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",v!,
NOV 3
QUS. ADM,
1941
LIBRARY
SATURDAY
New
Number 4001
154
Volume
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:
•
BOND PROPOSALS AND NEGOTIATIONS
refunding
CONNECTICUT;
pon outfall sewers, sewage treat¬
ment plant and garbage incinera¬
tor bonds offered Oct. 29—v.
Corporation News
p.
Louis, and Arthur Perry & Co.
of Boston, as I1/4S, at a price 0.
100.295, a basis of about 1.22%.
Dated
Nov.
1,
1941, and due
Statistics, etc.
.
-:
■
■
(See Detailed Index Below)
1942
1, as follows^ $63,000 from
to
1951
incl., and $62,001
from
1952 to 1961 incl. The bank¬
Nov.
;
ODD
Marianna, FJa.
Bonds Sold—H. A.
Bowles, City
Clerk, states that the $7,500 sewer
improvement bonds approved by
the
voters
tice
Aug.
on
the
corrects
12,
as
;•/*" yi' '1 ■1
\\/E can and
" will make
■
V
•»-.
on
any
in amounts
of
ordinarily
firm bids
municipal bonds
.
to $10,000
up
par.
Marianna, Ark., in the is¬
under
of Oct.. 25.)
sue
MUNICIPALS
given
report
-
LOT
,
lebeinthals Co.
St. Augustine, Fla.
Bond
T
Charles
]35 BROADWAY. NEWY0RK TEL.REctor 2-1737
Oldest House in America
Specializing
Accepted—
E.
e
nders
//T|
Kettle, City Auditor
and Clerk, reports that* asy a re¬
sult of the call for tenders on
Oct.
27, of refundinjg,-isshgte* of
1937, series E bonds, a total of
$20,000 bonds was purchased at
ODD LOT
MUNICIPALBONDSj
the
Board
of Trustees, reports
that
an
offering
of $3,000,000
Interest rate is to yield from 0.15% to 1.30%,
series E refunding bonds will be
96 and interest.
- *
not
to
exceed
5%,
payable according to maturity. Other bids
made at an early date.
M-N.
Dated
Nov. 1,
;
1941. for the issue were as follows:
IDAHO
Comment On Proposed Sale—
Denom. $1,000. Due Nov. 1, as fol¬
Bidder—
Int. Rate Rate Bid
In connection with the above re¬
lows: $2,000 in 1942 to 1952, and
Fairfield, Idaho
^
Harriman Ripley & Co., Inc.,
Smith, Barney & Co., KidBonds Sold—The
$3,000 in 1953. Prin. and int. pay¬
Qlenns Ferry port, the Chicago TJournal of
)
der, Peabody & Co. and F.
able
in
lawful
money
at the
Bank of Glenns Ferry, is+said to Commerce" of recent date, stated
S. Moseley & Co............
VM
100.169
County Treasurer's office. A rea¬ Lehman Bros., Blair & Co.,
have purchased at'par the .$25,- as follows:
Inc.,
Eastman,
Dillon &
The Sanitary District of Chi¬
sonable time, not to exceed 10
000 water system of" 1#41 semiCo., Eldredge St Co., H. C.
Wainwright
St
Co.,
and
cago is to be in the market for
days, will be allowed the success¬
ann. bonds originally offered on
100.10
Coburn & Middlebrook....
Hi
ers
re-offered the bonds at prices:
provement bonds.
ALABAMA
rev¬
sewer
nbted
Fenn & here, have been sold. (This no¬
Co., Inc., Stone & Webster ant
Blodget, Inc., both of New York,
Boatmen's National Bank of St
Banking and Financial
:.n'
154,
738—were awarded to a syndi
cate composed of Phelps,
Dividend Tables
$259,000
(City of)t Conn.
Bond Sale—The $1,250,000 cou¬
Also In This Issue
•>
.
certificates.
enue
:
Copy
a
CITY DEPARTMENT
Stamford
■■■-
Price 60 Cents
.
f
/
Y/'
STATE AND
\\-.r
v
•
York, N. Y. Saturday, November 1, 1941
B
Birminghamj/Ala.
.
Attacked
Bond Election
The
—
_
Birmingham "News-Age-Herald"
of Oct, 22 carried the following
report:
Atty.
Lawrence Dumas,
Jr.,
Tuesday attacked the action of
the City Commission last week
in calling an election on two is¬
ful bidder for the purpose of de¬
tyonds amounting to $4,- termining at his own expense the
250,000 to refund outstanding ob¬ legality of the proceedings had
ligations of the industrial water in connection with the issuance of
supply system and to enlarge the the bonds, and ;the same must
plant. He represents L. D. Ken- be: taken up and paid for within
of
sues
drick,
taxpayer.
Seven grounds were cited by
the attorney in a statement he
read
to
the City Commission,
which was asked to rescind, its
a
in
action
Supervisors.
COLORADO #
Mayor W. Cooper Green read a
brief statement declaring that the
commission believes the proposed
bonds can be sold at a rate of
cent interest saving
the city about $60,000 a year or
about 2Y2
has
notice
after
days
election/"
the
calling
been
given that they are ready for de¬
livery.
Enclose a certified check
for $1,000, payable to the Board of
five
per
•
received
25
on
p.m
'
election.
,
proceedings were said to
constitute the preliminaries to the
institution of a suit to obtain a
These
the
from
declaratory ' judgment
Supreme Court clarifying the ef¬
fect of a new code section on the
proposed refunding bond issue.
ARKANSAS
Dated Sept. 1, 1941.
Denom. $1,000.
Due. Sept. 1, as
follows: $10,000 in 1942 to 1946
and $15,000 in 1947 to 1951. Prin.
and
int.
payable at the City
Treasurer's. office.
No bids will
payable M-S.
School
District
No. 9
than
interest
one
Election—It
that
order
in
15
Nov.
reported
will be held
election
an
is
to
have
on
the
voters pass On the issuanc^tof the
following bonds aggregating $44,-
and
$25,000 ' construction,
500:
bonds.
refunding
$19,500
Oct.
11
a.m.
on
State
Comptroller, for the purchase of
$2,206,351.75 general fund regis¬
tered
1941.
Due
or
on
Oct.
Dated
warrants.
30.
about Feb. 25,
&^Dawson
the validity pf the bonds.
The
bonds, will also be furnished at
the expense of the city.
The de¬
livery of the bonds will be made
or
before
on
County
La
School
bids
Bond
will
be
Inclose
9.
for
$2,500,
a
pay¬
on
County
Bradley
ioo.A?
100.39
v.*.<»»/.*■*.it,Hi
First
Nat'l Bank of Boston
1.30
Blyth
& Co.,
Inc.,
Lazard
<:
Freres &
Co., George B.
'
Bond
Sale
Details—It
Co., Inc., Paine,
Webber & Co.
and Content, Hano & Co.........
1.30
Securities
Corp.,
R.
W.
Pressprich & Co., Equit¬
able Securities Corp., and
Roosevelt & Weigold, Inc.
1.30
Shields & Co., Spencer Trask
& Co. and B. J. Van In-
&
Co.,
100.215
White
&
100.077
Savs.
2y4s,
at
that
100.01—v.
dated No?.
are
the
154,
785—
p.
1, 1941, in the* de¬
of—$1,000, callable at
1,
and accrued interest
1951,
Prin.
the
or
and
any
int.
time
on
(J-J)
payable
at
United States National Bank
the
been
100.028
&:
Co
&
Nqv. ' 12,
for
voters
an
t.
issue Oi
*
VI
100.047
1.30
Parsons
and Kaiser
election
Alton, 1U.
1.30
cago/ Graham,
Co.
stated by
an.
$90,000 3V2% water system^ ac¬
quirement revenue bonds.
Co.,
&
that
called
to the
submit
Northern Trust Co. of Chi¬
tive
special com¬
Council ap¬
pointed by the -Mayor to investi¬
>
Clearwater, Fla*
gate the possibility ,of getting
Certificate. - Issuance
Contem- bids on an issue of $1154100 fund¬
patedl—We understand that the ing bonds,/after the origmal pur¬
City Commission is considering chaser had refused to -accept the
Bidding»~The
the
of
City
'
issue
on
INDEX
Undividually)
Pederal Reserve Note Statement—__
Condition
of
849
874
the
Banks
Rates
Foreign
<j|^itral
—
—
the
vised
sel
in
St.
issue.
It
be
also
Louis
St.
879
875
875,
General
873
.—.A—874
Corporation
and
Dividends
The
an
in
European
Bank
876
Banks/.
875
Federal
of
England
Sterling
Reserve
Statement—__
Exchange
Redemption Calls and Sinking Fund
at
$36,000 that became optional last
July I as part of a block of series
1 construction 2 % s of which $214,up.
Of the ag¬
$10,259,000 that may
the option of the
taken
were
of
gregate
be redeemed at
districttfin
1942,
Indications
total of $10,-
a
callable
year./
009,500 will be
first day of the
are
the
on
that the district
for the pur¬
available
will
have
pose
at that time, cash sufficient
to pay off something mor'
than
$3,600,000 of those that will be
on Jan. 1.
It is expected
that this will be augmented by a
refunding loan of abuut $3,000,and that the balance of op¬
000,
tional bqnds will be left for fu¬
action.
ture
'
(
,
i.
.
public
sale,
Comprising the total that be¬
come optional on Jan. 1 are $390,-
and
of the calibre
of
DIYIDEND NOTICES
of Charles
THE
&
BUCKEYE
PIPE
LINE
COMPANY
St.
Louis,- or of
Chapman & Cutler of. Chicago^ ;-;V
://■
All of the firing have/
New Yerk' oct0beL«.
■4&A dividend of One ($1.00) Dollar per
the report safd, that the interest
share
has
been declared on the Capital
Stock
of
this Company,
rate would be as low as.iy4% to
payable Decem¬
ber 15, 1941 to stockholders of record at
l1/2%, as compared with, the 3%
the close of business November 21, 1941.
figure provided for in the original
'
J. R. FAST. Secretary. r.
inmcatc^
_
.
agreement.
'Canton, III.
Bonds
Sold—The
$69,500
.
878
————
Course! of
\
paid off from cash.
A
total of $10,223,000
of the
district's obligations will be call¬
able
next year, in addition to
•
1—
Course 'of Bank Clearings
Rates; of
raised
be
tion will be
approving - legal opinion by a
sale
854
»—
Bullion
will
1
to
op¬
through borrowing, although it is
regarded probable that most of
those to be retired in the opera¬
Chicagq^nad ex¬
pressed desire to bid for tbe issue
"as soon as they can/be'sold with
857
Foreign Money Rates,/
Gold
879
Investment
News
coun¬
suggested that the
offered
Trauernicht
Loans
Jan.
on
required
become
that
bonds
redeem
,
firm
Weekly Federal Reserve Bank Changes
proce¬
and Ch,ipdgP tc
validity of the bond
Weekly Return of Member Banks 873, 875
Rates
ttta
of
by bond
Louis
the
Weekly Return of N Y. City Clearing
House/———r—
—875
Exchange RateS—
The committee ad¬
Council
insure
issue
New York Reserve
of
amount
the
of
tion
stating that many bond houses in
±~-
879
Discount
p.
dure recommended
Banks
Reserve
154,
che situation.
Page
874
of
counsel
738—recently
is
made
optional
public the results* of its stiiay oi
—v.:
Weekly Return
(combined)
of bond
advice
it
future,
near
understood in municipal banking
circles,
ft is expected that a por¬
000
Sold At Competi¬
Bonds To Be
mittee
/ ./FLORIDA
Jan. Discount
thereafter.
City Clerk
ILLINOIS
Co
Sachs
Election—It Is
Bond
the
in
funds
tional
11
-
.
has
100.079
1.30
Inc
St
f
the
Bank,
Kean, Taylor St Co, C. F.
Childs & Co.,
and R. D.
Tr.
nowfe-okers'
is
$108,000 mu¬
nicipal power plant bonds sold to
Coughlin v& Co. of Denver, as
reported
1961.
Gibbons &
Union
Banks
/
Offering—Sealed
until 10
received
for
and
Grangeville, Idaho
Nov. 7, by E.
Clerk,
1952, the remaining $15,000 as 3s
due on Sept. 1, $500 in 1952,' $\.50(.
in 1953 to 1959,/and $g,000 in I960
.
St
'■}"1'Oo.
'
Dusenberry, of Denver.
Legality approved by
purchase
of $25,000 Easterby School Dis¬ Pershing, BoswOrth, Dick & Daw¬
trict building, equipment and im¬ son of Denver.
a.m.
M.
Bankers' Acceptances
Junta, Colo.
^
par
(P. O. Fresno),
Calif.
Dec.
check
nomination
*942Fresno
Edward
N. Y.,
R. L.
& Co.
of
Corp.,
Cooley
due
New York Money
by Harry B. Riley,
31
bidder
-successful
The
able to the city.
State of
.
r
Offered—Sealed bids
received" until
Co.,
rate, ana pref¬
of Pershing, Bosworth, Dick
of Denver, approving
ion
California,
Warrants
&
29, taking $10,000 §s 2V2S
$1,000 frorrKSept. 1, 1943 tc
100.088
l'A
bidder
/ 1 :
•
"
naming the lowest rate of inter¬
State^and City Department
est at which he will buy the bonds'
Bond Proposals and Negotiationsat not less than par and accrued
Weekly Statement of Reserve Banks
certified
CALIFORNIA
were
Put¬
will be given to the
erence
will be* furnished with the opin¬
(P. OfHot Springs), Ark.
Bond
Day
and
Aug.
Inc.,
and
considered which name more
be
interest.
Lakeside
Co.,
St
Co.
Boston
First
Goldman,
by W. A. Hammett, City
about $1,500,000 over the life of Clerk, for the purchase of $125,000 water works extension bonds.
present outstanding bonds. He ex¬
Interest rate is not to exceed 2%,
pressed the belief that the bonds
will be valid and declined to rescind^the ordinance calling the
St
Co..'
Bankers Trust Co.
&
nam
Harris
bids will
7:30
until
f
,
Bond Offering—Sealed
be
Estabrook
gen
Greeley, Colo.
Stuart
Halsey,
875
874
856
854
Bank of Germany Statement
876
Non-Ferrous Metals Market—.:
876vjD
English Gold apd Silver Markets
878
2%
bonds mentioned in v.
154, p. 642—have/been s|)ld to
Barcus, Kindred & Co. ydi Chi¬
cago. Dated Oct. 15, 194l-/and due
Dec. 1, as follows: $5,500 in, 1944;
$6,000 from 1945 to 1950 incl.,
and $7,000 from 1951 to* 1954 incl.
NORTHERN
funding
Chicago Sanatory District, III.
Sell
$3,000,000
'Bonds-
Sullivan,
26
„
11
-
'
"
Broadway
New York,
x
•
-
,
October 17, 1941.
share
has
been
declared on the Capital Stock
($10.00 par value) of this Company, pay¬
able December 1. 1941, to stockholders of
record
at
the close ()f business Novem¬
A dividend of N''netv
ber
14,
(90)
per
1941.
To
James. J.
PIPE LINE
COMPANY
••
-
1|(
Secretary.'
of
Secretary
'V/
a/:--
•
I
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,
•..
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•"
'♦
-
/;-;// .^_,.//..
<h
•»4,»j
>'
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>
>
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'
000 series B 5s of
1955, $1,525,000
1955, $2,600,000
series
4%'s of
1955,
$4,733,000
series B 4s, of 1955, $350,000 series
C 2V4s of 1955, and $375,000 series
series
B
D 2s of
to
4%s
of
This is in addition
1961.
the
$250,000 of series 1 con¬
struction bonds that become call¬
able
July
on
and
1942,
1,
$36,000 of the same issue
from a year earlier.
and
due
Nov.
15
It is
Bond
$2,130
from
on
1943
Offering—John
Comptroller,
sealed bids until 11
will
a.m.
May
A.
•
15
,
1947
to
Sabo,
basis of about
1, 1941, and
due June 1, as follows: $1,000 ii
1943; $2,000 from 1944 to 1948
incl.; $3,000, 1949 to 1960 incl.;
$5,000 in 1961 and 1962, and $2,000 in 1963.
Bonds maturing on
June 1, 1961, and thereafter shall
be redeemable at the option of
the city on June 1, 1946, or any
interest payment date thereafter,
In their inverse numerical order
equal to 102.003,
receive 1.77%.
on
Nov.
10 for the purchase of $89,000 not
to! exceed 3 % interest coupon re¬
figured that there will be
funding bonds of 1941, as follows:
a total of $3,333,500 of the series
series A bonds. Dated
B option and $50,000 of the series $69,000
Nov. 1, 1941, and due Nov. 1,
(J option left over for future* ac¬
1955. Interest M-N.
tion, possibly redemption at mid¬
20,000 series B bonds. Dated
year.
Dec. 1, 1941 and due Dec. 1,
Formal steps preliminary to is¬
*
1955.
;
Interest J-D.
suing invitations for bids on the
bonds to be sold shortly are ex¬ All of the bonds will be in $1,900
pected to be taken at a meeting denoms. Bidder to name a single
of the Board of Trustees of the rate of interest, expressed in a
district on Nov. 6.
multiple of 14 of 1 %.
Principal
r Most
recent occasion on which and interest payable at office of
the district was in the market the Treasurer of Lake County,
was on Sept. 4 of this year, when ex-officio Treasurer
of the City.
it; sold an issue of $1,000,009 of Purpose of the issue is to refund
20-year
options
construction bonds maturing Nov. 1 and Dec. 1,
bonds at a price of 102.029 for an 1941. Bonds are direct obligations
interest rate of 2*4% to Halsey. of the city, payable out of un¬
Stuart & Co., Inc., and associates limited ad valorem taxes to be
highest of 14 bidders. Cost basis levied and collected on all of the
district
the
of
issue
an
about
a
then
was
marketed
$7,500,000
year ago.
Galesburg, III,
Authorized—The
Bonds
Council
issue of
City
authorized
recently
an
water revenue
$129,000
bonds.
The bonds will be dated Oct. 1,
s
1941, bear 234% interest and ma¬
ture Oct. 1 as follows: $5,000 from
1947
1943 to
the Continental
Illinois National
at par and
Morrison, III.
7 Bond
Canceled
Sale
—
Bids
Asked—Harry J. Wall, City Clerk,
reports that the sale of $10,000
234% hospital bonds to local in¬
vestors—v. 154, p. 785—was can¬
celed, and that he will receive
legal opinion will be furnished by
the town.
at his
own
issue
Oct. 24 considered
proposal calling for
on
of
a
of
$5,000,000 State Pier
bonds.
Bond
stated
that,
Election
Kansas
7-.7,;
7 House
Canceled—It
is
Approves Pier Bond Is-
sue—The
House
election
no
was
held
on
21, to submit to the voters
sue
of
and
recreation^bonds.
eral
Government
public
$180,000
is
Oct.
an
is¬
building
'The*Fed¬
constructing
the project and there is to be nt
at
program calling
issuance
of
$4,700,000
the
bids
the
on
issue
until
The bonds are dated Dec.
1, 1941, and mature from 1942 to
incl.
They were authorized
1951
■at
an
election
on
Oct. 21.
Palmyra. III.
Bond Election—An election will
-
be held Nov.
of
12
the question
on
$8,000
issuing
system
water
construction bonds.
from rentals charged for use
of the piers.
The House, according to press
years
bill in one';
major; respect, this urovidng for 7
the
the
least
30
days
fixed
for
such
prior.; to
redemp¬
State Local Finance Officer, re¬
a daily
of general: circulation ports that road and bridge bonds,
issue of Jan. 1, 1917, which ma¬
published in Indianapolis, and a
like notice be sent by mail to the tured on Jan. 1 in 1939, 1940 and
holders of such bonds as are then 1941, are being called for pay¬
ment on or after Nov. 1, at. his
registered.
the land and property for $1,340,- :
Proceeds of the bond issue
published in the city, arid
900.
newspaper
Office.
|
paid
Interest accrued and
said
on
bonds
to
will be used for
"-'
,
-'
Port of
Nov.
!
Certificates
understand
City
Approved
that
on
Oct.
approved
Council
—
6,
Bond
Peabody, Mass.
Bidder—
Newton,
fered for sale
First
Oct. 24—v.
Arthur
Nat'l
154
certificates.
a
„
Perry
Shawmut
Abbe
Nat'l
Wc p. 419—were awarded to White
the Dunbar & Co. of New Orleans,
$11,000 paying
$25,000
offered
1942 to 1951 incl.
semi-
swimming pool, sewage and
drainage improvement bonds of¬
ann.
on
bonds
coupon
Oct.
28—v.'
154, p.
740—were awarded to
Tyler & Co. of Boston, as 134s,
at a price of 100.611, a basis of 7
about 1.14%.
Dated Nov. 1, 1941,
and due $2,500 on Nov. 1 from
La.
Sale—;The $20,000
facilities.
Sale—The
Bond
water
,
Donaldsonville.
Boston
1
LOUISIANA
7
re¬
un¬
1941, at the contract rate of 5%;
will be paid simultaneously with
principal. Interest ceases on date
called.
purchase and
construction of five Boston and
Maine Railroad piers to improve
Co
Bk.
&
Bank
Other bids:
Int. Rate
\\\%
J
&
of
Bost.
Co.
of
Boston.
\\\
l\'2
1\'2
Rate Bid
103.18
100.10
100.97
100.575
MICHIGAN
premium of $11.40, equal
Birmingham, Mich.
to
100.057, a net interest cost of
Pro
Rata
Disbursement
On
2.28%, on the bonds di¬
as follows:
$6,000 as 2!£s Special Assessment Bonds-*-H. H<
School District
Corson, City Treasurer, announces
'due Nov. 1; $500 in 1942 to 1947
1
Bond Sale
The $10,000 234%
to holders of special assessment
$1,000, 1948 to 1950; the remain¬
semi-ann. construction bonds of¬
bonds of the former Village of
ing $14,000' as 21/4s, due on Nov.
fered for sale at public auction
1; $1,000 in 1951 to 1955, and $lf- Birmingham that sufficient
on
Oct. 27—v. 154, p. 530—were
moneys
have been collected in
500 in 1956 to 1961,
awarded to the Houghton State
the
strictly
special
assessment
Bank of Red Oak, for a premium
Morgan City, La.
funds listed below to warrant pro
Bond Election—The City Coun¬ rata
of $240, equal to 102.40, a bas.'s
disbursement of
sewer
about
Consolidated
lElliott
Independent
vided
(P.O. Elliott), Iowa
—
about
2.05%.
Dated
Nov.
1.
cil
has
scheduled
an
principal
election for
as
shown:
$1,000 from Nov. 1, Nov. 25, to have the voters pass
% of Orig
% Of Orig
% Of Orig.
Marion
County (TV O. Indian" 1942 to
Face Vai
Face Val.
Face Val.
1951; callable on any in¬ on the proposed issuance of $246,- A.D.
of Bds.
of Bds.
A.D.
A.D.
of Bds.
apolis), Ind. _
000 not to exceed 5% gas distribu¬ NO. " Outstdg. No.
terest payment date.
No.
Outstdg.
Outstag.
93
40
115
10
143
13
r»
tion system bonds, to mature in
Proposed
Bond
Issue — The
94
117
17
147
V/2
A—
Estherville, Iowa
15 years. If the voters endorse the
95
County Council will consider on
25
122
153
27
97
...V 13
123
"3
155 <••7:-,3
Bond Sale—The $28,000 semi- project, the bonds will be sold in
Nov. 4 a petition requesting an
98
24
128
21
158
13
issue of $35,000 bonds to provide ann. airport bonds offered for sale January 1942, it is stated.
100
129
16
16
V *166
20
102
131
All
171
3
for microfilms of records in the on Oct. 29—v.. 154, p. 699—were
103
133
16
174
20
'
; awarded
101
12
134
to the Emmet County
Recorder's office.
23
ii, 179
MARYLAND
r
105
4
137
19
182
7
5
Satte Bank of Estherville, as Is,
112
5
138
9
185
U 7
New Albany, Ind.
Cumberland, Md.
114
7
139
All
v 187
13
paying a premium of $25, equal
Bond
All
Redemption—The $469,-.77' 142
Bond Offering—James G. Fer- to
100.089, a basis of about 0.98%.
900 water bond issue of the city,
To participate in this disburse¬
rell, s City
Clerk, will receive Dated Dec. 1, 1941. Due $2,800 on
which
became
payable Oct. 1, ment, bondholders must, prior to
sealed bids until 1 p.m. (CST) on Dec. 1 in 1942 to 1951
incl.;
has
been over 90%
redeemed, A^ril
Nov. 10 for the purchase of $50,1,
1942, forward their
Arthur B. Gibson, City Auditor, bonds (if by mail, registered) to
Module, Iowa
000 not to
exceed
4%
interest
The exapt total the City Treasurer,
Bond
series B refunding bonds of 1941. ;
Offering — Sealed and revealed Oct. 25.
Birmingham,
Dated Dec. 1, 1941. Denom. $1,000. open bids will be received until paid out to holders of the bonds Mich., who will, within 10 days,
Due Jan. 1, as follows: $5,000 in, Nov. 3, at 8 p.m., by Arlon Erway, has been $429,900.
It is expectec return check for the payment and,
of
the
remaining in case of partial payment, also
1952; $10,000 from 1953 to 1955 Town Clerk, for the purchase of the owners
incl., and $15,000 in 1956. Bidder $4,975 water works bonds. Dated outstanding bonds will be slower return the bonds with payment
in
collecting.
Mr. Gibson ex¬ endorsed thereon.
to name a single rate of interest, Nov.
1, 1941.
Due, on Nov. 1,
expressed in a multiple of 34 oi as follows: $475 in 1943 and $500 pressed surprise so many borid Erin and Lake
Townships Frac¬
1%.
Bonds are being issued for in 1944 to 1952; bonds maturing holders claimed th&r money so
tional School District No. 5,
the purpose of refunding certain in 1947 to 1952 to be optional for soon as. very often considerable
Macomb County, Mich.
outstanding
obligations of
the redemption prior to maturity on time elapses before such an issije
Bond Call—Clarence E.
Pryor,
city payable out of unlimited ad Nov. 1, 1947, or on any interest can; be closed out.
Secretary, announces the call for
valorem taxes to be levied and payment date thereafter. All other
redemption on. Dec. 1, 1941, at
MASSACHUSETTS
collected on all of the taxable circumstances being equal, pref¬
par and
accrued interest, of the
property in the city.
Legal opinp erence will be given to the bid
Boston, Mass.
following outstanding bonds, dated
ion of Matson, Ross, McCord & lof par and accrued interest or
State To Assume Airport Bonds Dec.
1, 1937, due Dec,71, 1967,
Ice of Indianapolis will be fur¬ better, specifying the lowest rate
—Without a dissenting vote, the and
? callable
on
any
interest
The town will
nished the successful bidder at for said bonds.
City Council on Oct. 27 passed payment date:
Series A Nos. 1
the
city's
expense! ! Successful furnish the approving opinion of first reading of the order pro¬
to 93 incl.; series B Nos. 1 to 84
bidder shall accept delivery and H. N. Rogers of Des Moines,, and
viding for the immediate transfer incl. and 86 to 95 incl.; series C
make payment for the bonds prior all bids should be so conditioned.
of the municipal airport to the Nos. 1 to 12 and 14
and 15, all
to 1 p.m. (CST) on Dec. 1, 1941, A certified check for 3% of the
State instead of waiting until if
incl.; series D Nos. 1 to 44 incl.;
at the City Treasurer's office, or principal
amount of' bonds bid would automatically revert from
series E Nos, 1 to 49 incl.
Bonds
at such bank in the city as the for, is required.
the city in 1948.
The vote was should be delivered for payment
purchaser may designate in writ¬
19 to 0 in favor.
The State has to the Detroit Trust
Orleans, Iowa
Co., Detroit
ing. A certified check for. $1,500,
offered to acquire the airport for
Bond Election—We understand
payable to the order of the city,
Ferndale, Mich.
a
total of $1,026,800, including a
that an election has been called
is required.
-T- —
— Bond Sale—The $485,000 series
cash payment to the city of $349,for Nov.
20, to submit to the
118
and
take
up
outstanding 2 refunding bonds offered Oct. 27
New Albany School City (P. O.
voters an issue of $10,000 water
bonds of $595,000, with accrued r-v. 154, p. 699—were awarded to
New Albany), Ind.system bonds.
interest of $82,681. The order will a « group
composed
of
Braun,
Bond Sale—The $27,300 school
come up
v,: Sdc. City, ■ Iowa ; •
for second reading and Bosworth\& Co., Toledo, First of
building bonds offered Oct. 28—
Michigan Corp., Crouse & Co.,
Bond
Sale—The
$5,000 semi- passage Nov. 10. ■
v.
154, p. 642—were awarded to ann.
paving bonds offered for sale Boston Metrovolitan District, Mass. Cray, McFawn & Co. and Mc¬
Raffensperger, Hughes & Co. of at auction on Oct. 27—v., 154, p.
Proposed Charter Amendment Donald, Moore & Hayes, all of
awarded
to
Vieth, Provides for Bond Issue—At the Detroit, on a net interest cost of
Indianapolis. Dated Oct. 1, 1941, 642—were
Nov. 4 election
voters will be about 2.483%, the successful bid
and due as folldfrs: $700 Jan. 1. Duncan & Wood of Davenport, as
consider
aproposed being a price of 100.06 for the
l%s, paying a premium of $15, asked, to
and $1,000 July 1,1942; and $1,000
eaual to 100.30, a basis of about amendment to the district charter bonds to bear interest as follows:
Due
r
i,
:
.
...
r
Ramsey, III.
Bond
on
Election—At
Nov.
sider
26
the
election
an
voters
will
con¬
issue of $7,000 water sys¬
tem bonds.
an
Rock Island, lit*
Bonds
Authorized—City Coun¬
authorized an issue
$54,000 234% funding bonds
to meet back salaries of police¬
men and firemen pursuant to the
Requirements of the 1937 State
Minimum Wage Act.
The bonds
will be dated Oct. 1, 1941. Denom.
$1,900. Due Dec. 1, as. follows:
$4,900 in 1944 and $5,000 from
cil
recently
of
1945 to
1954 incl.
Prin. and int.
(J-D) payable at the.. City Treas¬
urer's office.
.Bonds Sold—Abov® bonds have
been
sold to the White-Phillips
Co., Inc. of Davenport, as 234s, at
par plus a premium of $42, equal
to
1
100.07.
INDIANA
,
.
Elkhart County (P.
O. Goshen),
Bond Sale—The* $21,300
refund¬
ing bonds offered Oct. 30—v. 154,
p. 257—rwere awarded to the City
Securities Corp., Indianapolis, as
Is.
at par
plus a premium of
$146.50, equal to 100.687, a basis
about 0.814%. Dated Nov. 15,
of
Jan.
1
and
1955 incl.
July 1 from 1943
to
,
i
State pier construction bonds, to j
be retired over a period of 40-
that reports, amended the
for
present
for
■
sealed
Nov, 7.
■
Oct. 28 voted
on
toy City Clerk A. LI Hjort approval of the
acquisition of the property
KENTUCKY
through seizure by eminent do-.1
Belt County (P. O. Pineville), Ky. main, instead of through the pur-7
tion, by one publication in a daily
Bond
Call—H.
Clyde Reeves chaSe,7 as >originally proposed, of f
newspaper of general circulation
at
date
given
of
expense..
draft
an
KANSAS
Manhattan,
/
funding bonds. Dated Oct. 1, 1941.
Legislature
a
accrued interest to the
bond issue
redemption, provided no¬
tice of such redemption shall be purpose.
1941.
Chicago.
a
June
Vanderburgh County (P. 0%. Evansville), Ind.'
Plans Bond isStie—The county:
city, is required.
Legal opinion plans to issue $300,000 bonds to
of Chapman & Cutler of Chicago
help finance direct relief costs in
will be furnished the,/successful 1942. These charges are estimated
bidder at the city's e^cpense.
at about $750,000, of which $450,000 will be raised through the
Linton School City, Ind.
tax levy.
Bond Offering—E.
R. Fisher,
Treasurer,
will receive
sealed
IOWA
bids until 1 p.m. (CST) on Nov. 7
for the purchase of $12,000 4%
Burlington, Iowa
incl.; $6,000, 1948 to Denom.
$1,000. Due $1,000 on July
1954 incl.; $7,000 from 1955 to 1962
1 from 1943 to 1954. incl.
Prin.
incl. and $6,000 in 1963. Principal
and int. (J-J) payable at office
and interest (A-O) payable at the
of
the
Treasurer.
A
certified
City Treasurer's office.
check for 2% of the bonds, pay¬
able to order of the school city,
Herrin, III.
: 3 Bonds
Authorized—City Coun¬ is required. Bonds will be issued
cil recently authorized an issue subject to approval as to legality
of $30,000 4V4% water revenue by Chapman & Cutler of Chicago,
improvement bonds. Dated Oct. 1 whose opinion will be furnished
successful
bidder
without
1941. Denom. $1,000. ttDue $3,000 the
on April 1 from 1965 to 1974 incl.
charge.
The bidder will be re¬
Prin. and int. (A-O) payable a4 quired to furnish printed bonds
Bank & Trust Co.,
Dated
date of
about; taxable property therein.
A cer¬
2.0549%, which compared with; tified check for 234% of the bonds
all-time low basis of 1.97%
on
bid for, payable to order of the
to
Saturday,- N ovember 1,1941
1
Plymouth, Ind.
7
nel from Barkhamstead to Ne; Sydney,' Iowa * ~
Bond Sale—The $59,000 coupon
: '7 Bond Offering — It is reported paug Reservoir.
incl. Second high bid of 100.183 water works revenue bonds of¬ that bids will be received until
Massachusetts (State of)
for Is was made by Kenneth S.^ fered Oct. 27—v. 154, p. 585— Nov;
3, at 8 p.m., by Britt Stiles,
6 Proposed $5,000,000 Pier Bonds.
were awarded to Knight, Dickin¬
Johnson of Indianapolis.
Town Clerk,; for the purchase of
—Members of the House Ways ,
son
& Co. of Chicago, as 2s, at
$11,000 sewer bonds.
Bonds and
,'.,7 ■' GaryLlnd.7
7
and Means Committee of the State
par, plus a premium of $1,182,
1941
and
the City
left over
FINANCIAL CHRONICLE
THE COMMERCIAL &
850
I.63%.
on
■
Dated Nov. .1, 1941.
1945,'
Nov. 1 in 1942 to
Due providing
7'
for
construction of
a
bond
an
issue for $150,000 3s. Due Nov. 1, as fol'lows:
$25,000 from 1942 to
additional tun¬
•
Volume
an(i $15,000 from
2944. inci>}
;•
1945 to 1949 incl. : ■ '
-
Nov. 1 from 1950
Due
2V2s.
75,000
NEW ISSUE
$20,000
Due
$25,000
on
1 from 1960 to 1962 incl.
Nov.
■
on
to 1959 incl.
23/4s.
60,000
Exempt from all Present
Interest
Tax
on
from 1963 to 1965 incl.
Nov. 1
Y
$20,000
Due
2V4s.
200,000
;
851
THE COMMERCIAL* & FINANCIAL CHRONICLE
Number 4001
154
bonds are dated Nov. 1,
and those numbered from
485 incl., will be subject
redemption, prior to maturity,
inverse numerical order, at
Federal Income Taxes
i
Exempt in the State of New Jersey
;
j
The
1941,
411
to
in
and accrued interest,
par
on
"
■
-
•
30
.,y*
If>1943.
(MONMOUTH COUNTY)
;
for
,
Redemption
—T. H. O'Donoghue, City Clerk,
announces
the call for redemp¬
tion on Dec. 2, 1941, at par and
accrued interest, of the following
outstanding bonds, dated Dec. 2
1935, payable Dec. 2, 1965, and
callable on any interest payment
date:
All outstanding 1935 re¬
funding bonds of series A, B and
C. The bonds should be delivered
to the Detroit Trust Co., Detroit
for payment on Dec. 2, 1941, after
which time all interest on such
Called
Bonds
.
Dated November 1, 1941
$3,520,000 Serial Refunding General and Revenue
Bonds, maturing 1942 to 1962, inclusive, are not
■
principal and interest thereon.
O.
mazoo ),
Mich.
Call—Anthony
Kala¬
$6,330,000 Serial Refunding
#116,000
1.50%
120,000
1943
2.00
125,000
1944
2.50
129,000
1945
2.75
133,000
138,000
1946
Bond Call—C. E.
1951
164,000
1952
1953 y?
3.00
176,000
1954
100
1947
3.10
182,000
1955
100
1948
3.20
188,00b
1956 Y
3.30
195,000
1957'
100
99
1959
99%
275,000
*1967
99
1960
99%
284,000
*1968
99
1961
99%
Y
*1969
99
1962
99%
294,000
305,000
*1970
99
315,000
*1971
99
329,000
*1972
99
100
1949
*1966
231,000
100
Due
#265,000
224,000
3.45
170,000
Amount
99%
216,000
3.40
148,000
,f
158,000
Price
1958
Amount
'
i
'
Y
Bonds
*1963
99
248,000
*1964
99
:
256,000
*1965
99
'
(Callable, according
Bonds
239,000
!
]
1
*
Callable
Refunding General and Revenue Bonds, due December 1, 1972
$3,900,000
Stephens, Di¬
or
'
Price
Due
#202,000
i
Due
1950
rector, announces the call for re¬
demption on Dec. 1, 1941, at par
and accrued interest, of outstand¬
to
schedule in prospectus)
callable* 1942-1943*^rice 100
callable 1944-J9*£5 Price
99/4
Bonds callable 1946-1947 Price 99 %
Bonds callable 1948-1949 Price 99%
Bonds callable
refunding bonds, dated June
1, 1937, due June 1, 1967, Nos.
1 to 24 incl., and 32 to 59 incl.
Bonds are redeemable on any in¬
terest payment date and should
be presented for payment to the
Detroit Trust Co., Detroit.
ing
'
General and Revenue Bonds i
209,000
Price
3.35%
Amount
#153,000
143,000
City Bank
YMich.
;
Due
1942
School Dis10, Oakland County,
trict Ncv.
Yield
Amount
Township
Southfield
:
added)
Yield
ing bonds, Nos. 1 to 114 incl., ma¬
turing $19,000 annually on Dec. 1
from
1946 to 1951 incl.
Bonds
will be redeemed at the County
Treasurer's office or, at holder's
option, at the National
of New York./"
YIELDS AND PRICES
(Accrued interest to" be
par and acof $114,000 refund-
includ¬
City.
Washburn & Clay, New York City
by Messrs. Reed, Hoyt,
AMOUNTS, MATURITIES,
*
>
approved
Stamm,
Board of Supervisors,
call for redemption
crued interest,
*
fully described in the prospectus, to secure th£se bonds
pledge of net revenues from Beachfront Property owned by the
a
1^41, at
1,
Dec.
on
and
Legality to be
1, 2 and 3.
(P.
•
and
the taxable property therein without
be pledged for the punctual payment
: Y
City has adopted special covenants, more
ing "cash basis" operation
announces the
*
and legally binding obligations of the City
City shall be obligated to levy and collect ad valorem taxes on all
limit as to rate or amount, and the full faith and credit of the City shall
Y lowing refunding bonds of 1936:
/Series A Nos. 44, 52, 53, 57 'and
NEW JERSEY
OPINION, FOR TRUST FUNDS IN THE STATE OF
opinion of counseLshall be valid
All of these bonds, in the
The
County
;
of the City as fully described in
the prospectus.
LEGAL INVESTMENTS, IN OUR
redemption on Dec. 2, 1941, at
par and accrued interest, of fol-
Clerk of the
General And Revenue Bonds, matur'ng 1963 to 1972, inclusive, and
Bonds maturing 1972 are redeemable at the option
$3,900,000 Refunding General and Revenue
the
58; Series C Nos.
redeemable by the City prior
maturity.
to
$2 810,000 Serial Refunding
of
Bond
Due December 1, as shown below
^
1 and December 1 thereafter) payable in New York, N. Y. or in Asbury
of $1,000 registerable as to principal only or as to both principal and interest.
Hancock, Mich.
Kalamazoo
Y;
an| June
Bond Call—Fred J. Richards
City Clerk, announces the call for
;
"
j
Principal and semi-annual interest (June 1, 1942,
Park, N. J. Coupon bonds in the denomination
bonds shall cease.
v
^ % Refunding General and Revenue Bonds
3
oh and after Nov.
Nos. 461 to 485
\.$lo,230,O0ot?Y/YI:/|S|fK/;®;'
■
City of Asbury Park,New Jersey ffjff
days' published notice, on any one
or
more interest
payment dates,
as
follows:
Nos. 411 to 435 on
and after Nov. lj 1950; Nos. 436
to 460 on and after Nov. 1, 1946;
:
i:
'
to
1950-1971
Price 99
Prospectus upon request
B.
A. C.
MINNESOTA
School District
O. Elmore), Minn. I
$58,000 semi-
j. Van Ingen & Co .
Inc.
H. L. Schwamm & Co.
St^nalian, Harris & Co., Inc.
Allyn and Company, Inc. ;
Faribault County
No. 53 (P.
v
Incorporated
bonds offered for
sale on Oct. 28—v. 154, p. 700—
were
awarded to the First Na¬
tional Bank of St. Paul, as l%s,
paying a premium Of $1,226, equal
to 102.113, a basis of about 1.49%.
Dated Nov. 1, 1941.
Due from
Nov. 1, 1944 to 1960; optional on
and after Nov. 1, 1951.
building
ann.
Campbell, Phelps & Co., Inc.
Commerce Union
Plain, Minn.
Certificate Offering—E. L. Co-
Village
until
.Clerk,
and
sealed
ceive
No.
Dolphin 8C Co., Inc.
Craigmyle, Rogers & Co.
Lebenthal & Co.
Colyer, Robinson & Company
Company
R. S. Dickson &
Bank
Ira
Company
Mooie, Leonard & Lynch
Haupt 8L Co.
Incorporated
-
Nashville
re¬
Dated Dec. 1,
2, certificates
Denom.
indebtedness.
on
Bailey, Dwyer 8C Company
Incorporated
«
October 31,
bids
7, at 8 a.m., for the
of $2,400 Water Main
Improvement
Oct.
.
1941
Nov.
purchase
of
will
auction
'
Incorporated
Thomas &
Fox, Reusch & Co., Inc.
J. B. Hanauer 8C Co.
.
Stroud 8C Company >
Adams 8C Mueller
-
' .
Schofcllkopf, Hutton 8C Pomeroy, Inc.
Minsch, Monell & Co., Inc.
Maple
nover,
Otis & Co., Julius A. Rippel, Inc.
Rippel & Co;
J.
Schlater, Gardner & Co., Inc.
Sale—The
Bond
$240.
1941. Due $240 from
1, 1943 to 1952 incl., optional
payfnent
interest
any
County
Holt).
Due
(P. O.
County 'Independent School
(P. O. Pine City),
District [No. 2
Minnesota
,
that
for
an
,
election has been called
Nov."
12,
to
submit
to
A.
of
certificates
Pine
voter^an issue of $10,000 3%
Minn.
^t).
by
p.m.,
Clerk, for the
Dep. 1 in 1942 to 1961.
Bond'Election—We understand
Consolidated
School District No. 35
on
date
under certain conditions.
Marshall
Dated Dec. 1, 1941.
Clerk.
the
terest
rate
is
payable M-N.
Village
Nelson,
purchase of $3,200
In¬
indebtedness.
not
to
exceed 5%,
Denom. $300, one
1941. Due
for $200. Dated Nov. 3,
Nov. 3
on
as
to 1950 and
payable semi-annually. Is^ $26,000 in 1946, $27,000 in 1947'
public purposes, includ¬ and 1948, $28,000 in 1949, .$29,000
in 1950, $30,000 in 1951 and 1952,
ing street and water department
improvements and rrtMes4als for $31,000 in 1953, $32,000 in 1954
and 1955 and $33,000 in 1956 and
WPA projects.
1957.
Prin. and int. payable at
terest
sued for
Stuntz (P. O.
follows: $300 in 1942
Bond
$5b^ in 1951.
vey,
Northfield, Minn.
•'
con¬
,
^
Hibbing), Minn.
Offering—Richard
Town
Clerk,
will
Har¬
receive
sealed and oral bids until Nov. 12
at
2
any
suitable bank or trust com¬
to be designated by the suc¬
pany
cessful
be
bidder.
furnished
Bond forms
will
$y the town at its
purchase of own expense, and no allowance
Interest will be made to any bidder who
Morningside (P. O. 4215 Branson on Nov. 4, by John Larson, City rate is not to exceed 2V2%, paymay prefer to furnish his own
St., Minneapolis), Minn. ' 1
Recorder, for the fmrchase of $5,- jable (J-J). Dated Nov. 1, 1941.
were purchased by Park-Shaughbond forms.
