and
income taxes of East Coast Public Service Co.
March—
150,
5,230,661
747,473
13,929
5,635,418
762,273
defl6,925
Gross from railway
—V.
898
$47,083
Gross income----
Service Co-w.
From Jan. 1—
Gross from railway
Net from railway
$52,465
Dr174
1937
$1,782,919
$1,832,198
Net from railway
90,924
Net ry. operating Income defl80,895
Gross from railway
$272,360
$47,257
Income from operations—
Non-operating income (net)
Date
1939
>1940
March—
Eastern Air Lines,
Inc.— Underwriters Listed—
Company filed April 30 with the Securities and Exchange Commission
amendment to its registration statement reporting the underwriting
an
syndicate for the offering of 110,909 shares of ($1 par) common stock to
its common stockholders.
The underwriters and the percentages of the stock not subscribed for
by common stockholders which will be underwritten by each of them follow:
Kuhn, Loeb & Co., 18.8%; Smith, Barney & Co., 18.8%; Blyth & Co..
Inc., 10.91%; Harriman Ripley & Co., Inc., 10.91%; Lehman Bros.,
10.91%; G. M.-P. Murphy & Co., 10.91%; Janney & Co., 9.10%; Emanuel
Carl M. Loeb, Rhoades & Co., 5.45%.
& Co., 5.45%; and
The record date
and the expiration date of rights to
also were reported in the amendment.
Holders
will be offered rights to subscribe to new common stock
at the rate of one-quarter of one share for each share held, and rights to
subscribe will expire at 3 p. m. New York Daylight Saving Time on May 24.
The subscription price will be furnished by a later amendment to the state¬
ment.—V. 150, p. 2722.
subscribe
for subscription
the stock
to
of record of May 10
Bal. for debt maturs.,
sink, funds & other
$52,728
$9,100
$35,310
corporate purposes.
•
x$2,748
Loss.
x
Note—The statement includes
lntermountain
150,
p.
RR.
Denver Tramway
Corp. and Denver &
Co., with intercompany transactions eliminated.—V.
(& Subs.)—Earnings—
Eastern Gas & Fuel Associates
1940
$9,926,336
555,701
1939
$8,460,443
360,922
Depreciation and depletion
4,257,421
4,067,965
Interest--
2,833,254
618,027
2,932,968
642,034
$1,661,933
$456,554
$6.75
$1.85
1938
x$61,930
1937
$96,654
24,295
22,023
12 Months Ended March 31—
837.
Total consolidated income
Detroit & Mackinac Ry.-
1937
1938
$50,983
4,411
defl,016
$54,216
5,589
$59,526
$73,051
9,830
20,983
1,484
2,297
13,007
149,215
7,136
defl0,495
164,034
24,048
3,156
152,511
8,903
def 10,787
189,587
41,663
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V.
1939
1940
March—
Federal income taxes (estimated)
-Earnings-
18.054
—
-
—
-
—
—
.
—
Debt discount and expense
Net income avail, for div. requirements
Earned per share of 4 34 % prior pref.
—V.
150,
p.
2572.
Eastern
150, p. 2094.
Rolling Mill Co.—Earnings—-
25,030
Detroit & Toledo Shore Line RR.1940
March—
Gross from railway
Net from railway..
$353,833
204.196
98,672
$5,568
Net from railway...
Net ry. oper. income...
—V.
150,
1,006,227
503,568
218,231
661,35 5
331,009
—.
1937
1938
$325,466
157,839
60,823
Net ry. oper. income-__
From Jan. 1—
Gross from railway...1,115,355
Operating profit
Prov. for depreciation..
■Earnings—
1939
$237,415
104,485
35,939
'
739,002
355,841
143,539
$474,441
307,666
182,414
1,225.489
773.642
436,413
2572.
p.
Dexter Co.—Common Dividend—
—'
Net income
the
For
a
\
dividend of 20 cents per share on the common
149, p. 2969.
'
12 months ended
March
31,
$43,839 after charging depreciation of $99,475.—Y. 150, p.
Eastern Shore Public Service Co.
Quarter Ended March 31—
-
IQ^Q
1Q40
'
Gross sales
$2,514,704
Cost of sales
1938
2,210,443
$2,296,529
2,008,333
$2,088,762
1,868,805
$304,261
$288,196
667
2,426
$219,958
1,357
1940
1939
$2,933,640
1,168,647
$2,771,770
1,070,738
137,679
415,557
$304,928
284,419
$290,622
238,306
$221,315
243,050
$20,509
7,451
»
$52,317
3,486
loss$21,735
267,319
127,983
308.990
86,178
240,770
$852,354
8,111
$937,111
11,957
$949,068
436,395
436,395
10,187
49,844
8,186
49,551
Cr3,237
Cr786
-
Provision for retirements
Federal income taxes
92,084
i*
.
Operating income
Other income (net)
-
—
-
Gross income
long-term debt
Other interest
Amortization of debt discount and expense
Interest charged to construction
Miscellaneous deductions
5,000
$362,275
Net income
Profit.
Dividends
$27,960
-
Interest paid
Provision for Federal income taxes..
e$55,802
449
207
4,975
-
-
$455,722
215,572
215,573
$146,702
preferred stocks
$240,149
3,131
Balance
Profit
on
^
$860,464
Maintenance-
on
of
2095.
(& Subs.)—Earnings
-
-
Operating expenses
Int.
$62,759
x$86,225
1940 company reports a loss
Other taxes
Diamond T Motor Car Co.—Earnings—
.
(est) 11,871
Pro v. for Federal taxes..
Total operating revenues
stock, payable June 1 to holders of record May 10.
Dividend of 30 cents
was paid on Dec. 1, last, and 20 cents was paid on June 1, 1939, and on
a
x$28,017
'
12 Months Ended March 31—
Directors have declared
March 1, 1937.—V.
1939
x$3,454
24,563
1940
$30,599
Quar.End.Mar. 31
\>
stock
_
loss$18,604
1,253
9,300
—V.
*
150, p. 1762.
Ebasco Services,
Inc.—Weekly Input—
1940, the kilowatt-hour system input of
which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as.follows:
For the week ended April 25,
Net profit for period.
Earnings
a
Of
$22,536
$0.05
per common share
new
trucks
and service parts,
$46,296
$0.10
loss$19,857
Nil
less discounts, returns, allowances,
the operating companies
Increase
Federal excise and State sales taxes.—V. 149, p. 3870.
Di-Noc Mfg.
r
1940
1939
Amount
%
American Power & Light Co.119,709,000 108,545,000
11,164,000 10.3%
Elec. Power & Light Corp._ 60,015,000
54,151,000
5,864,000 10.8%
National Power & Light Co_ 84,472,000
79,445,000
5,027,000
6.3%
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 150, p. 2723.
Operating Subsidiaries of—
Co.—Earnings—
Quarter Ended March 31—
Net sales.
Net profit after all charges
—Y. 150, p. 432.
1940
$269,621
38,936
1939
$175,392
12,125
1938
$78,183
loss40,213
Volume
The Commercial <& Financial Chronicle
150
Electric Bond & Share Co.Action—
-Denied
3 Months Ended March 31—
Gross sales, less
freight, discounts allowed, &c
For the second time, the Securities and
Exchange Commission has re¬
fused to grant company
postponement of its integration proceedings which
the company requested.
Gross profit
x
x
as
of the Notice and
erroneous statements of fact have been
to" the allegations
Florida Power & Light Co
.—Earnings-—
Period End.
Operating
Deduct
general allegation that it
appears to the Commission that "the
holding-company system of said
Electric Bond & Share Cp. is not confined in its
operations to those of a
single integrated public-utility system within the meaning of the Act, and
to such other
businesses as are reasonably incidental, or
economically
necessary or appropriate to the operations of such
integrated public-utility
system.
Whether respondents choose to
admit, deny, or otherwise
explain their position regarding this allegation, we are unable to
perceive
the need for the
type of extensive research which is described in the appli¬
cation for delay.
Such research may be necessary in the preparation of
evidence for purposes of
hearing, but the only immediate problem is to file
a simple answer
admitting or denying or taking any other position in regard
to this and other allegations of the Notice
and Order.
Direct
(Park
Murray Building)- -Pro-
tective Committee—
was
a
bondholders
The com¬
Chairman, Associate Professor of
Real Estate at New York
University; H. R. Amott, President of Amott,
Baker & Co., Inc., and Thomas F.
Corrigan, Vice-President of Adams &
Co., Real Estate, Inc.
a
recent
announcement
by the
cor¬
poration that only one-half of the May 1
coupon would be paid.
This
action on the part of the owner was
brought about by the accumulation of
approximately $42,000 of tax arrears.
The committee is asking authorizations from bondholders
to proceed
with necessary action to conserve the
property and its income.
Counsel
for the committee is Harold W.
Newman, Jr., 61 Broadway, and authoriza¬
tions are being taken by the
Secretary, Tracy A. Williams, at 150 Broad¬
way, New York.—V. 137, p. 1059.
The statements of the coproration for the three months
ended March
1940, indicate net assets as of that date equivalent to $5,219.71
per $1,000
face value of assumed debentures, $57.15
per share of $3 convertible pref
stock (preference in liquidation
$50
3l,
per
share and accrued dividends), and
of Dec. 31 equivalent
to $5,469.17 per
$1,000 debenture, $59.55 per preferred share, and 48 cents
per common share.
The statements for the three months ended March
31,
indicated nefc
as
of that date amounting to $4,609.63
per
$1,000 debenture and $46.57 per preferred share.
In that computation
the investment in the
preferred stock of American General Corp., a sub¬
sidiary, was taken at market quotations; in later calculations it has been
taken at its preference in liquidation.—V.
150,
p.
as
839.
Fairchild Aviation Corp.—Aviation Orders Increase—
Corporation announced that unfilled orders as of March 31,
1940, were
$1,960,505 against $1,113,284 a year before, and $1,923,200 as of Dec.
31,
1939.—V. 150, p. 2096.
1,266,666
$5,456,803
2,650
$5,451,251
$5,459,453
446,750
$5,453,901
535,851
$5,989,752
2,600,000
1,320,000
244,796
March—
Earning
1940
railway
1939
$1,261,225
Net from railway.
Net ry. oper. income
-
458,261
322,857
$1,320,520
587,473
419,177
1938
$1,583,178
788,832
622,766
1937
$1,324,486
578,470
433,435
1-j-
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 2423.
3,804,913
1,415,783
1,030,948
3,675,786
1,570,896
1,117,421
3,906,710
1,733,811
1,306,356
3.729,855
1,570,111
1,142,511
14,234
11,401
$542,046
216,667
110,000
20,104
$5,906,203
2,600,000
1,320,000
$195,275
Divs. applicable to pref. stocks for the
period..-
$1,772,410
1,153,008
$1,824,956
1,153,008
$619,402
$671,948
Interest
on
Interest
on
mtge. bonds.
deb. bonds..
Other interest & ducts._.
Int. charged to construct
Netincome
a
Balance
—
'
revenue
—
expenses
Maintenance
Provision for retirements--Federal income taxes
—;
Other taxes--
Operating income—.
Net income
on
preferred stocks
Balance—V.
150, p. 1277.
$3,490,657
1,509,348
213,141
$1,286,026
313,371
61,093
291,051
_
——
$1,102,653
65,619
$1,168,272
400,000
105,508
Amortization of debt discount and expense
Interest charged to construction.-
Dividends
$3,897,860
1,601,359
262,127
320,262
125,294
$1,340,419
first mortgage bonds
other long-term debt
—
1939
54,393
„
Gross income
Other interest
—
—
...
Dividends accumulated and unpaid to Feb. 29, 1940, amounted to
Latest dividends amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6
preferred stock, were paid on Jan. 2, 1940.
Dividends on these stocks are cumulative.—V. 150, p. 2575.
a
$6,246,921.
Florida Public Service
Co.—Earnings—
12 Months Ended March 31—
Total operating revenues
1940
Provision for taxes
$2,302,371
1,036,764
163,381
180,298
192,626
$601,312
21,769
$729,302
$623,081
...-
Operating income
1939
$2,444,925
1,078,379
182,405
396,844
185,985
Operating expenses.
Maintenance..
$755,411
240,000
147,917*
26,830
-i
Other income
Gross income
Interest on 1st mortgage bonds
Interest on 5% serial debentures
Interest charged to construction
a
Balance
a
Before interest
on
company.—V. 150,
p.
•
26,109
239,703
143,125
28,414
CY822
Other interest-.
Cr 126
$212,661
-
$340,790
convertible income debentures, owned by affiliated
2252.
.
'y/'V;;. :/;•/;
;v,
\
-
In accordance with the English Government's declaration on limitation
of dividends, the directors of this
company announced on Arpii 29 that they
had decided to reduce the dividend from 7^% to 6%.
The reference to limitation of dividends was made by Sir John Simon,
Chancellor of the Exchequer, in his budget speech on April 23, when, after
measures taken to make sure that the wartime rate of profits
recounting
should not be
more than reasonable, he said Increased profits would be far
less valuable to the country if they were "used for increased distribution to
shareholders who may be tempted to devote a good deal of them to purposes
of
consumption."
The original 7
speech.—V.
149,
;
;■
Net from
.
City Ry.—Earnings—
1940
—...
1938
1937
$474,249
86,515
6,694
$509,272
104,505
21,776
$534,362
166.851
89,673
1,356,853
311,805
112,289
Net from railway.
Net ry. oper. income.—
1939
$450,606
100,766
33,312
railway
railway
Net ry. oper. income
From Jan. 1—
Gross from railway
—V.
\
r\
% dividend had been declared before the Chancellor's
2081.
w:
p.
Fort Worth & Denver
1,320,725
235,553
23,164
1,585,875
397,050
153,947
1,469,066
426,211
221.286
150, p. 2097.
Fort Worth Stock Yards—25-Cent Dividend—
Directors have declared
a dividend of 25 cents per share on the common
payable May 1 to holders of record April 27,
Dividend of 37H
paid on Feb. 1, last.—V. 148, P- 581.
stock,
Frick-Reid Supply
Corporation will redeem
400,000
118,436
38,460
34,955
107,621
112,489
Cr2,956
Cr 1,728
$695,300
222,125
•$500,616
222,125
$473,175
$278,491
Corp.—Debentures Called—
on
June
1,
1940, at the office of City Bank
Farmers Trust Co., 22 William St., New York, $60,000 principal amount
of its 15-year 6% sinking fund gold debentures
and accrued interest.—V. 147, p. 2866.
due June 1, 1943, at 101H
(Robert) Gair Co., Inc. (& Subs.)—Earnings—
3 Mos.End. Mar. 31—
Profit for
period
Provision
for depreca'n,
Int.
on
-
bonds of sub.
Dividend
on
co_
1940
1938
1939
/
1?37_
255,270
205,768
$352,468
659,986
154,139
216,646
3,000
21,572
24,635
204,555
25,985
9,750
9,750
9,750
9,750
$240,098
$18,180
$101,437
x$419,695
36,500
48,665
5,300
48,692
38,700
y$203,598
loss$35,785
$14,045
$406,987
pref. stock
of subsidiary company
„
— „
Profit for period before
Pro v. for int.
1940
302,792
„
Other income (net)-
on
213,989
Crl96
$411,093
on
inc. notes & inc. tax
(& Subs.)—Earnings—
12 Months Ended March 31—
on
2,650
$753,228
216,667
110,000
15,664
Crl96
Gross income.
providing for int.
Florida Power Corp.
Interest
Interest
221
$530,645
Other income (net)
Publications, Inc.—25-Cent Dividend—
Florida East Coast Ry.-
Operating
Operating
221
$738,994
Operating income
cents was
Directors have declared a dividend of 25 cents per share on the common
stock, voting trust certificates payable April 30 to holders of
record April
22.
This compares with 50 cents
paid on Nov. 16, last: 15 cents paid on
Dec. 22, 1938, and 20 cents paid on May 5, 1938.—V.
149, p. 3555.
From Jan.
1.433,333
$530,424
Gross from
Directors have declared a dividend of 20 cents per share on the common
stock, no par value payable May 15 to holders of record
May 4.
This
compares with 15 cents paid on Feb. 23, last; 10 cents
paid on Nov. 15,
Aug. 30, and May 31, 1939, and 15 cents paid on Jan. 16, 1939, and on
Jan. 15, 1938.—V. 150. p. 1135.
Gross from
133,333
$738,773
March—
Exolon Co.—20-Cent Dividend—
Federated
150,000
Net operat'g revenues
Rent from lease of plant-
Ford Motor Co., Ltd.—Cuts Dividend—
Equity Corp.—March 31 Statements—
35 cents per common share.
The annual report for 1939 indicated net assets
208,645
$14,568,869 $14,024,252
6,231,267
5.952.381
1,447,466
1.353,954
re¬
Provision for retirements
of the formation of
committee for the first mortgage
4% issue of the corporation.
mittee is composed of C. Elliott
Smith,
The committee's formation follows
595,506
retirem't
$1,360,353
546,712
149,884
—
;r-made April 30
464,438
$1,629,924
appropriations..
of time pre¬
present any
such program at the present
time, there appears to be no occasion for further
delay in the progress of the proceedings.—V. 150, p. 2723.
»
taxes
serve
Order further provides that respondents may, at their
option, include in their answer a statement of their claims or
proposals as
to the issues
arising under Section 11 (b) (1).
The present application
refers to these provisions but contains no indication
that respondents pro¬
pose to exercise the option of
filing this type of answer.
There is merely
a statement as to the
difficulty of deciding whether, and In what manner,
the option should be exercised.
Under these circumstances and in view of the
extensions
1940—Month—1939
1940—12 Mas—1939
$1,692,924
$1,360,353 $14,568,869 $14,488,690
expenses
Property
The Notice and
viously granted, no further substantial delay in the filing of answers seems
Respondents will have ample opportunity to present their
own
voluntary programs at any subsequent stage of the proceedings, and
will be afforded
adequate time to prepare supporting data for purposes of
the hearing.
In the absence of any intent to formulate and
29—
reduction
Balance
Operating
a
appropriate.
Feb.
revenues
rate
reserve--.
made, a brief scrutiny of records in
unquestionably suffice to disclose
the New York offices of the
system would
the error.
Paragraph 136 of the Notice and Order is
$41,082
43,703
—V. 149, p. 3555.
Order.
These allegations are 136 in number.
The first
135 allegations merely state, in quite
general terms, the identity of the re¬
spondents, their parent-subsidiary relationships under the statute, the types
of business engaged in, and other
similarly uncontroversial matters.
If any
Announcement
(less miscellaneous
31, 1939_
mgyOr otherwise explaining their respective positions
Corp.
$111.056
applicable to non-operating periods
Three months ended March
31, 1940
It is apparent from the Notice and Order that
the only form of answer
which the respondents are
required to make is an answer "admitting, deny-
Place
$196,136
expenses
Note—Charges included in the above profit and loss accounts and in
finished cement
inventory for depreciation and depletion were as follows:
Three months ended March
Accordingly, the application will be denied, but in order that re¬
a further one week extension to May 4,
spondents may not be in default
1940, will be allowed.
Park
$167,352
56,296
sales,..,
Selling and administrative
Incl. expense
income, &c.
>
1939
$367,574
200,222
63,871
—
Net profit before
provision for Fed. income taxes
the opinion that it does not set forth
adequate grounds for the suggested
11
on
1940
$542,960
282,953
$260,007
Cost of golds sold
The company April 26, one
day before it was due to file an answer to the
show-cause integration order against it, asked the SEC to extend the dead¬
line for a period not shorter than
90 days.
The SEC has denied this
request, agreeing only to a postponement of one week.
The Commission in its order
denying application for postponement said:
The Commission has given careful attention to the
application and is of
delay.
2879
Florida Portland Cement
Co.—Earnings—
Delay of Integration
on
the notes
Provision for inc.
Net
x
profit
taxes-
-
—-
The provision for interest on income notes and income taxes amounts to
approximately $104,000.
y The payment of interest on income notes is based on the annual earn¬
ings as defined in the Trust indenture covering the company's 40-year
6% income notes and such earnings cannot be determined until the result
for the current year is known. The Board of Directors is obligated to declare
interest to the extent of the current year's earnings as so determined but
not in excess of 6% on the principal amount of the notes outstanding
The
interest at 6% on such notes amounts to $194,661 per annum.
Note—The earnings of the Canadian subsidiary for the quarter ended
March 31, 1940, expressed in Canadian dollars (which are not included in
the above statement for 1940), amounted to $71,807 after provision of
$44,500 for Dominion income taxes, but not including its equity in the profits
of Dominion Envelope and Cartons (Western), Ltd.
As of Jan. 1, 1940, the company
changed from the "unit method" to the
"group method" of depreciation.
It is believed that, on the basis of assets
values as at Jan. 1, 1940, the depreciation charges to profit and loss in
1940 under the new method will be in approximately the same amount as
the depreciation and related charges to profit aDd oss would have been
under the old method —V
150, p 2424
...
The Commercial &
2880
Mfg. Co.—Earnings—
from operations..
Gross profit
Selling, administrative
$279,262
o3,841
...
and general expense.......
.
Net income
■—■ -
$240,883
45,000
—
—...
-.
Earned surplus as at
:
-
class A stock
Balance Sheet March 31, 1940
banks and on hand, $295,379; customers' accounts
$5,000 for bad debts, $211,142; accrued interest
and royalty receivable, $2,310; marketable securities (at cost, less reserve
of $20,740 for possible loss), $140,682; inventories, $4 32,509; supplies,
$83,931; prepaid insurance, taxes and other charges, $29,967; balance due
from employees, $9,900; cash in closed banks, less reserve of $18,069 for
possible loss, $13,273; investment in wholly owned subsidiary (at cost),
$23,149; cash surrender value of insurance on life of officer, subject to trust
agreement dated Oct. 9, 1936, $60,926; plant and equipment (at cost)
(less reserve for depreciation of $904,277), $1,280,303; land not used in
operations, $49,553; patents, $1; total, $2,633,026.
Liabilities—Accounts payable, $116,340; accrued liabilities, $59,858;
reserve for
Workmen's Compensation Insurance, $15,259; provision for
Federal tax on income, $45,000; for prior years, $13,386; class A (authorized
and issued) 40,000 shares having a stated value of $37.50 per share, but a
liquidating and redemption value of $45, plus accrued dividends at the rate
in
$1,500,000; class B (authorized 140,000 shares) having a
stated value of $1 per share.
After dividend of $3 per annum, this stock
shares pro rata with class A stock in any additional dividends, $100,000;
less treasury stock, at stated value, Dr$411,819; earned surplus, $1,005,684;
capital surplus, $189,318; total
$2,633,026 —V. 150, p. 1934.
General Box Co.—Earnings
Consolidated Earnings for 3 Months
Profit from operations
Income before other
$46,445
....
424
—
...
46,021
—;
150, p. 1934.
Corp.—Earnings-
General Cable
1939
1938
1937
$548,181
383,212
11,838
$700,961
$1,996,320
409,437
13,704
413,183
Dr2,007
$176,808
47,580
$305,228
"ip581,130
77,546
190,230
$224,388
$1,771,360
249,119
$382,774
248,932
loss$24,731
$133,842
"$17510,471
13.481
12.811
25,837
Dr2,154
$1,019,639
Net operating
1940
$1,006,157
Selling adm. & gen. exp.
Other oper. income, net-
$1,676,635
420,350
Dr47,988
$1,257,363
251,206
3 Mos. End. Mar. 31—
Gross profit on sales
loss$l 1,920
137.273
$159,679
$1,508,317
profit.- $1,208,297
49,066
Metal profit-----Profit
DepreciationProfit
Other income, net
Profit.Interest
133,214
Federal income tax
>
.
160.964
2,850
269,471
$11,399
$727,425 loss$149,193
Profit
Metal
profit
added
260,889
145,430
$1,077,882
159,000
•
876
....
—
charges.
Other charges.
Net income
—V.
$45,568
after charging depreciation...;
—
to
47,580
77,546
190,230
$727,425 loss$196,773
loss$66,147
x$887,652
share of 7%
income reserve
—
Net profit.
.
requirements of $1.75 per
cumulative preferred stock and $1 per share of class A stock, these earnings
are equivalent to approximately 47 cents per share of common stock.—
V. 150, p.2725.
x
After deducting the quarterly
General Investors
excluding
to
—
-
Interest on bonds
__
inter-divisional transactions, for the first quarter of 1940
Employment—The improved level of operations during the first quarter of
as compared with the corresponding period of the previous year, is
that there was disbursed through payrolls a total of
$114,578,562. This compares with $97,789,568 for the corresponding period
of 1939—an increase of 17.2%.
The average number of employees on the payroll during the first quarter
of 1940 was 247,678.
This compares with 236,160 for the corresponding
period a year ago—a gain of 4.9%.
The average number of hours worked per week by all General Motors
hourly workers in the United States during the first quarter was 37.4.
This
compares with an average of 33.1 hours for the same quarter a year ago, an
increase of 13.0%.
This increased number of hours of employment re¬
sulted in increased weekly earnings inasmuch as the average hourly earned
rate in the two periods was about the same.
1940
reflected in the fact
consolidated balance sheet of General Motors Corp. as
of March 31, 1940 is submitted herewith as a part of this report, together
with a comparison of corresponding items at Dec. 31, 1939 and at March 31,
1939; also summaries of consolidated income and surplus for the quarter
ended March 31, 1940, together with comparisons of the corresponding
quarter of 1939.
s
Consolidated net earnings of General Motors Corp., including equities
in the earnings of subsidiary companies not consolidated for the quarter
ended March 31, 1940 were $67,028,461, as compared with $53,177,928 for
the corresponding quarter of 1939.
After deducting dividends of $2,294,555
accrued on the preferred stock, earnings available for the common stock for
the first quarter of 1940 were $64,733,906.
This compares with $50,883,373
for the first quarter of the previous year.
Earnings for the first quarter of
1940 were equivalent to $1.50 per share on the average number of common
shares outstanding during the quarter, which compares with $1.18 per share
for the corresponding quarter of 1939.
Earnings for the first quarter of 140 were reduced by a charge of $1,774,566
due to the revaluation of working capital abroad to current exchange rates.
Further, they do not include profits of $2,849,173 which cannot be trans¬
ferred to the United States because of exchange restrictions.
Due to the
inability to obtain information from Germany, this amount does not in¬
clude earnings of Adam Opel A. G.
In 1940 an increasing number of coun¬
tries are placing, as a result of the war situation, exchange restrictions on
The condensed
the
transfer of funds.
,
In further explanation of the circumstances outlined in the preceding
paragraph, it might be said that the corporation's acouncting proactice
provides that, in the event it is impossible, due to exchange restrictions, to
transfer profits from the country of origin to the United States, such amounts
in determining the coropration's profits.
Furthermore, in
in the rate of exchange between any country in
corporation may be operating and the United States results in a
reduction in the value, as measured in dollars, of the working capital in use
in that operation, the reduction becomes a charge against the corporation's
are
excluded
the event that a change
which the
earnings.
Consolidated Income Account
...
of
Sales
Expenses
$21,945
6,350
Net income-,
sol.),
General
Motors
quoted market prices
Corp.—Quarterly
Report—Alfred
Trend—The
was
quarter of
over
1940
the
same
quarter
of 1939.
business in
52,335,988
90,701,320
7i ,651,725
11,686,502
57,264,439
54,027
82,509
63,089
38,461
5,245,000
3,817,000
47,600
80.500
87,000
105,800
5,346,627
3,980,009
150,089
3,186,261
85,354,693
66,671,716
11,536,413
54.078,178
18,303,000
13,465,000
3,272,000
9,214,000
53,206,716
8,264,413
44,864,178
53,177,928
8,234,017
44,814,166
2.294,555
2,294,555
2,294,555
2,294,555
64,733,906
50,883,373
5,939,462
42,519,611
42,942,836
42,922.464
42,942,160
$1.18
$0.14
$0.99
for'n
3,042,000
subs,
Net inc. before income &
profits taxes &
excess
surtaxes
Prov. for
&
inc.
U.
8.
&
excess
for'n
profits
taxes
net
Divs.
income
67.028,4bl
pref. cap. stock
(less div. applic. to stock held in
treasury)
on
—$5
This applies to con¬
Amt.
compared with the corresponding period a year ago.
It will
be recalled that the volume of overseas sales was maintained within a very
as
ser.
earned
on
com.
capital stock
Aver.
for over two years up to the declaration of war in September,
1939.
At that time a decline set in as the various markets adjusted their
affairs in accordance with a war economy.
Therefore, overseas sales for the
narrow range
no.
of shs. of
com.
stk. outstanding
during the period
43,165,410
Amt. earned per sh. of
com. capital stock
$1.50
cap.
first quarter, as compared
6,925,810
4,928.451
Total
The higher volume of
in passenger car sales.
Sales of trucks substantially increased compared
with the corresponding period a year ago—a reflection of war necessity.
66,181,821
4.760,692
hav'g separate bonus
plans
the first
with the corresponding quarter of 1939, showed a
reduction of 21.9%-—the rate of reduction progressively increasing through¬
out the quarter.
This reduction was more than accounted for by a decrease
,
Net income for period. 67,051,693
G. M. Corp.'s prop'n of
a
applied to overseas sales, there has been, as might be expected, a sharp
reduction
#
4,469,904
Emplos' bonus (and, in
1936, pay. to G. M.
Management Corp.)
Amts. prov. for empls.
bonus
paym'ts
by
greater number of available hours of work and higher weekly earnings for the
corporation's workers, as compared with the corresponding quarter of the
As
■
3,926,778
inv. fund—net
business resulted in larger profits for the stockholders and larger payrolls, a
previous year—all as set forth later in this message.
ditions domestically.
<
-
exps.
Employees' savings &
At the time of this writing, this downward course appears to be
losing its force, indicating perhaps the end of this particular movement.
Dealing with the corporation's own operations, the trend of consumer
buying of General Motors products, adjusted for the seasonal characteristics,
rose in January and February counter to the trend of general business but
declined somewhat in March.
Nevertheless, the upward movement, which
set in about the middle of last year and which favorably affected the fourth
quarter of that year, has been sufficiently maintained to result in a sub¬
the volume of the corporation's
336,849.901
Lass provision for:
economy.
in
337,181
o? sub. cos. not consol.
rather rapid decline in general business activity as reflected by the various
indices available and generally used in determining the trend of the domestic
stantial increase
196,851
Net profit from oper.
and investments
P.
characterized by
340,693
375,597
458,150,556 367,768,303 250,512,587
all
after
certain
period under review
439.200
225,922
divided profits or losses
Sloan Jr., Chairman, states:
The Business
298,271
314,178
incident thereto, and
after providing for depreciat'n of real estate,
plants & equipment-- 86,774,542
G. M. equity in the un¬
(cost per books was
$2,036,521):
common
stocks, $1,079,574; preferred stocks, $474,440;
bonds, $424,513; cash in bank, $67,851; accrued interest on bonds, $6,369;
total, $2,052,746.
Liabilities—Capital shares of beneficial interest, par value $1, 405.208
shares outstanding, of which 506 were held in escrow for exchange of cer¬
tificates, $405,208; capital surplus, $1,667,961; unrealized depreciation of
securities owned,
Z>r$57,995; undistributed income (per accompanving
statement of undistributed income), $6,445; dividends payable, $24,282;
due brokers for shares redeemed, $4,259; accrued miscellaneous taxes,
$170; unpaid dividends on shares in escrow, $930; unclaimed dividends,
$823; reserve for Federal capital stock tax, $480; reserve for contingent
capital liability, $923; total, $2,052,746.—V. 150, p. 2254.
at
431,057
419,308
S
Balance Sheet March 31, 1940
Assets—Securities owned
549,182
V
Profit from oper. & inc.
from inv.
(inch div.
reed,
from
sub.
not
$24,252
-----
1937
trucks
&
—U. S.
4.043
-
.
1938
506,449
cars
(units);
•"
General Motors sales
to dealers, including
Canadian sales,over¬
seas shipments
Retail sales by dealers
to consumers—U.S.
G. M. sales to dealers
$28,295
-
1939
1940
3 Mos. End. Mar. 31—
Net sales—value
Total income.
amounted
$458,150,556, compared with $367,768,303 for the same quarter a year
gain of 24.6%.
ago—a
Months Ended March 31, 1940
-----
Attention is called to
been excluded in
(Not including realized and unrealized gains or losses on securities, or
capital expense)
Income—Cash dividends
1939—a decrease of 21.9%.
this comparison sales to the German domestic market have
both 1939 and 1940, for the reason that the record of such
sales for the first quarter of 1940 is not available at the time of this writing.
The competitive position of the corporation, as measured by its percentage
of total new car and truck registrations in the United States, makes a very
satisfactory comparison with previous years.
The percentage of passenger
cars in
particular indicates an excellent acceptance of the corporation's
current products.
Net sales in value of the corporation and its consolidated subsidiaries, but
the fact that in
Trust—Earnings—
Income Statement for Three
were
A Financial Review
Ended March 31, 1940
operations...-. — ...—$74,820
Provision for depreciation—
...
...
29,252
Profit from
Income from rent, Ac
i
Of
corresponding period of
receivable, less reserve of
of $3 per annum,
£
factory and dealer stocks in units in the United States as of March 31
well in line with the current consumer demand, giving considera¬
tion to the seasonal trend.
Overseas sales, including production from all sources, for the first quarter
of 1940 were 57,482 cars and trucks as compared with 73,608 units for the
$1,005,684
March 31.1940
,
Assets—Cash
.
Total
1940
$1,137,297
131,613
Total income
Dividends paid & declared on
OO
$195,883
941,414
.....
-> * -i - -
- - -
Sept. 30, 1939--.
Earned surplus balance as at
1939—an increase of 27.4%.
corporation to dealers within the United States during the
of 1940 amounted to 506,449 cars and trucks as compared with
375,597 for the corresponding period a year ago—an increase of ,34.8%.
Retail sales by dealers to consumers within the United States for the
quarter ended March 31, 1940 amounted to 419,308 cars and trucks, com¬
pared with 314,178 for the corresponding period a year ago—an increase of
first quarter
15.462
---
Federal taxes..
Provision for Federal taxes on income
Net income before
including overseas
Value—Total sales to dealers,
first quarter of
Sales by the
*225,421
operating profit.----Miscellaneous income (net)
Net
and
shipments from the United States and Canadian plants but excluding pro¬
duction by overseas manufacturing subsidiaries, amounted to 549.182 cars
and trucks during the first quarter of 1940, compared with 431,057 for the
Ended March 31, 1940
Earnings for the 6 Months
Units
in
Sales
Gemmer
1940
May 4,
Financial Chronicle
„
include such portion
could not be remitted because of
Note—The above earnings for 1939 and 1940 do not
of the earnings of foreign subsidiaries as
foreign exchange restrictions.
Volume
The Commercial & Financial Chronicle
150
Summary of Consolidated Surplus for the 3 Months Ended March 31
1940
1939
1938
1937
$
$
$
•
JS-
Quar. End. Mar. 31—•
■
Earned surp.at beginning.
of period............446,442,576 423.415,108
G. M. Corp.'s proport'n
394,789,742 368,081,225
,
of net income per sum-
mary of
8,234,017
53,177,928
44,814,166
dividends..513,471,037 476,593,C36 403,023,759 412,895,391
or
2,344,207
32,625,000
2.344.2C7
10,875,000
cash divs.
accrued
34,969,207
34,969,207
13.219,207
13,219,207
Less amt. reed,
or
49,652
253,183
49,652
415,158
49,652
134,212
accrd.
by G. M. Corp. on cap.
stock held in treasury:
Pref.cap.stk.($5ser)
Common cap: stock.
Total..
Net
302,835
cash
accrued
divs.
______
paid
183,864
464,810
189,432
$231,016
18,891
$408,201
27,029
Total income.
Other deductions......
$298,056
60,066
47,846
$329,055
49,789
53,326
$249,907
47,193
32,550
$435,229
47,570
60,424
$190,144
$0.19
$225,940
$0.23
$170,165
$0.16
$327,235
$0.37
Federal taxes..
Net profit
a
..
share..
General Steel Wares,
p.
13,035,343
34,504,397
General
Telephone Corp. (& Subs.)—Earnings—
Period End. Mar. 31—
Operating revenues..
Maintenance.
Traffic,
13,029,775
.......
_________________
Mar. 31 '40
Net operating income
Other income (net)
Dm. 31, *39 Mar. 31, '39
$
_
Interest
Accounts receiv. & trade accepts.
78,987,583
..
81,654,875
$1,217,151
Dr8,564
$1,065,012
5,085
$4,752,895
32,787
$1,208,587
477,604
$1,070,097
452,162
2,027
753
28,588
Cr4,415
190,958
Cr 15,842
$4,785,682
1,814,419
5,741
118,310
Cr30,084
851,549
______________
_
64,457,242
Divs. on pref. stocks of sub. cos..
Prov. for sub. cos. pref, cum. divs.
..218,033,060 233,764,789 212,767,123
.194,420,786 191,291,823 194,228,988
40,838,434
38,673,592
40,163,947
Miscellaneous assets....
12,318,084
14,618,777
14,978,351
b Capital stock in treasury.
14,777,556
7,835,620
1 5.419,632
Real estate, plants, & equipment
764,945,866 769,417,418 748,965,475
8,566,372
Prepaid expenses & deferred charges..
7,135,763
7,878,316
Goodwill, patents, &c
50,322,686
50,322,686
50,322,686
.....
424,928
120,754
General interestAmortiz. of debt discount & expense..
Interest charged to construction
_
...
Invests, in subs, not consolidated.
Other investments-.......
......
.....
__
long-term debt..........
on
1,258,868
469,920
163,966
...
..
_
Netearnings.....
........
1,372,487
.
General taxes.
Federal income taxes......
.259.259,886 154,919,034 195,575,606
U. S. Govt, securities (short-term)
80,143,709
109,499,587 132,002,116
Other market. securities (short-term)
2,000,278
3,000,343
3,000,533
10,149,512
Sight drafts & C. O D. items........
9,955,396
10,625,184
Notes receivable....
1,070,649
1,372,281
1,501,493
_.....
...
1940—3 Mos.—1939
12 Mos. 1940
$4,900,493
$4,401,254 $18,968,109
810,522
753,618
3,144,153
866,447
778,074
3,319,882
commercial, general office
operating expenses
salaries & other
V
Consolidated Balance Sheet
2254.
Ltd.—Participating Dividend—•
Provision for depreciation
34,666.372
Inventories
.
per
735,000 shares.—V. 150,
Directors have declared a participating dividend of 25 cents per share
addition to the regular quarterly dividend of $1.75 per share on the
7%
participating preferred stock, both payable May 20 to holders of record
April 24.
Like amounts were paid on Feb. 20, last.—V. 150, p. 995.
period............478,804,665 442,088,639 389,988,416 399,865,616
a
On
in
Earned surp. at end of
Cash
Earnings
a
or
_______
1937
$310,832
18,223
49,652
139,780
paid
....
1938
4,111
2,344,207
10,875,000
2,344,207
stock-.*.- 32,625,000
1939
$293,946
Other income..........
Earned surplus before
Cash divs. paid or accrd.:
Pref. cap. stk. ($5ser.)
Total
1940
Operating profit-.-*...
... *
,■
.
consol. income 67,028.461
Com. cap.
2881
General Printing Ink Corp. (& Subs.)—Earnings—
notdeclared.
._
162,548
55.138
27,344
35,182
2,468
29,805
3,683
$448,831
$351,620
Minority int. in current earnings
Miscellaneous deductions
.......
30,230
5,323,905
1,835,782
591,492
'
81,932
160,195
12,003
_________
Total
Net income
Preferred dividend requirements
Georgia & Florida RR.—Earnings—
....1758061,226 1706940,197 1636181,714
Mar. 31, '40 Dec. 31, '39 Mar 31, '39
.
Liabilities—
Accounts payable
$
$
68,602,378
79,226,059
'•«*■:"'
jflj
Period End.
v;vv
accrued items
Employees
within
38,784,079
8,070,649
2,294,555
3,596,322
1,529,703
2,294,555
sequent to one year
.
After
.
...
............
reserve
39,722 shares $5 series no par preferred,
par shares, stated value $100 per share.
Auditors' Plan
A
3,817,000
15,937,927
2,578,656
3,057,985
28,921,240
37,167,843
187.536,600 187,536,600
435,000,000 435.000,000
1,888,613
1,888,613
446,442,576 442,088,639
c
x
$260,680
$25,729
7,688
5,953
$7,337
1,386
$12,539
$39,205
2,981
$39,370
$5,952
$36,224
1,004
$36,592
365
$11,600
Y ,348
$6,317
$11,948
$37,229
$37,576
1939
P
1938
Georgia Power & Light Co.
$216,141
$205,576
Investment Corp.-—March 31 Statements—
preferred stock, $6 dividend series, which is entitled in liquidation to
per share and accumulated dividends.
for the period ended Dec. 31,1939, the comparable
figure was $89.55 per preferred share at that date.—V. 150, p. 839.
tive
22,772
60,867
52,377
11,225
t
General taxes.________
Federal normal inc. taxes
Net oper. income.
Non-operating income—
.
_ .
$132,922
2,123
$135,045
Gross income
(& Subs.)—Earnings—
30,534
Charges of subsidiaries.
Charges of Gen. Public
Utilities, Inc
-
.
20,333
;
1940
,
47,162
47,917
9,475
$125,151
2,372
1940—12 Mos.—1939
$6,160,480
2,590,258
223,809
686,296
622,029
104,120
$1,933,968
30,100
$127,523 ♦ $1,964,068
29,743
366,492
1939
$1,205,361
650,347
83,604
158,286
21,219
107,104
$1,127,509
630,131
$184,801
5,860
—
Gross income
$193,483
3,967
$190,661
$197,450
161,137
17,030
9,790
—
Interest on long-term
Other interest
debt
-
;
......
Amortization of debt discount and expense.
......
Interest charged to construction
160,242
12,531
9,788
75.141
127,265
456
101,033
Cr90
—
Net income
$8,190
$9,492
Georgia RR.—Earnings—
1940
Gross from railway
Net from railway......
Net ry. oper. income—
—V. 150, p. 2098.
$5,710,568
2,395,272
202,010
555,772
568,247
122,661
$1,866,605
18,396
$1,885,001
361,934
71,843
71,989
859,991
864,282
$32,668
3,242
$25,791
3,242
$737,585
38,910
$658,786
38,910
$29,426
$22,548
$698,675
$619,876
1938
1937
$314,117
59,736
54,850
$293,304
41,201
36,526
$384,827
120,708
106,163
916,631
142,860
119,742
Net from railway
Net ry. oper. income—
From Jan. 1—
1939
$322,260
54,464
47,448
March—
Gross from railway
864,4 92
151,739
806,114
959,097
218,616
190,940
1940
$242,845
56,124
24,361
Net ry. oper. income..From Jan. 1—Gross from
railway..698,703
152,703
Nrt from railway-
Net ry. oper. income.-—v. 150, p. 2726.
Y
68,663
■
70,999
58,064
145.114
Georgia Southern & Florida Ry.
March—
Gross from railway. —
Net from railway......
.
204,693
1939
$312,859
Earnings—
Operating income
As shown by the report
Maintenance
Prov. for retirements._.r
1940
$331,589
Other income
$115
$454,732
984
Jan. 1 to April 21
Other taxes..
$197,855
.'-Tj
1940—Month—1939
2,779
—V. 150, p. 1278.
The statements of corporation for the three months ended March 31,
1940, show net assets at that date equivalent to $88.22 per share of cumula¬
Period End. Mar. 31—
.
—
.
Operating expenses
Maintenance—
1937
Co., Inc .in undistributed
profits of controlled companies.—V. 150, p. 2253.
Gross operating revenues
$484,457
Operating expense.214,293
;
$19,850
12 Months Ended March 31—
Federal income and N. Y. State franchise
General Public Utilities, Inc.
5,816
939
$19,775
—
Total operating revenues.
.
Note—Above figures include equity of Gannett,
General
$26,682
6,707
Provision for retirements
tax and minority interest.
net
$7,127
3,404
2,008
2,571
1,967
Federal income taxes
(& Subs.)—Earnings—
After depreciation, interest,
$2,799
Week End. April 21
1940
1949
com¬
The meeting approved the contributory retirement plan for employees
earning more than $250 a month, which had been outlined to stockholders
in the proxy statement dated March 29.
Proposal that stockholders appoint the auditors was made by John J.
Gilbert, a stockholder.
Mr. Gilbert explained that he and shareholders
represented by him would be satisfied if stockholders were given the right
to express approval or disapproval of the auditors chosen by the board of
directors.—V. 150, p. 2425T
x
x$1,803
23,926
Oper. revenues (est.)
—V. 150, p. 2726.
proposal that stockholders be given the right to appoint the auditors
overwhelmingly by the shareholders
1940
x$l,919
24,763
Deficit before interest
x Loss.
Represented by 1,875,366
of the corporation's books was rejected
at their annual meeting on April 30.
Gannett Co., Inc.
$1,029
8,156
Deductions
646,538
3,031,302
Rejected, Pensions Voted—
3 Mos. End. Mar. 31—
Net profit—
$5,457
8,256
from ry. opers
rev.
Loss
383.557,809 369,588,150
b In 1940, 334,604 shares
for doubtful accounts,
mon,
no
7,557,491
18,857,431
1758061,226 1706940,197 1636181,714
Total.
a
4,456,153
...
......
$255,609
257,412
Net
Employees savgs. funds, payable sub¬
.
272,183
_
Employees bonus (at Dec. 31, 1939,
1939, based upon cost of stock dis¬
tributable as bonus)
5,245,000
Taxes, warranties, & miscellaneous__ 16,859,436
Reserves: Depreciation of real estate,
plants and equipment
.392,945,206
Employee benefit plans
3,624,085
Deferred income
3.058,157
Contingencies and miscellaneous.
41,489,631
c Preferred stock.__._...........-_187,536,600
Common stock ($10 par).
.435,000,000
Minority int. in pref. stock of sub. co.
1,888,613
Earned surplus
—478,804,665
Mos.—1939
$270,264
Railway tax accruals.
payable
year
Dividends payable on pref. capital stk
1940—3
$93,188
92,160
Net ry. operating loss.
Non-operating income..
39,360,975
46,939,329
1940—Month—1939
$96,800
91,343
Ry. oper. expenses.....
profits
________
funds,
savgs.
one
46,764,601
55,536,718
4,790,865
excess
31—
Railway operating loss
Equipment rents (net)
Joint facility rents (.net)
59,998,473
60,385,317
foreign income &
taxes..............
Mar.
Total ry. oper. revenue.
Taxes, payrolls, warranties, & sundry
U. S. &
$1,771,617
337,500
—V. 150, p. 2577.
■Earnings—
1939
$214,985
42,212
8,711
666,418
158,784
72,466
1938
1937
$186,672
23,705
$257,106
77,109
48,860
655
586,543'
91,723
28,389
722,939
212,969
144,432
YY-Y-J/V
'\Y,V
Co.—Recapitalization Voted—
Giant Portland Cement
recapitalization.
To
of Dec. 31, 1939 will be added the
share, bringing $31.67 a share to the
Stockholders have approved the proposed plan of
dividend arrearages of $30.50 a share as
first quarter dividend of $1.17
dividends covered by the plan.
The plan as
a
...
approved calls for Issuance and exchange of a dividend arrears
unit and eight shares of new common stock, $5 par, to be created, for each
share of preferred stock, 7% cumulative $50 par, outstanding.
It further
of common stock from $50 to $5, and
be exchanged share-for-share for the
Other phases of the plan were approved as proposed.—
called for reduction of the par value
Net income..
Divs.
on
....
$5 pref. stock..
that each share of $50 par common
new
common.
V. 150, p.
Bal.
avail,
for
com.
stock & surplus. .
—V. 150, p. 2254.
—
1937.
.
V
.
Varnish Corp.—Listing—
Grand Rapids
The New York Curb Exchange
has approved the listing of 143,500 shares
$1, in substitution, on a share-for-share basis, for
143,500 shares of no par common stock, presently listed and outstanding,
such shares to be listed upon official notice of the filing of the certificate or
amendment to the articles of Incorporation.—V. 150, p. 1767.
of common stock, par
General Refractories
Co.—Earnings—
The income statement for the 12 months ended March 31,
1940, follows:
of sales and expenses of operations exclusive
depletion and taxes, $9,256,449; gross
profit, $2,314,115; other Income from various sources, $291,104; profit,
$2,605,219; depreciation and amortization, $564,870; depletion, $19,569;
corporate and property taxes, $333,264; amortization of bond expense and
premium on bonds purchased, $27,321; Interest other than on funded debt,
$5,777; Interest on funded debt, $37,187; other deductions, $164,863;
Federal and Pennsylvania income taxes (est.), $339,455; net income, $1,112,910.—V. 150, p. 2726.
Net sales, $11,570,565; cost
of depreciation and amortization,
Grand Union
Co.—Dividend—
At a regular meeting of the board of directors held on
distribution of $1 on each $5.45 principal amount of the
April 26, 1940, a
outstanding divi¬
declared. This distribution is payable on
June 8, 1940, upon presentation of distribution coupon No. 2 at the office
of the company, 233 Broadway, New York, N. Y.
Initial dividend of
like amount was paid on March 8. last.—V. 150, p. 2727.
dend arrearage certificates was
31—
194()
$2,685,080
2,405,282
1,719,032
1,406,895
$3,139,478
2.883,234
Operating profit.-,--
$279,798
Other income.----—---
9,996
$184,960
5,926
loss$24,212
3,485
$256,243
2.610
Sales
Sec
Costs, expenses.
Fed. taxes & spec. chgs.
-
Interest and
x
(W.
$13,435 loss$155,094
$0.03
Nil
Gross from
1938
1937
$118,894
27,18.5
$143,883
$177,245
56,904
28,601
def 13,474
def 861
2,271
32,287
2,938
299,307
14,525
287.702
14,747
def60,780
325,931
22,862
def59,571
25,120
income—
1—V
/
railway.
def57,910
income—
2100.
Net ry. oper.
—V. 150, p.
1939
$125,180
railway
Net ry. oper.
From Jan.
$142,002
$0.37
March 31—
Development and
to the position of Chairman of the Executive Committee,
in which capacity he will continue as executive head of the company.
Raymond H. Fogler, who recently resigned as President and director of
Montgomery Ward & Co., was elected a director and President and general
manager of this company.—V. 150, p. 2425.
„
-
-
metals produced
operating costs
...
1940
1939
$6,176,357
1,378,501
$5,603,075
977,173
1938
$5,093,675
870,813
502,026
127,363
def38,057
Net ry. oper. income
From Jan. 1—
Net from railway..
744,774
Net ry. oper. income
—V. 150, p. 2727.
Green Bay &
820
$19,932
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
*
The New York Curb
$19,082
offs"—
Hamilton Gas Corp. (&
Subs.)—Earnings—
—$502,129
1.061
Operating revenues
Non-operating income (net)
579,815
$155,585
49,930
31,114
65,561
.
349,386
75,797
29,326
416,223
112,434
59,762
and
Corp.—Lasting
Engineering
■
—
$503,190
Total income
213,157
Exchange has removed from listing
$1.—V. 150, p. 2255.
and registration
RR.—$7,500,000 RFC Loan
Northern
Petition—
has applied to the Interstate
Commerce Commission for
(already approved by the ICC) will be used to purchase from Southern Ry.
holdings of Mobile & Ohio general mortgage 4% bonds.
Under the
plan, the G. M. & N. agreed to purchase $7,839,500 M. & O. generals from
Southern for $7,538,166, which includes interest at the annual rate of 2%
from Sept. 1, 1938, to May 1, 1940.
Southern will utilize receipts from
the sale to reduce RFC loans, contracted in part to meet the maturity on
Sept. 1, 1938, of a bond issue secured by the M. & O. generals.
The proposed borrowing from the RFC is part of the $9,500,000 loan
approved, upon application, by the ICC last October, to be secured by
$10,556,000 first mortgage 4% bonds, series A, of the new combined com¬
pany.
The merger plan provides for the purchase of $104,240 M. & O.
general mortgage held by the general public on the same terms as agreed
to by Southern, namely $930.60 per $1,000 bonds, plus interest at 2%
a year from Sept.
1, 1938, although the present borrowing will be applied
only to the purchase of Southern's bonds.
Balance of the $9,500,000 loan
approved last October would be for rehabilitation costs, additions and
betterments, and to meet expenses of reorganization and consolidation.
—Y. 150, p. 2728.
its
"11,348
30,564
.-
—
$248,122
a
Net profit.:
a
Available for interest on first mortgage junior lien 4%
—
(annual
bonds, series B
depreciation,
Gas Co. from Jan. 1, 1940
1, 1940.—V. 150, p. 1279.
to March
sinking fund
requirement—$85,700), depletion
abandoned leases and Federal income taxes.
Note—Above statement includes Harshbarger
Period End. Mar. 31—
Gross oper.
income
-
■
(& Subs.)—Annual Report—
1939
Calendar Years—
Gross oper. income..$276,689,026
Operating expenses
208,431,997
y
78,149
Operating profits
$68,257,029
Non-recurring inc., net.
$64,327,048 $77,694,371 $61,803,252
5,474,355
7,166,398
4,462,708
4,683,231
Other income
6,373,932
31,736
79,534
114,182
$235,272
$414,582
Hawaii Consolidated Ry.,
11,089,461
2,893,221
Net profit
dividends..,
1,719,356
1,787,062
revenue..
Maint. of way & struct—
Maint. of equipment
$681,017
166,718
$691,276
156,907
$786,578
146,806
82,323
$847,735
139,855
76,125
$848,183
131,852
72,386
263,485
125,595
2,574
275,506
106,867
9,398
258,235
149,766
19,323
$165,795
103,000
$239,984
154,500
Traffic, transportation &
269,490'
general expenses
96,655
Taxes
4,282
Int. & miscell. rents
$78,847
Net income
64,375
Divs. paid on pf. A stock
2,888,410
2,917.050
on
$13,017,076 $31,854,065 $26,356,003
9,076,202
9,076,202
$1.69
9,076,202
z9,076,202
$3.51
9,076,202
$1.43
x6,807,151
9,076.202
9,076,202
$2.90
1938
1939
Liabilities—
1938
$3 ,654,960 $3,654,960
Capital stock
investments$6, 524,665 $6,742,970
Creditors & wages.
157,654
149,382
18,898
banks
60,984
Sundry debtors
Mats. & suppls. at
40,065
76.656
Accrued taxes
hand & in
68,895
72,825
Loans
35,000
payable
2,969
Unadjusted credits
101,808
91,734
paid in adv
5,927
6,250
Accrued
Special funds
4,050
3,914
Fund.
cost
36
Interest on note..
523
523
1, 458,370
1,467,867
222,756
222,756
Divs. mat'd unD'd
Rents <fc ins. prems.
deprec'n.
retired
dt.
inc.
through
&
surplus
Sink.
fd.
approp.
5,774
5,774
reserve
Ins. & casualty res.
Total
135,809
135,809
Prof. & loss acc't—
3,511,285
$15,315,781
Cash
$216,620
154,500
"
Balance Sheet Dec. 31
1939
A 8 sets—
1,713,820
3,159,691
Interest, &c
1936
1937
$653,490
133,088
$664,817
141,895
73,648
Non-oper. income
$73,651,539
37,903,291 33,055,964
10,399,301
9,014,467
40,127,689
11,037,225
Depletion and depr.,&c. 40,482,106
Ltd.—Annual Report—
$590,202
74,615
Rev. from operations
$72,940,260 $68,789,756 $84,860,769
Taxes (other than Fed.).
Prov. for Fed. inc. tax..
$821,898
1,255,848
administrative expenses.
v
1938
1939
Calendar Years—
370,796
253,375
x Including raw materials, operating, selling and
Sate, county and Federal taxes.—V. 150, p. 2579.
Cash
1938
1937
1936
$266328,688 $278676,278 $235778,075
202,0Ul,640 200,981,907 173,974,823
1,106,122
1,546,217
abandonments
Total
1940—9 Mos.—1939
$5,756,204
$6,297,491
4,463,806
4,489,469
207,040
191,462
1940—3 Mos.—1939
$1,939,173
$1,666,622
Costs, oper. & gen. exp
Intangible develop, exps.
Depreciation, deplet. &
Prop.
Total
-
— . —
than Federal income)
x
authority to borrow $7,500,000 from the Reconstruction Finance Corp.
as further step in the unification with the Mobile & Ohio RR.
Proceeds or the loan, in accordance with the provisions of the unification
Gulf Oil Corp.
March 31, 1940
Earnings for the 12 Months Ended
Net profit
The company
$4,387
allowance has been made for depreciation
development.—V, 150, p. 996.
deferred
Hancock Oil Co. of Calif.—Earnings-
&
Mobile
16,151,402
2,430,011
$124,649
30,815
13,190
*■
the common stock, par
700
1937
410,405
128,217
68,347
-
Aicraft
Grumman
1937
1938
41,671
20,199
418,949
124,749
Gross from railway
Net from railway.-
Net ry. oper. income.—
—V. 150, p. 2099.
Registration
Profit before "write
or
Taxes (other
1939
$138,434
$136,838
40,720
22,311
-
$5,087
850
Total
Provision for taxes...
$5,925,551
1,271,346
613,195
Western RR.—Earnings1940
$4,828
259
......
Operating expenses
'-Maintenance——_
March—
Gulf
15,354,850 13,807,698
2,011,888
1,329,457
def464,090 def1164,709
16,818,915
3,182,732
Gross from railway..---
41,721
Note—in the above figures no
Ry.—Earnings—
March—
9,087
$46,550
$19,112
Operating profit
Non-operating fevenue
of the company,
Net from railway
1
1939
1940
7.689
$69,463
50,351
*
milled—.
ore
Net income from
Co.—Official Promoted—
Gross from railway
169,730
Guysborough Mines, Ltd.—Earnings—
3 Months Ended
Tons of
Following a meeting of the board of directors, William T. Grant, Chair¬
man of the board, announced the promotion of Karl D. Gardner, President
Great Northern
399.700
95,773
-V.150, p.2098.
special charges only.
T.) Grant
$258,853
21,079
x32,677
144,775
$43,153
$0.11
Net profit
Earnings per share.—-
loss$20,727
x 19.027
115,339
$190,886
199,825
Depreciation
Gross from
Net from railway
Net from railway
$289,794
*46,817
Total Income
$1,382,683
1940
March—
1937
1938
1939
$1,903,992
1940
-Earnings—
Island RR.
Gulf & Ship
Steel Co.—Earnings—
Granite City
3 Mos. End. Mar.
May 4,
Chronicle
The Commercial & Financial
2882
1 225,850
1,380,061
$6,813,002 $7,055,235
Total.
.$6,813,002 $7,055 235
—V. 148, p. 2428.
Shs. of capital stock out¬
standing (par $25)—
Earns, per sh. on cap.stk
Excludes stock dividend
x
of 100' 'o
21,
paid Dec.
1936, on 4,538,101
on gasoline and other
)irect sales taxes
$113,452,525.
y
refined products were paid (or accrued) to Federal, State and local taxing
authorities and are not included in the above gross operating income and
expense.
Such taxes totaled $77,094,866 in 1939; $71,810,982 in 1938,
$70,683,500 in 1937, and $60,866,318 in 1936.
z After paying 100% stock
shares and totaling
dividend.
$
$
a
Intang. assets.
j
equipment—.346,625,717 345,081,092
6,310,430
5,387,904
Cash
51,112,595
75,613,092
1,076,666
374,088
27,477,944
321,809
3,667,657
3,511,589
Funded
debt...
loans
for
32,118,344
8,798,413
securs.
b Notes & acc'ts
27,788,440
receivable
Inventory, oil.. 66,393,002
Accr'd liabilities
86,387
5,487,061
Unadj. credits__
Mat'ls & suppl's
8,776,154
9,846,451
Employ's' loans,
2,297.490
2,034,510
secured
Prepaid & def d
88,117,228
Capital surplus.
Earned surplus.
17,146,573
94,782,969
17,146,573
98,162,118
4,848,388
4,491,427
charges
7,931,374
85,411,069
3 Months Ended March 31
Shipping
$3,776,655
$3,6i8,805
631,427
645,300
$3,098,892
589,466
649,002
$3,132,347
726,408
704,742
$2,345,506
95,858
$2,342,078
77,721
$1,860,424
69,970
$1,828,654
109,723
$2,441,364
221,418
461,090
$2,419,799
194,482
429,802
$1,930,393
218,677
321,529
$1,938,377
220,301
361,924
$1,758,856
253,84*
514,312
$1,795,515
253,844
514,312
$1,390,187
253,844
514,312
$1,356,152
253,844
526,312
$990,700
685,749
$1,027,360
685,749
$1.88
$622,031
$575,996
701,749
$1.21
expenses
Sell. & gen. adm. exps—
Operating profit.
Total income
Cash discount, &c_.
Federal taxes.
Net income
Conv. pref. dividends—.
Common dividends
Surplus
Shs
.com .stk .out. (no par)
Earnings per share
—V. 150, p. 1601.
$1.82
Heywood-Wakefield Co.—Earnings—
31—"
1940
1939
Quar. End. Mar.
Net profit after charges.
x Loss.
$4,880
x$105,252
Consolidated Comparative Balance Sheet
546,870,5961
—.523,292,917
Total
Total
523,292,917 546.870,596
depreciation and depletion amortization,
b After
of $637,920 in 1938 and $654,740 in 1939.—V. 148, p. 3377.
Assets—
After
reserves
reserve
for
Gulf Power Co.Period End.
-Earningi
Gross revenue
$155,846
98,395
15,833
Oper. exps. and taxes
Provision for deprec
$138,288
93,194
14,583
1910—12 Mos.—1939
$1,931,712
1,247,980
178,750
$1,770,849
1,149,204
184,875
•$41,618
20,252
Int. & other deduct'ns—
Net income
Dividends on pref. stock
$30,510
19,868
$504,982
242,102
$10,642
5,584
$262,880
67.014
1,635,409
2,134,118
1,341,050
2,115,463
59,795
$15,782
$5,057
$195,866
$128,544
$1.28
1938
x$104,725
March 31
Accounts payable.
Notes payable
Accrued
1937
$101,664
1940
1939
$354,319
$351,632
700,000
300,000
payrolls,
(less
86,974
depreciation).— 3,901,868
charges.
604.400
3,487,000
1,500,000
1,267,661
1,500,000
1,194,208
bonds
for
Pat'ts & goodwill.
Deferred
156,799
581,600
taxes, &c
5% 10-yr.reg. deb.
equipm't
reserve
150,001
(par $25). 3,487,000
Common
stock
investments
Plants &
3,935,655
1
1
104,151
.
123,059
Capital stock:
Series A 1st pref.
6,300
stk. (par $100)
Series B 1st pref.
$195,558
67,014
stk.
241,212
*
Balance.
—V. 150, p. 2255.
Acc'ts & notes rec.
$436,770
$21,367
5,584
Gross income
$25,315
Misc.
1940—Month—1939
Mar. 31—
$178,058
682,444
621,249
685,749
Liabilities—
1939
1940
Cash
Inventories
a
1937
1938
1939
1940
226,905,050 226,905.050
$25)
31,336,665 Acc'ts payable— 27,657,541
31,062,075 Pur.oblig.(curr.)
547,404
3,673,900
8,846,205 Res.for annuities
Res. for conting.
6,847,776
for
exch.
49,121,302 Res.
fluctuations..
200,000
60,113,321
29,886,183
deposits
Market,
$
(par
subsidiaries..
dem'd & time
Invests. & advs.
1938
$
Liabilities—
Cap. stock
Bank
hand,
on
1939
1938
1939
Assets—
Prop., plant &
Consolidated Earnings for
»
Gross profit on sales
Other income
Consolidated Balance Sheet Dec. 31
a
Hershey Chocolate Corp.—Earnings—
(par $25)
Surplus
Total
$8,040,581 $7,600,338
-V. 149, p. 29751
Total
$8,040,581 $7,600,338
Volume
The Commercial & Financial Chronicle
150
Harvil Aircraft Die
Casting Corp.—To Offer Stock—
Corporation will offer 225,000 shares (SI par) common stock to the public
through Pistell, Wright & Co., Ltd., at $3.25 per share, according to an
amendment filed with the Securities and Exchange Commission.
At the
same time the company will sell 75,000 shares of the stock to Blair &
Co.,
Inc., for investment at $1 per share.—V. 150, p. 1937.
1939
and taxes
$66,643
36,000
...
Balance
..
$136,114
45,000
$87,543
$30,643
Dividends
,$91,114
$51,543
def$3,892
$0.15
$0.10
($1 par)
i
36.000
$32,108
36,000
$0.07
;
.
I
1940
1939
$14,745
Balance Sheet
Mar.31'40
Assets—
Cash in banks
Dec. 31/39
3365,619
$350,624
res.
17,686
Crude oil in ven......
2,949
2,730
272,193
12,500
276,910
12,500
Accts.rec.,less
20,249
Afar.31,*40 Dec.31,*39
Accounts payable.
$9,334
p $11,891
Accrued taxes
6,758
6,798
.
*
Res.
Fed.
inc.
tax
Wyoming-Calif.
Mktle.
for
8,050
Res. fordiv..
Co..
sees,
at cost
Claim agst.
,/
'
closed
Distribs.
1,318,434
stock¬
to
*
531
531
1,395,371
1,393,581
2,875
bk., less res
Oil leases,
holders
wells &
eqpt.,atcoBt
in
prior to
Deferred charges..
651
years
'
surp. at dates of
distribution.... Dr503,542
Cap. stock (par $1)
Surplus
'/■
,...
Dr503,542
900,000
3 Months Ended March 31—
share
1428.
Illinois Central
Honolulu
Period End.
Gross
rev.
Mar.
31—
from transp..
Net
rev.
RR.—Earnings of System-
Net from railway
Net ry. oper. income...
6,998,043
Earnings of Company Only
March—
1938
From Jan. 1—
Gross from railway
Net from railway
25,021,880
5,996,211
Net ry. oper. income.
22,920,507
5,128,040
2,874,278
22,132,973
5,274,005
$5,638
24,879,367
8,263,736
2,499,122
1,047,084
8.7 cts.
$5,671
1,045,953
„
.—_
9.9 cts.
1,050,748
P.
railway
Net from railway..
1940—3
—
■
.
,
....
3,625,004',
Mos.- -1939
$362,844
244,871
$342,562
238,622
34,743
$108,173
33,636
833
1,458
18,512
18,789
2,687
55,669
55,475
Crl65
23
4,233
625
*
Illinois Iowa Power Co.—New President—■
1602.
,
Indiana Gas & Chemical
/■■■v.:
v
Corp.—Earnings—
[Including Wabash Coke & Warehouse Co.]
Quarter Ended March 31—
Production sales..
Cost of sales incl.
1940
/
$13,520
$9,228
$28,474
$14,039
150, p. 2100.
1940
1939
$114,525
Liabilities—
93,089
108,282
151
147
expenses*
Prov. for Fed. in¬
Inventories
245,564
U. S. Govt. sees..
962,595
196,335
874,671
Customers' notes &
accts.
Acer,
payroll
1939
$49,707
$29,771
89,631
63,119
103,430
Accounts payable.
61,009
1,200,000
558,442
and
!
receivable
Sundry accts. rec.
come tax..
Capital stock...
y
Municipal, listed &
Surplus
misc.bds. & stk.
111,598
4,859
603,500
6,080
Claims for depe. in
closed banks
1,200,000
126,960
Acer. int. receiv..
5,428
x
487,310
Prop.accts.(cost)
Def'd
charges
488,445
77.1
1
21,150
to
Indiana Pipe Line
■
future
opera'ns.
Stockholders at
$2,046,268 $1,912,342
Total....
y
...
Total.........$2,046,268 $1,912,342
x After reserve for depreciation of $267,618 in 1940 and
$305,166 in 1939.
Par value of $2.50 a share; authorized and issued, 480,000 shares.
The income statement for the three months ended March
31
v
$40,186
$9,863
Consolidated Balance Sheet March 31, 1940
Assets—Cash, $44,366; cash on deposit for payment of dividends on
cumulative preferred and common stock not yet exchanged under plan of
reorganization, $811; special deposits, $26,225; accounts receivable (net).
$171,116; inventories, $244,486; prepaid insurance, $7,512; accrued interest
receivable, $50; deferred charges, $28,296; miscellaneous investments,
$3,842; cost of work in progress not allocated, $1,490; lands, buildings and
equipment (net), $1,803,970; total, $2,332,165.
Liabilities—Accounts payable, $79,517; dividends on cumulative pref.
& common stock declared but unclaimed, $811; accrued liabilities, $24,560;
reserve
for maintenance and contingencies, $33,952; mortgage note of
Wabash Coke & Warehouse Co., $9,750; cumulative preferred stock,
$1,170,000; common stock and capital surplus, $963,691; earned surplus,
$49,883; total, $2,332,165.—V. 148, p. 3690.
22,812
Pats. & goodwill..
....
Depreciation and other deductions
Net income before Federal income taxes
1940 : '
$88,607
$303,770
266,048
1,903
4,565
21,391
2,437
Taxes
Hoskins Mfg. Co.—Balance Sheet March 31Assets—
Cash
1939
$398,827
329,494
5,095
21,616
maint., admin. & selling expenses
Insurance
Net revenue
com¬
Allen Van Wyck has been elected President of this company.—V. 150,
p.
4,375
512
April 26 authorized the
101.179% of par and accrued dividends in connection with the procurement
of certain equipment.
(See also V. 150, p. 2579)—V. 150, p. 2728.
v
$121,921
Replacements
'.f
The Interstate Commerce Commission on
pany to assume obligation and liability in respect of not exceeding $4,734,000 equipment-trust certificates, series T, to be issued by the Pennsylvania
Co. of Insurances on Lives & Granting Annuities, as trustee, and sold at
$40,806
11,308
11,589
2,888,616
Equipment Trust Certificates—•
8.6 cts.
$103,940
Profit and loss
—V.
28,757,346
6,469,666
3,068,251
1937
$117,973
3,948
:
.
25,528,154
6,201,161
3.191.000
$9,475,391
2,771,381
1,856,183
$38,953
1,853
...
_
26,323,527
6,034,562
3,210,439
4,029,726
1,353,743
^
D epreciation
1937
1938
$44,525
Net rev. from opers
Taxes assign, to ry. opersi
Interest
1938
$8,584,538 $10,954,348
2,087,827
3,351,790
1,055,715
2,227,120
$7,478,431
1.838.001
1,018,227
$42,955 ■■■■.'
1,570
_
1939
$9,161,601
2,212,053
1,272,643
1939
1939
1940—Month—1939
$120,529
$120,202
83,574
81,249
_
$0.80
$7,890,920
1,790,464
1,033,923
23
from transp.
Rev. other than transp.
367,846
$1,413,772
1940
Rapid Transit Co., LtdL- —Earnings—
Operating expenses—i*-
$0.24
28,625,163
1601.
p.
$1,107,143
$0.52
1,512,635
261,129
$8,344,467
2,020,099
1,260,685
^32,067,501 $2,059,999
194 0
Average fare per revenue passenger._
150,
$403,442
$478,503
$0.32
408,840
127,116
$16,044
Total.
Holyoke Street Ry.—Earnings—
—V.
$3,707,717
389,312
169,694
1,367.093
March—
1940
Gross from railway.$9,518,489
Net from railway.2,305,924
900,000
309,420
315,165
-^v".
Net profits after all charges
Revenue fare passengers carried-
$3,416,862
Net ry. oper. income—
,$2,067,501 $2,059,999
-r. 150, P. 1938.
$985,781
96,169
70,873
353,002
62,295
T"
Gross from
Total
$3,644,009
63,708
Net ry. oper. income...
From Jan. 1—
Gross from railway
1930 in
of earned
excess
$3,363,025
53,837
Directors have declared a dividend of $1 per share on the
capital stock
payable June 10 to holders of record May 10.
Similar payment was made
on Dec.
11, last, and dividends of 75 cents were paid on June 26, 1939,
and on Dec. 12 and June
27, 1938 —V. 150, p. 2728.
8,000
9,000
9,000
Res. for
deplet'n &
deprec'n
1,322,736
per
$972,007
13,774
Hudson Bay Mining & Smelting Co., Ltd.—Dividend—•
'
Liabilities—
Inv. in & advs. to
Petroleum
$14,345
$40,131
$7,770,443
4,126,434
.
Net profit
—V. 150, p.
1937
1938
$21,169
$7,332,016
3,968,991
$1,103,457
101,264
70,594
391,532
61,563
Total income
$2,139,357
1,167,350
$1,090,082
13,375
Interest.
Amort. & Fed. inc. tax.
Deprec. and depletion..
Abandoned prop., &c_„
Earnings
Earnings for 3 Months Ended March 31
3 Mos. End. Mar. 31—
Net inc. after all charges
1940—12 Mos.—1939
$1,991,431
901,349
taxes
.
r
_
and ord.
Operating income
; $0.03
Earned per sh.on 900,000
shs. cap. stk.
Expenses
1940—3 Mos—1939
Other income
1936
1937
1938
-Earnings—
[Including Houston Pipe Line Co.]
Period End. Mar. 31—
Gross earnings
'v.;
Holly Development Co.— Earnings—
Calendar Years—
Net profit after charges
2883
Houston Oil Co.'of Texas-
a
Co.—Capital Reduced—
special meeting held April 24 approved the proposal of
directors to reduce capital stock to $2,250,000, from $3,000,000, by
lowering
the par value of shares to $7.50, from $10 each.
It is proposed to make a
capital distribution of $2.50
a
share to stockholders.—V. 150,
p.
2101.
pub¬
Indianapolis Power & Light Co.—Bonds and Preferred
Registered—7
v
-'.7 -t-yv-;'-
Sheet
Company on April 30 filed with the Securities and Exchange Commission,
registration statement (No. 2-4396, Form A-2) under the Securities Act of
1933 covering $32,000,000 of first mortgage 3H% bonds, series due 1970
and 140,591 shares of 5H % cumulative preferred stock, $100 par value.
The company will offer for a limited time to holders of its old preferred
stock, the right to exchange their shares for the new preferred on a share for
share basis plus cash equal to the difference between the redemption price of
the old preferred and the public offering price of the new preferred. Shares
not taken under the exchange offer are to be sold to underwriters.
The net proceeds from the sale of the securities, together with treasury
funds of the company to the extent necessary, will be applied as follows;
$33,600,000 to redemption on or before Aug. 1, 1940 at 105% of $32,000,000 of first mortgage 3%% bonds, series due 1968;
$15,190,010 to redemption of 115,777 shares of 63^% preferred stock
and 22,314 shares of 6% preferred stock which are to be called for redemp¬
was
lished in V. 150, p. 2728.
•
Household
Finance
Corp .—Consolidated Balance
March 31—
a
1940
Assets
:
,
1939
{
'■
«SS>
1
Cash & gov'tsecur. 7,692,215
Instal. notes rec.67,573,808
53,474,283
a
Loans to employees
;
ployees,
V
and
pursuant to for
mer
1940
1940
_
stock owner¬
52
86,914
47
50,634
to
pur¬
thrift
plan
Fed.
b Office
&
1939
11,715,000
officers
others
suant
ship plan...
Other receiv., Ac.
'
Liabilities—
;
$
Notes pay., banks25,105,360
Notes payable—em\ -
7,475,900
....
Dom.
447,700
1
267,110
inc.
& cap. stock tax
equip, and
improvements..
597,746
1,660,349
Dividends payable
liabilities.
496,559
1,595,623
962,306
962,264
185,168
61,994
265,216
c562,049
shares of 6% preferred stock which were sold by the company on April 8,
1940 at private sale to Lehman Bros,, Goldman, Sachs & Co. and The First
31,668
Corp.
on the oonds and preferred stock to be redeemed
paid out of the company's treasury funds.
Lehman Bros
Goldman Sachs & Co. and The First Boston Corp., New
York, will be the principal underwriters.
The prospectus states that to
facilitate the offering it is intended to stabilize the prices of the securities.
This is not an assurance, it states, that the prices will be stabilized or that
the stabilizing, if commenced, will not be discontinued at any time.
The new preferred stock is redeemable at the option of the company
after at least 30 days' notice at $112 a share, together with accrued divs.
The redemption provisions of the bonds, the price at which the securities are
to be offered to the public and the underwriting discounts or commissions are
to be furnished by amendment to the registration statement.—V. 150,
p. 2426.
"■ 77.
7,
;■/
Miscel.
Reserve
for
Can.
tion
exchange fluctua¬
tions & conting.
Min. int. in sub.
company.
Pref. stock
31,165
($100
18,000,000 18,000,000
d Cora,
stock.....18,432,650 18,431,600
Capital surplus...
697,334
694,952
Earned surplus...10,241,083
9,197,303
75,963,605 61,584,290
Total
.75,963,605 61,584,290
i'
a After reserves for losses of $5,108,828 in 1940 and $4,503,963 in
1939.
b After reserves for depreciation and amortization of $420,478 in 1940 and
$436,159 in 1939.
c Includes $62,049 unrealized appreciation of exchange,
d Represented by 737,389 less 83 (125 in 1939) shares in
treasury.
The income
statement
for the 3
and
or
oefore
July 1, 1940 at $110 a share;
on or
t
before July 1, 1940 at $104 a share 2,500
Boston
Interest and dividends
par)
Total.....
on
$260,000 to repurchase
12 months ended March
31
was
published in V. 150, p. 2728.
will be
,
.
Houston
Lighting & Power Co.—Earnings—
Period End. Mar. 31—
1940—Month—1939
1940—12 Mos.—1939
Direct taxes
Prop, retire, res. approp.
$942,141
411,950
_—
$981,800
381,682
135.035
Operating revenues.
Operating expenses
121,932
V
102,332
Indianapolis Water Works Securities Co.—New Name
85,320
$12,350,696 $11,694,817
5,581,729
1,594,592
1.338,261
—Bonds Called—
See
4.503,923
1,555 923
1.506,383
$353,207
936
1,335
$333,419
80,208
13,549
$354,542
80,208
Interest on mtge. bonds.
Other int. & deductions.
Net income
Divs.
$239,662
13,078
$261,256
applic. to pref. stocks for the period..
Balance
—V.
-
.
...
150, p. 2728.
----
.
V/A
•
•r;-;
with Court—•
-
:
v:
Interborough 5% bond committee, the Interborough 7% note
and the Manhattan consolidated 4% bond committee (the
contracting committees
named
in the Interborough-Manhattan
$3,836,114
25,531
$4,128,588
19,342
$3,861,645
962,500
.173,876
$4,147,930
962,500
157,106
plan) filed on May 14 as required by the plan, petitions with the
Federal Court listing the expenses and liabilities incurred by these com¬
mittees and asking the Court's approval of such expenses and liabilities.
The Chairman and members or the three committees have waived com¬
$2,725,269
315,078
$3,028,324
315,078
$2,410,191
$2,713,246
pensation for such services except that compensation for the Chairman
of the 7% note committee is included in the expenses of that committee.
The expenses and liabilities of the committees, each of which now repre¬
sents over 94% of its class of securities, cover a period of nearly eight
years and Include compensation and expenses of counsel, depositaries.
The
committee,
three
Gross income
'■'""
••
Interborough Rapid Transit Co.—Committees File Ex¬
penses
$332,483
Net oper. revenues
Other income
.
Indianapolis Water Works Investment Co. above.—V. 150, p. 691.
unification
,
The Commercial & Financial
2884
securities and cash under the
of deposit.
The committee
,
^
representing the Interborough 5% bonds, of which
$97,195,000 are outstanding, asks for the approval of expenses and liabil¬
ities amounting to approximately $947,000.
The committee representing
the Interborough 7% notes, of which $31,672,000 original principal amount
is outstanding (on which $28,716,450.63 remains unpaid for principal and
final coupon), asks for approval of expenses and liabilities amounting to
approximately $433,000.
The committee representing the Manhattan
consolidated 4% bonds, of which $40,670,000 are outstanding, asks for
the approval or expenses and liabilities amounting to $563,000 in addition
to expenses and liabilities of $345,000 heretofore judicially reviewed.
The total expenses and liabilities of the committees, if approved by the
Court, will result in a charge slightly less than 1% on the outstanding
Interborough 5% bonds, about 1.36% on the original principal amount of
the Interborough 7% notes, and about 2.09% on the outstanding Man¬
hattan consolidated 4% bonds.
There will be a further charge on the
Interborough 7% notes and Manhattan consolidated 4% bonds of such
compensation and expenses as may be approved by the Court for the
minority committees for these issues.
of each of the three committees on the above basis
than the cash interest allowance from July 1, 1939,
to the date of consummation, so that the holders of the securities repre¬
sented by these committees will receive, after payment of all expenses, at
least the amount of New York City 3% corporate stock or cash called for
by the plan, viz. $825 for each $1,000 Interborough 5% bond and Man¬
hattan consolidated mortgage bond (plus, in the latter case, $50 per bond
representing interest up to Jan. 1, 1939), and for each Interborough 7%
note $793.34, representing 87 H% of the amount remaining due.
It is expected that the corporate stock and cash called for by the plan
will be ready for delivery to assenting security holders within two months
in view of the announcement made by Mayor La Guardia that the city
The total expenses
amount to less
will
Slans 1, and thus carry to a successful conclusion the Mayor's program for
uly to take title to the Interborough-Manhattan properties not later than
unification of the rapid
Case
transit facilities of the city.
Deferred by Supreme Court—
Consideration
of the intricate financial
Works
Water
and legal affairs of the Inter¬
Co.—Bonds
Investment
the Indianapolis Water Works Securi¬
the secured 5% bonds of the securities
company due Jan. 1, 1958, are called for redemption as of July 1, 1940, at
102 H.
At the close of 1939 the face amount of bonds outstanding was
$3,537,500.