The successful bid¬
Certificate Offering—Bids will 000
public improvement bonds. Denpm. $1,000. Due July 1, as
nessy & Co. of St. Paul, the only
Due 1 year from date of issue. In- follows: $25,000 in 1944 and 1945, der will, be furnished a compebidder, according to" the School be received until Nov. 3. at 7:30
Bond
Sale—The
$22,000
semi- struction bonds.
y
Bond, Offering
will
refunding bonds offered for
sale on Oct. 27—v. 154, p. 700—
ann.
be
—
Sealed bids
receivedx until
Commercial and Financial Chronicle (Reg U. S. Patent Office) William B. Dana Company,
W. Jones, Managing Editor, William Dana Seibert, President, William D. Riggs,
Frederick
7:30
p.m.
p.m.,
for
the
$408,000 funding bonds.
Publishers, 25 Spruce Street, New York, BEekman 3-3341. Herbert D. Seibert, Editor and Publisher,
Busiaess Manager. Published three times a week [every Thursday (general news and advertising
of Fred H. Gray, Western Representative, Field Building (Telephone State 0613). London—Edwards
Reentered as second-class matter September HL 1941, at the post office at New York, N. Y., under
issue), with statistical issues on Tuesday and Saturday].
Other offices: Chicago—In charge
& Smith, 1 Drapers Gardeiw, London, E.C.
Copyright 1941 by William B. Dana Company.
i£Ti
NOTE: ;
'
iro-Sn/J
ted
n?d Possessions' $26-00 Per year> s15-00 for 6 months;
.ip/Dominion of Canada, $2V.50 per year, $15.75 for 6 months. South 6and Cenfor months.
Spai^> Mexioo and Cuba,,$29.501 per year, $16.75 for 6 months; Great Britain, Continental Europerfexcept Snain), Asia. Australia and Africa. $31.00 per year, $17.50
'subscriptions and advertisements must be made in New York funds
.
- ■ •
On account qt the fluctuations in the rates of exchange; remittances for foreign
http://fraser.stlouisfed.org/
S
Federal Reserve Bank of St. Louis
>
i
■
THE COMMERCIAL
852
tent
approving legal opinion. De¬
livery of the bonds will be made
at the Town
Treasurer's office,
of the purchaser
at Minneapolis, St. Paul, or Chi¬
cago.,
These are:the bonds au¬
at the option
or
thorized
election
the
at
held
on
All bids must be uncon¬
Oct. 21.
$7,000 in 1946, $8,000 in 1947, $7,1948, $8,000 in 1949, $7,000
in 1950, $8,000 in 1951, $7,000 in
1952, $8,000 in 1953, $7,000 in 1954,
$8,000 in 1955, $7,000 in
000 in 1957, $7,000 in 195^jTand
$8,000 in 1959 to 1961. Prin. and
int. payable at the First National
000 «in
accompanied by a Bank, Kansas City. These bonds
certified check for at least' 2% of were authorized at a recent elec¬
the par value of the bonds, pay¬ tion.
Legality
approved
by
Bowersock, Fizzell & Rhodes of
able to the Town Treasurer.
Kansas City.
and
ditional
Greenwood
& FINANCIAL CHRONICLE
Saturday, November 1, 1941
&
Co., Philadelphia; Cranford Township (P. O. CranCo., Newark; Ira
ford), N. J.
Haupt & Co., New York; Kalman
Refunding Approved—The State
& Co., St. Paul; Katz & O'Brien
Funding Commission on Oct. 20
and P. E. Kline, Inc., both of
approved the refunding of $86,000
Cincinnati; Lebenthal & Co., New bohds.
The
amount
originally
NEW
New Mexico, State of
Santa
Court
,
York;
MacBridei- Miller
&
Co.; proposed
was
Newark; McDougal & Condon of
Chicago; Minsch,
Inc., New York.
Also Moore,
Monell &
Co.,
Leonard & Lynch,
Haddon
Bonds
ruled
$98,000.
(P.
mont), N. J.
Oi
,,
.
Inc.,
Co.,
Bond
Louisville, Widmann & Holzman,
Cincinnati, and Edward Jones and
bonds
The
Miss.
Jackson,
Co.,
1943 to 1968. They
are
priced to yield from 1.00%
to 2.75% for the 1943 to 1956 ma¬
turities and at 101, plus accrued
interest for the
1968 maturity.
The bonds are interest exempt,
mature Dec. 1,
all
'
opinion of counsel, from
present Federal income taxes.
the
in
^
t
•
Albany, Miss.
Sale
Details—The
Bond
*7'
'
'• • j
sold to the First Na¬
tional Bank of Memphis, as
Secretary of the
Vegas
School District, acting on
Board of Education of Las
behalf
noted the
at par and mature on Aug.
follows:
$1,500 in 1942 to
and $3,500
in 1947 to 1951.
of the
above
district, that
received
will
Board
1946 construction
bonds.
sealed
ceed
and
Interest rate
improvement
is not to
ex¬
payable J-J.
Denom.
$1,000.
Dated Dec. 1, 1941.
Due
Miss.
Bonds Sold—The Clerk of the $5,000 on July 1 in 1944 to 1960
incl. Prin. and int. payable at the
Chancery Court states that the
Smith
County (P. O. Raleigh),
6%,
bonds
aggregating County Treasurer's office in Las
$218,000 have been purchased at Vegas, v.
Bidders are required to submit
par by Scharff & Jones of New
offers specifying:
Orleans:
(a) The lowest rate of interest
$185,000 3^% general refunding
bonds. Due. Oct. 1, as follows and premium, if any, above par at
which such bidder will purchase
$7,000 in 1942 and 1943, $8,-
following
1944 and
in
000
1946
in
1945, $9,000
/and 1947, $10,000 in
1948 and 1949, $11,000
in 1950
1952, $12,000 in 1953 to
1955, $13,000 in 1956 and 1957,
7, $14,000 in 1958 and $8,000 in
to
•
'
-7 1959.
■
general
3y4%
33,000
vbonds. Due
lows:
refunding
Oct. 1, as fol¬
on
$6,000 in 1959, $14,000,
1960, and $13,000 in 1961.
payable (A-O). Dated
Interest
Oct. 1,
1941. Denom. $1,000. Bonds
callable
numbered 166 to 218, are
in the inverse order of their num¬
bers, at par and accrued interest
on Oct. 1, 1946, or on any inter¬
est payment date thereafter prior
to maturity, and bonds numbered
111 to 165,, are callable at par
and accrued interest on Oct. 1.
1951, or on any interest payment
date thereafter prior to maturity,
provided that the bonds callable
Oct. 1, 1951, shall not be subject
to call prior to maturity, unless
and until all of the bonds callable
The
,
,
.
sale
7-:W;S:7;v.
-
consisted
of
the
fol¬
bond
Bond
intends
issue at
Issue
to
—
State
than
the
can
$200,000
people,
bids
on
received
May 26,
were
re¬
Auburn, N.
Y..:,;7-'7\7■'
Refunding
Approved — H.
D.
Yates, Deputy State Comptroller,
issued
order
an
Oct.
24
approv¬
ing the city's application for
per¬
mission to refund $150,000 bonds,
The issue will be payable in in¬
stallments on July 1 in 1944, 1945
and
1946. f
>.
w.
.
Elmira, N. Y.
No Bonds
Likely To Be Issued
Next
Year—City Manager Klebes
recently predicted
/hat the city
will operate on
City
authorize
the
of
NEW YORK
Linden, N* J.
Proposed
Council
a
(complete
as-you-go basis inM942
first time in many years.
a
its
meeting Nov. 4
and for the
purpose of permanently
revenue bonds.
Due Dec. 1,
financing a number of temporary
1972.
bond anticipation notes.
The or¬
6,330,000 serial refunding gen¬ dinance was to have been ready
eral and revenue bonds.
Due for the recent
meeting, but due
Dec. 1, as follows: $116,000 in to the fact that a
representative
11942; $120,000, 1943; $125,000; of the bonding attorneys was on
1944; $129,000, 1945; $133,000, one of the trains involved in the
1946; $138,000, 1947; $143,000, P. R. R. wreck in Rahway, action
1948; $148,000, 1949; $153,000, was delayed. >. Council hopes to
1950; $158,000, 1951; $164,000, sell the bonds before the end of
1952; $170,000; 1953; $176,000* the year. The issue will be used
1954; $182,000, 1955;. $188,000; to finance public improvements,
1956; $195,000, 1957; $202,000, such as street paving and sewers,
1958; $209,000, 1959; $216,000, completed within the last year or
1960; $224,000, 1961; $231,000, so and now financed temporarily
1962; $239,000, 1963; $248,000, by notes. •
1964; $256,000, 1965; $265,000,
: 1966; $275,000, 1967; $284,000, .Monmouth County
(P. O. Free¬
hold), N J.
1968; $294,000, 1969; $305,000.
Offering—It is stated by $3,900,000 refunding
July 26, were purchased bids until 7:30 p.m. on Nov. 24,
1, as for the purchase of $85,000 school
on
neapolis.
lowing issues:
City Maude Frazier,
special street improve¬ Union
ment bonds
here
, „
(P. O. Las Vegas),
Nev.
Bond
Clerk states that the $25,000 1 % %
semi-ann.
,l
■
,
New
:
_
Vegas Grammar School Dis¬
trict No 12
all
.
1961, callable five years from date Chicago; Walter, Woody & Hei- Funding Commission on Oct. 24
merdinger, and Weil, Roth & approved an issue of $124,000
in inverse numerical order.
Irving Co., both of Cincinnati, and series C refunding bonds.
J
the
NEVADA
Wells-Dickey Co. of Min¬
Las
that
more
vote
a
jected.
cago; Stranahan, Harris & Co,, the amortization of any discount
on the sale of said bonds, not ex¬
1948, $16,000 in 1949 to 1951. Inc., New York; Stroud & Co.,
and Suplee, Yeatman & Co., both ceeding $11,000." '
$18,000 in 1952 and 1953, $19,000
of Philadelphia; Thomas & Co.,
in 1954 and 1955, $20,000 in 1956,
Irvington School District, N. J..
Pittsburgh;
VanDeventer Bros.,
$14,000 in 1957, $15,000 in 1958
Refunding Approved—The State
and *1959 and $16,000 in 1960 anc Inc., Newark; M. B. Vick & Co-
<
no
offered for sale
were
and
in
-
was
State Office Building uncon¬
stitutional. The next State Legis¬
lature may ask for a vote on that,
amount of bonds. These
bonds
Davenport, $14,000 in 1946 and 1947, $15,000
Inc.,
Co.,
Bankers
The
it
new
f
Phillips
Legislation
thereby making the 1941 statute
providing for the issuance of $1,000,000 in debentures to build a
town¬
Pittsburgh; V. P. Oatis & Co., and
If
'
Court
without'
'
Authorized—The
Bond
recently by the State Su¬
borrow
West-'
(P. O..
Fe)
We understand
—
preme
Township
Rules
Invalid
ship
recently
passed
on
final
,
Alfred O'Gara & Co., both of Chi¬ reading an ordinance authorizing
MISSISSIPPI
cago;
Otis & Co., New York; the issuance of $293,000 3V%% re¬
'■':.
NEBRASKA
Perko & Zink of Cleveland; Piper, funding
Natchez* Mis*.
bonds,
previously re¬
Jaffray & Hopwood of Minneap¬ ferred to in v. 154, p; 531.
Bonds Offered for InvestmentThe
.v'7*7 Nebraska City, Neb. •
olis; Pohl & Co., Inc., Cincinnati; bonds will be dated. Oct. 1, 1941,
Additional
Information—Mrs.
Offering of a new issue of $2,C. A. Preim & Co., Julius A. and mature Oct. 1, as follows:
100,000 3% bridge revenue re¬ Ethel Gaskill, City Clerk, now
funding bonds, dated Nov. 1, 1941, states that the $300,000 water and Rippel, Inc., and J. S. Rippel & $33,000 in 1942; $37,000, 1943;
all of Newark;
Schlater, $33,000, 1944; $48,000, 1945; $15,was made on Oct. 29 by a syndi¬
gas system revenue bonds sold Co.,
cate
composed
of
Stranaham to H, B. La Rocca & Co. of Chi¬ Gardner & Co., Inc.; Schoellkopf, 000 in 1946 and 1947; $37,000 in
Hutton & Pomeroy, and R" L, 1948; $36,000 in 1949;
Harris & Co., Inc., A. C. Allyn ana
$6,000 in
cago, as 3 V2 s—v. 154, p. 133—were
Co., Inc.,' Eldredge & Co., Inc., purchased at par, are dated Oct. Schwamm * & Co.; ■- all of ■ New 1950 and $33,000 in 1951. .Among
First of Michigan Corp., Robert 1, 1941, and mature Oct. 1, as York; Seasongood & Mayer, Cin¬ purposes of the issue, as cited in
Hawkins & Co., Inc., the White- follows: $13,000 in 1943 to 1945, cinnati; Robert Showers of Chi¬ the ordinance, is "to provide for
.
MEXICO
J. B. Hanauer &
general
pay-
for
the
Elmira
has, been working toward that
goal for Some time and this year
$75,000 bonds for public works
projects
were
issued
as
con¬
trasted
that
with
$250,000 in 1940 for
Greater employ¬
city has made pos¬
purpose.
ment in
sible
the
reduction in "made" work
a
projects and in welfare rolls. The
reduction
has
stage where
tion
of
bond
reached
now
the
complete elimina¬
a
issues
will
be
pos¬
sible next year unless the unfore¬
develops,
seen
said.
While
issued only
Manager
the
city
Klebes
this year
$75,000 in bonds ;it
shouldered
a considerable load of
bond payments from former
years.
The year's total bond debt pay¬
ments will total
The
$295,000 in prin¬
cipal and $43,866 in interest. In
County Board of Freeholders has
issue of $82,800
All of the bonds will be dated authorized an
tiring $74,000 principal and $27,-
.
01970; $315,000 in 1971,
$329,000 in 1972.
7:77
such bonds; or
(b) The lowest rate of interest
and
Proposed
Bond
Issue
—-
addition
the
School
Board
is
re¬
841 interest.
Water Board
1, 1941. Denom. $1,000. They jetty construction bonds.
bond^
in the amount of $60,000 and in¬
bonds, registerable at
Pennsauken Township, N. J. i
terest of $12,150 have come due
The bonds shall be sold to the the option of the holder as to
Bond
Call
Township ,Clerk this year but. are paid from Water
bidder making the best bid, sub¬ principal alone or both principal
ject to the right of the said Board and interest. Prin. and int. (J-D) Robert V. Peabody announces Board receipts, and are jiot re¬
of Education to reject any and all payable at banking institutions in ths^t certain township refunding flected in, city expenses.
Manager Klebes said he will
bids and readvertise., None* of such Asbury Park and New York City bohds, dated March 1, 1935, in de¬
bbfids shall be sold at less than to
be
designated by the City nominations of $1,000 and $500, recommend to the City Council
7 •
maturing Dec. 1, 1942 to 1951, are that no bonds .be issued next
par and accrued interest, nor will Council.
.
called for payment on Dec.
1. year, Tax anticipation notes will
any discount or commission be
Optional Features — The condi¬
These bonds are part of an issue be sold to be redeemed; at. the
allowed or paid on the sale* of tions
governing the redemption of
end of each six months' period.
of $3,080,000
said bonds. Sealed bids should be the bonds
approved on Feb, 25,
prior to maturity were
directed to the Secretary of said
1935, by the Township Committee.
fully described in our issue of
Gloversville, N. Y.
On or after Dec. 1, 1941, payment
Board of Education of said Las Oct.
25, page 741,
Refunding
Approved — H, - D,
of the principal amount of said
Vegas Union School District, at
Bonds- Publicly Offered—B. J.
bonds together with interest ac¬ Yates, Deputy State Comptroller,
Las Vegas, Nevada, and all of said
on
Van Ingen & Co., Infc. and asso¬
Oct. 24 issued an order ap¬
crued thereon to Dec. 1, 1941, will
bids will be publicly opened. All
ciates made public re-offering of
proving an. issue of $247,000 water
be
made
at f the
Pennsauken
bids, except the bid of the State the bonds as follows:
$6,330,000
Township National Bank, or at refunding bonds, to mature Dec.
of Nevada, shall be accompanied
serial refunding general and rev¬
15, as follows: $ 18,000 from 1942
by a deposit of five percent, either enue bonds were offered from a the Philadelphia National Bank, to 1954
incl., and $13,000 in 1955.
Philadelphia, on presentation and
cash or certified check, of the
yield of 1.50% to a price of 99; ac¬ surrender of said bonds together New Castle
amount of the bid.
(P. O. Chappaqua),
cording to maturity, and the $3,- with
coupons
maturing Dec. 1.
N
Y.
900,000
refunding
general
and
194i, and subsequently;
NEW JERSEY
Refunding
Approved — H. D.
revenue bonds were scaled from
Yates, Deputy State Comptroller,
a price of 100 for the earliest ma¬
Tuckerton, N.J.
Asbury Park, N. J.
on
Oct. 24 issued an order ap¬
turities to a price of 99 for the
Bond
Sale
The
Refunding
Issue
Approved—
$10,230,000
The The State Funding Commission proving an issue of $104,500 re¬
bonds Offered Oct. 29—v. 154, p. last maturing. Nobligations.
funding bonds, to mature serially
formal
offering
an¬ has'
741—were awarded to a syndicate bankers'
approved the borough's plan from
1942 to 1950 incl.
headed by B. J. Van Ingen & Co., nouncement appears in this issue." to issue $93,000 general refunding
New Rochelle, N. Y.
bonds on an exchange basis.
inc., New York, the only bidder,
Bergenfield, N. J.
Bond Sale—The $200,000 cou¬
at a price of 96.01.
Other mem¬
Bond Sale—The $37,000 coupon
Union City, N. J.
bers of the successful group were
pon
or
registered home relief
or registered sewer bonds offered
Bond Call—City Clerk Wjlfred and/or veteran relief bonds of¬
as follows:
Adams & Mueller of
Oct. ; 27—v.
154, p. 700—were Turner calls for paymeht on fered Oct. 29—v. 154, p. 742—
Newark; H. L. Allen & Co. and
A. C. Allyn & Co., Inc., both of awarded to C. A. Preim & Co. of Dec. 1, 2Vz% general refunding were awarded to Salomon Bros. &
132 to 451, to the Hutzler of New York, as 1.20s, at
New York; Bailey, Dwyer & Co., Newark, as 2.80s, at a price oi bonds Nos.
"fesey City; 'J. Walter Bell & Co., 100.28, a basis of about 2.77%. amount of $320,000. Dated Dec. 1, a price of 100.13, a basis of about
Dated Oct. 1, 1941, and due Oct. 1, 1939.
Dated Nov. 1, 1941, and
Denom. $1,000. Due Dec. 1, 1.17%.
New York; Blgelow, Webb & Co.,
as
follows:
$2,000. from 1942 to as follows: $113,000 in 1942, $96,- due $20,000 on Aug. 1 from 1942
Minneapolis; Bioren & Co., Phila¬
1958
incl.. and $3,000
in 1959. 000 in 1943, and $111,000 in 1944. to 1951, Other bids were as
delphia; Campbell, Phelps & Co.,
at
which
the
bidder
will
pur¬ Nov.
chase said bonds at par.
are
coupon
—
.
(
,
«
on
and
have
Oct.
after
been
1, 1946, shall
Legality ap
called.
proved by Charles & Trauernichi
of
St.
Louis.
MISSOURI
View
Mountain
School
District
(P. O. Mountain View), Missouri
Bond
that
Election—It
issue
is
the
at
Section
of
bonds is
Nov.
4
be
an
construction
$18,000
to
reported
submitted to
the
voters.
Ozark, Mo.
Bond Election—The issuance of
$17,500
sewer
bonds will be sub¬
mitted to the voters at an election
scheduled for Nov. 12, it is said.
Sugar Creek, Mo.
Bonds
^Sold—The
Baum, BernCity, is said
heimer Co. of Kansas
have
purchased $144,000 2%%
semi-ann. paving, park and sewei
improvement bonds. Denom. $1,
000. Dated Oct. 1, 1941. Due on
Aug. 1, as follows: $8,000 in 194"
$7,000 in 1944, $8,000 in 1945,
to
—
Inc., John B. Carroll & Co. and
Churchilff Sims & Co., all of New
York; John W. 'Clarke & Co.';*
Inc., Chicago; C. C. Collings &
Co., Philadelphia; Colyer, Robin¬
son
& Co., Newark;
Commerce
Union Bank of Nashville; Craigmyle, Rogers & Co. and R. S.
Dickson & Co., both of New York;
Dolphin & Co., Philadelphia; C.
P. Dunning & Co., Newark; Einhorn & Co. and Fox, Reusch &
Co., both of Cincinnati; H. T.
Other
bidsf
Said bonds
Bidder—
H.
H.
L.
Li
H.
B.
M.
M.
Schwamm
&
Allen &
Boland &
Co
Co
Co..
Int. Rate
3%
3
3.10
Rate Bid
100.52
,100.30
100.115
100.11
the
are
accrued
interest
to
date
of
&
Co......
3ft'
„
Bidder-
Phelps,
re¬
demption, but without premium,
upon presentation and surrender
^
Cape May, N. J.
;
thereof (with all coupons apper¬
Proposed Refunding Issue—An taining
thereto/ maturing. after
said date) at the Hudson, Trust
ordinanc^was introduced in the
City Council on Oct. 24 falling for Co., Union City. Any
of said
the issuance of $997,000 3V2% re¬ bonds which shall at the time be
funding bonds. The State Funding registered should be accompanied
Commission has been asked to ap¬ by duly executed assignments or
transfer powers in blank. . • /
prove the financing.
,
Freeman
follows:
to be redeemed at
principal amount thereof and
&
•
R.
Gordon
Lehman
' >
Int. Rate
Ptenn
&
Co.,
Inc.,
^
Pressprich & Co. 1.20%
W.
Graves
and
H. L.
■
-
A.
Adams,
Co., Inc..
Stuart & Co., Inc...
and R.
Trust
A.
R.
D.
of
Co.
White
Allen & Co.
&
Co...
100.179
lft
100.168
and Btorvey
ift
100.151
Ift
'-leOrM*
Allyn & Co,,
Parsons &
& Co.,
B.
ly4
100.22
100.188
Ward
Inc., and
E. H. Rollins & Sons, Inc.
Blyth
& Co.
and
Graham,
Blair
100.042
l>/4
Buffalo
risk & sons'.:.-,..........
C.
100.05
and
Co
Marine
Rate Bid
1.20
&
Riter & Co.
&
Co
V/4
Bros
McEntee
Halsey,
&
Co........,
Inc.,
Gibbons & Co.,
and Geo.
Inc
lfti"
1.30
100.139
100.175
853
100.147
1.30
Weld & Co.........
Manufacturers & Traders Tr.
Co.
and Kean, Taylor
&
White,
as
^ ^
Harriman Ripley & Co.,
100.139
1.30.
inc.
100.079
i
taken
appoint¬
1942. In
the belief that a successor to the
New York City Housing Authority, late Mr. Tremaine could be de¬
Peabody
Kidder,
&
Estabrook
A. G,
Co.
100.031
"
■
have
would
and
Co.
&
ment
103.22
Becker & Co..
served
-
r
Had an election
place this year, Mr. O'Leary
1942.
31,
l^s, paying a
$27.50,
equal to
p_
Toi—were
awardedv; to
the 100.083, a basis of about 1.48%\
1,
1941.
Due on
Equitable
Securities
Corp.
of Dated Sept.
Nashville,
for
a
premium
of Sept. 1 in 1942 to 1951.
$134.45, equal to 100.336, a net
Raleigh, N. C,
All of the bonds will be dated interest cost of about 1.92%, on.
1945 incl., and $6,000 in 1946.
(F-A).
'Hy
,6,000 Mohegan Beach Park District bonds. Due $600 on Oct
1 from 1942 to 1951 .incl. In¬
terest (A-O).
Acting State Comptroller until
Dec.
by
only until Jan. 1,
;
Interest
bonds
State
recently
announ&cH that the
State had made a loan of $7,100,000 to the above housing author¬
Moore, incident¬
Manufacturers
Ti'ust
Geo.
C.
:
Traders
-
Bonds
follows:
as
Gibbofis
Childs
& Co.,
&
Co.
on
is
.
,
.
unlimited
are
3%%
$1,000,000
additional
the
obligations oi
tax
and
village
the
approving
$57,000,000 BatteryBrooklyn Tunnel construction is¬
sue.
thereby increasing its total
legal opinion of Hawkins, Delafield & Longfellow of .New York
holdings to $3,000,000.
City will be furnished the suc¬
cessful bidder. A certified check
bonds of'the
York
New
of)
Warns Loca
who succeeded t e iat<
Tremaine as Pomp
troller of the State of New York
already has indicated that he will
be no less diligent than his prede¬
O'Leary,
S.
Morris
in jealously guarding the
predicating enjoyed by the
cessor
high
and
State
municipal subdivi¬
its
This was clearly
in: the
circumstances
sions.
apparent
attending
approval of the appli¬
cation of an up-State city feu per
mission to refund a portion of it
maturing indebtedness.
In announcing his approval o
his recent
.
proposal, after
Municipal A
of
Division
necessity» agprova
instance,
this
counts
which seem to in
"reasons
dJcateme
Director oi
O'Brien,
Harry
and
learn£g4atec
Comptroller H. D. Yate.
Deputy
compxionu
.
O'Leary cautioned the mooicipalitv against the practice o£ refunding and
expressed the wish
tha^
of that nature
further borrowing
be
not
would
necessary.
.
$630, payable to order of the
village, is required.
In the event
that prior to delivery of the bonds
the income received by private
for
Refundings—Joseph V
On
Units
Oct.
on
stated
of
issuance
28, approved the
refunding;
$100,000
bonds.
100.109
1.60
Inc.
and
Sale—The
Bond
coupon
Sanford,
semi-
N.
C.
&
Kirchofer
of
leigh,
Arnold
Equitable
the
of
& Hall of Greensboro,
Ra¬
Co.
Dickey
Securities
the Wellsof -Minneapolis, the
Weil, Roth & Irving Co. of Cin¬
cinnati, Kalman & Co. of St. Paul,
Co. of Pittsburgh, and
Corp. of Nashville, and Vance
Young
& Hardin of Winston-
Thomas &
Salem, at a net interest cost, oi
about 2.93%, on the bonds divideo
as follows:
$73,000 maturing Dec
McAllister, Smith & Pate, Inc., of
Greenville, paying a premium of
$12, equal to 100.002, a net in- •'
$5,000 in 1942, $9,000 in 1944
terest cost of about 3.08%, on the
1946, $10,000 in 1947 to 1949
bonds divided as follows:
$11,000 in 1950, as 3y2s, $187,OOC
general bonds, taking
maturing Dec. 1, $11,000 in 1951 $523,000
and 1952, $12,000 in 1953 to 1955
$266,000 maturing May 1, $9,000 in 1944 to 1946, $10,000
$13,000 in 1956 to 1958, $14,000 li
in 1947 to
1949, $11,000 in
1959 and 1960. $15 000 in 1961 and
1950 to 1952, $12,000 in 1953
1962, $16,0mLin 1963 and 1964, as
to
1955, $14,000 in 1956 to
2%s, and $140,000 maturing Dec.
1958, $15,000 in 1959 and 1960,
1, $17,000 in 1965 and 1966. $18 $16,000 in 1961 and 1962, $18,000 in 1967V and $22,000 in 1961
000 in 1963 and 1964, as 3%s
to 19.71, as'Ss.
Bond
Call — Dixie
Graham
(M-N), and $257,000 matur¬
ing May 1, $20,000 in 1965
Town Clerk and Treasurer, states
and 1966, $22,000 in 1967 and
accomplishing the same that the following bonds, all oi
1968, $23,000 in 1969 and 1970,
which
are
dated Dec. 1, 1936
purpose.
$24,000 in 1971 and 1972, $26,The
Comptroller's
statement scheduled to mature on Dec. l
000 in 1973 and 1974 and $27,notes that as of last Monday, city 1966, are called for payment on
000 in 1975, as 3s.
bonds outstanding
totaled $32,- Dec. 1: '
General refunding $230,500, re¬
14,000 water bonds as 3s.
Due
956,000, or $1,064,300 less than on
$1,000 on Nov. 1 in 1943 to
Dec. 31, 1939.
Mr. Schubert says funding $120,000, street improve¬
1,
to
*
(State
State Comptroller
mission
a
'
,
is
Approved—It
that the Local Government Com¬
Elkin, N. C.
100.15
lVa
the West Side of the
city.
The loan is to be .repaid
over
a
period of 49 years** I was made in our issue of October
No more bonds will be issued to
marked an important departure
30, on page 808.
finance the city's deficit for 1939
in the method of applying. State
and prior years, Comptroller Wil¬
Suffern, N. Y.
aid to a local housing project anc
liam A. Schubert stated Oct. 27
will result* in considerable sav¬
Bond Offering—Robert F. Duin a summary of the city's finan¬
ing to the agency. The State can Vall, Village Clerk, will receive
cial condition which is to be dis¬
market its bonds at a much lower sealed bids until 2 p.m. on Nov. I
tributed " to
investment
houses
rate than that required on hous¬ for the purchase of $31,500 noi
holding Yonkers securities.
Mr.
ing authority securities, the lat¬ to exceed 6% interest coupon oi
Schubert reported
^the deficit as
ter
having
estimated that ♦.its registered sewer bonds. Dated
of Oct. 1, at $1,662^70 and said
bonds would have
to^ carry Mr Oct. 1, 1941. Denoms. $1,000 and that any further financing on its
ar
interest rate of about 3 A l
$500. Due Oct. 1, as follows: $1,- account will be
through tempo¬
Weinfeld recalled that the State 000 from 1942 to 1944 incl., and
against outstanding
housing bonds sold earlier t . $1,500 from 1945 to 1963 incl. Bid¬ rary notes
taxes. He explained that all rev¬
year at an interest rate of 1-/4%
der to name a single rate of in¬
enue from
the sale of tax lien
and commanded a premium -a1
terest, expressed in a " multiple
foreclosure property held by the
that figure.
;
of %, or 1/10th of 1%.
Prin. and city will be used to reduce the
int. (A-O) payable at the Village
New York City Tunnel Authority,
deficit.
Direct budget appropria¬
Treasurer's
office, the
Suffern
N.Y.
tions and the utilization of yearAdditional
Bonds Taken By National Bank' & Trust Co., Suf¬ end budget surpluses; if any
RFC—The Reconstruction Finance fern, or at the Chase National exist, were listed as other possible
Corporation acquired orv Oct. 7 Bank, New York City. The bonds means of
ment
in
divided
bonds
:
Co.
B.
P.
&
y
of
Bond Sale—The coupon semimember of the well100.113
Sherwood & Co
1%
ann. general and street improve¬
100.13
ann. refunding bonds aggregating
known
municipal law firm of Mahopac National Bank.... 2V2
ment refunding bonds aggregat¬
Dillon, Vandewater & Moore of
ing $400,000, offered for sale or $537,000, offered for sale on Oct.
Yonkers. N.Y.
28—v. 154, p. 701—were awarded
this city.
Previous reference to
28—v.
No More Bonds To Be Issued Oct.
154, p.
646—were
the ruling of the Court of Appeals Against Prior Years' Deficits— awarded to a syndicate composeo to a syndicate composed of Lewis
ally,
develop¬
Houses, %a
Amsterdam
Mr.
nominee.
cost of building
ity to cover the
designated as the Republican
was
Greensboro, as
premium«
termined at the Noy. 4: election, Oct. 1, 1941., Other: bids were as
$10,000 as 13/4S, due on May 1.
Of
$7,100,000 Mr, O'Leary was chosen as the follows:
Int. Rate Rate Bid
Bidder—:
1958, and $30,000 as 2s, due $10,State —Edward Wemfeld Democratic-Labor Party candidate
Gordon Graves & Co....
1.40%
100.281
000 on May 1 in 1959 to 1961.
Commissioner of Housing, for the office and Firank C. Moore Marine Trust Co. .of Buffalo 1.40
100.15
From
the
of
of¬
$40,000,
Oct. 28—v. 154,
loan
Obtains
the
on
,
the
an
aggregating
fered for sale
>
that from Jan.
1, 1940 to Oct. 20.
1941, the city retired $7,301,300 in
bonds and issued $2,333,000 for
1956 incl.
ment refunding
$55,000.
;.
the
principal
of said bonds wHlbf:
or after redemption date
of
Payment
amount
Stokes
'
County
(P. O. Danbury),
N.
C.
which
em¬ made on
Bond Sale—The coupon semibrace /reliell water
presentation
in
negotiable
extension, on
type and character shall be tax¬
ann. road, bridge and general and
school renovation, sewers, local form at the Guaranty Trust Co.,
able by the terms of any Federal
school refunding bonds aggregat¬
improvements, equipment and all New York City, the bonds to be
income
tax
law, the successful
ing $87,000, offered for sale on
other similar items."
This made accompanied by all June 1,
bidder may, at his election, be re¬
the excess of bonds retired over and subsequent coupons. Coupons Oct. 28—v. 154, p. 701—were pur¬
lieved of his obligations under issues for normal purposes maturing on Dec. 1, 1941, and chased jointly by John Nuveen
the contract to purchase the bonds
& Co. of Chicago, and the Wach¬
prior will be paid on presenta
$4,968,300.
and in such case the deposit ac¬
Bank
&
Trust
Co.
of
Interest due ovia
"In other words," the Comp¬ tion and surrender.
companying his bid will be re¬
Winston-Salem,
paying a pre¬
troller stated, "it would have been on Dec. 1, 1941, on said bonds
turned.
mium of $23, equal to 100.026, a
possible
to
reduce 'the
total which were issued in fully regis¬
tered form, will be paid on date net interest cost of about 2.87%,
Suffolk County (P. O. Riverhead), bonded debt by almost $5,000,000
Bonds registered
as -;tc on the bonds divided as follows:
were it
not that bonds were is¬ called.
N. Y.
sued for the following purposes
principal alone and also bonds is¬ $51,000 as 23/4s, due on May 1,
Refunding
Issue
Approved—
$2,179,000 to finance the deficit of sued in fully registered form $13,000 in 1956, $12,000, 1957, $14,H. D. Yates, Deputy State Comp
be
1939 and
accompanied by ap¬ 000, 1958 and $12,000 in 1959; the
prior, issue of which must
troller, signed an order on Oct. 25
reduced the city's unpaid commit¬ propriate instruments of assign¬ remaining $36,000 as 3s, due $18,permuting the county to issue ments to
000 on May. 1 in 1960 and 1962.
merchants and other ment executed in blank. $450(000 refunding bonds to pro¬ debt as Well as
Bond Call—R. L. Smith, Clerk
money due to '?. V?
V^ayetteville, N,,,C«
vide for payment of bond prin¬
of the County Board of Commis¬
other funds of the
city by an
'Bond Election—It is stated by
cipal, coming due- in the fiscal
equal amount; and $1,725,000 in the Town Clerk th^t an election sioners, states that the following
year beginning Nov. 1, 1941.
The
refunding bonds are being called
debt equalization bonds to reduce
has been called for Nov. 18 to sub¬
refunding issue will mature as
for payment on Dec. 1, at par
the tax levies of 1940 and 1941."
mit to the voters bonds aggre¬
follows:
$25,000
from
1946 to
and accrued interest:
Bond retirements in* the next
1951
gating $375,000 and divided as
incl.; $50,000 from 1952 tc
Road dnd bridge, 6%, Nos. 1 to
two months will more than off¬
follows:
1955 incl., and $100,000 in 1956.
$33,000 water, $242,000
set any bondable requirements for
sanitary sewer, $35,000 street im¬ 8, 19 to 22, 33 to 40, 51 to 54, and
normal purposes which now exist,
65 to 72, for $500 each, and Nos.
Tarrytown, N. Y.
provement,
and $65,000 street
Mr. Schubert said, or which may
14 to 18, 28 to 32, 46 to 50, 60 to
bonds.
Bond Offering — Catherine P.
be
created
between
now
and
64, and 78 to 82, 6%, and Nos. 9
McCaul, Village Clerk, will re¬
Dec. 3.
The sale of debt equal¬
to 13. 23 to 27, 41 to 45, 55 to 59,
Gates County (P. O. Gatesville),
ceive sealed bids until 2 p.m. on
ization bonds to reduce the 1942
N. C.
and 73 to 77, 5y2%, for. $1,000
Nov. 10 for the purchase of $95,tax levy will reduce the margin
Bond Sale—The $17,000 coupon each, aggregating- MfUlOfl. ^
000
not to
exceed 6%
interest
of retirements as of Dec. 31, but semi-ann.
court house and jail
General, 6%, Nos^MSyftsd 26,
coupon or registered public im¬
the proceeds from this sale will bonds offered for sale on Oct. 28 for
$1,000
each,
provement bonds. Dated Nov. 15.
remain in the banks and will off¬ —v. 154, p. 701—w,ere awarded tc
1941. Denom. $1,000. Due Nov. 15
set the issue, he said.
"A study the Equitable Securities Corp. of
School, 6%, Nos. 3, 4, 5.
as follows:
$7,000 in 1942; $8,000
of the bondable requirement for Nashville, paying a premium oi
10, 13, 14, 15 and 18, and Nos. l,j
from
1943
to
k94if incl.; $9,000,
1942," he continued, "including an $3.40, equal to 100.0 , a net in¬ 2, 6, 7, 11, 12, 16 and 17, 5y2%,
1948; $10,000, 19V to 1951 incl.;
estimate
of $1,000,000 for debt terest cost of abput 1.61%, on the for
$1,000
each,
aggregating
$2,000 from 1952 to 1955 incl. and
equalisation bonds, shows that it bonds divided as follows: $11,000 $18,000.
$},000'in 1956. Bidder to name a is safe to .predict that the actual as l%s, due on Feb. 1, $1,000 in
Dated Dec. 1, 1935.
Due Dec. 1,
single rate of interest, expressed
bonded debt will be reduced by 1943; $2,000, 1944 to 1948; the re¬
in a multiple of 14 or l/10th of
1952i
Holders of said bonds are
some $1,500,000 during that year
maining $6,000 as l%s, due $2,000
jt%. Prin. and int. (M-N) payable
requested to present same with
This expresses the second stage on Feb. 1 in 1949 to 1951.
ai the Tarrytown National Bank
June\l, 1942, and subsequent in¬
terest coupons attached, for pay¬
&VTrust Co., Tarrytown. ' Tne pf this city's financial plan.. The Iredell
County (P. O. Statesville),
first stage removed some $2,500,ment on Dec. 1, 1941, at the Chase
bonds are unlimited .tax obliga¬
N.C.
000
of temporary
debt accomNational Bank, New York City.
tions of the village ahd the ap¬
Bonds Approved—It is reported
oanied by a reduction in bonded
Interest ceases on date called.
proving legal opinion of Reed,
that the Local Government Com¬
debt."
Hoyt, Washburn & Clay of New
mission on Oct. 28, approved the
Wilmington, IV. C.
York City will be furnished the
issuance of $240,000 school build¬
north carolina
holders from bonds of-the same
"normal
purposes,
.
,
*
Pointing out that the
{
tioh in question was
the fns
official act Of this particular char¬
acter which it is my pleasure.to
perform," Mr. O'Leary m^e tin
pungent
observation
"I believe it is quite generalij
following
understood among
refunding is only
measure
finarJ"^sora5
a tempoia y
be
which ought not to
permitted to ripen into a con¬
tinued practice."
Credit of, mu
he added, is essen¬
tial to economical admimstiation
Certainly these remarl^ cannol
but fail to impress dealers am
investors in the obligations of the
nfcipalities,
municipalities^ the
State and its
intention
Tremaine/suc^
of Mr.
rigidly
^adhere
sound principles of public
to
cessor
which have been
tant factor in
t^the
fiance
such an, i^P
maintainini,
a con
strong market for suet
securities, even during th P
in the early '30s when the mar
ket for municipal issues gener#>
sistently
exceptionally
was
weak.
f
*
afgW|ffl^ng
Arfe
...
'
successful
of the
The
O'Leary
State
of
the
Comptroller cannot be
it is the opinion of
informed
that
sources
,
registered bonds offered Oct
154, p. 786—were awarded
28—v.
ing bonds, subject to approval by
the voters.
N.C.
Bond
Bond Sale—The $31,000 coupon
or
*
,
,
Jackson, N. C.
Contemplated—
Election
understand
We
the
that
Bonds Approved—It is
School
_
an
election to submit to the voters
.•<•
./
J
will serve
»<!*'•
•• V
;
.',«Q,
t-
v v.
ton).
$25,000 road improvement bonds.
•
Due Feb.
in
1942;
1,
as
follows: $4,000
$5,000 from 1943 to
Bond
Election
—
J.
R. Benson,
City Clerk, states that an election
has been scheduled for Dec. 2 in
order to have the voters
reported the
of
pass on
th©
following
aggregating $725,000: $525,-
issuance
Boards of the City and County re¬ that the Local Government Com¬ bonds
requested
the
County mission on Oct. 28, approved_the 000 water system, $100,000 incin¬
cently
of
$50,444
refunding erator. $75 000 storm sewer, and
Board of Commissioners to call issuance
hel
well
at the'Capitoi
Joseph V. O'Leary
i-'/y'
f
,
(P* O. Yorktown
Heights), N. Y.
County (P. O►. Lenoir),
bonds.
.
,
to
this year,
■
Of
1942«c-AS a
village, is required.
Caldwell
R. D. White & Co. of New
an issue of $393,000 school build¬
recent decisive
Moore Vounty (P> O. Carthage),
as
1^4s, at a price of ings bonds.
State Court of Appeals that York,
N. C.
*.
100.004, a basis of about 1.246 %.
election to fill the office of
Bond Sale—The $33,000 coupon
Davidson County (P. O. Lexing¬
Sale consisted of:
result
an
f
Expected To IIold
Until December,
fice
the
■
certified
A
payable to order
Yorktown
York is indeed for¬
tunate in its choice of a successor
Tremaine.
bidder.
check for $1,900,
State of New
to Mr.
_
.
Bond
ann.
school
•
%
coupon
-
•;
'
*• ;
*;
>■
semi-
refunding
road
and
bonds
offered
semi-ann.
N. C.
Sale—The
•
school
for sale
Oct. 28—v. 154, p. 701
--were
.■
I:;"
on
$25,000 public park bonds.
Mr.
also reports that the
given up a proposal to
submit to the voters an issue of
$115,000
auditorium
-
armory
bonds
(Continued on page 876)
awarded to Lewis & Hall
■'jbnjrA-
Blhson
city has
?\A.
t y
THE
854
COMMERCIAL & FINANCIAL CHRONICLE
Per
kame. of Company
Redemption Galls and Sinking Fund
Notices
Bankers &
^v
•i;
bonds, notes,
and preferred stocks called for redemption, including
those called under sinking fund provisions.
The, date
Bethlehem
;
making tend¬
.
6%
the details
I
Company and Issue—
American
Telephone & Telegraph Co.
Appleton Company preferred stock..
&
Armour
of
Co.
Del.
Laundries
Associated
7%
of
1____T___
preferred
Illinois,
stock
6Vi%
Inc.
745
_Jan
l
bonds.____Nov
Co.
1st
7s
mtge.
Central Paper Co.
l
3%-6%
Nov
Preferred stock
l
bonds, due 1996
Community Power & Light Co. 1st mtge. bonds
Connecticut
Light
Consolidated
Oil
&
&
Raynolds
Co.,
7%
Inc.
pref.
East Tennessee Light & Power Co. 6%
Food
Corp. 4V2 %
Machinery
Great South.
Gulf
5%
Holly
Sugar
Keith
Memorial
bonds, due
Corp.
Kline Brothers Co. 5%
County
Gas
Casualty
Maryland
National
655
.—Dec
Nov
1
1
1944____J._______'l___Nov
19
Nebraska
New
due
Electric Corp.
&
Light
&
5%
Power Co.
bonds,
mtge.
York
New
'New
10-year
Rock
Trap
6s,
mortgage
due
7s,
York Lake
New
First
-f "
Works
Water
4%
&
1
435
Nov
Nov
X3355
Nov
X3355
American
Cement Corp.
6>/2%
bonds
Pennsylvania Co.
40-year bonds
Nov
Phelps Dodge
3 V2 %
Corp.
due, i952
debentures,
Dec
Paul
Union
Co.
Depot
1st mtge.
5%
bonds,
;
1st
1
437
Fitz
Jan
1,'42
Paper
Box
&
mtge. bonds.-Nov
&:
439
Edison Co.
debentures,
—Dec
due I960—i
1
1945
—Dec
9
251
—Dec
1
tl291
West
L-Dec
1
--Dec
X.
—
_____
Virginia Pulp & Paper Co. 1st mtge. 3s, due 1
-York Ice'
Machinery Corp. 6%
Sheet
Youngstown
& Tube Co.
this week;
♦Announcements
bonds———
x
47o
debentures—
V. 152;
Mueller Brass
SI (4
>,12-1
11-15
Nashawena
Acme
11-
10-29
National
Gypsum,
1
Genesee
Good
Goodyear
$5
DIVIDENDS
r
Dividends
first
current week.
which
we
Then
we
follow with
der the company name
in
12-
1
11-10
New
Jersey Zinc Co.
11-10
N.