At the office of the company it was stated that no refinancing
was contemplated at present.
The company is a holding company owning
all of the common stock, except directors' shares, of the Indianapolis Water
This company formerly known as
ties Co. has given notice that all of
Company.
From Jan. 1—
1939
1938
1937
$3,548,750
3,440,852
$2,965,422
2,590,342
$6,862,072
5,875,802
4,478
2,433
—-
$4,370,624
& exps
3,981,359
—
11,692
3,720
doubtful accts.
5,088
receivable
Rents
Prov. for Federal
capital
stock tax
5,175
--
$384,177
39,997
Total
Interest on funded debt-
$372,647
143,964
$9u5,683
178,637
$130,534
91,697
$516,611
92,600
$1,144,320
116,735
371,180
—-
$103,420
27,114
$424,174
86,316
Profit-Other income
314,515
317,919
10,811
3,416
506,910
Amort, of bond discount
and expense
Int.
on promissory noteDepreciation
Exp. in connect with iron
paving tile
Charges or credits in re¬
spect of cash adv's &
invest, in Dalton Ore
—
'
12,581
—
Co.—Prov. for amort.
such advs
rec. on
normal
70,125
75,000
75,000
of investment
Estimated
t
r
v
Fed-
79,500
Cr20,900
j
eral income tax
$350,678
63,065
7,700
------
$108,322
Net loss.
prof$28,266prof$372,202
New President—
"
.
April 25 elected President of the company to
Mr. Armstrong was First Vice-President.
At the annual meeting, D. L. Ward, Vice-President and General Manager,
was elected a director to fill the vacancy caused by Mr. Caldwell's death.
~V. 150, p, 2580: V. 149, p. 2692.
Frank Armstrong was on
succeed the late C. D. Caldwell.
Gross from railway—
3,305,752
594,045
46,718
148,667
defl9,517
2,809,766
2,789,269
269,582
defl39,021
-
273,598
defl96,199
150, p. 2427.
—V.
International Rys. of Central America—Earnings—
Period End. Mar.
262,411
239,003
213,868
-----
—V. 1.50, p.
International
Business
Co.—Bonds Called—
first mortgage bonds series A 4% due Jan. 1, 1961 has
redemption on June 1 at 100H and accrued interest. Pay¬
ment will be made at the Bankers Trust Co., N. Y. City or at the Harris
Trust & Savings Bank, Chicago, 111.—V. 150, p. 1939.
A total of $14,000
been called for
Jersey Central
Power & Light Co.—Gets State's Approval
for Refinancing of $42,225,000
Permission for the company
of Bonds—
to refinance $42,225,000 of bonds
securities at lower interest rates was granted
State Board of Public Utility Commissioners.
the board's approval is based on approval by
C
by selling
April 26 by the New Jersey
Action by the company on
the Securities and Exchange
OfI^^company
would issue $38,000,000 of bonds due in 1965 at 3M%
and $5,300,000 in 10-year serial notes at ,3H%.
It is pro¬
bonds oe sold to an underwriting group headed by The First
and that the notes be sold to the Central Hanover Bank &
Boston
Corp.
Trust Co.—V.
150, p. 2729.
Jewel Tea Co., Inc.—Sales—
Company reports that its sales for the four weeks ended April 20, 1940,
were $2,130,935 as compared with $1,860,892 for parallel weeks in 1939, an
ln
Sales6for
the first 16 weeks of 1940 were $8,325,914 as compared with
$7,498,411 for a like period in 1939, an increase of 11.04%.—V. 150, p. 2428.
Johansen Brothers Shoe Co.—Initial Dividend—
declared an initial dividend of 5 cents per share on the
common stock, payable May 10 to holders of record April 25.—V. 135,
Directors have
p.3700.
Joliet & Chicago
RR.—Unstamped Stock Delisted—
capital stock (unstamped) has been stricken from listing and registra¬
This security was suspended from dealings on the New York Stock
Exchange Feb. 28, .1940.
Stamped stock is now listed.—V. 150, p. 2729.
3%
200,000.
R.
Ogsbury,
a
Vice-President of the company, was elected a
he has been connected with the com¬
Co.—Bonds Authorized—
Joplin Union Depot
Commission on April 25 authorized the com¬
$650,000 first mortgage 3% serial bonds, to be
The Interstate Commerce
pany to issue not exceeding
sold at 102.689 and accrued
interest and the proceeds applied to the extent
required, to the payment of maturing bonds.
Authority was granted to the Atchison Topeka
Kansas-Texas RR., and Kansas City Southern
and
liability in respect of the payment of the
& Santa Fe Ry., MissouriRy. to assume obligation
principal of such bonds and
thereon.
To refund its outstanding bonds at
the interest
maturity on May 1, 1940, the com¬
of first mortgage 3% serial bonds, to be
and deed of trust to be dated May 1, 1940,
to the Fidelity-Philadelphia Trust Co. and Edward F. Swinney as trustees,
upon the franchises and all the properties of the company, including all
rights and benefits with respect to the payments of interest and principal
pany proposes to issue $650,000
secured by a new first mortgage
acquired by the company under the operating agreement of
1910, and a proposed supplemental operating agreement to be
May 1, 1940, between the company, tne proprietary companies
and the Fidelity-Philadelphia Trust Co., as trustee, whereby each of the
proprietary companies will agree to pay its equal proportion of the sums
required for principal and interest payable on the bonds, and taxes of the
depot company, and the payments due for those purposes from any of
the companies in default, and to be bound by the other covenants and
conditions of the agreement of May 2, 1910.
The proposed bonds will be dated May 1, 1940, will be in coupon form,
registerable as to principal, in the denom. of $1,000, and will bear interest
at rate of 3% per annum, payable semi-annually on May 1 and Nov. 1.
The bonds are to be issued in 15 serial maturities, the first 14 of which will
mature in the aggregate amount of $25,000 a year from May 1, 1941, to
May 1, 1954, and the 15th in the amount of $300,000, on May 1, 1955.
Negotiations for the sale of the bonds were conducted with 15 banks,
insurance companies, and security houses.
No formal invitation for bids
was issued, but it was announced to those interested that
bids would be
received. As a result thereof six bids were received. The bonds have been
sold to Salomon Brothers & Hutzler, Chicago, the highest bidder, at
102.689% of par and accrued interest, representing an average annual c I
to the depot company of approximately 2.755%.—V. 150, p. 2258.
of the bonds,
May
2,
dated
Kansas
City Power & Light Co.—Earnings—
Period End. Mar. 31—
sinking fund debentures due 1946.
This increases the
retired to $1,800,000 and reduces the outstanding amount to $8,*
10-year
1940—Month—1939
1940—12 Mos.—1939
$1,428,763
$1,364,214 $17,008,471 $16,528,694
earns
(all sources)
Operating
expenses---
706,171
686,565
8,385,452
8,219,960
Net earnings.
Interest charges.
Amort, of disc, and prem
$722,592
119,993
8,540
178,390
$677,648
117,614
8,540
175,331
$8,623,019
1,443,507
102,479
2,126,049
$8,308,734
1,388,384
102,479
2,253.987
831
20,063
64,983
893,580
18,986
63,961
831,237
$298,008
$3,972,358
$3,649,699
$0.53
$7.11
$6.49
Gross
a
Depreciation
director to fill an existing vacancy;
Amort, of lim. term in vs.
pany since 1910.
Other directors were re-elected.
The average wage paid by the company to its
Misc. inc. deductions...
1,560
4,605
5,839
Fed. and State inc. taxes
83,392
71,485
and women hourly
wage employees during 1939 was $1,850.68, excluding payments to foremen
and salaried employees, Mr. Watson said in discussing employee relations.
During the year the company also increased from $5,000 to $7,500 the
amount of group insurance provided without charge for employees of 5 to
10 years service.
It also made contrubutions to the benefit funds for
factory workers who are absent because of illness, permitting benefits to
men
be increased.—V. 150, p. 2729.
International Paper
Bankers Trust Co. as trustee for the first and
refunding 5% sinking fund
Krices 13, 1940 at the corporate trust department of the bank's New up to
lay not to exceed 102 Yi and accrued interest. Offers will be received York
office.—V. 150, p. 1769.
International Ry. Co.
(Buffalo)—Earnings—
Revenues
Maintenance
Power operation
Conducting transportation
General expenses, including accidents
Taxes
1940
$1,538,596
267,894
1939
$1,441,449
255,223
80,189
511,168
242,049
467,631
86,234
214,250
Interest
Rentals, &c
186,638
183,554
$250,658
$234,558
145,555
Net income from operations
145,125
14,127
9,117
Depreciation of miscell. physical property
Depreciation of operating property
Deficit
13,946
13,928
30,873
235,175
28,739
239,190
$184,008
Amortization of discount
$206,551
Interest accrued on IRC refunding and improvement bonds at
of 3% per
annum.—V. 150, p. 2580.
—V.
150,
p.
$0.58
i
—
_______
2581.
Kansas
Gas
&
Electric
Co.—Declaration
the rate
Effective—
Sale
of $16,000,000 Bonds to Insurance Companies
Approved—Th& Securities and Exchange Commission on
April 26 issued an order permitting to become effective a
declaration filed pursuant to Section 7 of the Public Utility
Holding Company Act of 1935 regarding the issue and sale
to 10 insurance companies of $16,000,000 1st mtge. bonds,
3^8% series due 1970.
companies and the amounts to be taken by each are as
Metropolitan Life Insurance Co., $4,000,000; The Equitable Life
States, $4,000,000; John Hancock Mutual
The Mutual Life Insurance Co. of N. Y.,
$1,500,000; Massachusetts Mutual Life Insurance Co., $1,000,000; New
York Life Insurance Co., $1,000,000; The Penn Mutual Life Inurance Co.,
$1,000,000; Aetna Life Insurance Co., $500,000; New England Mutual Life
Insurance Co., $500,000; Provident Mutual Life Insurance Co. of Phila¬
delphia, $500,000.
The findings and opinion of the Commission state in part:
Company filed a declaration regarding the issue and sale at 105 of $16,000,000 first mortgage bonds, 3%% series due 1970.
The declaration states
that the proceeds of the said bonds will be used principally to redeem and
retire, at 101 %% $16,000,000 outstanding first mortgage bonds, 4H%
series due 1980.
Called for payment May 25 at 101M and interest.]
The gross proceeds of the $16,000,000 bonds (including accrued interest
to April 15, 1940, an assumed date of closing) will amount to $16,822,500
from which will be deducted fees and expenses of $175,000 (estimated),
The insurance
[Rail and Bus Operations]
3 Months Ended March 31—
v
Net profit and loss$326,112
Earns, per share common
after income tax..
Private
Co.—Tenders—
mortgage bonds, series A and B, is inviting offers for the sale to it of sufficient
of these bonds to exhaust the sum of $100,604 now in the sinking fund at
a
842,734
782,558
514,264
2729.
Iowa Electric
Retire
Corp.—To
Machines
stockholders' meeting held on April 30 Thomas J. Watson,
President of the company, announced that the company has arranged to
retire on June 15, 1940, in advance of maturity, an additional $800,000 of
At the annual
a
$1,750,144
$1,762,134
765,276
697,017
445,563
324,751
302.612
155,320
fixed ch'ges
Inc. avail, for
Net income
1940—3 Mos.—1939
1940—Month—1939
$591,812
$652,434
31—
Railway oper. revenuesNet rev. from ry. opers.
Debentures—New Director—
Charles
3.075,387
409,390
defl00.655
103,727
,
Net from railway
Net ry. oper. income-
comm's,
discounts, &c
Cost of goods sold
amount
$1,215,141
283.220
'
79,067
def40,841
income- I..
Net ry. oper.
1938
$1,067,590
159,708
defl 1.885
tion.
(& Subs.)—Earnings—
1940
3 Mos. End. Mar. 31—
Gross sales, less
its
$970,603
_
The
Interlake Iron Corp.
Int.
railway.
Net from railway
Gross from
1937
1939
$1,005,081
1940
March—
posed that the
Called—
Prov. for
1940
annual interest
borough Rapid Transit Co. and the Manhattan Iiy. was postponed April 29
by the Supreme Court until the October Term.
By that time, it is assumed
the issue will be moot, as N. Y. City will have taken control of the rpoperties
under its transport-unification program.—V. 150, p. 2729.
Indianapolis
May 4,
International Great Northern RR.- —Earnings—
and estimated expenses of delivering the new
pian in exchange for outstanding certificates
engineers, and accountants,
Chronicle
follows:
Assurance Society of the United
Life Insurance Co., $2,000,000;
leaving net proceeds from sale $16,647,000
(estimated).
Volume
The Commercial & Financial Chronicle
ISO
The net proceeds of the sale will be used as follows:
To redeem $16,000,000 outstanding bonds at 101
$16,280,000
To payment of accrued interest to assumed date of redemption.
330,000
For general corporate purposes
37,500
Total.—
The
.—
bonds
—
1, 1969, and at principal amount thereafter.
generally lower premiums if redeemed out of
deposits with the trustee made pursuant to the improvement fund provision,
or out of proceeds from the sale of
property pursuant to the exercise of
eminent domain or by order of any governmental body or agency having
the right to order such a sale, or if the
property is sold to a governmental
body; provided, among other things, that the proceeds from such sales
aggregate not less than $5,000,000 during any 12 months' period.
^
Bonds
redeemable
are
at
Capitalization and Surplus After Financing
^
Amount
1st mortgage bonds, ZV%% series, due 1970
6% gold debenture bonds, series A, due 2022
7% preferred stock ($100 par)
$6 preferred stock (no par)-'
Common (600,000 shares, no par)
Capital surplus
Earned surplus
13,743 shares (no
a
value).—V. 150,
par
Kansas Oklahoma & Gulf
March—
railway
Net from railway
Net ry. oper. income
3,000,000
6,261,800
a 1,397,356
6,000,000
148,048
1,759,233
i
<
%
46.29
8.68
18.11
4.04
17.36
0.43
5.09
2730.
1939
1937
1938
$220,106
94,879
58,631
$212,729
106,340
65,767
$196,169
94,660
53,390
586,073
335,825
644,007
342,340
228,432
591,073
302,570
195,657
536,352
263,776
160,109
From Jan. 1—
Gross from railway..
Net from railway
Net
ry.
-—V.
income
2730.
oper.
150, p.
228,216
.
Kansas Power &
Central
Light Co.—Co-registrar—
Hanover Bank &
Trust Co.
has been appointed co-registrar of
139,169 shares 4J^% series preferred stock par value $100 per share of this
salaries,
other
salaries & film service.
4,334,959
4,733.639
4,683,796
3,434,786
3,538,616
3,760,166
3,685,916
516,288
552,907
585,574
573,284
Operating income.... $1,131,113
$951,494
$1,250,081
$1,443,252
315,027
7,841
327,703
4,979
246,647
5,092
7,716
6,213
16,541
22,452
12",415
11",963
6,396
16,178
$1,412,610
$1,294,493
$1,600,940
383,744
415.127
$1,734,108
448,646
"~3~, 018
"¥,857
23", 401
36,048
13,035
106,635
6,420
783
7,500
14,978
152,200
31,125
cap. assets &
amort. of leaseholds..
Divs. received
'
.
1939 7
1938
prioryears.,
investments &
on
capital assets
Sundry other income
$1,913,103
Interest and discount
>
Settlement of lease oblig.
on
1937
1936
$1,777,074
357,260
$1,841,128
580,019
$2,134,334
609,600
$2,285,129
614,196
capital assets—__
Dividends paid
Transfer of cap. def. of
c48,430
c3,257
34,217
400,000
_
Settlement of 1 ease oblig
Settlement with officer
_
agree't
Sundry deductions
56,104
6,242
24,186
21,905
.
17,000
34,664
Net profit.-paid out of
capital surplus.......
Earns, per share on com.
986
al94,713
13,187
<1191,566
30,192
29,620
a298,130
$996,996
$1,300,888
562,660
$0.43
562,660
$0.45
675,192
$0.70
$1,237,141
787,724
$0.65
Including $11,875 ($63,600 in 1936) provision for surtax on undis¬
tributed profits,
b Unrealized profit of affiliated companies has not been
taken up.
c Loss on capital assets only,
d Less taxes on bond discount
a
charged to surplus account.
yy;y; y^V^yy
■
Consolidated Earnings for 13
Mar. 30'40
for
deprec. & inc. taxes__
Depreciation
Prov. for income taxes..
weeks
ended
March
Apr. 2'38
30,
Apr. 3 '37
$599,258
196,876
65,788
$327,186
$312,452
52
$336,595
1940,
$803,259
196,378
94,078
share on 64,304 shares of 7% cum.
$512,803
and
subsidiary
pref. stock.
conv.
1939
equipment,
—
&
;v
y
1;J
1
3,203,502i, 2,832,778
accounts
receivable
Accrued interest
Investm't
in
76,215
i
72,040
2,404,639
197,630
2,446,831
250,851
399,696
249,913
*
823
.
__
affil.
and other cos.—
Other assets
Deferred charges..
1939
,
1938
$
...
.
$
Liabilities—
&c.21,066,104 20,761,050
—
Cash
Notes
$
buildings,
Leaseholds & goodwill
1938
5
Assets—
7% pf. stk. K-A-O 6,430,400
c Common
stock..
12,064
Funded debt..—. 9,687,326
Acc'ts pay .affil.cos
52,223
Notes & acc'ts pay
Accrued taxes, int.
bonds
424,134
581,479
168,690
136,890
86,555
and
mtge. instal. due
within one year.
Rent & other dep.
Deferred
26,624
358,570
637,161
and expenses
Serial
6,430,400
12,064
9,462,892
86,274
accounts
and notes pay..
a.3,643
10,573
Deferred income..
Reserve
30,551
658,195
15,643
667,176
8,759,855
—
Surplus
Total—
a
$2.60
Adjustment of
$2.64
s
_
reserves
for investments in affiliated companies.
Earnings for 13 Weeks Ended
,
Mar. 30,'40
Profit
before
deprec. & income taxes
Depreciation
—
52
the
_
$376,208
140,777
38,785
67,775
$218,365
x$196,646
x$383,863
$597,663
146,025
undistributed earnings.
ended March 30. 1940,
on
weeks
corporation and subsidiary
charges including a settle¬
obligation in the amount of $400,000.
companies show
ment of lease
Apr. 3, '37
$408,358
131,423
58,570
$209,455
_
Before surtax
Apr. 2,'38
$375,281
119,776
46,050
Net prof.after all chgs.
For
Apr. 1, '39
for
prov.
a
net profit of $566,362 after all
1939
—27,347.788 26,614,286
1938
Assets—
$
-yyy
Cash.———,—..— 1,356,430
Notes <fc accts.
a
57,274
4.99
Leaseholds
2,974,363
—
;■
$:
[
2,478
Accounts payable.
Accts. pay. to affil.
83,181
80,798
5,926
21,442
318,762
24,983
358,982
5,139
companies
3,692,012
Rent & other dep.
Deferred Income..
127,431
Accrued taxes, int.
3,190,350
and expenses.
and
goodwill
1938
,
S
Notes payable
6,507,701
y
Bldgs. &eqpt.— 3,439,708
Leasehold impts.
& equipment.
a
Liabilities—
6,507J0i
rec.
Accrued interest..
Land owned..
1939
.
$
1,415 929
56,743
—
25,476
'
Reserves.........
74,381
79.694
other companies 2,110,089
Other invests., de¬
2,178,109
133,050
124,452
276,697
562,328
b Capital stock...
Capital surplus
8,000,000
1,146,041
5,454
5,887,000
560,959
8,000,000
1,146,041
Operating surplus. 1,352,855
1,216,382
184,493
—
Invest, in affil. and
posits, &c
16,929,693 17,429,9661
Total
a
Total
5,428,000
16,929,693 17,429,966
b Represented by 400,000 no par shares,
After amortization,
reserve
Funded debt.....
c
After
for depreciation.—V. 149, p. 3117.
9,222,689
Total....
S. T. Brown, since 1912 Treasurer of this company,
nounced his retirement due to illness.—V. 149. p. 3560.
La France Industries—Plan
on
April 30
an¬
•Confirmed—.
Federal Judge William H. Kirkpatrick at Philadelphia, May 1 con¬
firmed the reorganization plan of the company and its subsidiary, the
Consolidated Balance Sheet Dec. 31
b Land,
$648,312
$1.88
400,000
on
shs. cap. stk. (no par)
Koppers Co.—Official Retires—
corporation
companies show a net profit of $961,893 after all charges including settlement
of lease obligation in the amount of $400,000.
This is equal to $14.96
per
$811,861
18,327
Balance at Dec. 31
Deferred charges—
$605,930
185,593
93,150
172,421
75,660
Net prof. after all chgs
v^yyy
Vr
Weeks
Apr. 1' 39
$560,533
—
the
$1,216,382
$1,448,312
800,000
900,000
a
account
c
$976,627
...
Dividends
For
$1,730,189
10,500
/
Consolidated Balance Sheet Dec. 31
7,857
dl87,283
Federal taxes
Weeks Ended—
Profit before prov.
$1,591,382
375,000
$1.44
_
.
$1,056,257
367,625
13,930
648,312
9,160
9,500
20,588
sub. to its oper .surplusi
x
under employ,
13
$1,802,855
450,000
.
"
b Prov. for loss of affil.
—
$1,042,628
Liquidat'g div.from affil.
Adj. of prior year's chgs.
296,254
investments and
companies
_
$752,011
811,861
14,510
13,000
$1,988,875
$2,187,872
533,458
Total income
Interest and discount
7.400
$575,272
1,216,382
7,574
1,500
*2,127
$1,352,855
bonds retired
Prov. for income taxes.
274,770
123,725
,
Profit for year
Balance at Jan. 1
Disc't
334,628
400,000
prof4,619
30,294
4,560
72,475
Prov. for income taxes._
Provision for surtax
x
$1,508,900
332,228
Other income.
on
...
Total income-
■'
Operating profit
252,079
6,966
written off in
accounts
Profit
.
--$15,259,929 $14,928,888 $15,641,950 $15,480,179
Operating expenses, &c. 12,617,288
12,638,820
13,069,520
12,753,760
Deprec. and amortiz
729,539
781.167
795,357
737,544
Loss
invest.
on
in other companies.
Interest earned
Recoveries on notes and
Earns.persh.
&c
1,006,100
$10,386,249
Deprec. of
Keith-AIbee-Orpheum Corp. (& Subs.)—Earnings—
Theateradmiss ns,rents,
1,007,393
expenses & theatre
overhead
2730.
Consolidated Income Account for Calendar Years
1,021,856
$9,377,977 $10,329,461
$9,380,149
4,533,184
Oper
the cancellation
Realty Investing
p.
1936
$9,322,067
Artists'
company. The Bank has also been appointed depositary for
of outstanding shares of common stock of the Continental
Co., Inc.—V. 150,
$9,615,372
Sundry other deductions
$204,030
114,945
81,048
1937
$8,356,122
978,241
Total income.
Loss on sale of cap. assets
Prov.for loss of affil. cos.
Ry.—Earnings—
1940
Gross from
p.
$16,000,000
1938
19391
$8,637,131
and
other income
are
thereafter prior to Oct
year
(B. F.) Keith Corp. (& Subs .)—Annual ReportCalendar Years—
Theatre admissions
Rents, concessions
.$16,647,500
redeemable in whole at any time or in part from time
on at least 30-days' notice, at the following prices:
110 before
April 1, 1941, less one-quarter each year thereafter prior to April 1, 1955,
less one-half each year thereafter prior tp April 1,1965, less one-quarter each
new
to time,
2885
27.347,788 26,614,286
Pendleton
Manufacturing
Co.
The plan cuts the $5,000,000 capital obligations of the companies almost
in half and calls for a $600,000 Reconstruction Finance Corporation loan,
which has been approved.
Colonel James Henry Hayes was designated chairman of the board to
operate the La France and Pendleton industries and Bernard Davis was
named president.—V. 150, p. 1282.14
Lee Rubber & Tire
m
.
Corp.—Estimated Earnings—
Net earnings of corporation after taxes for the six months ended April 30,
1940, are estimated to be between $1.60 and $1.70 a share on the outstand¬
ing stock, according to A. A. Garthwaite, President.
This compares with
$2.55 for the similar period of 1939 and $1.23 for the first half of 1938.
Mr. Garthwaite stated that for the corresponding period last year sales
were unseasonably
stimulated by three price advances which caused a
considerable amount of forward buying.
Indications are that net billings of the corporation for the six months
ended April 30 will be approximately 4% below the first half of the 1939
fiscal year and about 23% above the first half of the 1938 fiscal year.—V.
150, p. 131.
Deferred accounts payable only,
tion.
c
b After depreciation and amortiza¬
Represented by 1,206,381 shares of the par value of one cent each.
—v. 150, p. 2582.
y—V;y yy;y'y
y\-
y,':T"/''•:
Kresge Department Stores, Inc. (& Subs.)—EarningsYears Ended Jan. Zl—
1940
Profit
$60,572
30,306
$90,878
22,022
$80,418
$68,856
35,015
'
1940
1939
Gross from railway
Net from railway
Net ry. oper. income
$131,749
45,389
18,512
393,412
127,758
51,457
Net ry. oper. income—_
From Jan. 1—
$133,232
46,148
20,377
,133,416
55,007
—v. 150, p. 2103. ...y
—
Provision for Federal income tax....
Profit for year
ended Jan. 31
2370.
—
Kroger Grocery & Baking Co.—Sales—
r
$145,463
49,719
20,489
341,518
76,754
297
392,794
122,273
45,656
V\.V
:
.
Payment of 25% of the interest due May 1, 1940, will be made on pre¬
for stamping of coupons from (a) 5% gen. consol. mtge. gold
bonds, due 2003, "plain" and "assented"; (b) 4H% Ren- consol. mtge.
gold bonds due 2003, "plain" and "assented,
and (c) 4% gen. consol.
mtge. gold bonds due 2003 "plain" and "assented."
Interest is payable
at office of the company, New York.
sentation
Earnings for March and Year to Date
Officers of the company on April 30 announced a 4% increase in sales
during the fourth four-week period of 1940 over company sales for the same
period last year.
Sales for the period, ended April 20, were $19,621,751, compared with
sales of $18,795,664 for the corresponding four weeks last year.
Cumulative sales for the first four periods were $76,899,186 while sales
for the same four periods in 1939 were $72,415,867, an increase of 6%.
Average number of stores in operation during the period was 3,901, com¬
Gross from railway.....
Net from railway..
pared with an average of 3,920 stores for the fourth period a year ago.—V.
150, P.2582.
Net ry. oper. income
—V. 150, p. 2430.
1937
,1938
$129,555
42,029
15,341
390,750
Lehigh Valley RR. —Interest—
Profit
—V. 149, p.
$4,786,767
4,691,180
$104,462
24,044
—
Interest and miscellaneous income
■___
1939
$4,933,167
4,827,018
34,422
$71,727
32,735
Net sales...
—
Cost of sales and operating expense-......
Provision for depreciation
Lehigh & Hudson River Ry.—Earnings—
March—
Gross from railway.
Net from railway
1940
"NTfl*ATYl
1*51
Net ry. oper. income
From Jan. 1—
.
1938
1937
$3,637,109
$3,295,990
961,218
iluSTSlV
1939
$3,777,770
March—
Gross from railway
940,794
616,638
394,948
499,577
111,560
$4,642,805
1,437,873
944,244
11,729,495
3,138,975
1,393,107
10,903,332
3,028,126
1,593,083
9,992,486
1,915,908
398,501
12,639,204
3,275,025
1,729,508
The Commercial & Financial
2886
Company will redeem on May 1, 1940, at 100 and interest all of Its out¬
standing 10-year 6% sinking fund gold debentures, which will be paid on
presentation at the Central Hanover Bank & Trust Co.—V. 150, p. 2582.
1940
1939
$1,504,633
$1,750,315
18,641
188,000
30,161
247,795
403,942
13,383
188,000
18,502
277,983
31—
Operating revenues
Operating expenses
—
Maintenance-—.i.
Provision for retirements..
Federal income taxes—
- — —
—
Other taxes
----—
•
$848,506
14,139
$491,873
Operating income
Other income-------
34
—---—-
$491,907
557,006
176,392
33,240
35,024
$862,645
563,173
Ioss$l,309,755
—
Other interest-----Amort, of debt
-
- _ —
—-—
—
discount and expense.—— — -
— - -
Net income.
-V. 150, p. 1283.
189,942
50,761
36,214
Link-Belt Co.—Consolidated Balance Sheet March 31—
1939
1940
Cash—
x
1940
Liabilities—
$
$
2,257,857
2,812,685
Assets—
—
Pref.
Accts. & notes re¬
ceivable,
&c_
owned
cost
3,205,835
3,760,563
4,142,514
4,605,090
_.
Inventories -----Secur.
Accts.
3,206,423 Acer.
2,397,394
------
103,350
-
State,
Prov.
local
equip, at cost-- 7,827,306
Investm. affll. co.
129,600
Int. in employees'
6,760,233
15,000
542,999
129,60p
379,286
300,899
394,199
taxes-----
200,550
Prov. for cap. stk.
22.000
stock pur. trusts
Other assets
370,296
for Fed. in¬
come
Prop., plant and
103,366
168,893
div.
& Canadian tax.
22,292
14,829
743,353
171,116
-
stock
payable
securities---—
8
1,120,224
divs,
payable
Com.
at
Acer. Int. receiv. on
y
stock
1939
%
payable—
taxes..
27,080
24,563
149,738
195,900
111,697
...
Prov. for social se¬
curity taxes.—_
Reserves——.—
134,668
6
XA%
z
3,180,000
3,277,800
Com. stock..... 10,690,745 10,584,739
Earned surplus. 6,056,472
5,346,070
a
cum. pf. Stk.
(par 8100)-..-
b Stock reacq.
held
....21,933,188 20,358,907
Total.
y
as
and
treas.stk. Dr525,932 Dr642.692
Total.---.-—21,933,188 20,358,907
x After reserve for receivables of $361,622 in 1940 and $346,955 in 1939After reserve for depreciation of $8,250,188 in 1940 and $8,112,996 in
1939.
z
Represented by 718,066 (709,177 in 1939) no par shares,
a
Of
$525,932 is restricted In 1940 and $642,692 was restricted in 1939,
through acquisition of treasury stock,
b 33,604 shares of common stock
in 1939 and: 1940 and 973 shares of preferred in 1939, at cost.
The income statement for the 3 and 12 months ended March 31 was
which
published in V. 150, p. 2731.
Ltd.—Sells American Interests—
Loblaw Groceterias,
Dated April
Chemical
*
w
It is
reported that company has completed the liquidation of its minority
holdings in Loblaw Groceterias, Inc., and now has no further interest in
company.
It is understood that the 37,944 new common
Groceterias Co., Ltd., were sold at pric|es which will
the company about $11 a share.—V. 150, p. 2731.
income
2731.
oper.
ry.
1938
$6,032,464
977,287
380,430
$8,987,980
2,938,665
21,205,244
5,184,047
3,321,791
18,389,574
2,943,688
1,180,665
22,143,683
5,488,627
3,867,620
1939
1, 1940; to mature April 1, 1955.
Interest payable A-O.
Trust Co., trustee.
Redeemable for sinking fund at
Bank &
of the principal amount as follows: 4% if red. prior to Apr. 1,
1942; 334% if red. on or after Apr. 1, 1942 and prior to Apr- 1. 1943; 3%
on or after Apr. 1,1943 and prior to Apr. 1, 1944; 2% % if red. on or
in percentages
if red.
1944 and prior to Apr. 1, 1946; 234 % if red. on or after Apr. 1,
1946 and prior to Aprl 1, 1948; 2% if red. on or after Apr. 1, 1948 and prior
Apr. 1, 1950; 134% if red. on or after Apr. 1, 1950 and prior to Apr. 1,
1952; 1% if red. on or after Apr. 1, 1952 and prior to Apr. 1, 1953; 34%
if red. on or after Apr. 1, 1953 and prior to Apr. 1, 1954, and on and after
after Apr. 1,
to
1954 until maturity without premium.
Listing—Corporation has agreed to make application in due course for
York Stock Exchange and for their
registration under the Securities Exchange Act of 1934.
Purpose—Net proceeds from the sale of the debentures, together with
requisite funds from the treasury of the corporation, will be used to redeem
the presently outstanding $2,922,500 15-year 5% sinking fund debentures,
due May 1, 1951, at 104% of the principal amount thereof and accrued
interest from May 1, 1940 to the date of redemption.
Corporation—Organized in Delaware on May 20, 1915, for the purpose of
acquiring the assets and property of J. G. McCrory Co., a Delaware cor¬
poration organized in 1882, and engaged in a variety chain store business,
and for the purpose of establishing and conducting a 5 cents to $1 store
business and a general department store business.
Sales are made at retail
and exclusively for csah.
The number of stores in operation at the end
of 1915 was 117, which was increased to 243 by the end of 1932 and at
March 31, 1940 was 202.
The gross sales of the corporation amounted to
approximately $5,613,987 in 1915 and to approximately $43,193,608
(inclusive of luncheonettes and concessions) in 1939.
Apr. 1,
the listing of the debentures on the New
Net Sales and Net Income, Years Ended
the American
Longhorn Portland Cement Co., San Antonio, Texas
Calendar Years—
Netincome—
—
-
Available for common
Earned per common
-
1939
$577,560
545,319
share—.
Capitalization
as
1938
$491,793
433,811
$1.74
$2.18
$0.96
of Dec. 31,1939
1st mtge.
334% refunding bonds (serial)-x.—
5% partic. prer.stock (5,372.84shares)-y__
- „
.
$390,000
537,284
—
Common stock (249,580 no par shares stated value $5)
Bonds
1937
$309,656
239,803
.
_
-
1,247,900
payable $5,000 per month.
Balance March 1, 1940, was
$380,000.
Maturities to March 1, 1941, have been paid in advance.
y The 5% pref. stock is redeemable at 103 and accrued dividends.
It is
entitled to $5 per share in cumul. dividends per annum, payable quarterly
and to an additional dividend of $1 per share in any year when common
dividends are paid.
It is also entitled to a sinking fund of $1 per share of
outstanding 5% pref. stock to be set aside for retiring this stock before any
dividend is paid on the common stock in any calendar year.
Comnany was incorp. in Texas in 1929 as the Republic Portland Cement
Co.
The name was changed to the Longhorn Portland Cement Co.
Aug, 30, 1937, to identify the company more closely with the territory
served.
The plant with an annual capacity of 1,250,000 barrels per year
is thoroughly modern in every respect and reputedly a very low-cost pro¬
ducer of cement.
The products of the company are marketed under the
well-known tradename of Longhorn, Repco Quick Hard & Slow Set.
[Amos C. Sudler & Co., Denver, Colo., has issued a circular describing
the company.]
x
are
Long Island RR.—Earnings—
1940
March—
Gross from railway
Net from railway..—
1939
$1,846,461
279,426
income-- defl04,128
$1,862,650
217,625
defl56,024
1938
$1,748,643
240,565
defl04,435
$2,005,206
281,552
def45,245
5,346,052
Net from raUway
662,536
Net ry. oper. income-- def449,472
—V. 150, p. 2106.
5,326,685
635,564
def446,759
5,027,890
589,479
def371,134
5,681,580
539,651
def406,173
Net ry. oper.
From Jan. 1—
Gross from railway
1937
Gross from railway
Net from railway
Net railway operating
From Jan. 1—
Gross from railway
Net railway operating income
p.
$604,959
197,706
108,969
1,967,356
699,119
390,182
...
Net from railway
—V. 150,
1939
$657,759
232,204
128,996
...
income.
1,712,327
531,277
286,614
2430.
Louisiana Power & Light Co.-—Earnings—
WiQrrMgnth—1939
1940—12 Mos.—1939
Period End. Mar. 31—
Operating
Operating
$655,517
370,478
73,957
$574,403
306,966
69,265
$7,973,218
4,166,930
970,463
$7,199,763
3,676,673
896,874
Property retirement re¬
serve appropriations67,121
61,500
786,187
715,500
revenues
expenses
Direct taxes
Net oper. revenues...
Other income (net)
$143,961
256
$136,672
487
$2,049,638
10,878
$1,910,716
17,526
Gross income
Interest on mtge. bonds
Other int. and deduct'ns
Int. charged to constr..
$144,217
72,947
6,798
$137,159
72,960
7,407
$2,060,516
875,394
Cr4,170
$1,928,242
875,529
62,186
Cr8.881
$1,105,400
356,532
$999,408
356,532
$748,868
$642,876
.
83.892
Crl6
Netincome---;
$64,488
$56,792
Dividends applic. to pref. stock for the period
Balance-V. 150, p. 2582.
(R. H.) Macy & Co .—New President—
Directors
on
April 30 elected Percy S. Straus, Chairman of the Board, and
Percy S. Straus had been President since 1933.
Jack I. Straus, President.
—V. 150, P, 1604.
2,240,450
1,745,017
2,231,012
2,707,862
2,167,637
Funded Debt and Capitalization—If effect had been given to the issue and
sale of the debentures now offered and the redemption of all the presently
outstanding 15-year 5% sinking fund debentures, the funded debt and
capitalization of the corporation outstanding at Dec. 31, 1939 would have
been as follows:
Real estate mortgages
.
15-year 334 % sinking fund debentures
Conv. 6% cumulative pref. stock
Common stock ($1 par)
_
—
...
($100 par)
—
$714,100
3,000,000
50,000 shs.
990,253 shs.
Underwriters—The underwriters and the amounts of debentures severally
to be
purchased by them from the corporation are as follows:
Cassatt
—
Merrill Lynch, E. A. Pierce &
Kidder, Peabody & Co
Goldman, Sachs & Co
Hemphill, Noyes & Co
500,000
— -----
-—- —
Baker, Watts & Co--Fuller, Rodney & Co
150, p. 2731.
;
McGraw Electric
250,000
-
100,000
—V.
^-■■7^.:;;^^
Co.—Earnings—
12 Months Ended March 31—
Net sales, after discount, returns and allowances.-
general, admin, and sell, exp—
Net profit from operations.
Other income
...
1940
Net profit—
per
$5,872,290
$1,699,753
$1,190,150
on
4,682,140
107,255
45,929
$1,807,008
344,424
$1,236,079
238,455
$1,462,584
present 472,600 shs.)
$3.09
$997,624
$2.11
—
share (based
^.1939
$7,084,646
5,384,892
-
Net profit before prov. for income taxes.
Provision for Federal and State income taxes.—
Earnings
250,000
250,000
Hornblower & Weeks
Cost of goods sold,
$825,000
§25,000
— -
,
—V. 150, p. 2259.
Federal Judge John P. Barnes at Chicago approved a plan of
1940
.....
Net profit after all charges.--------
1937
1938
$40,068,193 $41,001,241
reorganiza¬
tion for the corporation April 27,
[Includes Louisiana Arkansas & Texas]
i
Dec. 31
1939
Net sales, incl. concession sales
$43,193,608
Net income after depreciation, avail¬
able for int. charges & income taxes
2,801,904
Majestic Radio & Television Corp.-—Plan Approved-
Louisiana & Arkansas Ry .—Earnings—
March—
2,202,249
principal amount thereof, together with accrued interest to date of redemp¬
tion, plus a premium expressed in percentages of the principal amount as
follows: 234% if red. prior to Apr. 1, 1942; 234% if red. on or after Apr. 1,
1942 and prior to Apr. 1, 1944; 2% if red. on or after Apr. 1, 1944 and prior
to Apr. 1, 1945; l%% if red. on or after Apr. 1, 1945, and prior to Apr. 1
1947; 134 % if red. on or after Apr. 1, 1947 and prior to Apr. 1, 1948, and
reducing 14% on Apr. 1, 1948 and each Apr. 1 thereafter to and incl. Apr. 1,
1953, and on and after Apr. 1, 1953 until maturity without premium.
Debentures are to be redeemable at the option of the corporation (other¬
wise than for the sinking fund) at the principal amount thereof, together
with accrued interest to the date of redemption, plus a premium expressed
shares held by Loblaw
average
1937
McCrory Stores Corp.—Debentures Offered—Public offer¬
ing of $3,000,000 15-year 3%% sinking fund debentures
was made April
30 by an underwriting group headed bv
;Merrill Lynch, E. A. Pierce & Cassatt; Kidder, Peabody &
Co., and Goldman, Sachs & Co. and including Hemphill,
Noyes & Co.; Hornblower & Weeks; Baker, Watts & Co.,
and
Fuller, Rodney & Co.
The debentures were priced
at 1021/2% and accrued interest.
$22,556
Gross income--.—
Interest on 1st mtge. bonds.-Interest on other long-term debt..
23.758,029
5,398,602
3,381,884
Net from railway.-.
Net
$7,154,192
1,650,241
1,051,749
,
Gross from railway—..
—V. 150, p.
1940
4,
.—Earnings—
1940
$7,174,528
1,353,498
income—
822,309
March—
Gross from railway
Net from railway
Net ry. oper.
From Jan. 1
Co.—Earnings—
Lexington Water Power
12 Months Ended March
May
Louisville & Nashville RR
Inc.—Debentures Called—
Lane Bryant,
Chronicle
providing for a new company of the same
$165,000 working capital.
Two-thirds of the 250 creditors and a majority of the 2,000 stockholders
must approve the plan before it becomes operative.
The company proposed the issuance of $165,000 5% 10-year debentures,
with stockholders to be given the first opportunity to purchase at 30 cents
a unit.
Three New York investment firms would underwrite whatever
name and
amount was not taken up
by the stockholders.
A bonus of one share of common stock would go
and it is provided that the 5% interest will not start
permit the company to regain its financial
Manufacturers Light & Heat
with each debenture,
until the fifth year to
foothold.—V. 150, p. 2583.
Co.—Hearing Postponed—
A public hearing before the Securities and Exchange Commission on the
applications (Files 70-7, 70-25 and 70-26) in regard to the consolidation of
the Manufacturers
Light & Heat Co., Manufacturers Gas Co., Pennsylvania
the
Fuel Supply Co. and Greensboro Gas Co. into a new company known as
Manufacturers light & Heat Co., originally scheduled for April 30»
been postponed to May 16.—V. 150, p. 2260.
has
Marion-Reserve Power Co.—Listing and Registration—
series due April 1, 1952, have been re¬
listing and registration by the New York Curb Exchange.
The 1st mortgage bonds, 434%
moved from
Bonds Called—
All of the outstanding first mortgage gold bohds, 5% series due June 1,
1957 of the Ohio Electric Power Co. have been called for redemption on
June 1 at 10434 and accrued interest. Payment will be made at the Chase
National Bank of the City of New
York.*—V. 150, p. 1285.
Offered—A block of 30,000
outstanding 6% cum. ($100 par) pref. stock,
second series, was publicly offered April 29 by an under¬
writing group headed by Glore, Forgan & Co., and including
Lee Higginson Corp. and Shields & Co. The stock was offered
Marshall Field & Co .—Stock
shares of the
Volume
at
150
price
a
The Commercial & Financial Chronicle
of $104
share
a
plus accrued dividends.
offering does
not represent new
but consists
of
financing by the
company,
factors; however, certain of the
principal subsidiary operating companies
ef these two
holding companies refunded their outstanding bonds in
1939,
thereby improving the investments of these holding companies in such
operating companies.
shares being
purchased from the personal
Marshall Field and members of uis immediate
family.
The shares being sold by Marshall
Field, personally,
represent less than half of his
estates
of
The issue has oversubscribed.
Construction—The subsidiary operating companies in the
consolidated
expended a gross amount of
approximately $8,400,000 for con¬
1939 as compared with
$11,636,000 in 1938. Property retire¬
ments
holdings of such pref. stock.
group
struction in
approximated $4,500,000 for the
year.
1939 construction
expenditures was devoted to
The
company, during the past five
years, according to the prospectus
accompanying the offering, has been engaged in a
comprehensive reorganiza¬
tion of its operations,
properties and capital structure, the result of which
has been to reduce
substantially its operating costs, fixed charges and
prefen-ed dividend requirements.
Net profit for 1939 of $4,636,558 was
the highest earned in the
last nine years and is
equivalent to $30.91 a share
pD 2431^'^^ shares
both classes of preferred stock outstanding.—V.
The
San
which
150,'
Stock Exchange has
approved the application of
listing of $4,618,000 5% first mortgage bonds due April 1,
Stock
Asphalt Corp., South
Offered Publicly—
to Be
Bend,
certain
stockholders.
It
of
stock
common
for
the
is
expected that the company will
with the Securities and Exchange
1S39-478 issued: $18»P00'000 lst mt8e* 3^s- 1967; $4,000,000
offering.
Corporation is one of the largest manufacturers of insulated
brick-design
siding used extensively in the modernization and
construction of medium
and low-priced homes.
Its products is marketed under the trade
name
"lnselbric."
Matachewan Consolidated
Mines,
3 Months Ended March 31—
Tons of ore milled
Development and operating
1940
42,385
$197,831
160,739
costs.
Net profit
171
$44,213
no allowance has been made for
taxes, de¬
deferred development.—V.
150, p. 999.
Merchants
&
Manufacturers Securities Co.—Annual
Report—
Consolidated net
earnings of company, (and subsidiaries), which owns all
common stock of Domestic
Finance Corp., for the year ended March
31, 1940 were $369,374, according to Leslie E.
Mickle, Vice-President and
Treasurer, in the annual report to stockholders. These
earnings are after
all charges
including operating expenses, provision for Federal, local and
State taxes and after deduction of
dividends paid to Domestic preference
stockholders amounting to $287,326.
The annual report of Domestic
Finance Corp. for the year ended March
31, 1940, also made public, shows net
earnings of $705,859 after all charges
of the
including provision for
Federal
income taxes as compared with net of
$618,596 for the preceding fiscal year, a
gain of nearly 15%, according to
Mr. Mickle in the report to Domestic's
stockholders.
Loans made during the year
by Domestic Finance Corp. totaled $17,872,403 as against $12,815,083 for the
preceding 12 months, a gain of over
39%. Company also acquired loan balances through purchases
aggregating
$652,825.—V. 150, p. 2261.
Merchants & Miners Transportation
3 Mas. End. Mar. 31—
Total revenues
a
Net income
Public Service Co. of Okla.—Old
securities issued, $1,000,000
4,900
Note—In the above figures
or
,
$49,113
$31,392
Provision for taxes
Co.—Earnings—
1940
1939
1938
1937
$1,803,095
$2,063,009
65,766
$1,607,251
def253,230
After deduction of
operating e penses, rents, ta
For the 12 Months Period
April 1, 1939 to March
such serial
Metropolitan Playhouses, Inc.—Tenders—
;
price and accrued
5
interest,-j-V. 148,
p. 3692.
3 Months Ended March 31—
Net loss....
Revenue fare passengers
1940
$25,731
2,444,513
Average fare per revenue passenger
150, p. 844.
Middle
President,
i
1939 ?
$20,584
2,414,140
9.37 cts.
—V.
9.29 cts
West
says
Corp.—Annual Report—Pnrcell L. Smith,
in iiart:
'
!
Corporate Income—Net income of the corporation in
1939 amounted to
or 43 cents per share on its 3,308,354 shares of
capital stock
issued or reserved for
issuance, as compared with $1,310,028, or 39 cents
per share in 1938.
$1,421,729,
Total income
of the corporation in
1939, derived principally from invest¬
ments in subsidiary and affiliated
public utility holding and operating
companies, aggregated $1,716,046, an increase of
$142,702, or 9.07%, as
compared with 1938.
Dividends received from the
corporation's invest¬
ments in common and preferred stocks
accounted for approximately
91%
of the 1939 total income.
Those companies from which the
corporation
received income of $100,000 or more in
1939, and the amounts received,
were:
American Public Service Co.,
$119,219; Central & South West
Utilities Co., $417,529; Central Illinois Public
Service Co., $109,197; The
Kansas Electric Power Co.,
$208,250; Kentucky Utilities Co., $212,752;
Middle West Utilities Co. of
Canada, Ltd., $139,889, and Oklahoma
Power & Water Co., $164,802.
Investments—During 1939, the corporation added
subsidiary and affiliated companies in the amount of
Companies and Security—
Shares
American Public Service Co. 7% pref. ($100
par)
Central Illinois Public Service Co., $6
South
as
follows;
Total Cost
West
755,042
607,067
675,194
474,423
77,392
$7 prior lien
(no par)
$7 preferred (no par)
North West Utilities Co.
Miscellaneous
$567,702
5,729
13,229
Utilities Co.
6,973
(no
par)
\
investments in
10,347
pref.
Central &
to its
$3,156,820,
7% prior lien ($100 par)._
Total
10,790
$3,156,820
Proceeds received in 1939 from the sale or
the corporation's investments aggregated
liquidation, &c., of certain of
$3,633,506.
Liquidation of a
portion of its investment in Canadian subsidiaries and sales of securities of
Arkansas-Missouri Power Corp. and United Public Utilities
Corp. from its
portfolio, were the principal sources of capital funds received
by the corporation during the year.
In addition, liquidation of American
Central Utilities Co., and the dissolution of the
company were completed
investment
in 1939.
Included in the corporation's investments are securities of four
utility
holding companies which are involved in reorganization proceedings. These
companies are Commonwealth Light & Power Co., Inland Power & Light
Corp., Midland United Co. and Midland Utilities Co.
A plan of reorinization for the first two companies was filed with the Securities and
xchange Commission in April, 1938, but as yet no report on the plan has
$1,000,000.-
New
obligations
as
they mature.
totaling
$53,600,000), have consummated 15 separate refunding operations and
three private sales of "new capital" securities.
The aggregate par or stated
value of the new securities issued has amounted to
$265,435,200, distributed
as follows:
Bonds
•
$211,850,000
41,450,000
8,335,200
Debentures.
Preferred stock..
Common stock..
1,300,000
Total of refunding securities.
Bonds sold for new capital requirements
"
$262,935,200
2,500,000
Total securities sold
Public
$265,435,200
Ownership Activities—Six elections
were
held during the year 1939
for the establishment of municipal electric
plants in communities served by
subsidiary operating companies.
In four of the communities the proposed
bond issues for the municipal plants were
rejected by the voters.
In two
communities, in which the total annual electric revenues approximated
$73,000, the elections favored the issuance of bonds for construction of
municipal plants.
,
Hanover Bank & Trust Co., will until 12
o'clock, noon,
May 23 receive bids for the sale to it of sufficient
5% debentures due
Feb. 1, 1945 to exhaust the sum of
$236,478 at prices not exceeding redemp¬
tion
Middlesex & Boston Street
Ry .-—Earnings—
stock,
Since Nov. 27, 1935, the date of
organization of The Middle West Corp.,
13 companies in the Middle West System
(including Central Illinois Public
Service Co. and Lake Superior District Power Co. in amounts
es, and
The Central
and
serial notes, 1941-46.
>
a
depreciation*
31, 1940, Inch—Total
revenues amounted to
$7,686,514 and the net deficit after deduction of
operating expenses, rents, taxes, and depreciation was
$122,626.—V. 150,
p. 1774.
debt
approval of the SEC, Central & South West Utilities Co. will
acquire these
shares from The Middle West
Corp. at the latter's cost. The Middle West
Corp. also contributed $500,000 cash to capital or paid in surplus of Ken¬
tucky Utilities Co., on March 5, 1940, to be applied to the
prepayment of a
like principal amount of its serial notes.
Substantial savings in interest and preferred stock dividend
charges result
from the refundings enumerated above.
As in similar refinancings in earlier
years, substantially all of the savings effected
by the companies which have
issued short-term serial indebtedness will be
applied to the "retirement of
$2,296,303
113,111
defl41,037
New
Light & Power Co.—Old, debt and stock,
$7,071,500.
New securities issued,
$6,750,000 lst mtge., 3%s, 1969.
Southwestern Gas & Electric Co.—Old debt and
stock, $2,250,000. New
securities issued, $2,250,000
2%% serial notes, 1941-45.
Southwestern Gas & Electric Co.—Old debt and
stock, $24,834,600.
New securities issued:
$16,000,000 lst mtge. 3Ks, 1970; $7,500,000 5%
pref. stock; $1,300,000 common stock.
Kentucky Utilities Co.—Old debt and stock, $30,602,000. New securities
issued: $20,000,000 lst
mtge. 4s, 1970; $6,000,000 4H % sinking fund
mtge.
bonds, 1955; $6,000,000 3%% serial notes, 1940-46.
$48,942
$37,092
5,700
....
5,000,000.
New
debs.,
Southwestern
38,645
-------
preciation
Oklahc
loma Power & Water
Co.—Old debt and stock,
securities issued, $2,000,000 coll.
3%%, notes, 1941-44.
1939
revenue
Operating profit..
l%%-3%, 1940-46.
$204,154
155,212
$37,092
„
3h% notes,
Central Power & Light Co.—Old debt
and stock, $32,045,200.
securities issued: $25,000,000 lst
mtge. 3Ms, 1969; $7,000,000 serial
Ltd.—Earnings—
Estimated operating profit
Non-operating
obsolete.
Refunding Operations
100,000 shares
of
registration statement shortly
Commission covering the proposed
a
out or
year,
a
by Subsidiaries—Since last annual report to stock¬
holders, seven operating subsidiaries in the Middle West
System have
concluded eight
refunding operations of their outstanding bonds, debentures
or preferred stock
through the issue and sale of new securities, as follows:
West Texas
Utilities Co.—Old debt and
stock, $21,893,900.
New
Charles L. Millhouse, President of the
corporation, informed stockholders
a special
meeting held May 1 of plans for a proposed public offering by
F. Eberstadt & Co.,
Inc., of
account
of
market.
Gross construction
expenditures of the consolidated operating
companies
in 1940 are budgeted at approximately
$13,000,000.
Ind.—Common
at
filed
worn
Southwestern Gas & Electric Co. completed the in¬
15,000 kilowatt turbo-generator in its
Shreveport power
Plaot and Kansas Electric Power Co.
placed in service the initial unit of
10,000 kilowatts in its new steam
generating station, located near Lawrence,
Kan. A rapidly
growing demand on Central Power & Light Co. for electric
service in the
vicinity of Corpus Christi, Texas, required the
company to
start work in
1939, on a new steam generating plant with an initial
capacity
of 15,000
kilowatts, to supplement its present facilities for serving that
1945.—V. 150, p. 2732.
Mastic
was
During the
stallation
Francisco
new
The major portion of the
normal extensions of
service,
including the construction, rebuilding ard
enlarging of transmission and
distribution facilities, and to the renewal
and replacement of
property
Market Street Ry.—Bonds Listed—
company for a
2887
been received from
the Commission.
Reorganization plans for Midland
United Co. and Midland
Utilities Co. have been delayed due to a number
of
The
The Grand River Dam
Authority continued construction during the year
project on the Grand River, known as the Pensacola
Dam, which is adjacent to properties of Public Service Co. of Okla,
This
hydro-electric project will have four 16,000 kilovolt-ampere turbo-generators
which the Authority estimates will produce
200,000,000 kilowatt-hours of
firm energy annually.
The Authority contemplates the completion of the
installation and commencement of operation by the summer or fall of
1940.
The stated policy of Public Service Co. of Okla. has
been, and is, to co¬
operate with the Authority.
The Authority has expressed a desire and
willingness to negotiate with Public Service Co. of Okla. for the sale to it
on
the hydro-electric
and
other
electric utilities
electric output.
The Lower Colorado
in
the
area
of
.
River
a
considerable
,
,
,
portion
of the
.
Authority has extended electric service to
certain areas adjacent to the properties owned by Central Power and
Light
Co. in the Colorado River Valley.
Tentative agreements have been entered
into between the Authority and Central Power & Light Co. by which certain
towns adjacent to the Authority's service area may be sold to the
Authority
on a basis whereby the investments of the
company in these areas will be
substantially recovered.
Six of these towns voted bonds in 1938 for electric
municipal plants.
Corporate Simplification—Progress has been made by certain of the sub¬
sidiary holding and operating companies in formulating and placing in
effect plans calling for the simplification of the corporate structure of the
system.
Kentucky Securities Co.,
an
affiliate of Kentucky Utilities Co., disposed
Greyhound Lines in Jim., 1939. From the
of its investment in Southeastern
payment of notes by Southeastern Greyhound Lines and Kentucky Securi¬
ties Co. and from liquidation proceeds of the latter
company,
Kentucky
Utilities Co. and its subsidiary, Lexington Utilities Co.,
received, in the
aggregate, $617,300 in 1938 and $1,487,450 early in 1939.
It is expected
that Kentucky Utilities Co. will receive a final liquidating dividend from
Kentucky Securities Co.
On Jan. 3, 1940, the property of Lexington Utilities Co. was
acquired,
subject to the lien of its first mortgage bonds, by Kentucky Utilities Co.
Public Service Co. of Oklahoma withdrew, in Dec., 1939, the declaration
which it had filed with the SEC in August, 1938, in connection with a
proposed offer to exchange its 6% prior lien stock for $6 preferred stock and
class A common stock of Southwestern Light & Power
Co., its subsidiary.
A major step forward in corporate
simplification, which had been under
consideration for several years, was taken in Feb., 1940, when Central &
South West Utilities Co. and American Public Service
Co., two subsidiary
holding companies in the system, jointly filed a plan with the SEC for con¬
solidating the two companies into one new corporation.
Until these plans
have been passed upon by the Commission,
however, they can not be
submitted to securityholders of the two companies for their
consideration
and vote.
The plan provides that stock of the
proposed new consolidated
corporation will be offered in exchange for the outstanding stocks of the
companies being consolidated.
The proposed new corporation will have a
simple corporate structure with no dividends in arrears.
On the basis of
the plan filed with the SEC, the Middle West Corp. will own
somewhat in
excess of 50% of the voting stock of the new
consolidated corporation.
Integration Proceedings—On March 1, 1940, the SEC began
proceedings
against the corporation and its subsidiaries to enforce Section
11(b) (1),
commonly known as the "death sentence section," of the Public
Utility
Holding Company Act.
The order of the Commission
beginning the proceeding contains a pre¬
liminary finding that "the holding-company system of said the Middle
West
Corp. is not confined in its operations to those of a single
integrated public
utility system within the meaning of the Act, and to such other
businesses
as
Chronicle
The Commercial & financial
2888
$688,016
136,672
53,386
$717,691
158,083
78,502
$701,241
133,561
54,786
$706,514
122,576
34.929
2,077,900
403,294
146,698
1,969,301
374,182
131,965
1.964,097
294,691
57,123
1.885,775
152,165
defU0,139
Gross from railway
Netfrom railway
income—
Net ry. oper.
1937
1938
1939
1940
March—
GrossTrom71railway
Netfrom railway.
.
Net ry. oper. income—
—V. 150, p. 2584.
Minneapolis St. Paul & Sault Ste. Marie
Ry.—Earns.
(Excluding Wisconsin Central Ry.)
1940—Month—1939
$1,055,712
$795,419
42,635
40,502
102,585
98,136
Mar. 31—
Period End.
Income for Years Ended Dec. 31 (Company Only)
Freight revenue
'
1938
1939
1940
4,
Minneapolis & St. Louis RR.—Earnings-
are reasonably Incidental, or economically necessary or appropriate to the
operations of such integrated public-utility system."
The order requires
tne corporation and its subsidiaries to make answer "admitting, denying,
or
otherwise explaining their respective positions as to each^ of the
allegations."
On application, the Middle West Corp. and its subsidiaries have been
allowed an extension of time until May 9, for answer, and until June 28,
for the first hearing.
It The corporation has been of the opinion that under the terms of the Act
it is permitted to retain the majority of its more important subsidiaries, and
it is willing to dispose of others on fair terms and, in fact, has been carrying
on negotiations toward that end.
The corporation is preparing with the
utmost care to present to the Commission its views as to the proper inter¬
pretation and application to its situation of the provisions of the section.
Statement of
May
Passenger revenue
Income—Subsidiary companies consolidated—
AUother revenue
1940—3 Mos.—1939
$2,875,787
118,426
278,073
$2,253,932
134,814
267,028
Dividends—
Preferred stocks..
Common stocks
.
$877,357
513,298
—..— —
$788,082
416,591
$1,200,933
$934,058
$3,272,286
$2,655,774
175,770
252,371
35,933
517.316
46,017
175,899
248,531
34,023
526,551
51,332
488,211
708,800
103.785
1,556,792
144,973
521,031
682,042
99,015
1,538,785
153.737
95,462
x$102,277
75,319
$269,726
278,970
x$338,836
277,012
$78,063
13,458
13,038
x$177,596
15,685
13,323
x$9,244
31,560
3 6 758
x$615,848
37,430
39,312
$51,567
x$206,605
x$77,562
x$692,590
8,749
10,091
30,708
34,841
$60,317
x$196,514
x$46,854
x$657,749
4,274
3,585
11,318
10,834
$56,043
Total revenues
Maint. of way
x$200,099
x$58,172
x$668,582
1938
$77,832
17,508
1937
$82,356
17,809
& struc¬
tural expense
Interest—
48,528
72,690
45,912
91,975
179,372
22,995
1,806
142,708
59,833
28,242
$1,716,046
152,159
25,689
116,469
$1,573,344
156,795
16,388
90,133
$1,421,729
$1,310,028
$0.43
Jionds
$0.39
—
Notes
—...
equipment—
Maint. of
Traffic
expenses..—
Transportation expenses
Other companies—
Dividends
-
.
-
-—- —
Interest
Other income
General expenses
$173,525'
Net ry. revenues
Taxes.
Total
General and administrative.
Taxes, other than income.
_.
Income taxes
Net income...
—
capital stock
Earnings per share of
Consolidated Income Account (Incl. Subsidiaries)
;
-
,
1
(Exclusive of Central Illinois Public Service Co. and Lake Superior District
Power Co.)
Calendar Years—
1939
1938
Net after taxes
Hire of equipment
Rental of terminals
■
Net after rents...
.
■
Other income (net)
before interest
Int. being accrd. & paid.
Income
.
Operating revenues
Operation
—
—
Maintenance
$64,193,876 $61,094,527
21,466,402 20,843,144
3,314,454
8,085,509
6,264,256
2,035,296
3,391,910
v
8,686,562
Depreciation
6,431,900
2,184,147
Taxes
Income taxes
>
523,769
Charges in lieu of income taxes
(net)
Gross income..
Interest on long-term debt
Amortization of bond discount and expense
(net)
General interest
Other deductions
-
— — .
$21,904,255 $20,936,108
8,887,346
9,419,114
1,107,956
1,056,327
152,263
66,054
172,549
211,555
$11,584,140 $10,183,059
pref. stocks of
subsidiary' companies held by the public, and
minority interest in net income—
Dividends declared
5,541,054
5,407,603
b Dividends not declared1,641,273
1,214,588
Minority common stock interest in net income of
708,006
455,720
subsidiary companies
—
Net income
a
Annual dividend requirements
on
x
bonds, &c.
150, p. 2733.
Loss or deficit.—V.
Central RR.—Earnings—
Mississippi
on
1939
1940
March—
$70,258
defl,978
def11,569
Net ry. operating
From Jan. 1—
Net from rail way...;...
Net ry. operating income
—V. 150, p. 2108.
1,449
6,328
7,177
194,231
16,894
199,921
27,352
223,569
35.829
def311
income
Gross from railway
$74,871
11,867
203,332
27,059
Gross from railway
Net from railway
.$21,509,186 $20,551,868
395,069
384,240
Net operating income
Other income
Balance before interest
defl2,163
def.3,480
6,556
Mississippi Power Co.—Earnings—
Period End. Mar.
1940—Month—1939
$259,214
$282,142
31—
Gross revenue
2,276,303
2,275,562
23,333
285,000
305,000
$65,987
41,683
$81,552
49,255
$1,058,563
574,170
$971,881
$24,304
Interest and other deduc.
177,257
25,000
"
Gross income
1940—12 Mos.—1939
$3,619,125
$3,553,185
168,227
Oper. exps. and taxes—
Prov, for deprec
-
$32,297
$484,393
$374,135
253,062
253,062
597,746
...
$4,120,492
Net income
$2,678,463
Earnings per share on capital stock..
$1.24
$0.80
a Before deducting provision for preferred stock dividends and minority
interest,
b Including $115,421 and $271,883 respectively of unearned
requirements of direct subsidiaries.
'
Balance Sheet Dec. 31
1939
S
Cash
1939
$
16,541,774
Paid-in surplus...42,130,651
42,130,651
Earned surplus...
Miscellaneous rec.
1,222
52.743
Accounts
Accrued int. rec..
83,388
75,981
Prepayments.-...
a Deferred charges
5,645
3,637
342,756
22,437
40,997
payable.
4,608
4,700
»
2,671,775
40,061
317,114
4,035,987
Accrued taxes
Mlscell. curr.liabs.
9,762
Res.
$121,073
Note—Results of operation through Dec. 18, 1939 of certain properties
conveyed to Tennessee Valley Authority and other public agencies on that
date
included herein.—V.
Mis cell, reserves..
Total..
234,593
162,902
$7,592,049
4,477,704
Direct taxes.
77,420
78,342
908,937
Prop, retire, res. approp.
65,000
63,333
765,000
730,000
Net oper. re venues$169,866
$121,577
126
$1,440,408
4,773
$1,488,355
1,798
$121,703
$1,445,181
813,275
116,187
$1,490,153
817,700
77,200
$515,719
$595,253
403,608
403,608
.
$
Liabilities—
Inv.
to
In
&
.
.375,388,192 377.103,706
16,541,774
42,130,651
16,541,774
42,130,651
8,264,539
5,556,658
Pref.
stocks
of
27,558,372
27,490,468
1,116,658
1,118,986
15,765,276
Other def. chgs.
222,099
Cash
15,519,535
14,352,472
396,179
Long-term
14,923,221
Def'd liabilities.
sub.
Sinking funds &
special deps._
Prepayments
112,904
Cash
amortiz
on
bond
677,820
int., divs.,&c.
Market,
Notes,
securs_
accts.
warrants
810,336
Int. on mortgage
Mat'ls & suppl's
2,227,494
2,307,784
Net
Notes payable..
Custs. deposits
_
253,508
2,477,060
2,929,055
5,150,159
2,922,710
30,000
5,178,972
1,950,000
Accrd.
Accrued interest
2,441,086
3,072,113
7,009,008
Divs. payable..
399,054
617,031
2,958,954
Mlscell.
current
Contributions
268,662
283,056
67,164,681
liabilities
Reserves
$94,262
$47,199
applicable to pref. stock for period..
$191,645
a
Dividends accumulated and unpaid to March 31, 1940, amounted to
$454,059, after giving effect to dividends amounting to $2 a share on $6
preferred stock, declared for payment on May 1, 1940.
Dividends on this
$112,111
stock
are
cumulative.—V.
-V. 150, p.
448,094,088 448,226,233
Total
63,513,495
1,452,377
1,300,287
448,094,088 448,226,233
2107.
Midland Steel Products Co. (&
3 Mos. End. Mar. 31—
x Net profit
Earns.per sh.on com.stk.
1940
$597,682
$1.61
Net ry. operating
From Jan. 1—
P.
Valley RR.
March—
income
$540,966
$1.37
1938
$171,881
Nil
Missouri Illinois
Gross from railway
Net from railway
Net ry. operating income
From Jan. 1—
Gross from railway
Net from railway
Net ry. operating
income
25,152
39,792
7,292
257,190
24,200
defll,832
266,659
23.453
defl6,385
3,191
,
Ry.—Earnings—
1939
1937
$558,215
$1.44
1937
1938
$168,359
75,132
47,626
$175,893
83,869
45,042
$93,966
24,615
9,449
$142,727
£4,784
31,509
497,936
220,350
141,038
483,233
215,587
129,252
252,883
53,051
3,446
356,354
123,233
60,662
I nterest
July 1, 1939, and Jan. 1, 1940, on the 1st mtge. 5% bonds,
paid at office of J. P. Morgan & Co., Inc.,
Interest at the rate of
Payments—
4% per annum from Nov.
1,1939, to Dec. 31,1939,
incl., and at rate of 3H % per annum from Jan. 1, 1940, to April 30, 1940,
incl. ($18.33 1-3 per $1,000 bond) is being paid on Missouri Pacific RR.
3d mtge. extended 4% gold bonds, due 1938, on surrender of interest
warrant No. 4.
Interesi is payable at office of J. P. Morgan & Co., Inc.
Interest of 2% is being paid on St. Louis Iron Mountain & Southern Ry.
30-year gold bonds, due 1933, upon
River and Gulf Divisions 1st mtge. 4%
presentation of bonds for endorsement of payment, and payment on bonds
represented by certificates of deposit is being made to holders of record at
the close of business on
Aj>ril 30.
Interest is payable at office
of J. P.
Morgan & Co., Inc., New York, N. Y.
Earnings for March and Year to Date
1939
1938
1937
$101,113
34,701
17,291
$109,838
42,365
22,683
Gross from railway
Net from railway
342,823
168,032
300,875
353,115
Gross from railway
106,291
110,025
53,611
172,387
Net ry. oper. income
—V. 150, p. 2107.
319,118
150,288
94,153
Net from railway
Net ry. operating
$94,707
series A, due 1959, is now being
New York.—V. 150, p. 2108.
$108,379
48,307
30,869
Net ry. oper. income
From Jan. 1
^
$84,023
5,711
def6,276
1940
March—
Earnings
1940
1937
1938
$91,162
15,900
3,781
2108.
$90,993
30,504
13,391
Gross from railway
Net from railway
1939
$104,820
27,139
12,832
286,897
66,163
27,742
.
income
Net ry. operating
150,
Ry.—Earnings—
1940
Gross from railway
Net from railway
Missouri Pacific RR.—Interest
Subs.)—Earnings—
1939
x After depreciation, Federal income
taxes, &c.
Income account for quarter ended March 31, 1940, follows:
Manu¬
facturing profit, $1,066,692; selling, general and administrative expenses,
$105,052; operating profit, $960,740; other deductions, $52,780; depre¬
ciation, $99,611; Federal income taxes, $129,832; profit sharing reserve,
$80,835; net profit, $597,682.—V. 150, p. 844.
Midland
150, p. 2584.
Missouri & Arkansas
Interest due
Total
929,381
201,041,507
227,569
2,155,727
25,784
1,925,000
taxes
68,142
6,362
income
Dividends
—V.
debt
payable.
bonds.
Other int. & deductions-
Gross from railway
Net from railway
6,938,624
2,982,514
&
rec.
96,639,587 100,999,627
of sub. cos.-.200,075,889
Accts.
dep. for
of
pay.
held
Mln. Int. in com.
stk.& surp.or
def .of sub.cos.
and
dlsct.
exps.in process
of
cos.
by public....
$169,960
66,667
9,031
Gross income
March—
earned
surplus......
cos.,
&c
Debt
$
Paid-in surplus-
Consol.
advs.
other
1938
$
*
Capital stock...
Prop., plant and
equipment.
1939
1938
$
94
Other income (net)
Balance
[Exclusive of Central Illinois Public Service Co. and Lake Superior District
•••',
■
Power Co.]
.
$7,353,600
4,205,864
$618,323
355,071
.77,787,912 76,312,556
Consolidated Balance Sheet Dec. 31
1939
1940—12 Mos—1939
$715,156
402,870
a
Assets—
1940—Month—1939
Period End. Mar. 31—
Includes reacquired stock.
a
150, p. 2261.
against val'n
in
reorganization..14,475,105 14,407,281
77,787,912 76,312,556
are
$231,331
$11,208
$3,216
—
Operating revenues
Operating expenses
of assets acq.
Total
21,088
21,088
pref. stock
Balance.
1938
$
Liabilities—
73,652,646 74,130,136
4,041,372
2,039,235
advances
on
——
Mississippi Power & Light Co.—Earnings—
Cap.stk. ($5 par).16,541,774
Investm'ts sees. &
Divs.
(Company Only)
1938
$
Assets—
Net income
115,023
March—
1940
Gross from railway
Net from railway
Net ry.
$6,716,190
1,090,521
operating income
271,508
income
—V. 150, p. 2733.
20,789,061
4,350,745
1,781,541
?
1939
1938
1937
$6,607,429
1,135,721
250,694
$6,584,274
1,076,101
214,494
$8,444,939
2,228,722
1,153,625
19,154,106
3,708,577
1,060,154
19,099,983
3,303,591
648,310
23,588,602
£'944,579
2,814,285
Volume
The Commercial & Financial Chronicle
ISO
Monongahela
Nevada-California Electric Corp. (& Subs.)—Earnings.
Ryv—Earnings—
March—
1940
Gross from railway
Net from railway...
1939
$410,969
237,601
121,030
Net ry. operating income
FromJan. 1—
•>
Gross from railway
$370,261
215,495
104,674
Period End. Mar. 31—
1937_k
1938
Operating
$485,395
296.496
178,948
J-$281,729
170,627
73,653
Other oper.
1,335,177
794,770
435,735
798,307
447,971
Net oper. revenues.
/, 'V• t
Net
The stock is to be offered through subscription warrants to the company's
stockholders of record May 24, 1940, at $40 a share, in the ratio
Profit
or
on or
before Oct. 10, 1940, and Jan.
10, 1941.
as are
-
>
following were
Vice-President
in Charge of Personnel: Harold L. Pearson, Vice-President & Treasurer;
Eugene R. Wimmer, Vice-President in Charge of Retail Operating.
Directors at their meeting elected Sewell L. Avery, Chairman of Board
and President.
As President he succeeds Raymond H. Fogler, resigned.—
V. 150, p. 2733.
;
Mountain States Telephone & Telegraph Co.—Earns.
Period End.
Operating
Mar.
31—
revenues
Uncollectible oper. rev..
1940—Month—1939
$2,185,644
6,005
•
Mos.—1939
$6,450,688
$6,115,750
22,439
16,352
$15,146
retirement
$2,179,639
1,505,415
$2,078,836
1,403,698
$6,099,398
4,121,532
$6,428,249
4,384,505
$383,745
of
26,078
50,547
18,272
4,098
2,626
*
48,622
Available for redemption of bonds, dividends, &c.—V. 150, p. 2263.
England
$12,520
&
Gas
$359,275
$314,386
$27,411
;
Ass'n—System Output
Electric
a
•,
New
Jersey Bell Telephone Co.—Assessment Upheld—
Court of Errors and Appeals on April 25 affirmed the
Supreme Court in sustaining a personal property assessment by the City of
Newark totaling $22,268,000 on this company.
The concern sought a
reduction to $16,238,509.
v
•:
■
The company paid on an assessment of approximately $19,000,000 under
a
compromise agreed upon by Newark's Finance Director, Vincent J.
Murphy, which was protested by Mayor Meyer C. Ellenstein.
The assess¬
ment, which was for 1935, was levied upon tangible personal property such
as poles, wires, cables and central office equipment.
It was based upon the
basis of reproduction cost, less depreciation.
The company claimed the
proper assessment basis should be the sale or market value of the property.
—V. 150, p.
•,
;
1942;P';;'•■).>■YY
New
Jersey Water Co.—Bonds Placed Privately—Com¬
pany on April 18, 1940, sold privately an issue of $1,550,000
1st mtge. series A 4% bonds due Feb. 1, 1965.
Proceeds will be used to pay off the outstanding first mortgage
for payment June 18. at 101 and
RR.—Extension of Bonds—
The Interstate Commerce Commission on April 25 authorized
pany to
5s, called
interest—V. 150, p. 2586.
New London Northern
Operating revenues...
Operating expenses.....
$344,735
.
The New Jersey
1940—3
$2,083,326
4,490
$1,868,005
1,385,912
83,213
15,135
Gas, output is reported at 103,930,000 cu. ft., an increase of 13,563,000
cu. ft., or 15.01 % above production of 90,367,000 cu. ft. in the correspond¬
ing week a year ago.—V. 150, p. 2734.
and the proceeds from the sale of the stock will be applied to that purpose.
The balance will be added to the company's working capital.
*
$1,791,981
1,352 124
81,455
13,666
year ago.
registration
statement, will approximate $30,686,400.
The company states that during
the past year it has expended more than $7,900,000 for fixed property
additions and approximately $12,300,000 has been added to net working
capital which has only partially furnished the amount used for larger in¬
ventories and time payment receivables resulting from increased volume.
It is anticipated that approximately $6,000,000 will be required for gross
additions to capital assets during each of the next two years, it is stated,
New President, &c.—
'
4.99% above production of 7,683,270 kwh. for the corresponding week
The net proceeds from the sale of the stock, according to the
At the annual meeting of stockholders held April 26 the
directors to fill vacancies: Louis C.
Lustenberger,
$153,209
113,567
6,809
1.324
,
For the week ended April 26, New England Gas & Electric System reports
electric output of 8,066,786 kwh.
This is an increase of 383,516 kwh., or
may be offered by the company to officers, to employees or to others, but
not to underwriters, at $40 a share, it is stated.
According to the registra¬
tion statement there are to be no underwriters.
elected
$1,836,822
31,183
Earnedsurpus——
New
the warrants
not purchased as a result of the exercise of
$1,760,764
31,217
x
The company
subscribers
will issue the common stock subscription instalment receipts to
who elect to take advantage of the instalment payment plan.
Such shares
261,983
2,292,635
572,847
603,745
x
be made either by payment in full or by payment of half the subscrip¬
tion price when the rights are exercised and the remainder in two equal
may
instalments
income.
on
P. bonds & debs. (net)..
Other misc. debits, (net).
share for each §% shares held.
The warrants will be exercisable on
before July 10, 1940, and will become void after that date.
Purchase
one
$5,568,033
246,140
2,154,574
561,667
583,352
$31,509
$134,520
111,437
6,752
1,185
Interest
Amort, of dt. disc. & exp.
Miscellaneous deductions
common
$5,306,497
$152,084
1,125
$119,698
14,821
Other income
Gross income
Montgomery Ward & Co., Inc.—Registers with SEC—;
Company on April 29 filed with the Securities aiid Exchange Commission
registration statement (No. 2-4395, Form A-2) under the Securities Act
of 1933 covering 772,910 shares (no par) common stock, common stock
subscription warrants and common stock subscription instalment receipts.
a
of
expenses--.
Depreciation
' 1,321,948
719,425
378.246
89,341
1,025,124
593,895
271,774
1940—12 Mos.—1939
1940—Month—1939
$477,294
18,652
19,199
205,266
156,432
51,863
45,826
49,429
49,800
$390,956
revenues
Maintenance
Taxes.
Net from railway
Net ry. operating income
—V. 150, p. 2108. ; „, v
2889
extend from July 1, 1940, to July 1, 1955, the date of
the com¬
maturity of
exceeding $1,500,000 of first mortgage 4% gold bonds.
The report of the Commission says in part:
The applicant does not now, and will not on July 1, 1940, have sufficient
funds to pay the maturing bonds.
It has, therefore, engaged Putnam &
Co., Hartford, Conn., to negotiate contracts whereby the applicant can be
assured of extending the bonds.
The basis of their compensation is Yt of
1% of $1,400,000 together with the compensation of attorneys acting for
them in the matter.
Through the efforts of Putnam & Co. the applicant
has received commitments from the insurance companies named, which
not
Net oper. revenues...
Operating taxes
Net operating income.
Net income
—V.
$674,224
325,045
$675,138
297,527
$2,043,744
971,535
$1,977,866
881,224
$349,179
258,959
$377,611
296,429
$1,072,209
822,453
$1,096,642
852,624
150, p. 2733.
Mt. Vernon
Telephone Corp.—Earnings—
3 Months Ended March 31—
Operating
Operating
expenses,
1939
1940
•
$45,629
20,921
revenues
maint. and taxes
Net income from operations
on funded debt
Interest
>
Depreciation
Amortization of debt, discount and expense
Provision for Federal income tax
...
$43,557
19,929
$24,708
2,577
8,727
90
2,637
$23,627
2,603
7,442
90
2,556
following amounts of bonds: Travelers Insurance
$800,000; Aetna Insurance Co., $100,000; and Connecticut General
applicant has agreed to pay to each of
have agreed to extend the
Co.,
Life Insurance Co., $500,000.
The
the insurance companies the sum of
that company is required to have available from
to the amount of bonds it has agreed to extend.
ment on the part
Net income.
if**'*.$10,678
.
Dividends paid or accrued on preferred stock.....
Balance available for
,
common
$10,936
4,500
4.500
stock and surplus
$6,178
—V. 149, p. 2980.
$6,436
,
$15 for each $1,000 of bonds extended.
the Travelers company for the period from Fed. 1, 1940,
July 1, 1940, interest at the coupon rate on the total amount of bonds
which the latter is committed to extend.
This is based on the fact that
It will also pay to
to
Feb. 1, 1940, a sum equal
There is a further commit¬
of the Travelers company to purchase, at not more
purchased
together with
so
be retained until extended and the amount thereof,
of the bonds held by it, is not to exceed $800,000, the
are to
any
that company is committed to extend.
interest received by it for the period between
amount
All
Murray Corp. of America—New Official—
Directors
have
elected
L.
Clayton Hill Vice-President in Charge of
Manufacturing and C. David Widman, Vice-President in Charge of Finance.
H. W. Wurster, formerly Asst. Sec. & Asst. Treas., was elected Secretary
and Treasurer.—V. 150, p. 2261.
,
National
13.5%
Broadcasting Co.—April Gross
Revenue. XJp
-
,
v
Gross
network revenue for the NBC networks for April, 1940, hit an
high, with the total figure of $4,041,518 showing an increase of
the April, 1939. figure of $3,560,984.
The record-breaking April revenue, which continues this year's individual
monthly increases over 1939, brought the gross revenue figure for the first
four months also to a new, all time high of $16,883,154, an increase of
8.8%
over
the
comparable
1939
January through April
figure
of
$15,514,431.
6
,W
Revenue from the NBC-Red Network for April of this year amounted to
$3,128,685, an increase of 8.7% over the April, 1939, figure of $2,879,571.