"General Corporation and
our
i
,
of
Name
Acme
Steel Company
Acme
Wixe
Company
SI
50c
12 Vic
(quar. )„_______
Company—
Co. (reduced)-Alaska Packers Association (resumed)—Allen town-Bethlehem Gas, 7%
pref. (quar.)
Brass Manufacturing
Kid Company
(quar.)
Allied Laboratories,
Products
Inc.
American
Arch
Co.
American
Chain
&
(quar.)
(irregular)——
.
50c %
40c
.
common—
preferred (quar.)
;
& Foreign Power, $6 preferred
5%
87Vic
*
25c
15c
43%c
(quar.)
Cable,
$1 \'a
t30c
t35c
—
American
$7
preferred
Furniture
American
Inc.—
Co.,
Metal Co.,
6%
preferred
American
American
News
American
Steel
'12- 2
11-18
6%
50c
11-15
-
•
11-
Busch,
Extra
Animal
Co.,
common
-
Trap Co.
Inc.
12-
1
11-20
1
11-20
Extra1
11-
1
10-25
Extra
5%-
11-
75c
12-
1
11-10
75c
12- 1
11-10
$1
$1
12-12
12-
Lake
Drop
Aunor
Gold
10-24
10-27
——
(quar.)_
Forge Co. (year-endi_
Mines, Ltd.—;
Paper Mills, 6% preferred
Baltimore Radio Show, Inc., com.
preferred
(quar.)
'
„
11-15
12-19
12-15
12-12
12-15
11-21.
$1
11-12
3
(H.
D.)
12-20
10-10
12-
11-20
Lincoln
Lindsay
,
each
National
Light
&
25
Shirt
11-10
11-
25c
11-29
11- 7
10c
11-29
11-14
1
11-19
4 Extra
Phoenix
Hosiery Co., 7%
—'
1st preferred
Securities
Corp.,
common
share of
Celotex
Phillipsburg
One
Co.
Mining
Corp.
convertible
preferred
A
$3
convertible
preferred
com.
35c
12-20
11-14
6'Ac-
1
5
clears
(quar.)
all
11-29
11-
12-15
11-6
90c
■
•
11-
5
3434 c
12-
1
11-19
$1^
12-
1
11-14
10c
12-
12-10
11- -1
»75c.
-.11-15;,
25c
11-15
11-
12-1
-
5%
2-
1
11-20
.
.
25c
Elec.
11-25
Loan
&
1
11-15
$1V2
—$1%
12-
1
11-15
12-
1
pref.
$1V*
'
$1%
Estate
Red
Arrow
Associates
Remington
$4.50
Rand,
Inc.,
preferred
Inc.^
Russell-Miller
Milling
$2
11-
10-28
Sagamore
St.
Louis Car Co.,
Paul
Francisco
11-15
11-
San
Gabriel River
12-
1
11-14
12-1
11-14
Schumacher
11-184
$2
Union
7%
Stockyards
Remedial
Board
(payment
Roebuck
&
Co.
5%
11-1
10-25
12- 5',
11-15
11-
;4i 25c
11-15
11- 6
6
11-
1
11-
t30c
12-1
10-23
Extra
12-
1
11-15
11- 1
10-21
(quar.)—
10c
12-
1
11-15
Manufacturers Trad'g, 75c conv. pref.
(quar.)
15c
12- 1
11-15
Masonite
(quar.)__
Extra
11-
1
10-25
10-29
10-27
75c
12-15
11-29
10c
10-21
10-20
$1
11-21
11-10
50c
$3V2
11-15
11-
5
11-15
11-
5
75c
12-10
11-10
$1*4
12-10
11-10
(quar.)
clears
all
arrears)
1
Snap-on
Tools
10-23
Chcm.
6%
pref.
75c
$lVt
$1V2
(quar.)
$134
Spokane
Life
Ins.
Portland
Cement
Spring Valley Co.,
Stamford
Water
11-15
Standard
Cap
/11-15
Co.
Ltd.
Co.
&
(Dallas)
;■
12- 1
,11-14
11-15
11-15
11-
-
$1
12-24
12-111
1
10-28
Superior
Telep,
T00I.&
Die
12-
1
40c;.
11-15
Vll-
1
Sylvanite Gold Mines, Ltd.
10cV
11-15
11-
1
Tampa
183Ac
,*
25c-
11-10
10-30
10-25
12-10
11-25
.
6,4%
Swift
Internat'l
Electric
■>
Taylor
\
&
Fenn
1
11-1
•
11-
Corp.,
Co.,
6%
Ltd.,
dep.
Co
1
5
11-15
rets,
(quar.)
(quar.)"
(quar.)—
;
12-
1
12-
1
11-15
11-
3
12-
11-
6
11-19
•
11-19,
1
pref,
"
preferred
Co., common
(nnar.)_______
12-
40c
$1%
2*4c
■
Oil
12-
-11-15
10c
■
(quar.)
1
Swan-Finch
1
-13
10-15
25c
Extra'
12-
8
10.
10-25
40c
:
•_—
11-24
11-10
Mfg.,
—
25c
11-
10-22
1-15
15c
(irregular)
Stewart-Warner Corporation
Stromberg-Carlson
11-
10-24
10-15
,40c
Standard Products Co.
$4
10-24
10-29
50c
(quar.)J
11-15
(quar.)
10-29
10-29
Seal
25c
11-18
11-15
50c
(irreg.)
(liqudatingl
-
30c
9
1
35c
(quar.)
25c
5
10-31
10-31
12-
25c"
Corporation—•
$1.60 convertible preferred
(quar.)
___}
Standard Dredging Corp^ common (special)
$1.60 convertible preferred
(quar.)
_;
$1 (4
1
11-15
11-
40c"
—;
(irregular)______—___^_____
11-15
-
$3
(s-ai__
common
(irreg,)
(quar.)___„___
20c
+4c
10-28
(monthly)
(irregular)
1
12-
12-
75c
4
Alsop Paint & Varnish—
12-1
IS13/4,
capital
(increased)
Agricultural
Common
Smith
Southwestern
shares held
J(quar.)_i.____,_^_
10-22
11-
50c
(Cincinnati)
Co.,
AAA
8
1
(quar.)___
Bank
preferred
Smith
'11-28
5c
S1V4
_________
National
Sherwin-Williams
11-10
Maine,
(quar.)____—
Inc. (resumed)
10-
11-
(quar.)
Assn.
v
Second
1
11-10
10-15
$1V2
$13,4
Extra
(irreg.).
11-25
Corp.—
participating preferred
Sears
11-21
12- 1
1-
1
12-10
(irreg.)
Loan
Improvem't Co.
Wall
Accumulated
37 Vac
11-30
12-10
Savage Arms Corporation—
*
10-22
$1
Co., (year-end);
preferred (quar.)—
San
-410c
1
12-15
30c
Manufacturing
11-10
S3'/a
11-
2
(quar.)
10-15
3, 50 pesos
11-
1-2
:
11-
Co.—
11-20
25c
(quar.)__
11-21
10-20
10-27
11-20
15c
Republic Insurance Co. of Texas
Co.
10-27
12-11
11-
$1V8
Royal China,
1
10-27
11-
50c
(interim)—
common
11-10
11-
11-10
50c
(quar.)
(quar.)—'
11-10
1
11-15
12-
1
$1*4
.10-24
87 Vac
pref.(quar.)
Ltd. (irreg.)__
(quar.)—
l__—?*
12-10
t$3 V«
37V2C
11-
$4-12-
Co.,
1-
(quar,)—
$1
'
12-10
Reliance Grain Co., Ltd., 6V2% pref.(accum.)
Reliance Steel Corp., $1.50 conv. pref. (quar.)
St.
'
1-;
'
'5c
.
11-20
12-
$1V4
10c
i
Freight Lines, $6 pref.
5
12-
(interim)
1st pref.
non-cum.
12-
50c
$1*4
,
11-1
Real
5
•
$1*4
1 $1*4
•
$1V2
12-
••
11-15
12-15
11-20
(quar.)
com.
11-15
12-
preferred A_
11-10
Corp.—
(year-end)________
(quar.)
Sav.
preferred
Reading Co., 4%
11-15
<«-ll-:;5v'
12-
12-
26c
1
12- 1
Railway & Light Securities/
10-17
1
11-
11-15
$1(4
L.
1
11-20
$1
$1 (4
:
11-
$l3/s
■$1*4
(quar.)
11-20
1
10-28
1
10-28
11-17
37V2C
Power
10-28
.
11-14
1
12-12
:_
;
convertible
11-17
68 3/4 c
12-
12- 1
(quar;)______;—
Company, class A
(quar.).
Society of Detroit—
5'4% conv, preferred series "C" (quar.)
.5%
preferred series "D" (quar.)
Provincial Bank of Can. • (Montreal)
(quar)
Pure Oil Company, common
(year-end)
6%
preferred (quar.)
1
-.'$1(4
(quar.)
&
4 Accumulated
Provident
5
11-
11-15.-11-15
+$1%
•
6
10c
Co., 6%
5'4% preferred (quar.)_
'■
Prosperity Co., 5% preferred
11-15
11-17
25c
a2Vz%
(interim)
:
Potomac
11- 1
50c
Mills (quar.)
Ltd,, Amer. shrs.
Suburban
Water
Service * Co.,
preferred (quar.)—;.•_
$5.50
Poor
;
11-15
11-15
11-
arrears)
$1 (4
(quar.)
12-12
Pittsburgh
10-30
12-15
37 Vac
5,
Flour
Extra
.
10-22
12-10
$1
Chemical—;
Corporation
11-12
1- 2
11-12
60c conv. pref. (quar.)
15c
Pitney-Bowes Postage Meter (quar.10c
10-22
'
11-' 1
75c
26c
(s-ai
Pillsbury
11- 3
11^
'<
'6V4C
:4
50c
Casualty Insurance
11-24
~75c'
held
A
dividend
12-
for
$93/4
$3
^
A
(Cinn.)
t$l3/4
7
(stock?^-
common
each five shares of Phoenix
11-19
10-20
11-
11-15
1
11-29
10-20
11-15
12-
50c
—
Pinchin Johnson,
——
Bank
Co.
$1%
(s-a)
Piper Aircraft Corp.,
.—
Manufacturers
preferred
Phoenix
11-15
1
11-10
5
.
11-10
11-
1
5
12(4c.-
11-10
11-12
10-27
11-
.t$l(4
11-10
of E.
(resumed)-
40c
Manhattan
1
12-
10-15
>
of
1
12-
11-25
Rubber
11-
common
share
1
12-
$1
Suburban
Water
(initial)
Petroleum (quar.)_________________
11-
(irregular)
one
12-
35c
common
12-
50c
of
11-15
; 711-15
25c
:_
1
12-1
;
6V2%
Mills,
&
11-15
Mercantile Co.
for
Woolen
Tire
11- 1
(quar.)
7
12-
15c
11-19
$1*4
pref.
11-
11-15
1
25c
share
one
11-15
.
Works,
$1*4
12-
12-15
(quar.)_
11K
87 Vac
(increased)
Ltd..
3
t$2%
Phillips
1
12-
(quar.)
Milling Co.,
3
11-
10-31
1
20c
Pharis
12-5
11-10
of
35c
(quar.)
dividend
stock
Co.
Corporation
37Vac
(quar.i__
:
%
12-
15c
(quar.)_________j„
Woods
Locomotive
Stock
,
12-13
11-
the
preferred
11-15
1940.
(quarj—J
_i_
of
11-
11-15
11-
Philadelphia
12-8
12-
-
Co.
7
11-14
mately
11-15
12-15
$1(4
•_
Superior Dist. Power, 5%
Lima
11-21
12-15
preferred
of
7%
Lee
10-27
10c
$1(4
25c
;
Lake
-
10-24
15c
~
(quar.)
Badger
6%
12-12
;
'J 12-18
35c
(irregular)
Yards
10-
11-15
.
duPdTit deNemours & Co. for approxi¬
each 10.3 shares held.
I.
Peerless
11-15
11-29
25c
_u__w
Kansas
1
12- 1
11- 1
11-15
Inc.
1
$3
(quar.)L
Proof
Film
3
3-18
1
11-29
76 (4 c
preferred
Lane
Bryant, Inc.—
Lansing Company
Special
Atlas
Mines
—
_
(quar.)—
Co.
Mountain
Battery, Co.,
1
12-
1
25c
(This
Extra _—J.
.
5
11- 1
4-
15c i
•
(final)
(reduced)—
W
15,
12-
t$l3/4
■
Distributmn
10-29
11-12
Dock
(final)
5%
11-20
SI
Refining
Electric
11-29
—
preferred
Atlantic
Island
K
June
Insurance
Co.
Rust
Pathe
10-29
$1
Investors Tr. Co. of R. I., partic.
12- 2
15c
11- 5
.
11-30
(s-a)__
J—_—
Co.
shares
Bearer shares
11-20
and
10-10
125c
—
preferred (s-a)
i
Patchogue Plymouth Mills—
Utilities
Ttalo-Argentine
American
Parker
11-15
25c
Corp.—
prior preferred (quar.)—
Approved by the SEC.
11-13
87'/2c
15c
11-30
3c
(quar.)
11-12
_____
11-25
,
30c
!
12-12
—
—
Oil & Refining
Co.
12-15
———
11-24
17 Vac
(s-a)
—
Products
25c
7%
Ashland
Steel
City
Stock
common
(quar.)
of America
preferred
Argo Oil Corporation—
!
$1
10c
^
:
Telephone
10c
t$l
$1*4
—_
7%
.
$3.50
•
Fire
12-
■
Co.—
class
15
Pen
t50c
(quar.)„
11-
.
Parker
25c
Co.,
11-19
& Light Co. (monthly),
Co., 7% preferred—
$1
Associated
preference
11-15
:—
Pacific
11-
30c
(quar.)
11-7
10-31
50c
com.
1
Sand
March
J*-15
11-
:——
___,
7
11-25
$134 '
*1
S6
12-
—
!
50c
(quar.)
(quar.)—^
$1*4
(quar.)
pref. (s-a)—
Otis Steel Co., $5,50 conv. 1st preferred
Represents; quarterly
dividends
accrued
10-31
11-15
(resumed)
&
11-19
7%
preferred <quar.)__„
Orange County Telephone, 6%
t$3Va
_i—__
$l'/2
—
11- 5
1
25c
;___'
(resumed)—
35c
Foundries
12-
$3
12-15
'
11-15
,$1V4
(quar.)
(quar.)
International;Silver
1- 5
11-25
11-25
11-15
,
11-13
1
11-15
15c
Dredge
10-28
11-
1
Okonite Co., 6% preferred (quar.)—;
Ontario Steel Products, common (interim)
,
...
-
10-31
Ohio
12-
11-29
12-
Oahu Railway
12- l
8
10-28
12-19
11-10
5
12- 1
11-
11-14
15c
8
30c
11-15
$1%
50c
1
35c
7
$13/4
11-
SI (4 1
11-
(s-a)__
11-
.
1
(quar.)
Co.
pref.
12-
75c
(111.)
Ins.
1
River
7
12-
(liquidating)
Life
Service, 7%
11-21
12-
11-
$2Vi
,12-15
$1
11-21
1
—_
30c
.
30c
,
preferred
12-13
12-
12 Vic
—
SIVt
—
preferred
Peoria
America,
1
6%
10-24
11-21
5.10%
Gas,
(quar.)______
Oil; Co.
National
Pub.
10-28
International
American
Northwestern
llrlO
12- 5.
.
North
10-15
1
12-10
$2
(quar.)
&
Corp., class B
Northwestern
11-20
Steel
11-28
11-1
11-
$iy4
:
preferred
11-15
'
„u_
Extra
12-15
$l'/2
(quar.)
Nineteen Hundred
•
'
11-15
Inland
11-13
75c
(quar.)_____
Electric
11-15
——
preferred
——_
(quar.)
(bi-monthly)
(reduced)
12-15
!'•
50c
Indiana
1
$1.27*4
State
preferred
£1-15
t75c
$5
11-19
1
11-15
1st preferred
Indiana
12-12
,
/
t30c
(Joseph) Co., 6%
preferred
Hotel Barbizon, Inc.
(quar.)-—
Idaho-Maryland Mines (monthly)
11-18
10-31
10-31
11- 6,
10-31
11-10
12-16
York
12-1
u___
preferred
preferred A—
6'r
Rubber,
12- 1
1,2- 1
Co.
Tobacco
Common B
Anheuser
75c
25c
common,
Rolling Mill Co.—
American
'■i
Ltd.,
12-12
11-15
11-12
11-10
11-10
11-15
12-29
1- 2
12- 1
11-14
12-
Light & Power Co.—
I
(quar.)
non-cumulative
New
■
12-1
(quar.)
Home
of Bee.
12-15
.12-15
12-15
3c^
—.—
American Insulator Corp., conv. pr. pref.(s-a)
American
,
$5
:
class A
Corp,
Pay'blt
Common
.
12-15
Pineapple Co. (quar.).*
Nat'l Bank (Hazleton, Pa.)
(quar.)
Higgins Industries, 6% conv. pref.. (quar.)__
Horn & Hardart
(N. Y.), 5% pref.
(quar.)
Common
(quar.) ____:
Holderi
- When
12-
I.'-'
(quar.)_
Havana Electric & Utilities, 6%
are:
Per
Share
'
12- 1
11-12
,
t$lS/4
Hazleton
/•The dividends announced this week
12-31
Y. & Queens Electric
NojJftlk & wSsTEfcn Ry.
(resumed)
Instrument
B
1
11-25
37»/aC
(year-end l—
Nonquitt WUls (year-end)
Hawaiian
A
clared.
11-27
Light Co.
11-7
Western
Corp. of
11-
$l3/4
(quar.)
Gas
11-19
Co._
&
preferred
Class
Department" in the week when de¬
Investment News
Allied
Hat
11-15
$1
Lead Co., 7%
preferred A
Naugatuck Water Co. (s-a)
12- 3
Harshaw Cheni. Co., 4(4% conv pref.
Hartford Electric Light Co. (special)
given un¬
11-28
11-12
Sl'/s
(quar.)
Britain
Ltd.—
Securities
Harnischfeger: Corp.
Further details and record
of past dividend payments in many cases are
Allied
6%'
10-30
11-26
$1
pref.
New
Manufacturing Co.
Hammond
10-27
$1%
conv.
12-15
Brewery Co. (quar.)
Hajoca Corporation, 6% preferred (quar.)__
second table in
a
12-15
12-15
10c
(irregular)
$4.50
11-10
Investments, 5%
Corporation
Tire
Griesdieck
show the dividends previously announced, but
which have not yet been paid.
Akron
In the
grouped in two separate tables.
are
Co.
25c
(irreg.i
Gossard (H. W.) Co. (irregular)—:
Graton & Knight, $1.80 prior preferred
Z 7%
preferred _l_
bring together all the dividends announced the
we
:
(interim)
(vcar-end
11-
_•
convertible
Gorham
Mills
40c
Cycle> Corp.__
Humor
Ltd.
(year-end),
11-1
62 Vac
Brewing Co., class A
B.ul-i
i__-—
Class
Co.
(s-a)
Machine
&
Co.,
25c
Ltd.
Mills,
Industries
Golden
Co.
National
Drill
Mines
12- 1
'pref. r (quar.)
Steel: Castings,
it
15
.a'LDee
tV. 153.
12-15
10-30
11-20
50c
preference
General
1
.
11-15
25c
Co.,
Industrial
General
1
11-
12-15
1
1
1-
11-10
12-15
(quar.)
General Electric Co.—__;i
0,
11-
$1V2
$2Vi
Twist
t$l%
$1.50 series^ preference
698
$1V2
$lJ/2
i-—__
17 Vic
Mountain
$5
(quar.)__
General Accept. Corp., 7% conv,
pref.(quar.)
<
Washington Railway & Electric Co. 4% bonds-
,
12-15
11-15
Morse
5c
$3.50
10-30
11-15
1
11-15
20c
Machinery,
Fulton
1
1
1-
12-15
Montgomery & Erie Ry. Co.
Extra
v
Walker-Gooderham & Works Ltd. 10-yr.
(Hiram)
due
3Vi%
1112-
4c
11-20
—_
Toledo
$1
12-15
National
4V2&. preferred' (final)—^
Co., common
5%
convertible preferred
(quar.)—
Fuller Brush Co., common A (quar.)
548
10-22
11-15
45c
$1(4
Fruehauf. Trailer
1>
1
11-
25c
.
Y.
Co.,
Connell
Food
1
10-31
11-15
12- 1
$2'/2
12-13
1
1
(quar;)
10^15
,
10-30
t$2
(quar.)
Insurance
(quar.)
Mfg.,
Works
547
—Nov
bonds, due 1945-
Screw
Simons
Life
1-2
.
11-1
■•
t$5.50
(quar.)
12-15
t$2 ;
11-
$1%
(quar.)
—
preferred
tSlVa
i
Bridge
757
1
—Nov
Taggart Corp. 6 %
11- 1
1940
5 '
10-20
11-15
$1%
(quar.)
of
•11-71
11-
1
Company (s-a)__
preferred (s-a)_____4_—4——___—
8%
(Indianapolis), 5%
Fibre
Enamel Corp
National Bank,
First
due
__
11-30
11-18
Metallurgical Corp.
Federal
Ferro
.Southwest Gas Co. of Oklahoma 6%
12-15
$1
Company
Fansteel
o
1E>
Nov
bonds, due 1956
Oil
50c
Co.
Brewing Corp.,
Common
(quar.) ,
■
Extra '
!
!
754
1
•
Republic Steel Corp. 4Vi%
Midwest
(extra)———____
Falstaff
753
Nov 21
-j
11-30
______
Capital Corp., com. class A
70c preferred A (quar.)
.
Saint
(quar.)—
Diamond
Hosiery
Exolon
preferred
preferred
•
3
11-
25c
(quar.)
87VaC
Manufacturing Co.
Manufacturing Co
Eaton
X3355
„
12-15
tic
Dominion-Scottish
X3355
5s____
Mutual
$1 (4
____;
Durham
Nov
4s
Midland
12-
.
Empire
consolidated
11-30
Dominion Envelopes & Cartons (West'n), Ltd..
7%
1st preferred (quar.)
■
x
1
!
consolidated
North
56
1
First
12-15;
(quar.)
Dwight
First
series
$6 junior
10c
RR.—
Manufacturing Corp.
Dominion
,i;
-
preferred
80c
Loan
Gasket
Extra
—Dec
5s_
6%
11-24
(quar.)
preferred
Company (irregular)
& Wing Paper, 5%
preferred
Dodge
Co.—
lien
11-24
12- 9
$$1%
Dexter
<■
1
^—Nov
Prior
6%
12- 9
40c
150c
—
RR'Co.
debentures
11-12
"15c
t$l
Crown Zellerbach Corp., $5 conv. pref. (quar,)
& Company, 7% preferred (quar.)
'1'
—Nov
__Nov
lien bonds________'__
1
preferred
preferred
25c
Deere
248
1
bonds—
11-19
11-7
*
——
Detroit
12- 5
11-29
11-25
5%
Calif.,
of
tSlVa
Ltd.
6%
(year-end)
5%
preferred (quar.)_____
Crosley Corporation (resumed)
435
-1
.____) Dec
Co.,
preferred (quar.)
preferred (accum.)
Coty, Inc.
Crane Company, common
Diem
Erie & Western Coal
mortgage
Peoria
V
1
12-15
11-29
11-
11-14
50c.
'
(N. Y.), 7% pref.__
Merritt-Chapman & Scott, 6V2% preferred A
Metropolitan Industries Co.—
Allotment certificates for 6% preferred—
Michigan Public Service Co., com. (quar.)__
7%
(quar.)
T/o
545
1
,
75c
11- 7
11-28
15c
Corp.
7%
11-10
11-14
25c
.12-10
40c
11-15
5c
$lVa ^ 12-1
,4
—
Stores,
of Rec.
12-31
25c
(quar.)
Accept,
preferred (quar.)
Holder»
2
$1*4
i__—
Merchants Refrigerating
37 Vac
V/c
X3032
—Nov
1948
Nypano RR. prior
.
1
1
—Nov
,N. Y. & Richmond Gas Co. 1st mtge. bonds,—.
•
l,
—Nor
i—
1948
Mercantile
10-27
12-12
$2
Swift Internacional
Corrugated
752
Corp—
due
10-27
1
12-20
(quar.)
Continental
752
'42
—Nov
Nov
1942-,________-_,._
1
11-
j.
Connecticut Power Co- (quar.)
Consolidated Edison Co. of N.
-Dec 7 l
Shipbuilding Corp. 1st mtge. 5s,
York
1st
due
11-
75c
s
-
l/l-
•
Corp.,
Pittsburgh
stock
preferred
544
Mai-
bonds, due 1947
&
Commonwealth
544
1
Nov
1st mtge. 6si
25c
Commoil, Ltd.;.
433
1
Dec
1955j
Electric
Climax Molybdenum Co.
York, Lake Erie & Western Coal & RR Co
1st
"f
bonds,
1
Nov
bonds
Mercantile
11-22
68 %c
1
Finance
Compania
Nov
5s| due 1959
11-10
12-26
:_j
Public Service,
Special guaranteed
751
20-year
General
Regular
tlOl
1st mtge.
11-15
class A (quar.)___
(interim)___—__;
'__
Cleveland
542
Nov
Dairy Products Corp. 3V*% debentures
National Gas
Civic
* '
1
Electric Co.
5%
X2550
bonds, due 1949___—Nov
__
Meier & Frank, Inc.
_•_
._
Central,Onio Light & Power, $6 pref. (quar.)
Chicago, Wilmington & Franklin Coal,
: preferred (quar.)
431
Co. guaranteed bonds__i—
Power Co.
1;
1
Memphis Commercial Appeal Co. 15-year 4Vis, 1952
.Mississippi
1, *42 540
539
1
1st mtge. bonds
11-15
i__
$6 preferred
Dec
notes, due
&
1
Jan
stock___—
stock
Corp.
Litchfield & Madison Ry. Co.,
Luzerne
Nov
1968______
preferred
Theatre
1
refunding bonds.Nov
preferred
Bay Water Co. 5%
Co.
Power
6
Dec
stock
12-1
Cable,
Illinois
Central
5
Sl'/a
preferred
Canadian
12-
37 Vac
(quar.)__
(quar.)——___i—___—
Canadian Exploration Co. (s-a)
530
11-10
;
(quar.)
&< Co.
(P. R.)
50c
(quar.)
(irreg.)
Managed Investments, Inc. (quar.)
Masonite Corp., 4Va%
preferred (initial)
Mayfair Investment Co.: (L. A.) (quar
<Sf
B
6V2c/c
*
1
Nov
1st mtge. 6s, due 1958-
Inc.
24
Dec
7s
debs.i—
Corp/15-year 3Va%
Cooper River Bridge,
Devoe
1st mtge.
Power Co.
355
=
1
It 2
(s-a)__
Garden
Sl'/a
°
(quar.)
Canada Wire &
Class
Chesapeake & Ohio Ry. 3*/2%
Mallory
Square
11-15
■<;
51
11-1
;
12-1
537
l
Hill
Madison
12-
$1
Sullivan Mining, & Concen¬
trating Co. (quar.)
1
Canada Dry Ginger-Ale (quar.)——z
330
l-
Nov
______
_
Bunker
425
Nov
Atchison, Topeka & Santa Fe Ry. 20-year 4Vi % bonds__Dec
Autocar
preferred
Brigg3 & Strattori Corp.___!
Brockway Motor Co., Inc.
Brooklyn Edison Co. (quar.)
»
2
.Feb
_
6%
Bower Roller Bearing Co
50
1
Macmillian Company, common
$5 non-cumulative preferred
11-15
Co^
When
>P<W'ble<
^fShctze*
Ins.
11-15
$1%
(year-end)
(quar.)____^U———
preferred
Glass
llf-15
.
Sl'/a
common
Bohwlt (Teller, Inc;;?commoni^Ci^_Ii_i.iii.
Page
Date
20 year bonds___Nov
Corp.,
Bigelow-Sanford Carpet, common
6% preferred (quar.)__—
11-10
Plate
1
12r
20c
perferred (quar.)
7%
11-25
'
Name of Company
Massachusetts
;
per
•
11- 3
,12- 1
50C
37 VaC
:_
|
i-'"-
11-8
40c
,
•_; •
(quar.)
Bloch Brothers Tobacco, common
and the page number gives the location in which
were given in the "Chronicle.". - 1 /
ers,
Steel
»
(year-end)
Saturday, November 1, 1941
Pay'ble $
^
$1(4
-i.y ear-ena)
■
SlVa convertible preferred
Belding Heminway Co
Below will be found a list of corporate
indicates the redemption or last date for
*jo.
,*
Beaunit Mills; common
k;,':"
Share
Shippers Ins. Co. of N .Y. (quar.)
Holders*
When
15c '
12- 1
H- 8
11-29
11-19
11-29
11-19
12-
11-15
37',4c
1
50c
12-
1
J7c
12-27
11-
8
45c
11-151
11-
3
11-15
11-
3
11-
10-24
$134
$2
1
11-15
,
4
-"f
Equip't, Inc., com. (irreg.)
the years 1937-38-39-40 to
Temple Velocity
PrefervSch (for
$3
Roofing
Chemicals,
20c
12-15
12-15
11-25
30c
11- 1
10-20
$1%
12-15
12-
*20c
12-
1
12-
$1%
'
U.
Plywood Corp., $1.50 conv. pref.
& Lithograph. 6% conv.
U. S. Steel Corporation, common
U. S. Print'g
7
j
'
11-28
6%
11-28
5:
1
t$3%
37 Vac
11-29
t$lVa
12-
11-10 4
11-22
$1
$1%
11-19=
10-31
75c
11-15
11-
•
11-
50c
Special Guaranteed
Colgate-Palmolive-Peet
I
|;
11-14 f
11-14 '
1
12-
20c
Snowdrift
&
Oil
12-15
11-21
11-29
u-i5
25c
11-29
11-15 I
4
11-21
1
12-13
1-
$1%
Commonwealth
6
'
1-15
12-31
••
1
11-18
11-
62 Vac
$1V«
12-
$1%
11-
8
preceding table-.
Per
Name
$l3/s
$lVa
When
Pay'ble
of Rec
$2.50
•'
'
<
-
,
■
7
10-31
50c
12-31
12-15
,t$l3/4
12-31
pref.
(quar.)
Co
Can
American
American
American
Co.,
Coiortype
Envelope
American
12-15
12- 5
Crown Cork & Seal Co.,
$1%
12-
1
11-25
Crown
lift
(quar.)
preferred (qu.)
11-15
11- 8
(quar.)
Crow's Nest Pass Coal Co., Ltd. (interim)
Crum & Foster, 8% pref. (quar.)__________
Culver & Port Clinton R. R. Co. (extra).:—
Cuneo Press, Inc., 4Va% preferred (quar.)__
Cunningham Drug Stores, Inc.—
6% class A prior preference—
75c
12-
1
11-14
62 Vac
12-
1
11-14
50c
12-
1
11-14'
20c
12-
1
11-14*
American
preferred
11-
5
12-15
12-
5
Sl3/4
Safetv
American
Smelting
12-
& Refining Co.,
Company..
Associated
ferred
Tel.
.-
Detroit
12-15
12-1
1
12-
1
11-15
11-
t56c
11-15
11-
12-20
12-
5
12-
$1
s"
<
;
0-24
"
-
•
1
10-31t
1
6c
i2-1
6c
1-1-42
7 Vac
11-20
11-
60c
12-31
12-15
$1
12-31
12-15
$2,1
12-
1
10-31
12- 1
11-15
——- —.
(quar.
of America Nat. Trust &
(Capital)
-
preferred (s-a)
conv.
Bank of Montreal (quar.)
4 Bank of Toronto,
*
—,
t$2Va
(quar.Vl^.tUX^je
capital
.
v
•
V
Extra
.
12-
8
11-14 ;
12-
1
u-14;
t25c
12-
1
11-14
—
class A
Paper Co., Ltd,,
Bathurst Power it
-
...
Belgian National Railways Company—
\
Amer. dep. rets, for parlic. pref. (interim)
Representing net proceeds from dividends
distributable for September, 1940, and
11-19
$3.12/
:
10-29
'
V
-V/Vv;
September, 1941.
Bendix
Avation
Corp
...
*
Berkshire
Inc.—
Associates,
Spinning
Fine
(quar.) ——
Florida Power Corp., 7% preferred
"
.
„
1
_
preferred (quar.)
Best & Company, Inc..
Black
Rock
Bank & Trust
$13A
$5
..
-
port)
v
(quar.)
Blauner's
*
Bohn
*
11-15
10-25
i: 40c
11-15
75c
11-15
11-
1
j
12-22
12-12
4
16c
11-20
10-31
:
■
$2.75 pref (quar.)
Boyerstown Burial Casket (quar.)..
Brazilian
Traction,
Light
&
Power
Bourjois, Inc.,
,
Ltd.
/
(resumed),
-
11-25
II-1
1st prefer, is-a)
(quar.)
Buck
Buell
Co.
Extra
$1%
Bunte
Forge
Bros.
Burlington
5%
Corp.,
11-15
i
'
11-15
11-21:-
11- 7/
$l»/4
12-
1
11-24
>
35c
12-
1
11-15
if'
68 %c
12-
1
11-15 1
(quar.)
common
preferred
....
(quar.)
T_
25c
12-
5
11-
1
15c
12-
1
11-
5r.
Vac
convertible preferred (quar.)._______
t$2.0198
Byeips (A. M.) Co., 7% preferred—
Payment being the sum of accumulated
and unpaid Quarterly dividend, due Nov.
1, 1938, together with interest thereon at
12-
1
11-
Adding
Machine
-
(irreg.)
:
37
5'Jo
.12- 2
.
the
rate
Dividend
Cable
dep.
California
'
.
5%
normaliy'!!fPaid
Wireless
&
Amer.
preferred
Class
B
May 15.
Ltd.—
.
com.
.
37 '/je
62 Vac
Corp.,
*37 V2C
-
Alcohol,
(interim)...
"AM
V
1 ;
■
.
j
11-21
•'
10-15 (
11-15
10-31
11-15
10-31
12-15
12-
;
1;
Ltd.—
((Uj^r.)
Industrial
12-
12-15
25c
(quar.)
Investment
10-31
11-15
2%%
(interim)
—;
$1%
$lVa
(quar.)
Monthly
(Charles
Extra
Home
.__
(monthly)
-
Insurance
(Hawaii)
(quar.)
Electrochemical Co., com. (increased)
6% preferred (quar.)__^
____
Extra
dividend on all the 6%
preferred
stock which shall on or before Nov. 22
have been delivered to the company for
Hooker
exchange
"t$2
1-
1
11-15
*15c
12-
1
11-20
Hormel
*15c
12-
1
11-20
6 7o
■
Co. (quar.)
Gold Mines, Ltd.
E.)
Hollinger Cons.
(Geo.
into
A.)
preferred
common
11-19,
11-15 I
11- 8 4
12- 1
11-20 j
Dec.
11-14 /
12- 1
11-14 *
10-31
11-14 '
10-27
'
11- 5 1
11- 5 i
li- 8 i
12-31 (
11-20 !
12-31 :
i
11-14 t
1.1- 1 |
11-21 !
' 15c
12- 1
25c
50c
$1V2
$lVa
25c
$1V2
$l«/4
; 11-15
25c
11-15
+$7
X2c
11-10
11- 5
12-19
11-25
1-2-42
12- 1
12- 1
12- 1
10-10
12-20
11-14
11-14
11-15
{
j
stock,—______
& Co
(quar.)_____,.
6%
1
10-10
12-
1
10-10
11-29
11-19
12-31
12-10
1-2-42
12-33
$13e
11-15
10-28
$l'/4
&
.
11-15
11- 3 i
11-15
10-25)
11-15
10-25
11-18
11-18
30c
11-28
12-26
12- 1
11-18 I
12-16
11-15 !
}5c
11- 4
10-21 1
J5c
60c
40c
11-4
12-15
11-29
12-12 ;
11-14 v
$1'A
12-31
12-12/
^
10-21 *
11-29
11-15
11-22 )
10-25 ;
11-15
10-25
11-20
1
11-17
1^-15
10-17
11-15
11-
$1%
pref.
1-2-42
&
(s.-a.)
11-10
12-15
7
11-
5
12-
5
12-27
5
10-28
12-
75c
12-20
11-
1
11-15
11-29
43 3/4 C
(quar.)
f2-
11-28
Co.,'
Ltd.
1
11-
1
1-2-42
11-
1
13c
12-15
12-
1
155 VaC
Ltd.
(quar.)
3 7 Vac
11-15
10-31
130c
(quar.)
com.
12-15
12-
(accum.)
25c
(quar.)
Co.
Moore
(quar.)
Motor
Wheel
Corp.
Oil
Diablo
11-10
1
11-10
12-
1
11-10
Casket
National
Credit
National
National Food
National- Motor
Bearing
Nekoosa-Edwards
Newport
&
1
11-15
12-27
12-18
12-
11-
6
10-27
12-
1
11-18
1-15-42
12-16
s
$l3/4
class
A
Inc.
10-31
11-15
10-24*
10c
12-
50c
12-31
12-20
$2
common
11-20
11-15
20c
/
10-31
12-15
l34c
(quar.)
11-14
II-15
50c
class B
11-29
50c
__Z
(year_end)
com.
11-15
11-1
1
11-20
'
75c
11-15
10-31
1
11-15
12-
1
11-15
2-
2
$1V4
12-
60c
$l'/4
1-15
50c
Co.( Ltd. (interim)
Railway Co., adj.
11-15
11-
*15c
(ouar.)__
12-11
11-15
1
pref.
$1
Oil
Consolidated
Ins.
Co.
Also
payable
holder's
in
12-16
:_'___./
11-15
11-5
$1.50 class AA
t37 V2c
11-15
10-29
Co.,
Pound Sterling
at
1
12-
1
11-10
11-
1
12-
1
10-31
12-
1
10-3*.
the
at
11-
12-15
*$3
z
(s-a)
12-15
15c
,
(s-a)
Sterling
the
12 Va'
option.
Silknit
common
pr»f. (accum.)
(year end)
(quar.
Marine
&
Mfg.
Co.
t$l
11-15
11-
40c
12-20
11-25
$1 Va
Co., Ltd., 7%
Co.,
preferred
Outboard
com.
25c
$1 Va
*
option.
perpetual deb. stock
Also payable in Pound
5%
Otis Elevator
11-10
11-25
1-2-42
(quar.i__—_________.l_
Manufacturing Co. (resumed)
Rv.
11-14
30c
preferred
Quebec
1
25c
_
Ohio Oil Company, common..
&
10-25
"12-
$1 Va
(quar.)__
O'Connor Moffat & Co.,
10-31
.11- 5
90c
Line Co.
Pipe
1.1-19
15c
(quar.)__
(irreg.)
Northwest Ban^orporation
(irreg.)-.
Northwestern
Telegraph
Co.
(s-a)
Ontario
11-14
40c
Western
American
Northern
Ohtario
11-15
6
30c
(quar.)
::5;V iquar.)
Ontario
3
12-
75c
(year
Nipissing Mines
Norfolk
11-21
12-
$1 Va
Co.,
A
12-10
$j Va
(qu.)
Paper Co., common
class
11-15
lc
(quar.)
convertible
Corp.,
11-20
11-29
30c
Co.
Shipbldg. & Dry Dock Co.—
end)
1
;
preferred (quar.)
News
Common
11-20
11-30
11-30
25c
40c
8% preferred (quar.)__
New. Almaden Corp.
(initial)
,,
Newberry (J. J.) Co., 5% preferred A (quar.)
Meter
Neptune
11-20
40c
(Bait.),
Co.
12-31
11-30
$1 Va
Corp.
Products,
I-1-42
40C
common..
Co.,
1
11-15
$1 Va
(quar.i
(initial)
(quar.)
of Am., 6% pref.
Container
11-
75c
/
Develop.
(quar.)
Inc.,
preferred
National
11-10
12-
partic. prefer.
Narragansett Racing Assn. (irreg.)
National Bearing Metals Corp., com.
National Biscuit Co.,
12-20
$2'A
__4__!
preferred
Co.
12-20
1
(quar.
6%
Co.,
Chemical
Mutual
1-2-42
1-2-42
12-
Mountain Fuel Supply Cor (Utah)
Muskogee
11-25
$2»/4
iquar.)
Mining
5
$2
Co.
Goods
Corp.
12-
1
Z
Finance
3
12-
(iniital)_i_
preferred
1
11-
$1 Va
(year-end)
common
Extra
12-
11-
1
$1%
(initial)
pref.
Morgantown Furniture Cor.,* com.
Motor
1
5
$1 Va
$7
Service,* $3
Dry
1
12-
25c
'
R.t
(W.
12-
J.
10-30
12-
11-15
2c
(semi-annual)
C
5
75c
(year end)__.
preferred
prior
Power
'12-
30c
(irreg.)
Petroleum
Hart,
11-10
15c
pfd.
Quarterly
6%
1
11-15
87 Vac
(quar.)__
pfd.
Ltd
(quar. 1
Petroleum Co.
Investors
Moodys
6%
12-
20c
(quar.)
preferred
preferred
North
11-
$3c
(Milwaukee)
7%
Mines,
5
12-15
1
$3V2
Insurance Co.
11-
12-
$1 Va
(irreg.)
$4.50 preferred A (semiannual)
$4.50 preferred B
(semi-annual)
7%
1-2-42
5
12-23
50c
preferred
Mt.
11-15
$3
(s-a)
(quar.)
Newspaper
holder's
-1
11-20
1
12-
50c
6%
Distilleries,
Occidental
12- 1
12- 1'
1
12-
$l3/4
(Phila.)
12-
25c
$1 Va
(quar.)__
preferred
6%
10-10
50c
Co.
Co.
partic.
1900
j
11-5 i
10-31 !
SI
(quar.)
Memphis Natural Gas
Mercantile Acceptance Corp. 5%
j
75c
$1
50c
SIVa
12-
(quar.)
Telephone
Melchers
$5
$l'/2
75c
$1.06'A
15c
15c
225c.
Company
Porcupine
Meadville
1
10-24
preferred
McKenzie Red Lake Gold Mines,
$4
10-20
_
1
Extra
;•
11-15
12- 1
1-2-42
10-10
1
12-
$2
(quar.)
Monsanto Chemical Co.,
10-17 ;
11-15
11-20
11-24
12-
*81.11
Mclntyre
S6
11-15
11-15
12-10
Corp.—
Bonding &
Mississippi
12-15 i
10-25
10-31 i
12-28 f
10-17
11-20
12- 1
11-15
8
$1
May Dep»rtment Stores
Miller
i
10-15
3>1
(quar.)
Chemical Corp., common
preferred
(quar.)
Hibbard, Spencer, Bartlett Co. (monthly)__
.
(s-a)_._
(increased).
preference
& Forgings Class A (quar.)
Foreign
preferred
Canadian
on
(Holding),
5V>Vr
Packing Corp.,
Canada Fdy.
Canadian
8f/o
rec.
...
nref.
.
11-
12-15
50c
(monthly)
common
& Usley Bank
McClatchey
6%
10-10 /
.■
Co.,
Mid-Continental
12-18
11-15
11-15
1-2-42
11-15
$2JA 1-15-42
4lA%
25c
$13A
Stock Telegraph Co.. (quar.) __—z_
conv.
Hires
—
pfd.
Heyden
11-15
of 5'ic.
(Jacksont Company.:
Byron
&*
$4
'
»
Ltd., 7%
Co.; preferred,--_______
Greenfield Tap & Die Corp. $6 pref.___—'' '
Gulf Power Co., $6 pref. (quar.)
'
Hale Brothers Stores, Inc.:
Hamilton Watch Co.. 6%
preferred (quar.)
Hanna (M. A.) Co. $5 preferred (quar.)
Haskelite Mfg. Corp,"; (quar.)
)
/_
Hawley Pulp & Paper, $7 1st preferred—.
Hedley Mascot Gold Mines, Ltd. (quar.)
Hercules Powder Co., 6% pref,
(quar.)____
Hershey Chocolate Corp. (quar.)
5
Burroughs
Butler. Brothers
Wares,
Great Northern Ry.
u-
45c
Steel
$1
$lVa
/
(quar.),
j
10-21 r
11-25
—
i
11-25
8c
;
11-19
12-15
(quar.)
class A
(quar.)
10-25
11-15
'
preferred
Mills
convertible
$2.7J
1
2c
(initial)
Co.
12-
17V2c
87Vac
50c
30c
$13A
Granby Consolidated Mining, Smelting and
/
power- Co., Ltd.- (payable in U. S. funds)
Great Lakes Dredge & Dock Co. (quar.)____
12VaC
...
;
Buffalo
•Gold
$1
(quar.)
Machine, common
Die &
11-21
1941
3;/a%
Co
Line
Pipe
Hill Falls
12-22
440C
-
partic.
12- L
12- 1
$4
Georgia RR. & Banking Co. (auar.)
Globe-Democrat Publishing, 7% pref.
'
Co.,
Brooklyn Telegraph & Messenger Co.
Buckeye
12-•!
25c
" 50c
11-14
1
11-24
(quar.)
Insurance Co.
Mfg.
Merchants
}
Inc.,
Co.,
—.—/!__//
Preferred
General
11-15
11-15
:
-
Ui,.
——
Ltd., 7%
British Celanese,
....
50c
68%c
Boston Woven. Hose & Rubber Co..
.
(quar.)__
Advertising
Outdoor
General
50c
(quar.)
__
*
.
;
;
11- 1
10-10 |
12,- lv ■ 11-14
/.:t75c.
..
Freeport Sulphur Co. (quar.)
Gandy Bridge "Co. (resumed)
General Cigar Co., 7% preferred (quar.)l—_
General Foods Corp. (quar.)50c,
10-31
(quar.)
Inc.
Fund,
11-15 '
40c
—
Aluminum & Brass.
Boston
11-15
1
_
preferred
$3
1
12-
(Bridge¬
Co.
—
(Phila.),
12-
$l»/4
$7 preferred-(quar.)
12-1
$1
preferred
7%
11-10
12-
1-2-42
12-10
__fc_
$6.50
(I.)
Marion
/"■'
Ltd.— ;
Mpsmin
•-
guaranteed (quar.)
—
Equity" Cofp.',/.$3Scon:vet'tible /preferred—/-/:;
Faber, Coe & Gregg, Inc.J common (qtiar.)
Fairbanks Morse & Co.
Fansteel Metallurgical Corp. ,$5 pref. (quar.)
Felt-man & Curme Shoe Stores, $7 preferred
Stores,
,
.,11- 1
.
t$lV4
<"
11-14
12-
+25c
Lvnchburg & Abington Telegraph Co.
Macy (R. H.) & Co. ,Inc._
Madsen Red Lake Gold Mines, Ltd.
11- 5
2- 5-42; r
5- 5-42 •
8- 5-42
12-31
11-12.i
11-14
11-14 V
9-20
11- 7
V.
Co.—
12-
$1.10
capital
(monthly)
Inc.,
C■ /Marisnall
Mass.
•.
11-14
50c
(quar.)
preference
Lynch Corporation
12-20
4"(-
...
Fitzsimmons
12- 1 V 11-7
$1
__
State Telegraph
B
6Va%
11-20
1-5-42
50c
$1JA
t$3Va
Fidelitv-Phila. Trust Co. (quar.$3Va
Fifth-Third Union Trust Co. (Cin.)
(quar.)/
$1
Fire Association of Phila.
(s-a)
$1
'/.Extra;-.— 4
r-*:
—-—
—
50c
Firemen's Ins. Co. (Newark, N. J.y (s-a)_20c
*
^
Sugar Associates, $5 preferred
(initial)i__/__
-——-——
C.
Empire Bay
15c
Barnsdall Oil. Co.
„
T.
:
J25c
v
12- 1
$2
Michigan Stove
Eastern
Sav. Assoc.—
(quar.)
$1%
12-
112 Vic
Lunkenheimer
t
(s.-a.)
Hillsdale & Southwestern RR
1
11-14
$1%
(quar.)
original
RR.,
Lumbermen's
12-23
50c
11-15
50c 2-16-42
50c 5-15-42
50c 8-15-42
$13A 1-1-42
37VaC.
12- 1
Dictaphone Corp.^, common (irreg.)
75c
12- 1
8% preferred (quar.)
—;___,—$2
12- 1
Di-Noc Mfg. Co., 8% conv. preferred (quar.)
$1V2
12- 1
Douglas Aircraft Co. /(irreg.
________
$5
11-21
Dow Chemical Co.,; com.
75c11-15
5%
preferred (quar.)
—
$lVt
11-15
Eastern Shore Pub. Serv., $6.50 pref. (puar.).
$1%
12- 1
& $6 preferred (quar.)
<—:
$lJ/a
12- 1
'■
1
37VaC
12-23
z
quar.)
common
1
11-
12-
$1
(quar.)
partic.
pref.
(quar.)
partic. pref. (partic. d'v.)
& Taylor, 6%
1st preferred
Lord
pref.
5 V2 %
Co.,
11-
12-
$1
;
11-24
12-
$1
(quar.)
common
10-31
11-29
40c
pref.
11-10
11-12
14c
(quar.)__/____
Star Cement
5%
5%
12-20 '
j.1- 6
—$13A
Co.,
"B"
preferred
Lone
11-20
Co.
5%
preferred (quar.)__
——^——
5%
preferred (quar.).--—
i
5% preferred
(quar.)
________
5%
preferred (quar.)
—
Devoe & RaynoldS Co., Inc., 7% pref. (final)
Diamond Match Co. (irreg.)^i_—
11-14
t48c
(quar.) —
Stockyards
11-10
1
+2c
__/
preferred
Loew's,
.
(quar.)
11-14
___/-
Bandinl Petroleum" Co.
/■
3
R. Co., 5%non-cum.
Irregular
$2
11-
.....1—......—
(s-a)
Irregular
Bank
1
12-
_________
Avondale Mills—
-•
12-
12- 1
11- 2
1
12-
5?
$1
Tobacco,
Myers
Joi/.t Pipe
8%
11- 7
12-13
.•
12-
50c
$1 Ve
(quar.)
;
——
Common
11-22
75c
York—
New
Denver- Union
.
(■
t$5%
1st preferred
Atlantic Coast Line R.
preferred
Detroit
$1
(quar.)
/Atchison, Toieka <te Santa Fe Ry. Co.——
/'•'"•
1
pre¬
1st preferred
S6
Co.,
Tel.
&
Financial Corp.,
7
11-
25c
—
1st preferred
7%
Astor
,
11-
11-28
$lVa
1st
6%
Corp.,
preferred
Associated
■n
11-28
7%
/.
,
_
(quar.)
2nd
;>'7%
Goods
Dry
10-24
50c
com
11-
11-15
of
(quar.)
pref.
11-15
25C
Armstrong Cork Co., common (interim).—
4%
convertible preferred
(quar.)———
;
5
40c
(quar.)
Co.
Supply
Common
!
11-24
1
12-13
f 12 VaC
11-8 i
1-2-40
11-21
11-19
1-2-42
40c
Ltd.
partic.
(quar.)
Corp.
Miami
Class
10-31
12- 6
$3
12-
11-29
Machine Co
Extra
10-31 i
75c
12-30
12-15
$1
(quar.)
Special guaranteed
(quar.)
Groceterias, class A (quar.)
11-15
(Mo.)_.—
11-20
$l3/4
25c
pref.
Loblaw
11-15
12:15
11-19
11-25
1-2-42
25c
—
Co.,
Finance
&
Little
11-28
$134
$1 Va
7%
Co.
Gold Mines,
6Va Ve
2c
$lVs
Co.—
(initial)
Monotype
Link-Belt
$50c
5c
Curtis Manufacturing Co.
Dentists'
Razor Corp.—/////-./
American Stores
:•
25c
Y.)
(N.
Re-Insurance
American
,
11-20
(qu.) —
(quar.)
American
••••'
5c
$1%
Standard San. Corp.—
American Radiator &
7%
(monthly)
Products
i
(quar.)
/—
__/__
Extra
—
12- 1
*
—
Products
/_
Extra
10-30
10-31
12-17
$2
10c
H-25
(quar.)
Clay
Machine
Special
#
12-16
11-15
12- 1
12-23
1
:
Savers
Lock
43%c
$$1V2
1Y-
(quar.)
Liggett
Company, common-,..—_____—
Drug
11-10
—
Lehigh Portland Cement, 4% pref. (quar.)__
Le Tourneau
(R. G.), Inc., common (quar.)
$4.50 convertible preferred (quar.)
Milling Co.
preferred
7%
(quar.)_
-
(quar.)
Lanston
10-15
11- 5 i
10-31
12-15
12-15
Ltd. (quar.)
(quar.)
& Baking Co., com.
preferred
Liberty
1-2-42
11-15
11-15
12-27
1
$1JA
1st
Leitch
1-2-42
10-27
12-
(quar.)
Fund
Grocery
Common
11-20
11-15
11-10
30c
-
,
2nd preferred
11-15
10-15 j
11-15
60c
:___
(quar.),
7%
11-29 4
1
—
preferred
Landis
l2VjC
75c
4'/2c
SI3/*
7
(G.
preferred
6% preferred
$l5/g
t5c
30c
50c
10-24*
(quar.)
11- 5*
Co
&
I'/r
12-15
(quar.)
Cosmos
10-31
Klein
11-15*
(quar.)
15c
A
Hydraulics, Inc
Paper Co., 7% preferred
American
.
8
11-
11-15
5
R.) Co., $5 prior preferred
(D. Emil) & Co., Inc., common
Kinney
10- 9
,
11-15
:
pfd.
(quar.)
$1
preferred (quar.).
$2.50 preferred (quar.)
$2
preferred (quar.)
Home
11-
1
preferred
6Va%
11-15
$3
American
12-
parLc. pref.
Continental Tel. Co., 7%
Corporate Investors, Ltd., class A
+4c
common
7%
Co.
i
—
Export Lines, 5%
General Corp.—
American
|
11-15
Light Co...—
Power &
American Cities
11-15
11-15
pref. (new)
America—
conv.
Central
Kentucky Utilities, 7% junior pref.
Kinner
Motors,
Inc.
(irreg.)
10- 9
end)
Imperial Mills (quar.)
Cranberry Corp. (irreg.)
Cresson
Cons.
Gold Mining &
(initial)—
Ltd.
Oils,
s
5
12- 5
$1V2
funds
in U. S.
payable
(quar.)
Amalgamated
12-13
12-
t$2
t$5
t$l'/4
5%
(quar.)
Laclede-Christy
137V2c
of America (year
Continental Cushion Spring Co
12-31
6%
$13A
11-
1
Kemper-Thomas Co., 7% special pref. (qu.)
Kendall Co., $6 partic. pref." A iquar.)
■
11- 3
12- 1
10-31
10-27
com.
(Julius)
Kayser
11- 3
11-15
12-
42c
.'
Co.
Tea
5%
11- 3
(quar.)
Oil Corp.
12-31
1
12-
11-15
Knitting Mills—
Kroger
37V2c
(s-a)
Corp.
Container
t$2
(extra)
Common
6%
11-
Express
preferred
1-2-42
$l'/a
1-2-42
Corp.
(irreg.)
Mfg. Co.
preferred
Life
Cigar Corp., 7% pfd.
(quar.)
Div. Stand. Secur. Ltd.—
Consolidated
15c
(special)...———.
Aluminum Manufacturers, Inc.
(quar.)
7%.
preferred (quar.)
Aluminium, Ltd., common (quar.)
Adams
33VaC
...
non-cum.
t$33/4
.
10c
of
Rys.
Knickerbocker
75c
B
Consolidated
Holderi
Share
of Company
5%
Jewel
11-14 >
10-23 f
10-31
12-14 j
11-15
12- 1
11-15
11-15
12-31
12- 1
12- 1
12- 1
+50c*=
$lVas
partic. preferred class A (quar.)
Consolidated
Jantzen
10-15
$1%
50c
$1.50
9-25
134
preferred
...5%
1
12-6
$l'/a
Co.,
Paper
Intertype
Utilities Corp.—
Class
11-15
11-
Inc. (resumed)
Telegraph Co. (quar.)
Ocean
Common
(qu.)_
5V2% pref. (qu.)
pfd. (qu.)
Consolidated Amusement Co., Ltd. (stk. div.)
Consolidated Chemical Industries, Inc.—
weeks and not
dends
J4c; 11-15
Connecticut River Power Co., 6%
give the dividends announced in
we
1
1
(s-a)
_l_
Co., 7% pref. (quar.)
Iron Fireman
Internat'l
11- 1
10-31
preferred "C" (quar.)
Community Public Service Co..
Concord -Gas Co. 7% pref.
Confederation Life Assoc. (Toronto)
)
12-16
11-15
11-10
683Ac
25%
6Va%
previous
yet paid. The list does not include divi-4
announced this week, these being given in the
Below
$1'A
...
$2.75 conv. pref. (quar.)
Bank (Detroit)
(stock div.)
International
Corp.,
Ltd.
Connecticut Lt. & Pwr. Co.,
10-22
11-10
50c
(liquidating)—.—
Wilson-Jones
Company
(year-end)___
Wisconsin Gas & Eiec. 4Vs%
pref. iquar.)
Wolverine Tube Co., 7% preferred (quar.)__
Corporation
International
11-15 •: 10-20 ?
11-15
10-20 f
11-15
10-20 i
$1V<
.....
Commonwealth
:
12-
12-
3%
shares
group
International
11-28 ^ 11-14
$1'A
(quar.)____
(quar.)
(quar.)../
Aviation
International Harvester
i
-
Pictures,
(quar.)'
12-15
$1V4
Corp. i year-end)___
_/■
Whitman <Wm.» Co., 7% preferred (quar.)__
series
5%
preference
5%
.
25c
series A
preferred,
Columbia
11-15
1
12-
$1
____
Wheeling Steel
Whittier
'
>
—
& Electric Corp.
Commonwealth
•'
<quar.)__:
6%
25c
(quar.)
.....
Gas
Preferred
$10
Inc.—
Co.,
convertible preferred
Special
11-21
12-15
•
common
preferred "A'-*' (quar.)....
&: Iron
5%
Columbia
$1
Co.,
Colorado Fuel
'
11-15
12-10
(H.)
Wesson
$4
10-31
12-2
;20c
Gooderham & Worts, Ltd.—
Common (quar.)
_—$1 preferred
(quar.)___._
;
_—
Washington Railway & Electric, commonParticipating units
Walker
(quar.).
preferred (quar.)
Colonial Stores, Inc., common
10-31
8
11-8
$1
W
(quar.)
$4.25
25c
Steel (year-end)—^——
Vogt Manufacturing Corp. (quar.)—___
Waite Amulet Mines, Wd. (interim).
___
Vanadium-Alloys
>
Ltd—
Securities,
Institutional
25c
4-15
3-17 i
25c 7-15-42 6-16-42
50c
11-25
11- 7
• 87Vac^
12- 1
11-10 ;
50c
12^.1
11-10a;
12ViC
11-15
10-21
$1.06'A
12-31
12- 9 V
25c
12- 1
11-20 !
62Vac
12- 1
11-20
».
25c
11-28
11-14 !
I
leg.
45c
t30c
-
Industries, Ltd., Amer.
Dep. Rec.
(interim)
Imperial Life Assurance Co. of Can, (quar.)
Ingersoll-Rand Co.
10-31 •
11-20 v
11-29 j
12-13 (
11-20
11- 7
12- 1
12-15
1-1-42
12- 1
25c 1-15-42
;
r
5
25c
Co.
Copper
95VsC
$1%
25c
$lVa
(quar.)
Cleveland & Pittsburgh RR. Co.,
11-19 M
_
(year-end);.
Utica & Mohawk Cotton Mills (quar.)
•
(Quarterly),.
Chile
f
u-18
Oil Co.
Cotton
_L_
(quar.)
11-15
1
12-
8%c
Chemical
Imperial
12-10 'f
11-15
10-31 !
of Rec.
prior partic.
non-cum.
2nd partic. preferred (quar.)
Packing Co.r 6% preferred
non-cum.
Brothers
Pay'ble
International Industries,
' •
(Quarterly)
.
11-15
1
12-20
preferred
Chiekasha
' 12-11 i
6%
Hunt
Sugar
(quar.)
Chicago Yellow Cab (quar.)
i
12-19
11-17
12-23
Violeta
$1 per share less
12-30
Oil
Consolidated
11-
Central
12-31
1-1-42
11-29
11-15
-20c
$lVa
(irreg.)
Ohio Steel Products
10-31 '
$134
Serv., $6 pref. (quar.)
Co. (resumed)—
4.8% Cuban Dividend Tax
Century Ribbon Mills, Inc., 7% pfd. (quar.)
Champion Paper & Fibre Co., common
•
12-1
(qttar.)-_z:._4w.z.-z./-z___.L.-'
preferred
7%
Universal
'
7
•
(quar.)
pref, A
U. S.
11"
J6o
■
V
S.
of
Central Vermont Pub.
11-10
11- 7
1
Corp.
10-30 :
11-15
Co., 7%
(A. C.)
preferred
11- 5
10-30
11-10
$3l/z
(quar.)
America—
Mfg. & Power
11-15
11-10
75c
(quar.)____
common
partioipatlng pref. (s-a)
prior preferred
(quar.)
Central
22 Vac
$1'A
preferred
(quar.')__
Gold Equities of Canada, Ltd.
(s-a)
Casualty Co. (N. Y.), conv. pref. (s-a)
S. Leather Co., 7% prior preferred.——.
$5
United
U.
1
11-19
12-23
15c
7%
7%
1
12-
t$2'/4
Co.,
15c
25c
25c
&
Horn
11-1
When
Share
Name of Company
11- 1 '
11-15
Holders
Per
of Rec. •
Holderr
*11-15
(irreg.)
Mfg. Co.
M.)
(A.
Celanese
'
11-18
50C
r
112V2C
112 VaC
u
Cedar Rapids
11-18
t75c
Engineering & Foundry, common...
7%
preferred (quar.)___——'•/
United Gas Corp.,' $7 preferred.--Z-_z-5_— :'V
United Gas Improvement, common (reduced)
United
Per
s
i
Extra
11-25
Pay'ble
When
Share
/ ■
,
(quar.)
Oil-Cos, Ltd.
(Philip)
Castle
11-28
'
preferred.,.—
partic.
$3
H-28 i
35c
(quar.)
preferred (quar.)____
(irregular)
_/._
& Greenbush RR. Assoc. (s-a)
Union Gas Co. of Canada, Ltd. (quar.)
United
10-28
2
12-15
Manufacturing
Troy
■
6
1-
(.»
Extra.
Carey
11-
50c
Co., common
$1.40 convertible
Troxel
Canadian
:r
10-28
50c
i
■
Tilo
/"ll- 6
of ReCri
7%
30, 19411
Corporation
(quar.)—
Sept.
Texas
•
s
Company
r"/,«w/
'
Pay"hie
Share \
'.'V "Name.o/ Company ,■
.
of
Name
Holderi
When
Per
:
855
FINANCIAL CHRONICLE
THE COMMERCIAL &
4001
154' Number
Volume
12-20
11-25
11-20
11-
85c
1
5
THE COMMERCIAL & FINANCIAL CHRONICLE
856
Per
yV<
Pacific
■
preferred
5 Va Ve
■
Co.
6%
Co..
Gas & Electric
Pacific
v.,V.
(quai.)
Teiegrapn
Atlantic
&
Co.
Glass
Owens-Illinois
(s-a)
pref.
75c
11-15
10-20
1
11-20
11-14
20c
1-
11-
Penman
Ltd.,
s
J75c
f4c
(quar.)
com.
(quar.f
pref.
2-15-42
15c
5-15-42
4-30-42
15c
7-15-42
6-30-42
15c 10-15-42
9-30-42
Gamble
6%
(monthly)
50c
$l1/a
B
$1.50
l\
$1
Co.,
12-20
12-10
11-15
11-15
1
12-1
5Va%
11-12
115C
11-15
11-5
12-
_____
-—
12-
1
1
t$lV2
12-
1
12-
1
ton
25c
12-15
12-
1
11-15
12-1
$1%
(quar.)
11-20
11-15
11-
$3
12-23
12-15
$iy2
12-23
12-15
Ltd.
Mines,
Sioux
11-15
11-
11-15
10-31
50C
10-25
11-15
12-
1
10-24
4
11-10
;_i
11-4
11-10
10-31
preferred
11-10
25c
----
11-25
11-29
11-15
12-
11-20
1
12-
1
1
Standard SilicaCorp
11-15
10-20
11-15
10-31
12- 5
12-
1
12-15
12-
1
11-15
,
11- 5
40c
12-15
11-15
|1V4
12-31
25c
11-14
95c
.
12-
of
Oil
12-15
ment
10-31
6%
preferred
$4.50
pre'.
Union
Oil
Co.
11-15
10-15
restriction against the purchase of
11- 5
10-25
outside the United
Senate by
11-25
out
in
11-15
10-25
6%
United
Fuel
(interim)
(quar.)_,—,
(quar.)____
$5 pref.
of Missouri,
Ltd.
7%
class
Agriculture
chases of wheat
11-15
11-
12-
A
United
New
v.t.c.
Mfrs.,
Loan
Society
officials
for
emergncy
10-22
10-25
12-6
11-25
11-15
11-
12-
1
11-15
10-31
12-15
10-10
75c
12-20
12-
1-2-42
12-20
1
11-15
1-2-42
12-15
1
11-15
1
United
53c
50c
50c
12-
12-
1-2-42
12-
12-15
11-15
1-2-42
12-15
to.on
$2Va
1-10-42
for
lend-lease
aid
are
,
lantic Charter.
;
On
Oct.
advanced
23
an
the
Reconstruction
additional
Finance
$100,000,000
to
Corporation
Great Britain
the
11-15
10-31
11-15
10-31
vanced
11-26
«
12-20
11-12
on
at
Attlee,
Lord Privy Seal, leader of
Labor Party, and head of the British dele¬
the International Labor Conference in New
shall go forward and try to buttress
the plans of a post-war world.
We canont build the city of our desire under^e con¬
stant, fear of aggression.
Freedom from fear and free-
dolh from want must be sought together."
The Atlan¬
tic Charter "binds us to endeavor with due
°respect to
K
our
existing obligations to further enjoyment by all
great and small, victors and vanquished, of
States,
access
are
on
tion
the
equal terms to trade and
needed
for their economic
raw
the
loan,
against
collateral
consisting
of
In
addition,
our
object of securing for all labor standards, economic
and social security."
Britain, he said, is
now in
considering a constructive program
advancement
engaged
for peace
and reconstruction.
'
on
materials which
prosperity.
desire to bring about the fullest collabora¬
between all nations in the economic field
with
it records
10c
n_
Clement
must be fitted into
under¬
The United States is believed
to be seeking the right, to use such British Empire bases
as may be required for this country's defense and to .be
examining with Britain fundamental - economic prob¬
lems, such as tariffs, trade practices, access ,,/to raw ma¬
terials, involved in realizing the purposes of the At¬
$425,000,000 loan made in July to pay for war
supplies purchased here prior to enactment of the LendLease Act.
A total of $300,000,000 has now been ad¬
15c
return
30c
(s-a)__
______________—__
in
which the
our freedom of
speech and conscience with freedom from
want."
Addressing the ILO conference at Columbia
University, he declared that the problems of the peace
that is to follow-victory over Hitlerism cannot be solved
by one nation alone.
"The plans of a post-war Britain
stood to be in progress.
2
1-
States
on
The articles designated
thought,
double the
11-20
11-10
we
$13,000,000,000 authorized to date
supplies for nations resisting aggression is al-.
$7,000,000,000' of war credits extended
by the United States to the Allies during the World War..
Comprehensive discussions of objectives desired by the
10-31
of the. order
City, said on his arrival here that the labor short¬
age is acute in heavy industry.
He said that while labor
has surrendered many rights and
privileges achieved
after years of struggle, their restoration after the
war
is assured by law.
"We can lay plans now to protect all
people from want after the war. In England there is a
growing realization- that we cannot go back, but that
war
most
copy
|s required.
York
The total of nearly
for
11-22
11-15
_____—_____
(Phila.)
gation
10-22
11-17
53c
(quar.)
Major
pur¬
11-22
verified
the British
other farm products for Russia.
11-22
3
a
based
by written notification to the applicant, licensee,'or
appropriate postmsfster or collector of customs.
end of 1942.
or
is
pr
in;
11-
58ViC
United Specialities Co. (ouar.
Extra
Department
or interest.
Oct. 23 by the Economic
on
are
subject to. affidavit unless covered by general
licenses and include: aconite leaves and roots, aircraft
pilot trainers, atropine, belladonna, digitalis seeds, in¬
dustrial diamonds, iron ore, mica, neats foot
oil, radium,
and uranium other than salts and
compounds.
Export¬
ers are required to submit the
required affidavits even
if they have previously- obtained individual licenses.
Before a shipment is authorized a finding as to whether
denial of the application would cause unusual hard¬
ship will be made, either by notation on the license,
agricultural products
States which had been proposed
11-5
Inc.
& Canal Co.
shown and
export
A
11-5
eft*
(irreg.)
Jersey RR.
States.
1
58 %c
prior
Common
United
11-20
t75c
'
&
the
order issued
an
Board, affidavits®of special use must accom¬
certain articles and materials for export, describ¬
ing the exact use for whim; they are intended. 'Past
shipments: of; each article since July 1, 1937 must be
under the
Investments
Merchants
of
12-1
25c
prior
United
defense
Under
pany
The
purchase of $1,000,000,000 of food products for Britain
measure is expected to be made by the end
of February.
Shipments are to be completed by the
3
120c
(quar.)-:—
preferred (monthly)
preferred (monthly)
6.361r
prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred
(monthly)i____i__.—
S.
11-10
10-31
Light &
6.36Tfc
U.
1
$1 Vg
(quar.)_____—
bodying claims to dividends
members of the farm bloc was stricken
in view of possible needs seen by.
12-
$l'/4
_____;—,_—
of Canada.
of California
cash, postal and money orders, certificates giving title
securities, and warrants, coupons and vouchers em¬
to
conference
11-15
$l'/a-
(quar.)
preference (quar.)—________
Railway Co. (Del.)
prior preferred (monthly)
7<?r
the
to
unless
a
currency was hot so transmitted for the benefit of any
enemy.
Currency is defined to include all forms of
Executive order
t$l-.
United. Carbon,
United
an
being transmitted for enemy benefit when seized,
proceedings instituted within three months
court of competent jurisdiction prove that the
or
in
appropria-;
25c
com.
(<"ua".)__
Co.
Gas
Union
lend-lease
-
tic
Company, common
1st
$5,985,000,000
are intended for the benefit of enemies.
Defense
10c
'
not
,
t66c:
U
fujhds
of
t3c
mi
Union Elec. Co.
range
finds
15c
'
Trane &
a
-
a
In general 'seized currency will be forfeited unless it is
established within three months that the currency was
Va and $4.03 % for bankers' sight,
35c
;
(irreg.)
Export
Mines, Ltd
.
small
negotiate the general conditions under which aid is to
be provided for any nation whose defense the President
vital
to
recent emergency order, currency transmitted
from'foreign countries to other countries outside the
United Kingdom will be seized' at sea if it is suspected
that the
will, with, the advice of the National Economic
Board and the Lend-Lease Administration,
10c
(quar.)
(quar.)
Produr's
preferred
on
11- 5
12-
(Scranton, Pa.)
_______
5 V* %
is firm
By
11-15
;
£33,235,865.
amounted
...
Sterling Exchange
sterling exchange
of the
1,200 ships of
.13,500,000, tons will ~be completed by the end of 1943.
The Navy has received 42 of the 115 ships already con¬
structed by Oct. 15 under this country's huge
ship¬
building program. •
Resi¬
Defense
12-15
90C
(quar.);
pref.
Tide Water Associated Oil
Ltd.,
15 %.
to
one
United States Maritime Commissioner Woodward stated
in a Baltimore address on Monday that
continue at 4.02 buying and 4.04 selling.
41c
Elevators,
1941 Increased from 5%
Less British income tax.
1
20c
Quarterly
Gold
a
11-15
—-
stock
com.
G
Non-resi¬
the
__
divi.)
(s-a)
Third Nat. Bank & Trust Co.
Extra
6
12-15
company's
$3.60
30.
extended powers granted by
11-15*
1
held.
Co.,
12-
dividend.
1.025c
1—
(stosk
Co.
(quar.)
preferred
Coal &
12-13
12-15
31 %c
Sun Oil Company
Talon, Inc., 4%
1-1-42
•«oc
creating the Office of Lend-Lease Administration in the
Office of Emergency Management.
The State Depart¬
12-31
•t$2
Ltd.—
Mines,
Tool
share
closed for this
additional
under
10-31
$iy2
(quar. I
share
11-22
exchange is not quoted on Germany, Italy,
of the jmyaded European countries.
Since July 26
any
The
Struthers Wells-Titusville Corp.—
Machine
12-15
tion approved by President Bqosevelt on Tuesday, will;
continue to be administered by Edward R. Stettinius;
12-5
3114c
51c
Consolidated
25c
but
Phosphate & Acid Writs,
(quar.)
preferred
11-22-..
Japan and China was similarly suspended on July 26;
trading in the Shanghai yuan was resumed oni
Aug. 4 under special Treasury license.
11-20
$1%:
20c
(quar.i___
r
ii-2o
12-15
on
11-20
12-
Spiegel, Inc., $4.50 preferred (quar.)
Brands, Inc., $4.50 pref. (quar.)__
preferred
of Rec.
11-29
75c
Government order. ■! In New York exchange is not
quoted on any of'the Continental European countries,
due to the June 14 Executive freezing order.
Exchange
11-15
37'/a C
preferred (quar.)
——
(A.) & Company (quar.)
Products, Inc. (quar.)
irawbridge & Clothier, 7% preferred
Pav'ble
30c
was
With estimated shipping losses of more than 7,500,000
tons, representing more than 2,000 ships of 31 nations
sunk during the war, a daily loss of about 2%
ships,
efficient utilization of available space is a constant prob¬
lem.
By using boneless meat uniformly packed every
ton of beef brought into Britain requires 20% less re¬
frigerating sp^ce and represents an increase of 20%
in food value, recording to the Minister of
Transport.
i
Holders
In London
11-15
30C
erling
Share
.
-
exchange^n Japan and China has been suspended-by,
•-•f
11-25
30C
Stein
When
12-5
11-28
75c
Standard
Standard Wholesale
4-1-42 3-20*42
a range of between $4.03 V* and $4.03%
The range for cable transfers has been be¬
cial sterling
'
37'/aC-
Stanley Works, (The), 5% pref. (quar.)
Stecher-Traung Lithograph Corp.—
2-20-42
3.2280-3.2442. American commercial bank rates for offi¬
10-31
12-15
25c
—
(quar.)
3-2-42
or
t20c
Ltd.
Co.,
1-20-42
10-31
$1 Vb
Power
•
12-20
2-2-42
£44,996,727
Receipts from the excess profits
£6,590,000 and from customs and ex¬
£11,651,000.
During the four weeks ended
Oct. 25 the monthly statement of receipts 'and issues
shows, £189,587,360 net was obtained by issues other
than for, capital expenditure.
The total floating debt
on Oct. 25 was
£3,438,155,000.
tax
11-20
12-1
1-2-42
of
cise taxes to
11-10
.
to
revenue
11- 5
1
12-
11-14
(quar.)__
Canada
;11-15
11-10
50c
,
(quar.)
Inc.
(quar.)
i11-15
10c.
40c
12-18
10c
Preferred
(quar.)
Southern California Edison Co., Ltd.
10-31
30c
$1
$1%
(quar.)____„____
;
$1%
;
Greyhound Lines,
non-conv.
Toronto
i
tinue unchanged: New York,
4.43-4.47 (Canadian official,
11- 4
11-10
(quar.)
(quar.)_
Bend Lathe Works
Toburn
f.
12-15
Qfficial rates quoted by the Bank of England con¬
$4.02%—$4.03 %; Canada;
90.09e.-90.91c. per United!
States dollar); Australia, 3.2150-3.2280; New Zealand,
11-12
h11-25
30c
——
preferred
Extra
12-15
1-1-42
$4.03 V2 and $4.04, compared with
between $4.03 % and $4.04 a week ago.
6
62y2c
City Gas & Electric
Tobacco
12-15
$1%
with' nearly £88,00,000 the week
smallest this year.
Income tax receipts of only £7,888,000 were -reflected in a decline of almost
£6,000,000 in
11-26
12r27
12-27
tween
40c
7'h preferred (quar.)
_________
Skelly Oil Company (irreg.)
—;
Snider Packing Corp.
Sonotone
Corp., $0.60 prior pref. (final) __
Soundview Pulp Co., common
(quar.)——
Mfg.
12-10
$1..
.
war.
for the week compared
before and the deficit
compared with
10-20
t$l
S'lex
S.
10-17 :h
$1%
for
12-20
25c
Pacific
;
com. (year-end)
April
11- 5
last week.
ciaSs^A.
preferred
(quar.)
Company
(quar.)
Texas
11-15
(The) (irreg.)
remains at 2%.
12-26
(in-
(s-a)
$2.50
Thatcher
12-12
:
10-17
accumulated dividends.
50C
each
i
-
-
(Del.)—
has been between $4.03
common—
10-31
for
(
11-10
Inc., common..
Company
^Co.
not
market
The
10-28
One-half
10-31
.11-15
11-15
V
volume of trading.
The free pound shows little varia¬
tion from official rates.
The range for sterling this week
8
12-15
$1.25
11-15
lc
——
Course of
11- 7
25c
—
25c
Bundstrand
11-15
—
11-15
62V2C
.
(irreg)
books
effective
tax,
tax
.
11-
Sullivan
11-15
$1%
$1V2
Mfffl&n. Inst, (quar.)
account of
12-5
15c
dent
dent
—
prior
12-1
$1%
10-31
J5c
6%
'
43 %c
the
British, war! expenditures last week of £768,885,000
indicated a daily average of £11,000,000, against £13,000,000 a month ago.
Ordinary expenditures of £78,232,592
'
-
(quar.)
11-15
t$2
—
(quar.)
b%
Inc.,
win
(qf
preferred
Cooperative
_
Steel Strapping
Southern
11-1
50c
/p
rioc
Conv.
11-15
25c
tPayable in Canadian funds, tax deductible at the source..
11-12
(stock dividend)—
6%
1
tVA
.
Co.,
of
(Rudolph)
*Transfer
11-12
12-
Shawinigan Water & Pch(er (quar.)
—
Sherritt-Gordon Mines (interim) __________
6%
12-
U
(quar.)
25c.
Extra
11-20
$lMs
$1%
UVa
.
common
(quar.
(s-a)—
Co. (Mo.),
Gold
Southeastern
j
11-15
invasion and to find the money to provide
Britain's forces with weapons in sufficient quantity to
I
11-15
improvisation." A. V. Alexander, First Lord
Admiralty, declared it essential to keep England
safe from
•
Co
Name
10-25
|22c
South
11-14
1
25c
Wurlitzer
Zion's
xlillon Co. (irregular)—__________
Seaboard
SUretyCo.
y-~
—
6'h
1
12-
Per
10-25
50c
Scotten
Signode
12-
75o
(irreg.)___—
(Wm.), Jr., & Co.
1-15-42
37 %C
Trust
Union
Corp,
$■
•
25c
common
(quar.)
common
prererred
Inc.
W.)
(F.
Ybungstown Sheet
creased)
Servel,
2-1-42
3C
f Quarterly)
Semck
11-14
1-15-42
50c
(quar. i
Shops,
SafklAntonio
•'V
2-1-42
15c.: i
i
.—
2nd preferred
3%
of the
1
Monthly
I
v
Ijpt. Louis Bridge, 6% 1st pref. (s-a)
Bt.l Louis
brilliant
i
12-
4-18-42
7-18-42
,25c
Co.
& Steel,
preferred
conv.
conv.
i
50c
Monthly
Monthly
& Electric Corp.—
Co.
ISaco-Lowell
Wrigley
11-15
15C
_____
'
preferred
Iron
!
10-27
(quar.)
Candle
Baumer
western Russia .brought reminders
that decisions on military
leaders
11-14
1-17-42;
5-1-42
25c
12-1
*UC "
(quar.)
__;
common
(quar.)
Gas
&
pressure- on
Government
11-15
6% preferred
J.)
Tobacco
(interim)
Mig.
Woolworth
12-26
from
1
(S. S.) Dental Mfg_-__,
Will
10-16
10-27
preferred C (quar.)
6% preferred D (quar.)—___—
5% preferred E (quar.)
Rolland Paper Co., Ltd., com
6% preferred (quar.)
Royal Bank of Canada (Montreal)
Ruud
White
10-24
11-14
demands from powerful British labor
European military diversion to relieve the
5
____
(quar.)_
•
12-
Instrument
preferred
\
11-
10-27
6%
/Rustless
L—$2.50
I'M
"
'
11-25
2-2-42
8-1-42
$1
1
1-2-42
Co.
Brake
Air
Paper Co.
11-13
87'/a C
intense
)
•
t5c.
pref. (quar.)—
(monthly)
6%
'
-
40c
■
Oil
<'
-
strategy must rest with the War Cabinet.
Foreign
Secretary Eden pointed out that "war is a long-term
business and the issue cannot be settled by any
sudden,
(quar.)
.
1
WV*o
(quar.)
Electric
Weston
11-25
(quar.)
7%.pref.
Co.,
Pulp & Paper,
12-
t25c
11- 6
Button
Rochester
Va.
11-28
11- 3
on
conv.
Elec.
preferred
Whitaker
1
t$2
(R.
(quar.)
Class
12-15
.
preferred
Petroleum Co.
Additional
Rochester
11-
45c
—
7%
Knitting Mills preferred
Reynolds
11-29
Continued
groups for a
10-27
12- 1
vf
Corp., $3 pref.
11-14
50c
preferred
Republe
Penn
Westinghouse
11-14
12-15
11- 3
12-10
;____—_____
Washington Ry. & Electric Co.—
5%
preferred
(quar.)
25c
Republic Investors Fund, Inc.,
A (quar.) ___________
6%
preferred B
(quar.)
>"
12-15
Corp—
Hosierv Mills,
Reed-Prentice
(Northam)^
25c
Rayonier, Inc.
Reading Co. (quar )
Regent
10-24
$l,/4;
f
37 Vac
Ltd._ (interim)Pictures, Inc., $3.85 pref—__
Westgate-Greenland
11-14
——
preferred
(monthly).
________
preferred (quar.)——
...
Quaker Oats Co., 6'/e preferred (quar.)
Quaker State Oil & Refining Corp. (irreg.)
Quebec Power Co. (quar.)
______________
•
10-30
Brewery,
Bros.
Warren
West
11-14
12-15
12-29
11-15
"
the Economic Defense Board.
'
>v-L'$l
;
6%
'•11-14
>1-2-42
37Vic
.
Warren-Foundry & Pipe (quar.),
West
6%
7%
11-5
50c
11-15
s3Wt
..
Mfg. Co., $1 conv. pref.
West Michigan Steel Foundry Co.,
$1% conv. preference (quar.)
10-25
$1%
11-22
1
25c
Wentworth
10-24
12-15
1
$1%
—i—
,.
11-10
.11-15
$2
J?,.
_________
$5
Real Silk
12-15
J20C
;
(quar.)
preferred
10-25
t3c
Mines, Ltd. (initial).,
Public Service Corp. of New Jersey—
(quar.)
4
12-
$1%
(qu,)
,
Warner & Swasey Company
12-24 -I
50c
—
(ouar.i—
Proprietary
preferred
preferred
$1%
7% pref. (quar.)..
Co.
5
12-15
11-
50c
(irreg.)__—____
extra
Ltd.,
Mine,
&
pf.
6%
1-31-42
11-
7-15^42
•
$1%
1
Nov.-jl-1
general licenses will, be author¬
ized for exports to Canada, Great
Britain, Northern
Ireland, Newfoundland, Iceland, and the Philippine Is¬
lands, it Was announced by the Price Control Office of
1-2-42*
t$l
s
;
(quar.)
Warner
1-2-42
—
Paper & Box Co.
Co.
(quar.)
},% Effective
7-2-42*
25c' -.12-
vi
Inc.—
(quar.)
preferred
Walkerville
1-15*
$2
^
.' ;Common
7%
1
preferred
preferred
6%
11-10*
1
2-
Lt.
8%
1-15-42
'
companies.'
}
4-2-42*1
(quar.)
6%
v
11-15
—___
<
...
Pneumatic Scale Corp., Ltd.
•
12-
2'/4C
Common
8c/v
1
12 %0
________
Common
•"v
1
12-
15c
Pilgrim Trust CO;, (quar.)____
Plomb Tool Co., com
Procter
12-
12-20
$l'/2
Phiuips rump & Tank Co., class A (quar.)__
Phoenix Acceptance Corp., class A (quar.)
Privateer
r' 12-20
tquar.)_____—.
Phila. Suburban Water Co., 6%
Pollock
11-15
12"16
$1%'4-15-42
Vapor Car Heating Co. preferred (quar.)_._
Virginian Railway Co.—
5-5-42
11-15
1
$iy«
Valspar Corp. (The), $4 conv. pref._.
Vanadium Corp. of America-
5
5-14-42
$1%
.
^
(quar.)—
Insurance Co.
Michigan Pr. &
Upper
12-15
35c
11-29
1-
•
.
Paper Factories,
prior preferred
Universal
10-25
5-42
ll-lo
3ac
1
—__
Perron Gold Mines, Ltd.
Wall
6%
_—,—-
(quar.)
$5
United
f6c
Preferred A
$5
~
12-
n-29:
12-20
50c
-
—
•
.
$400,000,000 in securities and of assignments of earn¬
ings of United' States branches of British insurance
of Rec.'
12-20
50c
(quar.)
(quar.)—
Sugar Corp.—
•
preferred (quar.)___
pref.
(quar.)
pref.
(quar.)
$5
10-31
10-31
50C
—„____J
tquar.)
;
10-31
11-15
11-15
_J_
tquar.)
Telephone
Preferred1A
•
11-15
$1%
Playing Card
Pay'ble-.
n:
50c
the
from
Oct. 31.
Pipe & Foundry Co.
Holders'
When
Share
)
States
United
12-13
34% c
Lighting Corp. tqualr.)
Parkersburg Rig & Reel $.50 preL(quar.)__
Peninsular Grinding
Wheel Co./ (year-end)
of Company
States
10-30
31'Ac
Pacific
Peninsular
\
1-2-42
37 Vic
(quar.);.
^
its issuance/until
of
United
11-15
;
Name
-
United
(quar.)—
preferred (quar.)_____j.
Regular quarterly to be paid
t.me
11-15
50c
b'/e
••
of Rec.
1
50c
v
Per
H older t
12-
mv*
5% preferred—.
Oxford Paper Co.,
When
Pav'ble
„
Share
Name of Company
Saturday, November 1, 1941
.
(Continued
on
page
873)
Number 4001
Volume; 154
■
857
THE COMMERCIAL & FINANCIAL CHRONICLE
•
%
V
General Corporation and In vestment
RAILROAD
"'V
Registration-*-.
The
ori. the
and
dend
—
cents) has been admitted to listing arid
York Curb Exchange.—V. 154, p. 650. ; a.
New
should
not
construed
be
establishing
as
-
"
American Machine & Metals, Inc.—-Earnings—
'
•
*
—-
•
•
40 Weeks
•
r
:
3,301,529
3,891,104
$534,246
$1,418,524
$1,731,993
234,006
573,705
71,505
150,971
$218,735
$693,848
profit
on
sales..
Selling and advertising expenses
and adminstrative exps.—
General
*
.
.
Gross
$5,623,097
As Vice-President, C. R. Speers of
Profit from operations-.—
,;i
S. Allen, Manager of the Airlines Terminal
Other income—1
Building, who was reelected Secretary and Treasurer.'
Directors elected at the meeting to serve for one year are:
Proscott v
Total income
Tolman of Eastern Airlines, W. F, MacGrath of Transcontinental and
24,596
Western
Inc.,
Air,
of
Walker of United Air Lines, Mr. Speers
Miller of Pan American Airways,'
Mr.
from
Net
•.
railway..
^
Net ry. oper. income...
>vFrora Jan, W ^
.
from
Gross
from
Net
Ry.—Earnings—
railway
319,451
■k;.:
~
.
,
Gross from railway
1939
145,842
$720,689
271,979
212,609
,176,548
7,895,990
5,966,774
5,582,850
Net
from
Net
ry.
—V.
1,907,540
1,728,022
1,193,491. < 1,242,786
1,042,213
262,714"
2,977,425
1,733,336
railway-"-
income
355.
oper.
154,
p.
$648,497
223,349
867,535
'excess
Net
5,870,397
8,935,793
2,220,639
4,781,216
profits taxes
2,000,000
1,061,000
4,765,000
$1,781,216
$1,159,639
$4,170,793
$1.00
$0.65
$2.35
share
per
•
'
profit——
Earns,
com,
H ,: ;
-
,
2,101,000$3,769,397
$2.12
booked
orders
*
third quarter of 1941 compare
in the 1940 third quarter.
Orders
amounted to $128,867,055, or 64% over the
to
—
154,
shares.—V.
536.
p.
Offered—Mellon
Securities
Earnings per share of common
N«t ry.
Net
167,995
14,748,266
2,005,320
1,443,290
*332,398
ry. oper. income—
*Loss.—V. 154, p. 424.
11,341381
2,295,619
*118,176
declared
have
Directors
Dividend—
"But,
of
dividend
a
50
cents
share
per
cents were
the
on
Sept.
Dividends
1 to holders of record Nov. 19.
paid in preceding quarters.—V. 152, p. 817.
stock, payable Dec.
common
Sept. 3—
$677,655
$2,119,984
109,559
$1,645,611
the estimate to which I have referred in this letter shows,
taxes and increases in other Federal taxes, enacted
as
1941, are enormous; the
20,
;
165,562
"
from,
18,813
h
>
i
$733,351
1
$677,069
$1,948,320
137,134
233,766
Pref.