The NBC-Blue Network revenue totaled $912,833, an increase of 34%
over the 1939 figure of $681-413.—V. 150, p. 2261, 1942.
all-time
13.5%
over
National Fuel Gas Co.—New Director—
Henry S. Thompson was on April 25
to succeed the late Robert S. Brewster.
elecged a director of this company
William J. Judge, President, told
stockholders that the volume of business done by the company in the first
two months of this year was well ahead of that in the similar period last year.
—v. 150, p. 1141.
.
>;v:h-;;;
:•
:.
■
than
par and accrued interest, bonds tendered to it by the holders at any time
subsequent to Feb. 1, 1940, or after the approval by ICC the of the exten¬
sion of the bonds, whichever, is later, and prior to July 1, 1940.
The bonds
_
.
Feb.
1,
1940, and
bonds or on such other bonds held by it to
the amount indicated, will be credited to
the applicant.
Bonds equal to the commitments by the Aetna and the
Connecticut General companies are now held by them.
>'
Bankers Trust Co., New York, will be succeeded as trustee by the Hart¬
ford National Bank & Trust Co.
■
/
The insurance companies mentioned will deposit bonds for extension in
the amounts they have agreed to extend.
Deposit agreements will be
arranged so that holders of bonds, other than the insurance companies,
may deposit them under an arrangement whereby the depositary may
dispose of them to the insurance companies prior to maturity, subject to
the payment at maturity of all sums then due for principal and interest in
respect of such bonds.
This would effect the payment in full of the bonds
in so far as the present holders, other than the three insurance companies,
are concerned and would be a further purchase by the insurance companies
of bonds for the purpose of extension.
The supplemental indenture will provide for the extension of the maturity
date of the bonds to July 1, 1955, for affixing to each bond an extension
agreement substantially in the form given in the supplemental indenture,
for stamping on the face of each bond a legend referring to the supplemental
indenture and the extension agreement, and for attaching to each extended
bond in coupon form interest coupons for the extended period, the rate of
interest and the time for paying it to remain the same.
The applicant may,
upon not less than 30 days' notice, redeem all the extended bonds at any
on such purchased
a total amount not in excess of
July 1, 1940,
...
,
,
time, or any part by lot, on any semi-annual interest date, to and including
July 1, 1943, at 105, thereafter to and including July 1, 1946, at 104, there¬
and including July 1, 1949, at 103, thereafter to and including
July 1, 1952, at 102, thereafter to and including July 1, 1953, at 101, there¬
after to
including July 1, 1954, at 100lA. and thereafter at par, with
The trustee will cancel all extended bonds
for payment and will on demand surrender the canceled
bonds to the applicant.
Under the supplemental indenture the applicant will agree that, as a
sinking fund for the extended bonds, it will on or before May 1, 1941, and
on or before May 1 of each year thereafter, while any of the extended bonds
are outstanding, pay to the trustee in cash $30,000 or such amount as may
be equal to the total amount of bonds outstanding if that amount is less
than $30,000.
As an additional sinking fund payment, the applicant may
at any time pay moneys to the trustee in any amount not exceeding $20,000
in any one year.
Upon the receipt of any sinking fund payment, the trustee
will apply it to the purchase of the extended bonds as can be purchased most
cheaply, in its judgment, either at private or public sale, with or without
advertisement, but at not exceeding par and accrued interest.
If, on or
before May 20, 1941, and on or before May 20 of each year thereafter, the
trustee is unable to purchase extended bonds in an amount sufficient to
aosorb the sinking fund over and above any balance in its opinion too small
to be so applied, it will call for redemption by lot on the next succeeding
semi-annual interest date, upon not less than 30 days' notice, at par and
accrued interest, an amount of extended bonds sufficient to absorb the sink¬
ing fund, as nearly as may be.
All extended bonds acquired by the trustee
by purchase or call will be canceled.—V. 148, p. 1814,
after to and
v
National Gas & Electric Corp.
Period End. Mar. 31—
(& Subs.)—Earnings—
1940—Month—1939
1940—12 Mos.—1939
ment accruals.--:
Net income.
$136,899
; $105,020
$1,524,581
$1,318,564
29,189
21,413
Operating revenues—:•».
Gross income after retire¬
15,398
7,376
291,884
196,719
228,745
128,827
—V. 150, p. 2432.
■
y-
National Investors Corp.—Asset
wv;Y: Y 'Y/Y
Value—
Continuing to show increases in the face of declining markets, the cor¬
poration reported an asset value at March 31, 1940 of $6.27 per share
compared with $6.05 on Dec. 31, 1939, an increase of 3.6%.—V. 150,
p.
441.
■;
National Oil Products Co .-—Debentures Called—
"
1940 all its outstanding 15-year con¬
at 104% qnd accrued interest.
the corporate trust denartment
of The Chase National Bank, trustee, 11 Broad St., New York.
The right
to convert these debentures into common stock of the company ceases on
June 1, according to the announcement.—V. 150, p. 1606.
Company will redeem on June 1,
vertible 4% debentures due June 1, 1952
The debentures will be paid on that date at
National Tea Co.-—Sales—
20, 1940 amounted to $4,658,814
compared with $4,201,693 for the corresponding four weeks in 1939, an
increase of 10.88%.
The number of stores in operation decreased from 1,103 in 1939 to 1,065
Sales for the four weeks ended April
as
at
p.
April 20, 1940.
2734.
Nehi
The
Average sales per location increased 14.83%.—V. 150,
- .v.-
Corp.—Dealings—
new
common
stock,
has been removed from "when issued'!
Exchange.—V. 150, p. 1446.
no par,
dealings by the New York Curb
accrued interest in each case.
so
surrendered
New Orleans & Northeastern RR.1940
March—
Gross from rail way.
_
1938
$263,264
771,022
265,991
105,439
Net from railway
Net ry. oper. income...
-Earnings-
1939
$262,088
93,408
41,875
— .
r„
„
,
703.165
230,634
68,620
91,801
.36,719
$269,644
•
86,749
27,702
1937
$298,436
118,522
61,437
FromJan. 1—
Gross from railway
Net from railway..
Net ry. oper. income
—V.
150,
p.
2586.
Y
-
698,906
813,204
166,384
315,804
2,941
167,784
The Commercial & Financial Chronicle
2890
New Orleans Public Service Inc.
Period End. Mar. 31
Operating
Operating
revenues
__
expenses...
Property retirement re¬
serve appropriations.
Net oper. revenues
$574,896
Other income (net)
184,022
20,483
$4,229,413
8,132
$5,017,043
2,381,296
249,520
046,055
252,074
Net income
$370,441
$208,521
Divs. applicable to pref. stock for period...
$2,508,452
544,586
$1,652,784
544,586
Balance
$1,963,866
$1,108,198
Dividends accumulated and unpaid to March 31, 1940, amounted to
$1,361,465, after giving effect to a dividend of $15.75 a share of $7 pre¬
ferred stock declared for payment on April 1, 1940.
Diivdends on this
stock are cumulative.—V. 150, p. 2586.
Calendar Years—
March—
and
Freight
expens.
$2,313,920
bullion
1939
1938
$219,310
70,562
78,147
717,227
Net ry. operating income
From Jan. 1—
Gross from rail way
$258,954
108,469
91,111
89,479
83,518
$2,053,104
1,098,373
$2,113,646
1,104,305
$1,9.53,690
1,129,164
York adminis. and
general expenses..—
88,051
86,782
78,026
77,117
Net operating profit.
Income from invests., &c
$870,883
Other deduc. from inc..
32,021
$867,949
73,344
46,249
income
90.242
96.099
Appropriated for depl..
10.668
2,790
$931,315
77,338
15,810
al03,309
2,529
$747,409
101,216
10,442
67,474
2,466
$832,968
800,560
$796,156
734,631
$887,004
833,525
$768,244
734,632
$4.42
$4.23
$4.71
$4.08
.
Federal taxes
on
95,016
Net from railway
Net ry. operating income
$10)
$308,900
89,341
737,204
286,229
284,451
291,925
308,219
Net profit
Dividends paid
1937
$265,075
121,260
119,171
740,051
331,439
327,213
901,813
91,451
1936
$2,J37,208
$2,205,451
1,246,517
Operating income
perating expenses
ew
1937
$2,203,125
on
Earns, persh.on 188,367
shs. of cap. stock (par
Ry.—Earnings~
1940
Gross from railway
Net from railway
year ago
Mining Co.—Earnings
1938
*
$2,144,215
1939
Prod, of gold and silver.
a
New Orleans Texas & Mexico
a
2734.
$4,237,545
2,256,517
$420,516
193,128
18.867
Other int. & deduc'ns...
Int. charged to construe.
a
and "quite
satisfactory," Mr. Brooke said it would be impossible to pay off the notes.
But if earnings continue at present satisfactory rate, he said he thought the
Nickel Plate would be able to meet the problem much earier.—V. 150, p.
2,124,000
$5,015,461
1.582
Dr675
$574,946
-
2.408,859
$421,191
50
Gross income
Int. on ratge. bonds
which is better than
New York & Honduras Rosario
1 77.000
196.954
.
1
Earnings—
1940—Manth—1939
1940—12 Mas.—1939
$1,847,421
$1,666,893 $19,837,297 $18,463,863
767.347
732,594
8.916,603
8,890,531
342,977
301,355
3,496,374
3,219,919
Direct taxes
May 4, 1940
continue at the present rate,
a
—....
Including
excess
161,934
profits tax of $11,347 in 1937.
Earnings for the Quarter Ended March 31
136,955
487,075
438,037
—V. 150, p. 2109.
1939
1940
Profit from opers. before expend, on new props..
Expenditures
on
new
$218,755
8,568
$157,845
properties
15,842
Profit from operations
$210,187
$142,003
9,567
Interest and dividends on investments
13,253
Interest for the year 1939, on Neptune Gold Min¬
Newport
News
Ship Building
Control May Pass to New Interests—
&
Dry
Dock
Profit
It is reported that two groups, one headed
by Lehman Bros, and one by
the Union Securities Corp., have been actively
bidding for the capital stock
of
Co., 10-year 5%
March
1, 1940—
this
company.
It was originally thought that a decision
might be
reached April 30, but it is now believed that no definite action will
be taken
for a few days more.
While recapitalization and redistribution of
the stock is likely to take
place following the consummation of the sale, just how this will be
worked
out depends on which group is the successful
bidder.—V. 148, p. 1968.
income deb.
ing
Co.—
for
Profit
28,513
investments sold
on
or
redeemed
-Proposes $10,400,000 Equipment
Issues—
...
has applied to the Interstate Commerce Commission for
aPJ'1}or,iy t0 ^88Ue an(i 8eU $10,400,000 2% equipment trust certificates to
aidinfnancingthe purchase of new equipment which it is estimated will
cost $11,571,100.
Certificates are to be offered at
competitive bidding and the road will
advise the ICC later as to the sale
price.
The certificates are to be dated
June 1, 1940, to be issued in 10 series of
equal amounts with the first series
to mature June 1, 1941 and the
remaining series on June 1 each year there¬
after to and including June 1, 1950.
Notes Authorized—
The Interstate Commerce Commission on
April 25 authorized the com¬
pany (1) to issue not exceeding $16,000,000 of
promissory notes in partial
renewal of the
outstanding notes due April 30, 1940, and (2) to pledge as
part of the collateral security therefor not
exceeding $6,903,000 of con¬
solidation mortgage 4% bonds, series
C, $6,000,000 of New York Central
& Hudson River RR
3H % gold mortgage bonds, $6,171,000 of Michigan
a
pin ,4i? A ™£unciing and improvement
mortgage bonds, series A,
and. $24,o50,100 of 6%
promissory notes of the Hudson River Connecting
RR. and in substitution for the
notes last
mentioned, $12,000,000 of first
mortgage bonds, 4% series A and
$12,549,600 of common stock of the
Hudson River
Connecting RR.
,
.
There is outstanding
$20,000,000 of 4% notes, issued within the limita¬
tions of Section
20a(9) of the Interstate Commerce Act to evidence a like
ofm°uan8 from certain banks
1940.
These
made in 1938, which will mature April 30,
notes are
collaterally secured in part by certain securities
the banks holding the
maturing notes and the face amount
1 he names or
thereof held by each
York
$5,0(W,000;
bank
are
as
follows:
The First National
Bank, New
Co., New York, $5,000,000; Irving
r^T P.
ttie
National Bank, New York, $2,500,000;
and J,
Morgan & Co., Inc., $2,500,000.
*
aPPneant will pay at maturity 20% of the face amount of the notes
nnn nnn
bank, thereby reducing the total unpaid principal amount to
*10,000,000, and the time for the payment of the balance of
Guaranty Trust
u
ii
u
1939
:v
1938
Mines, plant and
Cash
payable—
42,683
6,768
the loans
The extension will be evidenced
TV ill
V V ItlCllVAAl by two A vilv
VJ J
V TT V
dl UOvuS
renewal notes,
to be dated April
30, 1940, to be given to each bank, one of which will be a
3% note payable May 1, 1942, for one-half of the
unpaid principal amount
due such bank, and the other
a3^% note
*
«
,
A
«i
no
"
j
y
payable April 30, 1944, for
the remaining one-half of
the unpaid principal
amount, the interest to be
lnof
payable on f"
the last /-I
day of each month in each case.
The applicant is to
have the right to
repay on May 1, 1942, upon at least 10
days' notice in
writing all or a part of each renewal note due
April 30, 1944, and in case
any such prepayment is made on
any of such notes, a ratable prepayment
TBI 1/ SI. h IA
ATI
n
n
n
made at the
be 1
Pth
nt,
**»■
same
time
i.1.
on
1
__
each
_
_
_
t.
_
..
.
m l
_
_
i
•
of the other notes due
$^00 000th6 aggregate amount of such
Earnings lor March and Year
to
,
*
April 30,
prepayments is not to
EarningsMarch—
2,199,307
Net ry. oper. income...
p.
1,822,066
def36,918
6,284,476
88,012.076
20,360,767
7,998,245
From Jan. 1
Gross from
railway
Net from railway
150,
80,108,165
70,057.954
17.098,810
10.296,528
4,530,722 defl ,798,743
Ave.
Coach
1940
Co.
and
deprecia'n..
Net income-
1939
1938
i937
—Y.
New York
590,525
515,895
683,828
603,762
699,127
596,576
613,989
484,704
150,
p.
monthly
2586.
Connecting RR.—Earnings-
March-Gross from railway
Net from railway......
Net ry. oper income...
From Jan. 1—
Gross from railway
Net from railway
ri50OPpr'2ini0rae"""
New
patrick.
a
642,469
143,699
$4,478,751
Total
After
$4,383,711
reserve
New
Total
$4,478,751 $4,383,711
for depletion and depreciation of $3,936,280 in 1939 and
York
Dutchess
b 11,633 shares of capital stock in treasury.—V. 150,
New
Haven
RR.—To
Hartford
&
Pay
County RR. Bonds—
Federal Judge Carroll O. Hincks 6n April 25 approved an application
by the trustees to retire $282,000 of Dutchess County RR. bonds, plus
$6,343
interest.
The trustees also
^
were
allowed to compromise a claim of $128,000 against
Boston representing use of the
receivers of the New York Westchester &
property.
Court Power
Defined in Rail Bankruptcy—
The U.S. Supreme Court ruled April 29 that the Federal
District Court
in Connecticut bad jurisdiction to determine the amount of a claim against
a
railroad undergoing reorganization in the Federal District Court for
IVt ass&cliusG t ts
'
■
Justice Reed delivered the opinion, which affirmed a ruling by the Federal
Circuit Court at New York in favor of the Connecticut District Court's
jurisdiction.
Trustees
No dissent was announced.
of the New Haven and the Old
.
,
,
which
Colony
are
being re¬
organized in the Connecticut Federal District Court, sought to collect a
claim against the Boston & Providence RR. Corp.
Massachusetts court.
v
being reorganized in the
.
,
,
„A
The $3,955,298 claim was for a deficit in the operation
of the Boston &
Providence by the other lines from June 4, 1936, to Dec. 31, 1937«
Justice Reed said that the Bankruptcy Act "represents an intention to
give the court charged with operation the fullest ability to secure the neces¬
sities of operation—an intention to give the operating court power to promise
those
having the materials,
first lien
on
men and
the road to secure payment
equipment needed for operation a
for the operation."
The justice continued:
4
,
.
.
.
.
.
.,
"This is no way impairs the operation of Section 77A which grants to the
Massachusetts court, 'during the pendency of the proceedings under this
section and for the purposes thereof, exclusive
jurisdiction of the debtor
and its property wherever located.'
"•
include the development of a fair and
equitable' plan of reorganization.
The Massachusetts court is left with
jurisdiction to accomplish this, but is bound to recognize the priority ot the
lien declared by the Connecticut court.
"The Connecticut court was given jruisdiction, so long as it continued, to
operate the road, to grant a lien for operating expenses prior to any existing
claims against the road.
The decision of the Court of Appeals that the
Connecticut court had jurisdiction to grant the lien sought by respondent
(New York, New Haven and Old Colony) is affirmed."—V. 150, p. 2734.
purposes
of
Section
...
77
New York Ontario & Western
March—
1940
1939
$208,794
136,529
101,717
$267,202
624,061
439,264
732,999
335-808
1938
1937
$204,577
149,874
85,687
$279,403
751,369
563,656
501,736
321,306
445,510
137,385
433,262
207,018
164,951
227,897
160,893
614,366
York
Barrett Jr. (Vice-President of
Chesapeake & Ohio Ry.) was
director at the annual meeting May 1 to succeed
Herbert FitzOther directors of the Nickel Plate were reelected.
The biggest problem
facing the road is the maturity on Oct. 1, 1941 of
the $12,656,000 extended
6% unsecured notes, George D. Brooke, Presi¬
dent, told stockholders at the annual meeting. Even if the road's
earnings
1940
'
Ry.—Earnings—
1939
$405,698
$572,562
def39,994
92,819
def5,803
defl20,105
Gross from railway
Net from railway.
1,216,817
def76,523
Net ry. oper. income...
—V.
150,
New
p.
I938
„
$523,062
18,665
def66,747
$540,777
-£^'§§9
def24,576
1.727,817
254,347
def293.284
def37,240
1,558,417
44,243
def204,844
L668.777
243,323
def37,798
2110.
York
&
Queens Electric Light & Power Co.—
Period End. Mar. 31—
1940—3 Mas.—1939
Sales of elec. (kwh.)
212,917,954 195,590,029
Sales
of
119,086
electricity
Other oper.
1940—12 Mas•—1939
849,700,566 697,910,170
$6,878,134 $27,012,702 $24,626,382
122,173
498,782
504,389
$7,393,702
3,822,568
540,000
1,267,345
$7,000,307 $27,511,484 $25,130,771
3,618,756
16,015,815
14,615,691
545,339
2,29i,661
1.748.099
1,225,760
4,444,702
4,278,771
$7,274,616
revenues
Total oper.
Chicago & St. Louis RR.—New Director—
Biggest Problem Facing Road Is October, 1941, Maturity—
Darwin S.
elected
124,250
$3,847,686 in 1938.
p. 1777.
charges, but before
any provision for Federal surtax on undis¬
tributed profits or excess
profit tax.
Note
The net income is before
deduction of provision for amortization
or
amount to be amortized on
basis of recapture contract in
—V
618,020
Eighth Ave. Coach Corp.]
NenfKedSlrome *3'197'539 *3.156.125 $3,001,481 $2,841,926
instalments.
248,294
297,165
^
3 Mas. End. Mar. 31—
After
227,255
259,590
and other
Gross from railway
Net from railway
Net ry. oper. income
City Omnibus Corp.—Earnings—
[Consolidating Madison
x
2,000,000
2,000,000
Treasury stock- Drll6,330 Drll6,330
1,750,421
surplus
1,864,309
Apprec. of mines
556,107
(net)-.......-545,440
b
Earned
assets
94,024,618
24,164,609
13,183,938
2433.
New York
taxes and
1,284,805
Cap. stk.(par $10)
Deferred charges..
a
6,682
96,099
90,242
taxes
,
1940
1939
1938
1937
Gross from railway.
-.$28,274,730 $27,777,349 $24,202,202 $34,832,708
Net from railway
.1
5,861 877
5,966,578
3,898,379
10,233,302
Net ry. oper.
income...
—V.
699,698
sec-
and mills bins..
"The
Date
322,850
in stopes
Inventories
Invests,
51,173
•
:
Prov.for Fed.inc.
305,583
U. S. Govt. & other
ore
$39,559
$45,639
& In transit-
Broken
•;<
1938
1939
Liabilities—
Drafts
$1,262,099 $1,252,305 Accounts payable982,256
192,122 Accrued taxes
equipment
win be extended.
j
$234,782
$1,246
$180,082
$0,956
—
Balance Sheet Dec. 31
Assets—
a
marketable
The company
11,343
quarter
Earnings per share
Bullion at smelters
New York Central RR.
paid
notes,
revenues.
a Oper.
expenses
Depreciation..
b Taxes
Operating income
$1,763,789
Non-oper. revenues
4,834
Non-oper. rev. deduct'ns
3,295
$1,610,452
4,697
1,196
$4,756,306
12,261
10,800
$4,488,210
26,195
7,609
Gross income
Int. on long-term debt-Other interest
$1,765,328
300,000
24,227
$1,613,953
$4,757,767
1,200,000
233,913
$4,506,796
1,164,792
85,087
Net income
Dividends declared
$1,441,101
$1,304,858
$3,323,854
104,590
$3,256,917
85,340
$3,219,264
1,336,776
$3,171,577
1,278,600
„
c
on
9,095
preferred stock.
Balance available for divs.
a
"■*
300.000
Inc. maint. expend, of
on
common
324,322
stock-.
312,661
b Including provision for Federal income tax.
c Amortization of debt
discount and expense and miscellaneous deductions.—Y. 150, p. 1777.
Volume
The Commercial & Financial Chronicle
ISO
New York & Richmond Gas
Period End. Mar. 31—
Operating
1940—Month—1939
$105,003
$100,920
revenues
Gross income after retire¬
ment
accruals
28,476
14,630
Net income
—V.
150,
adequate
Co.—Earnings—
on
1940—12 Mos.—1939
$1,222,652
$1,194,854
324,829
158,313
317,956
165,896
22,596
9,931
1942.
p.
New York Steam
Period End. Mar. 31—
Sales of steam (M. lbs.)
Sales of steam
Other operating revenues
Total oper.
Corp.—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
5,203,128
4,546,024
11,074,703 110,031.692
$4,992,263
$4,406,770 $10,630,362
$9,708,511
2,694
2,713
56,589
53,004
$4,994,957
2,476,057
205,000
488,171
revenues-
Operating expenses
Depreciation
Taxes
.
Operating income
$1,825,729
Non-oper. revenues
19,154
Non-oper. rev. deduct'ns
13,113
Gross income
Int. on long-term debt-b Other interest---
$4,409,483 $10,686,951
2,302,078
6,702,695
172.861
632,139
465,792
1,628,985
$9,761,515
6,451,587
$1,468,752
$1,723,132
80,651
72,160
32,832
35,097
$1,311,385
1,425,758
270,429
$1,479,658
244,843
67,106
$1,768,686
979,370
$1,525,096
150,000
$1,167,709
150,000
$501,357
300,000
Balance
$1,375,096
Incl. ma int. expend, of
235,092
$1,017,709
266,139
$201,357
966,142
x$534,802
966,179
b Amortization of debt discount and
expense and miscellaneous deduc¬
tions.
c Of net
income appropriated for acquisition of bonds or of new
property,
x Loss.—V.
150, p. 1447.
New York
287,959
150,OuO
Susquehanna & Western RR.—Earnings—
March—
Gross from railway
Net from railway.--
,
:
1940
1939
$277,317
116,052
59,606
Net ry. oper. income
From Jan. 1—
Gross from railway
807,064
317,673
141,050
Net from railway.-Net ry. oper. income
sinking fund for the first mortgage bonds, and other items of ex¬
an
ample amount for working capital.
We will require
resources and requirements more nearly current
the actual
reorganization, be submitted.
Nothing herein is to be
construed, however, as approving the prbposed issue of receivers' cer¬
tificates. the abandonment of the line known as the Suffolk & Caroline
division, the revision of the lease of the Durham & S.
Carolina, or any of
the other proposals herein referred
to, which will require the approval of
this
Commission, except those specifically designated in the order.—V.
150, p. 283.
New York
89,031
20,105
$323,995
135,500
68,327
791,562
297,739
79,131
801,024
292,220
74,573
879,491
327,189
136,783
North American Light & Power Co.—New President—At the recent organization
meeting of the board of directors following the
stockholders, Allen Van Wyck was elected President of
the company.
Directors are:
Herbert C. Freeman, James F. Fogarty,
Frederick H. Piske, Robert Sealy and Allen Van
Wyck.—V.
150, p. 2110.
North Texas Co. (&
Period End.
Operating
1940—3 Mos.—1939
1940—12 Mos—1939
$53,662,815 $51,883,852 $213269,541 $206121,530
34,901,213
34,735,369 139,701,297 140,213,235
9,236,026
8,340,074
34,703,239
32,895,627
$9,525,576
645,345
Total net income.--.
Dividends-
$8,808,409 $38,865,005 $33,012,668
626,116
2,399,063
2,587,162
$10,170,921
1,162,467
-
Interest deductions-,
$9,434,524 $41,452,168 $35,411,731
1,356,349
5,151,091
5,438,978
$9,008,454
8,426,000
Balance-.—-
$582,454 def$347,824
New York Westchester & Boston
$2,597,077 df$3731,247
Ry.—Sells Property —
The sale of the Bronx
County properties of the road to the City of New
was consummated
May 1 when James L. Dohr, receiver, received a
check for the agreed-upon price of
$1,785,000, less taxes.
The city plans
to use the property for extension of
its rapid transit system.—Y. 150, p.
Norfolk Southern Ry.-
Properties Authorized—
-Purchase
of Norfolk Southern RR.
"•
on
April
19 approved the
pur¬
chase by the Norfolk Southern
Ry. of the properties of the Norfolk South¬
ern RR.
The Commission also
granted authority
exceeding $368,000
to the Norfolk
20-year 4% secured
Southern
350,000 shares (no par) common stock, (b) to
delivery of not exceeding $404,800 of first
mortgage bonds, series A 4%%, (c) to assume obligation and
liability in
respect of not exceeding $1,737,000 of Norfolk Southern RR. receivers'
equipment trust certificates, and (d) to assume obligation and
liability, as
guarantor, in respect of not exceeding $700,000 of
10-year 1H % serial notes
of the .Norfolk & Portsmouth Belt Line
RR., the securities to be issued and
obligation and liability to be assumed in connection with the
reorganization
of the
Norfolk Southern IiR.
The Commission dismissed that part of the
application seeking authority
to issue common stock purchase warrants in
respect of not exceeding 4,800
shares of no par value common stock.
When and if the plan becomes
operative, the new securities are to be
distributed under the terms and conditions set forth in the
plan and agree¬
ment in exchange for the certificates of
deposit issued under the reorganiza¬
tion agreement or the several deposit
agreements.
The holders of such
certificates will receive for each $1,000 bond and interest
accrued thereon
to
Juiy 1, 1938, securities as follows:
(1) For Norfolk & Southern first mortgage bonds, $1,100 of first
mortgage
bonds, series A, $50 scrip for first mortgage bonds, $100 of income
bonds,
$50 scrip for income bonds and $8.33 in cash.
(2) For Norfolk & Southern first general mortgage bonds, $450 of first
mortgage bonds, series A, $550 of income bonds, and three shares
of com¬
stock.
Raleigh
&
Cape Fear bonds, $1,000 of first mortgage bonds,
series A, and 3.16 shares of common stock.
(4) For Raleigh & Southport bonds, $100 of first mortgage
bonds, series
A, $500 of income bonds, and 4.76 shares of common stock.
(5) For Aberdeen & Asheboro first mortgage bonds, $500 of first mort¬
gage bonds, series A, and $800 of income bonds.
(6) For Norfolk Southern first and refunding mortgage
bonds, $100 of
first mortgage bonds, series A, $500 of income
bonds, and 4.8 shares of
common
(7)
Suffolk & Carolina first consolidated mortgage bonds, $350 of
first mortgage bonds, series A, $100 of income
bonds, and one share of
stock.
Unpaid
ment
coupons
before
treatment
as
that
$1,350,106
745,722
202,049
146,798
$26,428
$275,886
$255,537
7
due prior to July 28, 1932, but not presented for
pay¬
date, in the amount of
the principal of the respective
$12,275,
will
-
-
r
33
-
Retirement accruals
$26,435
12,918
$275,886
143,815
•$255,570
137,236
Gross income
Int. on equip, notes, &c_
$20,655
$13,517
1,034
$132,071
821
10,851
$118,334
5,795
Bal. before bond int..
$19,834
2,850
$12,483
3,442
$121,220
38,929
$112,538
43,480
$16,984
$9,041
$82,291
37,931
$69,058
43,258
$44,360
$25,800
Int.
on
bonds (3% fixed)
Balance
3 % income interest
on
•
bonds
Net income
Northampton Street Ry.—Earnings—
3 Months Ended March 31—
Net profit
Average
—V.
revenue per
1939
$6,992
330,634
9.59 cts.
fare passenger
1940
$5,198
329,303
■
Revenue fare passengers
9.48 cts.
150, p. 1780.
All of the outstanding 10-year 1st mtge. and collateral trust
sinking fund
bonds have been called for redemption on June 15 at 103 and accrued
interest.
Payment will be made at the International Trust Co., Denver,
Colo., or at the Bankers Trust Co., N. Y. City.—V. 149, p. 3271.
Co.—Weekly Output—
Electric output of the Northern States Power Co. system for the week
1940, totaled 27,048,753 kwh., an increase of 4.1%, com¬
pared with the corresponding week last year.—V. 150, p. 2736.
ended April 27,
Ohio Electric Power Co.—Bonds Called—
See Marion-Reserve Power Co., above.—V.
Ohio Oil Co.—To Pay
receive
the
Ohio Central Telephone
reorganization manager in cash.
The Norfolk Southern common stock will be entitled for each
share,
common stock purchase warrant giving the holder the
right to
Operating
expenses,
1940
For the benefit of the holders of the Norfolk Southern first and
refunding
bonds, the stock and bonds of the John L. Roper Lumber Co. and
$67,747
22,764
15,719
33,004
20,684
C'rl02
common
7,500
$21,922
6,750
$19,085
stock and surplus-
2,320
$26,585
J
57
3,135
Dividends paid or accrued on preferred stock
Balance available for
1939
$119,173
51,426
$78,341
.
Amortization of debt discount and expense.
Provision for Federal income tax
$15,172
—V. 150, P. 2737.
Oklahoma City-Ada-Atoka
March—
1940
Gross from railway.
Net from railway
6,071
def301
Gross from railway
69,357
11,909
def7,089
Net from railway
Net ry. oper. income—
Ry.—Earnings—
1938
1937
$27,974
6,118
def1,058
$37,271
11,679
2,515
$48,699
19,762
10,326
85,553
114,269
22,598
44,795
1,601
19,310
122,373
41,953
14,019
1939
$25,614 V.
...
Net ry. oper. income—
From Jan. 1—
•
—V. 150, p. 2112.
Oldetyme Distillers Corp.—Sale to Schenley—
A contract under which the Schenley Distillers
Corp. would acquire all
plants, whiskies, brands and good-will of the Oldetyme Distillers
Corp. has been negotiated by officers of both corporations and will go into
effect if approved by Oldetyme stockholders, Schenley officials announced
May 1.
The transaction, it was added, will involve more than $4,000,000.
Through the purchase of the Oldetyme assets and plant, Schenley, which
now operates eight distilleries in Pennsylvania, Indiana, Kentucky, Cali¬
fornia and New York, would acquire a distillery at Cedarhurst, Md.;
another at Limestone Springs, Ky.; a rectifying plant in Jersey City, and a
spirits distillery in Newark, N. J.—V. 150, p. 2434.
i__
of the
Oliver United Filters, Inc.—25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share on the
class B
stock, payable May 20 to holders of record May 10.
Last previous distri¬
bution was the 50-cent dividend paid on Dec. 23, 1938.—v. 149, p. 3272.
Otis Steel
Co.—Earnings—
3 Months Ended March 31—>
r.
Profit
Bond int. and amort, of bond discount & expense—
1940
$277,219
166,732
1939
$673,337
168,532
276,000
Loss before Federal tax
—V. 149, p. 3272.
on
income
'
276,000
$165,513
Depreciation
pf$228,804
'
Outboard, Marine & Mfg. Co. (& Subs.)—Earnings—
purchase,
preference
will, when allowed by the court, be entitled to receive common stock on the
basis of one-fifth of a share for each $100 of principal and interest so
allowed.
1289.
$134,211
55,870
maintenance and taxes
Net income from operations
Interest.
one
during a period of three years after the date of consummation of the plan on
stated conditions, 3-100 of a share of common stock of the
applicant at $10
a share during the first two years and at $12.50 a share
during the third year.
General creditors who have unsecured claims, entitled to a
preference,
will be paid in cash, and those having claims not entitled to a
p.
Corp.—Earnings—
3 Months Ended March 31—
same
bonds, but may be paid by the
150,
Common Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable June 15 to holders of record May 10.
This will be the first
dividend paid on the common shares since Dec. 15, 1938, when 20 cents per
share was also paid.—V. 150, p. 1944.
stock.
For
common
197,119
146,557
758.415
$30,901
10,246
Nft income
Ry.
notes, $3,918,000
procure the authentication and
For
13,014
Balance
first mortgage bonds, series A, 4H%
$6,892,300 of general mortgage con¬
vertible income bonds, and
(3)
$1,377,978
Depreciation-
Interstate Commerce Commission
1940—12 Mos.—1939
$119,411
63,825
15,213
13,944
$30,901
Net operating revenues
Non-oper. income (net).
York
mon
$124,667
64,742
16,009
.
Taxes
$8,078,175 $36,301,077 $29,972,753
8,426,000
33,704,000
33,704,000
—V. 150, p. 2433.
not
Mar. 31— 1940—Month—1939
revenues——
Operation
Maintenance
Northern States Power
Net oper. income
Other income (net)
Total income-
Subs.)—-Earnings—
Northern Oklahoma Gas Co.—Bonds Called—
Telephone Co.—Earnings—
Period End. Mar. 31—
Operating revenues
Operating expenses
Operating taxes-
issue
and leave
1937
1938
$266,300
96,273
29,482
$264,512
—V. 150, p. 2110.
(a) to
of the reorganization, interest
•a£ a,statement of cash
with
x$384,802
Net incomp
Misceil. reservation
The
expenses
and
pense,
$1,272,057
18,377
7,471
446.621
1,591,250
$1,831,770
244,843
61,831
.
a
all the
annual meeting of
a
c
2891
at that time to pay
Period End. Mar. 31—
Net
sales
Cost of products sold, &c
Prov. for depreciation of
1940—3 Mos.—1939
$2,111,336
1,870,144
$1,765,511
1,494,962
1940—6 Mos —1939
$2,400,741
$3,044,182
2,205,299
2,845,823
_
30,897.
33,436
60,031
62,351
Net profit from oper..
Other income
$210,295
23,892
$237,113
9,133
$138,328
$133,090
17,522
$234,188
4,555
25,069
$246,245
3,753
$174,809
4,741
35,382
$150,612
4,355
38,000
50,950
plant & equipment
36,481
mortgage
any contracts executed by that company are to be held by a trustee, and
the bondholders will receive in evidence of their beneficial interest
transfer¬
able certificates of participation in the trust.
Net
profit before other
charges & inc. taxes._
Interest paid, &c
Loss on for. exchange._
x
.
The Commission in its report states:
The
proposals now before
to be done
us are in a formative state and much remains
before the plan can be consummated and before we can
make,
without reservation, the
findings necessary to granting our approval.
The
present showing as to the applicant's ability to meet the cash requirements
of the reorganization appears to be satisfactory, but it is
impossible to
determine now what its position may be at tne time the cash is needed, how
much additional cash may be required, or whether its resources will be
Prov. for Fed., Wis., and
Canad. income taxes-
x
38,000
50,950
$95,307
Including adjustment resulting from conversion of accounts of Canadian
Net profit-
------
$166,563
$191,542
$96,686
subsidiary to U. S. dollar basis amounting to $19,695 for the three months
ended March 31,1940 and $29,760 for the six months ended March 31,1940.
—V. 150 848.
,
Chronicle
The Commercial & Financial
2892
Pennsylvania Water & Power Co.
Co.—Preferred Dividend—
Oxford Paper
May
$1.25 per share on account of ac¬
cumulations on the $5 preference stock, payable June 1 to holders of record
May 15.
Dividend or like amount was paid on March 1, last, and one of
$1 was paid on Dec. 1, 1939, this latter being the first dividend paid since
March 1, 1938, when a regular quarterly dividend of SI.25 per share was
Directors have declared a dividend of
3 Months
Ended March 31—
Operating revenues...—..........
Operating expenses
Depreciation—
Taxes.....---
If^O
Operating income.
134,779
of 75 cents per share on the common
stock, payable June 15 to holders of record June 1.
was paid on Dec. 15, last; one of 25 cents was paid on
previous payment was 25 cents per share
V. 150, P. 1609.
$524,695
1938
1937
dividends
26,866
429,848
$67,980
$101,943
$144,582
Common stock
150, P. 1143.
—V,
$2,285,495
863,522
806,842
398,223
155,740
394,406
157,826
18,625
389,529
18,525
388,872
19,032
382,189
18,849
367,612
Amort, of debt discount
and expense
173,004
x
$508,559
180,687
267,976
140,687
$551,844
$525,199
171,500
171,500
267,976
267.976
Includes non-operating income.— -V. 149. p. 2983.
Net
Income
Preferred
$646,180
dividends
Commonstk. dividends-
64,791,469 240,7l6,592 232,886,776
54,957,127 233,050,989 216,358,399
70,527,916 285,308,720 250,807,451
T°theriS'.8-!!1.e!-.i-195,404,377
190,276,512 759,076,301 700,052,626
R9,| ar revenue—'
$8,685,087
Total gas sales
$152,812
Net profit
$120,690
After depreciation, depletion, interest
before surtax on undistributed profits.
x
Bonds Called—
A
'
$70,913
Gas produced-........
Operation
Int.
$1,723,751
$4,948,338
430,772
326,518
2,124,241
■
.
1,
1,724,569
$2,525,241
824,086
,050,269
846,606
$7,072,579
3,329,326
$6,158,727
3,400,101
59,473
77,699
59,474
77,988
237,892
309,057
237,901
270,183
52,319
47,819
52.319
209,277
237,139
209,277
8,436
$1,463,845
150, p. 2264.
$1,005,447
$2,749,889
$1,932,979
656,119
$2.23
656,119
$1.53
656,119
$4-19
656,119
Other interest charges..
of intangibles of
Amort,
subsidiary companies.
Miscell. inc. deductions-
1940—Month—1939
$371,292
$352,526
224,589
252,064
54,500
34,000
Period End. Mar. 31—
$4,079,920
2,888.476
345,000
$66,462
26,252
$1,204,637
322,173
$846,445
284,897
$40,210
17,500
3,300
$882,464
210,000
39,598
$561,548
244,466
3,300
$44,027
Gross income
Net
Divs.
$19,410
$632,866
$313,782
$92,203
27,375
income
pref. stock
on
1940—12 Mos.—1939
$4,408,723
2,764,586
439,500
Int. and other deduct'ns
Amort, of pref. stock exp.
108,286
Shs. of stock in hands of
$64,827
17,500
3,300
revenue
Oper. expenses and taxes
Prov. for depreciation..
Net income
„
public
Earnings per share.
Pennsylvania Power Co.—EarningsGross
long-term debt..
of debt disct.
and expense
Payment will be made at the Philadelphia, New York and Boston offices of
Brown Bros. Harriman & Co.—V.
—
Amortiz.
and Federal income taxes, but
total of $54,000 first mortgage 4K% sinking fund bonds due Dec.
on
$4,434,157
$2,094,469
Operating income
Gross income
1960 has been called for redemption on June 1 at 102H and accrued interest.
325,32o
*
$10,763,742 $40,968,193 $39,142,020
3,974,305 15,908,188 14,967,868
450,819
431,802
1,522,851
1,365,199
2,416,034
2,360,592
9,690,547
9,554,034
306,059
282,285
1,373,419
1,571,877
762,599
766,253
3,060.136
3,076,783
1,279,815
1,224,751
4,464,715
4,172,101
Total oper. revenues..$11,425,674
Gas purchased
4,115,879
Depreciation
$175,264
375,77o
75,444
77,946
by non-utility subs.
Taxes
1937
1938
2,972,847
5,969,641
rev.$il,219,230 $10,548,699 $40,045,483 $38,242,925
128,498
139,598
546,935
573,771
Otherincome.
1939
3,342,791
6,780,738
776,786
1,676,901
Other gas service revs
Gross profit from sales
Pennsylvania Glass Sand Corp.—Earnings—
1940
$8,095,012 $29,921,954 $29,300,437
675,548
1,858,595
Interruptible service
utilities
Other gas
Maintenance
Pennsylvania-Dixie Cement Corp.—New Director—
x
1940—12 Mos—1939
1940—3 Mos—1939
72,061,490
Interruptible service.. 44,875,851
Other gas utilities
78,467,036
George Kilian. Secretary and Treasurer, has been elected a director to
succeed Walter S. Wing, resigned.—V. 150, p. 2739.
-n
3 Mos. End. Mar. 31—
(& Subs.)—Earnings-
Peoples Gas Light & Coke Co.
Period End. Mar. 31—
1936
$2,376,726
918.671
Res. for accrued deprec.
$601,296
429,848
Gen. customers' serv.
419,751
142,388
__
3,507
Gas sales in therms:
Oper. exp. and all taxes.
charges
Cr69
2,680
$558,657
26,866
Dividend of 50 cents
June 15,1939, and the
Maintenance.
Interest
9,500
Cr23
26,866
c
1939
$2,535,144
262,100
10,500
429,848
Telephone Co. —Earnings
revenue
$876,403
—
3,014
Net income
distributed on Dec. 15, 1937.—
$2,097,896
676,073
366,966
159,833
Gross
—
~
Preferred stock dividends
Transportation Co.—Transfer Agent—
Calendar Years—
x
m
5,309
assumed on interest...
Interest charged to construction..
Miscellaneous income deductions.
Company has notified the New York Stock Exchange that, effective
May 13, 1940, its commno stock will be transferred at the office of Schroder
Trust Co. instead of at the company's offices.—V. 150, p. 2738.
Peninsular
$832,088
260,320
C'r2,281
Taxes
Gen, customers' serv.
Parmelee
110,846
$764,827
234,113
-
debt... —.
Amortization premium on debt...
Interest on long-term
$779,564
96,839
$721,242
110,808
Surplus
Parker-Wolverine Co.—Dividend—
Directors have declared a dividend
132.258
202.936
200,956
$654,019
Other income
Gross income
$1,598,420
483,663
152,731
_ —
1938
$1,532,968
475,991
6o8,092
13o,95o
distributed.—v. 150, P. 2738.
Pacific American Fisheries, Inc.—To Vote on Loan—
Stockholders at their annual meeting will be asked to approve the action
of the directors in procuring for refinancing purposes a loan of $1,250,000
in November, 1939.
This loan, which may be increased to $1,500,000, is
secured by a mortgage of fixed assets, floating equipment, and stock of
subsidiaries; a loan of $225,000 secured by life insurance policies and gen¬
erally commodity loans secured by canned salmon.
The loan bears the interest rate of 5% which has been currently reduced
to 4%, but is subject to reinstatement at 5% upon demand of the Recon¬
struction Finance Corp.
The loan may be increased to $1,500,000, accord¬
ing to the proxy statement, in the event the company disposes of 123,132
shares of unissued capital stock for not less than $600,000.—V. 149, p. 3880.
-Earnings
(& Subs.)
1939
$1,600,797
-
1940
4,
Note—The consolidated income accounts as shown
„
$2.9o
above eliminate the
of the higher rates for gas service which have been charged since
5, 1938.
Rate Litigation—On April 1, 1940, the U. S. Supreme Court declined to
review this company's appeal from the opinion of the Supreme Court of
Illinois in this company's rate litigation on the ground that no substantial
Federal question was involved.
We have always felt that the company was
entitled to the relief granted by the decree of the Circuit Court of Cook
County, 111., in this matter and, m our opinion, the case as presented to
the U. S. Supreme Court did involve a substantial Federal question which
affects the rights of this company.
However, that Court having held to the
contrary, the case is closed.
The company immediately put into effect the lower rates for gas service
to the 840,000 customers involved and is taking the necessary steps to begin
refunding the impounded money as promptly as possible.
The refunding
operation will constitute a tremendous clerical task involving the examina¬
tion of about 20,000,000 items on the company's books and the issuance or
more than 1,000,000 refund checks.
The completion of the refunding will
effect
Feb.
_
,
Balance
—V.
150, p. 1609.
Pennsylvania RR.—Earnings of System—
[Including Long Island RR. and Baltimore jk Eastern
Period End. Mar. SI—
Railway
Railway
1940—Month—1939
RR.J
1940—3 Mos.—1939
revenues_$37,662,023 $35,275,132 $114208,975 $101275,517
oper. expenses. 27,591,975
26,349,107
86,163,149
76,904,011
oper.
Net rev. from ry. oper.$10,070,048
Railway taxes
2,866,895
Unemploym't ins. taxes515,250
Railway retirement taxes
515,314
Eqpt. rents—Dr. bal...
573,783
293,964
$8,926,025 $28,045,826 $24,371,506
2,465,632
7,400,837
6,367,094
497,334
1,593,650
1,451,691
1,299,095
451,376
1,593,993
363,444
1,138,585
1,572,035
312,665
857,564
868,123
$5,304,842
Jt. facil. rents—Er. bal.
1940
Gross from railway
Net from railway
Net ry. oper. income.
Net ry. oper. income.
—V. 150, p. 2435.
.
.108,602,565
27,492,533
15,627,941
.
_
1938
1937
$35,722,506 $33,320,950 $28,918,609 $40,706,521
9,827,084
8,741,072
7,418,194
10,772,096
5,459,458
5,039,060
3,702,346
7,324,316
_
From Jan. 1—
Gross from railway
Net from railway
1939
.
95,690,220
23,847,945
13,728,714
82,904,131 114,698,370
27,351,004
17,903,710
7,727,193
17,873,211
Pennsylvania Reading Seashore Lines—Earnings—
March—
Gross from
1939
1940
railway...
Net from railway
Net ry. oper. income.
From Jan. 1—
Gross from railway...
Net from railway
Net ry. oper. income.
..
...
_.
1938
1937
$389,119
def79,288
def230,536
$352,346
def95,670
def225,182
$342,812
def96,732
def235,257
$439,365
def23,180
defl70,357
1,148,628
def262,550
def695,763
1.028,179
def245,890
957,592
def317,114
def706,089
1,163,590
defl79,270
time.
„
.
1939 and 1938 are restated herewith
higher rates for gas service which have been
This restatement does not after the net income
charged since Feb. 5, 1938.
or earnings per share for the periods involved as
Consolidated Earnings for the
previously reported.
Calendar Years
231,088,146
.243,132,265 209,203,20o
..277,369.600 243,226,241
General customers' service..233,446,571
Interruptible service.
Other gas utilities
753,948,436 683,517,592
Total gas sales in therms
revenue:
General customers' service
$29,331,878 $29,z22,578
Gas sales
3,444,029
6,599,044
Interruptible service............
'
Other gas utilities
;
Total
$40,306,261 $38,722,808
15,766,614
14,693,902
1,503,834
1,358,472
9,635,106
9,578,486
1,349,645
1,653,274
3,063,790
3,093,060
4,409,651
4,183,549
-
....
Operation.
Maintenance
Depreciation
—
..
def616,585
def603,064
—V. 150, p. 2112.
Pennsylvania Telephone Corp.:—Earnings—
Calendar Years—
1939
1938
1937
$2,088,193
$2,030,994
306,607
37,098
$1,953,962
$2,374,699
Provision for uncollectible accounts..
$2,467,256
2,479
$2,327,942
6,905
Total operating revenues
Operating expenses and taxes
$2,464,776
1,750,330
$2,371,883
1,732,741
$2,321,037
$714,446
Drl0,707
$639,142
Dr4,070
$676,9^54
$703,739
$635,072
j
Taxes
$4,577,6^:0
2,019,988
208,000
Cr8,042
Cr26,829
5,023
Cr3,753
$408,652
$457,408
104,676
104,676
300,000
340,000
$4,162,064
1,717,638
$6,597,608
Other income
197,757
$5,879,703
3,418,038
237,904
290,310
209,277
96,851
$2,291,491
$1,627,323
656,119
$3.49
Gross income
Interest on long-term debt--Amortization of debt discount and expense
Other interest charges.
...
Amortization of intangibles of subsidiary companies
656.112
$2.48
3,351,846
237,893
309,346
209,277
$668,226
222,083
8,814
334,450
373,273
non-utility subsidiaries-
operating revenues
Gas purchased
Gas produced..
2,841,856
5,730,971
$39,374,952 $37,795,405
558,036
592,953
Total gas sales revenue
Other gas service revenues
Gross profit from sales by
Operating income
...
1938
1939
Gas sales in therms:
Earnings of Company Only
March—
months'
The consolidated Income accounts for
$4,835,574 $15,027,747 $13,246,918
__
Net ry. oper. income-
take several
to eliminate the effect of the
Local
service revenues
ToU service
revenues
Miscellaneous
341,084
37,979
revenues
Total.
...
..
earnings
on long-term debt
Interest
General interest
Interest charged to construction
Amortization of debt disct. & expense
Net income
Preferred dividends
Common dividends
—V. 149, p. 3725.
Net income
.
Shares of stock in hands of public
-
Net operating income.
Other income (net)
Net
325,106
48,874
Miscellaneous income deductions
4,773
$476,110
181,005
318,000
2,816
40,226
1,644,083
Dr8,728
208,000
1,548
5,023
Earnings
—V.
per
150,
p.
share
2265.
-
Petroleum Heat & Power Co.—Earnings—
9 Months Ended March 31—
Consol. net profit after prov. for Fed. income taxes
Earnings per share
—V. 148, p. 2910.
on common
stock
Peoria & Eastern Ry.—Plan
1940
1939
$596,008 loss$277,491
$0.65
Nil
Hearing Set—
■'./
judges, sitting as a statutory court, on April 29 fixed
hearing on a proposed adjustment of an issue of first consoli¬
dated mortgage bonds of the company.
It was reported that 78% of the
bondholders have approved the adjustment.
Bonds with a face value of
$8,376,000 are outstanding.
The court, consisting of Circuit Judge Learned Hand and District Judges
John M. Woolsey and Murray Hulbert, granted the request of the William
Carnegie Ewen committee for permission to intervene in the proceedings.
Three
Federal
May 8 for
a
„
Volume
150
The Commercial & Financial Chronicle
The committee,
representing holders of the railroad's
4% income bonds, will
oppose certain features of the
plan affecting an operating agreement with
the Cleveland Cincinnati
Chicago & St. Louis
RR.—V. 150, p. 2591.
Pfeiffer
Brewing Co.—Earnings—
3 Mos. End. Mar. 31—
profit after deprec.
1940
Net
and Federal
taxes....
Earnings
per
$86,898
surtax on
1938
1937
x$74.381
$0.17
$82,153
$0.20
share..$0.20
Before provision for
x
1939
x$22,415
$0.06
undistributed profits.—V. 150,
p.
2265.
Phelps Dodge Corp.—Debentures Called—
J. P. Morgan & Co., Inc., as
sinking fund agent, has drawn by lot for
redemption on June 15, 1940 at 105 and accrued
interest, out of moneys in
the sinking fund,
$1,142,800 principal amount of con v. 3J^% debentures,
due 1952.
Payment will be made on and after June
15 at the New York
office of J. P. Morgan &
Co., Inc.—V. 150, p. 1783.
Philadelphia Co.—New Directors—
At the recent annual
meeting of stockholders Leo T.
Gas & Electric Co., and Ward
of Standard
Frank R. Phillips
was
Crowley, Chairman
Perrott, also associated with
Standard Gas & Electric,
were elected directors of this
company.
reelected President.—V. 150,
expenses
Prov.
for
deprec. of
15,485,702
plant
prop.,
1937
$19,338,135
16,971,895
18,172,868
&
equipment—operations.
622,120
697,118
705,204
Operating profit..-Other income,.
$934,934
$684,042
52,533
$460,063
69,773
Total income
Interest on funded debt and
mtges...
$994,971
78,056
$736,576
93,270
5,060
$529,837
110,949
,.
60,038
Interest—other
4,980
Loss (net) on disposal of
prop. & eqpt.
15,066
10,842
8,180
174,150
67,490
x
Expenses (net) of non-oper. prop...
Miscellaneous deductions
Prov. for Federal & State income taxes
Divs. on subs, preferred stocks
Income applicable to
minority ints...
Loss from opers. of sub. sold Jan.
19.
1940—
..
—
—
y
amount
Includes
profits.
x
24,677
12,842
y52,545
36,293
50,204
58
$404,887
of
and sold
$19,574 in
$4,800 surtax
1939,
on
14,000,000 radio
by Philco since 1928.
Of major
$20,138 in
undistributed
After all charges.
company's history.
receiving sets have
manufactured
importance in Philco's
the first successful commercial
application of an automatic volume control
circuit using a diode
rectifier, improvement of automobile radios to a point
where they are now in
general use, creation of the modern
battery set
business, development of the portable radio so that it has become a
major
branch of the
industry, and establishment of new standards of high-fidelity
radio reception, with the result that in
the past five years
ment in the
quality of broadcast
a
general improve¬
reception has been brought about in this
More recently, the company's research activities have also re¬
country.
a number of
important advances in the art of television.
On Jan. 1, 1940, the name of the
company was changed to Philco Corp.
and principal laboratories and
plants are located in Phila¬
delphia.
These plants contain
approximately 1,000,000 sq. ft. of manu¬
Its main office
facturing and storage space.
Other laboratories are situated in Detroit,
and other
manufacturing and assembling plants for radio, refrigeration and
air-conditioning are located in several Eastern and Mid-Western States, and
Canada.
Philippine Long Distance Telephone Co.—-Earnings—
Calendar Years—
Telephone operating revenues
Miscellaneous income
1939
Operating
expenses
Depreciation and amortization
Taxes
...
;
General services and licenses
Provisions for reserves
Other deductions
1937
$1,487,422
1,993
$1,418,844
$1,635,895
558,708
289,768
269,097
33,016
23,397
Total income
1938
$1,622,851
13,044
Current maintenance
Consolidated Balance Sheet Dec. 31, 1939
[Excluding Assets and Liabilities of Subsidiary sold Jan.
19, 1940]
Assets—Cash in banks and on
hand, $1,445,389; accounts receivable,
$693,896; inventories, $398,097; investment in
subsidiary sold Jan. 19,
1940, at realized amount (by
agreement, to be applied in reduction of notes
payable—banks, due subsequent to 1940, per
contra), $144,131; due from
officers and employees, less
reserve, $9,563; other receivables, less
reserve,
$75,143; cash deposited with trustee in lieu of
mortgaged property de¬
stroyed, $14,046; investments,
$99,774; prepaid expenses and deferred
charges, principally supplies, insurance, leasehold
improvements, taxes
and discount on bonds,
$252,033; property, plant and equipment, not used
in operations (less
reserves, for depreciation $261,046 for
possible loss on
disposal $463,059), $209,375;
property, plant and equipment (less reserve
for
depreciation of $6,701,007),
$5,419,873; bottles, cases and cans,
$152,175; goodwill, less excess ($371,251) of
parent company's equity in the
net assets of subsidiaries
over its net investment
therein, $3,389,073; total,
$12,302,566.
been
growth are its research activities.
The
companies maintain one of the few
large engineering staffs in the radio
industry.
Among the achievements of the Philco laboratories have been
$287,528
Consolidated Earnings for 3 and 12 Mos. Ended
March 31
Period End. Mar. 31—
1940—3 Mos—1939
1940—12 Mos.—1939
Consol. net income
loss$2,407
$30,445
$495,303
$455,592
x
Approximately
in
$535,329
Includes depreciation in the
1938 and $26,795 in 1937.
obligations.
Corporation was organized on Oct. 11,
1892, under the laws of Penn¬
sylvania, as "The Helois Electric Co." and manufactured
electric arc
lamps and, later, storage batteries.
The name of the company was changed
to
Philadelphia Storage Battery Co. on July 25, 1906, at which time the
chief products were
storage batteries for electric cars, trucks, and ignition
batteries for gasoline vehicles.
Later starting batteries were added to the
line of products.
By 1920, sales volume amounted to $4,000,000 a year.
Shortly after the introduction of radio in 1920, Philco began the
produc¬
tion of storage batteries
especially designed for radio receivers.
In 1924
the company's research
organization produced a device called "socket
power" which provided for the
operation of radio sets from electric light
sockets.
So rapidly did the demand for
"socket power" units grow that by
sulted in
39,393
7,812
135.950
100,861
-
Net income-.
x
4,945
...
17
-
subsidiaries, as of
Dec. 21, 1939, showed current assets of
$17,093,320, and current liabilities
$4,480,932, with cash substantially in excess of current
of
The company entered the
radio receiver manufacturing business in 1928
and since 1931 has led the
industry in volume of sales and number of sets.
Sales of radio receivers last
year were the largest in the
Philadelphia Dairy Products Co., Inc. (& Subs.)—
Years Ended
Dec. 31—
1939
'
1938
Net sales
$17,042,755 $18,353,054
Cost of sales, mcl.
sell., admin. & gen.
broadcasting and television appear to hold unusual promise for Philco.
-"The present
management of the company, which has been associated
with it for many
years past, will continue in office."
Sales of Philco
Corp. and subsidiaries last year totaled $45,423,184.
The consolidated balance sheet
of Philco Corp. and
1927 the company's sales reached
$15,400,000.
2739.
p.
2893
dollars.
Also, in 1938 the company started the sale of portable air-condi¬
tioning units and already leads the industry in this new and
growing business.
"The present
prospects for new developments such as high
frequency
$1,489,415
516,341
251,136
245,081
30,913
21,607
$1,429,913
11,069
422,277
215,371
296,256
27.025
21,457
90,000
78,790
Net income
Dividends paid
46,000
56,852
$383,116
352,855
.
$378,337
352,855
$300,674
—V. 148, P. 2282.
367,675
Phillips Petroleum Co. (& Subs.)—Earnings—
Quarter Ended March SI—
1940
1939
Gross income (1940 non-operating income $626,059)
$27,165,788 $25,092,439
Cost of products sold, operating and general ex¬
penses
t
taxes and interest
18,875,336
18,903,929
Net operating profit
$8,290,452
Reserves for depletion, deprec., development costs
and retirements.
5,003,831
$6,188,510
—
Liabilities—Notes payable—banks,
$192,000accounts payable, $800,087;
expenses,
accrued
principally salaries
and
wages,
and taxes, $204,405;
employees' cash deposits, $92,360,
mortgages and instalments thereof due
within one year, $14,595;
portion of bonds of subsidiaries,
payable within
one year, less bonds in
treasury, $36,500; dividend payable on
subsidiary's
preferred stock, $4,375; provision for Federal and
State income taxes, $194,749; notes payable (banks, due
subsequent to 1940), $204,000; mortgages
payable, due subsequent to 1940,
$12,564; funded debt of subsidiaries held
publicly, less portion of bonds payable in 1940,
$775,000; preferred stocks
of subsidiaries held
publicly (at redeemable value and accrued dividends
thereon), $1,460,609 minority interest in common
stock-and surplus of
subsidiary, $200; first preferred shares, $6 cumulative
48,924 no par shares,
stated value, $4,892,400; second
preferred shares, $4 non-cumulative and
participating with common shares in dividends in excess of
$4 per common
$100 ($104 per share and declared but
unpaid dividends with respect to previous calendar
years, and on liquidation
to $100 per share and declared
but unpaid
dividends) 44,128 no par shares,
stated
6hare
Entitled
on
redemption to
value, $1,765,120; common shares
(par $0.25), $27,720; paid-in
surplus, $1,078,586; earned surplus
(of which $134,129 is specifically re¬
served
as
available for dividends
$615,247; less reacquired
V. 150, p.1945.
on
shares,
first and second preferred shares
only),
at
cost,
$67,951; total, $12,302,566.—
Philadelphia Transportation Co.—Interest
Payment—
Twelve thousand holders of
consolidated mortgage bonds of this
company,
who received 3% interest for
1939, will receive on July 1 an additional
2.52%
"earned interest," it was announced on
April 30 by the board of directors.
Under the reorganization
plan of the transit system, holders of new
P. T. C bonds get 3%
interest, plus another 3% if earned. After
6% has
been paid to bondholders, stockholders
begin to share in the profits.
The announcement means that
owners of the former
underlying companies
of the Philadelphia
Rapid Transit Co., now bondholders in the
P. R T.,
will be the only ones to share in the
earnings for 1939.
Employees of the
system, who, as stockholders in the former P.
R. T., received common
stock in the new
company, will receive no dividends and the
same is true
of former holders
P. R. T.
of
Philco
on
preferred stock.—V. 150,
Corp.—Stock
New York Stock
p.
to Be Distributed
Publicly and Listed
Exchange—
privately-owned company.
result
through
?ublic offering a part of their holdings of of sufficient additional
the reclassified common
resent plans also look to
public offering
a
stock
to
obtain
a
stock,
common
funds
to retire all
outstanding preference stock.
Upon
completion of these plans, the common stock will
represent the only out¬
standing securities of the coimoration, and application will be
made to list
this stock on the New York
Stock Exchange.
The company is in negotia¬
tions with Smith
Barney & Co. in connection with the proposed
public
offering of the common shares.
In
discussing the financial program made possible by this action of the
stockholders, James T. Buckley, President, said:
"The
principal purpose of this change in Philco's capitalization, apart
from
retiring the present preference stock, is to put the corporation in a
better position to raise such additional
capital from time to time as may
become necessary or desirable for a
growing business.
Philco, which has
hitherto been a privately-owned
company, has now reached a point in size
where its future development will be best served
by access to the capital
market.
"In addition
to
carrying
on
its radio manufacturing activities,
entered the domestic refrigeration field late in
the
business
had
gross
refrigerator
per
share.
sales
Philco
1938 and in its first year in
amounting
$1,485,533
$0.74
$0.33
—
Frank Phillips, Chairman states:
'
The company's total sales volume of finished
products was greater than
for the first quarter of 1939.
Gasoline prices continued low because of
large inventories and excessive crude oil runs to refineries in the industry.
It is
hoped that crude oil production and runs to refineries will be more
in keeping with prospective domestic demand than with
expectations of
large exports, which have not materialized.
A substantial portion of the non-operating income
reported above was
derived from the
licensing and exchange of patent rights for manufacturing
neohexane and other products.
These rights are now available, through
icense, to the industry.—Y. 150, p. 1945.
Phoenix
Hosiery Co.—Accumulated Dividend—
The directors have declared
a dividend of 87 H cents
per share on account
the 7% cum. pref. stock, par $100, payable June 1
May 18.
Dividend of $1.75 was paid on March 1,
last, and dividends of 87XA cents were paid in each of the 27 preceding
quarters.—V. 150, p. 1291.
of accumulations
to
on
holders of record
Pinellas Water
Co.—Earnings—
3 Months Ended March 31—
Maintenance
.
.
.
.
.
Taxi-.----
.
-
Provision for depreciation
Net operating revenues
Other income (net)
—
$90,930
22,002
320
580
6,112
$54,404
501
$53,730
$54,905
14,300
$54,231
.........
.
^
$90,243
19,48o
7,330
8,704
—
-....... .
1939
*940
Operating revenues..
Operations
Gross income
of this action, the par value of the
outstanding common stock
will be changed from $100 to $3.
Each share of present common
stock will
be exchanged for 33 1-3 shares of new
common stock.
When effect has been
given to the exchange, corporation will have
outstanding 1,221,100 shares of
common stock and
28,385 shares ($100 par) $5
preference stock, but no
bonds, mortgages or funded indebtedness of
any kind.
It is contemplated that present
stockholders will agree to sell
a
Earnings
4,702,977
$3,286,621
-
—
....—...
8,505
601
2591.
Stockholders of the
corporation, the largest radio receiver
manufacturing
company in the United States, at a special
meeting this afternoon voted to
amend the articles of incorporation to clear
the way for public
participation
in ownership of the
corporation's securities.
Heretofore Philco has been a
As
Net profit
to
several
million
Interest
on
1st mtge.
—
bonds
Interest on long-term note payable to parent cb._
Interest on unfunded debt
;
Amortization of debt discount and expense.......
Provision for Federal income tax—
Net income
....
14,699
16,250
16,250
^
244
3,551
,
------
2,292
925
955
$19,635
$20,035
—V. 149, p. 2984.
Pioneer Gold
Producers, Inc.—Promoters Indicted—
The Department of Justice and the Securities and Exchange Commis¬
sion April 29 reported that a Federal Grand Jury in U. S. District Court at
Denver returned an indictment charging six defendants with violation of
the fraud section of the Securities Act of 1933 and the mail fraud statute in
connection with the sale of the stock of Pioneer Gold Producers, Inc.* The
defendants named in the indictment are:
Ivan E. Goodner, William J.
Bona and A. M. Kearns, of Denver, Myron Bates and Orville Bates, Denver
and Durango, and Francis M. Goodwin, Washington, D. C.
The indictment charged that the defendants employed a scheme and
artifice to defraud numerous investors in Colorado, Kansas, New Mexico,
Iowa, Illinois, Oklahoma, Utah, Nebraska and other States, by means of
misrepresentations and other fraudulent devices designed to induce the
public to invest in the stock of Pioneer Gold Producers, Inc., which was the
owner of a group of mining claims located in Montezuma County, Col., and
which also owned a lease and option to purchase a mill site at the mouth of
the La Plata Canyon in the State of Colorado.
Goodner was President of
the company, Orville Bates, Vice-President and Treasurer,
Myron Bates,
general manager.
A. M. Kearns and William J. Bona, under the name of
A. M. Kearns Investment Co., were the fiscal agents, underwriters and
transfer agents for the company, the indictment alleged.
The defendants
represented to prospective investors, according to the indictment, that the
money be obtained from the sale of the stock of Pioneer Gold Producers,
Inc., would be used for the purpose of building a new custom mill, when it
was intended, the indictment alleged, to divert the funds
derived from the
sale of the stock to pay the obligations of La Plata Mountain Gold
Mines,
..
.
'•
■'•'■
:;!)■'*
'./■•
.'.
'*•
V;
■i v :
TAe Commercial &
2894
defendants Goodner
Inc. to the
and Goodwin, who were
RR.—Earnings1938
Pittsburgh & Lake Erie
1939
1940
— __
income—
137,321
Net from railway.
Net ry. oper.
From Jan.
52,900
98,108
1—
A total of
railway
Net ry. oper.
234,861
419,738
766,573
income—
2740,
~V. 150, p.
Public Service
This
mission.
The
■'
tion
' ■
' ■
;
. _ A
_
- A _
Earnings
1940
$326,727
$266,724
Net from
73,875
86,374
59,775
1,064.663
351.196
797,083
236,726
661,699
128,371
303,326
200,961
147,960
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 2740.
Youngstown
Pittsburgh
&
50,301
1,125,780
372,232
381,049
Ry.—Bonds
Ashtabula
Calledin accordance with
sinking fund provision
of mortgage covering issue
of
general mortgage bonds, tenders are being invited for sale and delivery
of June 1, 1940, at a price not exceeding par and accrued
interest, to extent of $113,790.
Sealed proposals must be in office of Geo. H. Pabst Jr., Treasurer,
Pennsylvania RR. Co., 380 Seventh Ave., New York City, before three
o'clock p. m., May 31, 1940, and must state series letter and numbers of
bonds offered.—V. 148, p. 2754.
first
of these bonds as
Co.—Earnings—
Portland General Electric
12 Months Ended March
Gross
1939
1940
31—
$10,494,126
3,230,328
591,402
operating revenues
Operation
...
Maintenance
$9,899,029
3,002,494
589,775
General
876,081
829,888
1,740,495
1,632,447
$4,055,820
;•
2,256
$3,844,425
$4,058,076
2,313,743
249,219
$3,835,311
$1,495,114
3,858,895
$1,199,210
2,781,175
$5,354,009
Provision for
$3,980,385
depreciation..
taxes
operations
(net}
Net earnings from
Other miscellaneous income
Total net earnings before income
deductions
Interest on long-term debt
.
Sundry income deductions
Net income
......
Earned surplus at
beginning of period..
Total
capital stock
a Write-off of the excess of investment.....
Miscellaneous adjustments (net).
Dividends
7Jr9,114
2,343,458
292,643
75,000
50,188
on
Earned surplus at ond of
In equity stock of a former
General Electric Co. as of April
-1940
Cr3,698
1940 I
•
.>
1939
$
Common stock..15,357,712
2,426,250
2,074,286
from affll. cos..
930,590
Miscell. assets....
1,674,506
958,614
1,510,840
payable
Accounts payable
Improvement
sessment
Sink, fund & other
special deposits.
Prepd. accts. and
205,476
191,978
def'd charges...
475,896
511,194
Deferred
3,247,321
375,523
178,853
199,311
2,041
213,341
.
217,832
as¬
payable
505,711
taxes....
2,155
ceivable
(net)..
—
a
1,116,158
469,143
....77,167,072
Total
and
statement for the new
28,208
3,427,977
271,399
$1.55
$25.
Electric Co. (except shares owned by constituent cor¬
which shares shall be canceled), including all accrued and unpaid
will, by the consolidation,
corporation on the following basis:
dividends,
be converted into shares of the new
•
..77,167,072 75,957,180
Total
Represented by 236,819 no par shares.—V.
150, p. 2740.
Co.—Plan—
W. Goddard sent April 25 the plan of reorganization
This would aid the court to act on the plain in time to meet a deadline
June 21 on an offer by the Consolidated Cigar Corp. to buy the Congress
Cigar Co.
81.8% of Congress Cigar, for whose assets con¬
Cigar has offered $4,000,000.
» ;
Porto Rican owns about
solidated
[Formation of
a
committee to represent minority stockholders of
Congress
Cigar Co., Inc. in the reorganization proceedings of Porto Rico American
Tobacco Co. has been abandoned, according to Harold L. Allen, attorney.—
V. 150, p.2740.
Postal
Telegraph, Inc.—New Director—
Gerhard M.
Dahl, Chairman of the Board of the Brooklyn-Manhattan
been elected a director of this company, it was announced
Transit Corp., has
following the April meeting of the board of this
formed to own the Nation-wide land lines of the
—V.
150,
p.
newly organized company
Postal Telegraph System.
5.70
6.00
$6 cum.
Common
0.30
Terre Haute Electric Co.—
Pref. stock, plus accrued and unpaid divs. (exclusive of
shares beneficially owned by Midland trustee).
2.40
Pref. stock, plus accrued and unpaid divs. (shares bene¬
ficially owned by Midland trustee).........-...-...- ....
Common stock-.i.-.
(3) Central Indiana Power Co.—
7% cum. pref. stock, plus accrued and unpaid divs
2.00
(2)
Corp.—Bonds Called—
for collateral trust bonds, American 6%
series, has called for redemption on June 1, 1940, $45,100 principal amount
of the bonds at 101 and accrued interest. Certain of the bonds are designated
for redemption in part only and holders of such bonds will be entitled to
receive, upon presentation and surrender thereof, new collateral trust
bonds, American 6% series, in tjie denomination of $100 each, of an aggreBankers Trust Co., as trustee
gate principal amount
equal to the unredeemed portion of their present
bonds.
All called bonds should
4.00
2.30
2.30
stock, plus accrued and unpaid divs
2.00
0.80
Common stock-.-...-——.i—
The shares of the new corporation issued in these conversions are to
be dated Oct. 1. 1940, and the pref. stock will bear cumulative annual
dividends of $2.50 per share from that date.
The trustee of Midland United Co. beneficially owns all of the present
outstanding common capital stock of the three companies (except 161,451
shares of the common stock of Public Service Co., which stock is owned
by Central Indiana Power and will be canceled by the consolidation),
11,937 4-6 shares of the $6 cum. prior pref. stock of Public Service Co.,
and 1,468 shares of the pref. stock of Terre Haute Electric.
It also owns
or controls interest-bearing obligations and other securities,
which, with
accrued interest to the effective date of consolidation, have a fair value of
$1,553,000.
It has been proposed to the trustee
of Midland United Co. that, as a
the new corpo¬
securities
part of the plan of consolidation, he sell these
to
ration at their fair value, and take in payment therefor shares
stock of the new corporation on the basis of $25 per share; and
he subscribe for an additional 80,000 shares of common stock of
of common
also that
the new
payable in cash, of $25 per share, or an aggregate
.Cl-Y- >-!'r
I
plan is consummated, the interest of the trustee
Co. in the new corporation will be as follows;
corporation at a price,
amount of
$2,000,000.
the consolidation
If
of Midland United
% to Total
Com
-Common Stock-
No. of Shares
Stated Value
.
&
Com.
Pref.
To Be Received in Exchange for
1,553,000
80,000
62,120
7.76
6.03
5.68
4.41
2,000,000
176,160
80,000
7,046 4-10
7.76
0.68
5.68
0.50
1,701,117
68,044 7-10
6.60
4.83
2,107,868
84,314 7-10
8.18
5.98
—.
1,210,882
48,435 3-10
Through other net assets-.---
1,195,718
47,828 7-10
4.70
4.64
3.44
3.39
$2,000,000
Interest-bearing obligations...
Terre Haute securities:
x
Common..
— —
Preferred
...
$6 prior pref. stock of Service Co.,
11,9374-6 shares..
Com, stocks of Service company
and Central:
Service Co. (excl. of 161,451
shs. owned by Central)
Through ownership of 161,451
shs, of Service Co
477,789 8-10 46.35 33.91
corporations and accrued
securities, $67,809.
Indiana Power Co. and its sub¬
Indiana Power, recently completed the refunding of their
$11,944,745
Total
Interest-bearing
obligations
of constituent
In order to redeem its outstanding
on Dec. 12, 1939, issued and sold
funded debt, the
$38,000,000 of 1st
serial debentures.
debt through the
4M% bonds and the issue of
Public Service Co.
mtge. 4% series A bonds and $lO,000,000 of 10-year 314%
On Feb. 27 the latter refinanced its outstanding funded
$9,500,000 of 1st mtge.
$600,000 of 3% serial notes.
The applicant companies serve an aggregate population of 780,000
in adjacent sections of central and southern Indiana.
As of Dec.
1939, the Public Service Co. had approximately 148,000 electric customers,
40,000 gas customers and 22,000 water customers.
The Central Indiana
Power and Northern Indiana Power companies together serve approximately
67,700 customers with electric energy, 6,700 customers with gas, and
customers with water.—V. 150, p. 2435.
31,
3,800
Rapid Transit In N. Y. City—Governor
Moffat Bill Allowing Higher Subway Fare—
Lehman Signs
April 25 signed the Moffat Bill authorizing the
New York City Board of Transportation to increase the 5-cent fare on
rapid transit facilities after June 1.
j
Rapid transit facilities throughout the city will come under city owner¬
ship in June, it was explained, and the fare then could be adjusted.—V.
149, p. 1189.
Governor Lehman
on
Railway Equipment & Realty
(incl.
Co., Ltd.—Earnings—
Mos.—1939
non-oper.
,
Interest, &c
Other charges and credits
net incl. surp. items.
Balance, loss
Mos.—1939
...
$1,757,270
1,575,083
94,385
$7,918,601
6,466,169
378,024
$6,102,139
$68,892
91,615
Balance
Depreciation
1940—12
$1,374,350
1,219,219
86,238
income)
Operating expenses
Taxes, &c._
_
redemption at the New York
and after June 1—V. 149, p. 2985.
be presented for
office of Bankers Trust Co. on
4.80
6% cum. pref.
Gross
,
2.85
beneficially owned by Midland trustee).
pref. stock, plus accrued and unpaid divs
Period End. Mar. 31— 1940—3
2740.
Power Securities
3.00
(shares
sidiary Northern
long-term debt.
657,388
for the company to the Securities and Exchange Commission, with a request
that the commission file its advisory report on the plan not later than May
on
Com.
Pref.
(1) Public Service Co.—
,
17 cum. prior pref. stock, plus accrued and unpaid divs__
cum. prior pref. stock, plus accrued and unpaid divs.
(exclusive of shares beneficially owned by the trustee of
Midland United Co.)
*
$6 cum. prior pref. stock, plus accrued and unpaid divs.
issue and sale of
22.
Issued
in Exchange for
x
Porto Rican American Tobacco
Federal Judge Henry
Shs.of New Corp
interest, $1,485,191; mortgage bonds and
Both Public Service Co. and Central
1,005,176
75,957,1801
$111,064,917 100.00
corporation for the year
Terre Haute
porations,
4,409,202
_
Notes & accts. re¬
Mat'ls & supplies.
59.78
31, 1940, shows that it would have had during such period
a net income of $6.73
per share on the new $50 pref. stock, and
per share on the new common stock, which will have a stated value of
The existing shares of Public Service Co., Central Indiana Power Co.,
429,280
167,346
4,989,983
credits.
Reserves
Cash
121,985
200,000
Accrued interest..
Accrued
Unamort. debt dis¬
count & expense
95,952
Def'd liabilities..
Notes
Invests, in & rets.
■';v
forma income
ended March
Cash
31
$
a
15,357,712
Utility plant
66,246,209 65,348,328
Earned surplus... 5,326,533
3,858,895
Non-utll. prop. &
Long-term debt...50,329,600 51,132,600
expends, for future developm't.
pro
17.02
18,899,590
56,072,0001
10,321,487/
Total
A
;v
23.20
$25,771,840
377,991 16-20 shares,
;Pi
Shs. OutsVg
Liabilities—
;V*-.-t-
stated
shares,
par $50 each)
Mortgage bonds———.....——-—
Serial notes and debentures
30, 1938.
1939
-
PrefeS^2stSh(5% "series,
$5,326,533 $3,858,895
subsidiary company merged with Portland
Balance Sheet March
"V
(1,030,873 6-10
stock
period
a
Hv-/':
Dr27,476
._
Percent
of Total
to Be
56,430
Net ry. oper. income
From Jan. 1—
. M
1937
$417,306
143,349
151,212
$233,499
railway.108,674
Gross from railway
.
includes
1938
1939
March—
'
$7,400,000 of 4%
The indebtedness to be retired
to the RFC.
' '
for March and Year to Date
Co., and Terre Haute Electric
to lows;
as
Common
the Interstate Commerce Com¬
Virginia proposes to issue
Central Indiana Power
Amount
:i;V:
:
Pittsburgh & West
company.
annlication for a
1,166,058
five-year collateral trust notes.
$4,186,607 owed by the railway
Indiana—Proposed Merger Filed
Commission,
of
Co. and
the
included
WiThehnewPcorporation is to be named Public Service Corp. of Indiana, Inc.
If the consolidation is effected, the new corporation will have a capitaliza¬
476,860
6,178,695
1,133,983
Co. of
April 30 filed with the Securities and Exchange
report on a proposed plan for the consolidation
these companies and their subsidiaries, Northern Indiana Power
Dresser Power Corp., into a new corporation.
A declaration covering
solicitation of proxies and consents of shareholders to such plan, was
Virginia Ry.—RFC and Pennroad
Corp. to Advance Funds for Refunding—
:
The Reconstruction Finance Corporation has agreed to lend the company
$4,070,000 in connection with the projected retirement of the road's entire
floating debt of $7,400,000.
The Pennroad Corp. also will participate to
the extent of $3,000,000 and the Chemical Bank & Trust Co. will lend
$330 000
■
. vyv-'
Emil Schram, Chairman of the RFC, wrote, to Charles J. Graham,
President of the Pittsburgh & West Virginia, that the Corporation's com¬
subject to approval by
fund debentures, due Dec. 1. 1949 has
and accrued interest Payment
City.—V. 150, p. 2435.
Inc
Co
Pittsburgh & West
mitment still was
Colorado—Bonds Called—
$400,000 4% sinking
with SEC—
468,147
-r
1940
4,
May
for redemption on June 1 at 103
will be made at the Irving Trust Co., N. Y.
1937$2,231,810
2,777,073
def241,395
def23,853
3,926,738
5,137,887
558,598
Gross from railway.....
Net from
$1,047,328
38,182
97,970
$1,441,994
$1,587,493
39,600
railway
;
■
' V.V.>*
:
been called
an
March
Gross from
IV'-i
.
'■-• •'■;'
Co. of
Public Service
President and Vice-
Plata Co.
of the La
'■■
Financial Chronicle
Co.
.
,ma .
by the defendants, the indictment
alleged, the La Plata Co. did not have 100.000 tons of gold or silver ore,
would not be able to produce 100,000 tons of gold and silver ore, and
Pioneer Gold Producers, Inc. would not build a custom mill to treat the
ore from the property of the La Plata Co,, and the money diverted from
the Pioneer Gold Producers, Inc., would not be repaid by the La Plata
Co. through-payments for the treatment of ore produced from the property
President respectively of the La Plata
Contrary to representations niade
:
$87,801
96,862
90.513
$1,074,409
389,499
$438,843
82,049
Cr9,488
$95,284
5,303,710
359,586
391,567
329,355
271,758
Dr31,345
Dr28.289
$ 102,816prof$261,998
$190,559
Dr3,243
Volume 15$
The Commercial & Financial
Chronicle
1
1940
Assets—
Capital
1939
1940
?
assets
Liabilities—-
27,056,846 27,733,999
Cash
177,845
Receivables
273,344
650,990
Deferred charges.,
.