344~506
10M56
13,488
539,882
foreign inc. taxes
.
'
2(67,500 r
profits tax-
Nov.
13,480
•r
profit
Preferred
$755,233
—
>'
„„
202,305
1941
Quarter Ended Sept. 30-
-
91,390
Depreciation
1940
4:,.
$515,844
—
i"
V $288,983
.
.
.
Firms
shares,
".
payable Dec. 1 to holders of
Convicted
*'
*
p.
and
12
Miscellaneous'
.<
$424,454
....
Td'tal
income..
12,850
•:
income
;)
1;
div.—foreign sub.
Fed. & foreign inc. taxes
Fed. excess profits tax
7,019
$259,219
$613,974
r.
profit;
Net
above
♦The
British
—
on
•
5,063
-
&
56,500
■
$253,785
do
include
not
$148,537
,
the
...
three .largest companies, one subsidiary con¬
by:
•
7 V-'
and suppressing competition.
(2) Conspiring vftnd. combining, to •monopolize the tobacqp industry.
(3) Attempting to achieve a monopoly.
(4)' Achieving it. "
'
1
<
,
^
*
.
--Federal
Judge H.
Church Ford deferred imposition of sentence.
Defense attorneys were silent on the question of an appeal.—V.
154,
3,370
•
15,000
•
-
.
$189,412.
*$299,252
results
82,678
„
0
of operation
of
the
p.* 745.
of 30 cents each per share on the $6 preferred stock and
Net
accumulations
on
for
Nov.
for payment
25,
1941,
of
dividends
declared
five
in
1940
dividends
and
' '
'
1
-
in
1941,
He
on Dec,
These
1941 to
15,
dividends
abovementioned
stated
35,726
3,070,401
2,850,477
2,534,222
945,809
593,346
490,736
332,507
501,729
260,586
178,754
29,171
'
3,520,648
oper. income—
154, p. 355.
69,130
y
Appleton Co.—To Redeem Half of Preferred Stock—
Feb.
on
call
voted to
have
Directors
1942,
2,
of the outstanding preferred
accrued dividends.
Currently there
one-half
110 and
at
approximately 9,000 shares outstanding, so around 4,500 shares will
be called at cost to the company of $495,000.—V. 154, p. 651.
are
Arizona Power
'
Corp.—Earnings—
Sept.
1941
$493,262
147,534
Operating expenses
33,803
41,250
30—
operating revenues
1940
$562,888
.J66.126
31,297
9 Mos. End.
Total
41,250
41,467
11,424
Maintenance
for deprec.,
Prov.
renewals and replacements—
Prov. for Federal income taxes
Federal
Other
Net
income
Interest
excess
11,433
profits taxes.
55,421
55,977
$155,994
3,753
(net)
$213,136
3,581
long-term debt
on
$216,717
49,980
$159,747
45,580
interest
63
assumed
Other
;
interest
Net
50,333
revenues
income
Taxes
Loss on
■
—
taxes
operating
Other
excl.
taxes,
local
and
State
on
charges
3,686
$109,039
i
$161,955
107,511
103,305
$1,528
...
Balance for pref. & com. stocks & surplus—..
Note—1940 figures
71
1,025
3,950
j
income
;
1,115
—
reacquired securities
Sinking fund appropriation——
$58,650
restated for„ comparative purposes.—V. 153, p. 980.-
Associated Gas & Electric Co.—Weekly Output—
Atlantic
The
ended
group
units
Utility Service
24, net
was
125,338,591
18.1%
or
Corporation
reports
1
the week
and Electric
that for
electric output of the Associated
Oct.
Gas
(kwh). This is an increase of 19,214,111
of 106,124,480 units a year ago.—
units
production
above
745.
Atchison, Topcka & Santa Fe Ry.—Earnings—
(Including Gulf, Colorado & Santa Fe Ry.—Panhandle &
Period Ended Sept.
^
30—
1941—Month—1940
:
$!
Railway oper. revs
Railway operating exps.
Railway tax -^accruals—
debits
Other
Net
—V.
or
Santa Fe Ry.)-
1941—9 Mos.—1940
<[•'
j 'v y
■-
162,289,786 121,967,067
19,976,915
14,465,996
13,043,028
10,456,795 111,379,697- 95,733,144'
2,744,249
4,259,370
income
1,801,923
Cr203,777
Cr69,733
credits
oper.
-ry.
2,411,055
20,765,100
Dr266,702
.
12,588,521=
Cr452,294
29,878,287 ° 14,097,695
537.
154, p.
Atlanta Birmingham & Coast RR.September—
Gross
Net
Net
are
that
the
declaration
extra
from
ry.
Gross
Net
Net
~
p.
827.
■
from
ry.
dividend
1—
EarningsV
>1939
1938
<
$257,859
$263,902
117,248
34,813
24,082
20,828
28,977
*14,672
*13,753
3,454,440
•
760,377
2,545,04?
2,598,713
218,598
338,741
2,501,178
218,634
192,850
♦200,831
*82,573
♦205,229
"
railway
income—
154, p.
1940
$245,192
;
*8,587
-I
railway.—
oper.
,
$422,268
income—
oper.
Jan.
from
355.'
Atlanta & West
American Water Works
Output—
•
Output- of
Water
Works
September—
Gross
Net
from
from
Net ry.
on'
has
* 1941
,
railway—
from railway.—*.
From
A.
nounced
the
with the
55,269
ry.
stock
pointed
35 cents each
quarter ended June 30, 1932.
Mr.
Calder pointed out that since the beginning of 1940 when it
resumed dividends on the preferred stocks, the company had declared
account
four
•
_
Kraft, formerly director of labor relations, has been ap¬
director of industrial relations of the company, it was an¬
on Oct.
25.
Mr. Kraft is currently acting as consultant on
industrial relations for the,..Office of Production Management.—V. 153,
Fred
,
record
66,064
$312,988
>
American Viscose Corp.—Official Promoted—
,
American & Foreign Power Co., Inc.—Dividends—
C. E. Calder, President of the company, announced that the Board
of Directors, at a meeting held Oct. 28,
1941 declared two dividends
of
56,499
—
from railway
from railway;
*Loss.—V.
■,
stockholders
89,336
1—
Jan.
Gross
.
(1) Fixing prices
'
the
1939
$351,316
104,322
income—
oper.
ry.
From
subsidiary for the month of September.—V. 153, p. 824.
"twshare on the preferred stock ($7)
.1940
$364,127
104,049
railway——
from railway
Net
the Anti-Trust Act criminally
79,662
-
214,326
:
•:
15,000
.
from
1938
1941
$412,224
September—
Net
Monopoly
.
—
figures
$355,122
29,519; V,- 54,182 ^ ...80,333^
139,000
share in addi¬
.
y
Pref.
:
•;
$437,304
^
deductions
Other
,
$252,200
per
3799, 3171
Gross
executives were convicted Oct. 27 on charges of
,
Profit
both
Ann Arbor RR.— •Earnings—
'
.
Dividend-
regular quarterly dividend of like amount on the common'
payable Dec. 12 to holders of record Dec. 1.—V.
152,
the
to
stock,
■
•
36,783
>
Directors have declared an extra dividend of $1
V. 154, p.
—Officials
The tobacco industry's
record
' '
-
,
Company-
Earnings
.
Tobacco
cern
*$425,145
*$893,684
129,988
dividend
Common
■
monopoly
and pr.ee fixing in criminal violation of the Sherman Anti-Trust Act.
202,305
'
202,305
%The corporations convicted in U. S. District Court on all four counts
129,983
of the accusation were the R. J.
Reynolds Tobacco Co., Liggett &
—Cfonsolidated—
Myers Tobacco ;Cq. jand; American Tobacco Co. and American Suppliers,
1941
1940
:
Inc., a subsidiary of American Tobacco.
$696,758
$387,154
The company acquitted" was 'American Cigarette
& Cigar Co., a
111,538
52,533
subsidiary of American Tobacco Co.
■
Charges carried as penalty a maximum fine on$20,000 for each of
$585,220
$334,621
the defendant companies,
and a maximum penalty of $20,000 fine
20,501;
-:;v 28,754
and four years imprisonment for each of the executives convicted.
The four counts of the accusation charged
defendants violated
$431,935
202,305
v
dividend
10.
Charges—,
267,500
•
Net
B
and common
'
161,026
sub.
div.—foreign
Fed. &
Fed. excess
>
Actings on the recommendation of ' President Hill the directors on
Oct. 29 voted a reduction in the dividend to 75c. per share on both
195,193
•
$1.39
share after preferred dividends.
per com.
154, p. 425.
tion
A
$794,844
$1,480,165
112,932
income
Other deductions
income
profit.
Earn,
—V.
And they are retroactive to the beginning
year.
view of these
common
Total
$1,298,737
$1.50
Net
sound." ' ;
are
61,493
79,196
90,160
sub.
foreign
$1,869,124
$568,096
$1,447,990
32,175
Profit
Miscellaneous income
increase in taxes amounts to some
circumstances it seems best to me that I recom¬
board of directors the declaration of a dividend of 75c.
per share on thfi-common and common B stock,.payable Dec. 1, 1941—
the last quarter4-in place of our usual dividend of $1.25 per share.
In all frankness and in advance, I wish to advise you of this recom¬
mendation and of my reasons therefor, which I believe you will agree
"In
$898,913
250.860
197,621
Depreciation
Div.
401,053
$1,169,134
465,102
mend to your
1940
1941
1940
in
profits
this
of
-Consolidated—
Company1941
w—
stock
28,311,783
$5.55
tFiguring the
t32,550,000
t$6.49
$1.96 per common share, an increase in taxes this year of over 35%
of last year's earnings per common share.
There is no prospect of an
Note Co.—Earnings-
American Bank
9 Mos. End.
1,205,666
Gross
early repeal of these taxes.
Earnings
and excess profits taxes-
Provision for
last.
excess
of 25
—
letter to stockholders Oct. 25 stated—
"Our progress, currently, is of course reflected in many ways.
For
example, it is estimated that our sales volume wil^have increased
by over $48,000,000 in 1941; we are today employiifg rridre people than
we
employed last year; our current rate of cigarette sales is the
largest in our history; our position in the industry, despite much
larger exploitation expenses .by our two largest competitors, continues
to improve.
By that I mean that we have obtained a larger per¬
centage of the total volume of cigarette business this year than we
348,086
had
American Arch Co.—50-Cent
$1,699,790
$2,839,902
and Federal
and reduces the earnings per share
and the Amount available for common stock
dividends is $4.53 per share.
81,183
12,070,770
2,812,605
389,968
11,990,954
4,015,560
railway—_
railway
1940
1941
profit for operations.
Non-recurring loss on sale of Long Island City
stock by $1.96,
of common
1—
Jan.
from
from
Net
•
186,200
income
153, p. 681.
Net
is $8,892,000,
1940 taxes
taxes over
1938
208,747
*56,083
$5.09
.
taxes
1,323,714
1,412,951
448,556
oper.
From
Gross
1939
1,550,526
488,617
1940
1941
1,713,907
railway
%
obsolescence
and
421,961 snares of
defense
facilities,
during period.
tOp
emergency
off
$2,146,580
—
-
of
charged
capital stock?—V.
Net
Dividend Rate Reduced—George W. Hill, President,
railway----.,-
from
from
—4
*Estimated figures for the year ended Dec. 31, 1941.
on
1941 rates, the increase of excess profits tax
,
RR.—Earnings-
September—
Net
793,377
—
:
—
share
per
*Amortization
dismantlements
*1941
1940
$334,328,000 $285,752,878
tax; rates)
(at 1940
Net income
Corp. offered Oct. 28 after the close of trading on the
New York Curb Exchange a block of 2,500 shares of
capital stock (no par) at $74 a share.
Dealers' conces¬
sion was D/2 points.—V. 154, p. 794.
Gross
3,270,329
—
—
_—
—'
__:
1,044,913
(est.)
(est.)
profits taxes
income
tEarnings
1,523,502
administrative expense
12 Mos. End. Sept. 30—
*
Sales volume
Alton
Net
v?.; ■ r,;
r"*.', '
,
Years End. Dec. 31—
pared with $59,755,289 at the close of 1940.—V.
Ltd.—Shares
11,431
$8,778,701
.-
American Tobacco Co. (Inc.) —Earnings—
1941,_ totaled $102,532,533 as com¬
154, p. 580.
hand Sept. 30,
Unfilled orders on
$8,767,270
(net)
Federal normal income taxes
—V.
$78,530,847 bookings in the same period of 1940.
received
and
Selling
1941
Months Ended Sept. 30,
Total income
Dividend—
Preferred Stock Ten-
..-y., *...
v.v,w,J
48,276,000
47,370,000
manufacturing operations
on
Anheuser Busch, Inc.—Extra
J~v
48,623,000
Anchor Hocking Glass Corp. (& Subs.)—Earnings—
on
Corp.
49,429,000
Co.—Earnings-
Anaconda Wire & Cable
154, p. 49, V. 153, p. 235.
■'
92,387
55,318,000
154, p. 745,
Profit
48,721
Upon completion of this exchange the outstanding first preferred
stock of The American Superpower Corp. will be reduced from 100,000
$30,946,321
of
booked for the nine months
Aluminium
$2.07
63,505
2,442
Ways and Means Committee for 1941, but not
shares.
'Orders booked of $44,478,497 in the
with
$639,445
$1.63
——
'
28 that 7,613 shares of its $6 first
preferred stock had been tendered by shareholders in exchange for the
corporation's portfolio holdings of The United Corp. $3 cumulative
preference stock, Consolidated Edison Co. of New York common stock,
and American Gas & Electric Co. common stock.
Given the choice of three options, the
stockholders who tendered
their shares elected to take in exenange tne following aggregate amounts
of stocks held in the portfolio: (a)
2,454 shares of The United Corp.
preference stock,
(b)
5,442 shares of Consolidated Edison common
stock, and (c) 12,659 shares of American Gas & Electric common &t££k.
Cash payments aggregating $754
were made in lieu of fraction*, of
&
p^otts taxes__
inc.-and
.excess
■
inc.
for Fed.
Prov.
—V.
dered—
1941—3 Mos.—1940
1941^9 Mos—1940
$37,091,111 $22,846,714 $86,089,812 $66,543,317
—
Fed.
bef.
69,304,000
Corporation announced on Oct.
Period End. Sept. 30—
Profit
$503,780
$173,768
$0.56
; 19,851
'
—i
American Superpower
Allis-Chalmers Manufacturing Co. (& Subs.)—Earn.-^1
Sales b lied
68,982,000
25_
•Depreciation
_.
——
stock—r
cap.
4,854,011
-
116,500
Oct; 27 declared' a dividend of 35' cents per share on
the common stock, payable Dec. 12 to holders of record Nov. 12. Like
amount was paid on Sept. 15, June 14 and on April 5, last, and divi¬
dend of 25 cents was paid on Dec. 18, 1940, this latter being the first
dividend paid on the common shares since Dec.
15, 1937, when 40
cents per share was distributed.—V. 154, p. 179.
•
- .
•:1938
1940
$727,357
1941
18
Oct.
Federal excess
American Rolling Mill Co.—35-Cent
Directors
RR.—Earnings—
$1,017,055
433,831
231,875
railway.*—
railway
oper. income
146,768
116,500
Cr28,500
profits tax—
by House
♦Proposed
enacted into law.—V.
: From Jan. 1—
;
excess
depletion charges—
Ore
Def6,317
165,532
^
from
ry.
4»
1,460,856 : 1,179,600
439,746
' 232,777
1,729,104
571,737
543,806
;•
from
Net
"
.
2,319,004
945,372
i
railway
September—
Net
10%
special
Oct.
54,900,000
57,234,000 f 54,571,000
57,061,000
55,645,000
;
—
t
Alabama Great Southern
Gross
^ -1 1949
>
»
Njet ry. oper. income..-.
—v. 154, p. 329.
,
♦Cancellat.
54,372,000
69,498,000
$902,713
134,756
the
over
43,683,000
43,681,000
44,694,000
45,045,000
54,648,000
68,941,000
4—
Interest
60,062
38,000
inc.
21.46%
of
increase
an
11—
Oct.
'
and surtaxed—'
of prev. prov. for estd.
Estimated Fed.
Or: 1939 vor.i 1938 >■§
Net profit
-4220,181 * $189,307
$157,458
90,939
88,057
74,185
48,633
Earnings per share of
44,772.
49,341
39,812 •
20,297
Depreciation
charges
1941 '
$269,150
'
September—
r*
Gross from railway
$755,036
cash disc, on sales & misc. deduc;
American Airlines and Mr.
-Akron Canton & Youngstown
funded debt & notes pay.,
on
hours,
kilowatt
69,304,000
output of 57,061,300 kilowatt hours for the corresponding week of 1940.
Comparative table of weekly output of electric energy for the last
five years follows:
'"'V v-'
•. • '
1Q40
V
1Q-JQ1
1937
Week End.—
1941
;
729,534
181,302
$821,156
81,557
61,188
$243,331
—v
Int.
totaled
Earnings for 9
—
Airlines,; and W.
American
'
MISCELLANEOUS
-
Oct.
Year
,
$4,720,053
(incl. deprec. & depl.)"" 1,440,590
Cost of sales
Traffic Manager of Pan Amer¬
ican Airways, was elected President of this company at the
annual
stockholders' meeting of the organization held on Oct. 28.
Mr. Miller
succeeds as President' John ;B.- Walker, who is Assistant "to the" Presi¬
of United Air Lines.
Other
officers elected
were:
'
18 Weeks
—-l.-..—.....—! $1,964,836
sales
Net
Charles A. Miller, Assistant General
dent
special divi¬
policy
dividend
a
-v.;:';-"../
Period End. Oct. '4,1941—
"'Airlines-Terminal, Inc.—ElectsOf fcbts
INSURANCE
-
for the future.-^V. 154; p. 424;-;
(par 50
stock
common
registration
INDUSTRIAL
-
declared in 1941 should be considered in the nature of a
Corp.-—Admitted to Listing, nrid ".
Aircraft Accessories
:
PUBLIC UTILITY
-
News
& Electric Co., Inc.—Weekly
■'/v'.."
' •"
energy of the' electric properties of American
Electric Co. for the week ending Oct. 25, 1941,
electric
and
•"vn"T>
•
'•"t '
From
Gross
1941
1940
1939
1938
$227,201
$165,838
$177,605
$152,304
78,317
34,234
49,293
31,651
"
railway.—
income...
v
oper.
Jan.
from
Net
from
Net
ry.
;
Point RR.- -Earnings-
railway
railway—.
—,
9,562
25,530'
8,482
1,790,339
1.396,854
500,257
201,308
182,850
87,181
158,159
*12,203
*33,337
•124,953
railway
oper.
31,919
1—
income—
*Loss.—V. 154, p. 355.
...
1,320,162
1,217,962
\
AAA
A
AA;A/A'>
THE COMMERCIAL & FINANCIAL CHRONICLE
858
'
Operating
expenses
3,666,276
2,930,048
33,677,128
$732,054
$16,240,107
5,450,000
$457,054
$10,790,107
three
first,
the
quarters of 1941 is $46,030,000. The aggregate provided for sucll t
for all of
1940 was $23,429,170.
" i;';
<,n.
"taxes
The
estimated value of orders on hand Sept. 30, 1941, was $1,336,- V
15 year 2%% debentures by an underwriting group
600,000 as compared with $1,367,500,000 on June 30 1941, and $1,123,^headed by Eastman, Dillon' & Co.
The -debentures,
081,930 on Sept. 30, 1940.
■
' •
priced at 100 and accrued int., have been oversubscribed.
Steel production lingots and castings) averaged approximately 99.9%
f
of capacity during the third quarter of 1941 as compared with 102.6%
Associated with Eastman, Dillon & Co. in the offering
I
were: Smith, Barney & Co.; Blair & Co., Inc.; Kidder, f -during the second quarter of 1941 and 99.9% during the third quarter y
,.-Of 1940. Current steel production is approximately 101% of capacity,
j
Peabody & Co.; E. H. Rollins & Sons; Inc.;'Ladenburg,
Consolidated
$8,725,815
275,000
$17,630,000, and the aggregate provided for such taxes for
,
y
29,748,428
$1,433,412
625,000
is
Of-
Debentures
—
made Oct.* 28,- of $10,000,000 '
fered—Public offering was
1941—Month—1940
1941—9 Mos.—1940
$5,099,688
$3,662,102 $49,917,235 $36,474,243
revenues.—
Operating
Corp.
Loan
Industrial
Beneficial
RR.—Earnings—
Atlantic Coast Line
Period End. Sept. 30—
Saturday, November 1, 1941
$3,150,815
.
.
Net
operating
revs...
Taxes
'Operating income AA
Equip. & Jt. fac. rents.
$808,412
inc.
$818,106
Net
railway oper.
—V.
154,
355.
p.
-1
■
A.;;Y'.
■/■'.-''.'■•"V
Costs,
$1,424,854
$9,190,149
$424,243
A';?,4a-,A "AAA'AA^A
4
1941
...
1939
1940
.
1938
'
oper.
Taxes"
>
•
;/-aA.
A.v- •/. A A"-" AA
3,995,865
1
v
6*8~3~227
336,935
379,386
Intangible develop, costs
2,301,152
2,166,510
1,786,624
1,734,930
1,736,839
1,638,689
.vi,441,790
7,356,160
7,819,433
7,588,722
7,531,980
$9,093,626
685,290
$6,683,729
501,488
$3,671,454
- 59,184
$3,640,036
lease
>
.1,478,113-
.
&
amort.
Deprec., retirements &c.,
—A
amortization
Net
operating income.
net
Non-operat." income,
'•
.
■;"
■
-
Inc.
int.
before
Interest
i
.484,378
|,Si
$3,730,638
600,841
$7,185,217
623,464
$9,778,916
614,263
chgs.
charges
$4,124,414 ".
189.267
$1),561,753
$3,129,797
$3,935,147
1,608
1,359
5,349
4,740
stk,
444,000
444,000
444,000
444,000
applic. to com. stk.
per share,
$8,719,045
$3.27
$6,116,394
$2.30
for period
income
applic,
'interests
Dividends
Hal.
min.
to
pref.
on
"■Earned
"■On
shares
2,663,999
common
$2,680,448
$3,486,407
$1.01'A
$1.31
stock.
include a profit of $63,191, of certain
Note—The above figures for 1940
foreign
subs'.d'aries,
ended
year
for
Dec.
in
losses
war
T Taxes,
31,
wh'ch were eliminated from consolidation for the
1940, due to war and exchange conditions; and
information they do not include any provision
insufficient
of
because
foreign
the respective years;
V\.
~
Special $1 Dividend—
Directors
tion
A- AaA'/.A
■
.AA
provision for excess profits tax appears neces^
no
'A:A'/ " •;a;'AAA'.A<AA:
sary,
have
the
to
declared
?
A
A
dividend of $1 per share in addi¬
special
a
4
quarterly dividend of 25 cents per share on the
both payable
Dec. 15 to holders of record Nov. 1.—
regular
stock
common
V.
//.AA
countries.
shown in the above statement of income, include estimated
income taxes under existing laws as of Sept. 30, wi¬
as
Federal
normal
154, p. 794.'
/
,
'
■
.
1
Co.—To Pay $1 Common Div.—
Directors
declared
have
dividend of
a
stock
(par $51,
pares
payable Nov.
dividend
common
share
per
on
the common
This com¬
16, last, and on Dec. 20,
April 25,. 1940, this latter being the,
1937.—V.' 152', p. 2844.
Aug. 20 and May
1940, and dividend of 20c. paid on
first
$1
12 to holders of record Nov. 3.
with 50 cents pa:d on
paid
since
i?"J
J
$
$
14,183,113
147,264,491
945,151
10,198,410
282,292
-
Freight
.—.
___
Passenger
_______
246,617
115,602,498
7,644,9272,372,470
2,486,087
181,947
181,604
1,234,262
1,195,901
4,941,212
4,002,217
Mail
_AA-
:
Express
All
1941—9 Mos.—1940
-
18,290,856
1,167,022
Operating revenues:
f1
Earnings—
1941—Month—1940
Ended Sept. 30-
Period
"/
'
'
560,228
474,218
20,482,345
16,030,703
1,696,236
4,603.098
1,658,488
3,687,201
426,162
410,675
3,811,006
3,719.333
5,164,172
149,099
53,099,087
45,873,229
1,365,995
1,182,367
other
■
Railway
oper.
revs.
166,124,462 130,818,013
Operating expenses:
Maint. of way
& strucs.
of equip.
Maintenance
Traffic
6,323,109
172,003
Transportation
Misc.
operations
Transp,
Net
13,000
6,798,423
4,541,195
51,454,315
1,495,987
993,585
operations
the
or
in
*10,389,755
Other
V
8,830
33,087,768
*8,646.799
1,718,13?' 2,062,502
"
236,342
190,389
144,124
169,068
1,387,118
1,304,654
4,967,923
3,142,200
37,959,305
19348760
corporation.
516,663
4,778,997
"Personal Finance Co."".
The
the
-*•
Total
charges
.
3,658,863
57,146
42,738,302
1,230,017
1,132,893
2,618,228
23,617,078
►
-
Net
income
Excise
2,742,804
V
-25,821.483
ing
a/c Railroad Unemployment
income
taxes
Tax
Federal
Insur.
Act
-r-V. 154, p. 693.
1,834.402
1,797
f
.
Period End.
V.
S.
Sept. 30—
income
Net
taxes
income
$251,872
-
648,054
691,516
'
521,279
125,114,229
141,488,729
fi9,220
57,056
13,866
$194,816
$$117,012
V-
$220,861
depreciation and other charges but
before income taxes,
tAdjustment of reserve for taxes previously provided.
$Loss.—V. 154,
p. 537.
A.
•
'
74,795,135
Bastian-Blessing Co.—40-Cent Year-End Dividend—
year-end dividend of 40c. per share on the
common
stock, payable Nov.
25 to holders of record Nov. 10.
Like
amount was paid on Oct. 1, last, and each three months prior thereto.
—V. 153, p. 95.
A..AA ■<
Beaumont Sour Lake & Western Ry.
from
Net
from
Net
ry.
From
,
1940
1939
$185,322
$195,813
165,097
152,867
59,874
109,783
Gross
railway...
,8,173
12,125
railway
income—
oper.
Jan.
from
1^
from
railway
Net
ry.
2,539,450 a 2,060,700 *
_
income..
p. 355.
a.
A
$175,565
-'
.
45,537
3,128
.
a
2,052.937
828,989
348,803
Sept. 30—
.
;
6 Mos
■
Stated
for
End..
•
billed——
Net
sales
Net
income
income
income
485.049
337,809
■
87,500
128,674
36,541
-
^
17,37,8
$265,714
Net
j.,
■'
:
$480,105
$265,714
$228,964
' A
v
,A
;VV V';: -'
$0.95
50,000
600,000
i' '*
600,000
'
v,
309
309
;..3.707
3,711
-
,
^
$1,152,101'/
6,062 ..;
4,561; i,
361
^'^1,156,662: •
45,750'549.000
45,750
deduct^p^/^^SS^^':: 4,323^./,. 55,714;'",:
"'A'VBy
—
$89,952
...
applicable ;to pref. stks. for the. period
154,
$786,436
$53,490
.
53,427 "
$554,235
429,174
,
A—1—
v: ■: -n
549,000
429,174 '
.
$357,262
$125,061
538. •;-£;
p.
*
141
137
135
common
of
Co.'__$2,805,000
&
Co.,
Company—Incorporated Aug. 27, 1941, in South Dakota, company
to acquire the Dakota properties of General Public Utilities,
and the Dakota power properties of Dakota Power Co.
proposes
Inc.,
Co.——A—
Co._
Hemphill, Noyes
electric
generation,' transmission,
the
in
energy.
During
the
year
1940,
distribution
approximately
of its total power output was produced by its generating facili¬
ties and the balance was purchased from others.
The territory served
by the company includes 12 incorporated communities in western 3outh
various unincorporated communities and rural areas.
Com¬
are
properties and the Dakota power properties have been
and electric energy has been interchanged for many
'"/X-vaA.^AAA-fA>>>AAA'AA"/"A";.; A-;A;A A;
-A"
-
On the
closing date, the company will acquire the Dakota properties
of the electric generating, transmitting and distributing
property and other assets,
including current assets, applicable to
such
property) in consideration of the delivery by the company to
General of 8,500 shares of 5% cumulative preferred stock and 92,650
shares of common stock, the payment of cash and the assumption by
the company of certain liabilities of General existing at the closing
date.
As of June 30,
1941, the property and plant of the Dakota
properties was carried on the books of General at $2,784,322 and the
(consisting
$8,181,556
* 1,995,607
as
Dakota
years.
-
its electric business.
also sells appliances in connection with
The
interconnected
$6,185,949
and the
follows:
related
Pieice V
:
reserves
for
retirements
were
carried
at
$846,293;
the
other
assets,
including current assets, applicable to such
property were
carried at $177,959 and the liabilities of General to be assumed and
rtserve for doubtful accounts receivable were carried at $105,447,
- > A
$375,000
325,000
275,000
power
225,000
and
Weeks..'.
-
r
Stubbs,
Inc.__-__-'A-
*
Co.__-__'.___
&
Putnam
and ;Other < assets, : including current: assets of Dakota Power'
Co.) and, in consideration therefor, will pay to Dakota Power Co. cash
assume, certain-liab l ties
of the Dakota Power Co. existing
closing date.
The Dakota power properties to be acquired dothe "Big Bend" hydro-electric development of The Dakota
A Power Co. which property is carried on the books of that corporation /
at an estimated salvage value of $20,000.
On that date property and
dnd
j;
Rogers
&
140,000
not
Tracy;, Inc.__-j- 140,000
Purpose—Net proceeds are to be placed in its general
funds.
will
at the-
,
.*—
the • closing- date, the companyu,will also acquire the: Dakota
properties (consisting of the electric generating, transmitting
distributing property serving Rapid City and Custer and adjacent
On
// areas,
175,000
140,000
Piper, • Jaffray; &*Hop- >
; '■*
wood
-
,
Whiting, Weeks & AAA'-A'
375,000
375,000
Hayden, Stone & Co.___
of
sale
Beane>i—
<fc
&
Homblower Si
425,000
375,000
,
is' engaged
Company
and
99.7%
Curtis...A_
Jackson
475,000
A—
&
being offered represent stock issued to
additional consideration
preferred and
Witter & Co.;A—
Fenner
Dean
shares
Dillon, Read & Co. in the offering of
common stock are: A. C. Allyn and
Co., Inc.; Bodell & Co., Inc.; Central Republic Co. (Inc.);
Kidder, Peabody & Co.; Laurence M. Marks & Co. and
E. H. Rollins & Sons, Inc.
$8,175,174
M
; 6,382
$8,577,585
>2,258,600'
Merril Lynch,
Inc
Offered—
^Associated with
the
1938
1939
several- underwriters
the
Stocks
—
for the Dakota properties.
.
$6,431,383> $6,318,985
names
Light Co.
&
The preferred shares and 92,650 of the
price of 103%.
143
:
Years Ended Dec 31———
•
Hills;Power
Dakota and
Periods
underwritten by them, respectively,
amounts
1,175,000
800,000
800,000
600,000
Ladenburg, Thalmann &
■ >
v:
It is the
include
plant of the Dakota power properties was carried on the books of
intention of the corporation to use a portion \pf such funds,
-/Dakota Power Co.ias iollows: tangible—$1,383,079 (including $108,014
approximately equal to such net proceeds to reduce outstanding bank:
acquisition adjustments account),,intangible—$181,556 (including $165,loans
and
commercial
paper.
Other or; additional";MoWs may, be-1
858 acquisition adjustments account) and the related reserves for retire¬
obtained and commercial paper discounted in the futurecircum¬
ments were carried at $156,850.
As of June/ 30, 1941,* the amount of
stances require.
.;f;
:'v> {/:Vthe other assets, including current assets, to be acquired from Dakota
Such of the proceeds of such loans and commercial paper as were
present
received
ment
within
one
placed
were
prior
year
in
the
to
and
•
Steel Fofindry
Birdsboro
profit
$131,756"
—
lines
$98,188
\
$365,541 ;A $193,033
200,000
$0.65
stock-.
common
v;
.
$0.96
-.,$1.82
$0.49
by
the " company
during
.
4*
mission
Steel
Bethlehem
•
Corporation
alleys
The
amount
for taxes based
000.
The
on
amount
\y}
so
of
income
provided out 'of
income
for
the
Second
quarter
substantially
substantially all
titles,
and
tractual
highways,
consent,
importance
Third
for the third quarter-of 1941
income and Federal e'xeess profits taxes is $21,130,-
provided out
and
without
Report ..for
lines
the/balance of the.'transtlje; electric distribution lines
all of
of
being located on United States. Forest Service
j
Quarter of 1941—tE. G..Grace, President, States:—
of
examination
*
'
,
73
the electric transmission lines are located to a large extent on land
of others
under permanent
easements secured by grants from the
record owners (in some instances from the apparent owners) without
and the company has business on the books as of Oct.
'
' c
contract
and
wood
of
(1)
$6,244,250.
•
are.
.
including estimated Federal and State taxes.
the - nine ■ months, totaled
1 of
"■>'
■'.•» W
Under
with, the Navy Department, the company has about
completed, at a cost of $600,000, additional plant facilities to expedite
the finishing of steel castings.—V. 154, p. 425,- *'
:
Business, booked
$9,660,000
$145,731 and the amount of liabilities to be assumed
doubtful accounts receivable was $83,873.AA.AA..-"« it--.
pany owns transformers at its power plants with a rated capac'ty of.
'12,797 kilovolt .amperes, 57 substations with a rated capacity of 16,000
kilovolt amperes and distribution; transformers with a rated capacity
of 14.544.4 kilovolt amperes/.A: A'AAA A ,A.
.A;
All of the property is owned in fee by the
company, except that
MosA4940 Cl941—9 Mos. —1940
.
for
kilovolt .lines,
■
& Machine Co.—Earnings-
1941—3
Period End. Sept. 30—
was
reserve
The company's transmission lines
consist oM79.2 circuit miles of 26
circuit miles, of 11 kilovolt lines, all of which
pole construction except that 9.5 circuit miles of
of the 26 kilovolt lines are on steel towers./
Company also owns dis¬
tribution lines in and adjoining the communities now served.
Com¬
-
with funds to carry
- ^
«'•"
^->3
Co.
Power
thj>jdfite of the registration state¬
ancT used pri¬
corporations general ,fUnda;
marily to provide subsidiaries of the corporation
on their respective businesses.—V. 154, p; 794.
"•
$1.10,.
'
,
~
,,
$2,752,706
A
income
Peabody & Go.:.
E. H. Rollins & Sons—
il55,2lW
per
;
.
$9,547,017
3,115,634
deductions.
Kidder,
•
"
surplus.—
.
928,941'
$2,000,000. first mortgage bonds being sold to Dillon,
Co., represents the- completion of one of the
/steps in the intergration program of Community Power:
and Light, Co., following the recently completed sale of
bonds, preferred and common stock of- Missouri Utilities
Co:
The preferred stock was offered at $100 per share,
plus accrued divs.; and the common stock at $16.50 per
share.. The first mortgage bonds, Series A, 31A%, due
1971, are being sold by Dillon, Read & Co. to The Equit; able
Life Assurance Society of the United States at a
7,500,000
$4,899,731
2,147,025
•After all charges,
1939'
$3,410,582
'
,
131,835
...
share on 241,547 shs. of
cap. stock ($10 par)—!—$1.99
—V. 154, p. 746.
'
a-
income.—-——.
Net income to
,
..
$480,105
___"
Non-recurring
Earn,
A
for
.-—5—
Net
-1940
69,205
.
;Vt.;
General Public Utilities, Inc. as
$9,537,297 \ $8,570,937
9,720
^ 6,648
4,764
—
income
shs.
a
$4,336,931
before
depreciation-—1,249,321
depreciation—
AA 142,012
Provision for Federal taxes {estd.)
620,000
Provlsiofx for contingencies—
;
7i205
Provision
.
" V
Read &
,
$155
.
—
1940
$4,894,966
income
operating
Income
A 367,447
1941
.
$7,253,313
266,255
v'"-"
Oct. 29 by Dillon, Read & Co. and associates.
The sale
of these issues, together with the sale of a new issue of
>
$12,093,689 $22,422,289 $21,106,240 $20,585,476
7,198,722 12,884,992 12,535,304 12,410,302
Operating income
Operating expenses
Co.—Earnings
V
-
Privately—Public offering of 8,500 shares
•of 5% cumulative preferred stock (par $100) and 100,»
000 shares of common stock (par value $1) was made
annual cum.
(750,000 shs. auth.)
—None
(no par*)
(auth. 4,000,000 shs.; held in
treasury 1,703 shs.; outstanding 2,315,701 shs.)
16,596,916
tSince June 30, 1941, the corporation has acquired $54,000 of such :
debentures, which are now held in its treasury.
,
•The stated capital of the corporation with respect to its outstand-;
ing pr.or preterence stock $2.50 dividend series of 1938 amounts to $50,
per share, and its stated capital with respect to its outstanding com¬
mon stock amounts to $7.17 per share.
•Net
Belden Manufacturing
•
Bonds Placed
(no par)
Common stock
825,172
369,603 "
&
Black
div.
Earns per sh. on
9 Mos. End.
V.
Outstanding'
«
(no par') (outstdg. 150,000 6hs.)
Preferred stock (serial) Series A, $3.50 per sh.
2,068,783
845,756
1,119.871
596,610
oper.
154,
1938"
'
50,000
Balance
;
railway—
Net
—V.
-Earnings—
1941
$334,106
September—
Gross
vi
••
nitge.' bonds—
on
Divs.
1941
/
Alex. Brown & Sons..—
Directors have declared a
13,740
.
i::.76,ld7 ly ;^77,7097.; 919,610
limited-
.
•Net" income
iici,
lunuiiic
153,
78,924,896
Capitalization Outstanding as of June- 30,
Co.»
f
^
>
v
'^$146,158 ^^0^
Other •••'int.
1%% promissory note, due June 14, 1943 (auth. $5,000,000)
$5,000,000
10-year 2%% debs., due Dec. 1, 1950 (autn. $10,000,000)A
t9,875,000Prior preference stock (serial)
(auth. 500,000 shs.), $2.50
dividend series of 1938, $2.50 per sh. annual cum. divA
\
Riter
'
*
-
67,809,504
75,257,373
704,540
1,048,346
1941 (6 mos.)
•After
v
.Int.
amt. lent
.
916,575
1S39
Blair
$$217,476
41,316
_________
of
"'"r'/t.-"
Other income ^net)——61,3,
Average
.
Smith, Barney & Co..-—
$$103,146
of
T'Drpss
.
made
Eastman, Dillon &
1941—9 Mos.—1940
1941—3 Mos.—1940
$262,177
$$236,696
_______
purposes
.Npt* t.oper.'"-reve'ijUe£'J'$'l39,545; ::' '$103i202 V$f,385,088
,
^
loans
several
Trinidad
&
•
-^$9.72 .? =
for
■;
(excl.
^;;_term / investments—;
.
Corp.—Earnings—
Yut
appropriations
developed .in-response to
" % Aggregate
No. of loans
Amount
balance at
outstdg. at
lent
A end of period
end of period
$103,855,567 '• $60,182,760
671,633
519,220
117,026,464A; 68,349,416
766.871
612,395
101,643,533
63,615,498
722,160
596,960
No. of
.
Other
.
•Profit "A-A-^-^AAA/
$34,160,745
;
requirements: /tRestated
—42,183.':' ',
taxes
Amortiz.
supervision by the state, and charges
are generally computed only on unpaid balances
(with; .in some cases,
investigation fees) at rates limited to specified maxima.
■
Developments During tne Past Five Weeks—The general development
of the personal finance business of the corporation's subsidiaries during
the
period of five years and six months ended June 30, 1941, Is
indicated by the following table:
Underwriters—The
Estd.
$6.39
:v
income
cess profits taxesi^p.^
Property retirement res)
in greater or less degree from the general form.
• v:■/*■.
the usual provisions of such laws, loans may be made by
lenders in small amounts, usually, not exceeding $300 each,
Gross
2,183,261
Crl,025,233
Fed.
"O
Under
1,110,380
$2,184,023
__________________
Barber Asphalt
yy
dividend
taxes
Other
--
licensed
1941—9 Mos.—1940
$1,833,652
17,891,207
983,489
Railroad Retirement Act
a/c
tax
for
Prov.
23,578,210
•Railway tax accruals include:
1
)
to obtain ordinary bank credit; Loans are made under
provisions of so-called "small loan laws" or similar legislation.
The general form of the small loan law, developed'prior to ;1917 under
the
supervision bf the Russell Sage Foundation; - was>A designed to
regulate the business of making small loans to individual borrowers.
Such laws have now been enacted in 34 states with provisions vary¬
Net
•
$23,998,054
:
''
Period Ended Sept.- 30—1941—Month—1940'^1941—12 Mos.—1940 .:.
Operating Revenues
. $768,380-, > $672,294
$8,568,167
$7,836,865
Operating
expenses^. • ■*•• 460,r56 ;-£ 427,334 - 5,393,507" 5,082,907
pany
2,639,103
5,493,041
—
deductions
Fixed
$12,462,288
$2.10,- ;A; i$3.63
on
preferred
6,067,465
608,581^^5,733,743;^1^,699, (jfaiJiV
the
Earnings
111,134
income
Misc.
$7,910,569
sh..'
30
' i
-.v;
fl,814,9.44,
^
profit'
per
Sept.
1941—9 Mos.—1940
*
$54,214,802 t$57,928,13L
Birmingham Electric Co.—Earnings—
W"
borrowers of small amounts who .are not in
of those
needs
has been
business
finance
personal
credit
June 30, '41
/'«
Net
position
a
4,767,670
income
*4epl.
common
Ended
1,484,209;;;1,600,993,v-/;4,483,005
deprec.,
•Earns,
.
21,053.813
525,118
income
oper.
ry.
charges
for
•After
Months
9
part
v
__
Railway tax accrualsEquipment rents, netJoint facility rents, net
Net
4,665,195
4,174,954
2,386
from
revenue
ry.
"
29,627,709
37,184,697
422,259
inv.—Cr.
for
12,691,242
15,047,408
1,422
464,733
General
and
3
:
\ comparl«iin.r-ry;^ 184;p,^746;-"■r-°
Redeemable at option of corporation as a whple
at any time upon at least 30 days' notice, at fbllowing
prices and accrued interest: on Sept. 30, 1946, oi; .prior therto, 101
thereafter, but not after Sept. 30, 1948'; T00%%; thereafter, but not
after Sept. 30, 1950, 100^4%; thereafter, but not after Sept. 30, .1951,
100-Va; thereafter, but not after Sept. *30, 1952," 10014%$ thereafter,
but not after Septf^O, 1953, 100%%; thereafter,, but not after Sept.
30. 1954, 100%%; thereafter, but not after Sept. 30, 1955, 100%%; and
thereafter,, 100 %.
History and Business—The corporation wasorganized .in Delaware,
May 9, 1929.'-. Corporation Is a holding, company,; the ^subsidiaries of
which are engaged in the personal linance business, and the acceptance
business, and activities related thereto.
•
V:'Most of the
active subsidiaries of the corporation are engaged in
the business of making small loans to" individuals, and related activities.
The 224 subsidiaries engaged in this" business operate 437' loan offices
in
316 of
the
leading c.ties "in "31 statesr One ioffica'- in the < city
of Ottawa and two offices-in the City^of-To^cmto-'in^-the^Dominlon
of 'Canada. '•. V:
'''■■» ; /•>•: >-yy,£.
The subsidiaries constitute one of the: largest organizations in this
business .in the United States." Many of them have been in operation
since 1923, and in some instances loan offices now controlled have
been in operation for more than 25 years.
With some exceptions,. these
subsidiaries operate under corporate names, which Include the -words
to
Year—
Baltimore & Ohio RR.
other
&
for
$19,209,722 t$20,671,862
-obsdlesc;
Prov.
may
lending operations are subject to
•
.
_
Atlas Drop Forge
Int.
'
1,164,653
Net
Income
Totaf income
-
•
1,500,000
abandonments
due Oct.
1941;
,
269,283
Deplet.,
1,
fund
chase
75.363.251
res._
miscel.
&
Oct.
be credited against purchase fund retirements. Pur¬
payments, if any, are to be applied to the. purchase "of
debentures.
Any balance
of any purchase fund payment:. not ex¬
hausted within 30 days by the purchase of debentures > is to be repaid \
redemption
$93,787,970
posAA'A.' A;A,"
for conting. &
A additional taxes
Res.
Insuran.
dated
are
' 1941—3-Mos,—1940
^—E^riod End. Sept. 30—
1, 1956.
Interest payable April and Oct. 1.
Coupon debentures/in denomination of $1,000,
registerable
as
to
principal only.