Instal. contracts
1,058,276
26,767
977,043
1,268,096
705,559
.
Bank loans..
.
Deferred
.
Reserves
539,695
.
253,472
125,070
4,041,454
&
—
.
..28,215,519 29,676,377
Total..
-V. 149, p. 2985.
ry. property..
in lieu
of mtgd.
Feb.
revs.
3,845,997
Total
1940—Month—1939
revs.
192,375
&
Operating
Express
29—
1940—2
183,445
Stocks
379,982
"
587,093
Interest and discount
funded debt
•
Other deductions....
529,937
on
Payments
75,600
to rail and other
1,055,373
167,522
18,033
6,258
Rail transp. revenue
$3,453,817
x
$3,174,787
&
151,210
12,695
$7,108,596
'
$53,664
Expenses
$102,048
18,245
,
44,000
and taxes
Int. fc amort,
charges
Net
1939
p.
Oth.
2436
__
income.........
$99,212
18,002
44,000
$106,355
16,050
44,000
$113,092
21,804
44,000
1940
Accept,
notes rec.
1 QQQ
9,519
57,002
99,000
619,196
...
Unamortized bond
discount
1940
Tax
16,880
ser. A ($100
par)
Com. stk. (no
par)
359,409
2,146,447
363,263
383,340
351,882
Earned surp.(since
Jan.
$9,052,256 $9,031,2681
Note—Investments
are
carried
1,1932)...
Total....
above
at
on
11,578,816
2,237,219
1,581,251
16,020,832
5,276,290
3,877,507
Gross profit
on
1940
1939
$2,006,829
$1,117,180
772,199
sales..
..
Miscellaneous
1936
income.
$569,371
52,613
55,601
23,327
$406,975
and patent expense
—
—
—
—
....
—
—
7,413
Transportation
.
22,157,418
..
Miscell. operations
General expenses.
214,132
1,584,453
Transp. for invest.—Cr.
1,597
$3,274,335
8,934,959
901,943
20,723,999
218,771
1,566,801
2,649
$4,685,887
10,755.976
906,902
22,916,414
22,185,756
240.342
226,421
2,503,826
1,966,278
3,865
3,403
tax
$35,618,159 $41,467,934 $40,518,205
12,861,839
17,286,417
18,773,553
4,480,363
2,840,811
4,116,320
5,316,769
accruals...,
Total ry. oper. income
$12,651,497 $10,021,028 $13,170,097
Other Oper. Income—
Hireoffreightcars.net. Dr787,176
Otherequip.rents.net..
65,701
Jointfacilityrents.net.
982
Total
Dr$720,493
Dr9,793
86,499
Dr76,383
$172,060
$686,738
$488,001
95,354
$475,473
231,851
31,084
455,592
789,125
$610,515
235,144
16,310
433,526
830,825
$458,774
211,499
11,198
423,398
877,108
134,681
1,383
11,629
149,162
29,433
14,686
164,931
28,435
12,499
144,337
28,289
12,480
$1,921,812
13,852,816
$2,176,405
12,369,494
$2,332,185
16,189,020
Dividend income
Inc. from fund, securs..
Income from unfunded
securities & accounts.
Inc. from skg., &c., fds.
Miscellaneous income—
Rent for leased roads—
3,214,071
137,828
161,492
5,102,529
17,130
55,941
3,250,519
137,989
168,942
5,187,820
16,622
137,850
169,145
5,408,649
19,316
6,910
491,204
7,058
351,420
7,210
580,573
7,371
598,687
$9,131,165
$9,074,185
3,295,309
rents
Miscell. tax accruals—
on
on
funded debt
unfunded debt—
Amortization of discount
on funded debt
Miscell. income charges.
Total deductions
Net income.
3,215,155
138,288
$2,167,083
16,111,868
4,721,651
166,108
5,140,215
Disposition of Net Inc.—
applied to sinking,
&c., reserve funds
3,255,779
$9,349,675
6,839,345
$9,596,797
6,515,071
—
—
—
—
—
—
44,402
been
x
1,399,782
Figures revised.
$1.37
1,399,782
$0.35
$1,228,301
1,399.782
$2.88
$870,669
1,399,782
$2.66
$45,876
$29,117
617
600
$29,717
For comparative
purposes, the figures for the three months ended
March
31, 1939, have been revised to
give effect to the provision for officers' and
executive employees' special
compensation not accrued on the books of the
company until December, 1939.
V
Balance Sheet March 31
Assets—
1940
1939
Liabilities—
Cash in banks and
on
y
hand
..$1,219,941
$283,983
424,532
340,327
1,106,423
85,984
Receivable
Inventories
Notes
......
1,645,735
58,304
subsidiaries
Patents
.
Total
y
z
274,148
77,186
1,550 000
for
Fed¬
stock..
Common stock—
1,189,088
925,021
2
reserve for
After
217,541
eral income tax.
Reserve
a
111,844
$7,181,772 $3,966,827
After
1939,
$124,899
200,000
300,000
110,710
2,038,263
200,731
2
—
1939
$299,469
Bank loan.......
$2,50
cum.
pref.
receivable,
not current....
47,465
Fixed assets— 3,585,061
Inv. in & ad vs. to
z
1940
Accounts payable.
Notes pay .due bks.
Accrued liabilities.
Surplus.—....... 2,526,505
1,189,048
870,783
1,294,200
Total
$7,181,772 $3,966,827
doubtful accounts of $24,186 in 1940 and
$14,914 in
reserve
for
depreciation of $474,561 in 1940 and $341,792
in 1939.
a Represented
by 926,229 (871,934 in 1939) shares, par
$1, after
deducting 318 (303 in 1939) shares held in
treasury at a cost of $1,526
($1,454 in 1939).—V. 150, p. 2742.
St. Joseph
Railway, Light, Heat & Power Co.—Earns.
Period—
Total gross operating revenues
Production, distribution and transp. expenses
a General and
administrative
3 Mos. End.
Dec. 31
expenses..........
....
........
—
Gross
Interest
Interest
revenue
—
income
.......
on
on
funded debt
serial notes
serial income notes
Amortization of debt discount and
expense
Interest on other indebtedness
a
on
Including insurance, rentals,
Year End.
31 '39
Dec.
$705,031
7,742
$712,773
250,061
24,000
70,125
39,639
7,559
1,899
9.910
2,897
150
,
•
commercial
doubtful accounts.—V. 149,
p. 4185.
$2,803,922
940,831
365,009
123,875
327,645
131,412
210,119
$178,448
62,800
7,200
17,606
...
Maintenance and repairs.—
Provision-for replacements
Amort, of losses on abandoned street
ry. properties
Taxes—..
Net operating
Other income
'38
$704,373
240,562
86,856
32,148
83,310
32,853
52,721
$175,922
2,526
—
Net income
Preferred stock dividends
Common stock dividends
$521,651def$1254,691
48,000
$46,493
Balance, surplus
Shs.com.out.(par $50)—
Earns, per sh. on com—
.
^
$193,724
S
State taxes on bond interest
Interest capitalized on construction
...
Interest charges collected on
instalment sales
Provision for Federal income tax
$4,721,651
1,120,000
1,680,000
^
241
charged
$3,295,309
$6,828,301
$6,470,669
1,120,000
1,120,000
1,120,000
1,680,000
1,680,000
1,680,000
Common dividends—(2)1,400,000
(3)1,750,000 (4)2,800,000
(4)2,800,000
First pref. divs. (4%)—
Second pref. divs. (4%).
'
.
$312,847
—
—
Interest
11,044
$243,090
1,125
—
Inc.
Income balance
.
1,278
70,000
.
Deductions—
Int.
84,647
$404,862
188,243
44,752
406,872
729,390
Sep. oper. prop. profit-
Int.
479,737
—
_
Total
.....
Miscell. rent income
Misc. non-op. phys.
prop
Miscellaneous
—
Prep'd & def.assets
527,980
125,981
32,777
Non-Oper. Income—
Tot. other non-op .inc.
Gross income
$13,456,784
profit
.
as follows:
Cost of goods sold
Selling, general and administrative expenses..
$4,469,125
10,243,412
893,068
Total
$39,612,689
Net rev. from ry. oper—
17,131,860
Railway
Net
.
.
tax
Note—Depreciation provided has
—$56,744,549 $48,479,998 $58,754,351
$59,291,758
841,772
3,157
$414,388
18,000
......
Provision for loss from
scrapping fixed assets.
Miscellaneous deductions
Provision for Federal income
39,395
34,201
employees'
1,457
-.$24,169,386 $21,307,133 $24,768,171
$26,510,962
21,700,736
27,681,234
26,338,883
Passenger
3,203,917
3,248,055
3,518,473
Mail and express3.893,133
806,082
710,751
832,549
Miscell. operations
846,512
633,707
540,193
704,724
Incidental & jt.
712,662
facility.
1,101,756
973,130
1,249,200
989,606
$4,588,987
lu,227,524
$239,933
....—
—
Ry. Oper. Expenses—
Maint. of way & struc—
Maint. of equipment
Traffic
18,054
13,400
i—;
Coal.
Total
$344,981
30,854
Selling expense.—'
General and administrative
expense
Provision for officers' and executive
Net profit from
operations..
Merchandise.......... 26,829,700
1,718,252
Corp.—Earnings—
1,437,458
Years
1937
1,452
1937
$5,982,370
2,281,723
first page of this department.—V.
150, p. 2592.
Research, development
1,451
1938
$4,005,057
873,987
689,363
13,326,774
3,675,929
2,559,258
15,195,728
4,360,424
2,856,953
special compensation.
xl938
1,450
Date
$4,595,789
1,289,292
894,851
3 Months Ended March 31—■
Gross sales, less
discounts, returns & allowances.
Reading Co .—Annual Report—
1939
-456.421.920 455.621.369
to
1939
$4,920,077
1,408,764
income...
943,149
Rustless Iron & Steel
$9,052,256 $9,031,268
book
Calendar
1,738,000
1,589,743
Rich's, Inc.—Registers with SEC—
amounts which represent
adjusted values for those
acquired prior to Feb. 10,
1932, and cost for those
subsequently.
These investments,
priced at market
were greater than their
quotations,
book amount by
$530,935 at March 31, 1940, and
less by $219,502 at
March 31, 1939.
Dividends receivable by
Railway &
Light Securities Co. after March
31, declared of record prior
thereto,
aggregating $18,543 at March
31, 1940, and $18,535 at March
are not included as
31, 1939,
assets in this balance
sheet.—V. 150, p. 1785.
Average miles operated.
Ily. Oper. Revenues—
Total
and Year
1940
See list given
acquired
Income Account for
91,963,646
1,738,000
1,640,542
Approved-—
The Securities and
Exchange Commission approved the trustee's amended
plan for reorganization.
The amendments concern
chiefly maturity of the
new
debentures, voting rights of the debentures and
the designation of
preferred and common stock as
liquidating stock.—V. 150, p. 2741.
2,113,600
5,146,447
90,397,108
ret'd
thru.inc.&sur.
P. & L. balance.
Reynolds Investing Co., Inc.—Plan
31,704
2,113,600
dt.
7,215
Directors have declared a
dividend of $4 per share on the 7
% cumulative
preferred stock, payable
May 1 to holders of record April 26.
of $3.50 was
Dividend
paid on Dec. 14, last.—V.
150, p. 1613.
12,370
31,704
Pref.stk. 6% cum.
Fund.
182,650
prop.
Reed-Prentice Co.—Preferred Dividend—
1939
12,002
liability
Res. for pref. dlvs.
to
577,097
820,808
456.421.920 455.621.369
income...
Oct. 1, 1955
$4
1,000,000 $4,000,000
Accounts payable.
875
163,140 shares..
Special surplus...
Total.....
1,183,378
82,717,839
thru.inc.&sur.
_,
4 M % bonds due
63,897
93,000
Cash
Accts. receivable..
interest re¬
ceivable.
Accrd.
276,893
12,755
543,875
923,469
—V. 150, p. 2741.
Liabilities—
Conv.
coll.
trust
$3,957,420
4,065,001
449,373
297,031
99,547
1,078,813
Add'ns
Net ry. oper.
From Jan. 1
securities.
4,055,854
499,676
1,003,746
4,815,151
307,823
4,140,298
7,695
769,652
418,627
328,625
♦
accr
185,215
Unadj. credits- 85,486,225
780,200
948,438
Gross from railway
Net from
railway
Net ry. oper.
2,481,112
143,600
1,747,211
132,153
1,752,617
8,251
769,595
404,255
330,045
Unmat.rts.accr.
railway
Net from
railway.
•
2,887,143
cur. liab..
Deferred liab—
Earnings f<yr March
$39,802
Bonds and note3.
.$3,718,009
1,273,022
1,109,181
assets
1,692,957
850,000
Other
assets.
March—
Gross from
Comparative Balance Sheet March 31-
Stocks
curr.
Total
1 937
$46,164
66,928
$48,131
58,224
$37,210
$46,305
$47,288
Note—The above statement of
income does not include realised
and
unrealized profit and loss on
Assets—
1,334,454
conductors.
Deferred
2,109,542
car serv.
bals. payable.
Unmat. int.
Unadjust. debits
1 938
$57,631
41,581
48,384
Total income....
Traf. &
2,000,000 Audited accts. &
6,457,835
wages payable
8,725,613 Misc. accts. pay.
3,787,925 Int. mat'dunpd.
156,935 Divs.mat.unpd.
59,489 Unmat.divs.decl.
9,460
Int. & dlvB. rec.
$6,342,309
carriers—express privileges.—V. 150,
1940
Cashdividends
45,629,401
12,763,722
car
Misc. accts. rec.
Mat'ls & suppl's
Railway & Light Securities
Co.—Earnings—
3 Mos. End. Mar. 31—
Int. received & accrued.
rec.
bals. rec.
Net bals. receiv¬
1,894,410
construction..
able from agts.
83,761
7,450
x
1,173,054
and
serv.
14,137
2,165,858
Grants in aid of
L'ns & bills pay.
...
Loans & bills
Traffic
75,782
916,280
12,838,630
45,593,633
12,535,258
2,000,000
Advances
6,476,840
Other investm'ts
7,708,543
Cash
5,989,146
Special deposits.
221,361
income.$12,762,593 $11,737,665 $25,610,048 $23,561,682
8,630,472
7;95i;083 " 17 i 142,843
16,000,095
expenses
taxes.
835,651
Bonds
Notes
Mos.—1939
386,242
Long-term debt.125,309,825
to affll. cos...
sold
Inv. in
affll.cos.:
28,215,519 29,676,377
$
27,991,200
41,970,650
69,989,100
125,947,137
Non-negot. debt
Misc.phys.prop. 12,906,391
transport'n_$12,570,218 $11,554,220 $25,223,806
$23,181,700
income...
&
48,202,553
1938
$
27,991,200
41,970,650
69,989,100
Common stock.
48,666,132
prop.
Railway Express Agency, Inc. (&
Subs.)—Earnings—
Period End.
Charges for
1939
Liabilities—
1st pref. stock..
2d pref. stock..
leased
Deposited
Capital & surplus .17,588,058 17,885,959
Total....
$
road
equipment.304,190,142 304,497,924
on
Impts.
404,305
1938
$
Assets—
Invest, in
5,000,000
438,908
.
.
credits.
1939
$
4,772,000
19,514
..
Accounts & wages
Accrued Interest.
127,935
236,962
General Balance Sheet Dec. 31
1939
$
Long-term debt.
519,203
56,494
Mat'ls & supplies.
Other
2895
Consolidated Balance Sheet March 31
Cr967
Cr4,170
5,250
Crl 8,415
$77,772
23,250
70,000
$259,504
93,000
140,000
expense
and
78,400
provision
for
The Commercial &
2896
Schenley
Corp.—Earnings—
Rochester Gas & Electric
See Oldetyme
1938
1939
1940
31—
12 Months Ended March
Total operating revenues
$16,640,987 $15,923,147 $15,871,826
4,481,024
3,939,529
4,731,826
-
Oper. income before Fed. inc. taxes__
Balance, surplus after all charges in-
2742.
vJ_;
■
1,499,751
759,215
1,304,104
dividends--
eluding preferred
—V. 150, p.
■V;:";
•
Corp.—Offering Price—
(George D.) Roper
its 50,000 shares ($5 par) common stock to the
according to an amendment filed with the SEC.
Corporation will offer
public at $17 per share,
—V. 150, p. 2742.
Brownsville & Mexico Ry.—Earnings—
1940
1939
1938
1937
Gross from railway.
$740,560
$956,131
$868,576
$972,673
Net from railway;.
285,777
514,846
404,069
461.204
Net ry. oper. income...
197,416
401,037
292,602
309,983
1—
"
■
■
■
2,289,265
954,520
Net from railway.
2,504,847
1,250,709
2,464,742
1,114,170
2,680,668
1,274,568
676,246
Gross from railway
930,481
785,350
879,573
Net ry. oper. income...
—"V. 150, p. 2115.
Schumacher W.ill Board Corp.—Accumulated Dividend
have declared a dividend of 50 cents per share on the $2
partic. pref. stock, no par value, payable May 15 to holders ofrecord
May 4
Like amount was paid on Feb. 15, last, and compares with $1
paid on Nov: 15, last; 50 cents paid on Aug. 15, and May 15. 1939; $1.50
ptid on Feb. 15,1939, and on Nov. 15,1938, and with 50 cents paid on Aug.
15 and July 15, 1938, and on Aug. 16, May 15 and on Feb. 15, 1937, this
latter being the first dividend paid since May 15, 1932. when a regular
quarterly dividend of like amount was distributed.—V. 150, p. 1294.
The directors
Scranton-Spring Brook Water
$3,659,619
3,313,095
5,352
13,493
Operating revenues. _ .
Operating expenses
Net ry. oper. income..
Other income.
p. _.
$3,693,921 $11,118,569 $10,543,383
3,265,102
9,974,701
9,623,922
34,854
164,817
defl41,205
13,951
41,231
37,435
and
1,846,331
l,9utf,oU7
$2,238,877
$2,247,510
21,648
J>6,574
4,260
$2,320,269
1,734,675
aI®'?23
14,593
$2,232,303
1,734,675
$2,251,771
1,734,675
a58,523
14,791
61,978
15,061
$494,778
$424,314
$440,056
Net earnings.;
Other income
Gross income
debt..—
&c. (net)
debt discount and expense.
Interest on long-term
Net income
a Includes
$18,280
$180,259 def$126,341
$41,463
$9,904
Bal. avail, for int., &c.
taxes.—V.
1939
1938
1937
$3,558,581
429,375
$3,548,234
393,928
39,260
$4,265,027
9,972,911
468,643
def636,102
12,362,734
2,211,744
1,156,257
1940
$3,523,132
350,481
Net from railway.
44,485
Net ry. operating income
railway
/,;■ 68,534
Seaboard Air Line
817,252
507,948
Ry.—Earnings—
1940
1939
1938
1937
$4,739,552
1,237,238
725,270
$4,259,900
1,012,895
$4,033,292
955,433
428,155
$4,489,365
1,373,406
882,128
13,561,775
3,293,510
Net from railway
1,720,037
Net ry. operating income
—V. 150, p. 2592.
12,111,585
690,128
1,156,637
11,213,871
2,261,187
12,389,107
3,419,032
1,948,658
March—
Gross from railway.
Net from railway
- —
Net ry. operating income
From Jan. 1—
Gross from railway
Earnings of Company Only
V March—
------
in 1939 representing Federal and State taxes on
bondholders; in 1938 these taxes were included m general
149, p. 887.
interest paid to
-
$206,048 def$103,770
25,789
22,571
$48,805
7,342
$18,845
8,941
Total income
Other deductions
Gross from
taxes.1,872,216
$2,298,621
Operating expenses
Amort, of
Francisco Ry.—Earnings of System—
31-—
1940—Month-—1939
1940—3 Mos.—1939
From Jan. 1—
Gross from railway.
Net from railway
10,685,903
1,132,812
.—
262,421
Net ry. operating income
—V. 150, p. 2742.
10,121,453
899,327
def53,278
railway. .—
Net from railway.
Net ry. operating income
From Jan. 1—
Gross from railway.....
Net from railway
Net ry. operating income
—V. 150, P. 2115.
def41,256
deft,351
def87,446
307,632
Earnings—
Lines-
1940—3 Mos.—1939
$5,011,126
$4,629,409
3,435,772
3,580,032
1940—Month—1939
Period End. Mar. 31—
Railway oper. revenues.
Railway oper. exps
318,473
6,177
defl24,107
344,404
16,063
defl03,898
331,637
19,810
defl07,791
$128,554
19,711
def25,197
$121,900
12,497
def28,746
$103,607
def2,365
def37,756
St. Louis Southwestern Ry.
$1,811,381
1,213,136
$1,685,203
1,204,034
$598,245
110,907
$481,169
110,231
$1,575,354
330,831
$1,049,376
324,829
$487,337
27,621
$370,938
27,192
$1,244,523
79,222
$724,547
85,166
$514,959
167,020
$398,130
162,613
$1,323,746
486,815
$809,714
504,252
$347,938
,6,495
$235,517
8,251
$836,930
22,159
$305,462
24,849
$354,434
269,940
$243,768
270,725
$859,090
799,390
$330,311
800,878
Net rev. from ry. oper.
Railway tax accruals
income
Other ry. oper. income-
income
Deduc. from ry. oper. inc
Net ry. oper. income.
Non-oper. income
Gross income
Deduc. from gross inc--
x$470,567
$59,699
x$26,957
San Antonio Public Service
1940—12 Mos.—1939
$8,480,538
$8,963,049
4,170,033
4,386,233
534,147
658,456
980,911
1,029,100
967,650
1,057,250
1940—3 Mos.—1939
$2,671,420
$2,393,091
General oper. expenses.
1,158,465
1,319,700
Maintenance
142.599
165,735
Provision for depreciat'n
293,900
288,800
Gen. & Fed. inc. taxes._
265.600
305,900
Period End. Mar. 31—
_
earns,
$591,285
1,300
Net earnings
...
on funded debt.
Interest
General interest
...
Amortiz. of debt disct.
$1,832,009
8,832
$1,827,797
29,562
$534,411
190,000
3,652
31,353
1,324
$1,840,841
752,311
15,618
122,510
2,225
$1,857,360
188,000
3,762
_
$532,527
1,884
$592,585
from opers.
Other income (net)
30,682
.
481
bond interest-
Miscellaneous
796,900
20,831
111,729
6,849
14,000
deduct'ns
Net income
$907,051
$948,178
$308,083
$369,660
—V. 149, p. 2987.
San Antonio Uvalde & Gulf
March—
Net ry. operating
From Jan. 1—
N et ry. operating
def23,789
360,018
39,459
def62,401
329,140
36,020
def60,277
income
income
$134,735
35,029
315,254
def 29,413
def 131,584
384,740
102,519
def2,548
9,656
def846
—V. 150, p. 2115.
San Jose Water
Works—Earnings—
Operations
------
1
,
for depreciation
Net operating revenue
Other income
on
on
(net)
$154,949
45,917
16,890
19,520
27,000
$147,223
46,609
$45,622
revenues
Maintenance-
1939
1940
3 Months Ended March 31—^
Interest
$44,402
II"
funded debt.
15,661
15,801
24,750
425
274
$46,047
31,200
$44,676
29,456
...
768
612
2,263
1,882
2,314
$9,934
$10,450
unfunded debt
Amortization of debt discount and expense
Provision for Federal income tax
Net income
1,844
-V. 150, p. 2592.
Savannah Electric & Power Co.—Tenders—
The
$1,145,946
17,405
$1,369,264
$1,267,213
60.484
23,184
$1,283,059
x344,623
400,488
$1,163,350
$1,429,748
$1,290,398
x329,553
388,745
x315,408
492.611
168,925
293,750
See
See
126.926
Total income
Deprec. and depletion __
Intang. develop, costs..
Amort, of int. in Kettleman No. Dome Assoc.
Prov. for contingencies..
Prov. for Fed. inc. tax..
Net
profit...
cap.stk.
x
See
x
Merchants
National
Bank
of
Boston
will
until
12
o'clock
noon
May 18 receive bids for the sale to it of sufficient first and refunding mtge
5% gold bonds series F due Sept. 1, 1955 to exhaust the sum of $90 000 at
prices not exceeding 105 and accrued interest.—V. 150, p. 2592.
x
35", 000
6,000
38,000
120,000
45,000
$502,949
$0.40
$401,052
$0.32
$456,729
$0.36
150,357
27,000
59,000
$591,365
$0.47
depreciation, amortization, property abandon¬
ments and exploration works in foreign countries.
.
N0te—in quarterly profit and loss statements issued during 1939 the
amounts of gasoline extraction costs (Kettleman Hills) and related expenses
were shown separately.
In the above statement for 1940 such costs and
expenses are included in operating and general expenses.—V. 149, p. 3123.
x
Provision for depletion,
Seattle Gas Co.—Earnings—
3 Mos. End. Mar. 31—
Total gross earnings
Net earnings.
....
1940
1938
1939
$532,853
456,780
$514,936
436,408
$488,100
425,743
$131,446
61,954
$76,073
62,288
$78,528
$62,357
62,701
63,450
General int. (less charge
$64,141
Net income
—V.
597
Cr396
6,210
4,351
597
597
597
$6,978
$10,879
def$1,294
4,754
construction)
1937
397.542
$528,988
3;
150. p. 3123.
Corp.—New Officials—
J. H. Carter, Vice-President of the company,
Vice-President to succeed J. Milton Hughes.
has been elected Operating
The latter has been trans¬
Reid Evans, who has served as Secretary and
Treasurer for many years, has been elected Treasurer, and A. J. Watson,
formerly Asst. Secretary, has been named Secretary.
G. R. Jonhston has
been made Asst. Secretary.—V. 150, p. 2593.
ferred to
Pittsburgh.
J.
(The) Sisters of Charity, of the Blessed Virgin Mary,
Dubuque County, Iowa—Bonds Offered—
Dempsej4Tegeler & Co., St. Louis, are offering at 100 and
int. $1,000,000 1st & ref. mtge. serial real estate bonds.
Bonds bear interest rates of 1J^%, 2%, 214%, 23^%, 2
of St. Joseph,
and 3%,
depending on the date of
maturity.
Bonds dated May 15, 1940; due serially beginning Dec. 1, 1940, and
semi-annually thereafter to June 1, 1952.
Principal and interest payable
June i and Dec. 1, at St. Louis Union Trust Co., St. Louis, Mo., trustee.
Bonds in coupon form, in the denom. of $500 and $1,000.
Any or all un¬
matured bonds may be prepaid at the option of the maker on any semi-ann.
interest date prior to maturity at par and accrued interest on 30 days'
published notice. The first coupon attached to the bonds of this issue
be for 63^ months' interest; all subsequent interest coupons shall be for
six months' interest.
J. F. Tegeler, St. Louis, Mo., individual trustee.
Bonds maturing Dec. 1, 1940, and June 1, 1941, are to bear interest at
rate of 1 }/% % per annum, from May 15,1940. Bonds maturing Dec. 1,1941,
to and incl. June 1, 1943, are to bear interest at rate of 2% per annum,
from May 15, 1940.
Bonds maturing Dec. 1, 1943, and June 1, 1944, are
to bear interest at the rate of 2M % Per annum, from May 15, 1940. Bonds
maturing Dec. 1, 1944, and June 1, 1945, are to bear interest at the rate of
2% per annum for first two years from May 15, 1940, and 2H % thereafter.
Bonds maturing Dec. 1, 1945, and June 1, 1946, are to bear interest at rate
of 2% per annum, for first two years from May 15, 1940, and 2%% there¬
after.
Bonds maturing Dec. 1, 1946, to and incl. June 1, 1952, are to bear
interest at rate of 2^ % per aihium, for the first three years, from May 15.
1940, and 3% thereafter.
These bonds are the obligation of The Sisters of Charity, of the Blessed
Virgin Mary, of St. Joseph, Dubuque County, Iowa, a corporation con¬
trolled by The Sisters of Charity of the Blessed Virgin Mary, whose Motherhouse is located at Dubuque, Iowa, and are secured by a first deed of trust
on the three properties of the Order valued at approximately $6,000,000.
The Congregation of the Sisters of Charity .of the Blessed Virgin Mary
was founded in Philadelphia, Nov. 1, 1833, and established in Dubuque,
Iowa, in 1843. This Order is a Papal Institute, having received approbation
in 1877 from Pope Pius IX and again in 1883, under Pope Leo XIII. These
Sisters devote themselves exclusively to Christian education.
Provincial
Houses have been established and are maintained at Davenport,
Des
Moines, Chicago and Wichita, the Order being controoed through a central
government vested in the Superior General and Caunsellors,
at
the Motherhouse in Dubuque.
There are approxmltely 1,871 members
in the Order, conducting two colleges for women, five boarding academies
and four central high schools for girls, and serving 119 high and lower grade
schools, as teachers, with a total of approximately 14,000 pupils during the
y©3<r J939"1940
Proceeds of the issue will be used to refund an equal amount of indebted¬
ness at a lower interest rate.—V. 132, p. 673.
shall
1937
1938
$117,927
def3,917
def36,739
$123,916
$117,019
19,231
defll,832
Gross from railway
Net from rail way
RR.—Earnings1939
1940
Gross from railway
Net from railway.
Interest
195,527
421,985
,
Balance
Sharon Steel
Co.—Earnings—
Operating revenue
i
195,785
511.111
of
Hills
plicable to funded debt
Being Paid—
150, p. 2592.
Trust Co.—V.
Provision
212,965
486.785
$1,156,133
operators
Amort, of reorg. exps. ap¬
Interest Due May 1
Taxes
1937
$1,884,726
Bond interest
Interest due May 1, i940, on the first mortgage 4% gold bond certificates,
due 1989, was paid on that date at office of Central Hanover Bank &
Operating
1938
$2,076,160
Other income
to
on
to
Operating expenses
Earns, per sh.on
Deficit.
Tax
1QQQ
1939
$1,845,696
Oper. exps. and taxes—
$84,494
Net income
Net
(& Subs.)—Earnings—
663,162
revenue....
Kettleman
1937
1938
1939
$96,889
def8,191
Gross from
x
738,558
$1,819,295
~
Quar. End. Mar.
Gross oner
ing
-Earnings—
& Texas Ry.
1940
March—
Total ry. oper.
Seaboard Oil Co. of Del.
Q1
IQAft
1940
31
495,658
Share of products accru¬
St. Louis-San Francisco
Railway oper.
Service Co. (& Subs.)—
oSSiSffl...—*4.170.837 *4,085,207 *4,157,318
Miscellaneous interest,
St. Louis San
Period End. Mar.
Distillers Corp.—To Purchase Oldetyme—
Distillers Corp. above.—V. 150, p. 2115.
cum.
St. Louis
March—
From Jan.
May 4, 1940
Financial Chronicle
.
„
domiciled
Volume
The Commercial & Financial Chronicle
ISO
Socony-Vacuum Oil Co., Inc.—Annual Report—
2897
Skelly Oil Co. (& Subs.)—Earnings—
John A. Brown,
President, in the annual report for 1939 sent to the
stockholders, states:
Period End. Mar. 31—
1940—3 Mos.—1939
Grossincome..
$7,728,063
Expenses, tax, &c--__._
5,619,143
1940—12 Mos.—1939
$7,069,246 $33,765,998 $34,711,843
5,527,586
26,009,915
27,448,649
Operating profit
Other income.
$2,108,920
198,578
$1,541,660
173,130
$7,756,084
967,745
$7,263,194
1,034,875
$2,307,498
25,252
129,179
Deprec., depletion, &c..
1,305,685
Federal income tax
74,100
"The reported net earnings for the year were $34,452,710, equivalent to
$1.10 per share, and a reduction of
14% from the reported earnings for 1938.
The earnings as reported for 1939 are after deducting $5,300,000 for certain
foreign reserves or write-offs and after excluding $2,600,000 of estimated
earnings of some European subsidiaries."
The assets and liabilities of foreign subsidiaries in European combat
$1,714,790
27,631
112,837
1,306,741
28,500
$8,723,828
204,087
425,859
5.050,399
148,500
$8,298,069
337,717
450,656
5,100,231
185,100
$239,080
995,348
$0.14
$2,894,984
995,348
$2.52
$2,224,364
995,348
$1.85
Total income
areas
are stated in a separate classificatoin in this
year's report.
After
allowing for these changes in accounting, the company's net current assets
amounted to $189,357,083 at the end of the
year, a decline of $16,525,657.
There was little change in current liabilities.
Capital expenditures for the
year (not including those of partly owned companies not consolidated) were
$84,100,000, of which about 92% was spent in the United States.
Pointing out that prices of petroleum products in this country during
the year were too low in relation to crude oil
prices, Mr. Brown stated:
"Socony-Vacuum's net production of crude oil in the United States in 1939
was 53,575,021
barrels, an increase of 11.8% over 1938.
The company
was
producing crude oil from 8,787 wells in this country at the end of the
year.
Crude runs in refineries in the United States increased 3.9% to
99,832,939 barrels.
Sales of crude oil arid petroleum products in the
United States increased 8.9% to 104,745,194 barrels.
"Volume of foreign business and profits increased satisfactorily during
1939 up to the beginning of the war.
Since that time, Government re¬
strictions upon civilian consumption of
petroleum products in several
countries have changed the ordinary course of consumption, and in the
present confusion of world affairs, no clear
judgment can be formed about
future conditions.
Total estimated sales of crude oil and products abroad
in 1939
(including half of sales of 50%-owned companies) were 42,575,400
barrels, an increase of 5% over 1938.
There was almost no physical de¬
struction of property
during 1939, and there has been no confiscation except
in that part of Poland
seized by Russia, where the value involved is
relatively small.
"The difficulties of business under war conditions are a further indication
of the adverse effects of war
upon industry.
This company's business is
a
peace-time business, and no possible profits here or there under special
war conditions can
benefit us in the long run compared with the results
of orderly,
peaceful progress."
^
V
Non-oper. charges
Interest.
Net profit.
Shs.com. stk. (par $15).
$773,281
995,348
$0.68
Earnings per share
—V. 150, p. 2743.
-
/
Soundview Pulp Co.—To Pay 50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable June 1 to holders of record May 15.
Dividend of 25 cents
per share was paid on March 1, last.—V. 149, p. 3277.
South Carolina Electric & Gas
Co.—Earnings—
12 Months Ended March 31—
Total operating revenues
Operating
1940
76,982
624,129
_____
$4,031,939
1,654,523
192,118
583,373
16,500
578,904
$1,037,485
10,489
MaintenanceProvision for retirements
Federal income taxes
1939
$4,572,495
1,869,056
271,502
expenses.
$1,006,521
45,588
$1,047,974
501,413
118,167
53,631
$1,052,110
504,935
165,138
60,865
693,341
Other taxes
.
Operating income
Other income
Grossincome
Interest on long-term debt
Other interest
Consolidated Income Account for Calendar Years
1939
Gross oper. income
1938
1937
Cr504
Cr631
$375,266
$321,802
150,000
1936
Net income
$495,659,065 $544213,976 $574024,726 $518560,374
Cost, operating and
___
Amortization of debt discount and expense
Interest charged to construction
Dividends
gen-
$6 prior preferred stock
on
150,000
-
eral expenses
....372,288,180 423,672,859 431,023,418 400,961.459
1,443,815
2,316,633
2,339,364
Federal and other taxes. 43,572,626 c44.229,955
y48,038,945 y40,857,433
Balance
-V. 150, p. 1295.
Self-ms.prems. charged.
Operating income
$78,354,443
Reserve for depletion &
lease amortization
10,247,411
Intang. develop,
a Depreciation
costs..
4,515,516
31,449,450
..
Net oper. income
South Carolina Power
$73,994,531 $92,622,998 $76,741,482
Period End. Mar. 31—
'
8,993,293
2,962,921
31,454,293
7,331,422
z2,387,183
30,350,097
Gross
Oper.
6,000,389
z850,444
30,252,285
exps. and taxes
11,630,366
496,050
16,737,314
7
763,448
Miscell. inc. (net)
Profit on foreign exch.
Interest paid (other than
on funded
debt)
Z)r656,399
10,927.626
445,915
644,734
31,250
$3,732,928
2,268,498
375,000
$3,427,427
2,001,674
383,752
$100,613
55,315
$99,188
56,167
$1,089,430
673,330
$1,042,001
683,724
$45,298
14,286
$43,021
14,286
$416,100
171,438
$358,277
171,438
$31,011
$28,735
$244,662
$186,839
Prov. for depreciation-_
Gross income
9,372,563
603,198
1,366,604
•
Net
income
Divs. on pref. stock
Balance.-
Dr826,163 Drl,300,318 Drl,751,041
1940—12 Mos.—1939
$297,728
167,290
31,250
$328,926
197,063
Interest and other deduc.
Int. & divs. received..
$171,802
Co.—Earnings—
1940—Month—1939
revenue
$32,142,067 $30,584,024 $52,554,297 $39,638,364
Non-oper. inc. (net)—
$225,266
—V. 150, p. 2268.
Income before int.
disc't
on
fund.
&
debt_$43,612,084 $47,258,623 $63,272,254 $49,229,688
Interest and discount on
funded debt
Prem. & exp. on bonds
4,054,236
4,372,528
3,137,561
1,550,466
...—
______
invest, and advances.
1,356,936
500,362
347,521
2,550,000
1,000,000
b818,927
1,000,000
bl ,045,426
2,522,193
1,300,000
277,122
Res.
for
future loss
foreign exchange
to
See
See
c
378,808
See
c
233,390
Dividends paid..
Shs. cap. stk. (par $15).
y
per share..
1939
Marketable securities at
1938
$40,521,538 $62,393,288 $35,204,610
33,030,632
38,155,521
63,382,130
53,078,738
58,502,431
58,302,884
cost
-
market
106,756,433
Materials and supplies at cost
11,912,317
d Socony-Vacuum Corp. stock
4,326,158
Inv. in & adv. to affiliates and others.175,696,944
a
Real estate/ producing
for
1,513,158
977,692
992,328
Federal
570,000
450,735
1,764,757
1,707,626
2,120,155
7,611,819
1,754,033
6,522,356
72,169
101,000
Provision for deprec....
Rent for lease of oper.
75,930
105,000
288,338
Cr4,000
291,464
105,000
property—V er non
Prov. for employes' bonus
'
Net
revenue...
$4,220,126
Net non-oper. revenue..
838
$4,263,616 $18,964,624 $18,782,365
3,221
458,206
1.55,522
$4,220,964
$4,266,838 $19,422,830 $18,937,887
oper.
Net earnings
Int. and amort, of debt
discount
Balance
1,556,087
for
dividends
Preferred
dividends
Common
$2,664,877
1,256,321
1,193,683
dividends
Remainder
1,628,194
6,694,680
6,925,169
$2,638,644 $12,728,150 $12,012;719
1,256,332
5,087,992
5,064,101
1,193,505
6,046,057
5,569,429
$214,873
$188,807
$1,594,100
$1,379,188
$0.44
$0.43
$2.40
$2.18
Earned per share on com¬
mon
stock outstanding
Registrar—
preferred stocks
1937
Accounts and notes receivable
Crude and refined products, at lower
or
Commercial expense
Adminis. and gen. exp._
Taxes
246,352
$10,349,246 $46,132,238 $43,554,286
334,266
2,525,060
1,747,865
125,194
669,198
658,435
632,909
2,857,380
2,952,193
638,211
2,743,872
2,703,580
552,872
2,369,453
2,145,346
1,462,886
5,986,337
5,891,647
Manufacturers Trust Co. is registrar for the common and
of this company.—V. 150, p. 2117.
Consolidated Balance Sheet Dec. 31
Assets—
440,957
143,960
634,377
632,285
602,709
expense
income tax
and other amortization,
Cash........
of cost
Distribution
264,580
.ltion there was collected for States gasoline taxes amounting to
$74,487,487 ($71,584,397 in 1938).
6
y Taxes included above:
Federal, State and foreign income taxes, $9,704,864 ($7,970,229 in 1936); Federal undistributed profits taxes,
$1,924,946
($1,192,777 in 1936); Federal excise taxes, $21,239,355
($20,034,262 in
1936); property and miscellaneous taxes. $15,169,780 ($11,660,093 in
1936);
total as above, $48,038,945 ($40,857,432 in
1936).
In addition there was
collected for States gasoline taxes
amounting to $69,131,172 ($64,422,956
in 1936).
z Amortization of
intangible development costs capitalized after Dec. 31,
1935.
►
Production expense
Transmission expense..
See y
$40,106,917 $56,808,264 $42,909,363
15,575,536
24,920,857
21,805,123
31,206,071
31,151,071
31,151,071
$1.29
$1.82
$1.38
$1.10
—.
244,124
revenue..
Total oper. revenue..$10,695,500
l
15,603,035
31,708,452
Depreciation, retirements
456,716
b Net adjustment
musing from conversion of foreign currency assets and liabilities,
c Taxes
included above:
Federal, State and foreign income taxes, $5,734,799 ($7,505,642 in 1938); Federal excise taxes, $22,161,122 ($20,586,953 in
1938),
and property and miscellaneous
taxes, $15,676,706 ($16,137,359 in 1938).
c
Miscellaneous
M* «■,«*«» »,
Provision
Net profit accruing to
corporation
.$34,452,710
a
—
minority
interest (net)
Earnings
,
on
Misc. deduct's from inc.
Provision for inc. taxes._
Applicable
.
Ltd.-—Earnings—
Period End. Mar. 31— 1940—3 Mos—1939
1940—12 Mos.—1939
Electric Lighting revenue $5,747,214
$5,626,871 $21,200,684 $20,400,613
Electric power revenue._
4,704,162
4,476,022
23,953,861
22,161,344
1,928,622
called for redemption.
Prov. for loss on miscell.
Southern Colorado Power Co.—Earnings—
Year Ended Feb. 29—
Operating
revenues—
1940
-
$2,434,306
...—
Operation
124,864,519 130,726,418
10,809,969
12,227,692
4,326,158
4,799,780
133,130,605 131,516,372
888,456
Maintenance and repairs
Appropriation for retirement
Taxes..
reserve
—-
-
Provision for Federal and State income taxes
123,769
300,000
328,102
67,100
1939
$2,341,462
835,815
125,677
300,000
330,837
66,497
properties,
pipe lines, refineries, vessels, and
distributing stations...
....493,139,415 479,173,355 457,125,753
Prepaid and deferred charges
11,190,512
12,083,072
11,927,616
C
■
Southern California Edison Co.,
Total.....
$929,652,688 $923438,918 $905213,255
Liabilities—
$35,209,977 $40,584,972 $41,750,197
4,513,790
.8,538,100
8,109,889
Taxes payable
12,233,311
14,521,939
17,417.716
Reserve for future on for'n exchange.
3,500,000
6,000,000
5,000,000
Indebtedness to Stand-Vac. Oil Co.. 19,311,408
17,837,736
17,491,681
Funded
debt—Socony-Vacuum Oil
L
Co., Inc. 15-year 3K% debs
50,000,000
50,000,000
k 18-year sinking fund debentures...
75,000,000
75,000,000
75,000,000
I
25-year debentures
50,000,000
i
Compagnie Industrielle des Petroles
5% ser. debs., maturing 1938-55..
927,361
1,396,607
Purchase obligations
1,904,754
2,157,973
5,585,551
Deferred credits
2,781,103
958,807
948,591
Minority interest in capital stock and
surplus of subsidiary companies
2,166,730
2,919,588
3,088,546
b Capital stock (par $15)
475,626,780 475,626,780 475,626,780
Capital surplus
106,694,225 106,694,226 106,553,515
Earned surplus
125,820,352 106,970,677
83,100,761
Reserve for insurance
14,890,257
14,700.760
14,143.420
$929,652,688 $923438,918 $905213,255
a After reserves for depletion,
depreciation and amortization of $497,595,660 in 1939; $504,557,424 in 1938, and $496,855,097 in 1937.
b In¬
cludes 461 shares still to be issued in 1938 (5ll in 1937).
c Market value
$33,249,954 in 1939; $38,310,224 in 1938, and $63,609,447 in 1937.
d 502,381 (557,381 in 1937) shares at cost.—V. 150, p. 1005.
$726,879
on
$682,635
1,858
34,174
11,025
funded debt.
Amortization of debt discount and expense
Other interest
Interest charged to construction
Miscellaneous deductions
....
715
$728,737
409,698
;
Gross income
Interest
Accounts payable
Notes and loans payable
Total
Net operating income
Other income
$683,350
409,698
34,174
11,772
Cr412
Cr4ll
4,290
5,632
$269,961
Net income
$222,486
Note—In the above statement of income accounts net income for th^year
ended Feb. 28, 1939, has been reduced by $5,696 to reflect adjustment
applicable to the period prior to April 30,1938, included therein of amortiza¬
tion of debt discount and expense on first mortgage gold bonds, series A 6 %,
due
July 1, 1947, outstanding at Feb. 29, 1940, charged to surplus as of
April 30, 1938, which has been applied retroactively in the accounts.—V.
150, p. 2593.
Southern Indiana Gas
Period End.
Gross
revenue
Oper.
expenses
Dividends
on
...
pref. stock:
Balance
-V.
150, p. 2594.
1940—12 Mos.—1939
'
$360,984
202,004
39,288
$4,464,270
2,578,584
593,452
$4,007,740
2,196,930
474,658
$120,965
32,443
Gross income.
Interest & other deducts.
Amort, of pref. stk. exp.
Co.—Earnings—
$407,097
236,678
49,454
& taxes..
Prov.for deprec. & amort
Net income
& Electric
Mar. 31— 1940—Month—1939
$119,692
32,764
$1,292,233
390,065
$1,336,152
377,312
$88,521
34,358
10,848
$86,927
34,358
10,848
$902,168
412,296
130,181
$958,840
412,296
130,181
$43,315
$41,721
$359,691
$416,363
The Commercial &
2898
Earned
England Telephone Co.—Earnings—
Southern New
March 31-
3 Months Ended
Local service revenues
Miscellaneous revenues._—_
Total operating revenues
$4,532,278
12,500
^Majority
$4,519,778
964,521
713,318
.
$3,223,217
icfi'eil
186,814
Previous earned surplus. 148,416,908
$4,830,784
1,032,858
837,172
Total-,
;—
Uncollectible operating revenues--—
658,554
366,379
30,173
377,171
—-
Current maintenance
Depreciation and
amortization expenses
Traffic expenses
Operating rents
General and miscellaneous expenses.
Net operating revenues
$1,437,478
—
129,895
90,300
179,299
CV15.414
Net operating
$1,011,688
1.874
income
income
Net non-operating
Income available for
$1,013,562
207,500
15,350
fixed charges
Other interest
148,416,908 136,351,999
$791,516
60,000
700,000
$77,612,229 in 1936.
Consolidated Balance Sheet Dec.
375,622 in 1937 and
Market,
secure.
53,303,261
23,876.818
70,975,895
25,981,663
Income balance
$1.76
stock.
Comparative Balance Sheet March
1940
8,455,843
32,423,524
6,553,906
31
1940
$
88,950,035
85,731
86,472
Inv. in contr. cos.
503,722
Common stock
Prem. on cap.
Funded debt
Advs.
in non-contr.
stk_
237,706
38,600
107,134
Deferred credits..
A
amort
22,421,414 21,138,536
137,121
67,744
Total
—
3,340,935
3,802,925
1940
$765,646
82,394
$630,931
43,894
26,027
$503,496
def92,427
$727,568
25,598
defll0,809
defl4,535
2,270,956
250,905
1,740,142
107,132
1,537,704
defl88,155
2,119,142
140,845
180,704
Net from railway
60,127
def237,587
49,377
operating income
2117.
—V. 150, p.
Southern
1937
1938
1939
58,488
railway
Gross from railway
Net ry.
- ■.,
.
Ry.—Earnings—
:-.v'
1940
1939
$8,486,425
2,499,197
1,583,624
$8,196,387
2,456,450
1,536,586
25,312,713
23,292,354
6,594,171
3,779,737
March—
Gross from railway—
Net from railway.
Net railway operating
From Jan. 1—
income..
Gross from railway
7,134,968
Net from rail way
Net railway operating
4,278,194
income.
Jan 1 to April 21
1940
1939
—Third Week of April
1939
1940
Gross
$2,554,253
earnings (est.)
150, p. 2743.
$2,393,314 $41,215,654 $38,602,144
Southwestern Bell Telephone
Co.—Earnings—
$8,086,581
31,295
1940—3 Mos.—1939
$7,707,678 $23,990,766 $22,649,524
31,592
94,087
95,123
Operating revenues... $8,055,286
Operating expenses
5,063,001
$7,676,086 $23,896,679 $22,554,401
4,898,837 14,937,702 14,377,587
1940—Month—1939
Period End. Mar. 31—
$2,992,285
1,129,078
Net oper. revenues._.
lerating taxes
$1,863,207
Net oper. income
st income
1,646,370
$2,777,249
1,039,272
$1,737,977
1,527,031
$8,958,977
3,362,347
$8,176,814
3,082,791
$5,596,630
4,837,655
$5,094,023
4,361,086
p.2745.
723,079,698 724,663,142
Total
depreciation, depletion, intangible development cost
$360,444,103 in 1939 and $341,389,138 in 1938. y Ex¬
cess of cost over book value at date of acquisition of investments in sub¬
sidiaries.—V. 150, p. 1615.
x
After reserve for
and amortization of
Jersey—Extra Dividend—
dividend of 50 cents in addition to
the
capital stock,
See V. 149,
2594.
Rapid Transit Ry.—Earnings—
regular semi-annual dividend of 50 cents per share on the
par $25, both payable June 15 to holders of record May 15.
p. 2989, for record of previous dividend payments.—V. 150, p.
Staten Island
Gross from
Net ry. operating
From Jan. 1—
income
def23,697
def30,592
,
384,884
14,952
Net ry. operating income
—V. 150, p. 2117.
Tampa Union
399,944
8,371
362,254
def8,909
398,054
def256
def84,146
def99.962
defll0,091
def88,679
Terminal, Inc.—Registers with
SEC—
first page of this department.
Tennessee Central
Ry.—Earnings—
Net from railway
income
Gross from railway
Net ry. operating income
—V. 150, p. 2441.
$219,868
53,843
25,338
$198,905
$187,821
$248,052
42,695
13,210
39,898
11,974
73,075
48,219
682,623
187,067
88,984
583,368
522,346
112,729
27,350
657,384
179,266
106,902
Terre Haute Traction
127,623
39,798
& Light Co.—Tenders—
Boston, Mass., will until May
first consolidated mortgage 5 %
of $39,083.—V. 148, p. 2759,.
The State Street Trust Co.,
bids for the sale to it of sufficient
to exhaust the sum
Texas
1937
1938
1939
1940
March—
Gross from railway
Net ry. operating
From Jan. 1—
$139,820
def282
def30,014
$125,803
1,348
def32,559
$137,809
5,223
Net from railway
See list given on
1937_
1938
$132,530
6,907
railway
railway
Net from
1939
1940
March—
Corp.—Registers $60,000,000
'
14 receive
gold bonds
Debentures—
May 2 filed with the Securities and Exchange Com¬
registration statement (No. 2-4397, Form A-2), under the Secur¬
The corporation on
mission
a
ities Act of 1933
of debentures due May 15,
covering $60,000,000
1965.
furnished by amendment.
proceeds from the sale of the debentures are to be used, together
with treasury funds, to redeem on or about June 24, 1940, at 103%, $60,000,000 of the corporation's outstanding 3H% debentures due June 15,
1951. The total redemption price of the debentures will be $61,800,000, it
is stated, and accrued interest will amount to approximately $52,500.
Dillon. Read & Co., New York, will be the principal underwriter, it is
stated. The prospectus states that to facilitate the offering it is intended to
stabilize the price of the debentures.
This is not an assurance, it states,
The interest rate is to be
The net
Spokane Portland & Seattle Ry.—Earnings—
1940
March—
1937
1938
1939
$714,051
191,439
88,112
income
Gross from railway
Net from railway.
Net ry. operating income
—V. 150, p. 2117.
$670,962
178,736
56,254
$669,606
205,581
88,787
$794,682
1,987,921
546,857
211,193
Gross from railway
Net from railway.
Net ry. operating
From Jan. 1—
1,813,261
—723,079,698 724,663,142
Net from railway
Operating revenues... „
Uncollectible oper. rev..
V. 150.
3,078,571
Gross from railway
(Includes Northern Alabama Ry.)
—V.
(net).
charges
3,059,279
3,046,036
in tang,
Directors have declared an extra
operating income
Jan. 1—
148,416,908
373,409,821
18,339,310
Standard Oil Co. of New
2117.
Net from railway
132,433,419
—96,445,099 94,035,640
Southern Pacific SS. Lines—Earnings—
Gross from
243,962
Total
Surplus (unappro,)
—96,445,099 94,035,640
March—
surplus
paid in
114,096,072
Earned surplus. 163,620,414
Goodwill A other
reserves
Net ry.
From
243,962
381,800,358 381,800,505
stocks
Prepaid A defd
current llabs—
Other reserve
—V. 150, p.
8,250,000
14,535,024
Common capital
Capital
——
1,040,086
1,953,871
109,464
y
billing & paym'ts
pay. & oth.
Deprec.
Total
7,000,000
15,676,974
....
plant,
eqpt., Ac
375,913,957
Inv. in sub .cos.
trustees
1,235,791
Acer, liabs. not due 2,130,777
Accts.
Prepayments
Other defd chgg_.
mtge.
surp. of
interests
Prop.,
548,466
Custs. deps. & adv.
1,837,173
898,681
252,406
46,480
mln.
466,775
490,059
notes
deposited with
573,397
141,660
Material A suppl's
pref.
1st
356,485 Cap. A
secure,
700,000
1,401,997
40,000
798,275
&
900,000
Tel. & Tel. Co—
168,878
Working funds.-40,000
Accts. receivable.. 1,965,590
1,513,670
582,988
-.108,252,303 109,366,230
receivable
Cash
x
Amer.
from
1,277,522
companies
Cash..
$
40,000,000 40,000,000
136,539
136,539
25,000,000 25,000,000
1,223,015
Long-term notes
Purchase obligs.
97,825,095
6,245,661
6,861,791
306,900
750,000
17,222,446
and long-term
1939
$
Liabilities—
Telephone plant-.91,336,604
Misc. phys. prop..
373,207
suppl's
Oth. curr. assets
mtge.
500,000
Accrd. liabilities 20,207,978
Other curr. llab.
389,983
27,157,839
Unadj. claims—
6,553,906
Prod, (lower of
cost or mkt.). 81,004,641
Mat'ls A
2,500,000
pref.
notes current.
3,092,924
receivable
16,191,407
bank
1st
Inv, on oth. cos.
1939
$
Assets—
Inv.
$4,481
$1.83
transferred to surplus
Earnings per share of common
700", 006
S
S
Notes payable to
notes
at cost
1938
1939
18,074,845
payable.
Accts.
Short-term com¬
mercial
31
Liabilities—
S
S
Assets—
.
.
1938
1939
$704,481
$31,516
fixed charges
reservations of income—
Dividend appropriations of income
Income after
117,982,345
15.272,020 15,267 030 15,196 241
Earnings per share
$2.23
$1.82
$3.66
$3.09
a Paid by
Standard Oil Co. of Indiana,
x In addition to the amount
of taxes shown above there was paid (or accrued) for State and Federal
gasoline taxes the sum of $86,533,468 in 1939; $82,824,34o m 1938, $83,-
Accts. and notes
Miscellaneous
171,427,523 154,401,138
35,075,524 36,418,793
15,271,269
19,090,029
^Dec^Sl-6?-!1^1—11163,620,414
ShoSt^cS0ngm_°n„8.^ 15,272,014
CV805
Cr805
funded debt
Release of prem. on
stock..
/
$923,.505
207,500
12,328
------
-
182,710,442 163,688,177
on com.
Cr645,400
55,950,785 ,46.883.448
prof5,559 lossl38,114
27.771,976
34.142,643
Total surplus
Divs.
a
...
„.
_
Dr435,798 Dr2,511,165
Crl50,892
Minority interest----
Cash
Bond interest
earned
Adjustment
of
surplus (net).
$922,500
1,005
-
-
construction--
Taxes charged
$1,306,580
159,194
93,000
189,130
Crl5,534
;
——
Social security taxes
Other taxes
816,399
377,086
30,218
402,653
Commercial expenses ------—-—- - -- -- -- --
Federal income taxes
1937
1936
$
$
136,351,999 117,982,345 107,010,404
1938
$
$4,839,284
8,500
—
31
Surplus Account Dec.
1939
$
$3,413,452
1.218,832
206,999
-
Toll service revenues
1940
May 4,
Financial Chronicle
1,874,715
471.312
118,703
1,842,435
479,398
170,298
2,077,300
682,882
Standard Cap & Seal
315,061
209,625
348,782
Corp.—20-Cent Dividend—the common
This compares with
4041.
Directors have declared a dividend of 20 cents per share on
stock, payable June 1 to holders of record May 15.
dividend of 40 cents paid on March 1, last.—V. 149, p.
Standard Gas & Electric Co.—Weekly
the Standard
1940, totaled
118,769,942 kilowatt hours, an increase of 13.7% compared with the cor¬
responding week last year.—V. 150, p. 2743.
Standard Oil Co.
Gross oper. income
(Ind.) (& Subs.)- -Annual Report—
1939
1938
1937
1936
344,450,441 335,996,017 365,521,364 331,175,841
Costs, oper. & gen. exps.259,597,340 261,136,302 260,608,582
x Ordinary taxes
12,196,542
11,764,669
12,878,302
Deprec. depletion retire.,
241,407,161
10,539,796
35,178,965
36,546,730
34,338,020
30.616,259
Net oper. income
37,477,594
Non-oper. income (net).
4,449,627
26,548,315
4,815,854
57,696,460
7,676,937
48,612,625
5,955,708
31,364,170
321,598
2,896,192
65,373,397
188,948
7,255,501
415,155
54,568,333
28.146,379
374,404
57,513,792
1,563,008
47,688,721
805,272
& amort
Inc. before int. chgs__
41,927,221
363,357
Prov. for Fed. inc. tax..
6,074,163
Surtax on undist. profits
Interest
Profit for period
Loss applic. to min. int.
35,489,700
1,347,057
328,131
6,399,395
152,086
Net
profit accrued to
corporation
34,142,643
27,771,976
55,950,785
price will be stabilized, or that
be discontinued at any time.
not
46,883,448
the stabilizing if commenced may
.
,
„
'
the debentures are to be offered to the public, the
underwriting discounts or commissions and the redemption provisions are to
be furnished by amendment to the registration statement.—Y. 150, p. 2441.
The price at which
Texas Electric Service
Period End. Mar. 31—
Operating revenues
Operating expenses
Output—
Electric output of the public utility operating companies in
Gas & Electric Co. system for the week ended April 27,
Calendar Years—•
that the
Co.—Earnings—
1940—Month—1939
$633,066
$689,683
285,439
87,470
Direct taxes
retirement re¬
appropriations.-
Property
289,606
73,867
1940—12 Mos—1939
$8,668,924
3,337,694
1,128,754
$8,354,792
3,543,801
1,026,260
83,333
83,333
1,000,000
1,000,000
Net oper. revenues
$233,441
Other income (net)726
$186,260
$3,202,476
$2,784,731
742
12,089
12,456
$234,167
$187,002
140,542
2,699
140,542
2,623
$3,214,565
1,686,500
31,917
$2,797,187
1,686,500
31,462
$90,926
$43,837
$1,496,148
stock for the period
375,678
$1,079,225
375,678
serve
Gross income
Int.
mtge. bonds
interest
on
Other
Netincome...
Divs. applicable to preferred
$1,120,470
Balance
-V. 150, p.
$703,547
2746.
Texas & New Orleans RR. —Earnings—
1939
1938
1937
$3,768,436
951,246
operating income
372,519
$3,700,981
$3,548,893
$4,279,182
965,302
427,448
727,728
208,022
1,204,898
630,120
11,228,307
2,901,482
1,140,026
10,469,911
2,605,321
1,021,351
10,390,483
1,922,327
321,151
12,241,810
3,566,724
1,990,059
March—
1940
Gross from railway
Net from railway
Net ry.
From Jan. 1—
Gross from railway
Net from railway
Net ry. operating income
—V. 150, p. 2117.
Volume
The Commercial & Financial Chronicle
150
Third Avenue Ry.
Period
End.
Operating
Operating
Mar.
31—
1940—Month—1939
$1,234,259
$1,240,891
928,570
942,193
revenues
expenses
Net operating revenue
Taxes
Operating income
Non-operating income.
$305,689
1940—9
Mos.—1939
connects at
$10,776,795 $10,548,890
8,209,439
8,074,843
$2,567,357
1,364,675
$2,474,048
1,273,112
$153,871
23,226
$1,202,681
209,084
$1,200,935
$181,832
215,240
$177,097
220,248
$1,411,766
1,950,953
$1,416,573
1,957,243
$33,409
_
$298,698
144,827
$159,123
22,708
_
$43,151
$539,187
$540,670
Net loss
—V. 150, p. 2117.
....
line
between
215,638
those
Tilo Roofing Co., Inc.—Sales—
R. J. Tobin, President of this
company, reports that sales for the 16-week
period ended April 20, 1940 amounted to $758,330
compared with $657,777
for the
corresponding period last year, an increase of
15.29%.
The sales
figures include gross income from service fees on operations of subsidiary
finance company.
The company recently opened its first branch office in Pennsylvania.
This brings its total number of offices to 42.—V.
150, p. 2747.
Tobacco Securities Trust, Ltd.—Dividend—
an interim
dividend of 5% on the American
Depository Receipts for ordinary stock payable May 31 to holders of record
May 2.—V. 150, p. 1147.
Co.—SEC
Criticizes
Dividend
Policy
of
Company—
The dividend policy of the
company, a subsidiary of Cities Service
Power & Light Co., was criticized
by the Securities and Exchange Commis¬
sion in its decision
approving the company's recent bond and debenture
offering.
Common stock dividends exceeded
earning available by $1,800,000 be¬
tween Sept. 30, 1934, and Dec.
31, 1939, helping to reduce the company's
earned surplus from $7,245,939 to
$2,830,455, the SEC said.
"The effect of this dividend
policy has been two-fold," the SEC asserted.
"First, the ratio of common stock and surplus to total capiltalizaiton has
been reduced.
Second, such policy has placed the applicant in the position
when faced with the imperative need of funds for new con¬
its only source of such funds is thorugh increasing its debt."
that now,
struction,
For this reason, the SEC explained, it has
imposed
future use of earnings available for common
conditions on the
stock, requiring that $362,500
of such earnings be added to
surplus annually as long as any of the new
debentures were outstanding.
This condition was imposed April 19 when the SEC issued
its order
permitting the sale of the bonds and debentures.—V. 150, p. 2747.
Toledo Peoria & Western
March—
1940
Gross from railway
1939
1938
$169,482
46,222
18,016
$203,009
72,779
22,621
575,725
204,401
94,409
490,165
155,115
65,234
497,235
165,289
61,290
575,046
197,501
91,062
Gross from railway
—V. 150, p. 2117.
City Rapid Transit Co. (& Subs.)—Earnings—
3 Months Ended March 31—
Operating
Operating
1940
1,941,533
Interest
funded debt
___________
on
funded debt...
Net income.
-V. 150, p. 1298.
...
$369,811
3,696
$332,556
216,594
15,105
$373,508
229,696
16,022
3,376
3 527
$97,480
$124,262
Union Central Life Insurance Co.—New Vice-President
Ralph A. Metzger,
formerly with Harriman Ripley & Co., and prior to
that with National City Co. in Cincinnati and
Cleveland, has been elected
a Vice-President of this
company.
Since May, 1939, Mr. Metzger has been
Manager of the Union Central's bond department.—V. 140, p. 1323.
Union
Ogden
Ogden with the lines of the Southern Pacific System, and, with
handles a large
Security—The refunding mortgage will be a direct lien on 3,544 miles of
now owned
by the company (subject only, upon satisfaction of the
lien & refunding
mortgage, to the prior lien of the company's first
railroad
tiret
railroad and land grant
mortgage on about 2,020 miles, comprising most
of the company's main
lines) and a lien (subject to said first railroad and
land grant
mortgage, so far as it attaches thereto and to equipment trusts)
on appurtenances to
the mortgaged property, whether now owned or here¬
after acquired
and, to the extent provided in the refunding mortgage, on
equipment or interests therein now owned or hereafter
acquired.
The
refunding mortgage will
not be a lien on lands or interests therein not
appurtenant to the mortgaged railroads or on
any property owned by sub¬
or on any
securities
or on any
mineral rights in mortgaged
premises.
Company will covenant that the $100,000,000 first mortgage
railroad and land grant 4% bonds due July 1, 1947 will not be
extended,
but will be paid at
maturity. A like principal amount of refunding mtge.
bonds will be reserved to refund such first
mortgage railroad and land grant
bonds.
Refunding Mortgage—The refunding mortgage will authorize the issue
not
of
exceeding $200,000,000 principal amount of refunding mortgage bonds
outstanding, such bonds to be issuable in series, each series
at any one time
000,000 of bonds will be reserved, as aforesaid, to refund the first
mtge.
railroad and land grant 4% bonds.
$18,398,000 principal amount of bonds
may be issued at any time or from time to time, at the
request of the com¬
pany, with the approval of the Interstate Commerce
Commission, in lieu
of first lien &
refunding bonds now outstanding or in the treasury, in respect
no
refunding mortgage bonds are presently being issued. Refunding
mortgage bonds may be issued to refund refunding mortgage bonds of other
series, or in lieu of refunding mortgage bonds retired otherwise than through
of which
the
sinking fund.
Sinking Fund—Company will agree in the refunding mortgage to create a
sinking fund beginning in 1951, in the amount of $430,000 a year, or such
smaller amount
net
as may be earned and available after such deductions from
income of the preceding year as may be permitted
by the refunding
mortgage.
The sinking fund may be used to retire secured funded debt of
(including refunding mortgage bonds, but excluding equip¬
obligations) and to acquire secured funded debt of leased sub¬
It will be provided that payments into the sinking fund
may be
the company
ment trust
sidiaries.
made in securities instead of cash. It will also be
provided that sinking fund
moneys may be used to redeem refunding mortgage bonds, series A, at the
sinking fund redemption prices hereinafter stated. Other provisions as to the
use of sinking fund moneys and the
disposition of securities acquired through
the operation of the sinking fund will be such as
may be approved by tne
ICC and included in the refunding mortgage.
Stock—Company had outstanding in the hands of the public on March 31,
1940, $99,543,100 4% preferred stock and $222,291,000 common stock.
Company has paid dividends on its preferred stock uninterruptedly since
1898 and on its common stock since 1900.
Dividends are currently being
paid on the common stock at the rate of 6% per annum.
Bonds—Company also had outstanding in the hands of the public
Pacific
RR.—$81,602,000 Bonds Offered—Kuhn,
Loeb & Co. offered April 30 a new issue of
$81,602,000
ref. mtge. 3L£% bonds, series
A, to be dated June 1, 1940,
and to be due June 1,1960.
The bonds were priced at 102%
and accrued interest to date of
delivery. This is the first
public financing for the Union Pacific other than equipment
trust obligations since September,
1936, when Kuhn, Loeb
& Co. sold $20,000,000 of debenture
3%s due 1970.
In
April of the same year Kuhn, Loeb & Co. sold $26,835,000
of debenture 3^s due 1971.
The present offering has been
on
March 31, 1940, $100,000,000 first mortgage railroad and land grant 4%
bonds due July 1, 1947; $85,902,000 first lien & refunding mortgage bonds
due June 1, 2008 (which will be retired upon completion of this financing);
$46,132,000 3H% debentures (unsecured), of which $19,545,000 are due
Oct. 1, 1970 and $26,587,000 are due May 1, 1971: and $9,022,000 of 2%%
equipment trust certificates due from 1940 to 1952.
Funded debt of the
leased subsidiaries (whose accounts are consolidated with those of the
company in the financial statements) outstanding in the hands of the
public aggregated $110,917,000, of which $56,191,000 (including $16,424,000 guaranteed by the company) matures in 1946 and 1947 and $54,725,000,
guaranteed by the company, matures In 1961.
43d Annual
income
on
$2,300,543
1,930,732
$329,052
3,504
Operating income
Amortization of discount
Miscellaneous debits
1939
$2,270,585
revenue...
expenses and taxes
Non operating income.
Gross
1937
$189,030
65,075
30,058
Net from railway
Net ry. operating income
Twin
RR.—Earnings—
$182,406
64,013
29,389
Net from railway
Net ry. operating income
From Jan. 1— '
and
to bear interest at such
rate, to mature on such date or dates, and otherwise
to have such terms as
may be determined by the board of directors.
$100,-
Directors have declared
Edison
Bluffs
lines, forms part of the "Overland Route") which
volume of traffic moving between California and the East.
sidiary companies
Toledo
2899
Council
owned by the company
(which, with other owned mileage, will be subject to the
refunding mtge.)
146,566
Gross income
Deductions
The
System—Earnings—
balance
sheet
Report—A comparative income account and
of
as
Dec.
31,
1939,
will
be found under
"Reports and Documents" on subsequent pages of this issue.
W. A. Harriman, Chairman of the Board, states in part:
Income—The operated mileage at close of year and income for the year
1939, compared with 1938, were as follows:
Operated Mileage at Close of Year—
Miles of road.
1939
9,897.95
4,288.85
Total mileage operated
Revenues
over
15,717.26
1,537.91
Miles of yard tracks and sidings
Operating revenues
Operating expenses
1938
9,903.86
1,542.52
4,270.88
15,724.71
___£
Miles of additional main track
$164,253,371 $150213,214
117,858,588 105,731,151
— — ...
expenses
Taxes
—
—$46,394,783 $44,482,063
16,287,608
15,293,995
Railway operating income
$30,107,175 $29,188,068
use of joint trucks, yards,! and terminal
1,743,688
1,742,835
.....
Rents from
facilities
...
_
_
_
_
_
.
.
_
_
...
$31,850,861
Hire of equipment—debit balance, and rents for
use of joint tracks, yards and terminal facilities..
$30,930,903
11,617,673
11,063,512
Net income from transportation operations._$20,233,188
Income from investments and sources other than
$19,867,391
13,580,375
13,623,345
transportation operations
,'4__
oversubscribed.
$33,813,563 $33,490,736
14,789,503
14,846,932
Total income
Coupon bonds in $1,000 denom., registerable as to principal, exchange¬
able for fully registered bonds and
reexchangeable, all as will be provided
in the refunding mortgage.
Interest payable J-D.
Chase National Bank,
New York, trustee.
Redeemable as a whole at any time and in part (but
only in amounts of $5,000,000 or multiples thereof, except for the
sinking
fund) on any interest date, at redemption prices beginning at 106% to and
including June 1, 1950, and scaled downward thereafter.
Redeemable for
sinking fund on June 1, 1951, or any interest date thereafter at redemption
prices beginning at 102 H % to and incl. June 1, 1955, and scaled downward
thereafter.
Purpose—The proceeds of the sale of these bonds will be used, with other
redeem $85,902,000, first lien & refunding mortgage 4% bonds
and 5% bonds.
Company advises that such bonds wiU be redeemed at
107H% plus accrued interest to Sept. 1, 1940, upon surrender thereof,
promptly after the refunding mortgage bonds, series A, shall have been
moneys, to
delivered.
Issuance—Issue and sale of these bonds is subject to the
approval of the
Interstate Commerce Commission.
Legal Investments—In the opinion of counsel, these bonds are legal in¬
vestments for savings banks under the laws of New York, New
Jersey,
Pennsylvania, Massachusetts, Rhode Island, New Hampshire and Vermont.
Listing—Company has agreed to make application in due course for the
listing of these bonds on the New York Stock Exchange and for their
registration under the Securities Exchange Act of 1934.
Company—Company owns 3,559 miles of railroad, the main lines ex¬
tending from Council Bluffs, Iowa, to Ogden, Utah, and from Kansas
City, Mo., to Denver, Colo., and to connections with the Council BluffsOgden line at Cheyemne and Borie, Wyo. The Union Pacific System in¬
cludes about 9,898 miles of railroad, the principal railroad subsidiaries
being: Los Angeles & Salt Lake RR., (Salt Lake City, Utah, to Los Angeles,
Calif.): Oregon Short Line RR. (Salt Lake City, Utah, and Granger,
Wyo., to Butte, Mont., and to Huntington, Ore.); Oregon-Washington RR.
& Navigation Co. (Huntington to Portland, Ore. and Seattle, Wash, and to
Spokane, Wash.); and The St. Joseph & Grand Island Ry., (St. Joseph,
Mo. to Grand Island, Neb.).
The properties of the subsidiaries named
above are leased to the company, the leases extending from year to year
until terminated by either party on three months' notice.
The rental
payable includes interest on funded debt, depreciation and other items as
set out in the leases and, in the case of The St. Joseph & Grand Island Ry.,
dividends (amounting to about $3,000 per annum) on stock now outstanding
in the hands of the public.
Fixed and other charges
Net income from all sources
Divs.
on
$18,966,631
preferred stock of Union Pacific RR
Surplus for com. stock of Union Pac RR__
Per cent earned on par valueoutstanding
Dividends on common stock
Surplus, transferred to profit and loss
Dec.31..
3,981,724
$18,701,234
3,981,724
$14,984,908 $14,719,510
6.62
6.74
13,337,460
13,337,460
$1,647,448
$1,382,050
The decrease of $42,969 in "income from investments, &c." resulted
principally from decreases of $329,723 in net income from oil operations
m Southern California, $276,571 in interest on bonds, notes and equipment
trust certificates, $21,243 in interest on loans and open accounts, and
$22,383 in rents from leased road and equipment, and increases of $368,830
in dividends on stocks and $243,467 in miscellaneous income, the latter
resulting principally from increased charges against the Pacific Fruit Express
Co. for services rendered for and privileges granted to that company.
The Increase of $57,428 in "fixed and other charges" is the net of increase
of $98,710 in miscellaneous rents and charges, chiefly absorbed deficits
of affiliated companies, and decrease of $41,282 in interest on funded debt.
The volume of freight traffic (ton miles—revenue freight) for the past
four years compared favorably with that of years prior to the depression
excepting the peak years 1928 and 1929, but the revenue therefrom was
substantially less than that of pre-depression years.
The lag in revenue
was due to a lower level of rates as indicated by decreased average revenue
per ton mile, which has declined steadily since 1921 (the only important
exception being the increase in 1938 resulting from a general rate increase
granted by the Interstate Commerce Commission early in that year, upon
petition of the railroads) due in part to rate reductions ordered by the ICC
or made voluntarily, especially in later years, to retain traffic or to regain
it from competing transportation agencies, and in part to the unrecovered
loss of higher-rated short-haul traffic to motor carriers.
If the volume
of traffic moved in 1939 had moved at the 1921 average rate per ton mile,
the 1939 freight revenue would have been $61,032,854 greater and at the
1929 average rate per ton mile, it would have been $20,945,189 greater.
The volume of passenger traffic (passengers ofte mile) for each of the past
three years has been greater than in any year since 1926, but, as in the
case of freight, the revenue therefrom was substantially less.
The pas¬
senger business has been particularly susceptible to competition from motor
vehicles, especially private automobiles, and both the volume of traffic
and the revenue derived therefrom declined rapidly shortly after 1921,
The Commercial & Financial
2900
low In 1933 when the volume was but 38.8% and the revenue
of those for 1921.
Up to that time the average revenue per
mile declined to 62.6% of 1921 primarily because of loss to private
automobiles and buses of short-haul traffic returning a relatively high
eaching
a
but 24.4%
passenger
revenue
passenger per
per
The substantial recovery in volume of
reduction in passenger
mile.
since 1933 may be attributed largely to
(beginning with Dec., 1933), air-conditioning
traffic
fares
introduction
ment,
high-speed
of
streamlined
and modernizing equip¬
trains, inauguration of
"Challenger" train service including low cost dining car meals and separate
cars for women and children, and other efforts of the management to afford
patrons modern
to
(19.6%)
was
In 1939 the volume had recovered
only 46.9%, as the average revenue per
and efficient service.
92% of 1921, but revenue was
declined to 51%.
passenger mile had
The decrease in
partly offset by savings in
operating expenses which were
equivalent to 9.9% of gross operating revenues, $468.52 per employee,
and $7.33 per share of common stock.
The amount of interest on funded debt and other charges for 1939 was
than
for
any
1921-1939 except
year
Co.—Delisting Hearing—
Ulen &
Securities and Exchange
The
1940
4,
Commission April 26 announced public
application of the New York Stock Exchange to strike from
registration of the common stock (no par) of Ulen & Co.
The
application stated, among other things, that in the opinion of the Exchange's
Committee on Stock List this security is not suitable for continued listing
in view of the small amount of the assets available to the issue and the small
total market value.
Hearing on the application will be held May 28 at
the Commission's New York Regional office, 120 Broadway, N. Y. City.
—V. 150, p. 2441.
hearings on the
listing and
United Aircraft
Products, Inc.—Merger Plan—
directors of this company and Aircraft Precision Products,
agreed upon a merger plan under which this company will issue
one'common share for each three common shares of Aircraft Precision.
Meetings of stockholders will be called soon to approve the plan.
Harry L. Bill, President of United Aircraft Products, Inc., will be the
chief executive of the combined companies, and it is proposed to add to the
board certain directors of Aircraft Precision.
Combined sales for the first
The boards of
in 1939 as compared with 1921
operating revenues
reduced 21.9%, but net income from transportation operations decreased
42.9% because of a substantial increase in taxes and rents, the latter being
due chiefly to increased rental payments for refrigerator cars of the PacificFruit Express Co. (owned jointly with the Southern Pacific Co.) because
of increased volume of perishable freight handled.
Taxes in 1939 were
lower
May
Chronicle
1938, having declined 14%
but notwithstanding this reduction and reduction of dividend
on common stock, the balance remaining after dividends in recent years
has been considerably less than in the pre-depression years because of the
Inc
have
combined net income was 1123,775. A pro
31 shows total assets of $1,194,936, current
liabilities of $858,355.—V. 150, p. 1619.
quarter were $672,729, and
forma balance sheet at March
$690,444 and current
assets of
United Gas Improvement
IIearing Postponed—-
Co.-
postponement
from 1921,
greatly reduced income.
The average balance after dividends for the 10
years 1921 to 1930, inclusive, was $13,200,000, while for the nine years
1931 to 1939, inclusive, it was $1,900,000.
,
Oil Development—In the oil fields in the vicinity of Los Angeles and Long
Beach harbors the company completed during the year the drilling of
36 additional wells (all producing), and at the close of the year had 156
producing wells and 10 wells in the course of drilling or located.
Company
drilling is still confined to that necessary to protect its properties against
drainage by others.
Under the voluntary proration arrangement with other
producers (mentioned in previous reports) whereby production is restructed
the allowable production per well was again drastically reduced effective
June 1, 1939, and further minor reductions were successively adopted on
Aug. 1, Sept. 1, Oct. 1, Nov. 1 and Dec. 1.
The effect of these reductions
was partially offset by the increase in number of producing wells, but the
production during the year (7,378,626 barrels) was 526,698 barrels less
than for the year 1938.
The results of operations for the year were as
follows:
ration and
until
e
simplification
Company Act.
Weekly Output~~~~
for the U. G. I. system
The electric output
Holding
companies for the week i ust
figures for the same week last year are as follows:
Week
1940, 102,288,723 kwh., same week last year 93,835,254
increase of 8,453,469 kwh. or 9.0%.—V. 150, p. 2749.
closed and the
ended April 27,
kwh., an
""United Light & Power Co.—Submits Integration Plan—
Recapitalize, Sell Some Properties, Buy Others, Set Up
Three Systems—But Still Holds Act Invalid—
Company on May 2 filed an integration plan with the Securities and
Exchange Commission which goes far beyond any proposals submitted by
Would
In brief United Light proposes:
of three integrated systems to be effected through the
properties and the sale of some subsidiaries.
A recapitalization plan for the parent company and a simplification of
the general corporate structure of the system.
At the same time, the company made it plain that its willingness to
submit such a plan was not a waiver of any of its rights or beliefs with
respect to retaining its present utility assets.
Furthermore, in support
of that stand, and to fully preserve its constitutional rights, it alleged that
Section 11 of the Utility Act is unconstitutional and violates the Fifth and
other holding
companies.
Establishment
purchase of new
$7,425,564
Receipts
deprec'n) and taxes
$1,874,601
wells and constructing
other facilities totaled $2,041,847, of which there
was
charged against receipts, representing in¬
tangible drilling and development costs such as
labor, fuel, repairs and hauling in connection with
drilling, geological work, clearing ground, building
roads and certain materials with no salvage value
1,166,787
Production expenses (incl.
drilling
for
Expenditures
-
$4,384,176
Net income
beginning of this development to Jan. 1, 1940, the
receipts from the sale of oil and other products were
„
$18,305,154
The expenditures—cost of drilling wells and constructing other
facilities and production expenses and taxes, paid and accrued
From the
12,746.083
were
Excess of receipts over
expenditures.
p*Of the total expenditures, $8,778,556 was charged
determining net income and the balance of $3,967,526
against future receipts as depreciation or otherwise.
the Constitution.
cooperation of the SEC in an attempt to solve the problems
manner and "with due regard for
Tenth amendments of
3'041-388
5,559,070
against receipts in
will be charged off
Operatiny Statistics for Calendar Years
1939
1938
1937
Requesting the
created by Section 11 in a constructive
the interests of all security holders in its
following plans for a
1
limited to three geographical
.
Electric facilities situated in eastern
Kansas, Northern Missouri, Eastern Nebraska and Southern Iowa as well
as Rock Island and Moline, 111.