Semi-annual purchase fund of ;,,-i
$125,000, payable Feb, 1, 1942, and each Aug. ;1* and Feb. 1 thereafter.A
Debentures delivered to the trustee and debentures redeemed or paid A
or
otherwise
retired
and
canceled or whicn; have been
called for i
Debentures
(& Subs.)—Earnings—
income
$116,O45,214$101,084,627 $92,351,205
& gen. exp.v 85,144,742;.'j 77,078,365
73,049,934
5,220,365 ' 3,932,5558,645,321
oper.
Earnings
Thalmann & Co. and Riter &
'9 Mos. End. Sept. 30—
Gross
Dr32,8ll Dr1,599,958 Drl.725,961
Cr9,694
Atlantic Refining Co.
f
3,575,000
or
are
and
or
(2)
on
located on
other
lands
of others
certain substations
land owned by
arrangements.
;
As
to
lands, in public streets,
with their consent or
and structures of minor
others, under
certain
lease,
property
con¬
which
Is
'
subject to certain minor defects or .irregularities in title, actions to
quiet title have been brought by the company for the purpose of renderproperty and, in the opinion of
ing .marketable the /.title to such prope
cdunsfel,
such
actions Will[ be successful.!
.
v.:.1
,
.
.
"Unlimited
limited by the
Sept, 1, 1941> between
Trust Co., as trustee,
part consid-
the
,
Total
■
■*,.
1,706,647
■
—i—;
Newark,
directors
S.
D.
.
,
$2,082,310
^ i
of
,x
,
been elected
business
the
•continue'
Read
Alexander
Co
&
Allyn
C.
A.
Bodell
Dain
M.
100
-U
Inc
Republic
Central
J.
500
directors.
Inc
Co.*
Loewi
Co
&
"Net
Tully
Mitchum,
Jaffray
Piper,
Rollins
H.
E.
L.
Thrall
ry.
par),
notice
of
designation
of
the
from
926.990
Nil
of
ta common stock (no par).
Retirement
f! *".
'1
.'a
■-
reserve
■1 : 'i"r^.
Total
■
1
The
2,177
173
New
4,355
345
V.
1,089
required
the
of
court
interest
exchange
York.—V.
154.
provision
for
Federal
Cal.Year
1940
154,
-
p.
-
-
16,739
the
under
v-
3,000
46,886
amended
plan
$241,792
Pro Forma Balance Sheet a$ of June 30,
Property and plant:
Intangible--—
of
reorganization •
Sterling Bank & Trust
the
in
'
2,166
income
$4,107,880
——
—■_
Oper.
20,228
143,750
959
bonds.*.
mige.
int.
2,096
4,725
-
'deduct.
and
of
prem,
1,686
—
chgd.
to
$5,044,706
$5,702,329
1,725,000
2,282,810
15,403 ' :
82,550
on
debt—Cr.
—V.
137,389
! W
con-
56,898
23,625
::
17,326
4,323
$238,817
income.*-,
555,520
23,372
-
$447,118
$3,378,527
stocks for period..
1,255,237
1,255,237
$2,123,290
$2,105,357
;
154, p.
$3,360,594
426.
...-,•,*
$202,723
Carpenter Steel Co.—Earnings—
125,880
$132,603
"
1941
Net profit
\
$2,211,317 $12,702,273 $13,595,782
555,520
2,222,080
2,222,080
:. 21,079
121,722
292,252
"$545,625
1940
,
$321,067
1939
1938
$195,591 loss $39,159
'"After provision for all taxes which includes $723,973 reserve for
profits taxes under the Act of 1941.—V. 154, p. 331.
excess
$1,753,984
$1,634,718 $10,358,471 $11,081,450
360,623
1,599,464
1,554,726
inc.
$576,352
$2,655,787
Period End. Sept. 30—
$2,554,338
Oper.
tax
for Fed. inc. taxes
1,001,195
841,145
3,636,980
2,707,361
23,805
18,855
65,520
59,037
amortization
of
t
has
debt
discount
and
expenses
profits
Other
and miseel-
been
made
for
taxes-
Amortizat.
Federal excess profits tax
for such tax, and the credit
Net
operat.
62,700
September-#
15,136
1-
from
Net
from
Net
ry.
1938
1939
,
135,835
36,262
20,796
982,970
1,075,219
72,349
"99,968
*59,486
*55,987
$108,522
(net)
9,842
18,958
708
34,960
$1,115,734
$871,707
823
bonds.*
103
$108,625
18,958
'
$861,197
10,510
*
17,271
$1,133,005
227,500
227,500
9,973 ■::/
109,064
"31,715
income*._
425.
34,923
$105,061
revenues
income
mtge,
445,000
2,913
7,296
" '926,730
41,504
on
640*193
431,750
24,832
*2,235
Int.
123,360
13,093
568,064
50,000
res.
—
,
Other
interest
—*
•
$88,959
Divs.
108,054
$8.5,280
•
Balance
Loss.—V. 154, p.
-V.
$526,180
9,527
©r 1,163
$897,141
V: 108,054
$634,234
applicable to pfd. stocks for the period—
Net income*****.*.**
railway.^.*.
railway—____
oper.
1940
110,484
898,311
91,439
oper. inebme^—
Jan. 1—/
Net ry.
From
$4,839,117
•
7,444
"3,714
Net-from-failway
50,592
1,003.143
*
1941
95,222
...
Gross 4 rom* rail way*
61,700
*
Gross
*45^960
$95,219
/
.39,680
2,909
income
Other
Burlington-Rock Island RR.—Earnings-
228,041
79,369
limited-
of
2,000,000
22,966
2,179,856
329,974
37,750
v
*_*—..,_r
invests
term
2,396,505
30,206
Cr9,000
taxes—**__
appropriations
filed for 1940 shows no liability
189.411
excess
Property retirement
,
,
Fed.
for
$4,701,.782
excl. direct
taxes
Prov.
1941—12 Mos.—1940
$4,643,784
$427,012
41,018
revenues—
exps.,
Prov.
provision
1941—Month—1940
$411,102
203,526
Operating
computed-in such return indicates that there will be no such liability
1941.—V. 153, p. 683.
179.
p.
on
Net
for.
672,810
.'
154,
$2,332,876
-
deductions,
return
as
Gross
-V.
19,704
$588,239
143,750
___
Dividends applicable to pfd.
deducts.
rev.
laneous
100,070
!
sold..**—
Total
;■_*
—taxes
1,165
1
retirements
for
31,823
$22,1961 v
■
Non-oper. rev. deducts,
$4,839,117
—
Reserves
income
Interest
accruals:
$850,000
liabilities.
—
1,080,000
$5,682,101
$328,603
$27,115
48,524
^
debt.i
.l....
tlncL. Federal
124,968
on
credits
-
5,753,937
12,467,075
$269,992
$58,938
$717,240
183,450
preferred stock
(par $1)
—...
capital stock
1st
mortgage bonds, Series A, •S'/a'fr, 1971.
Accounts payable—trade —*_—
■
Deferred
1,215.000
$5,025,002
4,737
(net)
90,000
$586,553
$374,466
income
Amortiz;
$2,184,202 $12,569,670 $13,393,059
$70\720
'expend, anit. to
."Maint,
181,557
190,098
5% cumulative
'Common stock
contracts
105 000
$372,541
!
1,925
revenues,
Central Arizona Light & Power Co.—Earnings-
Note—No
deposits
$2^310.680
381,978
Liabilities—
Consumers'
v
<
operat.
22,237,936
3,196,705
5,554.422
interest
income
Net
r
Merchandise
1940
$3,913,000
$53,852,007
22,622,444
5,944,828
13/426,073
___
*
Int. on long-term
(Other
—
——_—
Accrued
$51,563,015
•
1941
——
premium
1941
$5^116,000
■'
s
(est.)
Net
•
1,523,881
1,649,464
5,478,201
1,378,707
income.^.*——.
(Includes
Net
"577,429
Ry.—Earnings—
21—
Oct.
3 Mos. End. Sept. 30—
Other
$465,322
.-
Total
Ended
Other
3.361,083
Operating income
$463,156
■t
progress
Inventories
"343,274
*459,901
-
154, p. 746,
Int.
$12,703,892 $12,237,815
**_
_—
Sales of elec.^r-M cu. hr„
(net)—
613,072
"234.084
900,890
-
Prop, retirement reserve
appropriations.
Co.,
1,477,707
revenues
oper.
Non-operating revenues.
tNon-oper. rev. deducts.
50,000
receivable
Accounts
717,627
"81,725
*335,746
>.
"316,073
154, p. 426.
earnings
*33,712
*59,633
•
1941—12 Mos—1940
401,218
386,888
.
;
..
Tangible...
work
Construction
;
1.100,180
income___
oper.
$76,862
$84,444
"15,870
"40,054
'
1,049,549
railway
railway.
Balance
136,866
Dr36
—
'
'
"
1938
1939
1940
$97,522
574
"25,993
"48,423
I—
Jan.
Vermont—Earnings
1941
$126,206
*16,086
.
Other
at
1941—3 Mos.—1940
-
(Taxes
85,061
,
; 69,826
v
-
v
-
^
oper. revenues.
Depreciation
30,776
—__
.
"56,309
income
oper.
Week
electricity..*— $12,317,004 $11,836,597 $52,913,551 $52,328,126
"Operating expenses
i
$1,047,987
& ■: 329,128
$241,756
and state income taxes.
Assets—
217,658
24,929
538,841
from
Gross
■
is being paid as a pro rata distribution
arrears on
the present certificates.
End. Sept. 30-
Gross
"Before
273,894
900,305
Canadian Pacific
1
income
"Gross
704,842
419,607
"37,638
154, p. 426.
"Loss.—V.
and
be effected
538.
to
is
p, 746.
of
Other
General
$538,740
———
——
1,739,789
struction—Cr.
———-m-:——
income
other
lway
railway.—
income
Gross
Sales
Properties of
•'
1,696,322
I—
ra
oper.
ry.
Gross
86
accounts---*--—:—
■'
income
Operating
.
2,247,967
"20,045
259
of
account
on
200
income taxes)
accruals^..
than
2,812.791
income.'
$109,582
;
"86
100
revenues.
uncollectible
for
(other
"4,341
2,760
"16,739
_—
163,497
Taxes
$139,892
46,808
14,339
,
provisions
6 Mos. End.
Provision
1939
$171,155
25,462
1941
orders
Income. Accounts
—
1938
1940
$205,450
7
and
•
:
Maintenance
;■
and
June 30, '41
operating
-
259
Total
Total
;
343
259
3.266
V 4,355
Utilities Inc.]
Public
,
3,266
\
\
^
100
Dakota
"492,930
September—'
'v
from railway
Net from railway.__.___
corporation
6%
'
and
"475,399
Gross
Brooklyn Edison Company, Inc.—Earnings—
Co,
"571,171
Ganadian Pacific Lines in
Vi
mortgage
Period
Power
"440,278
'.A
1,089
N
company.
[Dakota
"116,886
.
173
518
400
•Consolidated
1,015,305
*64,698
259
259
—
1,050,864
"77),134
3,206
3,260
2,177
6,532
3,266
Co..
1.189,896
106,231
7
t$434,816
.
173
—
1,418,301
Jan.
ry.
company
1941, from capital stock. (n& par)
railway-
"Loss.—V.
:
shares listed has been changed, by
at a special meeting held on
the 942,990
stockholders
of
"41,286
oper.
Net
1938
tho listing of 169,907 i
official
upon
•17,628
front
Net
;
of, common stock.
The
first
5,443
300
_____
(no
"54,433
railway
from
stock
common
*37,023
securities and cash to be received under the amended
2,177
300
&
authorized
2,090
income--^.
Carolina Power & Light Co.—Earnings—
in a letter to holders of 42 Broadway Building
sinking fund certificates announces that the new
Period End. Sept. 30—
1941—Month—1940
1941—12 Mos.—1940
plan of reorgan¬
$1,403,743
$1,235,544 $15,608,915 $13,763,948
Operating revenues.
ization
are- now
available for distribution.
For each $1,000 face '
Oper. exps.r excl. direct
amount
of
present
certificates surrendered there will be received
6,711,791
5,181,793
taxes
'
410,174
698,184
(a) an income bond in the principal amount of $1,000; (b) a voting * Prov. for Fed, inc. taxes
646,006
>
81,680
99,407
trust certificate: (printed; ^ on the <reverse of the; hew bond) represent*; y
Prov.
for
Fed.
excess
ing 10 shares of capital stock, and (c> $40 in cash.
75,000
profits taxes**.*.—
Cr25,000
The cash .distribution was arrived at after making all payments
148~817
1,720,647
Other taxes
171,338
1,936,116
...
Wood
E.
Harold
86
300
Woodard-Elwood & Co
Net
From
Exchange- has
1933,
$156,7^15
30,569
Broadway New Street Corp^—New Securities Ready— '
432
400
Co.———_
Wisconsin
The
,432
Co.—
Co.
from
—V.
1,089
300
Co.—
West
Wells-Dickey
Net
ry.
The
5,443
Co...—
Securities
Straus
or
fLosi ■'
(1941, $1,981,000).
1939
$146,231
"8,906
September—
Gross from ra'lway
fAfter deducting
charges.
other
1940
$114,246
15,150
Canadian Pacific Lines in Maine—Earnings—
of
86
& Co
Staats
R.
William
all
1941
$207,598
—
^
Net ry
oper. income
"Loss,—V. 154, p. 426.
Net
action
129
600
—
and
"
in
.*
.
railway—
Net
shares
259
200
Co..
&
■
Gross
1939
$154,998
926.990
$0.17
.
share
cents per
of 40
Jan.
issuance
of
Oet. 20,
1,621
Inc...——
Sons,
&
Rothschild
F.
Shields
.
$1.41
-
depreciation
taxes,
subsidiaries.!
r
•
railway,!^!:;
oper.
from
Net
--
1940'
t$973,686
942,990
$1.03
684.
from
Gross
Subs.)—Earnings—
(&
dividend
extra
an
quarterly dividend of 15 cents per share on the
payable Dec. 9 to holders of record Nov. 24.—
both
railway
conversion of 25,486 shares of the corporation's preferred stock
(par $100), making the total number of shares applied for 1,114,897
129
300
**
;
ry.
From
Listing—
173
1,089
—
Inc...
Co.,
&
Co..,
&
:
^
The New Ydrk Stock
432
500
Hopwood
&
Pierce
Rauscher,
Riter
share__*
profits tax
excess
86
200
Co
&
_
per
"After
432
500
—...
.
Net
meeting.
stockholders
the
at
unconsolidated
1941
t$l,326,874
942,990
outstanding
Earnings
432
3,266
:—
Co
&
Sept. 30—
earnings
Shareg
Ginger Ale, Inc.—Extra Dividend—
declared
have
p.
from
upon
150
Co.—!,—
Milwaukee
voted
:■
[Including
shares
100
'
Marks
M.
Laurence
The
be
to
Bridgeport Brass Co.
86
300
—
are
425.
9 Mos. End.
\
100
Peabody & Co
553,222
September—
v
electing a new board
enjoined from using corporate funds
153,
Net
!
215,081
651,737
stock,
From
1,621 !
!
200
348,132
684,029
154, p. 331.
Net
the
of
of
the; purpose
for
proxies
secure
154,ip.
2,177
150
& Co
Johnston, Lemon & Co.
Kidder,
to
—V,
129
5,443
500
——
Co
&
Parsons
Graham,
called
defendant
.The
facilities
833
1,089
500
Co., Inc
Inc
&
Goodwin;
&
•
150
397,285
655,735
Gross from
the
in
stockholders to .be
(Common
1,089
1,621
5,443
5,443
100
_
CO.
Co.,
&
Bond
Inc
Co.,
&
Allison-Williams
549,153
income.—
V'.,;!'? '
• :
Canadian National Lines in New England—Earnings—
Shares
of
Number
"Preferred "Common
10,492
950
Name—
V.
corporation to mail a copy of the decree to
connection with the notice of the- meeting "of
directs
stockholders
all
common stock offered and the respective number of
shares severally to be purchased by each underwriter, are as follows:
Dillon,
826,838
railway—.i.
common
receiver by Vice
■!/ "/.v"'- 7, f^v;.1
independent persons.
as
court
The
,'
and
preferred
79,198
998,864
addition to the tegular
corporation until
such time that the court finds on petition presented by duly elected
officers
in
the
name
of the corporation that such
directors have
Will
receiver'
The
•
the
underwriters
principal
the
of
names
'
•
Mr. Harrison is to serve
composed of independent
City.
officers
and
named
been
has
Fielder of Jersey
of
'
Underwriters—The
^
'■ V':v:v;
The appointment of the receiver was embodied in the final decree
of an action brought by a group of stockholders against Joseph. J.
Mascuch, former president; -his brother, John T„ currently president,
and A.
Langstaffo Johnston, Jr./, Joseph F. Lucas, Emile Beh and
Melville C. Healey, officers and directors- of the corporation,
-1
of such proceeds will amount to $90,660, which!
become general funds of the company.
Of this amount, $40,000 is
to be applied to the payment of the company's share of the expenses
payable in connection with the sale of the bonds, preferred stock and
common
stock presently to be issued.
No allocation of the balance
of $50,000 has been made.
■' /'■ '' "
:' V'
!: '
"
In addition to the
cash to be paid by the company to General
Public Utilities, Inc., and Dakota Power Co., the company will issue
8,500 shares of 5% cumulative preferred stock and 92,650 shares of
common stock to General Public Utilities, Inc., and will assume certain
liabilities
of General Public Utilities, Inc., and certain liabilities of
Dakota Power Co., as of the closing date, in further consideration for
the transfer of such properties.
■;
Management—The names of
the directors and officers of the
company are as follows: James B. French (Pres. & Dir.), Rapid City,
S. D.: Henry A. Nesbitt .(Vice-Pres. & Dir.), Deadwood, S. D.; Neil G.
Simpson (Vice-Pres/), Rapid City, S. D.; Beala B. Neei (Secy.-Treas.),
Rapid City, S; D.; Clarence C. Christ (Dir.), Newark, N. J.; Ronald
R. Monroe
(Dir.), Chicago, 111.; Louis R. Myers (Dir.), Little Rock,
Ark,; George Philip
Itapid City, 6. D."; Willianv G. Rice (Dir.),
Deadwood,
60,646
1,124,768
ry. oper.
chosen.' /'ijw'..'....- V,'•..;■
persons are
balance
The
•
F.
board
new
a
of
Harrison,
Henry
until
.
.
81,863
1—
Canada Dry
Chancellor- James
$375,663
for
Dakota Power Co. as part consideration
purchase of the Dakota power properties
To pay to
$106,756
41,032
87,254
$1,665,650 $18,944,563 $13,959,787
Corporations, Inc.—Receiver Named—
Breeze
•'
1,370,419
from
651.
p.
35,628
income...
Jan.
Directors
J.
To pay to General Public Utilities, Inc., as
eration for the purchase of the Dakota properties-*—.—
<1)
(2)
-v.. 154,
1938
1939
$138,144
46,560
railway-
oper.
from
Net
—V.
1940
railway..
Net
13,719,084
12,578,418
1,528.401
1,687,421
(before
earnings
deprec! & amort,)!" $1,983,685
be
ry.
From
Net
^
received by the company from the
3Va%, due Septal,
of 7,350 shares of common
and will be applied by: the company as follows:
$2,172,310
stock will be
Net
Gross
$3,194,651 $31,522,981 $27,678,871
$3,671,106
.'V
the sale at $14.60 per share
and from
oper,
Operating;expenses
mortgage bonds, Series A,
$2,000,000 first
of
1971
to
proceeds
Purpose—The
sale
30—
from
from
$131,420
73,256
Gross
1941—9 Mos.—1940
1941—Month—1940
Period End. Sept.
Gross, earns,
1941
$172,252
September— V
from railway.;
i •
Light & Power Co., Ltd.—Earnings
Brazilian Traction,
•!
issuance
amount - but
maximum
to
as
requirements of the mortgage, to be dated as of
the company and Central Hanovef Bank
and
under which the bonds are to issued.v " .
N.
County,
'?! .' 7
VT'..';
Net
.ass & ,<« &
SM.
Strafford
miles.-—v.. 154, p/! 651.'
umm'
Cambria & Indiana RR.—Earnings
York County, Me.,
tt.e approximately 5.5
the town of South Berwick,
Station,
Somersworth
to
,,
(
in
from Jewett Station
Funded Debt and CapitalStock ,, v/;^i
,i. ,i
'
Authorized Outstanding
'r,;r':-Vv i!
859
CHRONICLE
THE COMMERCIAL FINANCIAL
Number 4001
Volume ^154
,
$789,087
154, p. 331.
Bonwlt Teller, Inc.—Quarterly Dividendscommon
new
share
declared quarterly dividend of 25 cents per
have
Directors
the
on
the
5Va%
holders'of record Oct.
on
Aug.
and
stock,
new
dividend
stock,
,
both
X, last.—V. 153, p. 683.
Operating
68%
revenues.**.
Taxes
Equipment; rents—Dr._*
facil. rents—Dr.—
California Water & Telephone Co,—Bonds Placed Pri-
share on
cents
Nov.
were
;
>
.
to
paid
$1,832,508
'•'> 601,934
. 269,468
$1,173,632 $15,037,900
•
f 2,725,365
1,898,145
;
10,001
;
206,311
2,454,891
ry,' oper.
income
'
.10;909
-1,
$951,105
$641,558
49,311
•
Vv' 97,466
112,960
Other income
:
103,055;
• ■
965,259
'coppef.:sold*__*_-.iJ3,582,901
Revenue
$4,630,838 '
" 886,313 '
$7,912,416
of
'$5,383,639
.3,534,371
$2,727,798
$1,849,268
•Net
income
,
$744,613
377,650
-
lr
$680,184
$366,963
$5,3^66,803
4,730,288
•
,
"
•
gain i.*!__!_*_*__**
income
Total
Abandonment of Branch Line—
income
v
; :' .,
^
The ICC on Oct. 20 issued a certificate permitting abandonment by
the road of that portion of its Conway branch extep^ing northwesterly
_*.*_*__*!_*j.*.*
income '
Depreciation *j*i.u._*—u**r-..
Depletion- i-*_!**j!___'*,li*!*_**--
$786,863
Federal
•j'
91,711
10,903,175
1,381,220
303,909
1,144,421
oper. income...
Jan. 1—
from
Central Dlinois
'
:
16,488
6,648
$1,865,757
$1,973,825
28,239
$5,517,151
58,877,675
3,510,869
168,329
11,372,251
.
"17,710
"Loss.—V. 154, p. 426.-;
$1,967,177
cdpper
from
Operating
Other
$1,064,065
383,881
Total income
(rtlA., int*, etc.)
148,731
12,013,838
1,418,622
170,631
ry.
From
Gross
1939
$6,487/820
4,520,643
1940
1941
sold$6,310,699'
-
•
Deducts.
187,300
railway..*! a i6,088,170
Net from railway
4,530,548
Net ry. oper. income_*_ i
3,121,160
Net
Calumet & Heela Consolidated Copper Co.—Earnings—
•v9 Mos. End Sept. 30—•
Cost
C Net
1938
1,216,971
258,947
1940
1,395,514
262,589
Gross
,
$9,35i,814
4,621,282
316,854 ^
..
1939
1,336,186
1941
.1,915,783
621,791
" 484,799
September—
from railway
Net from railway*—_*
tional Investors an issue of $5,850,000, 3.60%
,
.
Central of Georgia Ry.—Earnings—
vately—-Company recently placed privately with Institu¬
1st mortgage
bonds, due June 1, 1971. Blyth & Co., Inc. were instru¬
mental in negotiating the sale, which was on a 3.27%
yield basis. •Proceeds were used ;to redeem the out¬
standing $5,650,000 4% bonds, called for payment Sept.
3, 1941 except -for $200,000 which represented new
money.—V. 152, p. 2061.
*
per
1
1941—Month—1940
1941—9 Mos.—1940
$5,319,630 $3,970,880 $43,788,358 $34,836,189
3,487,122
2,795,248 28,750,458 25,484,375
expenses
oper.
of
payable
;
RR.—Earnings—
Period Ended Sept. 30—
Operating revenues -*-*'
Joint
quarterly
27.' Initial dividends of like amounts
Boston & Maine
Net
a
preferred
s
Net
.—V.
:tax
(est.) ***4——
p.
683./*://
••
636,670
-
415,000 '•
$927,212
profit
153,
$2f756,037
528,563
885,262
'
•
-
705,300 "
120,000
$403,786
.
906,363
608.749 f
32,000
$426,713
.-..l
Public Service Co.—Bonds Offered—
Following award at competitive bidding, Oct, 27, public
offering of $38,000,000 first mortgage bonds, Series A,
3%;%, due Oct. 1, 1971, was made Oct. 29 by an invest¬
ment group headed by Halsey, Stuart & Co. Inc., and
including 46 additional members.
The bonds, which
mature in 1971, were offered at 107 and accrued int.
Other principal members of the underwriting group
arei Glore, Forgan
& Co.; A. G. Becker & Co., Inc.;
Harris, Hall & Co.r (Inc.); Central Republic Co. (Inc.);,
Blair & Co., Inc.; Lee Higginson Corp.; R. W. Pressprich
& Co., and Tucker, Anthony & Co.
//' i
THE COMMERCIAL & FINANCIAL CHRONICLE
860
bids
Two
received today at the sale,
were
Oct. 27, under competitive
mated total taxes of $275,000 .to cover nine months'
the SEC, of the $38,000,000 first mortgage
Award was made to a group headed by
& Co., Inc., at a price of 105.79.
The only other
headed by Kuhn, Loeb & Co., offered 105.1269 for the
Federal
bidding rules provided by
bonds, Series A, 3%%.
Halsey,
bidder,
Stuart
group
a
bonds.
ft,-'/
requirements under
approved Sept.. 20,. 194iv> tIncludes $5,000 additional
half dud; to increased taxes.—V.. 154, {>. 426.; ; ;
law
first
Climax Molybdenum
Co.—Earnings—
1941 ft-,//1940
3 Mos. End. Sept. 30—
.
"Net
profit
v
'
.
...I....-..-
$2,569,627
'1938
1939
$2,200,350."
ft/ft;i Earnings per share_„__
$1.02 ft $0.50
$0.87
Charleston & Western Carolina Ry.—Earningsft "ft ft/' A ' "After depreciation, depletion and Federal income taxes.
' .ft'-'
ft/ft "ft ft
September—
1941>.,y 1940-1 "ft 1939
1938
\„
Note—The Federal taxes under Revenue Act of 1941, for the quarter
$1,265,299
$3,094,541
$1.23
-
i
"•'/ -ft/"; •■/"ft".)'// ■„ft/ft,Z
•
;
tax
provision for
Saturday, November 1, 1941
■
...
Gross
Accumulated Dividend—
share ton
per
the
at
record
of
close
the
$6
business
20
Nov.
preferred stock
15 to stockholders
Dec.
*
of
arrearages
'
"
.
'
»
«
End.
Period
Sept. 30—
Net
.
$2,731,445
1,896.462
'
income
Gross
Int.
ft-
met)
other
and
18,041
$854,176
$2,907,981
359,157
1,410,812
$495,017
$837,373
deducts.
$2,889,939
2,607
$1,497,169
ft
347,492
$489,881
.—
1—Federal
income
in
taxes
the
1941
;
Jan.
154,
rates
the
of
Second
2—Dividend
Note
Revenue
of
Act
requirements
1940.
full
ft
$2,865,657
1,436,702
Gross
$1,428,955
—V.
for
ry.
Gross
Gross
Net
from
154, p. 538.
Net
ry.
$11.13
share on the 6%
per
preferrd stock.—V.
SeptemberGross from railwayNet
from
Net
ry.
oper.
From
Jan.
railway-
9,368,347
ry.
$2,485,323
69,880,844
69,148,502
16,167,336
6,347,649
1,089,278
691,187
466,204
60,231
4,211,501
24,034,986
6,073,725
808,538
21,427,386
5,531,426
.
Gross
1—
/''ft
-Earnings-
430,879
Net
from
Net
ry.
v.iv- Aftv
1940'.:
1939
v
12 Months Ended
Sept. 30—,
profit on sales..
♦Gross
1941
v
...
income
Sttae
-taxes—....
income
2,533,238
railway
railway
15,777,532
5,457,214
2,207,331
...
income—
156,810 j
taxes
Net ry. oper.
From Jan.
152,114
44,711
Gross from
Net
Net
income
income
"After
$1,095,282
$1,060,853
222,767
111,041
.
+$2.18
t$1.80
share
per
tBased
depreciation on plants and equipment.
Net ry.
—V.
11,003,379,
2,159,221
281,980
number of
on
outstanding before acquisition of Baldwin-Duckworth for 10
and total number of shares now outstanding for the last two
months.
{Based on 486,705 shares outstanding,
exclusive of 12,955
held
$100,000
approximately
Revenue
of
Act
stock.
treasury
as
the
in
§Includes
provision
of
1938
1,684,065
1,514,141
606,746
454,132
284,972
ftx-Aft :A ;• A
13,257,786
3,297,568
13,227,576
3,492,851
From
treasury stock.
as
Gross
Consolidated
Balance
Sheet,
Sept.
1941
current
tFixed
assets
assets
Other
1940
-1,433,466
assets
454,659
709,518
944,327
*
,
-—
2,370,683
1—
*
ftsft 1939
1938
$338,188
Net
109,250
111.527
82,592
112,813
—
—Liabilities—-
.
205,709
..
■Net
$10,050,913
§$2,338,035
—
3,378,664
2,687,211
2,557,854
1,130,499
835,413
746,695
700,108
569,242
Deferred income
Net
.
Net
45,576
■
40,601
7,351,701
$10,050,913
$8,288,075
982,199
813,361
379,945
12,942,826
4,851,492
11,029,219
3,473,403
3,569,602
3,554,921
2,685,445
.
Jan.
1—•
-Earnings-
1941c
-
1640
407,989
276,593
295,800
144,743
177,315
Net
,123,200
•25,306
5,887,527
1,586,902
764,399
4,668,746
588,837
6,724,025
1941
1,068,671
38,862
1940
1939
1938
$99,511
$130,881
$110,451
21,511
30,376
18,228
24,295
•
14,001
10,800
985,417
853,200
219,460
income...
oper.
154,. p.
1,462,423
851,383
"92,886
<
,
.18,104
1,043,515
229,232
38,626
-
871,868
129,350
136,195
125,204
104,546
-ftA/Aft,-
384.
73,264
ft,,.
ft
Ry.—Earnings1941
■
1940
-
$138,820
income
67,016
29,815
$111,164
50,345
25,010
1,216,031
998,317
—
from
railway
railway
Net
railway operating
—V. 154, p. 331.
761,027
"
595,812
'
"456,369
440,767
312,677
income
279,151
i
Commonwealth Edison Co.—Weekly
Output—
10,712,410.
10,527,014*
3,388,040
s
Last .week's electricity output of
companies, excluding sales to
the
•
of
1,717,902
.-.v'„-v;Vv
■
10.3%
-
the
over
.7X323,09^
^2,206.254
32,091,970
17,681,939
12,420,632
21,834,012
*7,638,633
13,022,305
2,960,027
Oct.
the
•
2,112,580
'
538.■■'4
u—
OCt*
,
:•<•
•
.
,
1941
,
18...
oct'..:
,
Edison
group
electric utilities,
showed a
period of 1940. -Following are
past four weeks and percentage
■>
•'•;
Kilowatthour Output
V; .Week Ended—
83,004,716
Commonwealth
other
corresponding
„
**•*'•''Vr.''Zz
102,355,657
income
increase
the kilowatthour output totals of
comparisons with last year:.
:
9,432,067^
2,186,874
1,009,952
,
; 2,888,465
2,266,779
oper.
886,103
40,809
'
.
—
ry.
4,7l8,i72
257,877
From Jan. 1—
6,033,824
2,070,961
5,023,469
from, railway—
from railway
4,704,488
1,093,608
•
♦212,277
$130,493
railway..—
from
Gross
"33,085
6,985,861
13,552,116
:
192,158
69,004
538.
p.
September—
ZiZ-Z
Gross from railway—
Net from railway
Net
railway operating
177,626
ft.:
2,653,076
3:843,119
1—
$638,719
202,66T>S
103,544 -j
"A.,
-
154,
from
ry.
—v.-
776,082
7,863,367
income
Jan.
1938
$606,860
-
80,166
.
Net from
—
1939
$542,912
216,184
-
railway
Net from railway—
1938
884,501
277,293
,
railway
—-v. 154, p,
36,884
6,892,191
surplus
ft 465,610
436,819
;
railway——
oper.
From
tl,313,425
320,576
——*—
321,404
7,033,800
4,575,306
Colorado & Wyoming
Gross
Reserves
Capital and
$8,288,075
from
ry.
489,809
From Jan. 1—
154, p. 426.
from
$1,332,690
579,959
13,477,902
5,082,526
$700,207
from
Gross
.
.
liabilities
Current
—_
.
'ft:1//:/
railway
Net ry. oper. income
$286,710
100,042
36,449
852,681
income—
oper.
•
September—
Gross
1,619,560
railway-
1938
$1,,470,010
527,284
Columbus & Greenville Ry.- -Earnings—
;
3,870,753
railway
1939
.
$1,441,895
'
Gross
Net
Total
ry.
Aft,/1940:
♦19,465
Chicago Milwaukee St. Paul & Pacific RR.—Earnings
1940
*/
September—
1941
1939"
/ 1938
195,236
2,585,892
...
_
from
from
4,214,170
/./, -.//ft
from
•Loss—V.
2,410,141
1—
"Loss.—V.
1,318,113
*
♦Inventories
Other
Net
$2,764,867
1,901,733
...
receivable
accounts
$2,318,871
2,676,945
-
and
♦Notes
Net
30
Assets—
Cash
income...
384.
p.
•
.
763,186
495,680
16,596,543
railway
Net from railway
Net ry. oper. income*..
12,344,907
140,053
income
Jan.
228,024
.
<
•
from
Gross
170,269
154, p. 426.
From
<1941
$1,855,559
railway....
Net from railway..—.i.
Net ry. oper. income*—
1—
railway——
Net from railway
Net ry. oper. income...
exclusive of 12,925 shares held
1,428,396
income... ft-ft
1—
oper.
154,
Gross
225,658
76,761
railway
Gross, from
quarter based on the Second
$895,443
for excess profits tax.
♦♦Based on 486,735 shares outstanding,
1,754,621
2,227,511
308,954
524,7.99
256,798
55,103
ft
Chicago Indianapolis & Louisville Ry.- -Earnings—
1941
1940
\ 1939
September—
third
Ulncludes
1940.
additional
5,545,008
2,658,480
-
:
from
ry.
—V,
1,837,664
"'1939
ft/ft.
1940
$523,121
$410,469
income.—
oper.
3,266,949
railway
railway
from railway
Net
10,247,292
shares
months,
shares
Jan.
Net
ft, *.-;•£-.ft
1941
Net from railway...—
$684,315
*"$2.25
-
oper.
Gross
,
September—
from railway..—
Net from railway.
1,562,179
5,122,307
Colorado & Southern Ry.-
Gross
$2,443,320
'2,019,356
§543,977 (
ill, 485,117)
—
ry.
From
293,202
-
Chicago & Illinois Midland Ry.—Earnings—
1939
$3,624,186
$5,270,452
_____—
Selling, admin, and general expenses
Federal
1940
6,326,365
4,878,152
4,178,430
•>
<
from railway
from
Net
$1,201,995
397,008
.*•
11,412,793
3,660,313 -ft 2,247,654
1,553,680 A
349,408
•Loss.—V. 154, p. 426.
the* Operations of Baldwin-Duckworth Division)
457,672
v
•
September—< *"
Net
1938
$1,358,958
13,643,253
income
oper.
1938
8,193,489
.*
from
Gross
538.
from
'
1939
645,024
343,926
7,018,145
Chain Belt Co.—Earnings—
(Including
1—
I
1940
644,878
302,954
254,486
584,459
railway
Net from railway
Net ry. oper. income.._
—V,; 154, p. 384.
17,014,795
6,835,454
ry.
From Jan.
Gross
67,081,313
16,417,740
1941.;,
968,491
railway—
railway
oper. income.—
from
Net
1,583,263
September—
•1941
A-ft.. 1940
Gross from railway
1,997,882
1,718,600
Net from railway—.—
817,378
619,411
Net ry. oper. income
\
362,747
244,299
From Jan. 1—
' 'A;'
Aftft-ftft- • •' A< •>V
747./yyy'
154, p.
1,854,158
Chicago Great Western Ry.—Earnings—
1938
$3,137,492
26,354,928
6,157,324
857,030
32,287,802
Net
2,974,168
2,076,531
.
from
v.
1939
1—
railwayoper
income.
Net
9,152,934
3,091,912.
'ft;-.ftft-ft?/,ft
from
Net
September—
200,227
1,227,618
763,711
income.
Vv
1940
8,837,257
.
railway
railway..
154, p.
-
RR—Earnings—^
September—•
Gross
1938 ft
8,551,114
2,697,106
,
.
$3,007,104
774,448
$3,873,260
„
railway—
from
Gross
-ft
1941
ft;
providing for depletion and depreciation on the
$6,288,322, equivalent to $2.50 per share.—V. 153,
vftft'-ftft
,ft, ft
•'ft./'ft-'ftVftft
ftft/V'
ftr-V.;
Clinehfield
1939
••
$1,555,517
$1,338,963
.• 399,440 ft/
358,228
■*.140,202
< • 156,731
-
from
oper.
after
was
177,235
1940
'•'••'ft' 1941
ft-
income.—
Jan.
and
cost)
Cincinnati, New Orleans & Texas Pac. Ry.—^Earnings-
railway
railway.——
oper.
From
—V.
Central RR. of New Jersey —Earnings —'
375,769
.vftftft^ft-:/
>
85,695,395
from
preferred
the 7%
311,321
/-,.ft:
of
831.
p.
426.
p.
September—
to
approximately $12.97 per share on
$1,988,027
basis
373,375
ft
from
or
; •
ended Sept. 30, 1941, amounted to approximately $820,990.
Net profit for the 9 months ended Sept. 30, 1941 (after full pro¬
vision for Federal taxes under the Revenue Act of 1941 estimated at
'
1,620,114
.607,938
Chicago & Eastern Illinois RR.
ry.
and
12,649
27,019,937
14,603,656
income
oper.
154,
Net
$1,561,974,
ft, 31,172
,42,734
.
com¬
months'
stock
railway.™
railway——.
from
Net
a
,
10,950,079
3,901,961 '
2,191,548 -
'
from
Net
three
rate
$163,334
05,636
.
547,574
-.>•1941
ry. oper. income___
From Jan. 1—
ft'ft/ftft-ftftftftft/Ift
cumulative
=•.y::
Net
period on preferred stock outstanding Sept. 30, 1941, amounted
to
$210,jl63\ Cumulative preferred stock dividends not declared or
reserved for In the accounts of the company at Sept. 30, 1941, amounted
at
_
26,305
■
1,051,730
641,534
'ft
426.
p.
$209,791
45,745
'ftftftft-ftftftftftft-\ft.ft. Vftftftftftftftft.ft:
,'.2,628,474 .'.1,948,077. ft; 1,847,400
September—
Gross from railway
Net from railway
puted at rates prescribed in the Revenue Act of 1941.; Earnings figures
published in 1940 have been adjusted herein to give effect to increased
tax
1—
-
.
Chicago Burlington .& Quincy RR.-—Earnings—.
.
been
$197,2.42
26,917
railway
railway
Net ry. oper. income
$2,862,607
3,050
periods have
income
from
Net
income
Net
ft Note
$267,609
from
—v.
$851,569
2,390
;
railway
railway..ft;ft'ft. :ft 83,695',ft
oper.
From
Net
1941—12 Mos.—1940
$9,908,668
$9,389,211
7,018,729
6,526,604
.
$2,548,390
1,696,821
$834,983 Z:
income
operating
income
Other
1941—3 Mos.—1940
,
revenues
oper.
Oper. exps. and taxes__
ry.
Gross
$24
Central Power & Light Co.—Earnings—
Total
from
from
Net
6%
and
leaving
154, p. 747.
share.—V.
per
Net
.
declared by the board of directors payable
was
of
$1.50
of
dividend
A
:
*
154,436,000
4w.____.__^
153,989.000
—
Sept.
* '
*
Increase
;
A 139,976,000
7?.138,822,000'
,
154,091,000
*
-"1940
.
10.3
.
150,470,000
;^V.Vl5i,ip.-C604f-V^*'*.-..
'
12.4
136,805,000
•
-
11.0
137,030,000, V
10.0
Chicago & North Western Ry.—Interest—
Total
r-
tAfter reserve for
*After reserve.
••
-
depreciation of $4,150,984 in 1941
'
'
*
{Including at Sept. 30, 1940, dividends payable (
.Oct, 25, 1940, and tax accruals.
§Including income and excess profits
and $3,999,129 in 1940.
accruals of $1,573,889, less United States Treasury^ tax notes of
$550,000 and dividend payable Oct. 25 of $243,368.—V. 4o3, p. 685. ";
York
New
v'Commercial Credit Co.-
Stock
Creating New
on
Issue of Bonds and Preferred Stock—
'
.
r
Bond
investment
&
Co
and
by,Commer!dilrS^R (^A ^^^^^ ^
cash 1at>kpp^ximateil^;value
Mr; Dullcan stated :that' Commercial
tln"e- arid possibly through aji enlarged
vXft'iand policies for many years pursued by
■>
Company has notified the New York Stock Exchange that it proposes t
to hold a meeting of its preferred and common stockholders seeking V
authorization for a new issue of $8,500,000 first mortgage bonds and
;
$4,000,000 of cumulative convertible
preferred stock to be offered
Hutton & Co. and Goldman, Sachs & Co.
as
Earnings for the Month of September and Year to Date 1
f
September— v '
'-.-194F -• •
-1940
*
1939 •
1938
•
from railway..-n $10,419,487
$8,849,210
$8,850,700
$7,766,055
Net from railway..
3,429,293 V 2,670,822
2/715,130
1,654,586
Gross
principal
Stockholders of record Oct. 28, 1941, will be eligible to
meeting to be held on Nov. 17, 1941. It is expected the
major part of the proceeds from the sale of these securities will be
underwriters.
at
vote
Credit
to
the
and
the
retirement
balance
for
of
the
additions
to
two outstanding
working capital.
debenture
,
*
Net
Company explains that due to the present expanded volume of its
business additional large amounts
of working
capital are
required
and that current money rates permit this
financing program to be
accomplished at substantially no increase in annual costs than those
required under the present capital structure.
from
Net
'
1,816,028
-1,996,663
ry.
railway
80,963,488
23,336,817
67,388,398
13,055.631
63,255,095
railway—
"9,120,082
2,024,898
income
154,
747.
p.
•
••
SEC
on
Oct.
issued
23
Order
an
.
of
Registration Statement File with SEG?—
—V.
Oct. 25 filed with the SEC a registration statement
(Ncr.2-4867, Form A-2)
under the Securities Act of 1933,
covering
$8,500,000 of first mortgage bonds, due Nov. 1, 1956, 40,000 shares of
$5 cumulative convertible preferred stock (no par), and an undeter¬
mined
number
of
shares
of
the
to be furnished
of
The
$4,310,625 to
preferred.
The
Net
securities will be
applied
redeemable
prior to Oct. 1, 1956,
plus accrued and unpaid dividends.
after
and
at
at
leasj; 30 days'
$105
share
a
from
from
Gross
as
from
Net
ry.
Gross
—V.
opers.
1940
the
4,500
$278,272
25,000
inc. taxes
firsthand
did* notftnclude
provision
of
railway
-
1940
2,642,422
1,-803,619--
'
Net
from
Net
ry.
From
Gross
railway
oper.
——
.14,33.4,798
4,668,746
7,07,064
58,083,064
>4,718,172
4,704,488
Jan. 1—
from
from
"
.
„
;
564,734
.
335,835
1939
-
1,879,216
539,907
.,'266,568
3,325,949
railway
♦125,000
.$128,272
.
$71,652ft25,000,
115,000
$31,652
$12,731
'
$60,829
25,000
,
second
increases
$125,000
quarters of
$18,400 ;
-25,000
6,000
-r
$29,829
1941 totaled
loss$6„600
$150,000 and
imposed by the 1941 tax law.
The abov#
makes up that deficiency <and results in esti-
.
Corporation has
'
National
corporate
held
in
December
Co., should have
Bond
death
&
and
name;
a
Investment
that
broader
Co.
will
a
meeting of its
for the purpose of voting
upon
financing companies
Rothschild, who
was
ft
,
the
and
oldest and
was
most
organized
President
at
the
in
suc¬
in
1908
time
of
the
in
•
Mr
1,856,070
552,671
294,72»
Bond
1938
:
1,247,407
13,230,2 17
2,035,5 16
"1,420
.