These facilities, the plan states, would be
physically interconnected or capable of physical interconnection.
The first area also would include a system of coordinated gas utility com¬
panies operating in substantially the same territory.
The operations in the first area contemplate the retention of the holding
company system of all electric and gas utility assets now located in that
territory and owned by the following subsidiaries of United Light:
first
The
area
Iowa City
1936
1,684,267
2,052,571
1,880,651
944,680,863 1072827.716 907,324,454
1.72 cts.
1.74 cts.
1.60 cts.
1.64 cts.
26,453,735
25,284,671
28,609,938 26,720,428
13,057,872
11,713,953
13,297,243 12,522,299
1.015 cts.
1.028 cts.
0.983 cts.
1.014 cts.
494
463
465
468
system," United Light evolved the
holding company system
areas.
would embrace:
Manufacturing Co.,
Light & Power Co., Moline-Rock Island
Light Co., Peoples Power
Co., Iowa-Nebraska
Ottumwa Gas Co., Peoples
Kansas City
Manufacturing
Revenue pass, carried..
1,753,484
Rev. pass. carr. 1 raile.l,020,985,118
Light & Power Co., Marysville Electric Light & Power Co.,
Power & Light Co. (excluding Iowa assets), United Power
Rate per pass, per
Company.
Revenue
mile..
freight (tons)..
Tons (1,000) per mile...
Aver, rate per ton p. mile
Avg.tr. load (rev.) (tons)
The consolidated income account for calendar years was
General Balance Sheet Dec. 31
1939
Stocks..
Investments in affiliated cos.:
1938
11,729,991
$925,125,632
363,157
9,529,319
20,367,937
20,367,837
26,880
8,731,932
9,651,437
20,713,459
20,725.936
80,956,197
Bonds, notes and equip, trust certificates.
Advances.
Investments
in other companies:
Stocks...
Bonds, notes and equip, trust certificates.
•
80,776,736
66,463,441
67,735,085
6,477,617
12,855,781
23,964,443
23,447,319
37,574
41,877
6,482
4,052,722
1,399,429
5,039,883
25,802,335
743,870
161,382
114,535
114,482
5,756,365
8,264
3,626,594
1,107.061
5,240,393
21,579,507
850,997
120,073
114,485
380,357
4,661,540
25,282
18,114
U. S. Govt, bonds and notes.
350
Sinking funds
Cash
.
Special deposits
Loans and bills receivable
Traffic and car service balances receivable—.
Net bal. receivable from agents & conductors
Miscellaneous accounts receivable
Material and supplies...
Interest and dividends receivable
Rents receivableOther current assets.
Working fund advances
Other
deferred
assets
Rents and insur. prems.
Discount
on
paid in advance
668,216
699,910
1,729,006
1,150,594
funded debt
Other unadjusted
debits
.....$1,219,380,245 $1,210,357,821
Total
Liabilities
•
Common stock
Preferred stock
Fundeddebt
Grants in aid of construction.
Non-negotiable debt to affiliated companies.
Traffic and car service balances payable
$222,302,500
99,602,981
351,952,380
8,547,946
8,017,487
1,191,717
$222,302,500
99,602,981
353,147,195
5,518,354
6,667,422
1,201,269
9,190,912
8,194,859
Audited accounts and wages payable.
Miscellaneous accounts payable
1,001,123
4,105 377
3,585,504
48,175
1,620,341
472,413
Interest matured unpaid
Dividends matured unpaid.
Iunded debt matured
unpaid
Unmatured interest accrued
Unmatured
rents
accrued
Other
Reserve
<
1,625 738
429,011
324 099
said,
located in Michigan and the construc¬
lines and production
acquisition of additional gas transportation
facilities within and without that State.
tion
or
,
,
,
.,.
that the company's investment—through its subsidiary
holding company American Light & Traction—in the Detroit Edison Co.
will be retained.
The third area, however, the plan states, could be ex¬
panded to include Detroit Edison in the event that the SEC determines it
to be a subsidiary of United Light.
_
American Light owns approximately 20% of Detroit Edison Co. common
stock.
The North American Co. owns nearly the same amount.
^
The plan proposes
.
™
it is estimated, would result ulti¬
approximately $135,000,000 of utility assets,
territory and the elimination from the hold¬
of utility assets and investments having approxi¬
Consummation of the various steps,
mately in the acquisition of
located within the prescribed
ing-company system
mately the same value.
,,
,
,
,
.
which the electric and gas
will operate to 7 from 14,
from 26.
Limitation to three systems, the plan states, would be accomplished by
sale or exchange of other properties as opportunity provided.
Financing
of the necessary objectives, it is expected, will be accomplished from funds
It also would reduce the
number of States in
utility companies in the holding company system
and reduce the number of utility subsidiaries to 9
The integration program
8,627,423
114,863,201
5,252,139
30,767,754
34,972 571
992 229
350
Paper & Power Co.
...
,
The company's brief asserts the program outlined is feasible and may be
adequately financed with the resources and credit which are now or
become available, without "deviating from sound principles of finance.
The plan outlined in the company's reply does not list the properties to
be sold or the properties it would like to purchase to effectuate
However, it states that the company is prepared to submit to the Commis¬
250,782,284
sion
30,784,372
34,972,571
1,221,014
_
39,565,199
39,565,199
___________
consolidated balance sheet excludes
all
Inter-company items
& Salt Lake RR., and the St. Joseph & Grand
Island Ry. owned by other system companies are not included.
The differ¬
between the par and face value of such securities as carried on the
ence
books of the issuing companies
(less unextinguished discount on the bonds
loss, but added back in consolidating
and discount charged to profit and
and the amounts at which the securities are carried on the
books of the owning companies is set up here to
system operations also, it is
certain additional gas utility assets
third
the company's investments
$1,219,380,245 $1,210,357,821
the accounts)
operation in
stated, con¬
utility
Consolidated
Pipe
The
contemplate the acquisition of
Michigan and outside of that state.
Such operations, it is
template the retention within the holding company system of the
assets now owned by a United Light affiliate, the Michigan
Gas Co., and the acquisition by it of assets of American-Michigan
Line Co. and American Production Co., also United Light affiliates.
96 560
———_____
Total-
securities of the Los Angel qp
properties in the heart of the
8,1891807
Difference between par & face val. of sees.
t
this
Electric System owns
8,573,473
251,198,971
Profit and loss
As
&
9,219,023
118,270,760
5,408,542
depreciation
Surplus: Approp. for add'ns & betterments.
Reserved for depreciation of securities...
Funded debt retired through inc. & surp__
Sinking fund reserves
a
Associated Gas
territory that would embrace United Light's second system.
For its third integrated system the company proposes a gas
94 054
Other unadjusted credits
a
3,578,174
59,175
entire group
8,558,618
reserve
for
and Oklahoma as well as the San
isolated electric properties.
available for sale or exchange, the San Antonio
property is the largest.
It is a subsidiary of the American Light & Traction
Co. which in turn is an intermediate holding company in the United Light
set-up.
The San Antonio property has gross earnings of more than $8,000,000 and a plant account of nearly $32,000,000.
.
The utility properties for the second system would consist principally of
electric facilities in southern and central Ohio, which would be physically
interconnected or capable of physical interconnection, the plan states.
Operations in that area, it is added, contemplate the retention within the
holding company system of the utility assets now owned by its subsidiary
the Columbus & Southern Ohio Electric Co.
The scope of these operations
would be enlarged by the acquisition of certain additional utility assets
located within or immediately adjacent to the present territory now served
by Columbus and Southern Ohio Electric Co.
the
8,087,'133
deferred liabilities
Tax liability
Premium on funded debt
Insurance
912,516
4 111 536
361 130
Other current liabilities
other
Of
$934,476,244
Assets—
Deposits in lieu of mortgaged property sold..
Miscellaneous physical property
.
the purchase of certain
and gas facilities located in the territory including
those, or a substantial portion thereof now owned by subsidiaries of the
Middle West Corp.; and the North American Light & Power Co. and
holding company systems.
Under the plan the company apprently contemplates the disposition or
electric
its gas properties in Wisconsin, Indiana,
Antonio Public Service Co. and some small
given in the "Chronicle" of Feb. 24, p. 1299.
Investment in road and equipment
^
properties, the plan proposes
To round out these
additional
balance.—V. 150
p
2748
so
obtained.
.
also provides for the sale of a portion or all of
in Northern Natural Gas Co. and International
„
will
the plan.
a
detailed list of
^Recapitalization
properties it would like to
acquire for each of the three
would facilitate
simplification of the
shortly to go before the
of the recapitaliza¬
tion plan already have been presented to the SEC the plan states, but the
company did not make public any outline of this proposal.
However, Hie
programs are understood generally to call for an exchange of com mm on for
the present preferred stock and dividend arrears and new common for the
existing class A and class B common shares.
The exchange arrangement
is expected to be along the lines of the recent Community Power & Light
of the
parent,
the company asserts,
refinancing of its own obligations as well as aid in
holding company system.
Accordingly, it expects
SEC with a full financial program.
The basic elements
Volume
ISO
The Commercial & Financial
Chronicle
plan under which 95% of the common
stock went to the preferred.
The
final exchange terms for
the United
Light recapitalization, it is stated,
have not yet been
determined.
A major objective of
the company, the
plan asserts, is to eliminate
intermediate holding companies insofar
as it can be
accomplished without
jeopardizing the interests of security holders.
It looks forward to the
elimination of minor intermediates
without much difficulty and is en¬
deavoring to work out plans for the elimination of
the major intermediates,
namely Continental Gas & Electric and United
Light & Railways, which it
asserts present complex
problems because of the large amounts of securities
of the holding companies
which are outstanding in the hands of the public.
The company concludes its
reply with a plea that the Commission con¬
sider the
problems,/plans and objectives outlined in order that a deter¬
United Public Utilities
Convertible Coll.
Convertible
earns,
from oper. of sub. & controlled
$77,852,595
36,027,609
4,282,479
8,311,534
9,405,137
I...
$7,492,167
1,922,749
1940
$6,364,971
138,098
258,022
Total earnings
a
_
Balance transferred to consolidated
surplus
Prior preferred stock dividends
1,346,934
2,768
42,138
18,315
41,998
18,054
$6,015,207
1,214.949
$4,558,696
1,214,642
$4,800,258
Profit
Net profit from disposal
United Public Utilities
$3,344,054
Corp. (& Subs.)—Earnings—
1940—3 Mos.—1939
revenues
Power purchased
Gas purchased
$1,287,220
„
$1,168,866
74,688
142,908
370,606
57,338
105,551
79,788
180,654
396,614
48,501
113,234
.
Operation
Maintenance
Deprec. and depletion,.
State, local and miscell.
Federal taxes
1940—12 Mos.—1939
$4,401,634
$4,178,816
332,165
308,497
417,982
383,374
1,513,957
191,765
461,506
1,527,077
237,505
421,530
Fed. and State inc. taxes
96,621
48,413
92,437
44,730
369,723
105,381
$323,394
3,495
$280,608
3,626
$1,009,155
16,463
$848,181
14,642
Total net earnings
Gen.
int.
and
miscell.
deductions
$326,889
$284,234
$1,025,618
$862,823
3,610
3,632
14,337
12,762
earns,
applic.
to
United
Public Util Corp _,
$323,279
United Pub. Util.
Corp—
General exps. and taxes
20,629
Int. on collateral trust
$280,602
$1,011,280
22,947
100,082
101,481
7,848
1,174
405,919
28,639
4,865
408,235
32,452
4,687
$192,991
Net income
p.
$147,153
$471,776
$311,019
4188.
$850,060
10,231
Profit from operations
$17,113,995
Preferred dividends
6,304,919
Common div. ($1)
8,703,252
Dividend—
Directors have declared a dividend of four
cents per share on the class B
stock, payable May 15 to holders of record
April 30.
Previously quarterly
dividends of three cents per share were
distributed.—V. 148, p. 748.
United States Steel
10-year 3debentures,
due June
1, 1948.
Payment of the drawn debentures will
be made upon
presentation at the office of the sinking fund agent on and
after June 1.
on account
of arrearages.—V.
$660,551bc$l ,292,151c$28,561,533
6,304.919
6,304,919 d20,716,163
$7,845,370
Quarterly Earnings Report—
Reporting the earnings of the corporation for the
first quarter of 1940,
was
madefby E. R. Stettinius Jr., Chairman, that the
directors had declared the regular
quarterly dividend of $1.75 per share
on the preferred
stock, payable to holders on May 20, 1940.
Shipments of steel products during the first
quarter of 1940 showed an
increase over the same period of
1939 of 25% but were
approximately
26% less than for the last quarter of that year.
Earnings during the first
quarter of 1940 reflected a substantial
improvement over those shown for
the corresponding period a year ago.
The net income available for capital stocks
for the first quarter
amounted
$17,113,995.
A comparison of net income and
shipments for the first
quarter of 1940 and for the first and fourth quarters of
1939 follows:
,
to
1st Quar.
..Ending
1st Quar.
Ending
Mar. 31, 40 Afar. 31,'39
„
..
■
income
applicable
to
capital
stocks after all charges and allow¬
ances
for deprec., int. on bonds
,
Net
and Federal income taxes
Operating
Operating
expenses
Direct
taxes
Net oper. revenues.,,
Net tons
Enaing
Bee. 31/39
$660,551 $28,729,177
2,463,409
51.7%
4,196,029
86.9%
Net current assets of the corporation and
its subsidiaries at
March 31
current dividend
declarations,
including the dividend
of $1 per share on the common stock
paid April 26,1940, were $434 012
784
compared with $431,988,446 at Dec. 31, 1939, and
$392,871,801 at March
31,1939, on a similar basis. These net amounts are
determined by including
in current liabilities capital
obligations due within one year of the
dates
shown and excluding from current assets the
receivables not collectible
within
one year.
They do not, of course, reflect any effects from the
new
program.
-
•
financing
^
On
April 25, 1940, a registration statement
covering $75,000 000 of
debentures, maturing $2,500,000
semi-annually Nov. 1
1940
to
May 1, 1955, inclusive, was filed with the Securities and
Exchange Com¬
mission. The net proceeds from the sale of the
serial debentures will be
used
together with approximately $24,500,000 of the cash
funds of
serial
retire
on or
$1,112,128
1,023,165
87,099
$1,107,695
997,512
87,607
$1,864
616,759
$22,576
600,375
$51,222
50,763
Balance, deficit
$51,647
51,519
780
i,
Int. on mtge. bonds
Other int. & deductions.
x$ 1,329
455
$618,623
612,140
10,362
$622,951
619,405
7,469
$321
$327
$3,879
$3,923
•
52,976
x Deficit.
Note—No provision has been made in the above
statement for unpaid
interest on the 6% income demand note,
payable if, as, and when earned,
amounting to $1,963,199 for the period from Jan. 1, 1934, to Dec. 31, 4939.
—V. 150, p. 2598.
•
'
Utah Power &
Light Co. (& Subs.)—Earnings—
Period Ended Feb. 29—
1940— Month—1939
1940—12 Mos.—1939
Operating revenues
$1,181,937
$1,095,325 $13,702,452 $12,697,622
Operating expenses
517,470
451,779
6,253,544
5,417,178
Direct taxes
189,520
174,421
2,178,792
1,971,581
Property retirement re¬
serve appropriations
91,000
91,000
1,092,000
1,092,875
""
,
Net oper. revenues.$383,947
Other income (net)
78
Gross income
Int.
$4,178,116
4,407
$4,215,988
$384,025
189,028
25,000
14,534
$378,399
192,515
25,000
17,845
$4,182,523
2,284,330
300,000
187,997
$4,220,528
2,329,764
300,000
197,042
$155,463
$143,039
$1,410,196
1,704,761
$1,393,722
1,704,761
$294,565
-
mortgage bonds.
Int. on debenture bonds.
Other int. & deductions.
on
$378,125
274
Net income
a
$311,039
Divs. applicable to pref. stocks for the period,,
Balance, deficit
4,540
Dividends r ccumulated and unpaid to Feb. 29,
1940, amounted to
$7,529,361, after giving effect to dividends of $1,16 2-3 a share on $7
preferred stock and $1 a share on $6 preferred stock, declared for payment
April 1, 1940.
Dividends on these stocks are cumulative.—V. 150, p. 2598.
a
Utah
Ry.-—Earnings—
March—
1940
Gross from railway
Net from railway
Net ry. operating income
From Jan. 1—
Gross from railway
Net from railway.
Net ry. operating income
1939
$56,869
7,796
3,643
$62,636
6,699
244,796
56,748
27,654
1938
1937
defl40
$55,092
4,529
def3,423
$134,320
34,505
17,111
233,383
49,952
22,929
178,060
20,094
defl8,879
486,266
129,304
56,753
—V. 150, p. 2130.
Utility Equities Corp.—March 31 Statements—
The statements of corporation for the three months ended March
31,
1940, show net assets as of that date equivalent to $89.50
per share of the
$5.50 dividend priority stock.
The priority stock is entitled to $100 per
involuntary liquidation and to $110
share and accumulated dividends in voluntary liquidation.
as shown in the respective reports amounted to
$90.14 per
priority share at Dec. 31, 1939, and to $79.53 at March 31, 1939.—V. 150,
p. 1008.
per
3,086,753
66.9%
Per cent capacity
4th Quar.
1940—12 Mos.—1939
.
x$2,428
53,650
r
Gross income
share
Co.—Earnings—
1940—Month—1939
$88,459
$91,295
83,584
85,315
7,303
7,309
revenues
a
share and accumulated dividends in
$17,113,995
Shipments of finished steel products:
1940, after deducting
quarterly of $1.75 and $4
150, p. 2750.
Utah Light & Traction
Period Ended Feb. 29—
announcement
or
lossll5,000
com
$1.24
Nil
Nil
$2.55
After deducting all
expenses, including reserves for estimated taxes,
local and Federal taxes, b Loss or deficit, c
Before provision for surtax on
undistributed profits, d Includes regular
Corp.—Debentures Called—
J. P. Morgan & Co., Inc., as
sinking fund agent, has drawn by lot for
redemption on June 1,1940, at 103% of the
principal amount, together with
accrued interest to that date, out of
moneys in the sinking fund,
$2,427,500
principal amount of United States Steel Corp.
ration to redeem
367,123
$166,271 $29,814,733
1,230,060
1,249,838
228,362
3,362
$2,105,824 b$5,644,368 b$7,597,070
Earns, per sh. on
-
United States Electric
Light & Power Shares—£-Cent
_
1937
$2,960,966 loss$2O0,852 $29,929,733
$2,971,197
1,444,509
866,137
93,668
101,480
6,855
1,324
bonds
Int. on 10-year int. scrip
Miscell. inc. deductions
_
$19,170,709
$19,420,252
Subsidiary bond interest
1,460,652
U. S. Steel bond interest
845,605
361,677
90,974
Net earns, from opers.
Other income (net)
149,
1938
a
Subsidiaries—
of net
1939
249,543
Balance,surplus
Balance
-V. 150, p. 2749.
16.8
19.3
$34,464,303 $17,325,669 $11,334,085 $45,260,205
15,293,594
14,364,703
11,534,937
15,330,472
$5,968,851
1,343,320
Amortization of debenture discount and
expense,
Taxes on debenture interest
—V.
&c..,
n,
Total income.
due 1952
PerCent
Increase
244,031
208,907
$99,135,515 $83,065,315
__
$63,-
Consolidated Income Statement
for 3 Months Ended March 31
$5,569,418
795,553
1st Quar.
1939
1940
Average number of employees
Total payroll
$7,418,580
Holding Company Deductions-
Balance
approximately
000,000.
of sundry prop., &c„,
Balance
oper.
New York
Bell System Teletype N. Y. 1-752
1st Quar.
$8,735,821
2,113,466
$7,622,055
109,805
93,670
Expenses of United Light & Rys. Co
Taxes of United Light &
Rys. Co
Total
Bowling Green 9-3100
Deprec., deplet
debentures,
6 Co.
The employment and
payrolls statistics for the first quarter of 1940 com¬
pared with the first quarter of 1939 are as
follows:
Equity of United Lt. & Rys. Co. in earnings of
subsidiary and controlled companies
$6,622,355
Income of United Lt. & Rys. Co.
(excl. of income
received from subsidiaries)
999,700
Interest oni o*A %
53^
Other interest
1960
DEPARTMENT
$21,839,499 $20,787,498
cos,
13,103,678
13,295,331
attrib. to minority com. stock,
Total
due
$20,823,123 $19,825,837
1,016,377
961,661
cos__
Balance
„
6s
The capital outlays in 1940 for
additions to and betterment of
properties,
less credit for
properties sold, have been
approximately $10,500,000. Also,
a net
of $1,640,000 of
maturing capital obligations or those retired by
sulking funds have been paid,
making a total outlay on capital account in
1940 of $12,140,000.
At April 1,
1940, unexpended balances on approved appropriations for
property additions and betterments amounted to
of sub. & controlled
companies-
earns,
"A"
15 Broad Street
Tel.
1939
1940
(after
$82,532,130
38,203,466
4,259,920
8,633,265
10,612,356
Total income of sub. & controlled
companies
Int., amort. & pref. divs. of sub. & controlled
Proportion of
Tr.
Corp.
5^8 due 1960
Eastman, Dillon
Subs.)—Earnings—
controlled cos.
eliminating inter-company transfers)
General operating expenses
Maintenance
Provision for depreciation
General taxes & est. Federal income
taxes
Net
Coll.
"B"
This refinancing
MEMBERS NEW YORK STOCK EXCHANGE
United Light & Rys. Co.
(&
Non-oper. income
Tr.
TRADING
mination may be had as to the
future course of procedure which should be
adopted to expedite the solution of the
major problems facing the company
and its subsidiaries in a
constructive manner and in their proper order.—
—V. 150, p. 2749.
12 Months Ended Feb. 29—
Gross oper. earns, of sub. &
2901
date, the $95,140,000 3 M % debentures then
outstanding.
is with a
view to
effecting savings in interest charges.
before July
15,1940,
the corpo¬
at 103 and int to said
The net assets
Van Raalte
Co.—Profit-Sharing Plan—
At their recent annual meeting, stockholders approved
company's profitsharing plan for 1940 which provides that certain employees, selected by
the management, shall receive, in addition to regular
salaries, an amount
equal to 20% of net profits in excess of $200,000, which would have other¬
wise been applicable to dividends on capital stock.
Approval also was given to a proposal whereby directors who are not
salaried officers or salaried executives of the corporation, "shall be entitled
to receive such remuneration for serving as a director and as a member
of
any committee as may be fixed from time to time by the board of directors."
This remuneration would
not, however, in any one calendar year exceed
It was further provided that each director and officer of the corpo¬
by the corporation against expenses
reasonably
incurred by him in connection with any action, suit or
proceeding to which
he was a party by reason of his having been an officer or
director of the
corporation.—•V. 150, p. 2751.
$2,500.
ration should be indemnified
The Commercial &
2902
President—
Viau, Ltd.—New
annual meeting of shareholders, directors of "tfie
company elected Roger Viau, President.
Guy Perron was elected VicePresident, replacing J. Edouard Labelle and J. A. Lemieux, who had re¬
signed. Albert Hudon was reappointed Chairman of the Board of Directors
and Alfred Robitaille was reappointed Secretary-Treasurer.—V. 144, p.
Pi Following the recent
Westmoreland, Inc.— Unlisted Trading—
capital stock, no par, has been removed from unlisted trading by
Curb Exchange, and the new capital stock, par $10, has
been admitted to unlisted trading.
The new stock was issued, share for
share, in exchange for the old stock.—V. 150, p. 2278.
The old
1939
1938
1937
$2,093,313
1,148,136
$1,560,570
870,182
$1,955,198
1,075,086
829,261
720,360
559.606
$1,736,250
1,011,032
868,335
6,406,506
3,585,471
2,769,482
Gross from railway..—
Net from railway
5,640,793
3,044,990
2,347.942
4,652,343
2,178,329
1,718,668
4,997,292
2,896,913
2,461,973
Net ry. oper. income—
From Jan. 1—
income—
Net ry. oper.
—V.
— —
Quarter
a
Net
Total sales.
Net profits
b Earned per share
a
Inc. (-& Subs.)—Earnings—
1940
$3,429,464 $3,361,932
83,020
56,630
of common
$0.19
$0.13
31—
_
Interest on
loss$48,302
$60,934
60,651
123,642
—30,107
54.750
132,094
32,843
prepaid accounts, discounts
taxes, &c
*
bonds and notes—
-
deduction for selling, administrative
provision for depreciation,
b Interest
operations, &c.—V. 150, p. 1953.
After
a
$262,701
$158,753
and general expenses but
before
dock
Wisconsin Central
earned,
discount taken,
In
banks
%
4,337,838
5,720,341
Tax antic, warrs—
Accts. receivable
_
691,687
9,838,736
601,685
.
9,220,193
Prepaid rent, ins.,
Land,
1,408,955
1,402,889
2,158,591
taxes, &c
Inv. & oth. assets,
2,010,555
for Fed.
117,200
475,763
General expenses
Net railway revenuesTaxes
Net inc. after taxes—
Rental of terminals
658,501
771,449
inc.
&
Net inc. after rents—.
(net)
Other income
174,496
161,517
$936,467
97,745
179,521
29,604
$947,607
94,051
178,090
28,040
$2,838,577
286,975
507,820
85,526
$2,574,264
425,387
34,363
386,873
1,290,976
30,913
103,022
1,153,121
97,990
$170,847
80,323
$229,639
84,764
$564,258
'
236,765
$472,435
246,294
$90,524
32,846
31,251
$144,875
30,011
34,413
$327,493
109,494
92,525
$226,141
87,978
116,857
$26,427
Dr4,282
$80,451
Dr6.605
$125,474
Drl3,185
$21,306
Drl5,395
$22,145
9,564
$73,846
10,483
$112,289
28,621
$5,911
30,606
$63,362
$83,668
$24,695
taxes for curr.
prior years.—
458,275
597,021
_.
4cum.
stk.
10,000,000
11,484,112
2,875,899
pref. stock. Z>r292,631 Lr248,040
—
Treas.
28,826,363 27,846,420
x After reserves for depreciation of $4,770,692 in
1940 and $4,808,925
in 1939. y Represented by 1,292,485 no par shares.
The income account for the six months ended March 31 was published in
Total
2751.
Ltd.—New Director—
Harry J. Mero has been elected a director of this company
Brig.-Gen. G. E. McCuaig, who has resigned.—V. 149, p. 749.
paid
283,809
485,284
81,624
*
pref.
(par $100) .10,000,000
Common stock_ll,484,112
Earned surplus.
3,343,656
28,826,363 27,846,420
Income before interest
Int. being accr. and
466,632
inc. plan
Walkerville Breweries,
...
Hire of equipment—.—
y
V. 150, p.
& str. exp.
expenses
Transportation expenses
503,391
Res. for retirement
ments, Ac
Traffic
&
payrolls
other expenses.-
9,518,649
9,420,663
equipment
Goodw., leasehlds.,
lease,
improve¬
$
1,997,086
171,230
Accrd. taxes—real
estate, personal
prop., sales, soclal secur., Ac—
Res.
buildings,
Total
revenues
Maint. of equipment
1939
1940—3 Mas.—1939
$2,605,811 $2,349,865
,
58,270
62,881
$12,581
shares.
Total
certificates
Accrd.
302,000
Inventories
Freight revenue
Passenger revenue
All other revenue
Employees' invest.
40,000
U. 8. savings bds.
426,019
1940
Liabilities—
$
Accounts payable. 1,809,131
1939
in
trans. & on hand
47,572
$0.11
Maint. of way
$
Assets—
$3,269,495
Ry.—Earnings—
1940—Mfmth—1939
$854,222
$860,962
19,742
22,517
62,503
64,128
31—
Period End. Mar.
1938
Consolidated Balance Sheet March 31-
1940
Cash
b On
State and Federal taxes.
depreciation,
150, p. 2277.
After
Walgreen Co.
x
$42,373
18,561
—
allowed, bad debts and franchise
Provision for depreciation
Waldorf System,
V.
loss$69,025
20,723
operations..
profit
allowed on
1939
1940
Ended March 31—
Profit from
bOtherincome
150. p. 2130.
Quarter Ended March
a
Fabrics Corp.]
Comparison Report
Net deficit
Gross from railway
Net from railway.
Owned Subsidiary American Wire
[Incl. Wholly
Interest
1940
Steel Co.—Earnings—
Wickwire Spencer
-
Virginian Ry.- -Earnings—
March—
1940
the New York
1981.
Virginia Public Service Co.—Bonds Called—
; Company will redeem on June 1, 1940, $105,000 of its first mortgage and
refunding 20-year 5H% gold bonds, series A, at 101H and accrued interest.
Payment of the redemption price will be made at the principal office of the
New York Trust Co., 100 Broadway, New York.—V. 150, p. 1148.
May 4,
Financial Chronicle
succeeding
Balance before interest
on
bonds, &c
—V. 150, p.
2752.
Wisconsin Electric Power
Co.—Preferred Shares Offered—
of Wisconsin underwriters, headed by The Wisconsin
Co., made an offering of 81,355 shares of 4%% preferred
stock at par ($100) on April 29.
The shares are part of a
new issue of 262,098 shares of preferred stock, 4%% series,
the issuance of which is subject to the effectiveness of the
company's exchange plan.
A group
Under this program, company is offering holders of its 6% preferred
share of the new 4%% preferred and one share of common, plus a
one
Washington Gas Light Co.
12 Months Ended
(& Subs.)—Earnings—
$9,733,125
2,187,284
Gross
Net
Net
operating revenues..
operating revenues—
income.!
Earnings per
—V. 150, p.
1939
11940
March 31—
$8,449,814
2,078,626
$2.88
$2.28
1,386,545
share of common stock
2598.
...
1,130,298
Co.—To Sell Bonds Privately—
announced that com¬
pany has filed an application (File 70-49) under the Holding Company Act
regarding the issuance and private sale of $1,000 of first mortgage 4M%
West Coast Power
The Securities and
Co. of Philadelphia,
_
,
,
„
following: Provident Mutual Life In¬
$500,000; Sun Life Assurance Co. of Canada,
$200,000; Modern Woodmen of America, $100,000; Central Life Assurance
Society, $100,000; Royal Neighbors of America. $100,000.
The proceeds from the sale of the bonds are to be applied as follows:
(1) To redemption of $725,000 first mortgage bonds, 4H% series A, due
Jan. 1, 1961, at 100%, $725,000; (2) to payment of the company's open
account indebtedness to Peoples Light & Power Co.. $106,000; (3) to
reimburse the company for the cost or constructing additions and improve¬
ments to its property subsequent to Jan. 1, 1940 and to reimburse it for
expenses, estimated at not more than $25,000, in connection with the
proposed transaction, $169,000.
A hearing has been set for May 15, 1940 at 10 a.m., in the Commission's
Washington offices, on the application (File 70-44) of West Coast Power
Co. regarding the proposed purchase of the electric utility assets of McCall
Light & Power in the village and vicinity of McCall, Idaho, for $65,000.
Western Pacific
RR.—Earnings-
81,355 shares since acceptance of the exchange offer by 60% of holders of
the 6% preferred is necessary to make the plan effective.
Included in the underwriting group are Edgar, Ricker & Co.; Morris F.
Fox & Co.; Loewi & Co.; Partridge-Player Co., Inc.; Braun, Monroe & Co.;
1937
1938
$1,250,535
178,210
income.—
22,363
$1,076,946
$900,791
$1,235,548
19,012
108,524
def300,847
def447,469
71,912
defl05,246
3,474,225
472,006
3,150,465
2,641,038
3,676,909
267,061
def604,670
427,995
def62,956
Net from railway
Net ry. oper.
From Jan. 1—
Gross from railway
Net from railway
defl46,374 defl.076,482
4,144
Net ry. oper. income—
—V. 150, p. 2131, 1459.
Wisconsin
— ..
10,253
$139,110
15,382
4,888
1937
$146,513
14,872
2,372
430,021
49,446
15,984
412,367
50,915
14,910
394,489
34,663
defl,012
421,599
34,078
2,857
1939
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway.
Net from railway
Net ry. oper. income—.
—V. 150, p. 2131.
1938
Westinghouse Electric & Mfg. Co.—Orders
Net earnings
on funded debt
Interest
unfunded debt
—
Amortization of debt discount and expense, &c. J._
for Marine
provide power for 34 navy ships, oil tankers and merchant cargo vessels,
the company's steam turbine plant.
turbines now under construction will produce a total of
1,211,000 horsepower, and will include power equipment for the 45,000-ton
U. S. S. New Jersey, world's largest battleship, now being built at the
Philadelphia Navy Yard. Auxiliary power turbine generators for the New
Jersey and its twin battleship, the Iowa, are also being manufactured at the
South Philadelphia plant.—V. 150, p. 2751.
is underway at
The marine
Wheeling & Lake Erie Ry.—Earnings—
Net from railway
income.
1938'
1937
283,480
337,453
264,459
$831,001
221,770
157,918
$1,603,015
656,651
575,149
3,737,198
1,198,080
966,713
3,278,891
1,005,050
799,045
2,182,373
354,352
225.565
4,189,271
1,564,502
1,353,210
$1,167,566
356,679
.
$1,155,182
1—
Gross from railway
Net from railway
Net ry. oper.
1939
1940
March—
—V.
_
Net income.
income...
150, p. 2131.
$24,384
—V. 150, p. 1955.
Wisconsin Telephone
The
Wisconsin
Public
Co.—To Issue Stock—
Service
May
Commission on
1
issue $5,000,000 of common stock.
Proceeds
cording to the petition, will be used to retire $4,947,000 of
authorized this
of the sale, ac¬
7% cumulative
preferred stock. The new issue will increase outstanding common
$45,000,000.—V. 150, p. 2131.
1940
$1,237,001
$2.06
Quarter Ended March 31—
Net profit afoer depreciation, taxes and reserves
Earns, per share on 599,857 shares capital stock...
stock to
1939
$1,231,725
$2.05
3282.
Yazoo &
Mississippi Valley RR.—Earnings—
1940
March—
Gross from railway
Net from railway
Net ry. oper. income—
1939
1938
1937
$1,174,022
285,825
85,145
$1,270,681
421,589
228,807
$1,106,107
249,826
27,488
$1,478,957
580.409
360,937
3,603,283
1,001,832
380,983
3,403,020
906,522
308,422
3,395,181
927,156
273,584
3,877,979
1,205,930
539,829
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income...
—V.
114 marine turbines at a cost of $13,000,000,
to
Net ry. oper.
From Jan.
on
25,962
556
3,526
$11,662
State and Federal income taxes
$54,429
25,962
71
3,587
...
3,961
18,750
22,035
2,325
$41,283
-
General taxes
150,
p.
2131.
Yellow Truck & Coach Mfg.
Gross from railway
$159,042
57,542
3,013
18,750
22,247
795
....
Provision for retirement reserve..
Turbines—
New construction work on
$161,872
75,785
—
Maintenance.
Interest
1939
1940
Operation
Wright Aeronautical Corp.—Earnings—
$143,387
18,424
6,538
$151,822
22,693
Hydro-Electric Co.—Earnings—
Gross earnings
—V. 150. p.
1940
March—
Gross from railway.
The Milwaukee Co.; Dalton, Riley & Co.,
Marshall Co., and
3 Months Ended March 31—
Ry. of Alabama—Earnings—
Western
Haydon & Co., Inc.;
Harley,
Inc.; Bingham, Sheldon & Co.; A. C. Best & Co.; The
Northern Wisconsin Securities Co.—V. 150, p. 2752.
company to
1939
1940
March—
Gross from railway
the preferred of 31
cents a share.
The maximum
preferred to be offered by the underwriters is
of the new 4 M %
amount
Exchange Commission April 29
bonds, series A, due June 1, 1965.
The bonds are to be sold to the
surance
dividend adjustment on
Co. (& Subs.)—Earnings—
1940
1939
$17,907,250b$13,127,549
3 Months Ended March 31—
Net sales
Profit from operations
Provision for depreciation
—
Provision for Federal income taxes
224,151
801,350
282,571
230,000
130,000
1,477,902
*
a
$1,023,751
$388,779
a Including the company's proportion of net profits or losses of wholly
owned and controlled companies not consolidated, before provision for
depreciation and Federal income taxes,
b Net sales for 1939 have been
decreased $198,109, as compared with the amount previously published,
Net profit
as
a
—V.
result of certain
150, p.
reclassifications which had no effect upon net profit.
PJ59.
Zonite Products
Corp.—New President—
Olwyler has been elected President of this corporation. He has
than 12 years, serving 10 years as Vicerecently as Chief Executive Officer.—V.
150,p. 2131.
John M.
with the corporation more
President in Charge of Sales and
been
Volume
The Commercial & Financial Chronicle
150
2903
JUpxrrts and gnnimctxts.
PUBLISHED
UNION PACIFIC
AS
ADVERTISEMENTS
RAILROAD COMPANY
FORTY-THIRD ANNUAL REPORT—YEAR ENDED DECEMBER
31,
To the Stockholders
1939
of Union Pacific Railroad Company:
The Board of Directors submits the
following report for the
year
ended December 31, 1939, of the operations and affairs
of the Union Pacific Railroad
Company, including lines leased from Oregon Short Line Railroad Company, Oregon-Wash¬
ington Railroad & Navigation Company, Los Angeles & Salt Lake Railroad
Company and The St. Joseph and Grand Island
Railway Company.
The lessor companies have certain income and charges, and the figures in the Income Account, other
than those relating to
transportation operations, and
tions and tables
as
relating thereto
are
stated
on a
in the Profit and Loss Account and General Balance Sheet
and tabula¬
consolidated basis, excluding offsetting accounts between the
companies except
otherwise noted.
,
INCOME
The operated
mileage at close of
year
and income for the
year
1939, compared with 1938,
1939
follows:
were as
1938
Increase
Decrease
Operated Mileage at Close of Year
Miles of road
...
Miles of additional main track
Miles of yard tracks and sidings
Total Mileage Operated
V
Operating
Operating
Revenues
9,897.95
1,537.91
4,288.85
-
15,717.26
7.45
$150,213,214.05
105,731,151.07
$14,040,157.42
12,127,436.97
5.91
4.61
Transportation Operations
revenues
expenses
,
over expenses
Taxes
17.97
$164,253,371.47
117,858,588.04
___
9,903.86
1,542.52
4,270.88
15,724.71
____
;
.
_
_
,
Railway Operating Income..
Rents from
use
of joint tracks, yards, and terminal facilities
Hire of equipment—debit balance
use of joint tracks, yards and terminal facilities
....
...
_
Rents for
Net Income from
Transportation Operations
Income from Investments and Sources other
than Transportation Operations
Income from oil operations in Southern California—net
Dividends on stocks owned
Interest on bonds, notes, and equipment trust certificates owned.
Interest on loans and open accounts—balance.
...
_
Rents from lease of road and equipment
Miscellaneous rents
Miscellaneous income
.
-
_
_
...
....
Total
Total Income
Fixed and Other
Interest
Charges
funded debt
Miscellaneous rents
on
Miscellaneous charges
Total
Net Income from All Sources
V
DISPOSITION OF NET
Dividends
on
INCOME
Stock of Union Pacific Railroad Co.:
Preferred stock:
2 per cent paid April 1, 19392 per cent paid October 2, 1939------
Common stock:
1K
1 K
IK
IK
paid April 1, 1939
paid July 1, 1939
paid October 2, 1939
cent payable January 2, 1940
per cent
per cent
per cent
Per
Total Dividends
Surplus, Transferred to Profit and Loss
Operating results for
year
1939 compared with
year
1938
Increase
Average miles of road operated
1.
Freight
2.
Passenger
Mail
3.
4.
5.
Express
Other passenger-train
6.
Switching
7.
Water line
8.
Other
9.
,
Total operating
revenues
$164,253,371.47
Decrease
The Commercial & Financial
2904
/
May 4,
Chronicle
1940
Per
Cent
Decrease
Increase
1938
1939
Operating Expenses
$18,546,351.71
30,195,781.94
13.
—
Transportation—rail line
15. Transportation—water line
16. Miscellaneous operations
14.
General—
18. Transportation for
--
17.
~--r:
14.0
726,405.74
17.1
50,282,801.33
8,803.87
3,430,967.52
5.001,449.85
4,662.20
4,936,263.22
9.8
1,349.36
178,731.60
306,231.11
15.3
$105,731,151.07
$12,127,436.97
11.5
$44,482,062.98
$1,912,720.45
4.3
$9,310,726.66
1,900,456.01
1,681,707.40
2,185,313.62
$240,729.67
173,452.56
184,793.86
11.0
339,801.13
53.482.00
15.5
26.4
1,354.29
10.2
investment—Credit
Total operating expenses
19.
$5,974,494.37
700.63
-
_-
——
$42,767,639.28
4,244,151.42
$9,551,456.33
Traffic
13.4
$46,394,783.43
Total maintenance.
12.
$2,192,251.35
3,782,243.02
$117,858,588.04
Maintenance of way
$16,354,100.36
26,413,538.92
$48,742,133.65
4,970,557.16
55,219,064.55
10,153.23
3,609,699.12
5,307,680.96
and structures.
11. Maintenance of equipment-10.
20.
Revenues over expenses
21.
State and county
22.
Unemployment insurance.
Federal retirement
14.3
5.2
6.1
$3,961.57
85.0
Taxes
23.
24.
25.
26.
Federal income
Federal capital stock
Other federal
202,486.00
13,304.87
2.6
9.1
$16,287,608.07
31.
Per cent—Operating expenses
$919,106.94
575,921.29
3.1
$19,867,391.44
$365,796.55
1.8
70.39
1.36
1.9
26,453,735
Net railway operating income .
6.5
$29,188,068.42
8,644,167.12
676,509.86
71.75
Equipment rents (debit)
Joint facility rents (debit)
$993,613.51
$20,2.33,187.99
Railway operating income
29.
30.
$15,293,994.56
$30,107,175.36
9,220,088.41
6.53,898.96
Total taxes..
2728.
2.073,908.57
1,866,501.26
2,525,114.7.5
255,968.00
14,659.16
11.5
of operating revenues..
Freight Traffic
(Commercial Freight only)
6.7
3.3
$22,610.90
4.6
carried
Ton-miles, revenue freight-.------,Average distance hauled per ton (miles)
13,057,871,224
25,284,671
11.713,952,906
1,169,064
1,343,918,318
463.28
30.33
1.028
.013
1.3
Average revenue per ton-mile (cents)
Average revenue per freight-train mile.
493.61
1.015
$5.94
$5.99
$.05
.8
1,753,484
1,020,985,118
1,684,267
944,680.863
69,217
76,304,255
4.1
582.26
76.62
560.89
21.37
3.8
73.56
3.06
4.2
Tons of revenue freight
6.5
Passenger Traffic
(Excludes Motor Train, other than
Streamlined Train)
carried
—
carried one mile
Average distance hauled per passenger (miles)- j
Revenue passengers
Revenue passengers
Average
Average
Average
Average
—
passenger-train mile
passenger-mile (cents)
passenger-train mile, passengers only
total revenue per passenger-train mile
passengers per
*
GENERAL
BALANCE
1.715
$1.28
$1.85
"$".03
2.3
$.05
2.7
SHEET—ASSETS
December 31,
December 31,
1939
Investments:
Road and Equipment
1938
$962,258,960.15
$23,823,091.13
$9,350,611.20
$23,823,091.13
V
from improvement and equipment fund
Appropriations from income and surplus prior to July
1,1907,
.
13,310,236.52
$925,125,632,50
$26,880.22
11,729,990.76
$363,157.35
9,529,318.95
""$2"20"0"."67l".8l
$11,756,870.98
$9,892,476.30
$1,864,394.68
$20,367,936.91
8,731,931.78
20,713,458.92
$20,367,836.91
9,651,437.13
20,725,936.37
$49,813,327.61
$50,745,210.41
$931,882.80
$80,776,736.32
66,463,441.07
$80,956,197.19
67,735,085.14
1,271,644.07
$147,240,177.39
$148,691,282.33
$1,451,104.94
$6,477,617.31
Investment in road and equipment
$37,133,327.65
$934,476,243.70
Total
13,310,256.52
$37,133,327.65
credited to this account
701.
Decrease
Increase
$971,609,571.35
€SSReceipts
1.4
.024
1.739
$1.31
$1.90
v
revenue per
revenue per
8.1
$12,855,780.67
$6,378,163.36
$1,149,764,236.99
$1,147,310,732.21
$2,453,504.78
$23,964,442.52
37,573.89
6,482.12
4,052,722.41
1,399,428.61
5,039,883.23
25,802,334.97
743,870.46
161,381.62
$23,447,319.13
$517,123.39
$9,350,611.20
r
705.
Miscellaneous physical property
Total
706.
—
Investments in affiliated companies:
Stocks.
Bonds
.
notes and
Advances
equipment trust certificates
_
-
_ _
_
Total
707.
Investments in other companies:
Stocks
Bonds
_
_
notes, and equipment trust
certificates
Total
United States Government Bonds
703.
Sinking funds
$100.00
$919,505.35
12,477.45
$179,460.87
$350.00
$350.00
.
Total I nvest ments
$336,277.13
--------- -
-
-
-
-
•
Current Assets:
708.
Cash
711.
Special deposits
712.
Loans and bills receivable
713.
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
714.
—
716.
Interest and dividends receivable
Rents receivable._
719.
-
Miscellaneous accounts receivable
Material and supplies
717.
718.
—
$4,303.34
1,782.36
41,877.23
8,264.48
3,626,594.25
1,107,061.43
5,240,393.14
21,579,507.44
850,997.53
120,073.41
426,~128~ 16
292,367.18
200,509.91
Other current assets:
715.
.
Baltimore
and
Ohio
__
Railroad
Co.
4,222,827.53
107.127.07
"41,308.21
capital stock applicable to
113,267.70
1,267.90
payment of extra dividend of 1914
Miscellaneous items
264.00
113,531.70
314.89
$61,322,655.43
$56,136,572.75
$5,186,082.68
$114,482.75
5,756,364.51
Total Current assets-
953.01
$380,357.45
4,661,540.58
$5,870,847.26
$5,041,898.03
$828,949.23
$25,281.87
668,216.48
1,729.006.47
$18,114.26
699,910.52
1,150,593.68
578,412.79
■.
.
Deferred Assets:
720.
722.
Working fund advances
Other deferred assets
Total Deferred Assets
.
-
—
$265,874.70
$1
jO94,823". 93
Unadjusted Debits:
723.
725.
727.
Rents and insurance premiums paid in advance
Discount on funded debt
Other unadjusted debits
:
__
.
__
__
$31,694.04
$2,422,504.82
Total Unadjusted Debits
Grand Total
$7,167.61
_
$1,868,618.46
$553,886.36
$1,219,380,244.50
$1,210,357,821.46
$9,022,423.05
Volume
The Commercial & Financial Chronicle
ISO
GENERAL
2905
BALANCE SHEET—LIABILITIES
December 31,
751.
December 31,
1939
1938
Increase
Decrease
Capital Stock
Common stock
$222,302,500.00
99,602,980.79
Total Capital Stock....—
$222,302,500.00
99,602,980.79
$321,905,480.79
Preferred stock
$321,905,480.79
Funded Debt
755.
351.952,380.00
Total
754.
757.
Nonnegotiable Debt
$675,052,675.79
$8,547,946.42
$5,518,354.27
$3,029,592.15
$8,017,487.35
$6,667,421.98
$1,350,065.37
$1,191,716.73
9,190,912.24
1,001,122.85
$1,201,269.18
8,194,858.95
912,515.81
92,281.11
4,013,095.40
88,924.61
4,022,611.20
3,356.50
128,898.43
121,304.34
7,594.09
122,240.74
3,334,365.00
48,175.00
1,620,341.06
472,413.09
361,129.88
122,504.74
3,334,365.00
59,175.00
1,625,738.46
429,011.09
324,099.40
37,030.48
$21,576,691.53
Grant* in Aid of Construction
353,147,195.00
$673,857,860.79
$20,436,377.78
1,140,313.75
$8,087,133.23
8,558,618.08
^
$8,189,807.27
8,573,473.16
.....—.—
to Affiliated Companies..
$1,194,815.00
$1,194,815.00
Current Liabilities:
759.
760.
761.
Traffic and car-service balances payable
Audited accounts and wages payable
762.
•
►
Miscellaneous accounts payable
Interest matured unpaid:
763.
Coupons matured, but not presented.
Coupons and interest on registered bonds, due first proximo
Dividends matured unpaid:
i;
Dividends due but uncalled for
-
Extra
dividend
on
stock
common
8,
January
declared
766.
Unmatured interest accrued.
767.
__
Unmatured rents accrued
Other current liabilities..
...
__
$996~,b53".29
88,607.04
9,515.80
1914,
payable to stockholders of record March 2, 1914, unpaid—
on common stock payable second proximo—
764. Funded debt matured unpaid.
Dividend
768.
$9,552.45
"""
Total Current Liabilities
264.00
11,000.00
5,397.40
43,402.00
Deferred Liabilities:
770.
Other deferred liabilities
771.
Tax liability-
_.
_
-
_
$102,674.04
14,855.08
—
J
Total Deferred Liabilities
$16,645,751.31
$117,529.12
$16,763,280.43
$94,053.93
9,219,023.07
**
*
.
$96,559.77
8,627,422.95
114,863,200.96
Unadjusted Credits:
772.
773.
Premium
on
Insurance
reserve
funded debt
(Reserve for fire insurance)
—
....
Reserve for depreciation
778.
118,270,759.80
Other unadjusted credits:
Contingent interest
Miscellaneous items
2,784.968.41
2,467,170.83
779,005.88
$132,992,379.11
$128,839,322.92
$4,153,056.19
$861,638,116.51
$853,277,433.17
$8,360,683.34
$30,784,371.85
34,972,570.88
1,221.013.66
ii—
Total Liabilities
...
*
$30,767,754.54
34,972,570.88
992,228.66
$16,617.31
...
_
Funded debt retired through income and surplus
...
228,785.00
$350.00
350.00
reserves
$66,977,956.39
251,198,971.86
$66,732,904.08
250,782,284.46
$245,052.31
416,687.40
$318,176,928.25
Total Appropriated Surplus
784.
622,602.81
■
Appropriated for additions and betterments
Reserved for depreciation of securities
Sinking fund
"$591,600". 12
3,407,558.84
1 844 568 02
3,563,974.29
Total Unadjusted Credits...
Surplus:
$2,505.84
"""
$317,515,188.54
$661,739.71
...
Profit and Loss—Credit Balance
Total Surplus
As this consolidated balance sheet excludes all intercompany items, securi¬
ties of the Los Angeles & Salt Lake Railroad Company and The St.
Joseph and Grand Island Railway Company owned by other System
companies are not included.
The difference between the par and
value of such securities as carried on the books of the issuing
companies (less unextinguished discount on the bonds and discount
charged to Profit and Loss but added back in consolidating the ac¬
counts) and the amounts at which the securities are carried on the
books of the owning companies is set up here to balance
face
Grand Total
'
EXPENDITURES
Extensions and Branches
CHARGEABLE
$39,565,199.74
$1,210,357,821.45
INVESTMENT IN
ROAD
AND
$9,022,423.05
EQUIPMENT
.
Total Expenditures.
....
....
.....
......
......
— .........
........
—
....
..__1
.
Total Credits...
6,706,702.61
9,791,958.78
...
...
...
Credits to Investment in Road and Equipment:
Cost of property retired and not replaced
...
......
Equipment"...
$16,499,103.53
$1,049,089.60
5,958,141.97
141,260.76
$7,148,492.33
-
—
Net increase in "Investment in Road and
$442.14
........
(excluding equipment)
Equipment
•'
■
.
...
Additions and Betterments
Cost of equipment retired.
Adjustments.
TO
$39,565,199.74
$1,219,380,244.50
.....
$9,350,611.20
^.....
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
*
COMMERCIAL EPITOME
Friday Night, May 3, 1940.
■
Coffee—On the 27th ulto. futures closed 1 to 2
points net
Transactions totaled five lots.
Trading was con¬
fined to the December delivery.
The five December sales
were effected at 5.98 cents, or 2 points over the
previous
close.
For the week the volume was light and prices were
2 to 5 points net lower.
The market today appeared to be
awaiting news from Brazil with regard to suggestions for
control of the next crop.
The Consultative Council was in
session for that purpose at the close of the week.
On the
29th ulto. futures closed 1 point down to 2 points up com¬
pared with previous finals.
Sales totaled 7 lots, all in the
Santos contract.
In Rio de/Janeiro the spot price on No. 7
coffee was off 20 reis to 13 milreis per 10 kilos.
On Satur¬
day, 24,000 bags were received at the Brazilian port of
Santos from the interior, the first receipts since April 16th.
Not a single bag cleared from Santos for the United States
higher.
.
,
during the week and but 16,000 bags for other points. These
are
the smallest weekly shipments from Santos since the
civil revolt of 1932, which closed the port for a period of
about
months.
three
On the 30th ulto. futures closed
lower
for
the
Santos
contract.
unchanged to 2 points net
Transactions totaled 26
In Rio de Janeiro the spot price on
A
cable from Brazil said that the meeting of the Consultative
lots, all in the Santos.
No. 7 coffee
Council
was
had
off 200 reis to 12.8 milreis per 10 kilos.
been
suspended
pending consultation
with
It has been said that various
coffee interests in Brazil are at odds on the question of
Sao
Paulo Planters Council.
the next crop, especially as regards the
be imposed. On the 1st inst. futures closed
higher. Transactions totaled only 12 lots,
all in the Santos contract.
The market was quiet and 2
points up during the early trading. May sold at 5.72 cents,
up 2 points as four transferable notices were issued an im¬
mediately stopped. Colombian coffees were reported firmer,
regulations
for
sacrifice quota to
5 to 6 points net
The Commercial & Financial
2906
due to the expert bounty recently declared.
According to
explanations from the Federation of Growers' office here, the
"emergency measure was J aimed at helping planters in
Columbia."
/
On the 2d inst. futures closed 8 to 4 points net lower
for
Santos contract, with sales totaling 33 lots.
Santos
futures were lower this morning, with spot May off 10 points
the
at 5.66 cents and
the balance off 12 to 13 pomts.
Trading
totaled 4,750 bags to a late hour.
Four more notices were
issued against the spot position which contributed to the
were unchanged with slight demand
shipment coffees.
Today futures closed
higher, with sales totaling 33 lots, all in
the Santos contracts.;'...
;': Santos coffee futures were 2 to 4 points higher in quiet
trading.
The actual market was generally unchanged and
dull.
The full effects of Colombia's export bounty are yet
to be felt, observers say.
Meanwhile with Brazil's new crop
due to start moving next month, no decision has been
reached on the amount which growers will have to give up
for burning.
:■
:,'v-:;;v.■ ■
■ 'j
;;:,v
Rio coffee prices closed as follows:
losses.
Prices of actuals
either in spots or
9 to 7 points net
May------ ------- - - -4.04
July--—————————---_4.06
September— -—4.10
-
--- -
-
DecemberMarch
-
-————- -,
-
-—-
-
-4.14
prices closed
as
follows:
———————————————————5.77 December—-—5.88 March-September
5.98
May
July-
—
—
—
--
-
—
Cocoa—On the 27th ult. futures closed unchanged
--6.07
6.15
Mar., 6.22.
On the 30th ult«futures closed 10 to 8
points net lowerTrading in cocoa futures to¬
day consisted largely of switching operations out of May into
later months.
The market was heavy, standing 5 to 7
points net lower during early afternoon. Sales to that time
totaled 242 lots.
It is said that producing countries are not
lowering prices. The British Control Board is holding for
6.15c. a pound, which manufacturers here are not disposed to
pay.
Warehouse stocks continued to diminish.
The over¬
night loss was 3,100 bags, reducing the total to 1,056,045 bags
against 1,341,009 bags a year ago.
Local closing: May,
5.89; July, 5.94; Sept., 5.96; Dec., 6.05; Jan., 6.08; Mar.,
6.14.
On the 1st inst. futures closed 5 to 2 points net lower.
The market ruled heavy during most of the session.
Al¬
though 114 notices issued against the May cocoa contract
were not permitted to circulate very
freely, the market con¬
tinued to work under the pressure of long account liquidation.
All of the transferable notices were issued by trade houses,
while most were promptly
stopped by a leading manufacturer,
it was reported.
Three tenders were Ivory Coast, 23 Midlagos, ana 78 Bahias.
The total issued to date is now 171.
Transactions in futures today totaled 315 lots or 4,22l tons.
Local closing: May, 5.85; June, 5.87; July, 5.90; Sept.,
5.92; Dec., 6.02; Mar., 6.12.
On the 2d inst. futures closed 2 to 4 points net higher.
Transactions totaled 303 lots.
Cocoa futures showed im¬
provement, prices standing 1 to 3 points higher during
early afternoon, with May at 5.86c.
While steady, the
market was quiet, sales to mid-afternoon totaling only 80
lots.
Primary markets remained firm, but manufacturers
held aloof.
The open interest in May today was down to
622 lots with last notice
day May 24th. Warehouse stocks
They now stand at 1,052,697 bags,
compared with 1,339,007 bags a year ago. Arrivals so far
this season are 860,000 bags behind the movement last
year.
Local closing: May 5.87; July 5.93; Sept. 5.96; Dec. 6.04;
Jan. 6.07.
Today futures closed 7 to 5 points net higher,
with, sales totaling 249 lots. Cocoa futures rallied in sym¬
pathy with other commodities, standing 4 to 5 points net
higher during early afternoon.
May was firm in spite of
circulation of 51 notices, which were
promptly stopped.
Sales to early afternoon totaled 175 lots.
It was reported
that manufacturers had resumed purchases of cocoa. There
also was some speculative demand.
Warehouse stocks
decreased 4,700 bags overnight.
They now total 1,047,999
bags against 1,336,802 a year ago. Local closing: May 5.94;
July 6.00; Sept. 6.03; Dec. 6.11; Mar. 6.19.
decreased 2,900 bags.
Sugar—On the 27th ult. futures closed unchanged to
point higher for the domestic contract, with sales
totaling 41 lots. The world's sugar contract closed 1 to 2%
points up, with sales totaling 39 lots. The strength in the
one
1940
was said to be due to short coverings for Cuban account
anticipation of new business.
The domestic contract was
merely marking time with most of the business confined to
week-end covering.
Raws and refined continued quiet.
Nothing new developed in the freight situation.
Meanwhile
refiners, well covered ahead, were disinterested in offerings.
On the 29th ult. futures closed 1 to 2 points net lower for the
domestic contract, with- sales totaling 80 lots.
Sugar futures
latter
in
irregular.
The domestic market during earlv afternoon
unchanged to one point lower. The world sugar con¬
tract closed one point up to unchanged, with sales totaling
130 lots.
It was reported again that restrictions on Nor¬
wegian ships banning Cuban ports had been lifted.
That
should ease the freight situation, it was said.
However,
were
stood
the
raw
sugar
market remained steady, with Cubas on offer
1.95c., with May shipment lots held at 2c. a pound.
Three parcels of Puerto Ricos, early May shipment, were
offered at 2.90c.
Refiners showed no interest.
In the world
at
merkat prices were y to 2 points higher on a turnover
of 4,000 tons, with September selling at 1.513^c., up y point.
F. O. Licht's latest estimate of European beet sugar acreage
sugar
showed
an
increase of
10%, with estimated total
hectares, exclusive of Russia.
as
2,065,000
>
points net lower for
the domestic contract, with sales totaling 177 lots.
The
world sugar contract closed y2 to 1 y2 points net lower, with
sales totaling 276 lots.
The sugar markets ruled heavy
No sales of raws were reported despite the heavy
offerings, attributed to an easier freight situation.
Refiners were not interest in any sugars to arrive before the
middle of June, it was said.
In the meanwhile it was pre¬
today.
to 2
points higher.
Light dealer covering and scattered outside
buying which absorbed long liquidation, accounted for most
of the activity.
Transactions totaled 96 lots, or 1,286 tons,
with activity centered in the distant positions.
Open in¬
terest at the start of the day showed a net reduction of 71
contracts to a total of 8,563.
Issuance of notices and liquida¬
tion on first notice day resulted in a contraction of 111 lots
in the May position, leaving 812 still oj>en.
Trading was
quite brisk during the past week, with prices registering net
gains of 10 to 4 points.
Local closing: May, 5.99; July,
6.03; Sept., 6.06; Dec., 6.14; Mar., 6.22.
On the 29th ult.
futures closed unchanged from previous finals.
Sales totaled
83 lots.
The market was a dull affair during today's session.
Brokers reported that there was good demand for cocoa just
under the market.
During early afternoon prices were un¬
changed to 1 point higher, with May at 5.99c., unchanged.
Warehouse stocks decreased 500 bags.
They total 1,059,185
bags.
A year ago stocks amounted to 1,339,516 bags.
Local closing: May, 5.99; July, 6.03; Sept., 6.06; Dec., 6.14;
Transactions totaled 158 lots.
May 4,
On the 30th ult. futures closed 2 to 4
-
-
Santos coffee
Chronicle
volume of
dicted
that the
warmer
weather would stimulate the
con¬
sumption of refined sugar.
In the world sugar market prices
were unchanged to y2 point lower
except for the spot May
position, which was up one point to 1.52c. during early
afternoon.
Fifty-one transferable notices were issued, but
they were stopped early.
It was revealed that 71 additional
notices would be issued, tomorrow, last notice day and last day
for trading in May contracts.
It was disclosed today that the
F. O. Lieht estimate of beet sowings in Europe yesterday did
not come directly from F. O. Licht, but apparently from some
other source.
On the 1st inst. futures closed one point off
to unchanged for the domestic contract, with sales totaling
157 lots.
The world sugar contract closed 1% points net
lower to y2 point higher, with sales totaling 229 lots.; No
sales of raw sugar were reported.
When the owner of a
cargo of Cubas arrived today failed to get his price of 1.95c.,
he ordered the sugar into storage.
Nearby Puerto Ricos
and Philippines were offered at 2.85c., while Puerto Ricos
for late May clearings were held at 2.90c. Refiners were
out of the market.
It was rumored that the Cuban Institute
has halted shipment of world sugars to the United States
if the movement
was
for
refining and re-export.
The shipping
situation has not yet been clarified.
The Norwegian com¬
mittee was reported to have turned down several time
charters from Cuba to the United States, suggesting that
shipping difficulties
are far from over.
On the 2d inst. futures closed 3 points off for the May
option, but unchanged for the rest of the list compared with
previous finals for the domestic contract. The world sugar
closed unchanged to y point lower, with sales
totaling 58 lots.
Transactions in the domestic contract
contract
totaled 114 lots.
Sales of raw sugars today caused the spot
price to drop to 2.80 cents. Pepsi Cola paid that price per
pound for 10,000 bags of Puerto Ricos due May 8th. Another
sale of 2,000 tons of
Philippines due May 13th at the same
price was reported. Information from Washington indicated
that the various sugar factions would unite on a continuing
resolution extending the sugar act of 1937 for another year.
In the world futures market prices
dropped 1 to iy points,
with July at 1.48y.
A cable from London reported that
British
It also
Colonial
was
areas
would receive more consideration.
said that the British Government had purchased
25,000 tons of Cuban
raw sugar at 1.48 cents f.o.b. Cuba.
Today futures closed 1 point up to 3 points net lower for the
domestic contract, with sales totaling 205 lots.
The world
sugar contract closed y2 point down to y point net higher,
with sales totaling 119 lots.
Sugar markets were steady to
firm.
In the domestic market prices during
early afternoon
were
unchanged to a point higher in rather slow trading.
There were smaller offerings of raw sugars, with no further
price concessions by sellers.
Another lot of Philippines,
1,000 tons, due May 17, was sold to a refiner at 2.80c.—the
same price paid for two other lots of Puerto Ricos.
Other
sugars were held at 2.84 up to 2.90 according to shipment.
Refiners were interested at the last price. The Cuban in¬
stitute is reported to be studying the advisability of prohibit¬
ing imports into the United States of sugar from the world
quota for refining and re-export. The British were reported
to have purchased
35,000 tons of raws in San Domingo,
Aug.-Sept. shipment, at 1.45c. a pound f.o.b.
Prices closed
as
follows:
May1.861 November--——2.02
July.-i———.1.93 Jahuary————2.00
September--..-.....
i.98|March————T— ——-2.03
_.
..
United States Exports of Refined Sugar in First Quarter
Were Largest Since 1925
Refined sugar exports by the
United States during the
first three months of 1940 totaled 42,975 long tons as con¬
trasted with 14,894 tons during the similar period last year,
Volume
The Commercial & Financial Chronicle
150
2907
!
increase of 28,081 tons, or approximately 189%, according to Lamborn & Co., New York. The exports for the first
livery weakened in the closing minutes "of trading today and
closed 14 points net lower.
Most of the" selling came from
three months of 1940
commission
an
in
15 years,
are
the
largest of any similar period
since 1925, when the exports amounted to
48,480 tons.
The firm's announcement also said:
The refined sugar exports during the January-March period of 1940
went
to
leads
the
5,517
tons.
more
tons,
being
tons,
than
50
different
countries.
Greece,
10,125
with
tons,
followed by Syria with 5,645 tons, and Norway,
Last year the United Kingdom topped the list with 8,340
followed by Ecuador with 1,563 tons and Panama with
list,
1,139
or
being
y
points net
higher. Despite the small receipts of hogs reported at prin¬
cipal western markets on several days last week/receipts for
the first five days of the week at 12 western markets, were
slightly larger than in the preceding week.
At the high
point last week the top on hogs was $1.50 higher than the
early April low of $5.15. On the 29th ulto. futures closed 3
points down to 3 points net higher. The opening quotations
were 10 points off from previous close.
Receipts of hogs at
Chicago were around 19,000 head as compared with trade
expectations of some 20,000.
However, prices of some
types of hogs were off 10c. and lard also declined.
Hog
receipts at the principal western markets amounted to
71,900 head as compared with 70,300 a year ago. Hogs at
Chicago closed steady to 10c. lower, with sales ranging from
$5.35 to $6.45.
Lard exports from the Port of New York
totaled 420,000 pounds, destination Europe.
On the 30th ulto. futures closed 12 to 15 points net lower.
Considerable May liquidation prior to first notice day, which
occurs tomorrow, was
reported as depressing the market.
The decline in hogs also had a bearish influence, hog prices
closing with net losses of 15c. to 25c. Hog receipts at western
points were 98,600 head as compared with 73,600 head a
year ago. A report from Chicago stated that bids will open
on May 6 for 500 tons of lard for
Belgium. Exports of lard
from the Port of New Yo^k yesterday totaled 120,000 pounds
for Europe.
Sales of hogs at Chicago ranged from $5.25 to
$6.30. On the 1st insfc. futures closed 2 to 3 points net lower.
Lard stocks at the first of May in Chicago increased 9,315,287
pounds over April 1, according to a report issued today,
bringing the total to 179,161,979 pounds, a record level.
This sizable advance was disappointing since it had been
forecast that the increase would be about 2,250,000 pounds
in the last two weeks whereas supplies increased 7,220,312
in that interval.
Chicago lard stocks now are some 108,000,000 pounds larger than a year ago, representing an
advance of over 150%. A year ago Chicago stocks increased
less than 1,000,000 pounds in April. Lard exports to Europe
from this port today totaled 56,000 pounds.
Hog receipts
at western points totaled 72,900 head, as compared with
56,600 a year ago.
Chicago hogs closed steady at $5.85
Lard—On the 27th ulto. futures closed 8 to 7
to $6.25.
On the 2d inst. futures closed unchanged to 3 points net
higher. Trading was light, with the undertone barely steady.
No exports of lard from this port were reported today.
Chicago hogs closed steady to strong at $5.35 to $6.35,
Hog receipts at Western points were 62,200 head as com¬
pared with 57,300 head for the same day last year. Today
futures closed 10 to 2 points net higher.
The firmness of
lard futures was influenced in no small measure by the
strength of wheat and corn markets.
DAILY
CLOSING
PRICES
Sat.
OF
LARD
October..
6.82
Mon.
6.27
6.52
6.72
6.82
December..
6.97
7.00
May
6.30
July.....
6.52
September............ 6.72
..........
FUTURES
Tues.
6.15
6.40
6.60
6.70
6.87
Wed.
6.12
6.35
6.57
6.67
6.82
IN
CHICAGO
Thurs.
Fri.
6.12
6.35
6.57
6.67
6.85
6.22
6.42
6.62
6.70
6.87
Pork—(Export), mess, $21.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
Meats:
Steady.
Pickled Hams:
Picnic, Loose, c.a.f.—
4 to 6lbs., 1034e-;6 to 8lbs., 10c.; 8 to 10lbs., 10c.
Skinned,
Loose, c.ai.—14 to 16 lbs., 15%c.; 18 to 20 lbs., 14%c.
Bellies:
Clear, f.o.b. New York—6 to 8 lbs., lie.; 8 to 10
lbs., 10%c.; 12 to 14 lbs., 9%c. Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 7%c.; 18 to 20 lbs., 7%c.;
20 to 25 lbs., 7%c.; 25 to 30 lbs., 7%c.
Butter: Creamery,
Firsts to Higher than Extra and Premium Marks:
2734c.
to 28c.
Cheese:
State, Held '38—21c. to 22c.; Held '39,
20c. to 2034c.
Eggs:
Mixed Colors, Checks to Special
Packs:
15c. to 19%c.
Oils—Linseed oil trading was reported as quiet, with tank
quoted 10.2 to 10.4c. per pound. Quotations: ChinaTanks, spot—22 %c. to 25%«.J Tanks shipment—
21^c. to 22c.; Dnims—23Hc. to 26*4. Coconut: Tanks—
.0334c. bid; Pacific Coast .03c. bid nominal. Corn: Crude:
West, tanks, nearby—.0634c. bid nominal.
Olive:
Dena¬
tured—Drums, spot, afloat—$1.00 bid nominal. Soy Bean:
Tanks, West—.0534c. bid nominal; New York, l.c.l., raw—
.075 bid.
Edible:
Cocoanut, 76 degrees— .0834 bid. Lard:
Prime—834 offer; strained—834c. offer. Cod: Crude: not
quoted. Turpentine: 33% to 35%. Rosins: $5.25 to $7.50.
cars
wood:
Cottonseed Oil
contracts.
sales, yesterday, including switches, 102
Crude, S. E., val. 5%-6. Prices closed as follows:
May
June
July
August
6.97© 7.04 September..
7.01 @
October
n
7.00@ 7.03 November
December
7.04@
n
7.07©
7.07©
7.08
7.09
7.05© 7.10
7.10© 7.15
Rubber—On the 27th ulto. futures closed 14 to 7 points
net lower.
Transactions totaled 830 lots.
The May de¬
reported
houses
while
dealer
and
trade interests
were
buyers.
There was no activity in the outside
market.
Spot standard No. 1 ribbed smoked sheets in the
trade declined to 19%c. per pound.
Local closing: May,
19.24; July, 1885; Sept., 18.62; Dec., 18.40c.; March, 18.25.
On the 29th ulto. futures closed 1 to 5 points net higher.
Transactions totaled 202 lots.
Rubber futures were fairly
active and somewhat firmer.
May liquidationfeontinued
but the demand was good, with the result that offerings were
were well absorbed.
During early afternoon May stood at
19.23, off 1, while July was 5 points higher at 18.90, and
December at 9 points higher at 18.49.
Primary markets
were
steady and shipment offerings were high and limited.
London closed unchanged to l-16d. lower, while Singapore
was quiet, unchanged to l-32d. lower.
Sales of futures here
to early afternoon totaled 1,310 tons of which 150 tons were
exchanged for physicals.
Local closing: May ,19.25; July,
18.87; Sept., 18.67; Dec., 18.45; Jan., 18.40; March, 18.29.
as
On the 30th ulto. futures closed 28 to 32
Transactions
totaled
tinued to liquidate
209
lots.
points net lower.
Commission
May contracts, which
houses
con¬
British dealer
interest absorbed, while at the same time selling distant
months.
The market was irregular, standing 2 points lower
to 3 points higher during early afternoon, with May at
19.23 cents, ofr 2 points, and July at 18.90, up 3 points.
Towards the close some heavy selling developed and prices
took a severe drop, closing at the lows of the day.
Twenty
tons were tendered for delivery against May contracts.
The
London market closed quiet and unchanged to l-16d. higher.
Singapore was unchanged to l-32d lower.
Shipment offer¬
ings were light and rather high.
Local closing: May, 18.97;
July, 18.65; Sept., 18.35; Dec., 18.15; March, 18.00.
On
the 1st inst. futures closed 3 points up to unchanged.
The
market during the first hour showed net gains of 10 to 17
points on commission house buying and dealer selling.
Fac¬
tory selling during the final 15 minutes almost completely
wiped out the early substan tial gains.
There were no notices
put out against the May delivery today.
The reduction in
the May open interest position was small, amounting to
only 12 lots.
No trades were registered in the May delivery
on
the exchange today.
The outside market was quiet.
Spot standard No. 1 ribbed smoked sheets in the trade
remained unchanged at 1934c. per pound.
Local closing:
May, 19.00; July, 18.06; Sept., 18.37; Dec., 18.15; March,
a
18.00.
On the 2d inst. futures closed 21 to 18
Transactions totaled 104 lots.
points net higher.
Rubber futures continued to
advance, influenced by firm primary markets, high ship¬
ment offerings and smaller exports.
British dealer interests
were
noted as active buyers of December.
Commission
houses also were on the buying side. During early afternoon
prices were 15 to 16 points higher, with September at 18.52
and December at 18.31. Transactions to that time totaled
66
lots.
Certificated stocks of rubber decreased 60 tons.
The London rubber market
Singapore was 1-16 to 3-32d
higher. Local closing: May 19.20; July 18.87; Sept. 18.55;
Dec. 18.33; Jan. 18.28; Mar. 18.18.
Today futures closed
72 to 45 points net higher.
Transactions totaled 527 lots.
Nearby rubber futures advanced half a cent a pound under
strong competitive buying by trade, dealer ana speculative
interests.
Demand converged on the July contract, which
registered the maximum gain of 50 points to early afternoon,
July rose 63 points to 19.50, and December 42 points to
18.70.
Sales to that time totaled 216 lots.
Buying was
based on increasing difficulties experienced in obtaining
prompt shipment rubber from the East.
Manufacturers
were reported
to be paying advanced prices in the local
spot rubber market.
Certified stocks of rubber decreased
by 60 tons.
They now total only 840 tons. The London
market closed l-8a higher while Singapore was 1-32 to l-16d
higher. Local closing: May 19.79; July 19.59; Sept. 19.14;
Dec. 18.80; Jan. 18.73; Mar. 18.63.
Hides—On the 27th ulto. futures closed 4 to 7 points net
They now total only 900 tons.
closed 1-16
to
l-8a higher.
The
openingrange was unchanged to 8 points lower.
Trading was light and without particular feature.
No new
developments were reported in the domestic spot hide mar¬
ket today.
Local closing: June, 13.70; Sept., 13.97; Dec.,
14.22; March, 14.46.
On the 29th ulto. futures closed 15 to
18 points net higher.
Trading was relatively light. The
opening range was 3 to 9 points up with the upward trend
continuing during the balance of the session, prices closing
at about the highs of the day.
Transactions totaled 1,400,000 pounds.
Certificated stocks of hides increased by 1.637
hides to a total of 945,343 hides.
The domestic spot hide
market was reported quiet and unchanged.
Local closing:
June, 13.86c.; Sept., 14.13; Dec., 14.37; March, 14.61.
On the 30th ulto. futures closed 9 to 15 points net lower.
lower.
The
opening range was 4 to 11 points
totaled 4,720,000 pounds.
Certificated
creased by 2,400 hides to 942,943 hides.
off. Transactions
stocks of hides de¬
No important de¬
velopments were reported in the domestic spot hide situation
today.
Local closing: June, 13.72; Sept., 14.00; Dec.,
14.26; March, 14.55.
On the 1st inst. futures closed 20 to
25 points net lower.
Transactions totaled 213 lots. Raw
hide futures opening range was 12 to 2 points lower.
Fur¬
ther declines set in following the opening.
Uncertainty over
the European situation and apathy of tanners influenced
the
trading.
Local closing:
Dec., 14.05; March, 14.27.
13.52;
June,
13.78;
Sept.,
On the-2d inst. futures closed 5 points
off to unchanged,
lots. Raw hide futures opened 7 to 4
Prices receded somewhat during the morning,
with sales totaling 183
points higher.
and rallied
a
bit towards
Transactions totaled
the close.
113 lots
during the morning.
Certificated stocks increased
by 3,086 hides to 946,029 hides.
Scattered selling was
noted with demand limited.
Local closing:
June, 13.47;
Sept., 13.78; Dec., 14.02.
Today futures closed 2 points
higher to 3 points net lower.
Transactions totaled 218
lots.
Raw hide futures opened 7 points lower to unchanged.
Prices firmed following the opening.
Transactions totaled
137 lots.
In the domestic spot markets sales totaled 9,800
hides including heavy native steers April take-off at 12 Ac.
and branded cows April take-off at 12j^c.
In the Argentine
spot market 5,000 frigorifico steers April take-off were re¬
ported at 13c.
Local closing: June, 13.49; Sept., 13.75;
Dec., 14.04; March, 14.28.
net
Ocean
Freights—Closing of the Mediterranean to British
merchant vessels further
complicated the problems of the
chartering trade, which have been left with little free ton¬
nage to trade since the restriction of Norwegian vessel opera¬
tions and the driving of Denmark's merchant marine off the
high seas. Charters included: Grain: New York to Ant¬
werp (berth), April 75c.
Australia to North Atlantic, $17
per ton.
Buenos Aires to Antwerp, $25.50 per ton May.
Buenos Aires to north of Hatteras (linseed), $8.50.
Sugar:
Philippines to U. S. Atlantic, $12 per ton. Brazil to Ant¬
werp, $24 per ton.
San Domingo to Marseilles, $20 per
ton.
San Domingo to Casablanca $18 per ton.
Cuba to
Bordeaux, $21 per ton.
San Domingo to Nantes, $20 per
Coal:
ton.
Hampton Roads to Buenos Aires, available
at about
$9.00 to $9.25 per ton. Hampton Roads to Rosario,
$9.75 per ton.
Hampton Roads to Rio de Janeiro, available
at about $9.00 to $9.25 per ton.
Hampton Roads to Italy,
$13.50 to $14 per ton asked May-June. .
Time Charter:
West Indies or Canadian
per
trade,
$5.25
ton.
Coal—Reports
from
operators
in
the
New
York
area
that the demand for anthracite coal during the
past
week has slowed down considerably both on the line deliver¬
ies and at tidewater landings.
As was expected, the new
state
retail prices, which will go into effect this week, have not
made any great impression on business.
Dealers are still
buying coal to meet their immediate requirements. ; It is
are anticipating another reduc¬
tion in wholesale schedules for the spring.
According to the
larger producers here, prices are very steady and the likeli¬
hood of any reduction in the near future is doubtful. Buck¬
wheat and pea sizes are tight at both
delivery points, oper¬
ators report.
Stove and egg grades are slow, while chestnut
is moving at a fair rate at line deliveries and at tidewater.
According to figures furnished by the Association of Ameri¬
can Railroads, the shipments of anthracite into eastern New
York and New England for the week ending
April 13, have
amounted to 877 cars as compared with 1,664 cars the same
period last year.
also stated that the dealers
Wool
Tops—On
the 29th
ulto.
futures
closed
1
to
3
points net lower. The session was a very quiet one. Spot
price at $1, was At- lower. Sales were estimated at 125,000
pounds. Reports from Boston wool market state that very
little business was being transacted.
Members of the trade
reported a moderate amount of dealer buying in several
producing areas of the West and Midwest. Mills and top
makers, however, were reported showing little interest in
accumulating wools.
Local closing for wool tops:
May,
96.6; July, 95.5; Oct., 95.2; Dec., 95.1; March, 94.8.
On
the 30th ulto. futures closed 4 to 8 points net lower.
were
estimated at about 50,000 pounds.
Sales
Spot tops
were
y2G. lower at 99c3^. a pound.
No delivery noties were
issue.
Local closing:
May, 95.8; July, 94.7; Oct., 94.5;
Dec., 94,4; March, 94.4.
,;
>
On the 1st inst. futures closed quiet at 4 to 7
points net
decline.
Trading was lighter with about 310,000 pounds
estimated to have been sold during the day.
Spot tops were
unchanged at 99V2a. a pound. Reports from Boston state
that prices were strengthening on country
packed lots of
three eights and quarter-blood bright fleece wools offered
from the country.
Wools of this description offered through
Boston houses were bringing 36c. in the
grease delivered to
mills.
Moderate quantities of fine Western wools were
selling occasionally.
Good French combing length fine
territory wools in original bags were bringing 83c. to 84c.,
scoured basis, while 12 months' Texas wools were
bringing
82c. to 85c., scoured basis, delivered to users.
Local clos¬
ing for wool tops: May, 95.1; July 94.2; Oct., 94.1; Dec.,
93.9; March, 93.8. On the 29th ulto. futures closed l^c. to
■
3 cents net lower.
silk futures
was
Transactions totaled 18 lots.
and
between the
No.
1
Trading in
extremely quiet owing to observance of
holiday in Japan.
six lots
Chronicle
The Commercial & Financial
2908
The turnover
that
to
early afternoon
a
was
The No.
2
contract
was
so
far to 120 bales.
higher. Transactions totaled 40 contracts or 200,000 pounds.
Spot tops were unchanged at 98.5c. a pound. Local Closing:
May 95.3; July 94.5; Oct. 94.5; Dec. 94.4; Mar. 94.3.
Today futures closed 4 to 2 points net higher, with total
sales to midday estimated at 500,000 pounds of tops. Wool
top futures continued to decline in initial dealings today,
but subsequently turned stronger on active short covering.
A minor portion of the trading consisted of switching from
the nearby positions to the more distant contracts. Trading
was in good volume,
with total sales to midday estimated
in the trade at approximately 500,000 pounds of tops.
Boston
steady prices and there is more call for noils
grade.
There is some demand for fleeces of
medium grade at 36c. and fraction higher for bright wools
and good quarter-blood fleeces are steady on a comparative
basis.
Estimates place the amount of new wool purchased
and under contract at 35,000,000 pounds.
Local closing for
.wool tops: May 95.9; July 94.8; Oct. 94.7; Dec. 94.6;
Mar. 94.6.
Silk—On the 30th ulto.
decreased 110 bales to
for
delivery
on
inactive.
The
pound.
Certificated stocks
1,510 bales.
Ten bales were tendered
a
the May contract, bringing the total for the
futures closed 2lAc. to
lc. net
higher. Transactions totaled 39 lots. Raw silk futures were
firm in quiet trading, which to early afternoon totaled only
12 lots.
At that time July stood at $2.42, up 2 cents and
September at $2.35, up 3 cents. The trade was waiting for
silk mill statistics due tomorrow. In the uptown spot market
prices were 1 cent lower at $2.64 a pound for crack double
extra
silk.
Certificated stocks increased 80 bales to 1,590
The Yokohama Bourse closed
13 to 15 yen lower.
Spot grade D silk was 5 yen lower at 1,450 yen a bale. Local
closing: No. 1 contracts: July, 2.423/£; Aug., 2.36; Sept.,
2.343-3; Oct., 2.33; Nov. 2.32; Dec., 2.30. On the 1st inst.
futures closed 3c. to 5c. net higher. Transactions totaled 65
lots, all in the No. 1 contract. Statistics on silk for April,
particularly the figure on mill takings, proved to be a pleasant
surprise, and influenced the buying of gutures. Prices were
firm, standing 3 A to 4 cents higher during early afternoon,
with July at $2,463^, and September at $2.38. Sales to that
time totaled 35 lots, all in the No. 1 contract.
The price of
crack double extra silk in the New York spot market was
marked up 2 cents to $2.66 a pound.
Sixty bales were
bales.
tendered
on
contract.
Certificated stocks increased 110 bales
total of 1,700 bales.
The Yukohama Bourse closed 2 to
higher. Spot Grade D silk advanced 15 yen to 1,465
yen a bale.
Local closing: No. 1 Contracts: May, 2.5313;
July, 2.46; Aug., 2.4013; Sept., 2.39; Oct., 2.3613; Dec., 2.35.
On the 2d inst. futures
closed 133c. down to 33c. net
higher.
Transactions totaled 75 lots. After an initial loss
of 113 to 2c., silk futures turned steady in quiet trading,
which to early afternoon totaled 37 lots, all on the No. 1
contract.
The market appeared to be awaiting develop¬
ments.
During early afternoon July was selling at $2.44
and Sept. at $2.37.
In the uptown spot market crack double
extra silk was lc. higher at $2.67 a pound.
Certificated
stocks decreased 30 bales.
They now total 1,670 bales.
The Yokohama Bourse closed 11 yen lower to 1 yen higher.
Spot grade D silk was 5 yen higher at 1,470 yen a bale.
Local closing:
No. 1 Contracts:
May, 2.53; July, 2.46;
Aug., 2.4033; Sept., 2.3813; Oct., 2.37; Nov., 2.3533; Dec.,
2.34.
Today futures closed lc. down to 2c. net nigher.
Transactions totaled 16 lots, all in the No. 1 Contract.
Silk
futures ignored strength of other markets.
Quotations were
lower in sympathy with a decline on the Japanese bourses.
During early afternoon futures were about I Ac- lower on
small transactions, only ten lots changing hands to that
time, with Sept. selling at $2.37. In the uptown spot market
crack double extra silk was 3c. lower at $2.64 a pound.
On
the Yokohama Bourse prices were 11 to 21 yen lower.
Spot
grade D silk declined 2233 yen to 1,44733 yen on a bale.
Local closing:
May, 2.52; June, 2.46; Sept., 2.3833;
Oct., 2.39; Nov., 2.36; Dec., 2.36.
to
a
8 yen
COTTON
Friday Night, May 3, 1940
The
Movement
of
the
Crop,
as
indicated by
our
tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 35,572
grams
bales, against 50,671 bales last week and 46,091 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,773,086 bales, against 3,259,520 bales for the same period
of
1938-39,
showing
increase
an
3,513,586 bales.
Receipts at—
Galveston
Houston
New Orleans
Mobile
Savannah
Norfolk
$2.65
continues
market
wool
medium
Sat.
Mon.
Aug.
since
.•
2,266
•'.
;v'.
1,
1939,
.....
Thurs.
Wed.
Tues.
704
910
1,799
1,062
3,248
1,850
3,013
435
28
102
32
1,228
4
Wilmington
to
the
to the mills at
of
declined
cent
that
state
observers
strong even though buying is irregular in the Eastern sea¬
board markets.
Scoured wool of medium grade has moved
price of crack double extra silk in the New York spot market
1
No. 1 Contracts:
Local closing:
Aug., 2.35; Sept., 2.32; Oct. 2.31; Nov., 2.30; Dec., 2,29.
On the 2d inst. futures closed firm at 3 to 5 points net
Fri.
of
.
Total
was on
executed in a switching operation
September and the December deliveries on the
contract.
month
May 4, 1940
5,353
459
826
46
1,029
2
2
■
92
'19
84
117
503
462
5,260
9,152
8,217
2,881
12,463
10,782
8,048
1,640
1,287
-
2
70
Baltimore
Totals this week-
5,592
1,734
440
1
501
■24
207
900
930
2,393
387
462
7,669
35,572
Volume
The
ISO
The Commercial & Financial
Chronicle
following table shows
total since
the week's
total
receipts, the
Speculation
Aug. 1, 1939, and the stocks tonight, compared
There
tions
1938-39
or
May 3
This
Since Aug
Week
Galveston..
Brownsville
Houston
1
1939
2,285
41,153
10,782 2,012,822
178,826
67,185
8,048 2,350,272
1,640
163,854
Beaumont
New Orleans
Mobile
Pensacola & G'p't
Jacksonville
Savannah
Charleston
Lake Charles
Since Aug
1 1938
Week
12.463 1,704,611
Corpus Christi
1,287
503
387
9,218
21,209
Wilmington
Norfolk
New York...
Boston
511
Totals
19,354
880
35,572 6,773,086
1.451
116,269
28,719
4,221
9,589
26,934
3
Receipts at—
1939-40
Wilmington
1937-38
1936-37
8,768
4,336
7,345
174
,..
3,987
7,443
10,140
116
4,771
14,066
8,045
1,356
""740
630
40
'
503
__
Norfolk
2,586
22
1,014
19
"2",199
"l"058
bale
1,736
35,572
16,498
24,610
40,825
39,157
21,595
For the
season
to date
total exports
total
a
vious
Below
season.
May 3, 1940
Exports from—
are
Great
Italy
Japan
Galveston
Other
4,670
2,572
979
1,212
1,991
6",999
1,912
1,570
3~490
4",783
Savannah
Los
Angeles
Total
Total
2,611
—
1939
Total
1938-.--.
~384
4,783
6,271
18,998
1,117
5,302
the
Exports from— Britain
4,218
7,978
6,080
65,027
5,250
South there is
9,388
1,479
7,200
18,325
34,611
9,125
77,087
Galveston
Corpus Christi
Brownsville
Beaumont
New
6,861
Jacksonville..
6,182
42,314
8,169 204,246
1,135
491
22,878
Savannah....
Charleston...
.
.
211
Gulfport
11,135
11,507
New
Los Angeles..
585
54,237
71,342 216,960 1668,301
9,324
31,419
10,510
1,936 129,723
~
19,494
1*-*. -
486
«p
i*.
..
-
-
50
_
196
11,267
8,837
100
74,892
......
—
27,810
-
......
1,271
...
—
-
200
*
6,773
7,388
1,050
,
.
7,821
200
m
^
m „
......
0, ~
21,367
21,619
284
.
11,791
28,270
...
199
100
»
811
2,708
11,170
1,704
1,575
1,825
-
San
27,922
185
^
m
•
50
Baltimore
^
'
17,182
York...
Boston
^
2,106
10,281
26,235
m
4,179
75
6,773
.
Norfolk
3,922
84,699
•
5,231
550
Pensacola> Ac.
Wilmington
4,309
'w
16.290
69,674
51,360 405,686 1294,758
'
677,621 405,204
......
203,086
4,334
*.
•»
9,839
8,336
1
,»
8,686
......
1
-
214
184,871
27,073
61,930
1,336
60,568
10,986
20,158
336,346
114,415
12
Francisco
12
Seattle
Total
_i,
1864,214 775,766
33,456 556,794
434,740 378,647
413,179 281,103
810,917 476,105
Total
1938-39
Total
1937-38 1543,494 728,697
844,626 386,903 1131012 5592,771
802,543
580,259
88,181 601,040 2999,433
86,050 931,818 5157,340
In
addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
be found to finance and
On the 1st inst.
prices closed 1 point up to 9 points off. The
when the market opened, initial prices
being irregular, 2 points lower to 1 point higher. Later the
market stood 1 to 3 points under the
previous colosing level.
Hedge selling in new crop months was a feature as it had been
yesterday.
Bombay and spot houses were sellers, but
Bombay also figured on the buying side of the market. The
European news was followed closely, particularly the action
of Great Britain in
withdrawing her mercantile fleet from the
trend continued easy
Mediterranean Sea.
little
market
Shipboard Not Cleared
Great
Galveston.
Ger¬
France
Other
Foreign
wise
9,000
8,200
20,419
Houston
New
Orleans..
7",750
"825
2,000
30
503
Savannah
Charleston
Mobile
Norfolk
Other ports—
Total
1940-Total 1939
Total 1938
*
16,750
825
4,239
3,335
5,724
7,931
Estimated.
29,122
6",202
4,306
16,105
23,721
8,111
did
result
in
shipping had
widening the
Liverpool and Bombay and also between
Liverpool and Alexandria.
After Liverpool had closed 3 to
points higher, activity in the market here quieted down.
The weekly weather report was regarded as unfavoralbe to
the progress of the new corp.
From Southern spot markets
6
word
that domestic mill inquiries for cotton were
both for prompt and deferred shipment, but that
export trade was quiet.
came
numerous,
On
the 2d inst. prices closed
lower.
Selling
map
Total
19,200
20,449
9,078
Leaving
Stock
of
than
cotton
has
1 point up to 14 points net
futures,
been
seen
induced
in
some
by
a
better
weeks, caused
648,373
666,926
655,368
116,269
28,719
70,744
26,934
214,467
severe in the new
crop deliveries.
The open¬
barely steady, 3 to 7 points net lower, with new
crop deliveries relatively weak.
Foreign selling, mainly by
Bombay connections, was an early feature.
Bombay sold
July, October and December contracts.
A few May notices
ing
was
were
48,727 2,427,800
33,099 1,910.188
49,793 2,592.790
but they were stopped promptly by spot
Hedge selling was more active, appearing in the
issued,
houses.
After the opening, selling pressure in¬
of May by commission houses and
Southern offerings depressed the
market, extending loss to
new
crop
creased.
2,030
3,218
but
differences between
declines most
Coast¬
many
here,
prices to dip from 5 to 11 points in the early trading, with
or—
May 3 at—
Britain
The diversion of British
effect
weather
On
fill-in demand for spot cotton and the basis
ship cotton, especially to Italy,
Greece and Hungary.
Spot sales totaled
10,719 bales against 3,171 last year.
Total
231,508 193,697 359,253 1596,639
37,586
10,390 25,452 200,731
18,329
400
...
Orleans.
Lake Charles.
Mobile
10,242
8,496
..
27,424
China
Other
a
Jugo-Slavia,
Japan
286 136,938
8,257 187,906
71,308
to
Export business is quiet, but there are reports that
southern European countries are in need of cotton if
ways
can
356,226 141,176
466,667 149,351
Houston
either side of
unchanged
is firm.
Italy
many
on
opening,
liquidation. Trade interests continued to absorb contracts,
however, and the market for a time steadied a bit. In the
9,838
7,299
Ger¬
France
not conducive to aggressiveness
There was a quiet
points lower.
Prices eased slightly to losses of 1 to 3
points lower.
Prices eased slightly to losses of 1 to 3
points
on the issuance of
23 May notices, and scattered outside
Exported to—
Great
were
market.
3,272
From
1940
were general rains
the heaviest being in the central belt.
temperatures were also considered too low for
germination of cotton.
Because of the showery
10,918
4,202
14,470
a
money,
rumors
3
384
1,002
"605
25,430
tracts,
6,861
25,266
20,025
3,490
Aug. 1,1939 to
May 3,
Saturday's closing levels, in American
were
was not
stimulating.
Delayed action on the Agricultural
Appropriation bill, continued unfavorable weather in the
cotton belt, and a
tightly controlled situation in May con¬
4,783
Norfolk
coopera¬
The market became
On the 30th ulto.
prices closed 1 point off to 3 points up.
Prices ruled within a
very narrow range, with the undertone of
the market heavy
during most of the session.
Outside news
Total
1~453
New Orleans
Mobile
China
9,465
19^329
Houston
pre¬
the exports for the week.
many
the tone.
looking for 26,000,000 to 27,000,000 acres planted to cotton.
Southern spot markets
today were unchanged to 5 points
lower.
Sales from reporting sopt markets in the South
were
5,116 bales, as against 1,533 bales a year ago.
Ger¬
Britain France
promptly absorbed by spot houses
weather some in the trade are
beginning to question whteher
the acreage increase will be
realized.
The trade has been
34,611 bales.
period of the
same
were
price-fixing and buying by brokers with
the week-end,
proper
aggregate exports have been 5,592,771
bales, against 2,999,433 bales in the
to
old-crop
Minimum
Britain, 4,783
were
for
$1
from
over
France, nil to Germany, 10,918 to Italy, 9,828 to Japan,
7,978 to China and 6,080 to other destinations.
In the
year
demand
that the British Government would
purchase larger quantities of Indian cotton at the
expense of
American cotton.
In the cotton belt there
to
corresponding week last
light.
cotton
more favorable weather in the
South
price trends here in the cotton futures
July offerings
and there
Since Aug. 1.. 6,773,086 3,259,520
6,910,445 6,056,520 6,379,882 3,877,792
to Great
Trade
unchanged to 3 points net
higher.
The opening range was 2 to 6
points higher, with
trading rather quiet.
Trade shorts continued to cover in the
May position, which is being
evened-up slowly.
Outside
buying in new-crops and Bombay buying in March also were
helpful factors. Bombay prices advanced more than
339
"""689
were
In
passed.
points higher, ranging from
191
ending this evening reach
continues
be
10.16 to 11.02 cents.
On the 29th ulto.
prices closed
'""783
"1,807
of 65,027 bales, of which 25,430
lower.
conflicting
"
The exports for the week
South
to
as a result
trade demand.
For the most
part, other transactions
regarded as evening-up of commitments for the week¬
end.
Uncertainties over foreign
developments continued a
restricting influence.
Spot sales in the South totaled 8,246
bales, compared with 4,169 bales a
year ago.
Middling
quotations were unchanged to 6
412
"""462
Total this wk.
the
expected
quiet later but with the undertone
steady largely
of the
1,461
2,900
13,754
'""510
108
is
prices closed 5 points net higher
tive connections also
aided
1934-35
772
appeared to have little
were
9,130
10,755
13,071
1,011
370
511
news
result of
a
while trade
1,175
54
387
N'port News.
All others
net
as
lower.
1,955
1935-36
2,285
"U81
Houston, &c_
New Orleans.
Mobile
Savannah
Brunswick
Charleston...
1938-39
12,463
10,782
8,048
1,640
1,287
continued
sagging tendency.
market.
Easier Bombay cables were
accompanied by selling
orders for about
5,000 bales in July from that source at the
opening of the local market.
Initial prices were 1 to 5 points
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Galveston
points
caused
In order that
we
the
months
100
1,325
22,815
delivery
a
to encourage substantial
opera¬
measure
27th ulto.
Gulfport not included.
x
the
spot business in
16,498 3,259,520 2,476,527 1,943,287
Receipts included in Corpus Christi.
trade
On
1,108
462
cotton
\
603,560
46,218
31,792
476,430
50,450
z3,934
1,471
147,498
31,719
5,503
14,161
28,266
500
Baltimore.
the
:V
70,744
64,769
future
Washington reported that the agricultural
Actual
39,689
91,815
664.446
11,354
1,892
34,238
15,987
38,760
12,796
14,556
40
influence.
news
Outside
,
687",375
1,004,437
291,309
16,678
7",345 792,273
174
62,063
927
63,667
38,470
45,970
no
little in the
either side.
667,573 1,499,055
4*336
for
appropriations bill would be held
up until next week.
1939
1940
940,362
54,593
1,882
__
x
This
was
on
Stock
Receipts to
2909
cotton
moderately active, with prices showing
with last year:
1939-40
in
a
months.
Liquidation
maximum
warmer
of
10 points
weather
in
the
by midday.
With the advent of
South, which is bringing improved
The Commercial &
2910
there was increased selling of the late
The South reported that mill demand for cotton
prospects,
crop
months.
off materially
fallen
has
as
Saturday
Monday
Tuesday
April 27
April 29
April 30
prices closed 7 to 14 points net
futures eased further some 4 to 7 points
are scarce
Cotton
lower.
Today
under scattered
liquidation induced by political news and reports of weather
conditions favorable to growth of the new crop.
Prices
continued in a downward trend on the opening, which was
points net lower on active months.
The weak tone
of the market was attributed to a combination of foreign
2 to 5
selling, the European war news, and the improved weather
in the cotton
belt.
Southern selling contributed to the
Offerings were absorbed by trade
buyers.
Both the Continent and
Brazil were reported sellers here.
After the first hour
foreign selling subsided, but the market failed to show any
improvement. On the contrary t it extended its losses, stand¬
ing 4 to 9 points lower shortly before noon.
Sales of spot
and
at
average
an
markets yesterday totaled 11,000 bales
Southern
in
cotton
the market.
scattered
on
price of 10.48c.
The official quotation for
middling upland cotton in the
York market each day for the last week has been:
New
week have been as follows:
well main¬
outside loan stocks.
interests
and closing prices at New
Futures—The highest, lowest
York for the past
result of smaller sales of
a
textiles, but that the basis in the interior was
tained for middling and better grades, which
weight
May 4, 1940
Financial Chronicle
Tuerf.
April 27 to May 3—
Sat.
Mon.
Middling upland J4 (nominal)-.10.98
10.94
Middling upland 15-16 (nom'D.ll.18—n.14
10.99
11.19
Wed. Thurs.
10.96
11.16
10.93
11.13
May (1940)
(old)
'Range.-
Closing
(new)
May
Frl.
Range..
10.94
10.90
10.6771
10.6777
1
.6377
1
.5777
10.8271
10.8177
1J.77T7
1
.7177
10.95
10.67n
10.66n
Closing. 10.80n
10.80rt
—
gives the premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.table below
Middling
inch, established for de¬
liveries on contract on May 9, and staple premiums repre¬
sent 60% of the average premiums over %-inch cotton at
the 10 markets on May 2.
Old Contract—Basis
—
(old)
June
Range.
.
Closing
_
June (new)
Range..
(old)
July
Range.
.
Closing
_
(new)
July
10.66 10.69 10.68-10.89 1 .63-1
10.6477
10.69 —
10.69 -r
10.57n
10.57n
10.5977
10.5977
1
.5477
10.5077
10.37n
.
Closing
.
.44
.63 10.60-10.61
10.67n
10.37n
10.3871
10.3877
1
.3
1
10.61-10.67
Range.
.48
10.51-10.54 10.48-10.52 1 >.43-1
10.46-10.55 10.49-10.56 10.50-10.54
1 .43-1
10.53-10.54 10.5 > —
10.53-10.55 10.51-10.53 10.54 —
10.67
—
.6
1
•
Aug.—
Range—
Closing
.
Sept.—
Range..
Closing
.
77
Oct.—
.2477
9.98-10.04
10.14-10.22 10.14-10.20 10.17-10.18 r>. 3-10.13
Range.. 10.13-10.17
10. 7 —
10.17 —
10.18 —
10.18 —
10.17 —
Closing
9.99
.
Nov.—
Closing
Dec.—
9.99-10.02 10.00-10.08 10.01-10.05 10.03-10.05
10.02
.
10.05
—
Range
10.04
10.0477
—
Jan. (1941)
9.9077
9.9977
10.1077
10.1177
lO.lln
10.09n
.
•
Range—
9.90-
9:99
9.81- 9.89
9.91
—
9.82- 9.83
9.99- 9.99
9.99- 9.99
9.84- 9.92
9.76- 9.84
9.99n
9.9977
9.9977
9.85
9.76
9.8077
9.7177
9.75- 9.84
9.66- 9.72
9.76
9.66
10.00-10.00
—
9.96n
Closing.
Feb.—
Range—
9.91n
9.93n
9.9477
9.9377
Range—
9.84- 9.86
9.85- 9.93
9.85- 9.89
9.87-
Closing
9.86n
9.88
9.89
9.88
Closing.
Mar.—
.
—
—
9.90
—
April—
Range..
Closing.
n
Nominal.
Contract—Basis Middling 15-16 inch, established for
deliveries on contract on May 9, and staple premiums and
Range for future prices at New York
May 3,1940, and since trading began on
full discount for %-inch and 29-32-inch
staple and 75% of the average premiums over 15-16-inch cot¬
ton at the 10 markets on May 2.
Option for—
New
10.83
10.9377
10.94
-
.75
.9 -10.91 10.83-10.87
10.93-10.93 1
10.94-10.94 10.93-10.96 10.91-10.95
Closing
Closing
Premiums and Discounts for Grade and Staple—The
May 3
.79 10.71-1
10.77-10.78 10.71
10.80-10.81 10.81
10.80
Range..
10.86
11.06
Friday
May 2
May 1
10.79-10.81 10.73-1
10.73-10.80 10.77-10.83 10.76-10.81
10.80
.
Thursday
Wednesday
for the week ended
each option:
discounts represent
old--. 10.71 May
May
New..._. 10.83
New Contract
Old Contract
H
1 In.
15-16
Inch
and
■•A
29-32
Inch
31-32
15-10
Inch
Up
Inch
Inch
May
3 10.83 Apr. 29
3 10.90 Apr. 29
1 In.
and
Up
10.43
July old
May
10.60 May
New
t, •.
3 10.56 Apr. 29
3 10.69 Apr. 30
August
White—
May
Feb.
26 1940
Sept.
1 1939 11.07 Jan.
3 1940
Sept.
1 1939 10.60 Jan.
1 1939 10.82 Jan.!
3 1940
Dec.
7 1939
1 1939 10.29 Apr.
17 1940
17 1939 10.95
7.63
7.90 Sept.
8.08
■
•
7.54
8.05
old...
June
Inch
Range Since Beginning of Option
Range for Week
1940—
9.54
Aug. 31 1939
3 1940
£*
Mid.
on
.65
on
.74
.36 on
.45
on
.54
on
.60
on
.66
on
September
on
.09 on
.31
on
.39
on
.49 on
.55
on
.61
on
October
May
3 10.22 Apr. 29
Nov.
.49 on
.59
8.25
St. Good Mid...
9.98
i";V: '1 ' "•
Mid
.43 on
.53
on
.03 on
.25 on
.33
on
.43
.49 on
.55
on
December.-
9.81
May
3 10.08 Apr. 29
9.28
Jan.
29 1940 10.18
Apr.
17 1940
January
9.76
May
3 10.00 Apr. 29
9.07
Jan.
23 1940 10.14 Apr.
17 1940
9.66
May
3
9.33
Mar. 18 1940 10.08
Good
;
'
.30
Mid
St.
•.
on
.40
on
.61 on
.12 on
.20
.11
on
Basis
Mid
1/'* •'
'
.'
.54
Fair
on
.21
.18 off
.10 off
on
on
.30
on
.37
on
.44
on
.06
on
Basis
on
.14
on
1941—
t>
' '■
off
.46 off
.39 off
Low Mid
off 1.05 off 1.00 off
.95 off
off 1.55 off 1.53 off 1.49 off
March
•Good
'
J,
St. Low Mid
•St. Good
1
•')
off 2.10 off 2.08 off 2.05 off
April
.30 off
.67 off
.00
.50 off
.40 off
.94 off
.87 off 1.21 off 1.14
1.04 off
Ord_- 1.62 off 1.44 off 1.38 off 1.69 off 1.65
2.09 off 1.99 off 1.95 off 2.21 off 2.18
Ord
Extra
••
.51 off
.43
on
.49
on
.55
.30
on
.37
on
.44 on
.06
on
.14
.43
on
.53
on
.03 on
.25
on
.33
on
.30
on
.40
on
.51
on
.12
on
.20
on
Mid
Even
.11 on
.21
on
.18 off
.10 off
Even
St. Low Mld__..
.50 off
.40 off
.30 off
.67 off
.00 off
.51 off
.46 off
.39 off
1.04 off
.94 off
.87 off 1.21 off 1.14 off 1.05 off 1.00 off
.95 off
Good Mid—
I"
"
I,
:
•*
-
f
'
Low Mid
.
.i
on
on
•St. Good Ord._ 1.52 off 1.44 off 1.38 off 1.09 off 1.05 off 1.55 off 1.63 off 1.49 off
2.09 off 1.99 off 1.95 off 2.21 off 2.18 off 2.10 off 2.08 off 2.05 off
•Good Ord
Spotted—
.12
on
.19 on
.01 off
.06 on
Good Mid
r.
■
-
,
,
/
.
.27 on
.11 9ff
.02 off
.06
.03 on
.13
.25 off
.16 off
.07 off
.60 off
.49 off
.41 off a.77 off a.69 off a.60 off a.55 off a.49 off
on
on
on
.49 off
.69 off
1.29 off
-
.41 off
.34 off *.67 off *.02 off ♦.54 off *.50 off *.44 off
.65 off •.87 off *.83 off *.75 off ♦.72 off ♦.66 off
.62 off
1.22 off 1.19 off 1.42 off 1.41 off 1.37 off 1.30 off 1.33 off
1.81 off 1.80 off 1.99 off 1.98 off 1.98 off 1.95 off 1.94 off
•St. Low Mid
■
1.83 off
♦Low Mid
.■
2.32 off 2.31 off 2.31 off 2.49 off 2.49 oft 2.49 off 2.48 off 2.47 off
Yellow Stained-
if'
7
.80 off ♦1.18off ♦l.lSoff *1.06 off *1.03 off *.96 off
1.36 off J.35 off 1.33 off 1.54 off 1.53 off 1.52 off 1.51 off 1.49 off
1.86 off 1.85 off 1.85 off 2.03 off 2.03 off 2.03 off 2.02 off 2.01 off
1.01 off
Good Mid
•St. Mid
'V
'
♦Mid.
.94 off
■
f'
'
Good Mid
<
,
'
•
.
r.
i-.
Future Delivery—The Commodity
figures are given in bales of
United States Department
500 lb. gross weight.
Open
.60 off
.52 off
.43 oft *.77 off ♦.73 oft •.65 off *.00 off *.52 off
St. Mid
.74 off
.06 off
.57 off
.92 off
.88 off
.79 off
.74 off
♦Mid
*
Not deliverable on future contract,
Middling spotted snail be
a
May 1
May 2
Contracts
May 2
1940—
14,800
7,200
18,400
x201,100
100
500
300
200
200
yl2,600
17,600
19,900
23,900
16,900
22,800
10Q
700
1,100
300
300
469,000
39,100
9,300
4,600
io'.soo
lo'ioo
7",400
18,900
326",000
8",500
New
100
22,400
May—Old
4~,666
6",800
9", 500
6~900
14,500
236~666
100
100
400
3,800
11,700
7,000
i",66o
5,100
4,000
5,300
6,500
126,800
63,200
45,200
50,600
58,500
48,000
—
New
.
9,500
7,400
October—Old
New
New
10,600
.07 off
1.25 off 1.18 off 1.14 off 1.43 off 1.39 off 1.32 off 11.29 off 1.25 off
•
4if. 26 Apr. 27 Apr. 29 Apr. 30
December—Old
Gray—
f
%
17 1940
Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange ^
from which we have compiled the following table.
The
July—Old
'
.
|>•
t
Apr.
of
New York
St. Mid
•Mid
-
Volume of Sales for
Exchange Administration of the
Tinged—
Good Mid------
f "
t'
Apr. 29
•St. Low Mid... 1.22 off 1.14 off 1.08 off 1.39 off 1.35 off 1.26 off 1.24 off 1.18 off
1.87 off 1.82 off 1.79 off 2.05 off 2.03 off 1.97 off 1.95 off 1.92 off
•Low Mid
■
if;
.18
.07 off
Mid
L
.08 on
St. Mid
i
9.93
White—
St. Mid
\
.
1941—
1,000
January
tenderal
March
-—
only when and If the Secretary of Agriculture establishes a type for such grade.
Inactive months—
The total sales of cotton
week at New York
For
the spot
on
each day during the
Total all futures
indicated in the following statement.
the convenience of the reader we also show how the
market for spot
200
August, 1940
Market and Sales at New York
85,400 1,422,900
are
and futures closed
on
the
Open
New Orleans
Apr. 24 Apr. 25 Apr. 26 Apr. 27 Apr. 29 Apr. 30
Apr. 30
days:
same
Contracts
1940
May—Old
Total
Contract
Spot
7,800
—.
Old
New
Old
New
Old
New
7,000
100
July—Old
10,500
1,200
550
700
1,450
32,600
3,300
l'Boo
5~ 550
2~,200
65,200
200
1,100
4,000
New
3,700
New
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1.200
I
»
1
I
1
October—Old
1,200
1
I
1
1
1
1
1
1
1
1
1
»
1
1
1
1
•
1
10",806
lO'.SOO
"ioo
Since Aug. 1..
1,203
98,256
11,600
71,400
12,800
100
2,100 169,656
Spot Market Closed
Wednesday.
Thursday...
Friday
Nominal.
Nominal.
Nominal.
Nominal.
Nominal.
2,250
3",850
2", 100
66" 200
900
250
300
750
23,700
i~,666
"450
"§50
600
"IOO
1,750
19,300
24,000
9,250
4,900
11,100
6,600
214,700
100
100
2,100
1
ioo
_
May
Steady
Steady
Steady
Steady
Steady
Steady
I
.
:ss
25,150
Total all futures
Includes 3,400 bales,
contracts of
2,050
against which notices
.
have been Issued, leaving net open
Includes 100 bales against which a
contracts of 12,500 bales.
197,700 bales,
Issued, leaving net open
Old
Nominal.
3,400
850
January
x
_.
3", 550
2,200
1941—
800
800
Futures Market Closed
Saturday.
Monday
Tuesday
10450
"ioo
March
Total week
.
New
December
1
y
notice has been
New
Steady
Steady
Steady
Steady
(Steady
I Steady
of Cotton—Due to war conditions,
permitted to be sent from abroad r.
therefore obliged to omit our usual table of the
The Visible Supply
cotton statistics are not
We
are
visible
supply of cotton and can give
Alexandria and the spot
only the stock at
prices at Liverpool.
Volume
The Commercial & Financial Chronicle
ISO
May 3—
1940
Stock in Alexandria,
Egypt
1939
1937
1938
331,000
357,000
6.18d.
Middling upland, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
5.28d.
4.69d.
~4.14d"
3~.98d"
6".24d~.
384,000
li.77d.
7.24d.
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple,
8.73d.
5.38d.
5.79d.
9.00d.
7.04d.
4.35d.
4.05d.
9.14d.
2911
Movement into sight in previous
225,000
7.45d.
Week—
Bales
1938—May 6
1937—May 7
1936—May 8
years:
Since Aug. 1—
111,903
..145,911
120^54
Bales
1936
1935
1937
14,164,308
13,557,592
—12,546,973
super¬
fine, Liverpool
At the Interior
Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
Quotations for Middling Cotton at Other Markets—
Below are the
closing quotations for middling cotton at
Southern principal cotton markets for each
day of the week:
the
week and the stocks
tonight, and the same items for the
corresponding period of the previous year—is set out in
Closing Quotations for Middling Cotton
Week Ended
%
Receipts
Ship¬
Stocks
ments
Week
May
Week
3
Season
,
Euf aula
_
130
49,535
16,347
63,822
71
_
Montgom'y
1,033
Ship¬
Stocks
ments
May
Week
5
Receipts
Week
Season
New Orleans
Mobile
Savannah
45
8,384
74,199
22
12,865
29
8,726
3,057
64,058
Memphis
Houston
71,032
Forest
28,651
803
54,035
""42
182
74,159
170,075
1,182
2,249
1,200
164
131,682
773
158,776
38,998
60,249
108
50,099
62
38,926
33
1,668
51,798
47,397
34,607
128,667
1,296
40,006
115,277
2
40,997
366
133,361
36,781
38,881
33,848
4
9,261
1,152
26,299
490
109,623
38,658
1,743
127,732
61
104,642
3
137,305
1,518
25,255
73,384
316
40,179
135,204
62.708
14,872
938
35,817
36
48,611
123
476
12,547
28
170
12
9401
717
114,880
4,319
2,875
122,655
1,810
120,103
3,760
600
29,800
30,342
300
11,200
400
208
28,065
264
37.432
10
18
68,352
Newport
"485
Bluff.
Walnut Rge
Ga., Albany..
Athens
49
Atlanta
1,306
Augusta
1,951
Columbus..
300
Macon
217
39,979
145,967
149,442
14,200
37,420
"163
1,158
Columbus..
235
1,578
Jackson
108,007
"733
60.433
1
229
162,200
20,931
237,319
1,747
45,288
34,431
413
132,256
2,384
45,528
25
27,653
438
62.054
485
198,833
2,463
37,557
79,554
36,491
31
Natchez
632
4,014
33,854
7,258
27,383
77
544
47,993
"...
Vlcksburg..
Yazoo City.
Mo., St. Louis
N.C., Gr'boro
*.
16,823
85,996
936
16,567
La., Shrevep't
Miss., Clarksd
19,315
136,674
34,200
29,144
32,706
77,330
Rome
Greenwood
15,977
80
32,611
242
363
13,941
134
16,221
~132
7,841
28,922
504
772
32,863
26
45,455
63
5
9,257
327,251
9,473
5,209
4,276
163,608
55
111
1,746
66
5,520
16,117
19,399
45,927
4,499
4,688
153
towns *_
992
330,120
6,241
1,044
112,405
34,713 3227,059
1,637
190,082
72,097
48,685
684,268
51
338,576
1,706
1,594
87,189
19,920 1906,866
21,982
33,598
2,960
1,717
18
15.709
10
1,408
Dallas
14,744
405
50,957
449
34,167
Paris
45,494
308
V 33
268,705
63,934
677,207
12,530
4,622
2,890
40,345
75,926
6,518
24,456
63,233
288
42,361
577
6,479
31
1,298
Texarkana.
4,106
36,912
13,306
26
189
23,637
Waco
56,382
234
13,322
27,529
54,592
S. C., Gr'ville
26,944
Austin
__
Robstown..
San
Marcos
Total,56towns
•Includes
The
9,797
7,406
Brenham
1,691
the combined totals of
totals
15
show
2,799
1
15,469
137
56.763 6173.372 100,112 2411,420
above
""20
698
2,333
35,437
831
31,006 4492,076
22,182
69,209 2757,237
towns in Oklahoma.
that
the
interior
stocks
have
decreased during the week 43,349 bales and
are
tonight
345,817 bales less than at the same period last
year.
The
recepts of all the towns have been 25,757 bales more than
in the
same
week last year.
New York
Quotations for 32 Years
quotations for middling upland at New York
May 3 for each of the past 32 years have been as follows:
1940
10.86c.
1932
5.70c.
1939
9.24c.
[1931
8.57c.
13.62c.
1936 .....11.63c.
1935
12.15c.
1934 .....11.20c.
1933
8.55c.
1930
1929
9.70c.
16.55c.
1938
1926
21.40c.
15.95c.
18.90c.
1924
30.05c.
1923
26.85c.
1922 .....19.80c.
1921
12.95c.
1920 .....41.75c.
1919
29.20c.
1918
26.75c.
1910
1925
23.85c.
1917
1909
19.90c.
1928
1927
20.10c.
1916
1915
1914
1913
1912
1911
on
up
from telegraphic
The results for the week and since
Aug. 1 in the last two
years are as
'
-
?1
Aug. 1
Week
9,473
3,400
324,377
234,950
11,416
8,252
152,114
699,888
4,499
482
274
.'i
Total gross overland
Deduct Shipments—
v. Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
3,653
.13,503
30,758 1,430,997
462
178
23,573
7,332
21,661
1,046,684
204
276
4,075
880
225
23,126
11,352
359,193
326,652
7,185
Leaving total net overland *.
Aug. 1
163,912
161,696
2,918
7,515
150,141
560,502
5,275
19,376
7.830
299,446
6,545
Total to be deducted
•
Since
Week
....
Via other routes, &c
12,457
390,583
1,104,345 '
9,204
8,264
656,101*
Including movement by rail to Canada.
The
this
the
foregoing shows the week's net overland movement
has been 23,573 bales, against 9,204 bales for
year
week
last year, and that for the season
to date the
aggregate net overland exhibits an increase over a year
ago
of 448,244 bales.
T
,
-1939-40-
,
In Sight and Spinners'
Takings
Receipts at ports to May 3
Net overland to May
3
South'n consumption to May
Excess
over
of
3.-113,000
173,145
*43,349
excess
Southern
takings
consumption to Apr. 1
Came into sight during week
Total in sight May 3
*
Aug. 1
6,773,086
1,104,345
5,584,000
13,461,431
*4,588
mill
North, spinn's' takings to May
f
-1938-39
Since
Week
35,572
23,573
Total marketed
Interior stocks in
Since
Week
Aug. 1
3.259,520
656,101
4,873,000
145,702
*38,203
8,788,621
804,344
226,557
In.
%
In.
Friday
15-16
%
15-16
In.
In.
In.
.66 10.43 10.63 10.36 10.56
.84 10.59 10.79 10.53 10.73
84 10.64 10.84
51 10.44 10.54
.5310.40 10.50 10.33 10.43
.79 10.60 10.75 10.58 10.73
.85 10.65 10.80 10.55 10.70
.80 10.64 10.79
85 10.70 10.85
55 10.45 10.55
11.17(11.
.55 10.40 10.50 10.35 10.45
.16 10.98 11.13 10.91 11.06
.5510.30 10.50 10.25 10.45
1511.02 11.17
50 10.35 10.65
48j 10 .68
10.45 10.65 10.38 10.58
35 10 .5510.30 10.50 10.25 10.45
15'10 .35 10.12 10.32 10.05 10.25
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Monday
April 27
April 29
Tuesday
April 30
Wednesday
May 1
Thursday
Friday
May 2
May 3
1940—
May old.. 10.896-.90a 10.906-.92a 10.906-.91a 10.90
New
10.976
..
New
108661
10.986
10.986
10.986
10.62
10.64
10.63n
10.6371
10.756
July old
10.766
10.756
10.896
105861059a 10.53
10.706
10.20
March
9.996
__
10.016
9.906-9.92a
...
10.016
9.916
10.02
9.96
—
10.026
9.916-9.93a
10.656
10.10
10.08
1941—
January
87a 10.81
10.846
10.756
October
10.21-10.22 10.21-10.22 10.21
December. 10.056-.06a 10.076
10.076
9.866-9.88a
9.906
9.93
9.806
9.796-9.80a
May
9.696
Tone—
Spot
Quiet
Quiet
Quiet
Quiet
Steady
Quiet.
New fut'es
Steady
Steady
Steady
Steady
Steady
Steady
Steady.
Steady
Steady.
•
At
"v"
«»vi,.wv»o
V*
"tn
*
IV
VUllVII
9.72
9.626
Old futures
Quiet.
Steady.
Steady.-
JUAVIiailge
meeting of the Board of Managers of the New York
Cotton Exchange held
May 2, the following were elected to
membership in the Exchange: William David Lawson of
Gastonia, N. C., President and Treasurer of W. D. Lawson
& Co:, Inc., cotton
merchants; and Hans Winkler of New
York City, President and
Secretary of the Reihhart Cotton
Co., Inc., cotton exporters.
Mr. Lawson is also a member
of the Memphis Cotton
Exchange.
a
Showing of Cotton-Textile Moving Picture—The Asso¬
ciation of Cotton-Textile Merchants of New
York extends a
cordial invitation to executives and
employees of all market
firms, their customers and friends to attend an exhibition
of the cotton-textile
moving picture, "The Threads of
a
Nation,"
May 21 in the Western Union Auditorium,
Street, New York.
There will be no admission
charge. Since the time of each showing is around 12 minutes
in length, it is planned to have
continuous exhibitions from
on
1.397,476
a.
m.
9.819,522
30,008
to 5 p. m. on
1,138,175
the
day only, in order that every
an opportunity to view and
become acquainted with this initial
cooperative venture in
public education.
In
announcing this, W.
Ray Bell,
President of the Association, said:
person
in the market
one
have
may
As an enthusiastic co-sponsor and
supporter of this program, the Associa¬
tion of Cotton Textile Merchants is
gratified to learn that "The Threads
a
Nation" has already attracted
exceptional interest from theaters
of
throughout the country.
Over 1,000 bookings mean that 2,000,000 people
wlU have seen it.
In the creation of better
understanding and goodwill
value for the cotton textile
industry and its products, it should return cost
and effort many times over.
We are glad of the
opportunity to present
it during National Cotton Week to our friends in
the market.
soon
of
Cotton"
Visit
to
New
York
Cotton
Ex¬
change—The "Maid of Cotton," ambassador of King Cot¬
ton, in the person of Miss Mary Nell Porter, of
Memphis,
Tenn., visited the New York Cotton Exchange yesterday
morning (May 3).
Her call at the Exchange was in the
course
of
15,000-mile national tour which will include most
a
of the
principal cities of the country. She is making this
tour in behalf of the 1940
Memphis Cotton Carnival.
The
"Maid of Cotton" is garbed entirely in cotton.
One of the
major purposes of her tour is to demonstrate to the women of
the country that cotton garments are not
only practical
but stylish and smart.
Record
Consumption
Forecast—Australia's
of
raw
Raw
Cotton
in
Australia
cotton
consumption during the
current year is expected to reach the record figure of
60,000
bales, which is more than 60% in excess of the 1939 total,
according to a dispatch to the Bureau of Foreign and
Domestic Commerce, United States Department of Com¬
merce, from Wilson C. Flake, American Consul in Sydney,
which went
on
to state:
As domestic production of cotton in the Commonwealth probably will
exceed 13,000 bales, raw cotton imports during 1940 therefore will
amount to approximately 47,000 bales.
The increasing consumption of
cotton in Australia is due to the heavy expansion since the outbreak of
not
war
in local production of fabrics suitable for the manufacture of uniforms
and other war supplies.
In normal years the United
cotton
most
States has supplied about half of the raw
imported into the Australian market, with India accounting for
of the remainder.
•
May 15 Set as Closing Date for Loan Cotton Exchange
Program—The Commodity Credit Corporation announced
April 26 that the
107,499
14,213,896
3. 27,974
—
16,498
9,204
120,000
757,053
128,796
Decrease.
In.
New Orleans Contract
Market—The
"Maid
-1938-39—
Since
Shipped—
Via St. Louis
Via Mounds, &c
;
Via Rock Island
Via Louisville
Via Virginia points..
In.
for
follows:
-1939-40-
May 3—
In.
66 10.48 10.68
10.35 10.55 10
50 10.35 10.55
10.16 10.36 10 14110 34 10.16 10.36
Dallas
11
12.60c.
10.05c.
12.90c.
——.11.85c.
11.50c.
15.45c.
15.25c.
10.90c.
Overland Movement for the Week and
Since Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made
reports Friday night.
15-16
on—
Thursday
60 Hudson
The
1937
H
_.
Oklahoma—
Tenn., Mem'8
Texas, Abilene
11.02
Little Rock.
90,056
"768
Helena
15-16
.63 10.46 10.66
10.35 10.5510
10.48 10.68 10
...
35,068
5,677
39,666
107,356
32,263
Wednesday
Ji
In. |
10.45 10.5510
Augusta
40,838
14,519
475
13,335
31,575
City
Hope
Jonesboro..
Little Rock
15
34,598
1,419
86,036
44,202
129
Ark., Blytbev.
Pine
18,683
310
924
In.
10.43 10.5310
10.65 10.8010
10.70 10.8510
...
Montgomery
730
27
Selma
In.
15-16
10.45 10.6510
10.62 10.8210
Norfolk
Ala., Birm'am
Vi
Tuesday
|
Movement to May 5, 1939
Galveston..
Towns
15-16
In.
1940
Monday
May 3
detail below:
Movement to May 3,
Saturday
cotton from
the
program
1934 loan
for the exchange of low-grade
stocks for cotton of the better
grades and staples will be terminated after acceptance of
offers submitted for consideration before noon
May 15,
1940.
The CCC went
on
to state:
The Commercial & Financial
2912
The
designed to help supply the demand for
exchange program was
low-grade cotton, especially for export.
Lately demand for
has become more balanced with the available supply
the 1934 loan stocks are no longer greatly needed to meet consuming
short staple
low-grade cotton
and
re^?mSIt^tp'rogram was started in
February, CCC has accepted proposals
to exchange 168,158 bales of low value cotton in the 1934 stocks for 159,480
bales of cotton of the better grades and staples.
The exchange is made
on the value of the cotton determined on the basis of certified reweights
of warehousemen, and the average grade and staple differences quoted on
10 designated spot markets on Dec. 15, 1939.
The private owner of cotton
10 points to cover costs
pays
Fixed Domestic Price for Raw Cotton
Argentina Plans
ik learned from a message to the Depart¬
of Commerce from Vice-Consul Joe D. Walstrom at
ment
43,349 bales during the week.
and Shipments—The following
shipments for the past week and for the
corresponding week of the previous two years, as received
by cable:
Receipts
Alexandria
the receipts and
are
(Receipts
Cantars)—
announced
8,153,621
Since Aug. 1
Ministry of
established
is
It
Argentina, after conferences between
Agriculture officials, growers and spinners.
The price to be
will continue to prevail for a period of not less than six
the
from
would
growers
present
the
ignore
However, it is
entering into export.
would leave them only the cotton
and
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
3.000
146,775
153,556
555,338
24,748
6,000
6,000
9,000
3,000
191,509
140,110 4,800
522,527 11,450
1,300
41,828
160,719
153,167
602,850
23,263
20,000
895,974 17,550
880,417 21,000
939,999
Exports {bales)—
To Liverpool
To
program calls for the establishment
spinning mills, which will buy. direct
and independent ginners.
If adopted, such a practice
current functions of the commercial cotton companies
the
understood that
Since
Aug. 1
reported that spinners still would be permitted to purchase from cotton
merchants, instead of from the pool, by paying a slight extra charge.
It
is estimated that the
1939-40 Argentine cotton crop will exceed
&c—
Continent & India. 14"000
To Manchester,
To America
"pool," representing the local
a
180,000
of
months.
of
9,322,975
Week
have been
domestic price of locally-grown cotton
Government
the
by
110,000
7,269,932
104.000
This week
1937-38
This
fixing the
for
1938-39
1939-40
Alexandria, Egypt,
May 1
Buenos Aires:
Plans
1940
4,
plantations was nilibales, stock at interior towns
ment from
having decreased
of the CCO.
—The following
May
Chronicle
Total exports..
Note—-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended May
104,000 cantars and the
1 were
foreign shipments 20,000 bales.
Market—Our report received by cable to¬
Manchester
80,000 tons, which is nearly 10,000 tons in excess of the preceding year's
total.
Exports of cotton from Argentina during 1939 totaled 17,829 tons,
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is improving.
We
compared with 22,361 tons in 1938 and 49,205 tons in 1936.
give prices today below
by Telegraph—Telegraphic advices to us this
Returns
evening indicate that stands are fair to good in the extreme
west and south portions of Texas, but the general current
condition of a considerable portion of the crop is poor
because of dryness;
1939
1940
ings, Common
32s Cop
Twist
Inches
3
d.
-Thermometer
Rainfall
Low
High
Mean
ings, Common
Twist
Middl'g
Upl'ds
Cotton
32s Cop
to Finest
Middl'g
Upl'ds
Cotton
to Finest
made in Texas.
Rain
834 Lbs. Shirt¬
8M Lbs. Shirt¬
however, fair to good progress has been
Days
and leave those for previous weeks
for comparison:
of this and last year
s.
d.
d.
d.
s.
d.
s.
s.
d.
d.
Feb.
8
9
@
5.13
9
0.79
81
56
69
3—
Unquoted
12
4H
8.29
0.01
85
40
9__
Unquoted
12
lh@l€|S^
8
9
@
9
0.36
0.76
0.52
1.58
94
51
17-
Unquoted
12
1H@12
8.12
834 @ 934
9
@9
5.15
1
8
Abilene
63
73
5.07
1
8.29
Amarillo
834®
834@
86
54
70
834®
934
8
9
@
9
6.15
89
61
75
834® 934
834® 934
9
@10
834 @ 934
834 @ 934
8
9
@
9
5.29
8
9
@
9
9
V
Texas—Galveston.
4
Brownsville
-
1
Dallas
El
1
2
Lampasas
Luling
70
70
14.54
50
8-
14.54
12
56
69
15-
14.18
12
134 @12
@12
44
70
21—
14 20
12
@12
69
29-
14.31
12
@12
94
44
1
—
7.68
7.55
94
50
72
84
52
68
5„
14.40
12
3
@12 6
1.29
86
57
72
12..
14.55
12
3
@12
1
2.10
84
50
67
19-
14.75
12
434@12
74
26-
14.78
12
14.85
12
96
2
0.09
2.88
92
50
71
1
0.80
84
52
66
1
0.97
0.43
83
45
Weatherford
28
56
0.61
82
47
65
2.83
80
56
68
3.62
87
54
71
1
.
2
Little Rock
Louisiana—New
3
Orleans
'
2
52
3—
3.80
79
40
60
3.81
80
52
66
0.38
82
54
79
37
58
1
2.29
79
46
63
1
834@
9
9
4.92
834©
8
734@
8 1034
4.93
834®
954
934
934
8
8.12
8.09
8
9
9
4.99
434@12
8.07
834®
934
8
734@
4J4@12
734
8.18
854@ 934
0.24
77
53
65
To Italy
To Belgium
0.08
86
36
61
To Grace
made up
81
53
83
77
56
70
0.10
51
64
Atlanta
1
0.56
77
43
60
To Great Britain
Augusta
1
0.06
76
46
61
Macon
2
0.44
46
62
To Italy
To Japan
2
0.15
49
63
To Australia
38
55
40
56
To Belgium
To HoUand
1
0.48
2
0.12
72
46
59
3
1.61
79
47
3
0.91
77
40
59
2
Tennessee—-Memphis
Nashville.
1.46
78
45
62
0.75
0.22
-
56
35
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
May 3, 1940
May 5, 1939
Above
of gauge-
12.2
16.1
Memphis..
Above zero of gauge-
Nashville
Above
gauge.
30.5
19.8
36.3
12.2
Shreveport.
Vicksburg
Above zero of gauge.
Above zero of gauge.
11.5
To Australia
6,999
NORFOLK—
To
19,329
41.3
384
Belgium
SAVANNAH—
4,783
To France
1,453
25,72
LOS ANGELES—
875
To Great Britain
2,611
605
1,002
To Japan
6
1,031
To India
3,490
Total
MOBILE—
To Great Britain
York
65,027
-.
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
Cotton
are no
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
in
of Cotton.
11.6
30.8
979
712
500
America
To South
World's Supply ana Takings
Feet
Feet
New Orleans
4,670
To China
HOUSTON—
65
1
1
,
5.28
Bales
1,991
To Japan.
To China
67
0.08
Raleigh
Wilmington
5.00
134
9
34 @
To Japan
120
.
0.01
78
75
72
72
76
8 10
GALVESTON—
9,465
1,450
1
Charlotte
9 1034
Bales
NEW ORLEANS—
1
North Carolina—Asheville
@
shown
News—As
3
Carolina—Charleston..
@
7.84
6
734
734
68
1.17
2
South
4.95
@
on a previous page, the
United States the past week
The shipments in detail, as
from mail and telegraphic reports, are as follows:
Shipping
2
Tampa
Georgia—Savannah
9
9
exports of cotton from the
have reached 65,027 bales.
3
Montgomery.
8
134
May
3
3
Mississippi-
5.27
5.16
9
64
84
2
Oklahoma—Oklahoma City
Arkansas—Fort Smith
7.70
5.40
@93
8 1054@
Apr.
0.46
2.80
3
Paris
8.03
3
4
-
7.99
3
3
3
Nacogdoches.-
8.04
4H
4*4
1H@12
49
96
0.06
2.12
4H
1H@12
12
85
0.24
I
Kerrville
12
90
2
*
Unquoted
Mar.
90
dry
Paso
Houston
23-
1H@12
934
934
zero
zero
of
Liverpool Imports, Stocks, &c.
India Cotton Movement from All Ports.
the Plantations—The following table
indicates the actual movement each week from the planta¬
from
Receipts
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
tions.
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
The
Week
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
Saturday
Tuesday
Moderate
Thursday
Friday
Moderate
Moderate
demand
Wednesday
demand
Market,
12:15
J
P.M.
(
8.19d.
8.lid.
8.14d.
^lid.upl'ds
Quiet
demand
"
•
•■I*'
8.13d.
8.18d.
CLOSED
End.
1940
1939
1938
1940
1939
1938
1940
1939
1938
Quiet but
Futures
Market
Feb.
Quiet, un¬
changed to st'y,
_
9.
168,665
16. 177,019
23. 122,734
35,546 104,958 3016,68/ 3246,532 2598,040 81,631
29,078 112,608 2956,982 3212,973 2575,215 108,960
25,681 101,785 2897,286 3174,825 2570,224 117,323
21,337 86,337 2845.482 3138.203 2643.310 70,930
Nil
74,203
135,433
Nil
96,794
Nil
59,413
Nil
4
•
■
82,658 2795,204 3096,651 2500,609
92,663 2737,778 3051,323 2479,799
57,994 2705,278 3012,260 2460,874
88,704
49,955
Nil
39,957
Nil
82,552
Nil
71,853
49,069
47,032 2666,756 2988,570 2431,771
44,595 2617,890 2951,233 2397,991
36,348
Nil
38,925
Nil
17,929
10,815
25,074
Nil
16,110
11,165
13,145
25,323
NU
IWay 3
NU
3,173
14,040
Nil
13,710
New Contract
21.
74,870
25,736
27.264
32,436
21,973
29.
87,760
19,979
72,250
51,480 2570.714 2907.928 2362,621
26,976 2527,094 2870,759 2338,818
24,610 2411,420 2757,237 2263,791
1. 138,982
8. 107,381
15. 115.052
Apr.
12.
54,785
19.
46,094
26.
50,671
35,572
16,498
30,687 2480,117 2831,695 2322,171
45,944 2454,769 2795,440 2289,937
Quiet, un¬
8 pts. changed
pt. 6 to
decline to 1
advance
pt. advance
2 pts.
Prices of futures at
April 27
11,788
21,385
13,296
12,397
Steady
Quiet
to 1 to 3 pts.
2 pts.
decline
advance
Quiet but
Quiet, un¬
Quiet but
Quiet but
Quiet but
st'y, 3 pts. St'y, 1 to 3 St'y, 3 to 7 changed to steady, 3 to
5 pts.
3 pts.
points
advance to
points
Market,
P.M.
Mar.
1
2 pts.
advance
opened
2. 137,632
5.
Monday
Quiet
Spot
Southern
Sat.
decl.
decline
advance
decline
advance
Liverpool for each day are given below:
Mon.
Wed.
Tues.
Fri.
Thurs.
to
Close
Close Noon Close Noon Close Noon Close Noon Close Noon
d.
3.
d.
d.
d.
d
d.
d.
d.
d.
d.
d.
*
8.01
8.01
7.98
7.98
8.04
8.01
7.98
8.01
8.03
8.04
*
8.07
8.07
8.04
8.04
8.09
8.07
8.03
8.06
8.08
8.09
October
May
*
7.95
7.94
7.92
7.92
7.97
7.97
7.93
7.97
7.99
December
•
7.83
7.82
7.80
7.80
7.86
7.86
7.84
7.86
7.87
7.87
7.79
7.77
7.75
7.76
7.81
7.81
7.78
7.79
7.81
7.82
May, 1940
The above statement shows:
from the plantations since
Nil
NU
Nil
(1) That the total receipts
Aug. 1, 1939, are 6,834,683 bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
8,410,924 bales.
(2) That, although the receipts at the
outports the past week were 35,572 bales, the actual move¬
July
January,
—
1941—
March
May
July..
•Closed.
*
7.86
-
*
7.72
7.71
*
7.66
7.65
—
—
-
7.95
7.91
7.86
7.88
7.82
7.76
7.74
7.79
7.72
7.69
7.74
Volume
The Commercial & Financial Chronicle
150
that
BREADSTUFFS
Allied
threw
Friday Night, May 3, 1940.
Flour—Continued
market
the
current
back
dulness
week.
past
needs, there
pending
prevailed
appeared
fresh
sales to cover
Apart from small
to be
developments
disposition to hold
a
in
the
wheat
market.
Irregular price movements in wheat and the recent drag¬
ging tendency, it
pointed out,
was
not conducive
were
to
domestic
more
activity
grains.
in
There
reports of
were
Mrs.
flour.
E.
Miller,
H.
a
recognized crop expert, estimated winter wheat production
at
455,237,000 bushels,
000,000 bushels
over
increase of more than 5,000,000
an
bushels compared with
her April 1 forecast and about 29,-
the
Government's April
said abandonment in Oklahoma
She
figures.
apparently is heavier than
indicated
a
month ago, but that this has been more than
by less than anticipated abandonment in the Ohio
offset
increased confidence in present price levels.
any
fleets are concentrating in the Mediterranean
developments into sharp focus and caused some
evening up of accounts in
local flour
the
in
war
2913
Valley.
Wheat—On the 27th ulto. prices
higher.
ward
The wheat market today reversed the week's down¬
trend,
evening
than
a
closed Mc. to lc. net
cent
traders, covering previous short sales and
as
accounts for the week-end, bid prices up more
up
bushel.
a
The critical European
this show of caution and found many
risk
unusual
much
developments.
grain belt, prices shot
much
as
markets
797,000
up
almost 2 cents to
as
most of the
over
score
of
net overnight
May contracts, on
as
l%c. at
one
be made
beginning next Wednesday, led
stage.
Receipts of wheat totaled 1,269,000 bushels
upturn.
12
at
early slump
can
which deliveries
the
dealers unwilling to
an
^§c., due to favorable weather
as
gains of
After
situation caused
compared with 1,173,000
week ago and
but traders said the peak of the move¬
a year ago,
ment of loan
a
grain probably has been reached inasmuch as
Today prices closed 1% to l%c. net higher.
shot
On the 29th
Me. to %q. net higher.
ulto.
prices closed
The market received good support
despite the bearish weather reports.
The market displayed
strong recuperative power again today and rallied 2c. after
an
the
early lc. decline, to close with fractional net gains for
day.
sented
Most of the buying
short
the rally apparently repre¬
on
covering, but there
little evidence that
was
dealers who bought recently at higher prices
losses,
were
reports that foreign interests have been
because of the war, and an
sistent demand
This
buying also
a
to
receipts
as
the deadline for redeeming grain under
The
12
principal terminals
1,494,000 bushels compared with 1,775,000
week ago
and 910,000 bushels
year
a
Minneapolis and Duluth aggregated 770
896
-
cars
a
week
ago
and 295
farmers
compared with
ago.
lMc. to lj^c. net lower.
Heavy terminal market wheat receipts
to
re¬
bushels
Receipts at
ago.
cars,
a year
cars
On the 30th ulto. prices closed
advanced
Some
public investment buying.
nears.
on
the day that loans
1939
grain matured, favorable
weather over the grain belt and selling of May contracts
prior to the delivery period, caused a decline of Mc. to 1M
cents in the early trading on the Chicago Board. The market
at times showed a disposition to rally, and at one time during
the session was Mc. to
higher than yesterday's close.
Later trading, however, recorded severe declines. Some of the
late selling of May wheat, which led the decline, was asso¬
ciated with the fact that tomorrow is the first day for delivery
of grain on these contracts.
After the close, notices were
filed of intention to deliver 670,000 bushels of wheat tomor¬
row. All loans on wheat which are not eligible for extension
and which have not been paid off now are due, according to
government plans, and unredeemed wheat will be pooled.
on
How much is involved could not be determined.
inst.
lowed release of private estimates
indicating winter wheat
prospects have improved.
The average of six estimates re¬
leased by recognized crop experts indicated the
winter
On the 1st
prices closed 1 y%a. to 2Y<t. net lower.
Wheat prices
as much as three cents a bushel today to the lowest
since
recovered
before
the
of
invasion
Scandinavia,
but then
of the loss.
value of wheat.
On the 2d inst. prices closed unchanged to %c. higher,
compared with previous finals.
Wheat prices dipped 34 c.
at one time during today's session, to the lowest level since
the
spread of
into Scandinavia, but the loss
was
wiped
out later and fractional net gains were substantuted.
Buy¬
ing
war
attributed
partly
to
mills
as
well
sellers helped to steady the market.
donment
of the
northward
will
be
the
crop
month
prospective
441,000,000 bushels.
This is
same
experts figured
and 15,000,000 bushels higher than
Government forecast.
Individual estimates,
a
ago,
the April 1
however, showed
rather
wide
variations, ranging from
421,000,000 bushels to 455,000,000 bushels.
The average of
the estimates of abandonment
abandonment
average
the
25.8% compared with
was
past 10
of 17.5%.
seasons
in 1939 totaled 563,000,000 bushels.
crop
an
The
Open interest in
wheat tonight was 128,649,000 bushels.
DAILY
CLOSING PRICES OP WHEAT
Sat.
Mon.
128%
129
_T
No. 2 red..,.
DAILY
CLOSING
PRICES
OP
WHEAT
Sat.
May
July.
September
107%
NEW
FUTURES
Tues.
IN
Wed.
Season's High and When Made
I
Season's Low and
May
113
Apr. 22, 19401 May
63%
July
111%
Apr. 22, 19401 July
77%
September —111%
Apr. 18, 19401 September
92%
DAILY
CLOSING PRICES
OF
WHEAT
Sat.
May.
July
91
October
FUTURES
Mon.
93
89%
YORK
Tues.
89%
91%
93%
CHICAGO
Thurs.
Fri.
105%
104%
104%
107% 104%
106% 104%
106% 104%
109%
107%
107%
107
IN
Tues.
Wed. Thurs. Fri.
127% 125% 125% 126%
Mon.
108%
„
106%
105%
106%
When Made
July
Oct.
Feb.
IN
24, 1939
9,1939
1 ,1940
WINNIPEG
Wed.
Thurs.
88%
88%
90%
92%
90
88%
90%
91%
92%
Fri.
89%
91
93%
Corn—On the 27th ult.
prices closed Mc. to lc. net higher.
Corn rallied lMc. and closed at the best level of the day, but
prices
spot
Mc. lower.
Receipts totaled
prices closed Yc. to lc. net
higher.
Corn closed at the best levels of the day.
Shippers
sold only 5,000 bushels, but handlers booked 46,000 bushels
to arrive, and receipts were 116 cars.
Country dealers in
northwest Iowa were reported selling corn to truckers at
61 to 62c., presumably to go to Kansas and Nebraska.
On the 30th ult. prices closed Ye. to lc. net lower.
Corn
declined despite light receipts, totaling only 49 cars, and
bookings of only 38,000 bushels to arrive.
This restricted
movement, reflecting storing of grain under loans, was offset
by Government estimates that a record carry-over is in
prospect for next October.
Notices of delivery intentions
unsettled corn.
On the 1st inst. prices closed Y to 7Ac. net
lower.
Corn sagged with wheat, although shippers sold
25,000 bushels.
Deliveries,
totaling 1,142,000 bushels,
were larger than expected and notices were filed of intention
to settle contracts for 283,000 bushels by delivery tomorrow.
On the 2d inst. prices closed % to lc. net higher.
Inde¬
115
pendent
were
On
cars.
steady
the 29th
strength
of
to
ult.
reflected
corn
drive
on
as
News
previous ^short
of
British ab
Trondheim
J
and
word
commercial
demand,
light country offerings, and moderate shipping sales.
To¬
day prices closed % to l%c. net higher.
Corn continued
to show
independent strength, advancing as much lc., with
July contracts in the lead.
season's high,
of the
and
Prices
were
traders said
within fractions
very
light receipts,
reflecting the country holding policy, undoubtedly was the
cause
of the
DAILY
buying.
Chicago received only 39 cars.
CLOSING PRICES
1
Selling in connection with con¬
tinued heavy marketing of grain and Rome reports indicating
there will be no sudden change in Italy's non-belligerent
position, uncovered stop loss liquidation that gained headway
as prices declined.
Liquidation of May contracts, on which
first deliveries were made today, also was a market factor,
while the trade had several reports of improved and favorable
crop conditions.
With a monthly railroad survey indicating
some improvement has occurred in winter wheat condition
the past month, due to rains, the tendency was to go slow in
the market pending release of May private crop reports due
within the next few days.
The critical European situation
also encouraged caution, as most dealers, while concerned
by reports of Allied reverses in Norway and the ordering of
merchant ships to stay out of the Meditterranean, did not
known how to interpret these developments in relation to the
some
wheat harvest
13,000,000 bushels higher than these
tumbled
levels
a
impressive feature was the per¬
associated with signs of diminished terminal
was
Government loans
ceived
the buying side
on
developed with each early price dip.
attributed
was
market
that
and have small
There were trade
willing to accept these losses.
Wheat prices
bushel from early lows today as buying ex¬
panded, due to the critical European situation, strength in
securities, and inflation talk.
Early fractional losses fol¬
April 30 is the deadline for .redemption of grain that has
been sealed under loans.
2c.
up
OF
Sat.
No. 2 yellow
DAILY CLOSING PRICES
OF
Season's
82%
CORN
Sat.
May
July
September
May
July
September
CORN
Mon.
81%
High and
65%
66%
67%
When
May
May
May
65%
66
66%
Tues.
64%
65%
65%
YORK
NEW
Wed.
80%
81%
Thurs.
81%
Fri.
83
IN CHICAGO
FUTURES
Mon.
64%
65%
66
IN
Tues.
Wed.
64
64%
65
Thurs.
64 %
65%
66
Fri.
65%
66%
66%
Season's Low and When Made
Made
42
July 26. 1939
3, 1940 May
52%
Oct. 23. 1939
3, 1940 July
55%
Feb.
1,1940
3, 1940 September
Oats—On the 27th
ulto. prices closed Mc. to Mc. net
Oats rallied a cent from the early lows, and held
strong during most of the session.,- Shippers sold 12,000
bushels of oats.
Competition of Canadian oats was reported
in New England.
On the 29th ult. prices closed Mc. off
to Ye. up.
Oats weakness reflected to some extent Eastern
reports that Canadian grain and other feeds are competing
in New England.
On the 30th ult. prices closed Mb. to
Mc. net lower. This market for a time showed independent
strength, but in the later trading prices eased. On the 1st
inst. prices closed %c. to
net lower.
Shipping sales of
37,000 bushels of oats checked the decline in this grain.
On the 2d inst. prices closed % to %c. net higher.
Ship,
pers sold 36,000 bushels of oats.
Oats futures followed the
other grains in the upward trend.
Today prices closed M to
higher.
%c.
net
narrow.
higher.
Trading
was
light,
with
fluctuations
The Commercial &
2914
PRICES OF OATS
DAILY CLOSING
May
July.
-
.
...
•
,
40*
40*
41*
67%
67 'A
—
Tues.
Man.
Sat.
May
July..
36 X
36%
37 %
37
355*
375*
37X
October
36
July
27 A
305*
31M
PRICES OF OATS FUTURES
365*
Oct.
Feb.
Fri.
Thurs.
36 X
36
355*
375*
37X
37
365*
^
3 55*
36
market was somewhat disappointing,
and the other grains.
higher. Trading
relatively light, with the undertone firm
to any upward movement in wheat
On the 29th ult. prices closed M to
net
in rye futures was
at the close, largely
in sympathy with the firmness
On the 1st inst. prices closed 1^ to
net lower.
The weakness of the other grains, especially
wheat, naturally affected the rye futures market, which
showed substantial losses at the close.
The closing levels
were off more than 2c. from the top prices of the day.
On the 2d inst. prices closed % to %c. net higher.
Trad¬
ing was relatively light, though the undertone was firm
during most of today's session.
Today prices closed 1 to
3.14c, net higher.
There was some good outside buying,
apparently influenced by the strength of wheat and corn.
on
rye
Flour,
Oats,
Rye,
Barley,
Bushels
Barrels
Bushels
Bushels
Bushels
OF RYE FUTURES IN CHICAGO
Sat,
Tues.
Mon.
Wed.
Thurs.
Fri.
675*
655*
66% 67%
69% 67%
68
695*
September—70% 69X
695* 705*
Season's High and When Made
I
Season's Low and When Made
May
77%
Dec. 26. 1939 May
435* Aug. 12.1939
July
76
Dec. 18, 19391 July.
62% Oct.
9.1939
September
765*
Apr. 22, 1940(September — 64%
Feb.
2. 1940
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
May.
July
685*
76%
71%
685*
70%
715*
-
Philadelphia
307,000
—--
920,000
13", 000
Orleans
New
St. John West-
340.666
Halifax
505,000
Total
Tues.
Mon.
Wed.
675*
—
-
October
DAILY CLOSING
695*
66%
63%
675*
67%
68 %
May
July
70
685*
68
67
Sat.
1,1939 118,688,000 25,834,000 3,566,906
October
Tues.
Mon.
685*
685*
Wed.
—-
3,446,000
Since July 1,1938 111,774,000 67,084,000 4,659,485
a
Complete flour export data not
seaboard ports
comprising the stocks in
points of accumulation at lake and
Saturday, April 27, were as follows:
GRAIN STOCKS
49%
495*
49
48%
' 48%
50%
50
49
Rye flour patents
5.10 < >5.35
Dl
Seminola,bbl., bulk basis. 6.30 L
5,000
13,000
3,000
661,000
330,000
2,000
133,000
169,000
9,000
-
14,000
2,000
2,208.000
5,390,000
1,825,000
Omaha
—
City
St. Louis
-
Indianapolis
Peoria
599,000
1,480,000
120,000
41,000
473,000
3,000
318,000
210,000
18,000
409,000
251,000
30,000
9,000
2,765,000
—
Kansas City
2,166,000
1,301,000
154,000
3,000
104,000
518,000
St. Joseph
21,456,000
5,554,000
895,000
-
Hutchinson
665,000
224,000
99,000
**
38,000
1,127,000
873,000
513,000
199,000
------
^
3,915,000 14,156,000
Jm
—
~
«■»
-
377,000
52.000
Lakes
m
13,000
17,000
191,000
———
afloat
1,606,000
4,930,000
164,000
615,000
183,000
956.000
Minneapolis
16,477,000
4,631,000
1,360,000
Duluth
24,380,000
120,000
5,013,000
1,308,000
2,770,000
3,359,000
2,000
5,000
2,000
300,000
2,889,000
510,000
398,000
247,000
497,000
901,000
Milwaukee
-
Detroit
Buffalo
-
1,239,000
49,000
433,000
Total Apr.
Total Apr.
x
Baltimore also has in store
9,694,000 9,701,000
9,690,000 10,362,000
7,142,000 6,569,000
5,891,000
6,000,000
9,834,000
27,1940— 98,119,000 33,970,000
20, 1940— 97,198,000 35,385,000
1939— 68,302,000 38,639,000
Total Apr. 29,
25,000 bushels of Argentine oats.
Note—Bonded grain not Included
13,000 bushels; total,
above: Oats—Buffalo,
Barley—New York, 251,000 bushels Buffalo,
13,000 bushels, against none In 1939.
249,000; Baltimore, 156,000; total, 656,000 bushels, against 81,000 bushels In 1939.
Wheal—New York, 402,000 bushels; Boston, 404,000; Philadelphia,
1,509,000;
Duluth, 2,732,000; Erie, 385,000; Albany,
15,704,000 bushels, against 1,578,000 bushels
5,453,000; Portland, 624,000; total,
In 1939.
Barley goods—
Prices Withdrawn
Coarse
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.75 @6.75
436,000
3,158,000
7,042,000
1,246,000
1,622,000
1,866,000
5,707,000
10,933,000
10,907,000
8,979,000
3,173,000
8,009,000
3.214,000
2,284,000
8.385.000
6,898,000
5,891,000
10,933,000
1940.._274,956,000
1940...284,602,000
29.1939—133,338,000
Total Apr. 20,
Total Apr.
9,694,000
3,173,000
9,701,000
8,009,000
555*
No. 2 white
Rye, United States, c.l.f
Summary—
85H
Barley, New York—
98,119,000 33,970,000
American
66
40 lbs. feeding
Chicago,
305,000
elev.167,512,000
Total Apr. 27,
Oats, New York—
Bushels
733,000
Lake, bay, river Aseab'd 30,707,000
Ft. William & Pt. Arthur 76,737,000
Other Can. & other
Barley
Rye
Bushels
Bushels
Bushels
Bushels
Canadian—
Oats
Corn
Wheat
2.99
2.2234s
GRAIN
All the statements below
4,000
19,000
2,116,000
6,105,000
Fort Worth
Wichita—
.
good
Cornflour
83
28.000
409,000
Baltimore, 1,323,000; Buffalo, 2,872,000;
FLOUR
Corn, New York—
No. 2 yellow, all rail
260,000
371,000
Galveston
Fri.
505*
49%
Wheat, Now York—
No. 2 red, c.i.f., domestic—1265*
I.
)V4.
Manitoba No. 1, f.o.b. N. Y.1035*
169,000
93,000
New Orleans
70%
Thurs.
50
50
Nominal
5,000
49.000
267,000
Philadelphia
Baltimore (x)
On
Bushels
129,000
7,000
New York
Sioux
Barley
Rye
Bushels
Bushels
Bushels
Bushels
United States—•
Oats
Corn
Wheat
71
Closing quotations were as follows:
Hard winter clears..
16,528,000
at principal
granary
WINNIPEG
51
50%
Oats
1,838,666
available from Canadian ports.
supply of grain,
visible
The
10,250,000
11,000
—-
66%
50%
Spring pat. high protein-.6.15@6.40
Spring patents
5.95 @6.15
Clears, first spring
5.45@5.65
Hard winter straights5.95@6.15
Hard winter patents-.
6.15@6.40
4,O09~666 3.522",000
109,369
462,000
914,000
1939
afloat
49
—
.
Fri.
68 %
PRICES OF BARLEY FUTURES IN
May
July
Thurs.
o67,115
1,000
3,290,000
Total week 1940.
Since July
...
Sat.
EE
192,000
——
futures.
DAILY CLOSING PRICES
54,115
1,000
241,000
785,000
Boston
of wheat
prices closed llA to 13^c. net
lower.
Notices of delivery intentions unsettled rye.
The
weakness of the wheat market also had a depressing influence
On the 30th ult.
futures.
Corn.
Bushels
Exports from—
IN WINNIPEG
Wed.
especially in view of the strength displayed in the other
grains.
The rye market usually responds in a substantial
way
Wheal,
24,1939
9. 1939
1,1940
prices closed l/% to %e. net higher.
Rye—On the 27th ult.
The action of the rye
annexed statement:
the
«*,eason s Low and
When Made
I
Season
Apr. 18, 1940 May
Apr. 19, 1940 July
Apr. 19, 1940 September
week
and since July 1, are shown in
ended Saturday, April 27,
34K 345* 35
When Male
40*
„35
35
—
66'A
345*
37?4
38
__—,
-
—
.
37yi
41*
—
September...
Season's High and
May
43 J*
July
38 J*
September
36
DAILY CLOSING
Fri.
Thurs.
Wed.
Tues.
1940
from the several seaboard ports for the
The exports
FUTURES IN CHICAGO
Man.
Sat.
May 4,
Financial Chronicle
274,956,000
Canadian
53-64N
cash
Total
regarding the movement of grain
Total
16,824,000 12,867,000 17,710,000
16,907,000 12,904,000 18,747,000
Apr. 27, 1940—373,075,000 33,970,000
Apr. 20, 1940
381,800,000 35,385,000
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
ended
of the last three years:
shown in the
Chicago
Flour
Wheat
Corn
Oats
bbls 196 lbs
Receipts at—
bush 60 lbs
bush 56 lbs
bush 32 lbs
455,000
28,000
233,000
263,000
2,000
72,000
11,000
20,000
119,000
57,000
317,000
137,000
90,000
275,000
49,000
37,000
506,000
Kansas City
26,000
1,321,000
255,000
235,000
112,000
319,000
57,000
....
Joseph.
_r_
City.
1,039,000
Buffalo
Week
45,000
2,000
28,000
437,000
169,000
54,000
28~,666
80,000
12,000
Black Sea.
Argentina.
Australia
Tot. wk. *40
419,000
414,000
9,104,000
4,888,000
3,868,000
Same wk '39
Same wk '38
406,000
5,066,000
9,749,000
4,299,000
12,000
6,000
.
1938
1937
Total receipts of
Bushels
Bushels
16,000
382,000
213,000
507,000
1,699,000
1,079,000
1,377,000
79,321,000 23,472,000 96,196,000
85,408,000 21,891,000 82,731,000
92,705,000 23,832,000 85,098,000
flour and grain at the seaboard ports for
the week ended Saturday, April 27, 1940, follow:
Wheat
Flour
Corn
Oats
'
Weather
bbls 196 lbs
bush 60 lbs
York-
159,000
118,000
bush 56 lbs
Rye
Baltimore.
26,000
24,000
Barley
bush 56 lbs bush 48 lbs
25,000
70,000
5,000
Report for the
summary
1939
on
1,130,000
313,000
64,000
6,000
30,000
36,207,000
12,714,000
1.829,000
1,438,000
1,114,000
304,000
342,000
386,000
71,000
16,000
local
character
The
issued by
eastern
until
near
the
of
extensive
precipitation was of a
when widespread rains
the interior States.
States, but thereafter
the close of the week
the Northwest, South, and
dominant pressure feature was a
over
an
slow, southward and
"high," central over the northern
7,981,000
1,048.000
330,000
temperatures
eastward
Plains on
averaged below normal in the
belt in more
freezing ex¬
In the Gulf area the lowest
temperatures ranged from about 55 degrees to the high sixties.
The lowest
reported was 18 degrees at Greenville, Maine, on the 27th, though Elkins.
W
Va., had a low reading of 24 degrees on the following day.
Freezing temperatures were confined to a fairly narrow
northern sections, except that in the Appalachian Mountains
tended
19,185,000
38,009,000
Week Ended May 1—The
of the weather bulletin
For the week as a whole the
238.000
5,018,000
39,414,000
Missouri, central Mississippi, and Ohio Valleys and throughout the Atlantic
States.
The greatest minus departures, 6 to 10 degrees, occurred In the
Viginias and Carolinas. In the upper Lake region the temperatures averaged
near normal, while they were above normal in most Rocky Mountain sec¬
tions.
The central and north Pacific areas were relatively cold.
"Y.666
4,163,000
through bills of lading.
892,000
4,682,000 164,143,000 232,964,000
eastern areas.
~6~66O
56K660
Since Jan. 1
\
Bushels
"i~666
w
Week 1939.
Bushels
25,935,000 69,498,000
15,728,000
3,790,000
95,004,000 109,729,000
April 23, and subsequently overspreading the entire eastern half of the
country, drifting slowly to the Atlantic States by the 29th.
It was attended
by subnormal temperatures which persisted throughout the week over most
Since Jan. 1
1940
1,
1938
movement
11,000
14",000
Boston
Halifax
Since
July
29,000
3,000
340,000
St. John W.
Tot. wk. *40
2,000
241,000
33,000
10,000
.
New Orl'ns*
bush 32 lbs
9,000
108,000
31,000
New
3,473,000
1,
1939
Department of Agriculture, indicating the influence of the
weather for the week ended May 1, follows:
Stagnant pressure conditions were the weather controls during the past
week, with no well-defined movement of cyclonic areas in the United
States.
At the beginning of the period a moderate depression over the
Central Valleys caused cloudy, unsettled, and showery weather in much
occurred
Philadelphia
248,000
69,000
29,936,000
8,036,000 376,175,000 476,624,000
Total
of the Interior and
Receipts at—
20,384,000
288,000
countries
68,666
1T660
Since Aug. 1
16,842,000 290,618,000 183,717,000
17,596,000 268,075,000 210,770,000
14,954,000 246,451,000 244,012,000
Bushels
July
7,344,000
general
1939
1940
Since
Other
"i',666
1,127,000
1,192,000
1,866,000
Apr. 26,
1938
India
2,000
29,000
550,000
July 1,
1939
4,543,000 170,691,000 197,876,000
808,000 35,500,000 81,855,000
2,997,000 138,307,000 74,655,000
11,293,000 84,958,000
No. Amer.
36",000
90,000
15,000
Since
July 1,
1940
Exports
3,000
30,000
142,000
134"666
Peoria
Sioux
Corn
Week
Since
Apr. 26,
830,000
....
Wichita
*
251,000
290,000
32,000
Indianapolis
St.
and July 1, 1938, are
Bushels
1,260,000
14,600
Milwaukee.
Omaha
April 26 and since July 1, 1939
following:
Barley
304,000
Duluth
St.PLouls..