;
12,853,746
1,635,876*352,758
1,577,990
12,331,963
-;
as
well
as
1,588,570
ments
and
*368,576
chase
from
: ft';
effect
one
;
to
&
oper¬
Investment
Co.
showed
gross
receivables
stated
to
manu-
.
which
■
that
the acquisition of the assets of
National
aggregating approximately $75,000,000, and
acquired from its customers, would act as a
Co.,
be
cushion
for
Commercial
Credit
Co.
against
the
expected decline in all time payment receivables
during the National
Defense-Program resulting from the expected curtailment in
produc¬
tion of new automobiles,
heating equipment, household appliances,
etc.,
outstanding
in-a new plant built
Bond
Investment
business
very "substantial
*26,184
'ft ftftft ';
started operations
National
Duncan
&
future
ft 214,335
..
of
acquired of $136,682,705 with net income, after Federal
income and
excess
profits. taxes of $1,119,525; compared with
gross
volume of
purchases for the calendar year 1940 of
$146,315,659 and net in¬
come
of $1,722,882.
2,966,039
facture aluminum alloy forgings for Martin bombers.
The. plant,
has 34 500 square feet
and ,Which., adjoins -the corporation's
5,669
automobile
ations
10,780,847
-
railway.—. '14,685,935
ry.
1940. ft
..-1941
1,921,911
—
be
& Investment
that
its
July, 1941.
Its operations are carried on in nineteen
East, South and Middle West, and more
recently it has
been, engaged in a limited way through
subsidiary small loan com¬
panies in the making of small loans,
principally upon automobiles,
in a part of such territory.
:
*
■
■
During the nine months ended Sept. 30, 1941, the consolidated
-1,491,502
877,239
5,887,527
income—
1938
$55,429
5,400
will
states
-\ftft
September—
G*oss from railway—
also
.
71,908,249
22,057,774
income
railway
service;
change
his
1Q3Q
$6,913,534
59,298,399
12,459,591
4,469,405
oper.
.
by ,the late Melville N.
$6,997,330
1,702,962
corr-
that,
the matter of liquidation of the
company.
//-National Bond & Investment Co. is one of
V
1941
——
oper. income—
♦Loss.—V. 154, p. 384.
•The.-provision for Federal income taxes shown in the interim stated
for
,
$8,464,897
.
Chrysler Corp.—New Aluminum Plant— / .;
for depreciation..
NTet profit after taxes
ments
ft.
railway
from
Net
1939
$67,152
4,350
.
Prov. for. Fed.
1941
$273,922
invests—
from
Total
-ft:
'•
after
deducting
mfg.,
sell,
admin, expenses
Prov.
company.
.
ft, and
Income
the
Chicago St« Paul Minneapolis & Omaha Ry.—Earnings-
notice at
thereafter,
Chicago Railway Equipment Co.—Earnings—
Sept. 30—
:
.—
154, p. 652.
Net
End.
.
railway
from
Net
The price at which the securities will be offered to the
public, the
underwriting discounts or commissions, the redemption provisions of
bonds and conversion provisions of the preferred stock are to be
furnished by
^pendment to the registration statement.—V. 154, p. 426.
Mos.
v
ryi oper. income^/.—u.From Jan. 1—
^
the
3
'
railway___JyL*__■——_
Net
the
share
Profit from
by
.
September—
Gross
(no par), to be reserved
interest rate on the bonds is
by amendment.
preferred stock is
a
filed
to
Investment
through this sale and the proposed con¬
business, automobile dealer- customers and their
purchasers, as well as customers of the small loan
stockholders
effectiveness
3143.
p.
stated
immediately
cessful
redemption, at 104V2%, of $4,125,000 4%%
sinking fund debentures, due 1950, and $4,637,037 to the redemption,
at 1021/4%» of $4,535,000 of 4%% sinking fund debentures (1938
issue).
The balance of the proceeds will be added to the
company's working
capital.
V;-;r
$110
2-22581)
the
financing
Chicago Rock Island & Pacific Ry.—Earnings-
stock
common
The net proceeds from the sale of the
follows:
143,
(2-737,
..
Frank
time
payment
subsidiaries of National Bond
suspending
&
their
.
Mr.
1
•
expects
Bond
tinued operation of the
on
conversion
lor
registration statements
:
Company
the
?
~
Inc.—Stop Order—
National
present local offices with Chicago
headquarters
and :with their present management and
personnel, without any change
in
present National Bond plans and
policies with dealers and the
public.
..:
"....
r
!»1,874,063
oper.
Comstock-Dexter Mines,
The
heretofore, at
t
58,977,051
5,815,284
14,331,386 ft 5,575,266
income—
_
"Loss.—V.
,
(
f
807,336
Jan.
from
Gross
issues
2,264,955
oper.
From
Co.
territory, the- successful plans
CO. and its subsidiary- companies.
New subsidiaries of Commercial
Credit Co., under.similar names used- by National Bond &' Investment
Co. .and its subsidiaries,...will continue to
operate the business as
r
,
Net ry.
this
devoted
Bank
>>■
ioii
<t«
rdue-^arch^
-
nunrrn
through W. E.
'
97
on
-1947,
<
,
Champion Paper & Fibre Co.—To Vote
>
•T0. Acquire -National
•4j.\jtoint^ftnnouiibtement*'wft8 •'•made
Des Plaines Val^y Ry.
guaranteed-firsfc-mortgage]AW bondS,"due ;
if the .pWh, of reorganization ,of the Chicago
approved bydhe court had been in effect; and-subject
as
therein, provided
($50 pfer; $1,000 bond)—will-be made beginning
Nov. 1, 1041, pn j3resentatibn fpr . s^pU)ing ofrthe ^upon
l,i 1940, from Des Plaines. ValleyiRy. guaranteed-first mortgage^'.4,Vi
bonds, due 1947.
Interest is- payable at office' of Chicago & North
Wpctpm Bv
New York
" v;
Western Ry., New .York, n v
,
tax
The
Exchange-has received notice that payment of. V
an
aftiount eqiiiValent
to the fixed and contingent'Interest earned
'.InV-estnient-rr-;-.
during 1939, and .1940, on.the securities to he.issued.-in, exchange-for
,
.from
the
recent
restrictions
maximum'1 maturities
an
over-all
amount
being merely
of
credit
credit
to shift
company to another, ft
of
use
as
to
minimum
payment
down
credits.
docs jiot
pay¬
This
pur¬
increase
the
utilized
the
-ft/ .Consolidatedft Earnings for the
Period End. Sept."30—
time
standpoint
for installment
financing, the
outstanding installment credit from
3
and 9
Months Ended
Sept. 30
" 1941—3 Mos.—1940 ft
1941—9 Mos —194CP v
receivables.., $229,770,124 $174,278,200 $787,263,763
$590,990286
forge plant, was completed in less -than-three- months.
ft
ft»Net avail, for divs. ft 2,376,141
V-l,973)351'
6,745)301 -x5 918 965
More than 500 sets of'difes are required for the 11. steam, haipmers ft fNet avail."for com.%2,246,582 ft.
1,843,792 •/- 6)354)980 "
5 530 288
in the nCw" plant,- to produce approximately 5;000 parts a day, .The '.
Earn./.per sh. com./._ ft/ $1.22 ft:.ft; $1.00 -ft'
$3.45
'ft-'" $300
forgings range in weight from l/10th of a pound to 10 pounds.ftAlter <• 7, *NetJncome from, operations available for
dividends,-after deducting
being heat-treated the forgings- are-sent to other Chrysler plants " minority "interests and providing for all Federal
(including recent
for machining
and then- are shipped to Martin assembly piantrs-in. ;- ^increase in^^ normal -.tax ;to-^%)..;aatfftother*, takes.
tAftCr payament of
Akroh and Omaha as well as to the corporation's. De.SotorWarner ' .dividends
on:ihe.preferred,etock outstanding,
'.ft^ ^
ft
•Avenue
plant,-' where- nose and--eenter-fuselage—sections,, pre .being * ftr:-J&h^lidat^.jgross receivables acquired
.during ;.th€ 12 months .ended
made.—V. 153, p. 1125.-v
••'. ; /;
ft-"- : - •
ftfti. Sept. -30,"i94'l;--was $1,041,532:279, with net ihconie available for divi"
Dodge / Gross
•
Number
154
Volume
the
paid.—V. 153, p. 831,
share is being
per
>
of
Tax
'<***./?
>v-!
Commonwealth & Southern Corp.—Interim
of
these
Commonwealth
the
kilowatts
>
i-':•
\
completion
Upon
of $9,135,599; which,, after the-payment of $518,236 dividends
preferred stock, left $8,617,363, or $4.67 per share applicable to
common stock outstanding, upon which annual dividend of $3.00
deods
on
& FINANCIAL
THE COMMERCIAL
4001
&
additions
Southern
the
group
Consolidated Edison Co. of New York, Inc. (& Subs.)-
installed generating capacity
of companies will be 670,000
Earnings—
greater, or 29% more than it was as of Dec. 31, 1940.
Increase
Gain^Our
Business
Overcomes
that
our_Southern oteratiiig
r
.Alabama.
Power Co
Mississinni
Sales
»*•'
of .this
for
year
27,591,250
27,668,350
6,273,807
14,489,988
61,253,899
'"
v
■
Fed. excess profits..*.,
report-for 1940, all of the outstandmg..?;proVi
for
deprec.
&
debentures of the Corporation, amounting to $51,857,500 and bearing
Amortization
interest rates at 5Va%
on $7,750,000
and 6% on $44,107,500, were
- / y - .
redeemed early this year;
The installment bank loans of- $17,000,000—»
Gross incottie^'i'iiii.
nade
interest, &c., deduc.___
at
2 Va %,
made • at the time of such redemption, have since been
at the time of such redemption, have since oeen
1
which
$16,150,000,
to
.
SfSfTIS) bGeore?a "power eCoannurchaSedhY3e4 ^Too^of
if ' Sl
hi ri^
Cm the corDoration at
1,724,300
i
:
»Divs.
on
$141,565
$244,922
$53,365,694
$55,931,039
4,429,866
135,301
4,430,216
17,720,227
/17,582,448
116,725
831,853
2,027,417
Crll,715'
Crl2,538
/'/,: 70,010
96,363
$4,239,753
$34,743,604
10,922,450
$36,224,811
21,794,951
y. 22,942,054
/
interest—!
income..'.—.
$4,393,051
dividends__fa:i___„__^-^_-.,_—
dividends_______»_„__
Common
1___.___.__
17,817,309
19,761,758
•'
1
,.**
10,922,950
2,987,188
c "942,305
11,878, 000
749,813
8,997,847
8,997,706
" 276,380 .'/* 192,491
2,880,152
4,448,972
2,740,017
/
749,826
-
Earned per
13,446,679
3,929,493
•
.
7/
$2,026,203
Balance
;
49,760,938
46,756,291
34,878, 290
pfd. • stk.L...
Balance
1,509,064
•
3,766,224
:
income \ ZX—X-jZv li026,206
of The
accounts,
junts,
$15,563
$8,774,156
long-term debt
Preferred
___
'508,581
$41,618
loss
tDividends
Net
$263,659
563,207
annual
our
is the only, indebtedness, -other than
Commonwealth & Southern Corporation.
Georgia Power Co. Refinancing—On Mar,- 6, 1941, the Georgia Power;
Co. received the proceeds of the sale of $101,271,000 first mortgage •
bonds, 3Va%' Series due 1971, at 103% and also of $13,500,000 2«/a%
reduced
current
7,051,648
758,086
.
,
in
stated
As
146,354
income
•Other
"
out.
carried
Int. on
$421,642
$106,695
122,258
$104,736
$8,946,503
Non-operating
Gross
27,498,028
$8,^8^21 $8,789,719 $53,507,259 $56,175,961
income.
Non-oper. rev. deduct.
.
"
116,988,555
26,391,337
57,078,338
116,584,740
6,666,407
15,163,056
•
"
$58,408,834 $57,221,864 $258,843,926 $256,634,191
revs
Non-oper. revenues
We intend to submit
Counsel
for *
to do so.
Statement of Consolidated Income
;
//
for an order requiring -'
that, within one year, the corporation come to one class of stock, ;
Period End.; Sept.- 30— ' 1941—Month—^940
1941—12 Mos.—1940
■'<'*
viz. common stock.
We believe our plan should be passed upon, before-ri'fV:1" $
$ « ">
/'-• $
'
the consideration of such an order,. Briefs have been filed,- arguments •> Grt>sireventie*
14,-588,660 12,520,758 167,359,299 149,390,869
had, and the matter is pending with the Commission.
Operating expenses ILI '-6,011,158' . 4,897,934 - 66,232,680
59,604,698
Since the first of the year under appropriate orders of the. SEC , Prov. for taxesLx.a'•
v„'
;
■.1
■
issued
after extensive proceedings to which the corporation was a
General
1.344,297
.1,244,730/ 15,172,819 14,478,388
Federal income
: '4 984,593'
party in each case, the following corporate transactions * have been: \
; > 939,535
12,384,101
7,729,533
have yet been heTd on this plan.
testimony in support of it when permitted
the Commission have moved the Commission
2,525,293
< ;
■
Operating
o»rthls September to meet and additional $2,854,169 was provided
during year
in the
Murine September tn'meetretfoantiv^ Um- «« shown in the
following statement:'
hearings
f'-\ ■]'
.Sales
36.314,258
hours W
1,644,102
Sales of gas—M. cu.
ft.
♦•Maintenance expend.
amounted
11,210,820
-V.i
'
to
$16,704,151
$4,108,562
$4,097,258
tax
accruals
•Includes
amortization
discount
debt
of
13,719,508
2,973,000;
3,833,000
and
-
miscel¬
and
expense
'tOn preferred stocks of subsidiary
laneous deductions.
$16,650,543
v'
9,953,813
,
of
v
companies held
and share of net income applicable to minority Interest
in common stocks of subsidiary companies.
:
": ,!
TZ
/
Note—No provision has been made for Federal excess profits tax as
by the public,
its out-;:.
for authority, to refund
41,333,148
10,479,518
tlncludes Fed. income
♦Reflects deduction, for .full preferred stock dividend requirement at .
i QR7
its cost of
the rate of $6 Per share per annum;., Dividends were paid in full to
$32 259 925 and redeemed $80,935,000 additional of such
5% bonds J J™'
1935> a^ at the. rate $3 per sharper annum since that date,
at 104 1/6
and $9,317,700 of underlying divisional bonds, of which •
Note 1—During September provision was made for additional Fed$1 292 700 bore 6 %•* interest and the remainder 5%
interest. .
• v y eral income and excess profits taxes applicable, to period Jan. 1 to 5
Proposed Refinancing for Alabama- Power - Co.—Alabama Power Co.
Aug. 31, 1941, amounting; to $2,854,169. / ,l..; - v .; r - :
6,549.510'
40,534,878
901,270 /
/'
"
6,781,441
1,578,414
8,238,140
r
7,968,373
894,436
Sales of steam—M. lbs.
its first
$2,359,807
■-:- • $2.21
;/
$2.08
share on common_.t.i-_..^____
electricity—
of
kw.
M.
,F
.
41,958,117
10,722,537
2,539,600
41,088,031
10,086,821
598,543
tTaxes
and
taxes,
«
830,586
596,878
revenues.
Total oper,
additional $2,854,169 wa
these' rettoactive' taxes, as shown
such
'
849,040
steam______
♦•Operating expenses
Depreciation
Notwithstanding substantial'provisions made in & mat V months
the first eight
and South
of
Other oper.
-mo^^
st^ary xo^anW these'
cdhdiUon.
and Electric Co.'on
Gas
Indiana
Southern
and
Co.
Power
r7nrlria~p™pr~rW~ "oTiif"pnwi»r"Co"
of
Sales
stockholders-states
in interim report to
President
Whitintr
R
(...■/*■
;.
1941—12 Mos.—1940
$205,143,781 $201,413,937
Sept. 30— 1941—3 Mos.^-1940
electricity^- $48,507,400 $47,033,636
of gas_-__i__L__
8.759,099
8,455,516
Sales
•; South of curtailment in the use of non-defense energy. The drought
In oar?
V'
g' Fresiaem' m mwnm r?po^° stocanovae^-sia ^ . this year in Our southern territory has raised cost of operation. The
A plan was filed with the SEC on July 2, 1941, for. the liquidation
ins in gross revenue, currently runnihg at more than $2,000,000 a
of the corporation's preferred stock through the distribution of shards . * ju°u(;h,
are dissipated by , theenormous increase of taxes ""posed
of common stock which. the corporation presently owns in Consumers
"P0I* co:rpoiratio:ns by: the 1941 Federal Revenue .Act, enacted Sept.
Power Co., Central Illinois Light Co., Ohio Edison Co., Pennsylvania
20, 1941 Im the case of The Commonwealth & Southern Corp and
Win
;■
Period End.
companies are experi¬
encing the largest volume of business" in- their history. Large increass
in
load
demands due to National Defense present problems
in the
Report-
861
CHRONICLE
Note 2—The consolidated net-income includes the entire net income return filed for 1940 shows no liability for such tax, ahd the credit
of the consolidated subsidiary companies applicable to the common computed
in
such
return
indicates
that
there
will be no
such
stock of such companies owned by this Corporation, all of which was
liability for 1941.
y n0£ distributed in dividends." Net income of the corporation alone
for the. 12 months, ended Sepf. 30,. 1941 .amounted to $8,169,481, or
in the Southeastern Fuel Co., owning coal mining property and some
Income Statement of Company Only
$5.45 per share' on"the: outstanding $0 preferred stock.
18,000 acrfes of coal lands, which have not been operated for a number
Period End. Sept. 30— 1941—3 Mos.—1940
1941—12 Mos.—1940
of years, located in the proximity of the Gorgas steam plants of thetSales of
Balance Sheet—September 30, 1941, ~ ■
electricity._ $25,792,417 $25,065,595 $107,974,382 $105,879,943
Alabama
Power Co/: While the proposed refinancing* has
not been;/
Sales
of
gas
7,055,766
7,320,262
34,093,739
34,896,075
[After giving -effect to* transactioAs- completed In October 1941]
concluded, we have, in view of the development of steam-electric
SEC
the
with
application
filed
has
standing bonds in the principal amount of. $95,584,000.
As a part of
this. refinancing the corporation proposed to make a contribution to
Alabama Power Co. of Commonwealth & Southern Corp's investment
:*
.
turned
Fuel
an
as
in the common
additional shares.
$1,600,000,
at
approval of the SEC, , / Assets— •/'/■'l*/ //-.v
Southeastern
•Investments ; In an# loans ..to' subsidiary. companies at
Commission - ^
.
value__which d6e- not nurhort "to*rpnre"<;ent Dresent
stock of Alabama Power Coa-without theyyy«s.
W>P JBpfPon
Present
with
South,
the
Other
the
Power Co. the securities of the
additionaL investment, approved by the
Alabama
to
over
Co.
in
capacity
generating
,
t
;
'
lands and property • were,.y;_ •®aII?a?le :valM® to be received 6n ."investments in Gen¬
Estimated amount
Co; and the fuel company diseral Corp. upon/final liquidation of that company—
of coal and increasing prices*-'
"is""expected that mining by Alabama Power Co. oi a portion of its
Sd£ra7~;^;^
of
issuance
/The
it
will
needs
in
result
substantial
'
plants. " Corporation received, during September, .1941, ;
-the Southeastern Fuel Co. and other securities through liquidation; and W
dissolution
of The
General Corp., which resulted in a charge of
steam-electric
'
its earned surplus account.
.
Gulf
Power
Co. Refinancing—On Oct. 15,
1941, Gulf Power Co.
received the proceeds of $5,600,000 first mortgage bonds, 314% Series
due
1971, sold upon competitive bidding at 102.2062%
and accrued
interest; and retired by'redemption at 103Vh, $2,500,000 5%
bonds
due 1968.
The balance of the proceeds will be used by Gulf Power Co. •
■for financing construction, of which a substantial part is for projects
in the interest of National Defense.
*/;;
vMississippi Power Co.} Refinancing—On Oct: 22, 1941, Mississippi
P6wer Co: received the proceeds of $8,927,000 first mortgage bonds,
3V«%
Series
due 1971, likewise sold upon-* competitive
bidding- at
SSSdAccrued
102.114 and accrued int.;1'and retired by redemption At l03Vfe>
5%* bonds due 1955, The balance of the proceeds will be
500
$6,177,-
used by
Powef Co-, for financing construction, most of which like-'-'wise is for projects in the interest of National Defense./Aid
to National Defense and
Refinancing—As a part of this cor¬
etc
preferred
-
'f N *>.'•
stock
shs.
120,426
Federal
Dividends
income
for ost.
Res.
of
2,677,748
79,655
382,048
$6,925,135
$6,792,715
$35,104,870
Consolidated Edison Co.
16,150,000
Electric
Power
the surrender for
company's* $6 preferred stock at
the company's $5 preferre# stock: :qt
ia>
payment of $14,337,319 in
cancellation of 7,856 .shares?of the
by
45,430
and
shares of
$3,648,365.16.
cash, and lb)
per
11,309
have
Directors
amount
payable
paid
was
Dividend-r-
declared
a
Dec.
Sept.
on
*
dividend
15
40
cents
per
■
share on the
,
holders of record Nov.. 7.
Like i
and previously regular quarterly i
to
last,
15,
of
dividends of 50 cents per share had been
fi 1,165,395
distributed.—V. 154, p. 795.
Consolidated Textile Co., Inc.—Earnings—
$351,481,767
Years Ended—
Selling
and
Interest
ctfs. of
on
'/Operating
Profit
$3,906,333
3,549,995
$3,390,208
3,282,256
218,641
175,749
162,761
114,176
91,701
90,511
6,563
7,500
$5,793,591
."
indebtedness
.
1
income
sales
on
4,810,016
etc.—
expenses..Z*._
I.—.
admin,
Factoring charges
of. fixed
$644,196
,>'
assets,
etc.
i
'•
*
7,500
def$153.821
27,212
d'11.702
'•
14,197
13,248
$655,898
$95,586
def 113,360
60,753
59,601
59,538
70,351
..*■
•.•■
69,202
69,202
-
>-
.
profit
;_'/_
•Prov. for deprec. of fixed assets
Net
$81,389
_
Miscellaneous income^lulj
the
(ai; payment
<
Aug. 30,'41 Aug; 24,'40 Aug. 26;'39 *
-
Gross sales, less returns,
Cost of goods sold.;
araouqt>;.to $30,37,912.
:
it -fiScJur.
$
tdse'bf Gulf Power/Co., in* the amount of $1,995,955 by
The weekly kilowatt hour output of electric energy of subsidiaries
of $250,000 in cash-, (b) "the cancellation of indebtedness
in/amount of $810,000,
ic)
the surrender for cancellation of 143
of The Commonwealth & Southern Corp.
adjusted to show general
shares of the company's $6 preferred stock at $10,355, and (d), the
business conditions of territory served for the week ended Oct. 23, 1941
L
'
jt:
/VA/V j*#
A/tmnnntr'e> fiwnf
ytrl Vo f11 n/f ^" M UbUlvc
vUilulbiUilO' U1 vvillvul J oo* VCU AUr vUv' WvCfi, BUUCU V/lsV*
4.*7TtI,
surrender for cancellation of $ 1,151,000 of
c0^pa"y sp^ ^^
■
amounted to 202,110,890 as compared with 173,451,081 for the correing mortgage bonds, 5%, Series due 1968, at this corporations cost-,
sponding- week in 1940( an increase of 28,659,809 or 16.52%.—V. 154,
stock
common
127,782
-
.
announced production of the
York
New
153,800,000
To Pay 40-Cent
57,735
'_
ot
1941, amount- ''
kilowatt hours/compared with 152,100,000 kilowatt r
hours for the corresponding week of 1940, an increase of 1.1%., /
15,100,000
share, .exclusive Q$ fractional scrip,
$35,598,506 '
*
ing to
exclusive of earned surplus since* dates of acquisition. tCumulative
dividends in hjrearS .and; not,declared or-accrued at $ept. 30,*:1941 of
$20.25
10,711,196
1,076,419
■
electric plants of its system for the week ending Oct. 26,
425,187
-
Co._____4
.'-V-.J*..
19,435,332
J 10,710,352 /
53,886
Capital- surplus
Earned
surplus
Total
•
23,832
possiblq loss Inj? connection :with' liquidation''
wii of Tennessee Elect:
long-term debt
on
Weekly Kilowatt Hours Output--
-
.2v* In
2,677,397
95,578
programs
the
$684,512
$9,550,118
Other interest, etc.™
•The
amounts -at
whfch
investments
in and loans to subsidiary
concerning National Defense, and to facilitate
financing, of subsidiaries,--the corporation has made
additional 'companies are carried on the books-of Jthe-corporation (after deductinvestments in common stocks of subsidiaries without the-issuance of,jng for reserve of ^15,000,000 lor estimated possible loss in connection
shares, as follows: <* '
*
• *
,
.
■.
with the liquidation »of Tennessee. Electric-Power Co.) are $87,040,175
1. In the case of Georgia Power Co., in the amount of $18,670,196
y }n excess of the sum of the consolidated underlying book values thereof,
construction
$9,698,110
Net income J
curent--liabilities-__-u,„________^___
Tennessee
$4,874,443
168,366,640
-
payable;'_i_w^__L-—L_A._L-__^^__4-*~-*--_--
Miscellaneous-
$47,386,121
$5,112,161
4,585,949
*
-
$150,000,000
Common stock-<33,673,328 shs. no paf)__^i
——.
Notes payable to*on
banks—^—_____—:—
Accrued interest
*
J taxes—general*""" long>-term debt__.;„i
Accrued
■•;■
$46,197,270
——*———
Int.
$351,481,767
par)_-_
no
29,804,134
$27,950,789
>.
*
'*
,
(1,500,000
",;V
31,931,488
$27,919,264
4,675,675"
18,278,006
7,473,637
7,793,021
:Z.<. •>.v f'V*.
Gross, income.....:
1,325,000
_____
-
Liabilities—
t$6
subsidiaries in the performance of their
poration's policy of aiding its
?&¥vabl
receivable,
5,933,723
revs
Operating income..
Other Income
•.;
long-term debt redeemedj in process of
Total
*
Mississippi
on
oper.
Taxes
265,000
11,099,304
3,961,643
to
$3,479,308
and"; dividends
interest
Premiunfopaid
6,505,157
1,462,534
1,697,082
revenues.
$34,545,265 $33,848,391 $148,573,278 $146,709,741
74,557,818
18,140,811
74,003,526
Operating
expenses..
18,006,583
14,719,000
14,397,000
3,359,500
Depreciation
/
3,633,500
coal
thereupon conveyed to Alabama Power
solved.
With additional -requirements
own
oper.
Total
—
/■
*
-
■.
'
a
>
*
.
Int. accrued on debs
r,fu^7
$925,600.
of
3.
the case of
In
Mississippi Power Co., in the
amount of $3,336,835.f
payment of $250,000 in cash, (b) the surrender for cancellation .
shares, of the company's $7 preferred stock and 483 shares of /
$6 preferred stock at $66,229, and (c) the surrender
cancellation of $3,031,500 of company's first and refunding mort- -
by
264
the
for
company's
g&ge bonds,
$3,020,606. "
*4, In
the
$671,050
by
5%
Series'-due
1$55,
- at
this' corporation's cost'of-
^
case
of
^
South Carolina
cash.
•
Power
Co., in the
„
amount of
payment in
for
Prov.
for
excess
Prov.
795.
p.
(a)
of
Prov.
for
contingencies.
Community Power & Light Co.—Bonds Called—
total
of
$4,496,400
first
mortgage collateral
Chicago.—V. 154, p. 748.
,
income
taxes
120,000
profits taxes
131,000
—
/
50,000
Profit for the year
gold bonds, 30-year
5% series of 1957 have been called for redemption on Dec. 24 at 105
and accrued interest.
Payment will be made at the Boatmen's National
Bank of St. Louis, St. Louis, Mo., at the Chase National Bank of the
City of New York, or at the City National Bank and Trust Co. of
A
Fed.
$223,794
,
t$33,218
♦Provision
.
•
accounts which, among others, re---,
account as of Feb. 28, 1941 from a,
Consolidated Aircraft Corp.—Plane Deliveries—
$270,719,835 to $238,270,879 and the Gulf Power Co.'s plant account '
as of Sept. 30,
1941 from $17,981,037 to $7,838,519 and the Mississippi
'Corporation is now. delivering about $18,000,000 worth of airplanes
Power Co.'s plant account as
Of Sept. 30, 1941 from $19,127,115 tot- per month and by the middle of next year it will be delivering that '
$16,924,413, >•
'•••
^ v.'
amount every 10 days, it was revealed on Oct. 27 in San Diego.
Tennessee
Utilities Corp. Liquidation—We have consummated the
"Only by
producing more and bigger aircraft can the United
sale of the remaining assets of the Tennessee Utilities Corp/ which
States accomplish the gigantic task it is taking on, that of defeating
consisted
primarily ; of
transportation-/properties in Nashville and- Hitler," Major R. H. Fleet, President of company, stated. "Right now
Chattanooga;: and miscelaneous water and • Ice properties. --The sale
/we are
delivering each month approximately the same dollar value
of the last of. these properties was. completed on. Sept. 25, 1941,
ProceedTngs"h"ave/b*een^ffled'with" the SEC concerning the liquidation and- in airplanes as we delivered in the first 10 years of our existence,"
dissolution of Tennessee Utilties Corp. by this corporation surrender-Major- Fleet continued, "and this production will be expanded to the
iritr to it for cancellation all of its $3,230,000 of common stock,, which/-point where by mi.d-1942
we well deliver the same dollar value -in
will result in this corporation
receiving approximately ; $3,150,000 In ' /airplanes in a-10-day-working/period as we, turned out in the entire
cash.
The Commonwealth & Southern; Corp. 'propose?• to apply the - first decade of our histofy. —V. 154, p. 652.,.
cash-thus to be received in reduction X)f its ;2Va7«* installment notes ''Adjustments were made in the
duced Georgia Power Co.'s plant
board
for depreciation has been made at rates
directors.
No
specific provision has been
of
lescence.
!
$242,101
approved by the
made
for
Comparative Balance Sheet
Assets—
«
Aug. 30
•
Cash
Due
,
'41 Aug. 24, '40
$123. 316
factors
from
Accounts
;
'
;
receivable
10, 875
taxes
Processing
subject to
recovered
42,068
3, 944
and
850, 865
fixtures
882~624
125, 664
furniture
80,135
stores
rolls
___!
:
59,993 '
1
:_____
1
13, 947
rl
—
Liabilities—'
61, 138
;
Goodwill, trademarks, etc.—
Deferred charges
.Total
held
X
plants,
and
vendors
175,700
order.__L.__—
court
Special deposit
♦Operating
from
540,747
deb.______
5%
conv.
4,867
774, 955
Deposited with trustee for
Supplies
$65,645
221, 567
Inventories
Copper
obso¬
fLoss.
£,
—
:
14,170 V
$2,186,273
$1,865,950
/ ///■'/'•/*;
•
.
banks
to
as
required by their terms.
Construction Programs—All of our
on
extensive-construction
programs
-
J■?* '<'„'
,
-.Consolidated Chemical Industries, Inc.
operating compares have carried>.■, .tt,
this year to meet their, added .- r.^-' /
..
Bills
(& Subs.)—
^>
advance account
Factors,
and
Accrued
:
Prov.
^
accounts
payroll
for
Fed.
Miscellaneous
Reserve
for
Reserve
for
Certificate
refds.
of
15-year
^Alabamai Power
Co.: Chickasaw
Power Co.r Plant
'Plant'Atkinson Unit No.
Fiant
-■
""
/
?'
Total
u
•
"
Ihd in^ T942ri943-
airtl 1944;
/" ^ *
$223,326
conv.
for
$168,898
$195,891
60,000'rr ' Net? prof't for the nine months ended Sept, 30, 1941, amounted to
v*
$814,046.—V.- 153, p. 545.
'*/V/:/*-: ?<.•/; i: ///
/
i.;. 210,000
of
48,117
debs.—1,258,225
148,560
-■
deficit
51,524
—„—
I...—_i
Total
♦After
reserve
-V. 153, p.
fund
$2,186,273
_
for-depreciation:
1941,
*
,
$179,242;
1940,
25 000
28',015
'"28,015
;
109,753//
1,387 850 */
75.000
surplus
•
.
*
105,802
_
income
"/
38,721/
505
-'
Bonds CalledCons61idk't6d Oil Corp;^Bon<
.V ..
v~ •
":"M'■ ■/.
convertible
3y2%
sinking
^A ■-■totai---of-$750,000 -;13-yeair-.convertJ
Kilowatts stores, due June, lj 1951; have been called for redemption
9^480
138^405
189,138
.C1' "/''
processing taxes
22^341
__X—*
'22 923
8,390 /
inc. debs.
stock
Operating
:
251,000
expenses
15-year conv. 5%
indebtedness-..-,
5%
Capital
-$47,440
38,525
profits taxes.—
contingencies
Capital
4
^
4...
,
is in progress on the following/additional steam-eleotric..
:
capacity to be completed during the balance of this year,?-;./!
; Construction
;J eenferating
;t.^u,uuu
umv wo.
Arkwright 'Unit No.
on
33,714
$86,522
accrued—————/
taxes
Reserve
; Georgia
excess
$183,996
•
expenses—
and
reorganization
Interest accrued
!
payable.—J—
and
inc.
!
1
141,070
-
275,319
$1,865,950
$118,489.—
1127.
deben-
on Dec. 1 at
;
,
/
Continental Can Co., Inc.
12 Mos.. Ende. Sept. 30—.
(&
Subs.)—Earnings—
1941 n
1940
1939
>
1938 •
profit after charges $16,863,693 $14,886,204 $12,787,491 $11,533,068"
Deprec. & Fed. taxes—
9,482,191
5,941,719 ' 5,275,495
4,506,537*
;
,
Net
.
•Net
Shs.
income
com.
Earnings
—V.
stk.
per
(par $20>- share_.i_; 1
153, p. 833.
$7,381,502
2,853,971
>tv $2.51
-////',;u
$8,944,485
$7,511,996
2,853,971
2,853,971
$2.82
$2.32
V
L 'J
..
r
•>
i.
t
9
i./j:.' ; Jii Ji.i;
i: b
i
.
$7,026,531 V
2,853,971 '
$2.16 s
*
A
THE COMMERCIAL & FINANCIAL CHRONICLE
862
The
Continental Telephone Co.—Earnings—
9
End.
Mos.
Gross
earnings
Oper.
.
$103,399
earnings
of
,
deferred
12,332...
'
.
Net Income
$174,048
The
93,750
v
,
participation
a
$59,671
35,000
26,250
26,250
,26,250
53,625
40,219
40,219
40,219
the
ization,
Balance Sheet—Sept. 30, 1941
$184,982;
due from subsidiary
total, $2,650,203.
$429,867;
cum.
•
,
,
,
,,
companies,
cash
$4,375;
in
Net
the Month
have
86,371
declared
payable
dividend
a
21
Nov.
30. cents
of
September—
Net
Net
$3,404,235
203,344
oper.
181,598
2,346,137
15,291
16,941
•192,047
39,934
appr._
Other
$514,728
Int.
186,063
188,063
$27,505
1,
ft
1,500
;
$27,505
$27,580
$330,165
23,515
23,515
282,180
154,
1,961
24,786
$2,104
$23,199
from
Jan.
from
ry.
103,901'
■
—;■
deficit
Balance
amounted
7%
on
stock
preferred stock,
paid
was
cumulative.—V.
are
Nov.
on
1,
154, p. 427.
1933. Dividends
o'V-.-..ft'
:
from
ry.
1940
1939
4,715,415
3,663,308
1,032,959
1,417,869
722,848
Net
ry.
1,112,512
573,946
937,903
railway
railway—i—
45,132,455
38,315,211
36,561,012
13,978,080
8,428,506
8,053,166
income.__
8,453,244
4,105,416
3,603,879
Jan.
From
from
Net ry.
oper.
:Y'
Net
1938
Yft'Y 174,060
72,589V
84,825
"
154,
$1
2,276,798
707.235
632,723
327,944
^September—
•
Gross from railway..
Net
from
Net
ry.
"ft
,t
1941
Ry.—Earnings—
ftftft .1939 .cftftft
1,269,091
1938
4,257,020 ft
2,869,766
2,058,231
907,197
income.
1,010,965
563,490
507,408
17,503.986
2,341,879.;.
27,709,374
18,895,848
1,777,964..
800.805
20,758,668
13,345,692
4.573.670
3,199.644
2,496,410
7,096,998
2,145,625
5,246,055
1,520,821
income.
2,484,118
804,480
146,294
,*Loss.—V.
'
"
a
Sept. 30—
$263,941-
revenue
Net
from
Net ry.
From
Gross
$239,708
$870,057
-
1,685,089
375.491
400.368
2d1,935
580,703
596,330
448,299
Sept
30—
revenue
1941—9 Mos.—1940
;
.
:
$2,231,884
1,481,294 Y 1,402.610
.; Y 411,088
425,365
•
income
oper;
Total
$107,238
(net)
v
$103,183
-1,501
•1,736
•
>
11,491
underly'g bonds
general & re¬
retirement
per
of property.
annum
§$36,370
4,725
3,694
',
of unusual
Depreciation, accruals
at
the
rate
and
trolley
coach
operations
on
a
mileage
basis.
been made for any Federal or state income taxes.
sinking funds, and other corporate purposes.
+No
provision
stock
common
paying
Series
of
1949,
approximately
154.
Co.
has
corporation,
and
agent
due
Trust
registrar
from
from
Net
ry.
and
62,000
exchange
shares
of
ry.
from
ry.
based
during. 12
collateral
trust
has
through the tax -year of
term debt,
$2,741;
contracts,
accounts
payable,
(incl.
revenues
85,605
from
Net
ry.
to
agent
common
f
effect
73,387
by
stock
of
this
1
1939
other
income)
81,614
29.093
40,r>87
14,406
19,265
,
57o
in
gold
573,583
V
94,372
.
'"
1
'
V
589,265
596,704
1939
1938
7,753,527
6,164,553
1,419,404
78,375,657
1,598,171
j 451,876
62.432,722 ! 57,886,732
4.876,473
27,267,765
17,007,608
14,612,614
8,285,230
Income—_
16,498,243
9,069,383
7,186,583
154,
822,366
749.
p.
.
with
new
plant
the
diesel
result
a
of
covering
letter
is
designed
30,463
stock,
10
Period
both
cents
Ended
Amortization
:
2,090
20,625
Y
.
'
r-
debt
"Y
paid
&
on
Sept. 30—
the
Secretary of
placed by
be
company's
Fairbanks
present
Morse
the
ther
output
employment at
153,
p.
836,
99.
29
to
Aug. 30,
holders
of
last.—V.
Nov.
record
154,
p.
Net
income
.
End
Mos.
Y
2,884
$9,244
expeiise, etc.____
_
Sept.
120,418
128,527
j
150.
Co.—Earnings—
1941—Month—1940
1941
12 Mos.—1940
$71,578
$937,712
$916,456
40,166
555,169
'-502,000
-4,581
17,065
4,493
Z;Z&-&ZZi.
Net
oper.
revenues--
179^947 i;
16,825
Non-operating
202,301
$10,095
$122,420
$170,004
2,259
$6,616 Y
inc.—net
66,981
34,629
$189,401
$204,632
8,177
Balance
$14,793
Retirement
Gross
'
accruals
res.
$12,354
5,000
5,000
"V
'
income
$9,793
charges iv
ft:-'
$7,354
'
60,000,
"$120,401
-
$144,632,
438
;536
6,514
$9,355
$6,818
$122,887
■>
>.
S.
Net
income
Dividends
—V.
declared•
154,
7.689
,
$136,943 !
119,126 V
119,126
244.
p.
•
.
60,000
Federal
Water
Service
Corp.
—
Stockholders
Approve
Merger—
The
approval
o^r,n«rt°
847,000
of
the
merger
required
securing
stock.
2,862 :
meeting of
a
.27,893
the
vote
of
'
two-
H ,6fcock of the corporation, the vote of approximately
u
shares
being necessary for approval.
stock,
39
V;
Oct. 28 that At
°f, the the B Amoun^d to 943,513 shares
Tlan
aji of
20,625
^
.
VC\ J',fheiler,yJ p/eiicJent' announced
stockholders held at Dover, Del., the
necessary number of stockholders
approved the merger of Federal Water Service
Corp., Utility Operators
Co. and Federal Water & Gas
Corp.'; -VY."*:"
$24,969
•
62,007
48,106
66,470
;
m
-i'i
ftft.
$1,443 [■
ft-..-'
Y 1941- Y- ..."
30—
1940
$118,164
65,184
Y-v
'
4,204
9,600
Depreciation
'i
—_™.
Y:
'$118,508
64,831
earnings
Operation
Taxes
3,528
VY
9,750
13,901
..
13,727 ;
' '■
Net
-
earnings
Interest
on
Interest
on
$25,629 ' <•
___
of debt
•
.
'
20,625
debt™:
unfunded
Amortization
-hi™..
debt
funded
Oct.
authorized
20
amount
of
not
company
exceeding
to
•
issue
y,
a
Net
-V.
;f-.'
The
and
votes
cast
by classes
51.3% of the A -stock and 68.4%
shares of A stock voted against the
of
in
favor
represented
the preferred
plan, being 4.9% shares of preferred stock,
being 8.5%
voted
which, however, 11,563 shares were voted
bv
persons whose preferred stock is discriminated
against by the order
of the SEC, and which
persons have appealed from such
discriminatory
treatment.
The holders of these
11,563 shares have assured the cot^
poration in writing that in. the event the
appeal which they have,
filed in the U, S. Circuit Court of Appeals of the District of
Columbia
is successful such persons will
take for their preferred shares
voted
against the Man, common stock of the merged
company on the same
basis as .such stock is • given to other
preferred stockholders "under
the terms of ^the plan, and should such
appeal be unsuccessful thev
will accept the amount of cash set forth in
the
of
the
A
$26,318
\^/2O,025
40.39
disc. & expense,
2,884
etc
against
The
held
stock.
,
$250,000,
to
be
sold
or
income
153,
p.
$2,080
^™_-:
—
$2,792
Ebasco
For
ating
the
13,533
week
American
Power
&
-
V.
"vY'k
-
•
Oct. 23, 1941 the System Inputs of client oper-•,
Ebasco Services .Irtc?^ which are; subsidianes' of
Light Co., Electric Power & Light Corp, and i
ended
of
Input—
nf
merger
v/' '"■ ■■
directors met
The
ment
agreement
it
Oct.
Federal
Mr,
31,
30
for
final
and
&
stated
Corp.
-
accordance
plan see
V.
/
the
that
upon
with
present
ings of the corporation subsequent
permit declaration of a dividend
of
on
the
and
154,
p.
/
merger
plans,
to
as
429.)—V.
;
it
.
is
agree¬
effective
corporation
,
.
•• •
agreement
believed
the
of
merger
become
surviving
Gas
tQ
details
action
expected that It will be filed
thereafter the name of the
Water
in
Oct.
was
Chenery
effective
'
'•
,
and
be
Services Inc.—Weekly
plan,
remaining preferred shares which voted against the
plan were
by approximately 102 stockholders and amounted to
1,970 shares
on
987.
companies
the
1.2%,
or
•; 2,862
.
trustees'
par and accrued interest and the proceeds
redemption of $347,000 of first mortgage
South Shore Dock Co.
conne2ti»ft> with {he
of the
the
'
-
15;
$75,144
46,833
___
975
40
Y Y -
disc.
by
to
28,500
^—^32,793
debt
debt
of
total
issued
business
triple
Nov.
Taxes
Interest
<,
unfunded
in
Corp.—Extra Dividend—
payable
wais
revenues
Maintenance
32,361
»'
Fed
income
on
to
raise
Operation
8.562
9,816
&
intent
nearly 6,000 from the present 4,500.—V.
Operating
130,241
32,972
state
of
expansion
this firm.
engines and will
to
$5,500,000 dlesel engine. plant at Belolt, "
new
a
an
Fall River Gas Works
'
.
605,369
127,461
88,439'
22,327
v
bonds
iv
1940
7,739,680
r
navy
$273,014
131,167
Maintenance
32,178
otherwl§B*^gosed of at
used
154, p. 53.
2,390,080^2;497,493 ^1,365,421
^2,115,161
railway—__
oper.
Extra .of
'$80,238
'$72,375
Subsidiary Deductions;
^*"."•.Y'hU-Y Interest on funded debt—
Y;25,962 i : ■
25,962
Interest on unfunded
74
ft/-'' -77 ;
debt™™™.,..;.™..™
Amortization of debt discount & expense, etc; V
3,480 ft'.Y
3,438
Preferred dividend requirements-.j__™_
17,929 '
iY:-. 11929
Duluth, South Shore & Atlantic Ry.—Trustees' Certif¬
the
,
■
.
$286,747.
™_
_„_™_
taxes,
Gross
Interest
1938 ••/>
75,758
23,675
icate—
in
Dr5
$2,446 ,856
3,414,042
1—
6.
<
|cate
-V.
1941
Knox
interest—^long
Gross
•
railway..
on
Drl61,974
——.
consumers'
corporation.—
1940
,
51 ,419 t"
railway—
common
--
1941
taxes
of-:
5,888
income
railway_™__.'..-V;.
.
v
Directors have declared an extra dividend of 15
cents per share in
addition to the regular quarterly dividend of 15
cents per share on(the
ended
made
$2,281,744;
$61,557;
3%
the:; distribution
13.339
oper.