Broomhall to
shipments of wheat and corn, as furnished by
the New York Produce Exchange for the week
bush 56 lbs bush 48 lbs
4,069,000
1,318,000
Minneapolis
Toledo
The world's
Wheat
196,000
...
Rye
9,426,000 13,467,000
1939—201,640,000 38,639,000 18,813,000
Total Apr. 29,
614,000
as
far south as southwest
Virginia.
V mlumt
The Commercial & Financial Chronicle
150
Widespread precipitation occurred from the Mississippi Valley westward
to the Rocky Mountains, but to the eastward the amounts were much
lighter than for most preceding weeks, with many stations reporting little
rainfall.
The amounts were unsually heavy in much of the northern
Great Plains, with some stations
reporting weekly totals up to two inches
or no
or more.
Preliminary reports for April indicate the month was much wetter than
Valley eastward and northeastward.
Between the
River and
Rocky Mountains, Iowa, northern Minnesota,
western Northern Dakota, Montana, South Dakota, central and eastern
normal from the Ohio
Mississippi
Kansas and most of Oklahoma had above-normal rainfall.
However,
an
comprising the west-central and southwestern Great Plains continued
relatively dry.
Western Kansas, eastern Colorado, extreme northwestern
Oklahoma, northwestern Texas, and eastern New Mexico had large de¬
ficiencies, with amounts ranging up to only about two-thirds of normal.
Extremely beneficial rains occurred during the week over large north¬
western areas, including practically all sections from eastern Kansas and
area
the
whole
of
Nebraska
northward
and
northwestward.
Substantial
to
heavy
falls were received also rather generally in Oklahoma and some
portions of Texas.
The topsoil is now amply supplied with moisture for current needs over
the northern and northwestern Great Plains, eastern Nebraska, central
and eastern Kansas, and all of Oklahoma, except the northwest portion.
It continued unfavorably dry, however, in western Nebraska, the western
third of Kansas, eastern Colorado, extreme northwestern Oklahoma, New
Mexico, and rather generally in Texas, except the eastern portion.
In the Ohio Valley and the Atlantic area less rainfall than recently was
favorable in permitting the soil to dry sufficiently for the resumption of
field work and operations became more active.
In much of the Ohio
Valley, however, activity was confined to the higher ground.
Low temperatures during the week further retarded the growth of vegeta¬
tion over the entire eastern half of the country, with
germination and growth
of spring-planted crops slow and
mostly unsatisfactory.
The season con¬
tinues two or three weeks late rather
generally.
Field operations were
delayed also in the northern and northwestern Plains because of frequent
eastern
rains
and
wet
soil.
West
of the
Rocky Mountains conditions continue
damage in northern
sections.
In California rain did some damage to cut hay and caused some
loss of spray in orchards and vineyards, but otherwise it was favorable.
generally favorable, although there
Small
Grains—From
the
was some local frost
very good, with plants mostly from six to eight inches high, with
generally good color.
In Texas wheat is spotted, with plants
heading low in north-central
districts because of dry soil.
In Oklahoma progress was fair, through there
was some wind damage in the extreme
west; recent rains have been beneficial,
but the general condition still ranges from poor to
only fairly good; some
is heading in the south.
Wheat made good advance in the eastern half of
Kansas and fair growth in the western half, with plants,
mostly jointed in
was
south-central and southeastern counties and now jointing in the northeast.
North of Kansas the week was generally
favorable, while in the Pacific
Northwest
the outlook
The week
continues
satisfactory.
rainy in much of the spring wheat belt, with field work
later districts where seeding has not been
completed.
The early seeded grain is coming up to good stands in South Dakota and
seeding is well along in Minnesota and southern North Dakota, but less
than
in
was
some
one-fourth finished in the extreme northern
part of the latter State.
seeding in some central and eastern localities is a full month
than last year.
In North Dakota subsoil moisture is
In Montana
later
reported the
best in several years.
The seeding of oats and barley is about completed,
but growth was slow because of low temperatures.
In the upper Mississippi
Valley most oats
are up to
good stands.
Com—Preparation for corn planting made somewhat better progress in
Valley States, although many lowlands still are too wet to work.
Some planting was accomplished during the week on
uplands of southern
valley sections.
In Missouri planting is well started.
In Texas progress
of corn was mostly slow because of dry soil, while warmer weather is needed
the Ohio
in Oklahoma.
One-half to three-fourths of corn has been seeded in southcentral and southeastern Kansas.
In Iowa preparation of seedbeds made
slow advance because of surface-soil wetness, but at a depth of one or two
feet the soil is dry; there was some local planting reported from this State.
Cotton—The weather of the week
was
unfavorable in most of the cotton
belt, principally because of low temperatures in central and eastern sections
dry weather in much of Texas.
In Texas planting made fair to good
progress, but germination in north-central and northwestern sections is
precarious because of cold, dry soil; stands are fair to good in the extreme
west and south, but the general current condition of a considerable
portion
of the crop is poor because of dryness.
Seeding was slow in Oklahoma where
and
weather is needed.
warmer
Oklahoma—Oklahoma City: Most nights were too cold; rain adequate for
present needs, except in extreme northwest, but more needed to
replenish
subsoil, except in southeast and south-central.
Progress of winter wheat
good; some wind damage in west; recent rain helpful, but condition still
poor to only fairly good; heading locally in south.
Corn about planted;
condition of early fairly good; needs warmth.
Oats fair growth, but plants
small and crop below
normal; some heading in south-central.
Cotton
planting slow, due to cold; some up. Rains improved pasture prospects and
replenished stock water, but more needed in west.
Livestock improving.
Arkansas—Little Rock:
Farm work further delayed by cold.
Ground
for planting cotton; that up making slow growth.
favored than cotton, but planting not finished.
Oats good
growth.
Potatoes recovering rapidly.
Setting tomatoes.
Flood stages in
lower White River delaying work in lowlands.
*
too wet in many areas
Corn
more
Tennessee—Nashville:
Cotton planting slow, due to cold and previous
wet soil, but preparations now active.
Corn planting fair progress;
some
up, but growth slow.
Condition and progress of winter wheat
good.
Pastures and clovers good, but late. Truck and vegetables
First strawberries lost and harvest
delayed about
growing slowly.
a
week.
Kentucky—Louisville:
Cool, mostly light showers; ground drying.
Plowing resumed on uplands last three days; considerable land
ready for
corn planting.
Corn and cotton fair progress in extreme west; some corn
planted elsewhere.
Gardening fairly well started.
Tobacco plants im¬
proved slowly; very small; few with four leaves.
Winter grains improved;
growth irregular; heat on drier uplands; condition fairly good to
good in
fields; progress good; patchy, due to imperfect stands.
Upland
pastures much improved; good grazing.
some
Mississippi Valley eastward the growth of
winter wheat and spring-planted grain was retarded by the prevailing low
temperatures.
Sunshine and warmth are needed generally.
However,
the general outlook continued mostly fair to
good.
In Missouri progress
retarded
2915
considerable replanting in north-central.
Cotton planting fair to good
progress, but germination in north-central and northwest somewhat doubt¬
ful due to cold soil and lack of rain; stands fair to
good in extreme west
and south, but condition of much
poor due to lack of rain.
Truck rapid
progress in east and fair in south; condition generally fair.
Onions mostly
harvested. Rapid progress digging potatoes in extreme south. Ranges fair
to good condition, but need rain
generally. Livestock fair to good condition.
Stock water getting low in some southern areas.
Fruit trees fair condition;
prospects good.
In the central and eastern portions of the belt
generally low temperatures
some places were unfavorable and
planting was not active,
THE DRY GOODS TRADE
New York, Friday Night,
May 3, 1940.
Helped by warmer temperatures, retail business improved
perceptibly, notably towards the end of the period under
review.
Belated buying of spring apparel lines made
its
appearance and appreciable increases in the volume of busi¬
ness were
registered in most sections of the
country. Depart¬
ment store sales the
country over for the week ended April 20,
according to the Federal Reserve Board, gained 7% over
last year.
New York and Brooklyn stores showed a small
loss in sales amounting to 0.7%, while in Newark
establish¬
ments an increase of
15.7% was registered.
Trading in the wholesale dry goods markets reflected the
improved flow of goods in retail channels as merchants showed
more interest in
offerings of goods for the summer trade.
While individual orders remained rather
small, their total
increased materially and predictions were current
that a
protracted spell of warm weather may easily lead to a rush
of buying with resultant
delivery difficulties in some lines.
Wash goods moved in fair volume and a
steady call, mostly
for early delivery, existed for domestics.
Business in fin¬
ished silk goods gave indications of a moderate
improvement,
mainly under the influence of warmer temperatures.
Trad¬
ing in rayon yarns continued fairly active.
Yarn shipments
during April were believed to have been fully up to the March
figure and surplus yarn stocks are anticipated to reveal
little if any increase over the moderate end-of-Mareh level.
As heretofore, an
especially active call prevailed for the finer
counts.
and wet soil in
except in
few localities.
In South Carolina planting made very good
progress, but germination is slow, while fair advance was reported from
North
a
Carolina.
eastern
Some
local
planting
done
was
as
far
north
as
south¬
Virginia.
The weather
bulletin
furnished the
following:
resume
of
conditions in different States:
Virginia—'Richmond:
Cool; moderate rain.
Plowing and planting, but
too cold and wet for seed germination.
Oats coming up to good stands;
wheat jonting.
Pastures growing rapidly.
Some corn planting.
Cotton
planting begun in southeast.
Tobacco fair to good; plants just coming up
Truck and gardens late; much replanting necessary.
many areas.
Early
fruits in east and central
seriously damaged.
Damage to apples thought slight.
North
Carolina—Raleigh:
Lettuce and
southeast.
Pastures fairly good, but need
early vegetation and fruit.
Crops retarded
tory progress transplanting tobacco; slight
planting fairly active.
Ample sunshine.
Pears in full bloomi in north.
cabbage harvests favored in
rain.
Slight frost damage to
somewhat by cold.
Satisfac¬
blue mold damage.
Cotton
South Carolina—Columbia:
Too cold, unfavorable for
germination and
Dryness favored soil preparation and planting.
Much replanting
Good progress planting cotton; germination and
growth poor.
Commercial cabbage, lettuce, and asparagus on market.
Warmth urgently
growth.
account cold.
needed.
"
,
,
Georgia—Atlanta;
Too cold for cotton, corn, winter wheat,
tobacco,
potatoes, oats, gardens, and truck.
Little rain, but soil moisture
ample.
Cotton planting slow in north, fairly active in south; much
re¬
planting required.
Pastures and potatoes good growth, but late.
Truck
recovering slowly from late freeze.
Garden making well advanced;
growth
slow.
Transplanting tobacco.
Good progress spraying peaches.
Aphids
Farm work backward.
damaging plums.
sweet
Florida—Jacksonville:
Nights
too
cold;
adequate rain;
ample soil
Progress and condition of cotton poor.
Corn good growth.
Digging potatoes.
Truck improving.
Shipping tomatoes, cucumbers,
and beans.
Citrus good set; new fruit sizing well.
moisture.
Alabama—Montgomery:
Cold
nights.
Cotton
little
planting mostly slow;
planted in north; germination slow; condition very poor to
poor.
General farm work mostly good progress.
Cattle fair to good.
Corn and
vegetables fair condition.
due to rain and wet soil; early planted stands
generally rather poor.
Early
planted corn deteriorated or poor progress.
Gardens and truck poor to
fair progress.
Tomato plants small.
Pastures mostly good progress.
Sunshine and warmth badly needed.
Mostly favorable warmth, but nights too cold.
Soil dried rapidly, but heavy to excessive rains the last
two days halted
Cotton planting and replanting excellent
progress until
farm work.
rains;
up to good stands.
Progress and condition of early corn
generally
good; some being cultivated; late planting about done. Progress and condi¬
tion of early rice good.
Most fields too wet to plant.
Potatoes and truck
recovering; growing rapidly.
Planting sweet potatoes.
some
Texas—Houston:
Nights mostly too cold for plant growth.
Adequate
rain in east and locally in middle, but little
elsewhere and rain needed
badly.
Condition of winter wheat ranges from poor to good;
heading low
in north-central account dry soil and cold.
progress
in northeast where condition good,
where where rain needed.
Oats and minor
grains rapid
but condition only fair else¬
Corn recovering rapidly from effects of
recent
cold in northeast, but progress mostly poor elsewhere and warm
rain needed;
Cotton
Goods—Trading in the gray cloths
desultory fashion as users,
having accumulated sufficient supplies during the recent
buying flurry to carry them along for some weeks to come,
showed
little
inclination
to
add
to
their
commitments.
Mills, on the other hand, felt in a more comfortable statisti¬
cal position, and as a result refrained from
pressing their
goods on the market.
Prices generally were well maintained
although no new buying wave is anticipated until the move¬
ment of finished goods shows the
expected seasonal improve¬
Late
in
the week some second-hand
offerings at
slight concessions made their appearance, but their total
volume was restricted.
Business in fine goods remained
inactive; however, sentiment improved as it was hoped that
rising temperatures would quickly result in better buying of
fine gray cottons.
While broadcloths attracted increased
interest, business in piques fell off materially.
Closing prices
in print cloths were as follows: 39-inch 80s,
6%c.; 39-inch
72-76s, 6H to 6%c.; 39-inch 68-72s, 5%c.; 38H-inch 64-60s,
5c.; 3834-inch 60-48s, 4%c.
ment.
^
Woolen Goods—Trading in men's wear fabrics
improved
appreciably as clothing manufacturers displayed more wil¬
lingness to cover their fall requirements.
As a result, mill
operations experienced their first increase in some time.
Chief factors causing the improvement in trading were the
expectation of higher prices and the belief that the advent of
warmer
weather will
soon
be reflected in accelerated
con¬
Meanwhile, reports from retail clothing cen¬
ters made a somewhat better showing as the public started
to cover some of its pend-up needs.
Business in women's
sumer
Mississippi—Vicksburg:
Sunshine inadequate; nights too cold on 2426th.
Progress of cotton planting and replanting varied, but
mostly poor,
Louisiana—New Orleans:
Domestic
markets continued in its previous
wear
buying.
fabrics remained dull.
tinued
to
attract
scattered
While the
new
fall lines
con¬
interest,
actual orders were
limited as garment manufacturers awaited an improvement
in retail sales before adding to their commitments.
Some
interest developed in coat fabrics for summer.
""Foreign Dry Goods—Trading in linens remained spotty
although scattered sales of dress goods-were reported.
Prices
continued firm in view of the tense situation in the
primary
centers abroad.
Business in burlap was fairly active and
prices ruled steady, ehiefly under the influence of the tight¬
ening spot position.
Domestically lightweights were quoted
at 5.75c., heavies at 7.65c.
I
The Commercial & Financial
2916
Chronicle
May 4,
1940
that all of these employees who
underground in sewers should be paid $1,690 a year.
other funds, totaling $96,843,300.50, which the city
receives, excluding revenue from real estate taxes and proceeds of the
general fund, will bring the total 1940-1941 budget to $677,892,134.60.
This includes the tax levy of $581,048,834.10.
at
the
budget
hearings and provided
actually worked
Miscellaneous
Specialists in
Illinois & Missouri Bonds
Comptroller Compiles Data on Unification Bonds—Joseph
City Comptroller, made public on April 29
the text of a pamphlet prepared by his office for the benefit
and guidance of small investors interested in the bonds the
city will issue in connection with its purchase of the Interborough and B. M. T. transit systems for $326,000,000.
Publication of the pamphlet was inspired by the receipt of
D. McGoldrick,
Stifel, Nicolaus & Cajnc.
Founded 1890
105 W. Adam* St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST.
LOUIS
inquiries
many
regarding
the nature and
value of the
unification bonds.
Addressed primarily to the many small investors now holding Interborough and B. M. T. securities to be exchanged for the city's 3 % bonds, the
News Items
Arkansas—New
Highway
f)ampnlet and will the fact thatnot by the revenue from the lines under
stresses be backed, the city bonds will be tax exempt, as to
nterest,
Retirement
Debt
Proposal
Of¬
fered—A new plan for retirement of State of Arkansas high¬
way debt has been proposed by Lieutenant Governor Bob
Bailey.
The plan is based on a refunding program calculated
to pay off the debt by 1976, predicated on estimated annual
revenue of $12,000,000, and involves the sale of new bonds
at
maximum interest rate of 3%.
a
This plan is
distinct from that sponsored by Governor Carl E. Bailey,
and which is slated to be voted
who is not related to the lieutenant governor,
November election.
that the debt, now approximately
at the
on
It
is figured
$139,000,000, will be
pared to about $137,000,000 by the time any refunding plan can be placed
mNi^ximum
annual principal payments of $6,000,000 are provided in the
governor's proposal, with $4,110,000 as total annual interest
$43,300,000 for highway maintenance, and $2,600,000 for new construction,
although total allotments would be held to $11,970,000.
Any surplus in the highway fund would be subject to appropriation
either for new construction or debt retirement.
Not included in the calculations are credits of $1,000,000 to the State
refunding board and $3,000,000 to general revenue that would be available
immediately for debt retirement.
Governor Bailey's plan left the interest rate for determination in nego¬
tiations with banking groups.
This plan was blocked, however, when the
State Supreme Court ruled that an attached emergency clause was invalid,
preventing refunding last October.
Referendum petitions were filed sub¬
sequently.
lieutenant
Bonds—Public offer¬
ing was made on May 1 of a grand total of $4,583,000 series
A bonds, representing individual offerings by 11 local housing
authorities—V. 150, p. 2610.
The largest issue awarded
was
that of
$1,666,000 of Buffalo Municipal Housing
Authority, N. Y., which went to a group headed by Phelps,
Fenn & Co., on a bid of 100 for 2s, 234s, 234s, and 2%&, a
net interest cost of 2.477%.
Included in the group were
R. W. Pressprich & Co.; F. S. Moseley & Co.; Stranahan,
Harris & Co., and McDonald-Coolidge & Co.
Local Housing Authorities Sell
This
same
syndicate
was
awarded
a
$534,000 20-year Yonkers, N. Y.,
bond issue at 2.58% and $319,000 Elizabeth, N. J., 20 years, at 2.51%.
The financing accomplished was done at rates in all cases below that rate
which could have been offered by the United States Housing Authority
which in most
cases was 3 % or 3 M %.
The average interest rate offered
by private capital amounted to 2.58%.
Other awards were:
$489,000 Youngstown, Ohio, 20-year maturity, to Walter Woody &
Heimerdinger, Weil Roth & Irving and Van Lahr, Dalle & Isphording, at a rate of 2.49%;
74,000 Annapolis, Md., 20-year issue, to a syndicate composed of Mackubin, Legg & Co. and Phelps, Fenn & Co., at 2.68%;
100,000 Long Branch, N. J., 20-year issue to R. W. Pressprich & Co. at
2.95%'
396,000 Huntington, W. Va., 20-year issue to Walter Woody & Heimer¬
dinger and Weil Roth & Irving (a syndicate) at 2.68%;
57,000 Daytona Beach, Fla., 15-year issue to Seasongood & Mayer, at
3.23%;
49,000 Vincennes, Ind., 20-year issue to Magnus & Co., at 2.92%:
69,000 Mt. Hope, W. Va., 20-year issue, also to Magnus & Co., at3.23%;
107,000 North Bergen, N. J., 15-year issue, to First National Bank of
North Bergen at a rate of 2.75%. "
(These sales
are
reported subsequently in
more
detail
Quotations
Compiled—Quotations
all Michigan municipal bonds are listed in the new semi¬
annual compilation of Crouse & Co., of Detroit, being issued
as of May 1.
The current issue, said to be more complete
on
in
detail than
its predecessors,
side of the market
on
shows the nominal or bid
outstanding obligations of taxing units
in that State.
,
New York,
N. Y.—Estimate Board Adopts
$581,048,834—-The Board of Estimate adopted
Budget of
tax levy
budget of $581,048,834.10 for the fiscal year 1940-1941 at a
meeting held on April 26. The budget, adopted with only
one dissenting vote, was $65,410.78 less than the executive
budget of $581,114,244.88 submitted by Mayor F. H.
LaGuardia on April 1.
The budget adopted by the board is
approximately $6,461,005 less than the current tax levy
budget. Although the new budget, which will go into effect
on July 1, must be
adopted by the Council, it is doubtful
whether the Council can make any permanent changes in
it against the wishes of the Mayor because of the Mayor's
a
veto power.
Although in all probability the budget adopted will not be changed sub¬
the real estate tax rate for the next fiscal year cannot be computed
authentically until the Tax Commission has published late in May and final
assessed valuation of taxable real estate.
Mayor LaGuardia said in his
budget message of April 1 that he had made every effort in preparing the
budget to insure that the tax rate would not be increased in the next fiscal
year above the current basic rate of $2.82 for each $100 of assessed valuation.
The budget adopted by the board reflected a saving of $150,000, as comstantially
of bonded debt.
The city also has demonstrated, the
its ability to collect taxes in good times or bad.
pamphlet says, can be sold in the market and will be
listed on the Stock Exchange.
Mr. McGoldrick, however, advises those
who receive them in exchange for company securities to retain them, if
possible, because of the excellent investment features.
record for payment
booklet points out,
The bonds, the
New York State—Bill to Purchase Bear Mountain
Bridge
Approved—The first important step toward public owner¬
ship of the Hudson River Bear Mountain Bridge and a con¬
sequent reduction in toll rates to the level of other bridges
and tunnels crossing the river was accomplished on April 27
when Governor Herbert H. Lehman signed the Williamson
bill which authorized the State to acquire the bridge at a
cost not to exceed $2,300,000.
If the plan authorized by the
bill is carried out, the bridge, an important link in tourist
and holiday travel, will eventually become toll free.
familiar with
Those
the
Bear
Mountain
Bridge situation said that
i*
bridge tolls were reduced, it would be of great advantage to persons travel¬
ing to the Palisades Interstate Park through the system of parkways through
Westchester County.
It was generally recognized that the reduction of
the tolls would result in a large increase in visitors to the park by automobile.
Although
no one was
in
a
position to
say
that the Bear Mountain Hudson
River Bridge Co., private owners of the bridge, were ready to sell, it was
understood that the bridge was not producing a profit under present toll
rates.
The present rates are 80 cents for a car and driver and 10 cents for
each
passenger.
Thus the toll at present is $1 for a car, driver and two
passengers.
In the event that the State
Bridge Authority acquires the bridge the tolls
50 cents a car, regardless of the number of passen¬
The money for the purchase of the bridge, according to the provisions
of the bill, is to be raised through the sale of tax-free bonds.
In the event
that the bridge is bought, tolls will be continued until the bridge yields
sufficient revenue to pay off the bonds.
Thereafter it will become toll free.
will drop immediately to
gers.
State—Housing Bonds Approved—Governor
approved recently as Chapter 593. Laws of 1940,
the Thompson bill, making provision for the issuance by the
State of a total of $300,000,000 in housing bonds, authorized
by the ratification of the voters of the Constitutional Amend¬
ment in November, 1938.
Bills Signed for Income Tax Relief—The Governor signed
on April 29 the Todd bill, which will permit income taxpayers
to pay the 1% emergency income tax in two instalments.
The Governor announced before this year's payment was due
that he would sign the measure, but after the income tax
date, so that it would be effective next year.
York
New
Lehman
the emergency tax has been
The Todd bill permits payment of half
Because of its theoretical temporary nature
payable in
one sum on
April 15.
of the emergency tax on April 15 and half on June 15.
The regular tax
remains payable in three instalments, April 15, June 15 and Sept. 15.
Another income tax measure approved by the Governor was the Coudert
bill, eliminating the requirement that tax returns
notary public.
New
be sworn to before a
York
State—"Pay-as-You-Go" Relief Approved—
signed a bill of Assemblyman Moffat
Fiscal Chairman of the Assembly, which requires all muni¬
cipalities to adopt a pay-as-you-go method of financing
relief by 1945. The new law tapers off the issuing of bonds for
relief by increasing the portion of the local share of home
relief to be raised by taxes 'from year to year until 1945,
when further issuing of relief bonds will be prohibited.
He
vetoed a similar bill by Senator William C. Martin, Syracuse
Republican, which would have permitted municipalities to
pay 80% of their current relief costs from bond issues.
Governor Considers Extra Session for Budget Revision—
It was intimated by Governor Lehman on April 30 that he
might call a special session of the Legislature in order to
revise the State budget, which he insists has been put out of
balance.
The Governor had completed action the previous
day on all legislative bills, the end of the 30-day period
following adjournment.
The Governor is said to have as¬
cribed the present budgetary situation to the fact that the
Republicans during the session rejected his recommendation
for a $15,000,000 boost in the income tax, also their refusal
to make any tax increases.
Governor Lehman has
under individual listings.)
Michigan—Municipal
municipal operation, but by the full faith and credit of the city itself.
The city's credit, the pamphlet declares, is unimpeachable, because the
city, ever since it first floated a bond issue in 1812, has maintained a clear
,
Rhode
session of
April 24.
following
Island—Legislative Session Adjourns—The 1940
the General Assembly adjourned sine die on
the
approved and defeated
The Providence "Journal" of April 25 carried
summary
of the
measures
at this session;
RECORD
OF
GENERAL ASSEMBLY
FOR
SESSION
Passed
ppovidoncs Charter A ct
duuui,
$>ou,uuu
Kings County.
lur
tut)
omce
or
juistriCL
Attorney,
William
The board also responded to pleas made by
UUwyer
sewer
or
laborers
Five bills revamping the State's caucus
and election laws and creating a
4-member board of elections vested with broad powers.
The Commercial & Financial Chronicle
Volume ISO
Act carrying out the Administration's recommendations for changes
the liquor laws.
Act exempting State employees of 10 years* service from
in
the necessity of
taking Civil Service examinations.
Act repealing the tax on tobacco products other than cigarettes.
Act providing for a referendum for Providence on a non-partisan system
of
municipal elections.
Act giving Providence
,
.
and ^Repre¬
z
sentative district lines.
Act appropriating $50,000 for use of the Attorney General's Department
investigating vote frauds.
An act eliminating the requirement for mandatory certification of cases
x
to
x
a
fifth Senator, and revising Senatorial
in
Supreme Court
on
constitutional questions.
•
x
z
z
An act requiring cities and towns asking bond authorization of the General
Assembly to provide specific information on their financial condition.
Act enabling cities and towns to install parking meters if approved in
z
referendum.
Act authorizing Providence to regulate and license auto parking
at $25 maximum annual fee.
>
Act allowing Providence to issue $1,000,000 in funding bonds.
x
Act allowing Providence to issue
places
$750,000 in bonds for school improve¬
v
An act placing a ceiling of
which an employer must
$3,000
on
x
z
z
Charleston, S. C.
Charleston, W. Va...
Chicago, 111
the amount of employee's salary on
pay Unemployment Compensation taxes.
An act to change the waiting period under the Unemployment Compensa¬
tion law from two weeks to one week for total unemployment, and from three
.
.
=
Failed
to
Pass
Act revising the ward lines in the City of Providence.
.
.
House act killed
.
(Died in House finance committee.)
<
Several bills dealing with increased safety in building laws to prevent
fire tragedies.
(Died in House judiciary committee.)
Administration's Corrupt Practices Act.
(Died in .House judicial com¬
mittee.)
Resolution
proposing constitutional amendment for life tenure for
Supreme and Superior Court judges.
(Passed House.
Die in Senate
special legislation committee.)
State Labor Relations Act, recognizing right of collective bargaining.
(Died in Senate labor committee.)
Resolutions proposing constitutional amendment to end gas tax diversion.
(Died in Senate special legislation committee.)
Act to permit cities and towns to tax personal tangible property of tele¬
phone company.
(Continued to next session.)
Acquisition of Mount Hope Bridge by State after approval of voters.
(Died in Senate special legislation.)
Several measures proposing investigation of wire tapping.
(Died in
House and Senate committees.)
Joint resolution creating a commission to conduct special audits and
investigations of municipal finances,
(Died in Senate finance committee.)
Savings bank life insurance.
(Died in House corporations committee
by request of Governor.)
Several measures eliminating employee contributions to Unemployment
(Died in Senate labor committee.)
Compensation Fund.
Act permitting Newport, if referendum approves, to acquire property of
Newport Electric Corp.
(Died in House corporations committee.)
New charter for Central Falls,
(Died in House corporations committee.)
An act repealing the Administrative Control Act for Providence.
(Died
in House corporations committee.)
Two acts proposing a State-wide juvenile court.
(Died in House and
Senate judiciary committees.)
; ;
Act providing for acquisition by the State of the Jamestown Bridge when
it becomes debt-free.
(Died in Senate corporations committee.)
r
Act setting a minimum limit of 16 inches on striped bass.
(Died in Senate
fisheries committee.)
.—■■■'/■ * .■
Acts giving the State temporary measure of control over municipal
affairs in Pawtucket and Central Falls.
(Died in House judiciary com¬
mittee.)
-:
Act permitting city and town council to grant local planning boards the
right to approve sub-divisions and propose amendments to zoning ordinances
before council action.
(Died in House corporations committee.)
Resolution for a commission to study advisability of a bridge across
Providence River or Narragansett Bay.
(Died in House judiciary com¬
mittee.)
Act to put State on pay-as-you-go basis by limiting new State debt at
any one time to $100,000.
(Died in House special legislation committee.)
Act to guarantee public hearings under the Civil Service Law.
(Died in
House judiciary committee.)
Act proposing a bounty of 50 cents per 100 pounds on starfish.
(Died in
House finance committee after passage by Senate.)
Act for sterilization of mental defectives and criminals.
(Died in
Senate special legislation committee.)
Act providing Providence policemen and firemen be paid on salary in¬
stead of per diem basis.
.
(Died in Senate corporations committee.)
United States HousingAuthority—Local Units
Schedule
Offerings—-The following is the text of a statement made
public by the above-named Federal agency on April 29:
Note
The United States Housing Authdrity announced today that 31 more
authorities will sell $126,000,000 of temporary loan notes to
private bidders offering the lowest interest rates.
The short-term paper will be offered in two groups, one to be advertised
on April 30 with opening of bids on May 7, and the second to be advertised
for bid openings on May 14.
The public sale of this fourth offering of six months maturity notes will
bring the total of private funds directly invested in slum clearance to about
$235,000,000, or more than 30% of the current $770,000,000 United States
Housing Authority program.
The sale of these short-term notes makes possible very substantial interest
savings because local authorities will pay interest rates which are less than
one-sixth of what the USHA is required to charge for its loans.
These
savings in interest will reduce the cost of the projects of these local auth¬
orities by at least 2% and this will also reduce the Federal subsidies which
are computed on the basis of the capital cost of the projects.
With part of the lower interest funds obtained from these sales j the local
housing authorities will repay to the USHA all moneys already advanced
on their loan contracts, together with accrued interest.
With the remainder,
they will meet costs of construction of their USHA aided housing projects
during the next six months.
The last offerings of these short-term notes in March by 25 local auth¬
orities were sold at interest rates ranging from 29-100 to 435-1,000 of 1%.
The 31 local authorities thus are saving the difference between these low
rates and the 2% to 3H% which, as required under the United States
Housing Act, they would otherwise be paying the USHA.
local housing
,
Local housing authorities in the following cities will
present
offerings:
participate in the
z
z
z
.
x
x
.
Pensacola, Fla.
Peoria, 111......
Phenix
Amount
$670,000
8,030,000
1,500,000
7,500,000
800,000
20,000,000
900,000
3,600,000
...
800.000
Philadelphia, Pa.....
Pittsburgh, Pa...._.
Savannah, Ga...
West Palm Beach,Fla.
Washington, D, C...
11,000,000
13,300,000
700,000
1.000,000
3,980,000
City, Ala
Total
^...$126,445,000
These cities, with offerings totaling $65,580,000, will advertise April 30
repaid together with accrued interest, and the balance of the proceeds
which will be available to finance cost of construction, follows:
Principal
Amount of
Accrued
Repaid
Akron, Ohio...
$419,000
Anniston, Ala.........
241,500
Atlanta, Ga
1,656.000
Baltimore, Md
8,238,000
Birmingham, Ala.
2,466,000
Butte, Mont..
181,000
Charleston, S. C_.._.__
696,500
Charleston, W. Va....'.'
1,717,000
Chicago, 111...
3,500,000
Cincinnati, Ohio.......
259,000
Denver, Colo
331,000
Detroit, Mich...
2,233,000
Frederick, Md
97,000
Gary, Ind............
128,000
Great Falls, Mont.
81,000
Hattiesburg, Miss
125,000
Helena, Mont
30,000
Lexington, Ky
166,000
Louisville, Ky.........
7,070,000
Mobile, Ala...........
1,309,000
Newark, N. J.
5,145,000
New Bedford, Mass
366,800
New Orleans, La.
13.182,000
Pensacola, Fla.
558,500
Peoria, 111.
3.031,000
Phenix City, Ala.
473,000
Interest
.....
2,940
Pa.......
Pittsburgh, Pa..
Savannah, Ga
West Palm Beach, Fla.
Washington, D. C..
...
......
.
The notes
are
184,900
261,900
337,275
2,288,825
98,300
129,560
82,300
126,560
487
30,487
2,697
2,291
4,800
102,900
7,300
20,850
10.298
168,697
7,072,291
1,313,800
5,247.900
374,100
13,202,850
568,798
3,031,958
478,125
8,997,217
7,886,920
123,800
711,700
1,515,498
958
■'
8,989,000
7,878,000
122.000
706,000
1,515,000
$72,910,300
697,416
1,717,560
3,501,162
1,162
2,900
6,275
55,825
1,300
1,560
1,030
1,560
_
Philadelphia,
244,440
1,661.766
8,324,500
2,490,600
916
560
_
Available
for Cost of
Construct'n
$574,700
$425,300
5,766
86,500
24,600
3,900
,
_
Total to
Be Repaid
to USHA
$6,300
....
_
Balance
Approx.
Advances
to Be
City
5,125
8,217
8,920
1,800
5,700
498
155,560
9,338,234
5,625,500
1,009,400
345,100
202,584
382,440
3,998,838
1,838,100
712,725
4,411,175
131,700
620,440
342,700
223,440
149,513
501,303
957,709
186,200
2,252,100
425,900
6,797,150
331,202
568,042
321,875
2,002,783
5,413,080
576,200
288,300
2,464,502
$386,205 $73,296,505 $53,148,495
non-callable, wholly exempt from Federal income taxes
and in most cases also exempt from State taxes.
Since the bidders will pay
for bond counsel opinion and for the paying agent, the interest rates will
represent the net cost to the local housing authority.
The short-term financing operates along these lines:
Inasmuch as the interest on USHA loans begins to accrue immediately
as funds are deposited to the credit of the local housing authority it is
pref¬
erable that funds be
advanced
as
they
are
needed, rather than
in
one
lumpsum.
Under this arrangement, the USHA authorizes the proper Federal Reserve
Bank to pay the local housing authority an advance on account of its loan
on a
specified date.
/
On the basis of this irrevocable commitment, the local authority issues
short-term notes to public bidders offering the lowest interest rate.
As
these notes
approach the date of maturity, the USHA honors the local
authority's requisition by directing the Federal Reserve Bank to pay the
These funds will in turn De used to retire the outstanding shorttermnotes.
;
y.
M;
advance.
Bond
Proposals and Negotiations
/
-
.....
.
....
in House Friday.
Senate act passed in Senate but died in House corpo¬
rations committee.
?v"':
An act adding Eldred Ave., Jamestownm to the State highway system.
City—
Lexington, Ky_
Louisville, Ky
Mobile, Ala__
Newark, N. J
New Bedford, Mass
New Orleans, La....
and open bids on May 7. z These cities, with offerings totaling $60,865,000,
will advertise for bids to be opened May 14.
The total amount of cash already advanced by the USHA to each of the
local housing authorities participating in the offering and which will be
weeks to two weeks for partial unemployment.
Resolution to pay the committee on elections,
frauds, and corrupt prac¬
tices, and its clerks, a total of $6,950.
v
Act making appropriations for support of the State totaling $15,180,983.27
for 1940-41 fiscal year.
Act setting up permanent visiting committee of five for State institutions.
An act requiring certain mimimum standards of knowledge in basic
sciences of applicants for license to practice in the healing arts.
An act bringing supervision of the manufacture and sale of bedding and
upholstery under the Department of Business Regulation, and providing
machinery for supervision and penalties for violations.
New Public Assistance law, increasing State contribution for aid to
dependent children from two-thirds to thee-quarters, and defining settle¬
ment at five years for chronic relief.
Act appropriating a total of $697,174 for various large-scale projects.
Act giving Providence police and firemen 15-day sick leave.
Act permitting cities and towns to hire money for anti-pollution purposes
without counting it toward their debt limit.
Change to Dec. 20 date for submission of budget estimates to Governor
by department heads, and giving Governor more time to submit budget to
General Assembly.
Referendum on non-partisan elections in the City of Providence.
Act establishing uniform aeronautics laws.
Act causing owners of idle tax exempt mill property to set a price at which
they will sell when claiming exemption.
900,000
x
x
2,100,000 x
7,500,000 z
Cincinnati, Ohio.....
2,100,000 z
Denver, Colo......^
1,050,000 z
Detroit, Mich.......
6,700.000 z
Frederick, Md
230,000 z
Gary, Ind.750,000 x
Great Falls, Mont.
425,000
Hattiesburg, Miss
350,000:
Helena, Mont
180,0001
x
ments,
2917
City—
Amount
z
Akron, Ohio
$1,000,000
zAnniston, Ala400,000
x
Atlanta, Ga
11,000,000
z
Baltimore, Md
13,950,000
z
Birmingham, Ala.. *.
3,500,000
z
Butte, Mont..530,000
ARIZONA''^:^
GILA COUNTY SCHOOL
DISTRICT. NO.
1
(P. O. Globe), Ariz.
BOND ELECTION—An election is said to have been held on May 4 in
order to vote on the issuance of $33,000 In gymnasium bonds.
GILBERT, Ariz.—BONDS AUTHORIZED—'The Town Council is said
recently an ordinance calling for the issuance of $35,000 in
to have passed
water
refunding bonds.
MARICOPA COUNTY SCHOOL DISTRICT NO. 4 (P. O. Phoenix),
Ariz.—PRICE PAID—It is stated by the Clerk of the
visors that the $56,000 refunding bonds sold to Refsnes,
of Phoenix, as
chased at par.
Board of Super¬
Ely, Beck & Co.
2Hs and 2Mb, as noted here—V. 150, p. 2763—were pur¬
Due on April 1 in 1941 to 1950.
ARKANSAS
ARKANSAS, State of—MATURITY—It is reported by the Commis¬
sioner of Education that the $200,000 revolving loan fund bonds sold to
M. W. Elkins & Co. of Little Rock, as 3Hb, at a price of 100.03, as noted
here--v. 150, p. 2764—mature on March 11, as follows:
$8,000 in 1941,
$9,000in 1942and 1943, $10,000in 1944 and 1945, $11,000 in 1946, to 1948,
$12,000 in 1949, $11,000 in 1950, $9,000 in 1951 and 1952, $10,000 in 1953
to 1955, $11,000 in 1956 to 1958, $10,000 in 1959, and $7,000 in 1960
giving a basis of about 3.245%.
;
BONDS OFFERED FOR INVESTMENT—'The purchaser reoffered the
above bonds for public subscription at prices to yield from 1.00%jto 3.20%,
according to maturity. Prin. and int. (M-8) payable at the State Treasurer's
office in Little Rock.
Legal opinion by Rose, Loughborough, Dobyns &
House of Little Rock.
The right to issue these bonds and pledge the col¬
lateral and revenues mentioned has been upheld by the Arkansas Supreme
Court.
,:V
California
Municipals
BANKAMERICA COMPANY
San Francisco
Los Angeles
New York Representative
Telephone WHitehall 3-3470
52 Wall St.
CALIFORNIA
BURBANK, CM.—BONDS TO BE ISSUED—The City Council 1,
said to have ordered the issuance of the $350,000 municipal power plant
bonds approved by the voters on Sept. 22.
TULARE COUNTY (P. O. Visalia) Calif.—SCHOOL BOND OFFERGladys Stewart, County Clerk, that she will receive
May 14, for the purchase of $15,000 not to
J2VG—It Is stated by
sealed bids until 10 a. m, on
The Commercial
2918
exceed 5% semi-ann. Ducor Union School
Dated June 1, 1940.
Due $2,500 June 1,
District bonds.
1941 to 1946.
Denom. $500.
Prin. and Int.
payable in lawful money at the County Treasurer's office. The bonds will
be sold for cash only, and at not less than par and accrued interest to date of
delivery. A transcript of the proceedings will be furnished purchaser im¬
mediately after purchase, and the purchaser will pay for the legal opinion
of the proceedings.
Enclose a certified check for not less than 5% of the
amount of the bonds bid for. payable to the Chairman Board of Supervisors.
COLORADO
ORCHARD, Colo.—BONDS SOLD—It is reported that $50,000 water
pipeline bonds have been sold to the Colorado Bank & Trust Co. of Delta.
&
Financial Chronicle
June 1, 1940, are due on June 1, 1952, and
callable at
time.
any
DISTRICT NO. 130, III.—BONDS SOLD—
refunding bonds was sold to Lewis, Pickett & Co.
Due in 20 years.
BLUE ISLAND SCHOOL
of Chicago.
BREESE SCHOOL DISTRICT NO. 24,
DADE
COUNTY
(P.
O.
Miami),
CHICAGO PARK DISTRICT, III.—$6,841,666 CUT IN FUNDED
DEBT—Funded debt of the Chicago Park District has decreased $4,650,000
in the last year and $6,841,666 in the last six years, it is shown in a state¬
ment of comparative debt as of March 31, 1940, just made public.
There
was outstanding as of that date a total of $92,234,000, in addition to $8,700
held for exchange for obligations of the old superseded park districts under
the
refunding plan.
Floating debt as of the same time amounted to
ELECTION—An
$55,000 in 1953 and 1954, $60,000 in 1955 and 1956, $65,000 in
to 1952,
1957 and 1958, $70,000 in 1959 and 1960, $75,000 in 1961, $80,000 in 1962
and 1963. $85,000 in 1964 and 1965, $90,000 in 1966, $95,000 in 1967,
$100,000 in 1968, $105,000 in 1969, $110,000 in 1970, and $120,000 in 1971.
DAYTON A
BEACH
HOUSING
III.—PURCHASER—The Mu¬
the $8,000 3H% gymnasium bonds
SCHOOL DISTRICT,
The bonds mature $500 annually on April 1 from 1942 to
election is said to be scheduled for May 28 in order to have the voters pass
on the proposed issuance of $2,000,000 in 4% semi-ann. public park acquisi¬
tion and improvement bonds.
Due July 1, as follows: $35,000 in 1942 and
1943, $40,000 in 1944 to 1946, $45,000 in 1947 to 1949, $50,000 in 1950
AUTHORITY
<P.
O.
Daytona
Beach) Fla.-—HOUSING DEBENTURES SOLD—It is stated that the
$57,000 Housing Authority (First Issue), series A debentures offered for
sale on May 1 were purchased by Seasongood & Mayer of Cincinnati, as
3 M». No other bid was received. Due on Nov. 1 in 1940 to 1954 incl.|
|MI
$1,880,706, compared
with $1,142,581 a year earlier and $3,113,250 on May 1, 1934.
Total debt, including interest, was $100,505,279 on March 31, compared
with $98,305,271 a year before and $127,138,306 on May 1, 1934.
nicipal Bond Corp. of Chicago purchased
reported sold in V, 150, p. 2765.
Fla.—BOND
III.—BONDS SOLD—An issue
at an election on April 20
of $25,000 3M gymnasium bonds authorized
was sold to the White-Phillips Co. of Chicago.
CLAREMONT
FLORIDA
1940
4,
An Issue of $10,000 3 M %
STERLING, Colo.—BOND SALE DETAILS—It is stated by the City
Clerk that the $20,000 street improvement bonds sold to a local investor,
as noted here—V. 150, p. 2764—were purchased as 6s, at par, are dated
May
COOK COUNTY
1957 incl.
(P. O. Chicago), 111.—SEEKS SHARE OF RACING
TAX—A move has been made by County officials to augment its revenues
by participating receipts from the four race tracks located within the county.
A resolution presented by Commissioner Maurice F. Kavanagh and adopted
by the board calls on the State legislature to enact the necessary measure to
make available to the county, for hospital purposes only, a share of the
receipts.
Under present State laws, the State collects $2,500 license fee
for each day of racing from the four tracks, in addition to 20 cents on each
admission.
The tracks, under the law, are allowed to retain 7H % of the
parimutuel receipts.
DONOVAN TOWNSHIP
HIGH SCHOOL DISTRICT (P. O. Done
van), 111.—BONDS SOLD—The $20,000 construction bonds approved at
election on April 6 have been sold as 3 Ms to Ballman & Main of Chicago.
an
DELRAY
BEACH,
Fla.—ADDITIONAL INFORMATION—It is
reported that the $200,000 refunding bonds offered Jointly by Thomas
now
M.
Cook
Co.
&
of West Palm Beach and Allen &
Co. of New York for
Sublic subscription at to July 1, 1940, 2% to July here—Y. 2>i% p. 2295—
interest at l%%
61 and interest, as noted 1, 1945, 150, to July 1,
ear
1950, 3% to July 1, 1955, 4% to July 1, 1960. and 5% to July lf 1968,
callable at par, and are secured by an unlimited tax on all real and
personal property within the city, including homesteads.
legality ap¬
proved by Chapman and Cutler of Chicago,
are
COUNTY
PAGE
Du
SCHOOL
DISTRICT
NO.
41
(P.
O.
Glen
Ellyn), 111.—BOND OFFERING—Mildred Barloga, Secretary of the Board
of Education, will receive sealed bids until 8:15 p. m. on May 8, for the
purchase of $58,000 school bonds.
Dated June 1, 1940.
Due June 1 as
follows;
$15,000 from 1952 to 1954, incl. and $13,000 in 1955.
District
will furnish legal opinion and printed bonds.
A certified check for 5% of
the issue must accompany each proposal.
(The above sale was originally
scheduled to take place on April 29—V. 150, p. 2765.)
FORT LAUDERDALE, Fla .—CERTIFICATES SOLD—It is stated by
GALVA, 111.—BOND SALE—An issue of $18,000 3 M % refunding bonds
J. H. Phllpott, City Manager, that $750,000 4% semi-ann. water revenue
certificates were purchased on April 11 by C. W. McNear & Co. of Chicago,
was
and Ogden
same
& Longmead of Fort Lauderdale, jointly.
Due in
one to 20
years. The certificates are payable from revenues of the water department
and were issued for the purpose of refunding, prior to their maturity, $210,-
000 certificates now outstanding and to make certain improvements to the
water works and sewage system of the city.
MIAMI, Fla.—CITY REPORTS INCREASED REVENUES FOR FISCAL
YEAR TO DATE— Incident to the city's recent $28,160,000 refunding of
its entire long-term bonded indebtedness and "for the information of present
and possible future holders of Miami obligations,"
Commissioners of the city adopted
a
procedure
Mayor Orr ana other
which has had few
precedents in municipal finance In this country in making public the city's
income account and balance sheet on a comparative basis for the fiscal
year to date.
The data released by the Commissioners indicate improved
tax collections and a substantial increase in aggregate revenues.
Cash receipts of the city for the 1940 period were $4,315,882, as com¬
pared with $3442,934 for the corresponding nine months of 1939, accord¬
ing to A. E. Fuller, Director of the Miami Department of* Finance, the
increase in part being due to the collection of over $700,000 of delinquent
taxes from a local
to
The balance as of March 31, 1940 reflects a cash position of $2,643,151,
against $1,664,178 for the same date in 1939.
Accelerated activity in residential building in Miami is indicated by
the issuance of 694 permits for the construction of one- and two-family
homes, at an estimated sost of $2,863,853, for the three months ended
March 31, 1940, in comparison with 545 such permits, totaling $2,232,737,
for the same three months of 1939, according to a supplementary report
from the Building Division of the City of Miami.
Tax collections for the current year of $3,410,694 are 86% of the current
tax roll, indicating a marked improvement in comparison with the same
date in 1939, when total tax collections totaled $2,987,487, or 77% of the
tax roll.
Delinquent taxes for prior years amounted to $986,387 on March 31,
1940, indicating a substantial improvement in comparison with the same
date in 1939, when total tax delinquencies were $1,798,401.
Among the city's major substantial sources of revenue which have shown
a rise for the current
year to date are real property tax receipts amounting
to $2,940,558; personal property tax
receipts of $470,137; license fees
amounting to $513,938; fines and forfeitures receipts of $197,278, and hos¬
pital revenues of $329,871.
According to the Commissioners' statement,
the total number of current tax .receipts for real and
personal property taxes
was 60,772 on March
31,1940, as against 59,070 on the same aate in 1939. ;
PUTMAN COUNTY (P. O. Palatka), Fla.—BOND ELECTION—'Th
voters will pass on the
proposed issuance of $35,000 in hospital bonds at a*
election scheduled for May 7, it is reported.
TAMPA, Fla.—BOND SALE—The 4% semi-annual
coupon or
registered
semi-annual general refunding bonds aggregating $313,000, offered for sale
on April 26—-V.
150, p. 2611—were awarded to a syndicate composed of
Stranahan, Harris & Co., Inc. of Toledo, Leedy, Wheeler & Co. of Orlando,
Clyde C, Pierce Corp. of Jacksonville, King, Mohr & Co. of Mont¬
McDougai & Condon of Chicago, taking a total of $302,000
the
gomery, and
bonds at a price of 103.82, a basis of about 3.62%, divided as follows:
$250,000 series A bonds.
Due on May 1 as follows: $5,000 in 1941 to
1943; $10,000,1944 to 1956; $15,000, 1957 to 1962; $10,000, 1963,
and $5,000 in 1964.
52,000 series B bonds.
Due on May 1 as follows: $15,000 in 1947;
$25.OQO, 1948, and $12,000 in 1949.
TAMPA, Fla.—BOND CALL—It is stated by George V. Booker, City
Comptroller, that the following bonds are being called for payment as of
June 1:
improvement, $269,000. Dated June 1,1905. Due June 1,1955.
,
P^y&bleafc the Chemical Bank & Trust Co., New York
to the United States
City, successor
Mortgage & Trust Co.
GLENCOE, 111.—BOND SALE—The $37,500 3% library budding bonds
150, p. 2611—were awarded to the Harris Trust &
Savings Bank of Chicago, at par plus a premium of $3,483, equal to 109.288,
a basis of about 1.44 %.
Dated May 15,1940 and due on May 15 from 1946
to 1953, incl.; optional May 15, 1946.
Other bids:
Bidder—
Premium
Bidder—
Premium
First Nat. Bank of Chicago.$3,342.00 Bartlett, Knight & Co
$2,540.00
North. Trust Co. of Chicago 2,284.00
Mullaney, Ross & Co
3,306.25
John Nuveen & Co
2,256.00
3,253.00 Daniel F. Rice & Co..
2,096.25
Harriman Ripley & Co., Inc 3,162.00 Channer Securities Co
—
Haisey, Stuart & Co., Inc.- 2,568.75
HARRISBURG. 111.—BOND OFFERING—Bernice Brown, City Clerk,
will receive sealed
sewer revenue
GEORGIA
,„.EAS7" PO'NT. Ga.—BOND ELECTION—It
SP£2SL were
DISTRICT
OFFERED—Sealed bids
(P.
O.
bids until
2 p., m. on
May 7 for the purchase of $40,000
bonds.
METAMORA, III.—PURCHASER—The $30,000 water and sewer system
purchased by Negley, Jens &
bonds reported sold in—V. 150, p. 2612—were
Rowe of Peoria.
PLYMOUTH, III.—BOND SALE CONTRACT—Lewis, Pickett & Co. of
Chicago have contracted to purchase an issue of $10,000 4% street improve¬
bonds, subject to approval of loan at an election on May 21.
ment
RUSHVILLE,
$100,000 sewer
April 23.
WOOD
111.—BONDS
revenue
bonds
was
DEFEATED—'The
proposal
to
issue
defeated by the voters at an election on
"
RIVER, 111.—BOND SALE NOT CONSUMMATED—The sale
of $400,000 water and sewer system revenue bonds to Stifel, Nicolaus &
Co. of St. Louis, reported in V. 150, p. 1472, was not consummated as the
voters refused to authorize the loan at an election on April 16.
INDIANA
Ind.—BOND SALE—The $7,000 direct obligation water¬
course bonds offered April 26—?V. 150, p. 2459—were awarded to Kenneth
8. Johnson of Indianapolis, as 1 Ms, at par plus a premium of $27, equal
to 100.386, a basis of about 1.66%.
Dated April 1, 1940, and due as
follows: $500 July 1, 1941; $500 Jan. 1 and July 1 from 1942 to 1947, incl.;
and 4500 Jan. 1, 1948.
Other bids:
■
-■■■
sBidder—
Int. Rate
Premium
laffensWger, Hughes & Co
1H%
$26.81
ATTICA,
„
T.r&Afie,,.'............
—
—
Browhing, Van Duyn, Tischler & Co
--
ELKHARt COUNTY (P. O. Goshen),
issue of $27,000 refunding bonds offered April
27.30
14.65
2%
2%
Ind.—BOND SALE—The
30—V, 150, p. 2144—was
awardedio Raffensperger, Hughes & Co. of Indianapolis, as lHs, at par
plus a premium of $202.88, equal to 100.751, a basis of about 1.42%.
Dated May 15, 1940 and due $1,500 on May 15 and Nov. 15 from 1941 to
1949 incl. ^Second high bid of 100.355 for l^s was made by John Nuveen
& Co. of
Chicago.
HAUBSTADT, Ind.—MATURITY—The $52,000 4% coupon water¬
works revenue bonds sold at par to the City Securities Corp. of Indianapolis—V. 150, p. 2612—-mature as follows: $500 July 1, 1942; $500 Jan. 1
and July 1 from 1943 to 1946 incl.; $500 Jan. 1 and $1,000 July 1 from 1947
to 1953 incl.; $1,000 Jan, 1 and July 1 from 1954 to 1961 incl., and $1,000
Jan. 1. 1962.
Callable at any time at 102.
JEFFERSONVILLE
FLOOD
CONTROL
DISTRICT,
Ind.—BOND
SALE— The issue of $100,000 flood control bonds offered April 26—V. 150,
2612—was awarded to a group composed of W. L. Lyons & Co., Bankers
Bond Co., both of Louisville, and Paul H. Davis & Co. of Chicago, as
p.
2Ms, at par plus a premium of $77.77, equal to 100.077, a basis of about
2.24%.
Dated May 1, 1940 and due $2,500 on Jan. 1 and July 1 from
1942 to 1961, incl.
Second high bid of 101.15 for 3s was made by Stranahan,
Harris & Co., Inc. and O'Neal, Alden & Co., jointly.
is stated by E. I,. Cole,
city Clerk, that an election has been called for June 5 in order to vote on
the issuance of $250,000 water
department bonds.
of the Board of
as
1955, incl.
offered April 25—V.
Bridge, $68,000.
Dated Dec. 1, 1911. Due Dec. 1, 1961.
Public improvement, $425,000. Dated Dec. 1, 1912. Due Dec. 1, 1962.
Public improvement, $73,000. Dated June 1,1915. Due June 1, 1965.
150, p. 2611—are dated July 1, 1940, and mature
follows: $2,000 from 1942 to 1948, incl., and $3,000 from 1949
company—V.
July 1
public utility.
as
Public
sold to the Equitable life Insurance Co. of Des Moines, at par.
These
bonds and the $17,000 septic tank issue previously reported sold to the
Monroe),
Ga.—BONDS
received until May 2, by the Superintendent
Education, for the purchase of $28,000 2M% semi-annual
building bonds, approved by the voters on' April 23.
MARION COUNTY (P. O.
Indianapolis), Ind.—WARRANT SALE—
The issue of $200,000 warrants offered
April 29—V. 150, p. 2765—was
syndicate composed of the Union Trust Co., Indiana National
Bank, Fletcher Trust Co., American National Bank, Indiana .Trust Co.,
and the Merchants National Bank, all of Indianapolis, at 0.625% interest
rate, plus a premium of $19.54.
Dated April 30, 1940, and due June 15,
awarded to
a
1940.
NOBLE TOWNSHIP SCHOOL TOWNSHIP (P. O. Portland), Ind.
IDAHO
offered for sale
I*Ifbo—BOJVD SALE—The
on
—BOND SALE—'The issue of $24,000 school bldg. bonds offered March 18
—V. 150, p. 1313—was awarded to Raffensperger, Hughes & Co. of In-
$5,000 water system bonds
April 1—V. 150, p. 1969—were purchased by the State
KtT®
years! ^
^
ILLINOIS
TOWNSHIP (P. O. Ashley), 111.—BONDS SOLD—Eugene
Shelton, Town Clerk, reports that the $20,COO 3% % highway improvement
bonds authorized by the voters at an election
on April 20, have been sold.
Due in 11 years.
BLANDINSVILLE, 111.-—BONDS SOLD—The issue of $66,000 water
system bonds to be considered by the voters on June 3—V. 150. P. 2764—
has
already been sold.
as 1Mb. at par plus $6 premium, equal to 100.025, a basis of
Dated March 1, 1940, and due as follows: $1,000 July 1.
1941; $1,000 Jan. 1 and July 1 from 1942 to 1952, incl., and $1,000 Jan. 1,
dinanapolis,
about 1.746%.
1953.
t
VINfcENNES
HOUSING AUTHORITY,
Ind.—BOND SALE—Magnus
& Co. 6f Cincinnati were awarded on May 1 an issue of $49,000 first issue
series A housing bonds at a price of 100.14. at various interest rates, or a
net interest cost of about
2.92%.
The banks bid for the issue as follows:
For $25,000 maturing Nov. 1, $6,000 in 1940, $1,000 in 1941, $2,000 in
1942 to 1950, as 2Mb, and $24,000 maturing Nov. 1. $2,000 in 1951, $3,000
in 1952, $2,000 in 1953, $3,000 in 1954 and 1955, $2,000 in 1956, and
$3,000 In 1957 to 1959, as 3s.
■
Stranahan, Harris & Co., Inc., of Toledo, second
100.275 for $35,000 3s.
^
^
high bidder, offered
Volume
The Commercial & Financial Chronicle
ISO
IOWA
BOONE
COUNTY
(P. O. Boone),
Iowa—BOND OFFERING— It is
of the amount of the bonds, payable to the County Treasurer,
Carleton D. Beh Co. of Des Moines, as 5s, at par,
Clerk.
No other bid was received.
SOMERVILLE, Mass.—BOND SALE—The $125,000
according to the Town
:
Other bids, also for 1%
$500.
are
an
Mich.—TENDERS WANTED—Mrs.
Board
DETROIT,
Mich.—PLANS
SALE
DATE—City Council set May 14 as the date on which the bonds
will be sold.
FARMINGTON,
1940, dated March 16,
Due $8,000
five days.
Wichita), Kan .—PRICE PAID—It is
on
(P.
O.
Wichita),
Richmond)
6,
Robert
KALAMAZOO COUNTY (P. O. Kalamazoo),
Kan.—PRICE
The $190,000 court
Mich.—BOND SALE—
April 29—Y.
house and jail refunding bonds offered
150, p. 2766—were awarded to E. H. Schneider & Co. and the American
National Bank, both of Kalamazoo, jointly, as lAs, at a price of 100.177,
a basis of about 1.48%.
Dated May 15, 1940, and due $19,000 on Dec. 1
from 1946 to 1955, incl.
Redeemable in inverse numerical order at par
and accrued interest on any interest date on four weeks' notice.
Other bids for the issue were as follows:
Int. Rale
Prem.
1.70%
$214.70
1.50%
1.60%
1.75%
'
Bidder—
670.77
Halsey, Stuart & Co., Chicagp
Braun-Bosworth & Co., Toledo
First of Mich. Corp., Detroit
Stranahan Harris & Co., Toledo
BOARD OF REGENTS OF EASTERN KENTUCKY STATE TEACH¬
(P. O.
(P. O. R. F. D.
Box 761, Mount Clemens), Mich .—TENDERS WANTED—
Sawyer, Treasurer of the Board of Education, will receive sealed
tenders of refunding bonds, dated May 1, 1937, until 8 p. m. (EST) on
May 16.
Offerings should be firm for five days.
No.
April 15 in 1941 to 1950, incl.
DISTRICT
(P. O. R. R.
1
3,
Mount
Clemens), ' Mich.—TENDERS
WANTED — Russel
McCollom, District Secretary, will receive sealed tenders of 1937 refunding
bonds until 7:30 p. m. (EST) on May 13.
Offerings should be firm for
KENTUCKY
Ky.—BOND SALE—The $50,000
bonds offered for sale on April 27—
2460—were awarded jointly to Almstedt Bros, and the Bankers'
3semi-annual dormitory revenue
p.
1936, until 8 p. m. on May 16.
HARRISON TOWNSHIP SCHOOL DISTRICT NO.
NO.
Board of Education
that the $124,000 1 Yi% semi-annual school bonds and the $60,000 IH%
semi-annual school bonds sold jointly to the Small-Milburn Co. and the
Sullivan-Brooks Co., both of Wichita, as noted here—V. 150, p. 2765—
were purchased at par.
Due on Aug. 1 in 1941 to 1950.
150,
LIVONIA AND REDFORD TOWNSHIPS FRAC¬
DISTRICT NO. 5 (P. O. Farmington), Mich.—
TENDERS WANTED—Setrak Utujian, Treasurer of the Board of Educa¬
tion will receive sealed tenders of certificate of indebtedness, due March 16,
PAID—It is stated by the Secretary-Treasurer of the
V.
ISSUE— Donald
LARGE REFUNDING
HARRISON TOWNSHIP SCHOOL DISTRICT NO. 3
SCHOOL
until
Slutz, City Controller, will recommend to the City Council on May 2 the
offering of $8,000,000 refunding bonds.
Donald Slutz, City Controller, reports that he is planning to sell $7,997,000 refunding bonds on May 10.
150, p. 2765—were purchased at a price of 101.699, abasis
COLLEGE
8 (P. O. InkRuby Dickienson, Treasurer
will receive sealed tenders of 1936 refunding
of Education,
bonds, series A, and certificates of indebtedness dated Jan. 1, 1936,
8 p. m. (EST) on May 15.
Offerings should be firm for five days.
stated by the County Clerk that the $80,000 1A% semi-annual public
works relief bonds sold to the Harris Trust & Savings Bank of Chicago, as
ERS'
100.199
SCHOOL DISTRICT NO.
ster),
of the
bid is required.
WICHITA
100.299
MICHIGAN
DEARBORN TOWNSHIP
KANSAS
here—V.
100.345
100.31
— _ ——
$650,000 in
LEOTI, Kan.—BOND OFFERING—It is stated by W. J. Yotter, City
Clerk, that he will receive sealed bids until 8 p. m. on May 6, for the pur¬
chase of $5,000 4% coupon semi-ann. city hall bonds.
Denom. $500.
Dated April 15, 1940.
Due $500 on April 15 in 1941 to 1950 incl.
Prin.
and int. (A-O), payable at the State Ttearsurer's office.
Legality approved
by W. C. Dickey of Leoti.
A certified check for 2% of the total amount
of about 1.18%.
100.415
100.399
100.39
______
Lyons & Shafto, Inc.._
TIONAL SCHOOL
noted
follows:
-
SIOUX CITY, Iowa—BOND OFFERING— It is stated by C. A. Carlson,
City Treasurer, that he will receive sealed and oral bids until May 8 at
2 p. m. for the purchase of an issue of $105,000 coupon flood protection
bonds.
Dated May 1,
1940.
Denom. $1,000.
Due $21,000 Nov, 1,
1951 to 1955.
Bidders should specify the interest rate and all other cir¬
cumstances being equal, preference will be given to the most favorable bid
of par and accrued interest or better, specifying the lowest interest rate.
Prin. and int. (M-N) payable at the City Treasurer's office.
These bonds
are general obligations, payable from unlimited ad valorem taxes upon all
the taxable property in the city.
The bonds may be registered as to prin¬
cipal.
The city will furnish the bonds and the approving opinion of Chap¬
man & Cutler of Chicago, and all bids must be so conditioned.
A certified
check for 2 % is required.
SEDGWICK COUNTY (P. O.
macadam
Rate Bid
election held on April 25
said to have turned down the proposal to issue
were as
National Shawmut Bank of Boston
electric light plant revenue bonds.
of the
bonds,
Bidder—
of—MAY
OELWEIN, Iowa—BONDSDEFEATED—At
the voters
coupon
Halsey, Stuart & Co., Inc
Tyler & Co
E. H. Rollins & Sons, Inc
Chace, Whiteside & Symonds
Estabrook & Co. and Whiting, Weeks & Stubbs.
1 BOND RETIREMENT—The State had
scheduled the retirement of $6,062,000 in primary road bonds on May 1,
W. G. C. Bagley, State Treasurer, has announced.
The bonds will be paid
through the County Treasurers.
Outstanding primary road indebtedness
at present is $74,502,000.
The last of these bonds will fall due in 1950.
.The May 1 payment will leave $68,440,000 outstanding.
State
as
pavement bonds offered April 30—V. 150, p. 2766—were awarded to R. K.
Webster & Co. of Boston as Is, at a price of 100.469, a basis of about 0.84%.
Dated April 1, 1940 and due $25,000 on April 1, from 1941 to 1945, incl.
Dated May 1, 1940.
Due in 1948.
Interest payable
M-N.
The purchaser took only $14,000 of the total issue, the Town Clerk
reported subsequently-.
IOWA,
con¬
(10-year) notes was awarded May 1 to Lee Higginson Corp. of
Is, at a price of 100.477.
Dated May 1, 1940, and due yearly
from 1941 to 1950, incl.
Other bidders: (for Is) Tyler & Co., 100.439;
First National Bank of Boston, 100.412; F. L. Rothschild & Co., 100.3659;
Lyons & Shafto, 100.283; Estabrook & Co., 100,268; R. L. Day & Co.,
100.03; (for lAs) Second National Bank of Boston, 101.383; Lexington
Trust Co.. 100.909.
Boston,
DALLAS CENTER, Iowa—BOND SALE—The $17,039.57 sewer bonds
offered for sale on April 25—V. 150, p. 2460—were purchased by the
Denom.
sewer
struction
stated by J. Harold Peterson, County Treasurer, that he will receive bids
until May 6, at 10 a. m., for the purchase of $91,000 hospital bonds.
The
bonds and attorney's opinion will be furnished by the county.
A certified
check for 2 %
is required.
2919
LEXINGTON, Mass.—NOTE SALE— An issue of $50,000
158.00
266.00
19.50
1.70%
57.80
1.75%
525.00
1.75%
Note: Discount bids for l.A% bonds were as follows: Stranahan, Harris
Co., 96 64; Channer Securities Co., 95.472; E. H. Schneider & Co., and
Watling, Lerchen & Co., Detroit
Watling, Lerchen & Co———
John Nuveen & Co., Chicago--
Bond Co., both of Louisville, at a price of 104.256, a basis of about 2.91%.
Due as follows: $3,000 in 1941 to 1950 and $4,000 in 1951 to 1955, all incl.
&
LOUISIANA
the American National Bank, 97.563.
CONCORDIA PARISH SCHOOL DISTRICT NO. 5 (P. O. Vidalia),
MUSKEGON, Mich.—NOTE OFFERING—R. F. Cooper, City Clerk,
May 6 for the purchase of $15,000
4% interest tax anticipation notes.
Dated April 1, 1940.
.
La.—BOND SALE—The $25,000 issue of school bonds offered for sale on
will receive sealed bids until 2 p. m. on
April 26—V. 150, p. 2460—was awarded to Scharff & Jones of New Orleans,
as 3s, paying a premium of $12, equal to 100.048, a basis of about 2.99%.
Due on May 1 in 1941 to 1950, inclusive.
not to exceed
DISTRICT
NO.
(P. O. Thibodaux), La.—BOND ELECTION POSTPONED—It is reported by the
Secretary of the Police Jury that the election scheduled for April 30 to pass
on the issuance of the $1,200,000 in general obligation and revenue water
bonds, was postponed indefinitely.
LAFOURCHE
PARISH
WATER
1
May 23.
MUSKEGON TOWNSHIP (P. O.
BONDS OFFERED—Claud
Due April 15 as follows: $3,000
1947 to 1949, incl.;
jointly, were awarded on May 1 an issue of $74,000 first issue series A hous¬
ing authority bonds at par, at a net interest cost of about 2.685%, as follows:
For $9,000 maturing Nov. 1, 1940, as 3^s; $13,000 maturing Nov. 1, $2,000
in 1941, $3,000 in 1942 and 1943, $2,000 in 1944, $3,000 in 1945, as 2s;
$13,000 maturing Nov. 1, $3,000 in 1946 to 1948, $4,000 in 1949, as 2 As:
$7,000 maturing Nov. 1, $3,000 in 1950, $4,000 in 1951, as 2^s; $11,000
maturing Nov. 1, $3,000 in 1952, $4,000 in 1953 and 1954, as 2 As: and
$21,000 maturing Nov. 1, $4,000 in 1955 to 1957, $5,000 in 1958 and $4,000
in 1959, as 2.90s.
BEVERLY, Mass.—BOND SALE—The $130,000 coupon municipal
relief bonds offered May 1—V. 150, p. 2765—were awarded to L. F. Roth¬
schild & Co. of Boston as Is, at a price of 100.3759, a basis of about 0.93%.
Dated
April 1, 1940, and due $13,000 on April 1 from 1941 to 1950, incl.
Other
bids:
Int. Rate
Lyons & Shafto, Inc., and Graham, Parsons & Co_
Second National Bank of Boston
—
Newton, Abbe & Co
R. L.Day & Co..
Beverly National Bank
Lee Higginson Corp
Chace, Whiteside & Symonds
Halsey, Stuart & Co., Inc
——
First National Bank of Boston
-
1%
1%
1%
1%
1%
1%
1%
llA%
1A%
1A%
Rate Bid
100.333
100.302
100.76
100.60
100.544
Mass.—BOND SALE—The issue of $200,000 macadam
bonds offered May 1—Y. 150, p. 2766—was awarded to the
Second National Bank of Boston as Ms, at 100.199, a basis of about 0.68%.
Dated May 1, 1940 and due $40,000 on May 1 from 1941 to 1945, incl.
bid of 100.133 for A% bonds was made by Tyler & Co. of
Boston.
CAMBRIDGE, Mass.—NOTE SALE—The issue of $500,000 revenue
anticipation notes offered May 2 was awarded to the Second National Bank
of Boston, at 0.143% discount.
Payable Dec. 12, 1940.
The National
Shawmut Bank of Boston, second high bidder, named a rate of 0.22%.
EVERETT, Mass.—NOTE SALE—The $250,000
150,
p.
revenue anticipation
2766—were awarded to the Middlesex
County National Bank of Everett at 0.179% discount.
Dated April 30,
1940, and due Dec. 27, 1940.
Other bids: National Shawmut Bank and
Merchants National Bank of Boston, jointly, 0.183%; First National Bank
0.22%; Second National Bank of Boston, 0.228%; Bates. Con¬
Co., 0.23%.
of Boston,
verse
&
OAKLAND COUNTY
place on May 6)
five days.
(P. O. Pontiac), Mich.—BOND
OFFERING—
received by the Board of County Road Commissioners
until 2 p m on May 14 for the purchase of $519,000 highway improvement
refunding bonds issued on behalf of various townships and cities in the
county pursuant to a resolution adopted by the Board on March 4f 1940s
Said refunding bonds are to issued under the provisions of the so-called
Cover Act (Act No. 59 of the Public Acts of 1915, as amended) to refund a
like amount of outstanding bonds for the purpose of reducing the interest
rate.
The refunding bonds pertaining to each Covert road district shall be
deemed
a
separate issue ana
Road No.
Road No.
pavement
offered April 30—V.
reported that the above sale would take
Offerings should be firm for
May 14.
100.158
100 15
100.058
covering the welfare and funding bonds were introduced at the City Council
meeting on April 22 and were referred to a committee.
notes
(It was previously
100.286
100.16
BOSTON, Mass.—PLANS LARGE BOND SALE—City will come into
within a month or so with bond issues totaling around
$6,000,000.
Of this amount around $4,170,000 would be for welfare, $1,000,000 funding bonds, $500,000 for Huntington Avenue Subway bonds
while the balance would be made up of various small issues.
Orders
Second high
1953; $5,000 in 1954
NANKIN TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O. Inkster),
Mich.—TENDERS WANTED—Mrs. Mabel Vanvlear, Treasurer of the
Board of Education, will receive sealed tenders of 1938 refunding bonds and
certificates of indebtedness, dated Jan. 1, 1938, until 7 p, m. (EST) on
Road No.
the bond market
BROCKTON,
from 1944 to 1946, incl.; $3,500,
$4,000, 1950 to 1952, incl.; $4,500,
$5,500 in 1956 and 1957; $6,000, 1958 to 1960, incl.; $6,500, 1961
and 1962; $7,000 in 1963 and $7,500 from 1964 to 1969, incl.
Interest A-O
15.
Legality to be approved by Miller, Canfield, Paddock & Stone of
Sealed bids will be
MASSACHUSETTS
Tyler & Co
sealed bids
(EST)
and 1955;
ANNAPOLIS HOUSING AUTHORITY, Md.—BOND SALE—Phelps,
Fenn & Co.. Inc., New York, and Mackubin, Legg & Co. of Baltimore,
Bidder—
Muskegon, R. F. D. No. 3), Mich.—
Frost, Township Clerk, will receive
on May 3 for the purchase of $140,000 4% coupon water
supply and sewerage system revenue bonds. Dated April 15,1940.
Denom.
until 1 p. m.
$500.
MARYLAND
Frost, Township Clerk, subsequently
would be received until 1 p. m. (EST) on
CHANGE IN SALE DATE—Claud
announced that bids on the issue
Road No.
Road No.
Road No.
81-j—
93----97100
101--106
109.
——
113---—114
—
-
the amount thereof is as
$13,000 Road No. 115
19.000 Road No. 119
15,000 Road No. 129
22,000 Road No. 136
?3,000
follows:
—
-------
-
Road No. 138
Road No.
141
-
$21,000
28,000
25,000
68,000
49,000
23,000
24,000
52,000
25,000
30,000 Road.No. 145--32,000 Road No. 147
Road No.
34,000 Road No. 148
The bonds will be dated June 1, 1940, and will mature May 1, 1958, but
will be callable in direct numerical order for prior redemption at par and
accrued interest on and after various dat(* in accordance with a certain
schedule set forth in the said resolution of March 4. 1940.
All bonds will
Road No.
Road No.
be coupon
thereafter, expressed in multiples of
1940, and semi-annually thereafter on May 1
per annum
tr
will bear interest
1, 1943, and 4%
A of 1 %, payable Nov. 1,
and Nov. 1 of each year.
bonds of the denomination of $1,000 each and
not exceeding 3A% per annum to Nov.
at a rate or rates
Both
-
—
principal and interest will be payable at the
Detroit Trust Co., Do*
Proposals may be submitted for any or all of the issues.
All proposals
of interest and the premium, if any, for each $1,000 bond
and shall be for not less than par and accrued interest.
Bonds of ^ch issue
will be awarded to the bidder whose proposal produces the lowest interest
cost to the obligor after deducting premium, if any; provided, that in those
road districts where city bonds are to be issued, bids upon such city bonds
will be considered separately.
Interest on premium will not be considered
as deductible in determining the net interest cost.
In computing net interest
cost, interest will be figured to a date one year subsequent to the first callable
date on each bond. A complete schedule of the townships and cities obligated
upon the various issues of bonds and also a schedule showing the date on
and after which each bond is callable for redemption, will be furnished by
mail upon request to the Road Commissioners.
.
.
The Board will furnish the bonds and the approving legal opinion of
Claude H. Stevens of Berry and Stevens, attorneys, Detroit.
A certified
must state the rate
check drawn upon an
incorporated bank or trust company and payable to
The Commercial & Financial Chronicle
2920
of
May
1940
4,
$800,000 issue, the remaining $200,000 owned
the order of the Board of County
These bonds are part
to
by the City Sinking Fund.
Legality approved by Charles & Trauernicht,
Louis.
These bonds, authorized by the voters at a special election,
issued to pay a portion of the cost of constructing approaches to the
railway deck of the municipal bridge owned by the city.
This issue is, in
the opinion of counsel, the legal and binding special obligation of the
city payable solely out of the income derived from the use of the bridge
or
Road Commissioners in an amount equal
2% of the par value of the bonds bid upon, must accompany the proposal
proposals of each bidder. '
REDFORD
of St
were
REDFORD UNION SCHOOL DISTRICT
NO. 1 (P. O. Detroit), Mich.—TENDERS WANTED—Milton V. Doty,
District Secretary, will receive sealed tenders until 7 p. m. on May 15 in
TOWNSHIP,
the amount of about $7,000 of series
and $1,500 series C, all dated Jan. 1,
of indebtedness, dated May 1,
ROYAL OAK
A refunding bonds; $3,000 series B
1937, and about $7,000 certificates
and railroad approaches by railroads in entering and leaving the city.
The
city covenants by ordinances duly passed to charge rates sufficient to meet
principal and interest of these bonds as well as the expense of operation and
1937.
TOWNSHIP (P.
O. Hazel Park), Mich.—TENDERS
WANTED—Lester
Opliger, Township Clerk, will receive sealed tenders
(to be opened at 7:30 p. m.) on May 4, of refunding bonds,
series A, B, C and D, dated Oct, 1, 1936, due Dec. 1, 1966, and of certi¬
ficates of indebtedness, dated Oct., 1, 1937.
Amount on hand for purchase
of the obligations:
Series A and B bonds, $7,500; series C, $3,900; series D,
$10,800; certificates of indebtedness, $2,200.
until
noon
ZEELAND, Mich.—BOND OFFERING—G. J. Van Hoven, City Clerk,
(EST) on May 6 for the purchase of
$24,000 not to exceed 3% interest coupon sewage disposal system bonds.
Dated Jan. 1, 1940.
Denoms. $1,440 and $1,200.
Due Jan. 1 as follows;
$1,200 from 1942 to 1949, incl., and $1,440 from 1950 to 1959, incl.; callable
at any time on or after Jan. 1, 1950.
Rate or rates of interest to be ex¬
pressed in a multiple of A of 1%.
Principal and interest (J-J) payable at
the City Treasurer's office.
The bonds are payable from unlimited ad
valorem taxes on all of the city's taxable property and bids shall be condi¬
tioned upon the unqualified opinion of Miller, Canfield, Paddock & Stone
of Detroit.
Cost of opinion and for printing of the bonds to be paid for by
the city.
A certified check for 2% of the bonds, payable to order of the
maintenance.
by Louis Nolte, City Comptroller, that these bonds were pur¬
City Sinking Fund by the Trustees of the Police Retire¬
July 7, 1938, and were exchanged for Government bonds by
said trustees through Francis Bro. & Co.
It is stated
chased from the
ment Fund on
MONTANA
will receive sealed bids until 7:30 p. m.
City Treasurer, is required.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 6 (P. O. Columbia
3Vi%, payable J-D.
choice and serial bonds will be the second choice of the School
If amortization bonds are sold and issued, the entire issue may be
the first
Board
'rustees one determine
?ut into may single bondupon at the into several bonds, principalBoard in¬
or divided time of sale, both as the and of
terest to be
on
CENTER
(P. O. Minneapolis, 718 53rd Ave., North),
is reported by the Village Clerk that
$5,681.54 improvement warrants were sold on April 27 to the Camden
Park State Bank of Minneapolis as 5s at par.
Minn.— WARRANTS SOLD—It
CHIPPEWA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O. Montevideo), Minn.—BOND OFFERING—It is stated by John B.
Tomhave, Clerk of the School Board, that he will receive sealed
and oral
bids until May 14, at 4 p. m., for the purchase of a $250,000 issue of build¬
ing bonds. Dated June 15, 1940. Denom. $1,000. Due Dec. 15, as follows:
$6,000 in 1941, $7,000 in 1942 to 1951, $12,000 in 1952 to 1959, and $13,000
in 1960 to 1965.
Bidder to name rate of interest.
Prin. and int. payable
at any suitable bank or trust company designated by the purchaser.
The
district will furnish the printed and executed bonds and the approving legal
opinion of Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis.
These bonds were authorized at the election held on April 9, by a vote of
624 to 370.
The bonds will be delivered on or before June 20, or thereafter,
at the option of the purchaser, and such delivery will be made either in
Montevideo or St. Paul, as requested by the purchaser.
A certified check
for $5,000, payable to the district, is required.
DULUTH,
Minn.—BOND
OFFERING—Sealed bids will be received
May 8 by C. D. Jeronimus, City Clerk, for the purchase
6% coupon semi-annual refunding
bonds.
Denom. $1,000.
Dated July 1, 1940.
Due on July 1 as follows:
$10,000 in 1942 and 1943; $20,000 in 1944 and $25,000 in 1945 to 1950.
Prin. and int. (J-J) payable in legal tender at the Irving Trust Co., New
York.
No bid at less than par and accrued interest will be considered.
Each bond may be registered as to principal in the name of the owner,
on the registry books of the City Treasurer, but such bond may be dis¬
charged from registration by being transferred from registration by being
transferred to bearer, after which it shall be transferable by delivery, but
may be registered again as above.
Such registration, however, shall not
restrain the negotiability of the interest coupons by delivery merely.
The
bonds are authorized under and by virtue of Subdivision 1 of Section 55
of the City Charter, and in further pursuance of certain ordinances, one
passed on Sept. 6, 1910, approved Sept. 8, 1910, and one passed on May 3,
1920, approved May 5, 1920, and as thus authorized are to be issued, sold,
negotiated and delivered by the City Council, notwithstanding any limita¬
tion contained in the City Charter, or in any statute of the State, prescrib¬
ing or fixing limitation upon the bonded indebtedness of the city, and
the City Council declares that the full faith and credit of the
city shall at
all times be irrevocably pledged for the payment of the bonds, and for the
payment of the current interest thereon.
The approving opinion of Chap¬
man & Cutler of
Chicago will be furnished.
Enclose a certified check for
2% of the par value of the bonds, payable to the city.
until 10
of
an
a. m. on
issue of $190,000 not to exceed
OSAKIS, Minn.—BOND OFFERING—Sealed bids
interest payment date from and
bonds will be sold for not less
expense as soon as practicable after their award.
Enclose
of $38,000.
(P. O. Corinth), Miss .—PRICE PAID—It is
now reported by the Clerk of the
Chancery Court that the $35,000 3%
semi-annual refunding bonds sold to Cady & Co. of Columbus as noted
here—V. 150, p. 2767—were purchased at a price of 100.785, a basis of
about 2.89%.
Due on March 1 in 1941 to 1955.
is
COUNTY
stated
by
(P.
F.
O.
J.
Hart,
Brookhaven),
Clerk
of the
Miss.—WARRANTS
Chancery Court, that
f30,000 2% semi-annual1 warrantsto 1943. sold. Dated March 1, 1940.
>ue $10,000
have been
March
in 1941
on
TALLAHATCHIE
COUNTY
(P. O. Charleston), Miss.—BONDS
SOLD—It is stated by Mrs. L. N. Henry, Clerk of the Board of Supervisors,
that a total of $1,213,000 3A and 3%% general refunding bonds were
purchased on April 26 by Hunter Jones & Co. of Memphis.
Dated June 1,
1940.
Due in 1941 to 1960.
WINONA, Miss.—MATURITY—It is stated by the City Clerk that the
$16,000 3A% semi-annual refunding bonds sold to M. A. Saunders & Co.
of Memphis at par, as noted here—-V.
150, p. 2614—are due on April 1
as follows: $1,000, 1945 to
1949; $3,000, 1950 to 1952, and $2,000 in 1953.
MISSOURI
certified check for $500, payable to the above Clerk.
The bonds will be sold for not less than their par value
to date of delivery, and all bidders must state the
will be redeemable.
with accrued interest
COUNTY
TETON
SCHOOL
Enclose
DISTRICT
NO. 30 (P. O. Power),
Mont.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
May 28, by E. H. Mills, District Clerk, for the purchase of a $17,000 issue
of not to exceed 6%, semi-annual refunding bonds.
Dated June 1, 1940,
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
10 years from the date of issue.
If serial bonds are issued and sold they
will be in the amount of $100 each, the sum of $1,700 of the serial bonds
will become payable on July 1, 1941, and the sum of $1,700 will become
payable on the same day each year thereafter until all of such bonds are
£
The bonds, whether amortization or serial bonds, will be redeemable
aid.
full
l
on
any
interest payment date from and after five years (half of the
issued) from the date of issue.
The bonds will
term for which the bonds are
be sold for not less than their par value with accrued interest, and all bidders
must state the lowest rate of interest at which they will purchase the bonds
at
par.
Enclose
(These bonds
a
certified check for $250, payable to the District Clerk.
were
originally scheduled for sale on April 30, as noted here
—V, 150, p. 2462.)
NEBRASKA
FAIRMONT, Neb.—BONDS SOLD—It is stated by the City Clerk that
$17,000 3%% semi-annual refunding bonds have been purchased by the
of Omaha.
Wachob-Bender Corp.
GRAND
ISLAND, Neb.—BONDS OFFERED—Sealed bids
were
received
until 8 p. m. on May
1 by the City Clerk for the purchsae of $91,000 re¬
funding bonds, according to report.
SCHOOL
DISTRICT
(P.
O.
Lincoln),
Neb.—BOND
is stated by J. G. Ludlam, Secretary of the Board of
Education, that he will receive sealed bids for the purchase of a $520,000
issue of not to
exceed
4% semi-annual school bonds.
To be dated not
1, 1940.
Bonds offered are to be paid in a period not
from their date and shall be made payable at such times
within the 40 years maximum and shall be issued in such denominations
as determined by the Board of Education, at or prior to their sale.
Pro¬
posals on the issue are desired as follows:
earlier than July
exceeding 40
years
Proposal I—Serial 1 to 40 years or less.
Annual payments combined
principal and interest approximately the same each year; annual income
and rate of interest the same throughout entire liquidation period.
Amount
retired in any year as large as available income will permit.
Annual
income assumed to be $22,500.
Bonds to be dated not earlier than July 1,
1940.
Proposal II—Same
Proposal I
with
optional payment provision
any
Proposal III—Serial 1 to 40 years or less.
Annual payments principal
and interest approximately the same each year; annual income the same
throughout the entire period; interest rates vary with maturity dates;
amount in any year retired to be as large as available income will permit.
Bonds to be dated not earlier than July 1,1940.
Annual income is assumed
to be $22,500.
Specifically as follows:
Block 1—$93,000—maturities 1 to 10 years.
Block 2—$115,000—maturities 11 to 20 years.
Block 3—$312,000—maturities 21 to 39 years.
on a
total of $520,000.)
Proposal IV—Same
from 1 to 40 years as
COMPANY
as
Proposal
III
with optional payment
any
time
after 10 years.
Proposal V—Same
LANDRETH BUILDING, ST. LOUIS,
as
time after 10 years.
(Bid desired
RICHTER
a
lowest rate of interest at which they will purchase the bonds at par.
a certified check for $2,776.40, payable to the City Clerk.
BONDS
Markets in all State, County & Town Issues
SCHERCK,
any
OFFERING—It
COUNTY
LINCOLN
on
HARDIN, Mont.—BOND OFFERING—Sealed bids will be received unti1
8 p. m. on May 14 by Melvin Cook, City Clerk, for the purchase of $27,764
not to exceed 6% semi-annual street improvement bonds.
Dated May 21,
1940.
Amortization bonds will be the first choice and serial bonds will
be the second choice of the Council.
If amortization bonds are sold and
issued the entire issue may be put into one single bond or divided into
several bonds, as the Council may determine upon at the time of sale,
both principal and interest to be payable in semi-annual instalments during
a period of 10 years from the date of issue.
If serial bonds are issued and
sold, they will be in the amount of $1,000 each, except one bond for $764;
the sum of $764 of the serial bonds will become due and payable on Jan. 1,
1941, and the sum of $3,000 on the same day each year thereafter until
such bonds are paid.
The bonds, whether amortization or serial bonds,
LINCOLN
MISSISSIPPI
SOLD—It
The bonds
will be redeemable in full
than their par value with accrued interest,
and are issued for the purpose of refunding outstanding building bonds of
the district which were originally issued as of Dec. 1, 1934, in the amount
The
village will also furnish the purchaser with the approving opinion of W. H.
Padden of Osakis.
Enclose a certified check for 2% of the bonds bid for.
ALCORN
such bonds are paid.
after seven years from the date of issue. The
will be received until
and int. payable in lawful money at the First National Bank, Osakis.
The
full faith and credit of the village are
pledged for the payment of principal
and interest of the bonds.
The village will have the bonds printed and
own
years
$1,744.42; the sum of $1,744.42 of the serial bonds will become payable
June 1, 1941, and the sum of $2,200 will become payable on the same
day each year thereafter until all of
whether amortization or serial bonds,
8 p. m. on May 6, by B. H. Lamphear, Village Recorder, for the purchase
of $10,000 not to exceed 6% annual special improvement bonds.
Dated
June 1, 1940.
Denom. $1,000.
Due $1,000 June 1, 1943 to 1952.
Prin.
executed at its
payable in semi-annual instalments during a period of 14
If serial bonds are issued and sold they will be in the
$2,200 each, except the first bond, which will be in the amount
from the date of issue.
of
BROOKLYN
OFFERING—Sealed bids will be received until
of the Board of Trustees, for
Interest rate is not to exceed.
Dated June 1, 1940.
Amortization bonds will be
Mont.—BOND
Falls),
2 p m on May 25 by Claude Bolick, Clerk
the purchase of $30,344.42 refunding bonds.
amount of
MINNESOTA
an
Proposal VI—Same
Proposal III with any
desired by bidder.
as
as
amounts
and maturities
Proposal V with optional payment any time after
10 years.
Principal and interest payable at the office of the City Treasirer,
is ex-officio Treasurer of the school district.
Proposals submitted
must be on the basis of the purchaser's printing the bonds at his own
who
MO.
paying all fees for legal expense in connection with bonds sold,
for the registration of the bonds, and all other expenses connected therewith.
These bonds were authorized at a special election held on Sept. 27, 1938,
and at the general
primary election on April 9, 1940.
Enclose a certified
expense,
MISSOURI
MARTHASVUXE SCHOOL DISTRICT
7w®irn^—
that
(P. O. M.rtha.WlIe), Mo.—
e are ^formed by the Secretary of the Board of Education
®?ito 102.166.
$1,000.
Due on
Coupon bonds, dated May 1,1940.
March
.
$15,000 coupon school building bonds were awarded on
April 25 to the
Mississippi Valley Trust Co. of St. Louis, as 3s, paying a
premium of $325,
ST.
1, I960.
LOUIS, Mo.—-BONDS
°*
Denoms. $500 and
PUBLICL Y OFFERED—A $600,000 block
municipal grade railroad approach revenue bonds is being
offered jointly by PYancis Bro. &
Co., and Stix & Co., both of St. Louis,
for public subscription at prices to
yield from 1.20% to 2.15%, according
to maturity
Dated Feb. 1, 1936.
Due $50,000 Feb. 1, 1945 to 1956.
Coupon bonds in the denomination of $1,000.
Prin. and int. payable in
New Vork City.- Fully registerable in
denominations of
$10,000
or more.
check for $10,000.
McCOOK, Neb.—BONDS AUTHORIZED—The City Council is said to
the issuance of $425,000 3H%
light and power purchase bonds.
Dated on or about July 1,1940.
Due $25,000 in 1945 and $40,000 in 1946 to 1955.
have passed recently a resolution calling for
semi-ann.
NEBRASKA CITY, Neb.—BOND SALE— The $300,000 issue of refund¬
ing bonds offered for sale on April 29—V. 150, p. 2767—was awarded to
Halsey, Stuart & Co. of Chicago as 1 hp, paying a premium of $1,260, equal
to
100.42,
in 1941 to
a basis of about 1.65%.
Dated June 1, 1940.
1955; optional after five years.
Due
on
June 1
POLK, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$9,000 3% semi-annual refunding bonds have been sold.
Volume
The Commercial
ISO
& Financial Chronicle
2921
ST.
EDWARDS SCHOOL DISTRICT (P. O. St. Edwards), Neb.—
BOND DISPOSAL REPORT—It is stated by the District Secretary that
$10,000 3H% semi-annual funding bonds were handled by the Wachob-
Municipal Bonds
Bender Corp. of Omaha.
VALLEY
COUNTY
(P. O. Ord), Neb.—BONDS REFUNDED— It is
stated that $31,000 3% semi-annual court house and jail refunding bonds
are being handled through the Kirkpatrick-Pettis Co. of Omaha.
NEW
CHESTER
TOWNSHIP
(P.
N.
Shade),
Maj>Ie
Tilney & Company
3.—TENDERS
91
E.
Main
St.,
Moorestown, until
NEW
2 p. m.
ELIZABETH
HOUSING
AUTHORITY,
J.—BOND
N.
SALE—A
syndicate composed of Phelps, Fenn & Co., Inc., F. S. Moseley & Co.,
R. W. Pressprich & Co., all of New York; Stranahan, Harris & Co., Inc.,
Toledo, and McDonald-Coolidge & Co. of Cleveland, was awarded on
May 1 an issue of $319,000 first issue series A housing authority bonds on a
bid of par for a combination of interest rates, the net interest cost to the
authority being about 2.51%.
The bonds are dated May 1, 1940 and bear
interest rates as follows: For $40,000 maturing Nov.
1, 1940, as 3^s;
$96,000 maturing Nov. 1, $11,000 in 1941 to 1943, $12,000 in 1944 and 1945,
$13,000 in 1946 to 1948, as 2s; $44,000 maturing Nov. 1, $14,000 in 1949,
$15,000 in 1950 and 3951, as 2Ms; $48,000 maturing Nov. 1, $15,000 in
1952, $16,000 in 1953, $17,000 in 1954, as 2^s; and $91,000 maturing
Nov. 1, $17,000 in 1955, $18,000 in 1956 and 1957, and $19,000 in 1958
and 1959, as 2^s.
The banking group reoffered the bonds to yield from 0.20% to 2.65%,
according to coupon rate and maturity date.
FORT
LEE
SCHOOL
J.—TENDERS RECEIVED—
refunding bonds due
June 1, 1979, the Peoples Trust Co. of Bergen County, fiscal agent for the
borough and School District, reports that tenders were received for $2,000
In
connection
at 81.75 and
with
the
DISTRICT, N.
call
for
$3,000 at 82.
tenders
composed of B. J.
Van Ingen & Co., Inc., New York, Stranahan, Harris & Co., Inc., Toledo,
and Buckley Bros, of Philadelphia, was the successful bidder at the offering
of $425,000 coupon or registered refunding bonds on April 30—V. 150,
p. 2767.
This account bid for $421,000 bonds as 2}4b and 3s, and paid a
price of $425,374.19, equal to 101.039, a net interest cost of aDout 2.557%.
The bonds are dated April 1, 1940 and were issued as follows: $225,000 3s,
maturing $15,000 in 1940 and 1941; $20,000 from 1942 to 1947, incl., and
$25,000 from 1948 to 1950, incl.; $196,000 2Hs, due $25,000 from 1951 to
1957, incl., and $21,000 in 1958.
The bankers priced the 3s to yield 0.30%
to 2.50%, according to maturity, and the 2^s were.priced from 101 down
to 98.50.
Second high bid of 101.099 for $421,000 2%b was made by an
account composed of Shields & Co., Barclay, Moore & Co. and H. B. Boland & Co.
Other bids were as follows: Charles Clark & Co., Bioren & Co.
and Suplee, Yeatman & Co., 100.253 for $200,000 2.90s and $224,000 2.60s.;
Butcher & Sherrerd and Stroud & Co., 100.579 for $110,000 3s and $313,000
2.70s* H. L. Allen & Co., Kean, Taylor & Co., Schmidt, Poole & Co. and
Van Deventer Bros., 100.478 for $400,000 2Ms and $23,000 2.60s; M. M.
Freeman & Co., 100.59 for $423,000 2%s; E. H. Rollins & Sons, Inc., C; C.
Codings & Co., Dougherty, Corkran & Co. and J. S. Rippel & Co., 100.363
for $250,000 3s and $174,000 2^s; Burr & Co., Inc., 101.217 for $200,000
2%s and $220,000 3s; Hal'sey, Stuart & Co., Inc., 100.084 for $425,000
LIVINGSTON
TOWNSHIP
(P. O. Livingston),
N. J.—BOND OF¬
FERING—Charles G. Zahn, Township Clerk, will receive sealed bids until
7:30 p. m. on May 9 for the purchase of $55,000 not to exceed 6% interest
coupon or registered sewer assessment bonds of 1940,
Dated May 1, 1940.
Denom. $1,000.
Due May 1 as follows: $10,000 in 1942 and $5,000 from
1943 to 1951, incl.
Bidder to
single rate of interest, expressed in a
multiple of M of 1%.
Principal and interest (M-N) payable at the Liv¬
ingston National Bank.
The sum required to be obtained at sale of the
bonds is $55,000.
The bonds are general obligations of the township,
payable from unlimited ad valorem taxes to be levied on all of its taxable
property.
A certified check for 2% of the bonds offered, payable to order
of the township, is required.
Legal opinion of Hawkins, Delafield & Long¬
fellow of N. Y. City will be furnished the successful bidder.
LONG
BRANCH
name a
HOUSING
order of the
each bid.
AUTHORITY, N. J.—BOND SALE—
R. W. Pressprich & Co. of New York, only bidder, was awarded on May 1
issue of $100,000 first issue series A housing authority bonds at par, for
In 1941, $3,000 in 1942, $4,000 in 1943, $3,000 in 1944, $4,000 in 1945 and
1946, as 2.40s; $17,000 maturing Nov. 1, $4,000 in 1947 and 1948, $5,000
2%b\ $37,000 maturing Nov. 1, 5,000 in 1951 to
1954, $6,000 in 1955, $5,000 in 1956, $6,000 in 1957, as 3s; and $12,000
maturing $6,000 Nov. 1, 1958 and 1959, as 3.20s.
in 1949, $4,000 in 1950, as
MONMOUTH
COUNTY
issue of $100,000 3%
Due July 1, 1940.
(P. O. Freehold), N. J.—NOTE SALE—An
bond anticipation notes was sold to county banks.
BROOKHAVEN
(P. O. Patchogue), N. Y.—BOND OFFERING—
Havens, Town Clerk, will receive sealed bids until 11 a. m.
May 8 for the purchase of $140,968.43 not to exceed 6% interest
coupon or registered public works bonds, as follows:
$49,717.00 series A bonds.
One bond for $717, others $1,000 each,
Due
Nov. 15 as follows:
$9,717 in 1940; $13,000 in 1941 and 1942,
and $14,000 in 1943.
Interest M-N.
91,251.43 series B bonds.
One bond for $251.43, others $1,000 each.
;
Due Jan. 1 as follows: $17,251.43 in 1941; $24,000 in 1942 and
$25,000 in 1943 and 1944.
Interest J-J.
All of the bonds will be dated May 1, 1940.
Bidder to name a single rate
of interest, expressed in a multiple of K or l-10th of 1%.
Prin. and semi¬
annual interest payable at the Town Supervisor's office, with New York
exchange.
The bonds are general obligations of the town, payable from
unlimited ad valorem taxes.
A certified check for $3,000, payable to order
of the town, must accompany each proposal.
Legal opinion of Dillon,
Vandewater & Moore of N. Y. City will be furnished the successful bidder.
Andrew .D.
(DST)
NORTH
BERGEN
TOWNSHIP
HOUSING
AUTHORITY, N. J.—
BOND SALE—The First National Bank of North Bergen, only bidder, was
awarded
May 1 an issue of $107,000 first issue series A housing authority
bonds as 2M», at par.
Dated May 1, 1940, and due May 1 as follows:
$19,000 in 1940; $5,000, 1941 to 1943, incl.; $6,000, 1944; $5,000, 1945;
$6,000, 1946 and 1947; $7,000, 1948; $6,000 in 1949; $7,000 in 1950, 1951
and 1952, and $8,000 in 1953 and 1954.
on
VENTNOR CITY, N. 3.—BOND CALD-George H. Bratten, City
Comptroller, announced April 29 the call for payment on June 1, 1940, of
$2,447,000 refunding bonds dated Jan. 1, 1935, representing the amount
still outstanding of a total
authorized issue of $2,950,000.
The other
$503,000 bonds were previously paid and (or) canceled.
The bonds now
called will be paid when surrendered in negotiable form, accompanied by all
June 1, 1940 arid subsequent coupons, at the Ventnor City National Bank,
Ventnor City.
Coupons maturing June 1, 1940 and prior thereto will be
paid upon the presentation and surrender of such coupons.
NEW
MEXICO
UNIVERSITY OF NEW MEXICO
(P. O.
Alburuerque), N. Mex.—
MATURITY—It is stated by Comptroller Tom L. Popejoy, in connection
with the sale of the $110,000 bonds to Paul H. Davis & Co. of Chicago,
3Hs, at 100.40—V. 150, p. 2615—that the bonds mature as follows:
$44,000 women's dormitory A bonds.
Due $2,000 on April 15 in 1942 to
as
1963
incl.
44,000 men's dormitory B
1963 incl.
bonds.
Due $2,000
BUFFALO MUNICIPAL HOUSING AUTHORITY (P.
*
on
April
15 in
1942 to
NEW
Due $1,000 from April 15,
YORK
AUBURN, N. Y.—BOND OFFERING—A. P. Briggs, City Comptroller,
will receive sealed bids until 11 a. m. (EST) on May 10 for the purchase of
$260,000 not to exceed 6% interest coupon or registered bonds, divided as
follows:
•
$170,000 home relief bonds.
Due April 15 as follows: $13,000 from 1941
to 1943 incl.; $18,000 in 1944 and 1945 and $19,000 from 1946
1950 incl.
90,000 public works bonds.
Due April 15 as follows: $15,000 from 1941
to 1945 incl. and $3,000 from 1946 to 1950 incl.
All of the bonds will be dated April 15 1940.
Denom. $1,000.
Rate of
of
or l-10th of 1%.
Different
be named on the respective issues.
Prin. and int. (A-O) payable
the City Bank Farmers Trust Co., New York City.
The bonds are
interest to be expressed in a multiple
rates may
at
general obligations of the city, payable from unlimited ad valorem taxes.
Legal opinion of Reed, Hoyt, Washburn & Clay of New York City will be
O. Buffalo),
N. Y.—BOND SALE—A syndicate composed of Phelps, Fenn Co.,
Inc.,
F. S. Moseley & Co., R. W. Pressprich & Co., all of New York; Stranahan,
Harris & Co., Inc., Toledo; and McDonald-Coolidge & Co., of Cleveland,
was awarded on May 1 an issue of $1,666,000 first issue series A housing
authority bonds on a bid of par for a combination of interest rates, the net
interest cost to the authority being about 2.47%.
The bankers bid for the
bonds as follows: For $768,000 maturing Nov. 1, $181,000 in 1940, $56,000
1941, $59,000 in 1942, $60,000 in 1943. $63,000 in 1944, $65,000 in 1945,
$67,000 in 1946, $70,000 in 1947. $72,000 in 1948, $75,000 in 1949, as 2s;
$157,000 maturing Nov. 1, $77,000 in 1950, $80,000 in 1951, as 2^s;
$348,000 maturing Nov. 1, $83,000 in 1952, $86,000 in 1953, $88,000 in
1954, $91,000 in 1955, as 2Ms, and $393,000 maturing Nov. 1, $94,000 in
1956, $97,000 in 1957, $99,000 in 1958 and $103,000 in 1959, as 2%s.
'
The bonds are dated May 1, 1940 and were reoffered to yield from 0.20%
to 2.60%, according to coupon rate and maturity date.
Interest M-N.
in
A group composed of Goldman, Sachs & Co.,
B. J. Van Ingen & Co., Inc., A. C. Alllyn &
E. H. Rollins & Sons .Inc.,
Co., Inc., and R. D. White
Co., was second high bidder, naming a price of par for 2Mb, 2^8, 2%s
and 3s, or a net cost of about 2.82%.
&
DUNKIRK, N. Y.—BOND OFFERING DETAILS—In connection with
the proposed sale on May 14 of $80,000 not to exceed 6% interest coupon or
registered Works Progress Administration bonds of 1940, previously re¬
ferred In V. 150, p. 2768, we learn that all of the city's taxable property
will be subject to a levy of unlimited ad valorem taxes to provide for pay¬
ment of principal and interest.
Legal opinion of Albert J. Foley, City
Attorney, will be furished the successful bidder.
JOHNSON
CITY,
N.
Y.—BOND
SALE—The
$28,000
coupon
or
awarded to H. L.
Sale consisted of
$14,000 street improvement bonds and an euqal amount of public works
bonds, the maturity schedule in each instance being as follows:
$3,000
in 1941 and 1942, and $4,000 in 1943 and 1944.
Dated May 1, 1940.
Other bids:
(for 0.70s) Union Securities Corp., 100.01; (0.75s) C. F.
Childs & Co.; 100.01; (0.80s) Manufacturers & Traders Trust Co., 100.10;
(Is) George B. Gibbons & Co., Inc., 100.09, and Workers Trust Co. of
registered bonds offered May 3—V. 150, p. 2768—were
Allen & Co. of New York on a bid of 100.04 for 0.70s.
Johnson City, 100.10.
LONG
N. Y.—DEBT REORGANIZATION PROPOSED—
& Co., municipal finance consultants, 30 Broad St..
in pamphlet form the past week the details of a proposed
BEACH,
S.
Taber
New York, issued
refinancing of the city's debt. The plan provides for the exchange of new
4% refunding bonds for all of the general obligation bonds issued prior to
Dec. 31, 1938, and outstanding in the amount of $5,975,750.
The new
bonds would mature serially from 1943 to 1960 incl., the maximum period
allowed by the New York State Constitution, and the proposed coupon
rate, according to the data furnished bondholders, is the maximum interest
the city can stand if the budget is to be balanced and the bonds retired with
present income.
The program also seeks the consent of holders of general
and water refunding bonds, dated Jan. 1, 1938 but issued after Jan. L, 1939
and amounting to $126,300, to turn in their bonds to be stamped with a
4% interest rate. Maturity will remain unchanged as the State law prevents
the refunding of such debt.
In addition, $373,500 of present judgments
against the city would be converted into funding bonds to mature from
19The'succeLful culmination of the foregoing program will result,
according
in a maximum debt service of $490,000 a year which is calculated
permit all present floating debt to be retired by 1943 and all general
obligation debt to be liquidated in 1960.
It is also designed to result in a
balanced budget based on the city's present income.
The refunding plan,
it is said, should provide the bondholder with a more secure bond which
contemplates prompt payment at maturity, steady and assured interest,
increased value, an improved credit structure and more than adequate
protection under the "cash basis" Act.
Upon completion of the refunding
the city will establish itself on a cash basis of budgetary operation
in
accordance with bills passed by the State Legislature, the purpose of which
is to prevent any deficit and to eliminate the recurrence of floating debt.
Necessity for the projected debt refinancing, according to the report by
Norman S. Taber & Co., is reflected in the fact that under pr^ent cir¬
cumstances the city is retiring funded debt at the rate of only $76,000 an¬
nually, or less than 1.3% of the grand total of $5,968,000 general obligations
to report,
to
£or debt
The, 1940 budget includes $520,133.63
{including $76,000 for bond retirement), this being more than
presently outstanding.
service
22,000 cooperative men's dormitory C bonds.
1942 to 1963 incl.
to
on
Norman
NEWARK. N. 3.—BOND OFFERING—E. A. Farrell, Acting Auditor
of Accounts, reports that sealed bids will be received until 11 a. m. on May
15 for the purchase of $1,350,000 street, water and sewer bonds.
Dated
May 15, 1940 and due on May 15 from 1941 to 1960, incl.
accompany
proposal.
an
various interest rates, or a net cost to the authority of about 2.95%.
Bonds
were sold as follows: For $34,000 maturing Nov. 1, $12,000 in 1940, $4,000
city, must
BINGHAMTON, N. Y.—BOND OFFERING—Arthur J. Ogden, City
Comptroller, will receive sealed bids until noon (DST) on May 7, for the
purchase of $109,000 not to exceed 6% interest coupon or registered series
B (home relief) general bonds of 1940.
Dated May 1, 1940.
Denom.
$1,C00. Due May 1 as follows: $10,000 in 1941 and $11,000 from 1942 to
1950, incl.
Bidder to name a single rate of interest, expressed in a multiple
of )i or l-10th of 1%.
Principal and interest (M-N) 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 furnished the successful bidder.
A certified check for
$2,180, payable to order of the City Comptroller, must accompany each
group
2.70s, and 100.986 for $421,000 3s.
YORK
A certified check for $5,200, payable to
V--
v-/
N. Y.
furnished the successful bidder.
of school
HADDONFIELD, N. J.—BOND SALE—A
NEW YORK,
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
WANTED—William E. Mac Kinney, Township Clerk, announces that
sealed tenders of general refunding bonds, dated Dec. 1, 1936, due Dec. 1,
1975, at not exceeding par and accrued interest, will be received by the
Burlington Trust Co., fiscal agent,
((DST) on May 21.
Government Bends
76 BEAVER STREET
JERSEY
O.
-
Housing Authority Bonds
40%
Under the current maturity
1943. the first year of heavy bond
principal maturities, total about $850,000. this being nearly 65.6% of the
present budget, or approximately $85,000 more than the amount of current
city taxes collected during 1939.
Moreover, the annual requkements in
the succeeding years until 1953 are equally heavy and, in the opinion of the
refunding agents, holders of debt maturing in that period cannot look
forward to a cash payment at maturity, as the present state of the city s
credit makes the sale of even 6% refunding bonds at par an impossibility
of the entire fiscal requirements for the
schedule however, debt service needs in
forced refundings
has not been solved and
permanent solution of the
While previous
program
fn
a
year.
afforded temporary relief, the fundamental
the proposed program is expected to result
city's financial problems
As previously
it envisages the liquidation through provision in the budget of all
the'current floating debt within the next tour yearn; prevents the recur¬
rence of such debt and will permit the retirement of the general obligation
Indebtedness through yearly instalments within the nert20. years.
The refunding program must be approved by the Comptroller of New
York State prior to its being declared operative.
During the past six
months, the office of the Comptroller has been kept informed and has
followed all developments.
Bondholders may obtain agreement of ex¬
change and interest reduction forms from Norman S. Taber & Co., 30
stated
of
*
The Commercial & Financial Chronicle
2922
Broad St., New York
bcforo
X
1940»
B
NEW YORK, N. Y.—BANKS TO HANDLE EXCHANGE OF UNI¬
BONDS—Comptroller Joseph
D. McGoldrlck announced
April 30 that the two banks to be designated to act as agents for the city
in the distribution and exchange of unification bonds will be the Bank of
New York and the Bank of the Manhattan Co.
The first will handle the
B.M. T.-B. Q. T. bonds and the second will distribute the securities to be
issued in connection with the I. R. T. The Institutions will act as the city's
agents in distributing the corporate stock and interim certificates of cor¬
porate stock to the depositaries under the unification plan in accordance
with requisitions made by them against global interim certificates for
corporate stock which the city will deliver to the depositaries on the date of
consummation.
The agent banks will also make exchanges of securities as
requested by individual security holders. Their designation as agents for the
city expires on Sept. 1, 1940.
N.
Y.—GRADE
CROSSING
ELIMINATION
or
date
semi-annual instal¬
ments.
NEW
of Minneapolis, at
a
price of
as
follows:
133,000 municipal building bonds.
For $95,000 maturing May 1, $25,000
in 1949, $35,000 in 1950 and 1951, as 4Ms, and $38,000 maturing
May 1, 1952, as 4s.
588,000 sewer bonds.
For $352,000 maturing May 1, $2,000 in 1952,
$40,000 in 1953, $55,000 in 1954, $80,000 in 1955, $85,000 in
1956, $90,000 in 1957, as 4s, and $236,000 maturing May 1, $95000 in 1958, $100,000 in 1959, and $41,000 in 1960. as 3Ms.
2.230,000 street bonds.
For $1,235,000 maturing May 1, $64,000 in 1960,
$105,000 in 1961, $115,000 in 1962 and 1963, $120,000 in 1964,
$126,000 in 1965, $145,000 in 1966 to 1968, $155,000 in 1969, as
3 Ms, and $995,000 maturing May 1, $160,000 in 1970, $170,000
in 1971, $175,000 in 1972, $180,000 in 1973, $185,000 in 1974, and
$125,000 in 1975, as 3 Ms.
BILL
same
Haffray & Hopwood,
$797,000 school bonds.
For $500,000 maturing May 1, $25,000 in 1942 to
1944, $50,000 in 1945 to 1948, $75,000 in 1949 to 1951, as 4Mb,
$305,000 maturing May 1, $75,000 in 1952 and 1953, $60,000 in
1954, $35,000 in 1955, $30,000 in 1956 and 1957. as 4s, and $174,000 maturing May 1, $30,000 in 1958, $25,000 in 1959, $20,000
in 1960 to 1964, and $19,000 in 1965, as 3 Ms.
the Governor vetoed without comment two Ehrlich bills which would have
permitted the payment of city taxes in quarterly
and Piper,
100-03, a net interest cost of about 3.726%, on the bonds divided
York City.
INSTALMENT TAX PAYMENTS DISAPPROVED—On the
150, p. 2616—were awarded to a syndicate composed of
Co. of New York, Blair & Co., Inc., Stranahan, Harris &
Van Ingen &
of Chicago,
SIGNED—-Governor Lehman gave his approval on April 27 to the Thompson
bill authorizing a $21,000,000 bond issue for eliminating grade crossings in
New
J
Co., Inc., of Toledo, John Nuveen & Co., of Chicago, E. H. Rollins & Sons,
A. C. Allyn & Co., both of New York, 8tifel, Nicolaus & Co., of St. Louis,
Otis & Co., of Cleveland, Bacon, Stevenson & Co., Eldredge & Co., both of
New York, Dougherty, Corkran & Co., of Philadelphia, V. P. Oatis & Co.,
FICATION
YORK,
30—V.
April
$6,000
BONDS PURCHASED BY CITY—Reporting on outcome of
city's offer to purchase $41,600 general and water refunding bonds, dated
Dec. 1, 1933 and due Dec. 1, 1949—V. 150, p. 2768. the Marine Midland
Trust Co. of New York states that $6,000 bonds were purchased.
NEW
May 4, 1940
HIGH POINT, N. C.—BOND SALE—The various issue of coupon
semi-annual refunding bonds aggregating $3,930,000, offered for sale on
City, and are requested to file consents to the plan
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the above bonds for general subscription.
The bonds, which are
dated May 1, 1940 and due May 1, 1942 to 1975, inclusive, are being
offered at prices to yield from 1.50% to 3.75% for the 1942 to 1969, ma¬
turities, while the 1970 to 1975 maturities are priced at 98-97 and interest.
The bonds are redeemable on May 1,1945, or any interest date thereafter,
at the city's option, in whole or in part, at par and accrued interest plus a
YORK,
State of—GRADE CROSSING ELIMINATION BILL
SIGNED—Governor Lehman has approved the Thompson bill as Chapter
779, Laws of 1940, authorizing the creation of State debt and appropriating
$15,000,000 for the elimination of grade crossings outside of New York
City, Buffalo and Syracuse.
(In connection with this bill also refer to
the Thompson bill on New York City, cited above.)
—BILL
NEW YORK STATE BRIDGE AUTHORITY (P. O. Albany), N. Y.—
SIGNED BY GOVERNOR—Governor Herbert H. Lehman ap¬
premium of 5% if redeemed prior to Nov. 1,1949,4% prior to Nov. 1,1954,
3% prior to Nov. 1, 1959 , 2%, Prior to Nov. 1, 1964, 1% prior to Nov. 1,
1969, and without premium thereafter.
proved as Chapter 764, Laws of 1940, the Williamson bill empowering the
Authority to acquire at a price of not more than $2,300,000, the Bear
Mountain Hudson River Bridge, by purchase, condemnation or otherwise,
and to issue negotiable tax free bonds therefor to be secured solely by pledge
BOND CALL—It is stated by E. M. Knox, City Manager, that various
funding and refunding, series A bonds, aggregating $3,930,000, and certifi¬
cates of indebtedness aggregating $217,631.67, are being called for payment
at par and accrued interest at the Irving Trust Co. in New York City.
of tools and other revenues.
SANGERFIELD
N.
SPECIAL WATER
Y.—BOND SALE—T.
W.
DISTRICT
ROCKINGHAM, N. C.—BOND SALE—The coupon semi-annual re¬
funding bonds aggregating $255,000, offered for sale on April 30—V. 150,
p. 2769—were awarded to the Equitable Securities Corp., and Vance,
Young & Hardin of Winston-Salem, jointly, paying a premium of $456.45,
equal to 100.179, a net interest cost of about 3.64%, on the bonds divided
(P. O. Waterville),
Kehoe,
District Clerk, reports the sale of
$12,000 2.80% water bonds to Delason & Co. of Buffalo.
Due $600 on
May 1 from 1941 to 1960 incl.
follows:
as
WESTCHESTER
COUNTY
PARKWAY
AUTHORITY
(P.
O.
White Plains), N. Y.—GOVERNOR VETOES BILL—The Williamson bill
$110,000 water and sewer refunding bonds, as 3Ks, maturing annually.
May 1, $5,000, 1941 to 1958. incl., $10,000, 1959 and $10,000,
establishing the above authority and providing for the levying of tolls on
various county parkways and a bond issue of $8,600,000—Y. 150,
p. 2298
vetoed by Governor Herbert H. Lehman,
1960.
,
89,000 street and sidewalk refunding bonds, as 3Ms, maturing annually
May 1, $4,000, 1941, and $5,000, 1942 to 1958, incl.
56,000 general refunding bonds, as 3Ms, maturing annually, May 1,
$2,000, 1941 to 1945, $3,000, 1946 to 1959, incl., and $4,000, 1960.
Denom. $1,000; principal and interest (M-N) payable in New York city.
—was
"In my opinion," the Governor stated in his veto memorandum* "it is an
unsound practice to impose tolls on roads and parkways.
There is a sub¬
stantial distinction between that and imposing a toll for a new bridge or
tunnel.
"Were I to sign this bill I feel that it would create a precedent which
would open the way to the passage of legislation authorizing the imposition
of tolls on highways and parkways throughout the State. We cannot afford
to overlook the
SALISBURY, N. C.—BOND SALE— The two issues of refunding bonds
aggregating $319,000, offered for sale on April 23—V. 150, p. 2616—were
awarded jointly to Paine, Webber & Co. of Chicago, and Otis & Co. of
Cleveland as 3Ms, paying a premium of $3,611) equal to 101.131, a basis
Both from
of about 3
a
long-range disastrous results of charging tolls on our roads.
of view we cannot afford to retrogress
prevailing in this country a century ago."
State and National point
to conditions
YONKERS MUNICIPAL HOUSING
59%. The bonds are divided as follows:
$60,000 school bonds. Due on May 1 in 1941 to 1958.
259,000 improvement bonds.
Due on May 1 in 1941 to 1958.
AUTHORITY, N. Y.—BOND
(This notice supersedes the sale report given in our issue of April 27—V.
150 p. 2769.)
SALE—A syndicate composed of Phelps, Fenn & Co., Inc.; F. S.
Moeeley
& Co.; R. W. Pressprich & Co., all of New York;
Stranahan, Harris & Co.,
Inc., Toledo, and McDonald-Collidge & Co. of Cleveland, was awarded on
May 1 as issue of $534,000 first issue series A housing
authority bonds on a
bid of par for various interest rates, the net interest cost to the
authority
being about 2.58%.
Bonds are dated May 1, 1940 and were issued as
follows:
For $183,000 maturing Nov. 1, $67,000 in 1940, $18,000 in 1941
and 1942, $19,000 in 1943, $20,000 in 1944 and 1945, $21,000 in
1946, as
2s, $68,000 maturing Nov. 1, $22,000 in 1947, $23,000 in 1948 and 1949.
as 2 Ms, $75,000
maturing Nov. 1, $24,000 in 1950, $25,000 in 1951, $26,000
in 1952, as 2Ms. and $208,000
maturing Nov. 1, $27,000 in 1953, $28,000
in 1954, $29,000 in 1955 and 1956, $31,000 in 1957 and
1958, and $33,000
in 1959, as 2M».
The bonds were re-offered to yield from 0.25% to 2.70%,
according to
maturity.
Only other bidder was a group composed of Goldman, Sachs &
Co.; E. H. Rollins & Sons, Inc.; B. J. Van Ingen & Co., Inc.; A. C. Allyn
& Co., Inc., and R. D. White &
Co., the offer figuring a net interest cost
of about 3%.
OHIO
BELPRE
EXEMPTED
VILLAGE
SCHOOL
DISTRICT,
Ohio—
BOND SALE—An issue of $13,000 3% building construction bonds, auth¬
an election on Feb. 13, has been sold.
Dated June 15,1940.
orized at
CINCINNATI, Ohio—BOND SALE— The sinking fund purchased at
the following bond issues aggregating $155,000:
$50,000 2M % sewage pollution elimination.
Due serially in 25 years.
50,000 2M % street.
Due serially in 10 years.
50,000 2M % street.
Due serially in five years.
5,000 2M% viaduct.
Due serially in five years.
All of the bonds bear date of June 1, 1940.
par
'
CINCINNATI, Ohio—SUED FOR TAX ON SOUTHERN RAILWAY
EARNINGS—State delinquent tax collector at Frankfort, Ky., has filed
in Franklin Circuit Court to collect income tax from the city on its
suit
NORTH
CAROLINA
CANTON, N. C.—BOND OFFERING—Sealed bids will be received
(EST) on May 7, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of $20,000
incinerator, water and sewer bonds.
Dated March 1, 1940.
Due $1,000
on March 1 in 1941 to 1960,
incl., without option of prior payment.
There
until 11a.m.
will be
no auction.
Denom. $1,000; principal and interest (M-S) payable in
lawful money in New York City;
coupon bonds not registerable; general
obligations; unlimited tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or
rates, not exceeding
multiples of M of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest
interest
cost to the town, such cost to be determined
by deducting the total amount
6%
per annum in
of the premium bid from the
aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and ac¬
crued interest will be entertained.
Bids
must
LAURINBURG, N. C.—BOND
ceived until 11 a. m.
(EST), on
the Local Government
maturing
as
OFFERING— Sealed
bids
will
be
re¬
May 7, by W. E. Easterling, Secretary of
Commission, at his office in Raleigh, for the pur¬
following bonds, aggregating $63,000, all dated Jan. 1, 1940,
set out below, without option of prior
payment:
$23,000 street
improvement
bonds,
maturing annually, Jan. 1, $1,000,
1941 to 1943 and $2,000, 1944 to 1953, all inclusive.
20,000 sanitary sewer bonds, maturing annually, Jan.
1, $500, 1943 to
oa
CUYAHOGA
ooo
oa
,949 and $1,000, 1947 to 1964, all inclusive.
20,000 electric light bonds, maturing
annually, Jan. 1, $500, 1943 to 1946
and $1,000, 1947 to
1964, all Inclusive.
Denom. $1,000, except the
sanitary sewer bonds and the electric light
*4^?^
k mature from 1943 to 1946, incl., which are of the denomination
of $500; principal and
interest (J-J), payable in New York City in
legal
tender; general obligations; unlimited
tax; coupon bonds registerable as to
principal alone; delivery on or about
May 23, at place of purchaser's choice.
COUNTY
(P.
O.
Cleveland),
Ohio—NOTE
SALE
DETAILS—The $1,890,000 0.75% welfare and relief purposes notes pur¬
chased in
January by
before July 31,1940.
a group
of local banks—V. 150,
p.
308—mature
on or
CUYAHOGA FALLS,
Ohio—BOND SALE— The $453,000 coupon
refunding bonds offered April 29—V. 150, p. 2464—were awarded to an
account composed of Stranahan, Harris & Co., Inc., Toledo; Fox, Einhorn
& Co., Inc. and Walter, Woody & Heimerdinger, both of Cincinnati, as 3s
and 3 Ms, at par plus a
premium of $564, equal to 100.124; a net interest
cost of about 3.163%.
Award was as follows:
$117,000 series B-65 bonds as 3s. Due as follows: $8,000 June 1 and Dec. 1
in 1941 and 1942; $8,000 June 1 and $9,000 Dec. 1 from 1943 to
1947 incl.
336,GOO series B-66 bonds
as
3Ms.
Due $21,000
on
June 1 and Dec. 1
from 1941 to 1948 incl.
be accompanied
by a certified check upon an incorporated
bank or trust company, payable
unconditionally to the order of the 8tate
Treasurer for $400.
The approving opinion of Storey, Thorndike, Palmer
& Dodge, Boston, will be furnished the
purchaser.
chase of the
earnings from the city-owned Cincinnati Southern RR.
The State claims
$12,152, plus interest of 1% a month, for Income tax due from 1936 to 1939.
Cincinnati Southern is owned by the City of Cincinnati and is leased to
Cincinnati New Orleans & Texas Pacific Ry.
All of the bonds bear date of May 1, 1940.
Kase
&
A group composed of Johnson,
Co.,..Seasongood & Mayer, and the Provident Savings Bank &
Trust Co., bid 100.02 for 3s and 3Ms.
Other bids:
Bidder—
Int Rate
Kase & Co., Seasongood & Mayer, BohmerReinhart & Co.; Seufferle & Kountz, Edward Brockhaus & Co., VanLahr, Doll & Isphording, Weil, Roth
Rate Bid
Johnson,
& Irving Co., Provident
Savings Bank & Trust Co.
and W. H. Zieverick
(a)
Fahey, Clark & Co., McDonald-Coolidge & Co., Merrill,
Turben & Co. and Field, Richards & Shepard
3M %
(a) $117,000, 3%; $336,000, 3M%.
100.02
100.61
aaa
There will be no auction.
A separate bid for each
issue
(not less than par and accrued interest) is
name the interest rate or
rates, not
exceeding 6% in multiples of M of 1%; each bid
may name one rate for part
of the bonds of
any issue (having the earliest maturities) and another rate
ror the balance, but no bid
may name more than two rates for any issue,
and ©ach bidder must
specify in his bid the amount of the bonds of each
required.
Bidders
are
requested to
The bonds will be awarded to
the bidder offering to purchase the
bonds at the lowest interest
cost to the town, such cost to be determined
by
amount of the premium bid from the
aggregate amount
of interest upon all of the bonds
rate.
deducting the total
until their respective maturities.
form to be furnished with additional
information and
must be accompanied by a certified
check upon an incorporated bank or
trust company, payable
unconditionally to the order of the State
Bids must be
on
a
Treasurer
t
«
L
j
of Masslich and
w?
r®-tect ad hidis is reserved. The approving opinion
Mitchell, New York City, will be furnished the purchaser.
DEER CREEK TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Williamsport), Ohio—BOND SALE—An issue of $3,800 building and
heating plant improvement bonds was sold to the Farmers National Bank
of Williamsport, as 3 Ms.
LEBANON, Ohio—BOND OFFER ING—T he Village Clerk will
sealed bids until
ment
bonds.
receive
May 17 for the purchase of $165,000 light plant improve¬
.
•
MAHONING COUNTY (P. O. Younwtown), Ohio—NOTE OFFER¬
ING—Earl F. Peitz, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a. m. (EST) on May 10, for the
purchase of
$100,000 4% poor relief notes. Dated May 1, 1940.
Denom. $1,000. Due
$25,000 Nov. 1,1940; $25,000 May 1 and Nov. 1 In 1941 and $25,000 May 1,
1942. Bidder may name a different rate of interest provided that fractional
rates are expressed in a multiple of M of 1%.
Interest M-N.
A certified
check for $1,000, payable to order of Frank E. Cailor, County Treasurer,
must accompany each
proposal.
A complete transcript is on file in the
County Commissioners' office and an approving legal opinion will be fur¬
nished at the purchaser's expense.
Latter must be prepared to take notes
not later than May 20.
MIDDLETOWN, Ohio—POWER PLANT ISSUE STILL IN LITI¬
GATION—Reporting on status of the proposed $1,800,000 municipal power
The Commercial
Vtlumt 1S0
A Financial Chronicle
plant mortgage revenue bond issue, previously referred to in V. 150, p. 2149,
H. Campbell, City Auditor, advises that the bond case is still in the
probably will be carried to the State Supreme Court for a final
•determination.
The Court of Appeals held that the permanent injunction
granted by the Common Pleas Court could only remain in force until the
matter was submitted to a vote of the people; when this will take place
it is not known, as the city must wait until the time limit allowed the
plaintiff for filing an appeal.
\
The city had contemplated submitting the matter to the voters at the
next general election to be held next November, but whether this will be
done will depend entirely upon the courts.
2923
OREGON
C.
courts and
..
coupon street
improvement bonds offered April 30—V. 150, p. 2464—were awarded to
Pohl & Co., Inc. of Cincinnati, as 12^s, at parplus a premium .of $211.11,
•equal to 100.211, a basis of about 1.47%.
Dated April 15, 1940 and due
$10,000 on April 15 from 1942 to 1951 incl. Second high bid of 100.157 for
IKs was made by Ryan, Sutherland & Co. of Toledo.
The following is a complete list of the bids submitted for the issue:
MIDDLETOWN,
Ohio—BOND SALE—The $100,000
Bidder—
Premium
Int. Rale
Pohl & Co., Inc., Cincinnati, O
Ryan, Sutherland & Co., Toledo
124%
$211.11
124%
157.00
Ellis & Co., Cincinnati
Braun-Bosworth & Co., Toledo
Weil- Roth & Irving Co., Cincinnati
124%
124%
l
124%
1 24 %
124%
12i%
124%
124%
124%
The National City Bank of Cleveland, Cleveland
Assel, Goetz & Moerlein, Inc., Cincinnati
Stranahan, Harris & Co., Toledo
Banohio Securities Co., Columbus
Fox, Einhorn & Co., Cincinnati
Field, Richards & Shepherd, Ind., Cincinnati
-
,i
68.95
33.00
27.00
1,092.00
^51.00
476.00
355.00
261.00
190.00
NORWOOD, Ohio—BOND OFFERING—A. M. Schoneberger, City
Auditor, will receive sealed bids until noon (EST) on May 13, for the pur¬
chase of $5,000 4% coupon parks and playgrounds improvement bonds.
Dated April 1, 1940.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1941 to
1945, incl.
Bidder may name a different rate of interest provided that
fractional rates are expressed in a multiple of 24 of 1%.
Principal and
interest (A-O) payable at the First National Bank, Norwood.
All bidders
must satisfy themselves of the validity of the bonds before submitting
tenders.
The favorable legal opinion of Peck, Shaffer, Williams & Gorman
of Cincinnati will be furnished the purchaser at his own expense.
A certified
check for 5% of the bonds, payable to order of the City Treasurer, is
required.
LAKEVIEW, Ore.—BOND OFFERINGS—Sealed bids will be received
May 13 by George W. Johnson, Town Recorder, for the
purchase of $4,536.64 3% semi-annual improvement, series A, coupon
until 7:30 p.m. on
bonds.
bridge improvement bonds offered April 26—V. 150, p. 2617—were
awarded to Halsey, Stuart & Co., Inc., Chicago, as 124s, at a price of 101.415,
a basis of about 1.59%.
Dated March 1, 1940 and due Sept. 1 as follows:
$20,863.90 in 1945 and $20,000 from 1946 to 1954, incl.
Other bids:
Bidder—
Rate Bid
Int. Rate
Braun, Bosworth & Co
Stranahan, Harris & Co
Seasongood & Mayer
100.409
100.364
100.30
124%
124%
124%
x
TOLEDO, Ohio—BOND OFFERING— Ruby Klein, City Auditor, will
receive sealed bids until noon on May 16, for the purchase of $24,500 3%
coupon judgment bonds.
Dated May 1, 1940.
One bond for $500, others
$1,000 each.
Due May 1 as follows:
$4,500 in 1942 and $5,000 from 1943
to 1946, incl.
Bidder may name a different rate of interest provided that
fractional rates are expressed in a multiple of 24 of 1%.
Principal and
interest (M-N) payable at the Chemical Bank & Trust Co., New York City.
All proceedings incident to proper authorization of issue will be taken under
the direction of a bond attorney whose
opinion as to legality of the bonds
may be procured by the purchaser at his own expense.
Bonds may be
exchanged for bonds registered as to principal and interest at the request
of the owner.
A certified check for 1% or the bonds bid for, payable to
order of the Commissioner of the Treasury, must accompany each proposal.
TOLEDO, Ohio—COURT ORDERS SIGNING OF BONDS—The City,
in a mandamus action, won an order to require Lawrence W. Davis, Clerk
of Council, and Mayor John Q. Carey, to sign $235,000 worth of poor relief
bonds issued against delinquent taxes.
The bonds were sold April 9 to
BancOhio Securities, Columbus—Y. 150, p. 2464—but the firm of Squires,
Sanders &
Dempsey, Cleveland municipal bond attorneys, refused to
approve the issue.
The action was in the nature of a friendly suit brought
at request
of the purchaser.
YOUNGSTOWN METROPOLITAN HOUSING AUTHORITY, Ohio
—BOND SALE—A syndicate composed of Walter, Woody &
Heimerdinger,
Weil,
Roth & Irving Co., and VanLahr, Doll & Isphording, Inc., all of
Cincinnati, was awarded on May 1 an issue of $489,000 first issue series A
housing authority bonds on a bid of 100.02 at various interest rates, the net
cost to the Authority being about 2.49%.
The group bid for the bonds as
follows: For $168,000 maturing Nov. 1, $62,000 in 1940, $16,000 in 1941,
$17,000 in 1942 and 1943, $18,000 in 1944, $19,000 in 1945 and 1946, as 2s;
$235,000 maturing Nov. 1, $20,000 in 1947, $21,000jn 1948 and 1949, $22,000 in 1950, $23,000 in 1951, $24,000 in 1952, $25,000 in 1953 and 1954,
$27,000 in 1955 and 1956, as 2Mis; and $86,000 maturing Nov. 1, $28,000
in 1957, and $29,000 in 1958 and 1959, as 224s.
Second high bidder was an
account composed of Phelps, Fenn & Co., Inc., F. S. Moseley & Co., R. W.
Pressprich & Co., Stranahan, Harris & Co., and McDonald-Coolidge & Co.,
whose tender figured a net interest cost of 2.64%.
A group composed of Widmann & Holzman, Seasongood & Mayer, Magnus
& Co. and Nelson, Browning & Co. bid on a net interest cost of 2.678%.
PORTLAND, Ore.—BONDS SOLD—It is stated by William Adams,
City Treasurer, that an issue of $114,338.39 6% semi-annual street lighting
improvement bonds was offered for sale on May 1 and was awarded to the
United States National Bank of Portland, paying a price of 114.55, a basis
of about 2.80%, to final maturity.
Dated March 1, 1940.
Denom.
$1,000, one for $338.39.
Due March 1, 1945, provided that the city
reserves the right to redeem all or any portion of the face value thereof,
with accrued interest to the date of payment upon the first day of any
month at or after three years from the date of the bonds.
The bonds shall
be redeemed consecutively by number.
Prin. and int. payable in lawful
money at the City Treasurer's office, or at the fiscal agency of the State
in New York City,
PENNSYLVANIA
BEAVER, Pa .—BOND OFFERING—James W. Baker, Borough Secre¬
May 16 for thepurchase
of $75,000 coupon bonds.
Dated June 1, 1940.
Denom. $1,000.
Due
June 1 as follows:
$5,000 from 1942 to 1952 incl., and $10,000 in 1953 and
tary, will receive sealed bids until 7 p. m. (EST) on
1954.
Bidder to name the rate of interest in a multiple of 24 of 1%.
Sale of bonds is subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs.
Borough will furnish the bonds and legal
opinion of Burgwin, Scully & Churchill of Pittsburgh.
A certified check
for $1,000, payable to order of the borough, is required.
EAST
ROCHESTER, Pa .—BONDS VOTED—An issue of $7,500 sewer
bonds was authorized by the voters at the primary election
construction
April 23.
on
FAIRVIEW TOWNSHIP SCHOOL DISTRICT (P. O.
Fredonia),
Pa.—BONDS DEFEATED—At the primary election on April 23 the voters
rejected
a
LIGONIER, Pa.—BONDS VOTED—An issue of $25,000 reservoir bonds
was
approved
on
Nov. 10, 1938.
A certified check for 2%
of the bid is required.
was
originally scheduled for April 29,
as
EL RENO. Okla.—BOND SALE DETAILS—It is stated by the City
Clerk that $30,000 sewage disposal plant bonds sold to the Baum, Bernheimer Co. of Kansas City, as noted here—V. 150, p. 2770—were purchased
as follows:
$16,000 as 2s, due $4,000 in 1943 to 1946; the remaining $14,000
as
SCHOOL
DISTRICT
PATTON TOWNSHIP SCHOOL DISTRICT (P. O. R.
Pa .—BOND SALE—The $52,000 funding bonds offered April
HAMMON
O.
Grove),
SCHOOL DISTRICT
City
as
(P.
O.
Hammon), Okla.—BONDS
the Board of Education that $5,400
April 16 to R, J. Edwards, Inc., of Oklahoma
is stated by the Clerk of
school bonds were sold
on
224s and 224s.
McINTOSH
AND
OKMULGEE
COUNTIES, JOINT CONSOLI¬
DATED SCHOOL DISTRICT NO. 27 (P. O. Hitchita), Okla.—BONDS
SOLD—It is stated by the Clerk of the Board of Education that $6,700
school construction bonds approved by the Attorney General on April 5,
have been purchased
a
PHILADELPHIA. Pa.—WATER BONDS TO BE SUBJECT TO COURT
TEST—In order to
obtain
OKMULGEE SCHOOL DISTRICT (P. O. Okmulgee), Okla.—BOND
OFFERING—It is stated by the Treasurer of the Board of Education that
he will receive sealed bids until May 14, for the purchase of $24,000 building
jointly to the J.
E.
Piersol
Bond
Co.
of Oklahoma City, and
Francis Bros. & Co. of Tulsa, according to the Town Clerk.
in 1943 to
1953, incl,
$18,000,000 water
April 23—-V. 150, p. 2770, a
final ruling on legality of the
friendly taxpayers' suit will be filed in Common Pleas Court and irrespective
of its decision an appeal will be taken immediately to the State Supreme
Court.
Chief Justice William I. Schaffer has promised to sit at a special
session of the court in June to rule on the bond issue, f Meantime, the city
Will proceed with plans for the rehabilitation
of the w&ter system.
Pa .—BONDS VOTED—An issue of $27,000 water pipe
approved at the election on April 23.
PINE GROVE,
line bonds
was
SCHOOL DISTRICT, Pa.—BOND OFFERING—H.
Board of Education, will receive sealed bids
(EST) on May 21 for the purchase of $1,500,000 coupon,
registerable as to principal only, school building bonds.
Dated June 15/
1940. Denom. $1,000. Due $60,000 annually on June 15 from 1941 to 1965
incl.
All of the bonds must bear the same rate of interest, in multiples of
24 of 1%.
Bidder to name the rate. Interest J-D 15. The school district
will pay or refund any tax which may be legally levied or assessed on either
principal or interest of the bonds, under any present or future law of the
Commonwealth of Pennsylvania.
A certified check for 2% of the bonds,
payable to order of the District Treasurer, is required.
Legal opinion of
Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
PITTSBURGH
W. Cramblet, Secretary of the
until 2
p.
m.
bidder.
(Preliminary notice of the above offering was made in V.
STATE
At
an
COLLEGE
SCHOOL
approved
150, p. 2770.)
Pa.—BONDS VOTED—
issue of $110,000 high
DISTRICT.
election on April 23 the voters
an
school building bonds.
SWOYERSVILLE
SCHOOL DISTRICT (P. O. Kingston), Pa.—
Co. of Philadelphia were awarded on April 23 an
BOND SALE—Burr &
issue of $55,000
of about
from
4% operating revenue
bonds at
3.96%.
Dated April 15, 1940 and due
to 1949, incl., and $7,000 in 1950.
1942
price of 100.206, a basis
April 15 as follows: $6,000
Interest A-O.
Legality
a
Elliott & Munson of Philadelphia.
The State
named a price of par.
by Townsend,
DISTRICT, Pa .—BONDS VOTED—At the pri¬
election on April 23 an issue of $20,000
approved by the voters.
mary
was
Due $1,000
#
gymnasium-auditorium bonds
WILLIAMSTOWN, Pa.—BONDS VOTED—At the April 23 primary
election the voters sanctioned the issuance of $14,000 sewer line construc¬
tion and $18,000 street and alley bonds.
SOUTH
CAROLINA
BELTON, S. C.—BONDS SOLD—It is stated by the Town Clerk that
$25,000 3 24 % refunding bonds have been purchased by McAlister, Smith &
Pate of Greenville, at a price of 101.20.
Dated Feb. 1, 1940.
CHARLESTON
SCHOOL DISTRICT
(P. O. Charleston)
S. C.—
officially stated that an election has been called
order to vote on the issuance of $200,000 in school maintenance
BOND ELECTION—It is
for May 7 in
bonds.
ISLAND SCHOOL DISTRICT
NO. 3 (P. O. Charleston),
$25,000 issue of School improvement bonds ap¬
April 30 by McAlister,
of Charleston, jointly,
Due in 1942 to 1957.
ST.
PHILIP'S AND ST. MICHAEL'S PUBLIC SERVICE DIS¬
TRICT (P. O. Charleston), S. C.—BONDS OFFERED—It is reported
that bids were received until May 3, by the Board of Commissioners, for
the purchase of $75,000 sewer bonds.
SPARTANBURG COUNTY (P. O. Spartanburg), S. C.—BOND
SALE—The $100,000 coupon semi-annual road improvement, series D
bonds offered for sale on April 30—V. 150, p. 2618—were awarded jointly
proved by the voters on April 16, was purchased on
Smith & Pate of Greenville, and Frost, Read & Co
as
224s, paying a premium of
to
$67.50, equal to 100.27.
Hemphill. Noyes & Co. of
New York and Seabrook & Karow of Charles¬
100.1677, a basis of about 1.98%. Dated
as 2s,
paying a price of
May 1, 1940.
Due on May 1
ton
in 1941 to 1950.
TENNESSEE
COLUMBIA, Tenn.—BONDS SOLD—It is reported that the following
$66,500, were purchased on April 18 by the Thomas H.
of Nashville as 224s, paying a price of 100.40: $35,500
paving and $31,000 refunding bonds.
bonds aggregating
Kmple Co!T Inc.,
Due $4,000 in 1945 to 1950.
SHATTUCK, Okla.—BOND SALE—The $11,000 sanitary sewer im¬
provement bonds offered for sale on April 29—V. 150, p. 2617—were
awarded
a
bond issue voted at the primary election on
by the J. E. Piersol Bond Co. of Oklahoma City, at
price of 100.447.
bonds, approved by the voters on April 30.
D. No. 1),
26—V. 150,
2617—were awarded to Pohl & Co. of Cincinnati, as 3s. Dated May 1,
1940 and due May 1 as follows: $6,000 in 1941 and 1942 and $5,000 from
1943 to 1950 incl.
S. K. Cunningham & Co. of Pittsburgh, second high
bidder, named an interest rate of 3 24 %•
JAMES
(P.
Okla.—BOND SALE—The $12,000 building bonds offered for sale on
April 29—V. 150, p. 2770—were awarded to the Taylor-Stuart Co. of
Oklahoma City, paying par, a net interest cost of about 2.10%, on the
bonds divided as follows:
$6,000 as 124s, due $2,000 In 1943 to 1945; the
remaining $6,000 as 224s, due $2,000 in 1946 to 1948.
SOLD—It
Pa.—BOND ISSUE DE¬
p.
S. C.—BONDS SOLD—A
INDEPENDENT
election on April 23.
of Philadelphia—Y. 150, p. 2617—are dated March 1, 1940 and mature
annually on March 1 from 1945 ot 1964 incl.
Callable after 1945 at any
Denom. $1,000.
Interest M-S.
124s, due $4,000 in 1947 to 1949, and $2,000 in 1950.
GROVE
an
interest date.
noted here—
ELK CITY, Okla.—BONDS DEFEATED—It is stated by the City Clerk
that at an election held on April 23 the voters failed to approve the issuance
of $194,250 in gas system purchase bonds.
.
by the voters at
MILLERSVILLE BOROUGH AUTHORITY,
TAILS—The $151,000 324% water and sewer revenue bonds, including
$79,000 sewer and $72,000 water, purchased by E. H. Rollins & Sons, Inc.
WAMPUM SCHOOL
ANADARKO, Okla.—BOND OFFERING—Sealed bids will be received
approved by the voters
(P. O. Large), Pa.
—BONDS VOTED—An issue of $100,000 school building bonds was ap¬
proved by the voters at an election on April 23.
Teachers' Retirement Fund, only other bidder,
until 7:30 p. m. on May 10 by Daisy Campbell, City Clerk, for the pur¬
chase of $45,000 water works system bonds.
Due $7,000 in 1943 to 1948.
and $3,000 in 1949.
Bidders to name the rate of interest.
These bonds
(This offering
V. 150, p. 2769.)
proposed issue of $19,000 construction bonds.
JEFFERSON TOWNSHIP SCHOOL DISTRICT
approved
OKLAHOMA
were
Due on Feb. 1 as follows: $536.64 in 1941,
optional after three years from the date of issue.
10% of the amount bid ror, payable to the Town, is
required.
SPRINGFIELD, Ohio—BOND SALE— The $200,863.90 street, sewer
and
Dated Feb. 1, 1940.
and $500 in 1942 to 1949;
A certified check for
HENDERSON, Tenn.—BONDS SOLD—The $30,000
Feb. 2 were purchased by C. H. Little &
bonds offered on
as
5s at par.
$500
memorial
that the said bonds were then
of 4% semi-annual refunding bonds.
Due on April 1 in 1943 to 1957.
BONDS EXCHANGED—It is reported
exchanged at par for similar amount
Denom
war
Co. of Jackson
.
Dated April 1. 1940.
The Commercial & Financial Chronicle
2924
TEXAS
East
INDEPENDENT
BERNARD
$500,000
way
SCHOOL DISTRICT (P. O.
Bernard), Texas—BONDS NOT SOLD—The $2,000 3M% semi-
EAST
19—V. 150, p. 2618-—were not sold,
according to the President of the School Board.
Due $200 on May 1 in
1941 to 1950, inclusive,
annual school bonds offered on April
Streets and boulevards
Sewers
—
;
Colored recreation center..
(The County of
for which
bonds
$3,000
on
March 1 in 1941 to
1955, incl.
GALVESTON, Texa •—BOND ELECTION—A special election will be
which time citizens will vote on a proposed issue of $300,000
bonds and $1,000,000 4% revenue bonds.
Proceeds would be used
to construct a steel recreation pier.
The Reconstruction Finance Corporation would take the $1,000,000
revenue bonds provided the city raises the $300,000 elsewhere.
120,000
180,000
50,000
1940
4.
City-county building
Fire stations
$250,000
50,000
Work shops and garages
Municipal dept. equipment
20,000
30,000
Ohio's share of the city-county building project is $500,000
are to
FISHER COUNTY (P. O. Roby), Texa•—ADDITIONAL INFORMA¬
TION—It is now reported that the $45,000 4\i% semi-annual court house
bonds sold to William N. Edwards & Co. of Fort Worth, as noted here—V.
150, p. 2771—were purchased at par, are due
May
Bridge repair and rights-of-
be voted on the same date.)
WASHINGTON
MOSES LAKE,
Wash.—BOND SALE—'The $1,485 general obligation
semi-annual bonds offered for sale on April 27—V. 150, p. 2466—were
awarded to the Odessa State Bank of Odessa as 3s, paying par, according
to the Town Clerk.
Due on May 1 in 1941 to 1947.
held May 22 at
3%
HEARNE, Texas—BOND SALE DETAILS—It is reported that the
$100,000 water, electric and sewer revenue bonds sold to R. K. Dunbar
& Co. of Austin, as 3 lA», at par, as noted here—V. 150, p. 2771—are dated
April 15, 1940, and mature on April 15 as follows: $6,000 in 1941 to 1945,
and $7,000 in 1946 to 1955, all incl.
Prin. and int. (A-O) payable at
the City Treasurer's office,
-
PORT OF CAMAS-WASHOUGAL (P. O. Camas), Wash.—BOND
OFFERING—Sealed bids will be received by Helen Munger, Clerk of the
Board of Commissioners, until 7:30 p. m. on May 13 for the purchase of
a $45,000 issue of not to exceed 4% semi-annual port bonds.
Denomina¬
tions to be as the interested parties may agree upon under the provisions
of the laws of the State.
Due and payable in their numerical order, lowest
numbers first, on the annual interest dates, over a period of 12 years, the
Eeriod of time to be acquired byas practicable) bonds. The various annual
nprovements being (as nearly
the use of the equivalent to the life of the
maturities of the bonds will commence with the second year after the date
of issue of the bonds and will (as nearly as practicable) be in such amounts
will, together with interest on the outstanding bonds, be met by an
annual tax levy for the payment of the bonds and interest.
Bidders are
required to submit a bid specifying:
(a) The lowest rate of interest and
premium, if any, above par, at which such bidder will purchase the bonds,
or (b) the lowest rate of interest at which the bidder will purchase the bonds
at par.
Prin. and int. payable at the County Treasurer's office.
Enclose
a certified check for 5% of the amount of the bid.
as
HURST SCHOOL DISTRICT
(P. O. Fort Worth), Texas—BONDS
NOT SOLD—It is stated by A.D.Roach, County Superintendent of Schools,
that the $10,000 4% semi-ann. construction bonds offered on May 1—V. 150
p.
2150—were not sold.
Due in 1965.
Texas—BOND TENDERS INVITED—It is stated by
Buford Badgett, City Secretary, that he will receive tenders until May 27,
for refunding, series of 1936 bonds at a discount price, and will purchase
to the amount of $7,000 of such bonds as shall be offered at a price showing
the greatest saving to the city, not exceeding par and interest.
LEVELLAND,
LIBERTY COUNTY
(P. O. Liberty), Texas—BOND SALE DETAILS
reported that the $54,000 3% road bonds sold to A. W. Snyder
as noted here—V. 150, p. 2466—were purchased at a
price of 103.09, aro dated April 10,1939, and mature on April 10 as follows:
$1,000 in 1944, $17,000 in 1945 and $18,000 in 1946 and 1947, giving a basis
of about 2.40%.
Prin. and int. (A-O) payable at the City National Bank
in Galveston or at the office of the State Treasurer.
Legality approved by
Chapman & Cutler of Chicago.
—It is
&
now
Co. of Houston,
PLEASANT
MT.
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Mt.
Pleasant), Texas—BONDS SOLD—A $65,000 issue of 3^ % semi¬
refunding bonds is said to have been purchased by Callahan &
of Dallas,
Dated March 1, 1940.
Due March 1, as follows:
$1,000 in 1941-and 1942, $2,000 in 1943, $3,000 in 1944 to 1952, $4,000 in
1953 and 1954, $5,000 in 1955, $4,000 in 1956, $8,000 in 1957 and $9,000
in 1958.
Legality approved by W. P. Dumas of Dallas.
annual
Jackson
ORANGE, Texas—BONDS PUBLICLY OFFERED—Garrett & Co. of
are offering for general investment $39,000 4% semi-annual funding
Dated April 15, 1940.
Denom. $1,000.
Due April 15, as follows:
$4,000 in 1941, $6,000 in 1942 to 1944, $3,000 in 1945, $2,000 in 1946,
$3,000 in 1947, $2,000 in 1948 and 1949, and $5,000 in 1950.
Principal
and interest payable at the Guaranty Trust Co., New York, or the State
Treasurer's office.
Legality approved by the Attorney-General and John
WEST
VIRGINIA
COUNTY (P. O. Wheeling), W. Va.—BOND ELECTION—
It is reported that the following bonds aggregating $2,000,000, are to be
submitted to the voters at the primary election on May 14:
$1,500,000
county schools, and $500,000 city-county building.
(The City of Wheel¬
ing's share of the latter issue is $250,000, for which bonds are to be voted
on the same date.)
OHIO
WISCONSIN
COUNTY (P. O. Richland Center) Wis.—INTEREST
RATE—We are now informed by T. M. Pease, County Clerk, that the two
issues of highway bonds aggregating $135,000, awarded on April 25 to the
Marshall & Illsley Bank, and the Marine National Exchange Bank, both of
Milwaukee, at a price of 100.151, as noted here—V. 150, p. 2772—were
sold as 0.75s, a basis of about 0.70%.
The issues are divided as follows:
$55,000 series H bonds.
Due on May 15, 1942.
80,000 series I bonds.
Due on May 15 in 1943 and 1944.
RICHLAND
Dallas
WYOMING
bonds.
D. McCall. of Dallas.
PALESTINE, Texas—BONDS SOLD—It is stated by V. M. Johnston,
City Attorney, that
a $60,000 issue of water revenue bonds was offered
May 1 and was awarded jointly to Milton R. Underwood & Co.,
andMoroney & Co., both of Houston, as 2^8, paying a premium of $352.20,
equal to 100.587, a basis of about 2.43%.
Dated June 1, 1940.
Due
on June 1 as follows: $1,000 in 1941 to 1945, and $5,000 in 1946 to 1956.
Prin. and int. (J-D) payable at the East Texas National Bank of Palestine.
for sale
on
SILSBEE, Texas—BOND SALE POSTPONED—It is stated by David
Read, City Secretary, that $50,000 general obligation bonds were scheduled
for sale on April 30, but the offering was postponed, pending legal opinion
on a technical point.
Denominations $1,000 and $500.
Dated May 1,
1940.
Due on May 1 as follows: $1,500 in 1943 to 1948; $2,000, 1949 to
1954; $2,500 in 1955 to 1962, and $3,000 in 1963 to 1965.
VENUS SCHOOL DISTRICT
(P. O. Venus), Texas—BONDS SOLD
building bonds have been purchased by the
—It is reported that $16,000
State Board of Education.
WICHITA FALLS, Texas—BOND CALL—It is stated by J. H.
Crouch,
City Clerk, that consolidated refunding bonds (all outstanding) aggregat¬
ing $3,185,000 are called for payment on June 1.
Payment of the principal
amount of said $3,185,000 bonds will be made on or after date called on pre¬
sentation of said bonds in negotiable form, accompanied by all Dec. 1, 1940
and subsequent coupons at the city Treasurer's office.
Coupons maturing
June 1, 1940 and prior thereto will be paid on presentation and surrender of
such coupons.
UTAH
PROVO CITY,
Utah—BOND CALL—It is stated by I. Grant Bench
City Recorder, that 4 A% electric revenue bonds, numbered from 1 to 850,
to the amount of $850,000, are called for payment on June 1, at
par and
accrued interest, and a premium of $45 for each bond wid be paid at the
First National Bank of Chicago, Chicago, upon presentation of said bonds
and proper coupons on
Dated June 1, 1939.
coupon
refund¬
to the National
Life Insurance Co. of Montpelier, as
2>£s, at par plus a premium of $564,
equal to 101.41, a basis of about 2.09 %.
Dated May 1,1940 and due $2,000
on Nov. 1 from 1940 to
1959, incl.
Second high bid of 101.04 for 2Ms was
made by the Montpelier National Bank of
Montpelier.
DISTRICT
(P. O. Newbury), Vt.—
Town Attorney, reports that the National
i^Ve,j£8UraDCe Co.'of Montpelier was awarded
iPC.O school bonds as 2 Ms, at a price of 101.10.
April 26 an issue of
Due serially from 1941 to
1955, incl.
Second high bid of 101.04 for 2Ms was made by the Mont¬
pelier National Bank.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 7 (P. O. Sheridan),
Wyo.—BOND OFFERING—It is stated by the District Clerk that he will
$70,000
1, 1940.
Due as follows: $4,000 in 1951 to 1960, and $6,000 in 1961 to 1965.
These
bonds were approved by the voters at an election held on April 9, the count
being 664 to 129.
The approving opinion of Pershing, Nye, Bos worth &
Dick of Denver, will be furnished.
A certified check for 2 % of the amount
of the bid, payable to the County Treasurer, is required.
receive sealed bids until 7:30 p. m. on May 24, for the purchase of a
issue of not to exceed 4% annual construction bonds.
Dated June
CANADA
ALBERTA
(Province of)—BOND INTEREST NOTICE—Hon. S. E.
Low, Provincial Treasurer, announces that the province will pay interest
to bona fide holders of debentures which matured Nov. 1, 1936, at 3% per
annum, in respect of the half-year ending May 1, 1940, being at the rate
of $15 and $7.50 respectively for each $1,000 and $500 denomination.
Holders will be paid interest as above, on presentation of their debenture
of debentures for notation thereon, of such payment of interest at any
branch of the Imperial Bank of Canada, in the Dominion of Canada.
Debentures should be accompanied by the usual ownership certificates
required by the Domoinion Government as in case of coupons.
CANADA
debt is evidenced over the year 1938.
"Few municipalities have issued their
bonds
or
notes
for
new
capital
Improvements, although a number have taken advantage of low
money
market rates to fund
recurring floating debt.
The willingness and ability
of the people of Vermont to establish
and maintain their credit is evidenced
In the rates of interest
they are able to obtain on the loans negotiated dur¬
ing the past six months—an average of 2.38%
per annum."
WEST VIRGINIA
Vaj^BWVL^A^E^Thelts'o^OoiHsstle^of'HwisiBg Aut^OTR^CP^re^^ssue)
series A bonds offered for sale
Magnus & Co. of Cincinnati.
on
May 1—V. 150,
Due
on
(Dominion
of)—TREASURY
BILLS SOLD—An issue o
was sold April 30 at an
$25,000,000 Treasury bills due in three months
average yield of 0.736 %.
DARTMOUTH, N. S.—BOND SALE—The $110,000 3M% refunding
ferry bonds offered April 30—V. 150, p. 2772—were awarded to W. C.
Pitfield & Co. of Montreal, at a price of 100.103, a basis of about 3.49%.
Dated May 1, 1940 and due serially from 1941 to 1960 incl.
Second high
bid of 99.164 was made by S. T. Douglass & Co. of Toronto.
LANARK COUNTY (P. O. Lanark), Ont.—BOND SALE—Harris,
Ramsey & Co. of Toronto purchased an issue of $17,500 3M % road improve¬
bonds as 102.06, a basis of about 3.10%.
Dated May 15, 1940 and
due serially from 1941 to 1950, incl.
Second high bid of 102.01 was made by
ment
W. C. Pitfield & Co.
MONTREAL, Que.—DENIED FURTHER BANK CREDIT—An Asso¬
on
„S*ate of—SHARP REDUCTIONS OF DEBT SHOWN BY
TOWNS—The following information is taken from the latest issue of "New
England Municipal NewB," a monthly bulletin published by F. W. Horne
& Co., Inc., of
Hartford, Conn.:
"For the past several weeks the annual
reports of Vermont towns and
titles have been coming in to our main office at Hartford, A quick survey
of 50 of the larger subdivisions
indicates that substantial debt reductions
have been made during the
year 1939.
In 36 cases a 16% reduction in
liabilities has been noted, and in 14 cases an
average of 11% reduction in
p.
2610—was awarded
to
Nov. 1 in 1940 to 1959.
WHEELING. W.-Va.—BOND ELECTION—It is stated
by Howard C.
Line, City Clerk, that at the primary election on
May 14, the following
onds aggregating $1,200,000, will be submitted to the voters:
COUNTY SCHOOL DISTRICT NO. 10 (P. O. HyattWyo.—BOND OFFERING—Sealed bids will be received until 3
May 27, by Mrs. Nellie Paumer, District-Clerk, for the purchase
of $3,000 not to exceed 3M% coupon semi-ann. school bonds.
Denom.
$250.
Dated Jan. 1, 1940.
Due $250 on Jan. 1 in 1941 to 1952 incl.
A
certified check for 10% of the bid is required.
BIG HORN
ville)
p. m. on
Montreal recently purchased an issue of $80,000 3M% refunding
Dated Dec. 1, 1939 and due serially from 1940 to 1959, inclusive.
VERMONT
SCHOOL
DISTRICT NO. 1 (P. O. Byron),
OFFERING—Sealed bids will be received by Fritz Win-
Wyo.—BOND
CHAMBLY-BASSIN, Que.—BOND SALE— L. G. Beaubien & Co. of
bonds.
after June 1.
Denom. $1,000.
BOND SALE—Peter Guiliana,
HORN COUNTY SCHOOL
zenrei, District Clerk, according to report, until 5 p. m. on May 27, for the
purchase of $40,000 not to exceed 3% coupon semi-ann. school bonds^
or
NEWBURY, Vt.—BOND SALE—The issue of $40,000
ing bonds offered April 26—V. 150, p. 2618—was awarded
NEWBURY TOWN
BIG
ciated Press dispatch from Montreal dated April 29 read as follows:
"Mayor Camillien Houde told the Montreal Council's Executive Com¬
mittee today that the Royal Bank of Canada and the Bank of Montreal
had refused the city's request for more credit.
The Mayor said the banks
made known their refusal in a letter Saturday.
The city had requested
the banks for aid in meeting maturities falling due on May 15 and June 1,
amounting to over $9,000,000. of which the banks hold at least $3,000,000.
"The banks' refusal to renew maturing loans or extend further credit
intensified reports that the Provincial Government may step in to change
the city's system of administration.
was
The refusal to extend further credit
understood to be due to dissatisfaction over the city 's financial set-up.',
ONTARIO
(Province
of)—BOND SALE DETAILS—The
syndicate
which recently made public offering of $21,285,000 refunding bonds as
reported in —V. 150, p. 2772, consisted of:
Wood, Gundy & Co.: McLeod,
Young, Weir & Co.; Dominion Securities Corp.: Bell, Gouinlock & Co.;
A.
E. Ames & Co.; Mills, Spence & Co.: Royal Securities Corp., all of
Toronto: McTaggart, Hannaford, Birks & Gordon: Hanson Bros., both of
Montreal: Midland Securities Corp. of London: Cochran, Murray & Co.;
Harrison & Co.: Fry & Co., all of Toronto; Collier, Norris & Henderson, of
Montreal; Burns Bros & Denton: R. A. Daly & Co.: Gairdner & Co.;
Barlett, Cayley & Co.; Harris, Ramsay & Co.; Brawley. Cathers & Co.;
Dyment, Anderson & Co.; J. L. Graham & Co.; Griffis, Norsworthy, Ltd.;
C. H. Burgess & Co. and Flemming & Co., all of Toronto.
The offering was made up of $15,000,000 3H% bonds, dated May 1,
1940, due May 1, 1955. optional May 1, 1952, priced at 98.75 to yield
3.35%, and $6,285,000 2s, dated May 1, 1940 and due May 1 as follows:
$1,250,000 from 1941 to 1944, incl. and $1,285,000 in 1945.
The serials
were priced to yield
2.10%.
The bonds are dated
May 1, 1940.
Principal and interest (M-N) pay¬
able in lawful money of Canada in Toronto or Montreal, at the holder's
option.
Legal opinion of Long & Daly of Toronto.
@FedFRASER