ICC
1 ,260
9,589,898
Falstaff Brewing
.
Ry.—Earnings1941
income
—V. 154, p. 332. 1
:
The
—
.
as
of
$112,630
•
months
1939.
'
.Balance " (—
on
funded
trustee,
142 ,056
2,245 ,566
13,576
income
Jan.
Net
•
for the
debentures
$6 ,560 ,Y
155,692
2,416,209
—
railway
oper.
*Cr5,834
examination
upon
y
railway
Gross from
$6,783
par)
railway——
from
Beloit
3,000-
&
Income
§Loss.~V. 153, p. 986. r
From Jan. It-
Net
accrual
over
years
Consolidated Balance Sheet Sept. 30,
3
Mackinac
railway™..__
oper.
Net
Bureau
Interest
the
$2,446,856
^
^stock
from
From
of .'/
{For debt maturities,
apointed transfer agent
has also been appointed
3,965
$2,430,553
,
and
September—
Net
Revenue
of
prior
and
748.
p.
Detroit &
Gross
been
of
adjustment
1941,
Depreciation
Derby Gas & Electric Corp.—Agent Appointed—
Manufacturers
6~672
268
The
;
i;
21,713
ft
1,312
$52,623
y;y$.52^23X:;;v;'.$48,49J|'-
General
losses resulting
are
~
2,063
——„^
U.
4,583
>
of East
taxes
Maintenance
§$6,763
$73,073
rail system
the
21,200
income
Operation
in accordance with findings of
The P. U, Commission of Colorado and of the U. S. District Court for v
the District of Colorado. Accruals in excess .of this amount cover bus.»
on
798
1,163
Eastern Minnesota Power Corp. ^ &ubs.)—Earnings—
3,970
-
;.
taxes
($0.20
Navy
-1^7,358
30,918.
-notes.,-payablerr-secured * by
deposits—refundable, $11,term -debt accrued,
$14,133; taxes—state, vlocal & Fed., accrued, $22,878; • insurance ac¬
crued, $7,272> other accrued liabilities, $4,741, deferred credits, $13,116;
reserves,
$627,042; common stock ($1 par) - (Less: in treasury,
2,482
shares),
$30,517;
earned
surplus,
$207,081; *. capital
surplus,
$359,608; total, $3,644,233.—V. 153, p. 986.
»•-• .-?'•• 5.
.{/■■Wyi-
247,480
,3v694; vi-Y
$64,726
'."Not including any allowance on account
from
State
Wis.,
—
30,
Gross
3,150
'{Balance
243,401
2,067
686
5,400
tax...
$2,430,553
Net
$248,381
185,297
1940
$71,108
2,365,111
*.
•
182,354
—
equip/trust ctfs.
$500,000
—
for Fed.
802;
15,850
$321,199
1941
$48,216
2,374,189
—
Company will build
&
charges of subs..
merchandise
$232,531
;
11,667
$154,688
-
ft'. v'V-1
.
funding bonds
on
$250,230
_
$309,532
;
';.ri '\y
-
from
$108,739 ,,7;V. $104,919 i. $324,342
-
x-eplacements
Liabilities—-Long
346,931
$143,198
8,570
$10,030
5,918
-
.
Gross
—V.
$318,424
supplies, $69,681; prepayments—insurance, taxes, etc., $8,121;
Other current assets; $1,368; deferred debits,$4,454^; totah>$3,644,233.
536,794
358,137
50,963
,
RR—Earnings—
Gross
assets, $3,298,281; cash on deposit with trustees,
$6,871; miscellaneous investments, $1; cash, $158,329;: notes receivable
(merchandise contracts), $13,532; accounts receivable, $83,595; mate¬
1,874,723
568,213
92,074
$27,786
.*60,326 <2 in 1940)- shares at 'cost.-
Assets—Capital
$2,990,979
1,964,469
274,988
$241,661
income
on
fixed
rials
$3,200,351
,
103,222
$51,419
•
75,686 •'
19,074
.
32,440
,
1941—12 Mos.- -1940
-
$2,414,695
:
266,375
on
li)t.
(
40,448 ;V);
1,426,308
Tramway Co. (& Subs.)—Earnings-
End.
oper.
1,537,854 !
1,629,445
428.
p.
Gross
V.
operations—
renewals,
."Represents
469,678
Tptal misc.. income™,.
;
;*J
*
income
for
Sept.
307,031
income.
{Taxes
-
from
Internal
Oper. expenses
"Depreciation
Net
147",539
159,899
railway..
lway™.
Period
Total
166.571
180,601
ra
Denver
lilt,
.v.—
^Balance to
$294,451
126.697
142,406
oper.
154,
Int.
♦Treasury
,
19,364-
Total
1—
from
ry.
—V,
$304,576
$281,296
173,323
$60,999
$13,576
capital stock
surplus
1938
..
157,496
income.
Jan.
Net from
Net
$326,034
railway..
oper.
1939
41,653
$119,860
surplus
Net
57,041
power
Coast Pub.- Serv. .Co,——
,
$154,641
September—
v
12 Mos.1941
290,442
Prov.
1940
$122,026
41,718
.
surplus
Subs.)—Earnings—
1941—3 Mos.—1940
' 128,465 ^
Ry.—Earnings1941
$19,345
'
—
stock
Erie
19,668
Co.
SeptemberGross from railway.,
3~91X
$78,141
$112,670
ftY 41,971
receivable
Earned
dividend of $1 per share on the capital
retirements
1.,
.
receivable
Federal
and
Fixed charges of East Coast P. Serv.
Denver & Salt Lake
-
4,958
~
3,367
Balance Sheet, Sept. 30
'yl' t:
U
J__
Capital
v'V-
65,400
Prov.
653,
p.
3,155
10,230
4,205
ftrYA 40,859
Liabilities—
32,381
Gross
154,
ft /ft
.
Fairbanks, Morse & Co.—New Plant—
"1,111,915
oper.
3,002
•
$81,167
Federal
17,978
1,470,978
Net ry.
3,836
"2~062
•
-^\J„».y„
Total
7,249,002
13,382,623
9,326,534
12,155,764
Non-operating income
16.143.140
vr:
$28,214
108,450
Deferred
235,574
18.514.280
$94,894
on
on
End.
Income
550,975
41,954
$119,877
y< '
.
Dividends
78,913. M
1—
Jan.
from
;
21,268
$87,065
;
surplus
Accounts
1,454,155
3,234,313
4,676,993
3,431,747
1,527,915
payable Nov. 24 to holders of record Nov. 15. Like
on July 8, last and Nov. 26;-T940'-dividends of 50 T
Dec. 29, 1939; Dec. 30, 1938. and on Nov. 26,
July 15, 1937, and cn Dec. 31, 1936, and 50 cents
paid
paid
Purchased
$2,423,073
844,881
762,074
,
$6,947
"33,316
Inventory, inarketable securities—
1938
$2,678,253
$2,606,538
1938
$61,578
48,835
'
Cash
.1940
Taxes, incl. Fed. inc. taxes of subs._
railwayfrom railway.—.
Net
>■<
$3 374,596
...
1939
$71,043
73,372
income
Capital
paid
Operating i
1,192,191
1939
1940
$13,693
Z
.$8»
paid on Dec. 31, 1935, and on. Jan. 25, 1935,—Vi 153,. p, 240;
Period
-Earnings—
1
railway..,.
oper.
From
Gross
.
:.1940
1941
30—
Earn, surplus Sept. 30i
Operation
Denver & Rio Grande Western RR.-
;
814.
p.
sees.
»«.
153,619
East Coast Public Service Co. {&
32,052,882
8.403,234
.
196,537
1,744,895
1,006,180
254,315
,
't
7,979,703
1,107,036 -i.
.
427.
p.
;
Total
41,240
701,410
income—
was
were
was
>-
121,018
168,270
1,448.073
^
railway—;•
$12.50,
par
30,
——
Earned
Maintenance
—y.
Sept.
from sale of
Expenses
Management fee
$239,550
2,749,022
The directors have declared
1—
from
Gross
Net
income—
oper.
f
.
1939
v
$306,990...;. $315,198
53,884
railway
1937;
1938
4,263,001
1941
f
Oct.
Dividends
:
j>.
191,144
330,149
15,519,958 ,11,903,302
5,489,038
3,084,525
3,196,037
1,562,449
9,610,252
i.
1,813,606
y
j
296,740
■
21,625,213
;
.(
1,060,399
u
554,028
471,502 V
.
1938
193)9
1,515,183
,-f
,-861,735
1—
oper.
amount
1,826,974
;■
End.
Mos.
Total
154, p, 332.
cents
5,504,447
from
1940
if
';Dwight Mfg. Co.—$1 Dividend—
-Earnings—,
railway
from
Net
"Chronicle,"
Paid-in
ft ftftft
railway.,—
September—
Gross
p.
RR.—Earnings-
.
205,462
income^.-
Jan.
Net
—V.
this
on
1941
railway
from
stock,
Delaware Lackawanna & Western RR....
,644,197
$361,553
railway
ry. oper,
259,189
ftY.y
income™
5,026,863
332.
vftftft'„.,y
oper.
Dividendsy,
1,114,968
1,292,896
3,212,143
income
2,023,720
;
Equity Fund, Jnc.- -Earnings—
9
3*516,787
1,973,682
1,587,303.-
,<v.ftft'
..
-y-
railway™-
428.
p.
Net
$78,995
$80,702
provision for Federal excess profits or Federal
accumulated and unpaid to Sept. 30, 1941,
$822,550.
Latest dividend, amounting to $1.75 a share
to
1,089,341
railway______
154,
Profit
1—
from
From
103,901
{Dividends
taxes.
.
railway
oper.
from
Net
include
not
"Does
com¬
;
;y
;
railway
154,
Gross
income
4,658,791
2,457,228
Duluth Missable & Iron Range
Net
period.™—
ft
5,412,600
railway.—
September—
{Divs. appl. to pfd. stk.
the
540...
2,463,699
Assets— i.
$24,906
Y;.Y
$2,031
1938
•••
2,257,196
•
railway....^.
ry. oper. Income
—V.
24,719
•Yi,
T939M>
•>
6,725,305
3,600,344
income
p.
.1940;^,
•'
railway
railway
oper;
from
282,180
1,959
income
for
V
from
Gross
Net
14.9 V
13,841
system
Elmore Oil Corp,~~Registers With SEC—
...A. 46,227
Net
.11,750
bonds—
...—
—V.
52,124
106,776 V - i; 157,733
oper.
From
$320,055
$328,665
$27,038
deductions...:,*.:..;.
mtge.
92,708
11.9
8,043
-
"105,565
231,937
Gross
$331,805
on
Other
15.9
20,524 ><*
RR—Earnings— .ft;''
1941
*
from
Net
$506,118
15,505
542
income
67,484
railway™..
from
ry.
106,718
Gross
211,321
$42,543
income
Gross
75,527
railway—___
from
Net
i
373,718
September—
205,566
15,505
.Y
Gross
1,385,192
245,809
from
2,206,574
,'
351,323, Y
22,391
.
from
from
Net
548,952
—v.
$43,010
of plant
income
Pet.
Amount--
129,095
Elgin Joliet & Eastern Ry.- -Earnings1940
yft 1941
28,098
207,567
Net
Operating
'increase
..'1940
September— rft
ft'*-
■V; 537,156
;Yy
Detroit & Toledo Shore Line
revenues—
lease
for
1941
inputs of any
panies not appearing in both periods.—V. 154, p. 749.
$3,129,579
$263,473
YY
85,332
>• v..>
328,739
ry.
Net
Kent
corresponding
the
149,619
& Light Co...'
106,549
figures do not include the
Net ry. oper, income—
From Jan. 1— ■'
ft
670,387
ry.
excl. direct
res.
>•'
Power
above
The
Net
railway.—
Net
$301,579
taxes
retire,
!V;•■
1.-
income
From Jan. l—
ft
Net
1941—12 Mos.—1940
1941—Month—1940
Sept. 30—
revenues
♦Taxes
Prpp.
National
Gross
from railway.—,..,.
Gross from
the
on
>
to
Net
exps.,
with'
-
i'j
See
Dallas Ry, & Terminal Co.—Earnings-
Oper.
Co., as compared
-as-follows;
Operating Subsidiaries of vv-,
Power & Light ,Co.
Electric Power & Light Corp.
ftyftftHftftYftft'
f
share
per
42,658
-
^
from
Gross
Period End.
were
American
to Date
.
holders of record Nov. 5.
This
•will be the first common dividend paid since Dec. 15,
1936 when a
d.str.butlon of 75 cents per share was made.—V. 154, p. 796.
Operating
Light
J940
«:
parties.
.
railway.—
2,453,330
1,967,599'£ .1,691,589
Net from railway.
635,655
: 391,810
195,414
Net ry. oper. income—
457,770
,
225,121
: 10,776
"Loss.—v. 154, p. 749..
Vft,YV*
Corp.—30-Cent Common Dividend-
stock,
be
1940'(/'-• ( 1939
1938
$262,089 Yft $296,130 >' $187,016
66,139
V 105,155 YYft: 43,038
1941
$307,253
65,442
1—
Jan.
of September and-Year
Detroit Toledo & Ironton
Directors
not
refinancing will include 'a(premium of
to be retired, the payment- of mortgage trustees'
approximately $1,000 at an earlier date than
income
oper.
ry.
Gross
cum.
$887; accrued taxes, $36,551;
accrued dividends, $44,526;
employes' benefit fund reserve, $3,568; capital surplus, $36,783; earned
surplus, $155,539; total, $2,650,203.—V. 153, p. 985.
common
will
be
From
;v;/;.ft—'vft'
.
payable,
Crosley
the' trustees
proposed
of
sum
which
to
September—.
Gross from railway
Net from railway.—J—
participating pref. ($100 par),£*$500,000; 6Va%
pref. ($100 par), $325,000; common ($5 par), $1,047,350; accounts
Liabilities—7%
the
Earnings for
Assets—Investments, $2,030,979; deferred expense in process of amorbanks,
&
Power
duping
Thousands of Kilowatt-Hours
proposed refunding,
20,947
paid op com. stock
ft.--ft yY; ft;
week
expenses
stocks—
prelerred stock,.,.
6'/» %
preferred stock
7%
Dlv.
$91,357
v
National
;
the case if no redemption were madeiy and certain other
which are minor in character.
The ..net saving resulting from
after allowing for expenses of refinancing, is
estimated at approximately $28,000.ftft
would
$72,974
$91,067
the
the bonds
on
In
agreement
of
cost
$4,395
7,324
.7,324 i.-y
pref.
on
states in; part:
will define
fees
Divs.
commission
negotiations the trustees have made a tentative
to our approval,'with two national bapks to issue
proposed certificate to one of such banks at par.:' «The two banks
their respective interests in the proposed certificate through
the
49,974
93,750
12,332
exp.
extended
arrangement, subject
$224,022
$192,431
$72,003
the
of
report
After
1938
1939
$222,641
30,210
debt—
funded
on
Amort,
1940
$104,375 •,
32,371;'
1941
$132,737
29,338
c
taxes
&
Net
Int.
30—
Sept.
ftftft'Saturday; November 1, 1941
will
becoming
that
earn¬
merger will be sufficient
the end of this vear
(For
154, p.
541,
,
John
published in the
:-A-'
."'A
•
Sugar
1938
1939
1940
>
liCompens.
-Federal govt.
.
-
:Vr 481,860
.*498,128 ■"■1532,559
%
25,819
21,796
y:' 119,900 ; :v f 179,273
Interest, net
Miscellaneous
•
Net
29,208
171,272 i-'.
•
*v
and
;
,
____^r ':$l,188,517
4,822,226
J
Net
$1,058,159
ry.
—V. 154, pv430/\
$1,590,965
C—322.319
Depreciation
prior
Profit on sugar of
216,649
$1,082,847
profit
Prev.
6,967,532
7,011,269
$8,050,379
-M—------115,601
paid
• 650,050
$7,721,980
103,893
650,550
tax
Income
Dividend
of'
(par
•Earns,
sh.
per
___.7.
stock
'7
SExcluding planters'
quotas, not purchased-by the
of 1937 and the Soil Conservation
their
"
Assets—
-
& plant
tLivestock & equipment—
^Property
Growing
accounts
receivable
Accounts
Raw
sugar
Molasses
——
"
hand—
mortgages———
i
Miscell.
;
43~487
22,767
—
of
,
Capital
surplus
*: Earned
surplus
-ni,; 319,216
6,967,532
7,284,725.
——————
1U—-i.-.—--------
7-
coma
-
of Maryland
—
<"
Depaftment.HrV. {53, p/ 394.' / "
Judicial
Gross
from
Net
♦
ry.
,.
...
//. From Jan.
Gross from
Net
from
Net
ry.
1—
railway——
.
■
-
■
'
'
1
Period
Oper.
.
•"568
159,317
Allowance
1938
balance
for Fed.
due
tax
income
Res.'for empl.
*67,454
Reserve
for
*175,248
Reserve
for
Federal-income
7,034,257
7,475,634
2,177,010
Accrued
"72,500
maintained.
♦Represented
by
>
•
Corp.
(& Subs.)—Earns.—
{1940
{1941
3 Mos. End. Sept. 30—
$393,304
,;>,Net- profit,
$173,797
>
153,
exps.,
<i" ::i'
excl. direct
tl939
1938
$154,347
$218,524
525,046
taxes
for Fed. inc.
5,173
1,042,965
ex-
7'' 104,917
PiiXm
1,345^29
*
'
f.'.
117,833
158,333
r>.
7
^33,333 ; 2,025,000.
•V
1,550,000
$401,083
221
"^.T.:._221
$401,304
$393,823
■
.
(net)
Operating
—
income(net)—-
7.
income
Gross
..it
110,000
7
:
100,631
83,345
771,954
429,330
13,910
89,913
85,184
78,827
level
from railway.ii.'* •; 3,818,113
from* railway—1,058,862
2,939,711
2,718.810
558,181
480,440
388,451
927,537
481,334
457,505
353,620
■;
oper;- income—^'
>
oper.,'income___
154, p. 431.
»
v-f-
Net ry.
Goody ear; - Tire
$6,519,571
$6,863,302
2,600,000 :?
1,320,000
110,000
316,660
2,600,000
212,743
•
4,149
;."7; 4,731
$52,991
$67,977
■7
46,824
;V
V
2,567,225
7.
stks.
7
Sloan,; Jr.,
i
•
Corp.—To Call Preferred Shares— *
its entire; outstanding issue of
cumulative convertible preferred
Dec. 1 redeem
shares of $100 par value 4'/2%,
will
on
•
*
'
'
'
-J
"X/
'
.
"
*
,
—
To- Pay 37V2
"
^
Cent
I
*'
•*
wider utilization of non-critical ma-
of products for civilian neetfs,
s
vast
t
The
;
the
1941
with the plan
model in accordance
issued
of
model
nickel,
,
—
to
this,
be required even in the 1942, models, especially from the stand™
point of further- reducing utilization of certain materials, as they
-become increasingly scarce, particularly as affecting certain decorative
may
items.
tion
Chairman, in his remarks to stockholders
' -< v" ' *
••
v-t" ;
:' ;:'.'.'77-.
defense program has
.
the
As
Alfred P.
available supplies have
to
:77
v ' •„
■*■',
v
;r
•.
'
.
.
expanded and material needs in re;.a-j
become more cl°a-ly defined, nrior't'es
applied to a growing list of materials. That
intelligent approach to a very difficult problem; for
come first, at all times.
Practically all the maby the automotive industry are now under some form of
and allocations have been
appears to be
defense needs
-
report at this time of the year usually deals with the financial
results of the third quarter and of the first mine months,
facts and circumstances.
This year the second quarter's report was
divided into two parts—the first dealing specifically with the operatipg influences, >andvth'e. impact of the program of national defense;
the second dealing With the normal operations of the corporation,
particularly -from the financial and statistical standpoints.
In view
of the. fact, that output, for the program of national defense is taking
chromium, copper, lead, t*n and other mater'als.
In
it is reasonable to assume that more modifications
zinc,
addition
-
terials
used
an
must
priorities or rationing.
together with such comments as may be helpful in enabling th^ stock¬
holders to obtain as clear an understanding as possible of the existing
•
Food Machinery
Rubber Co.
-*'./ '•
and operating
«'2«.349
.
writing,
ous
.
1.153,003 ,1,153,008
$I'52M5S
&
,1;
Motors Corp.—Quarterly Report
General
•
And, at tne tame t.me. quality has been
njiatter of fact, it may well be said that the techno-
advance,
- ...
'■:Director7 .baye^declared* a7 dividend of 37 V2 cents per share on the
stock,, payable: Dec. 15 to holders of record Nov. 15. Previously
this year quarterly dividends of: 25 cents per share were distributed.—
v.- 154, :p. 694..1-X-..V '"-■•■V-i>•••;
'
15.529
$2,402,357
a
been established at approximately 50% of that in the previ¬
year.
Monthly production quotas are being established in
based in part on circumstances as thev develui.
For August
through November the industry curtailment was established at 26%;
for December at 48%, and for January at 51 %.
This curtailment will
result in the conservation of substantial quantities of steel, aluminum,
"
common
states:—
$2,673,466
flexibility of.
the
This was equivalent to a reduction of about 35% from the
production established in the first quarter of 1941.: Glnce
then further curtailments have been required.
Passenger car produc¬
tion of the industry for the model year 1942 has, at the time of this:
1,320,000
V
a
that of
of
78%%
■'
From
Gross
Dividend—;
<
without
by OPM.
13.4,934
ry."
—V.-
$6,090,241
17,820
27,951
income
20,000
1938
$320,966
89,176
;\ 7 - 2,650
$6,031,348
216,667
216,667
i
~---r.--—r-
appl. to pfd.
Company
1939
'
$407,733
$403,460
-
mtge.
:r,edit
2,650
As
conserved
be
$344,449
'
f,
bunds.—
Int..on debenture bonds
Othwfc>int. & deduct...
Int. c%rged to constr.Int. on
Divs.
2,156 77,'
income
Other
$6,087,591
$6,088,698
impossible
on its own engineering initiative there
additional quantities of materials for defense
as
a
result of curtailed production.
In May of this year General
Motors
announced that it would limit its 1942 model production la
*
rCelllr •- -iium
plant
$393,66'2;';
;V
been
these savings effected
Besides
1940
Net
,t
i;.
;<
critical metals were radically reduced, to an
aggressive way.
$364,853
Net
■
(excl.
taxes
it was pos-
facing
testify to the ability of the corporation's technical staffs and its manu¬
facturing divisions to deal with unusual problems in an effective anc
Georgia RR—Earnings—
356,273
..."
;45,744
or
servation, while maintaining the quality
September—v
1941
from failwayi—2: v
$491,226
Net from railway_-./CJl
/- 151.816
Gross
-
instances
the
changes which
short
make possible a still
parts to
will
v <6,186,072
-:\y
463,983
6,345,034
in
In addition to the re-designing of the 1942 models of the
corporation's cars, similar treatment has been applied to other prod¬
ucts where savings were possible.
7
'
These important contributions to the vital cause of material con¬
550.
p.
some
General
of re¬
use of
program
vterials.
:n)rovisfqhs.'fbr
Building Corp.—V.
Cinema
In
materials,
a
changes
equally satisfactory results from the standpoint of quality
reliability.
In others there was involved the complete re-design
and
of
deprecJation and estimated: Federal income
tax and excess" profits tax in-1941.
tExcluding Cinema Building Corp.,
J. M. Wall Machine Co.,-. Inc., and Zephyr Shaver Corp.
{Excluding
♦After
mind
.
469,713 shares of no par value. {Includes $69,366
due more than one year hence.—V. 153, p. 837.
General Theatres Equipment
ago
with
used
($114,049 in 1940)
in
time
advancement of the* 1942 models is fully comparable with tho
progress which
has characterized the corporation's products for so
many years and which has contributed so greatly to the development,
of its existing position,;
,\7"'' '..,,,7/7;,7'.7
Technical problems involved in some cases the determination of
alternate materials available
in more ample supply which could be
$20,192,281 $18,618,586
"■-■;•»
having
..with'the nation-wide
critical
of
logical
909,892
.
all
aggregate of vital mater.als.
158,732
454,159
.
for
model change.
Thus, as a result of re-designing and re¬
-engineering, General Motors will conserve for defense purposes a largo
688,747
111,299
adequate
complete
7,142
838,259
1 -i
quantities
cjo^erac.on
materials
raw
already
car for a number of
extent which would have
'
f ■: va-i-,;-•>/■..< Vt
a
192,171
■
474,778
payable
accounts r'l/i > 1—_
products,
basic
materials
273,894
192,171
1,082,310
tax—
tNotes';payabla;
1,723,903
580,668
Accounts
120,000
5,514
group-acc'dent- insurance—i.—
contingenciesiuir//.
:
413,354
*38,532
640.000
In
interest.
expanding list
inaugurated
some
immediate
make
to
of
new
$16,847,950 $16,131,240
520,000
in
is essential
this
per
3%%;"sinklng fund bonds-
for
various
it
reduced or eliminated tho
impending shortages..VtBut 7
far more important degree the program became effective in tho
1942 models now being presented to the public;
Requirements*/
sible
,$20,192,281 $18,618,586
national
essential
certain
,
7use
to
mortgage
the
conserve
technicians
designing
37
684,614
"
223.689
be
to
Motors
587
.
666~389
2__-
availability
that existing material reintelligently utilized and administered in a way that will
serve
effort
_
*122,161
direct
pvcI.
taxes
Prov.
•
employees
L'ab'lities^—,
^Capital and- su r pi lis JiL-—^_
Light Co.—Earnings— - •
,
30—: 1941—Month—1940
1941—12 Mos.—1940
—_
$1,248,039 $1,101,008 $16,882,402 $15,525,165
End. Sept.
ovns
Other
'"■
3,347,981
r
arc
of the defense program at home
circumstances
such
sources
best
Florida Power &
Operating revenues
U
—
Under
8,060
.
the Defense Program—As stockholders
and
continued
their
uncertain
6,244
3,233,594
the requirements
needs.
1,587,147
5.978
inyetitments;,r-^—,—______
1,830,588
683,700
■■
2,823
Total,—c——
Certificates—; ,
The ICC on Oct. 21 authorized the company to assume obligation
and liability in respect of JOot exceeding $1,000,000 equipment trust
certificates,
series J, to be
issued by. the Girard Trust Co., as
trustee, and sold at par and accrued dividends to the Reconstruction
Finance
Corporation in connection with the procurement of certain
equipment.
Mi
The purchase of the certificates by the RFC has also been approved
by the commission.—V. 154, p, 541. - r; '*:,/*
)
'
'•■'••*{'-
-
from offlvers and
Miscellaneous.
Trustees'
r'"
5,435
2,000
2,430.869
—
'
1,247,732
2,600
— r___-—
Deferred accounts
8,103,966
8,730,548
2,354,323
income.1,193,817
oper,
'
■"-•Loss.
„
railway——/;.
3,804
1,751,849
—
*105,134
*9,208
income_A>/ '
oper,
i:?
-r—
receivable
471,513
597,490
*13,510
railway.^.,;i 70,214
from
Net
<„
.
1940
V
• 'lSf4l 1
ra'lwayl-,..070,078
September—.
(•»
/
.
;
trustee
Inventories.-IA-a-:
Accrued interest receivable-.
->•
1939
1940
'213,315
Cash in banks in hands of receiver
First
r
$2.84
$11,356,118
—
Motor Cars
1942
and the im¬
situa¬
Many
important metals and commodities, as well as other products, arc
aflected to a greater or less degree.
In the case of some materials
produced domestically and normally available in abundant quantities,
the rapidly expanding scope of defense production, as new plants cre¬
ated specifically for that purpose come into operation, is resulting in a
continually increasing list of raw materials reaching a critical stage
from the standpoint of availability in relation to demand.
As for- a
number of vital, materials normally imported, the shortage of shipping*^
space,
together with the location of the sources of supply, renders "5*
$1.50 per
398,036
4
,
pact upon world trade of the war abroad have created a critical
tion with respect to a number of
industrial^ raw materials.
amounted
$11,472,081
—————
with
Notes receivable
Due
The
aware,
30
:
'
*
•
$325,400,000 through. Sept. 30,
represents production in the United States
Motors established products.
The major
deliveries
part'of the balance represents the output of special plants, machinery
and other facilities provided specifically for the defense products and
coming into production in constantly increasing degree.
^:
7
.
——
defense
total
now
$1,336,806
j>
industry.
of
automotive
the
of
the
1941, $147.,000,000, or 45.2%,
within the area of General
1940.
30,
Balance' Sheet,- Sept/
■■
estate, .etc..
Deposited
Officials
.
$342,821 " $1,374,294
$0.73
$2.62
$329,268
,$0.70
PatentS'..j{kvCps^^>li:i/t^--4—
-Earnings—
-Coast Ry:.
Florida East
v,
.
"
Cash
the
'
.
Repair parts,. etc.s__>___>—_—
-■
7
duction
J
1941
Assets—
.
Real
^*-^:Vvi'*Frank A. Bach, President of the company,'on Oct. 24 announced
promotion of Beverly H.hiMercer, Vice-President in charge of The
company's Judicial Department, to the ■ position of Assistant to the
Executive Staff.
At1 the same time he also announced the promotion
of Assistant Manager Austin ;H. Gelselman to the managership of the
Promoted—
corporation's
gree,
244,505
197,617
19,888,
nine" months ended Sept.
share in the
Accounts
Deposit ! Co.
&
270,082
.15,732
,
of which must be provided before volume
The remainder, 8% of the total, represents
and British Governments through
the Canadian
Canadian subsidiaries—comprising, to a major de¬
specialized military trucks and other transport equipment.
,
;
it will be seen from the above analysis that approximately 70%
of the value of the products involved in the corporation's defense con¬
tracts assumed are outside the corporation's normal activities.
'And,
as a matter of fact, nearly 90%
are outside the normal area of pro¬
the
862,797
Earnings for the nine-month period ended Sept. 30, 1941,
to $920,527 or $1.96 per share as compared with $705,298 or
taxes.-—V. 151, p.: 2643.
Fidelity
commitments made to
590,255
per.-.'-sh.1 cap.-stk.....
Earn,
—
———
599,597
1,808,653
,
—1——
profit
147,647
■
involving, in the majority of cases, the erection of new plantsi
to existing plants and, in practically all cases, special
additions
or
machinery and tooling—all
production can be reached.
294,759
149,860
keeping in mind the necessary period of preparation.
amount of defense orders awarded, 22% is fbr
aggregate
facilities
$3,034,363
'
«
$14,932,803 $14,574,118
♦After deducting reserve for depreciation of $4,570,764 in 1941 and
$4,393,330 in 1S40. {After deducting reserve for depreciation. {Repre¬
sented by shares of $20 par.
S Includes sundry accruals. J As security
under bond -issued for an equal amount. **In connection with certain
proposed additional income tax assessments which are being protested.
{{From the Treasury of Puerto Rico with respect to prior years' inTotal
Net
.
230^498
230,498
319,216
190,930
$3,980,162
77. 479,266
Interest,
29,722
year_i_
25,107
$780,438
•;.-*;
etc.___
income tax, etc.—
amortiz., etc._
Fed.
,
.
__———_——
maturing within one
deplet.,
38,218
/■>.
7
first
the
purposes,
the
Of
$2,739,604
$3,789,232
$974,126
/
income
Deprec.,
^
contingencies.^—'—.——
for
Reserve
-•
payable
^Accounts
'Mtge. installment
:
—
——
——
Total
$6,477,800
for
8.7%
Thus
$755.331"
$935,908
...
income
Other-
—I $14,932,803 $14,574,118
$6,477,800
1,000
1,000
59,444
29,722
r
.25,551
44.746-.,
493,077
515,374
Profit
.
percentage of
a
Of
'
__;
accounts
Planters
.22,767
105,149
,
105,701
—L—
payable
Mortgages
'
sales
Cost and expenses--^—
Products
Defense
of
products within the area of the corporation's normal production or, in
some
cases, as modified for defense needs,
By far the largest part—
70%—represents special defense products' entirely outside the corpo¬
ration's normal range of activities.
Such production requires special
>1941—3 Mos.—1940
1941—12 Mos.—1940
,$5,134,352 ,$3,702,031 $19,748,972 $13,641,076
4,198,444
2,946,700
15,959,740
10,901,472
Period End. Sept. 30—
Program
v"
,
defense
Co.—Earnings—
General Refractories
Net
.
portantly upon the degree to which the ability of the organization 'is
more
effectively capitalized in the form of additional projects for
'
V;
-
circum¬
7; "V
'
total corporation sales, defense deliveries repre¬
quarter of the year; 10.7% for the second
quarter, and 24.7% for the third quarter.
Though this relationship
for the third quarter was influenced by the reduced motor car volume
incident to the introduction of the 1942 models, there is evident the
increasing importance of defense production in comparison with the
corporation's other activities.
*
,- ;It
should be pointed out that the corporation's orders for defense
materials represent about 4 Va %
of all orders placed by the defense
authorities for durable goods.
On the other hand, General Motors has
been producing approximately 8%
of the total durable goods manu¬
factured annually in the United States.
It should be apparent that
the extent of dislocations in the corporation's
employment, expected
to
result from curtailment
in civilian production, will
depend im¬
.
1,384,394
30,000
stock ————_1„——
subsidiaries with public—
{Common
R. G. Baker, Chester H. Lang, David C.
Spicer,. and Harry. A.:,Winne. : "4.
. 1
are:. Walter
officers
Elmer. D.
as
:"■■
justify.
sented
Vice-president William
Burrows, formerly in charge of general
manufacturing, operation^, and Vice-President Roy C. Muir, formerly
in charge of general engineering operations, will become members of
the president's, staff,, «aryying out assigned duties In these respective
33,310
2,591,614
—'
Liabilities—
Stock
Vice-Presidents—
'
__—__—-
„—
Nev|
•
time
oj National Defense
\
\ '.V. .'
Constantly Expanding—Deliveries
under defense contracts and orders from General Motors United States
and Canadian
plants during the third quarter of 1941 amounted to
$115,900,000.
This compares with $75,200,000 for the second quarter,
$56,600,000 for the first quarter, and $77,700,000 for deliveries prior
to
1941.
Thus,v through Sept. 30 of this yean General Motors has
delivered, for defense purposes alone, products having an aggregate
value of $325,400,000.
'".w. •*. vV:■■•..< >.
82,489
43,487
•
Total
".
•
v
100,000
..
-
charges
150.
messages
Production
•As
of $209,150 for the first
reserves
Wilson,'President of the company, announced on Oct.
five new Vice-Presidents by the board of directors,
E.
new
Prince,
75,502
,
•
109,345
bills receivable-
——_
(■ TiCash deposited . :_-i—-i.
£"Cash deposited in escrow
SgAmount recoverable ——
Deferred
net
election.of
the
f: The
\
iIvvl87J98
100,000
——
and
accts.
Cash
reported for the same'period a year ago.
profit is; after tax reserves of $1,365,994 through
-
:
29,802
.
investments
Misc.
1,709,206
187,783
253,879
mortgages
Chattel
.>
138,444
sold—«
for sugar
hand—
on
158,326
^
the corporation was producing and
will continue from time to
which
These
/
-
Fed. Qo/t.
^
preparing to prb-
..
'
77 494,855*
on •
estate
Real
1,173,689
475,632
:
Charles
r
27
,
1941
$6,505,500
802,775
;
Planters'
>
1938
loss$42,552
Nil
'^The,new ^officers, were; elected, in connection" with a major change
in "the company's-organization. fUnder the new
setup, the company
v»>cittj,xng aepartments:
Appliance and Merchandiee, under Vice-President Hardage L. Andrews; Radio and Tele¬
vision, under Vice-President Baker; Lamp, under Vice-President Joseph
E. Kewley, and the Apparatus Department which, because of its great
i940
volume
of
business and
diversification of products, will be • staffed
$6,701,002
i by five vice-presidents, whose duties will be along functional lines. These
;
812,658
1,303,453 '.*" Vice-Presidents arei.;'Mr.. Lang, in charge of defense activities and also
continuing as., Manager of Apparatus Sales; Mr. Prince, in charge
408,943
of application engineering—Apparatus Department; Earl O. Shreve, in
528,839
charge of commercial activities, Apparatus Department; Mr.- Spicer, in
201,610
v
charge of manufacturing—Apparatus Department, and Mr. Winne, in
5
charge of design engineering—Apparatus Department.
•
2,583~310
.
cane
Materials & supplies"t Compen. rec. from the
(& Subs.)^-Earnings—
$8,252,077
1941, compared with tax
quarters of 19401.—V. 154, p.
three
•
v.
.
:j
•
.
of
The-above
323,890
.
Sheet July 31
..,.'.1
—-2
■
,
by two other
advising stockholders as to the obligations which the corpora¬
assuming and the problems involved
in discharging such,
was
duce;
i,
September,
companies. H Under the Sugar Act
Program. •
*• ■ *
'
* •
Balance
Consolidated
:
sales
with
July 31, 19407 {Includes $46,802 recovery on claim.
share, 3,150 tons, of sugars produced in excess of
\ ceived before
1941
of these mes¬
defense; the
with
products
,
$2.40
$3.81
1941.7 {Includes $3,720 re-
31,
received before July
$3,273
^Includes
323,890
323,890
.. 1''' v*'-)'
,:i - T';
•'
$3.34' '77" $2.19
com.
on
'Vii-
Sept. 30—..-
the
obligations.
Recently a "progress report" was issued outlining the
aggregate defense obligations including those under negotiation at that
time and,
in addition, displaying the broad diversity of the defense
,
General Electric Co.—Names 5
Y*
stock 77 V' 7*
$20)_
223,890'-
com.-
outstand.
Mos. End.
of
inauguration
the
dealt
tion
$7,350,790
142,474-'
$6,967,532
$7,284,725
surplus
Earned
Shares
975,075
"504,641
;
after
soon
policies in relation to that program.
The first
with the "production phase" of national
the "economic phase." " These were followed
to its
messages
<
199,847
1,300,100
$7,011,269
579,403
4,933,450
../l,433,958
660,794
that
recall
may
purpose
second
:{...t"*After 'depreciation, Interest and Federal taxes. 'tEarningS per sha/e ?
on 800,000 Sharer Of common stock.
<
i
* , ■
'
Sales of $17,039,343'for the 9 months ended Sept. 30, 1941, compare
$8,850,737
$8,128,818
4,431,985
1,192,109
1940
1939
♦Net- profit;-V*
$783,103 -" $377,376
$92,289
{Earnings per. share
; ■<•■ «■ $0.93
■
$0.47 *->
$0.12
56,476
$778,028 $1,234,631
7,350,790 7,616,107
27,390
1,213,005
••
Gar Wood Industries, Inc.
;9
412,811
;
234,515
$710,711
surplus—
earnea
Total
,
331,355 i
11,780
crops
Net
-
-359,228
113,880
78,521
th§ Economy, it
program
the
for
sages
159,710
productivity of
a policy of issuing special messages was established
of providing a continuing source of information as to
the effect of the defense program on the corporation's operations and
defense
as
1938
480,822
iCH
Stockholders
•
stances
1
income
Net
/
1939
-
508,267
4,372,719
from
.
,
5,570,139
$874,867
5,520,325
5,535,742
costs,
mfg.
$7,161*105
$5,697,094
$6,593,901
$6,708,843
Total
1—
railway—-4,741,103
railway-—>:« 1,41-6,319:'..
oper. income^—
749,874
Net
i
-.-
74,446
from
Gross
:
Deduct—Producing
1940
.466,718 7*
■»142,256
'
-
A i, ^98,475
'J--'"'
;':'"
opef.': incomei.i
ry.
From Jan.
-
140,113
;
Ry.—Earnings— V
.
the
naturally is bound to have a constantly expanding influence oA the
corporation's affairs.
Therefore, during the continuation of the exist¬
ing emergency, all financial and statistical reports will be issued in
form similar to that of the second quarter's report.
1
•"■'
: .
per-share.
'
Gross
of
part
increasing
constantly
a
share,, plus
per
September— /•. 1941
from railway.^:
,'<560,183
Net from railway—167,225
y-
625,682
:
26,611
•.
$103
Davies,'. President^
L.
v: Fort Worth & Denver City
900,423 s < . .-706,911
' 873.141,
*4
98,885
- 84,644
106,643
$6,069,020
$5,856,250 $5,017,350 „§$6,366,103
90,388
produced:/;
rec.7' from
Sugar,:* &c.,
1941
780,-742
-J
r*
tons____
tons.l^i
ground,
output,
Cane,
1
Account for Years Ended July 31
Consolidated Income
at
amount toj70V4C.
will
Paul
for the year ended July 31, 1941, were
"Chronicle" of Oct. 30, page 8G9^<;Vv;'.'V
and balance sheet
'
accrued dividends.
Dividend accruals
This redemption of preferred stock,
announced, is a step looking toward a pro¬
gram of,long-term financing to meet company's needs incident tcMts
currently .'expanding operations.
Details of the proposed long-term
financing were i not disclosed in Mr. Davies's announcement.—V. 154,
p. 150;.' f •1 •/"."i-k-.m'-V-*- ?*"\'*Y77 •"
y-; • If ' f -\
stock
Co,—Annual Report—The. remarks of
pass, President, together with the income account
Fajardo Sugar
;
,863
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4001
Volume; 154
While
a
discussion of the method
•
.
"
employed by governmental agene'es;
curtailing the production of the automotive industry is
somewhat outside the scope of this message, nevertheless it
in
a
matter
is of
importance, as affecting the eou't-es not alone of the stoekbut more particularly of the workers and of the dealers who7are distributing the corporation's products,
that it demands proper
mention.
' V
;7
•
prime
'
holder
THE COMMERCIAL & FINANCIAL CHRONICLE
864
in connection
v
the
with
$1,195,751,699 in 1940 to.$1,818,352,012 in, 1941—an increase of 52.1%,
^Liabilities-^>
Net income before provision for income and excess.-profits taxes 4nytj-:,t..
$ '•$ •>'"!,• "•»
creased from $181,644,490 in-. 1940 to $367,168,834 in >1941—an increase
Accounts payable
106,116,286
91,673,260
of $185,524,344, or 102.1% .'., ,/Provision for United States, and foreign.,,'
Taxes,,vpayrolls, - warranties, and sundry a .-: y.
1
<*.:.> ••>-' • •> income and excess profits taxes increased from $52,472,000 in 1940 to
V ;accrued items
95,050,742 t. > 51,701,694
*
$205,993,000 in 1941—an increase of $153,521,000,/or 292.6%,
The,., Special deposits on Government contracts,
29,929,427
33,170,689
excess
profits tax applicable to 1940 was not provided until the last, United States and foreign-Income and exquarter of that year.
Finally-, net income available, for dividends for j/, ,-.- cess profits taxes.
65,010,449
203,608,503
priorities program for the automobile indus-
allotment ratios among individual
these individual quotas, a differential has
been created by .the Government between the three larger producers
and the remainder of the industry; tnat is to say, the automobile protry, there
producers.
.
,
.
»
duction
ment
been
have
established
In establishing
of
three
the
the
than
consideration
in
method
this
of
•
undergone a greater curtail¬
as a whole.
The important
larger producers has
average of the industry
allotment
•
beyond the particular
facts pertaining to the immediate situation and has to do more directly
t with the principle involved, together with its implication over a period
'Of years.
As previously mentioned, there are involved the interests
of General Motors employes and of General Motors dealers and their
employees as well as the interests of General Motors stockholders.
The question naturally arises whether workers who have served or are
serving General Motors should lose their employment and in the aggregoes
the
$3.56. in
Net
gate
relatively
receive
less
where;' also whether the
dise to
sell
The
r
is
a
dealers,
Motors
competitive
everybody must do his
General Motors, for one,
i ;
of
sition of
the units within
General
defense
the
i
of
industry.
any
authorities
materials
their
in
defense
for
efforts
to
'
Sales
of
Trend—It
Business
U.
S
*"
■
reached
have
-
annual
an
rate
of
in every possible way with
an
adequate supply
far
from
to
-,V '.
" j ,•;•'•>-•
..
for
7/ '7;U
Canada,
ship-
Motors
.7
;■
by
and
from
from
inc.
Special
': \
General
tools
and
;
•
f$5'series
'',> '
!
&
oper.
of
>
I '•
'
L,
s
'
-
;
343,373
1,358,157
•
v
-
1,716,395
1,249,883
of no
,
consol.,
^
g
24,267,860
V
1,195,751,699
7 Net
-
>
-
372,048,852
199,659,498
■i
not
Gross
1^665^12
,
:/ 3.184,345;
23,225,447
367,383,740
stimulation
artificial
The
aemand
for
all
the
of
has
economy
resulted
in
Employees'
.4,539,737
10,456,153
for
corporation's products throughout the nineperiod under review considerably in excess of its capacity to
produce.
In addition, sales volume has been increased still further
influenced
are
by the
change from
occurs
during the month
Production of the 1941 models was
July.
September.
of
reflects
the
time
in
latter
the
part
the
for
While
retail
of
Total
the
United States and
first
to
basis
same
of .1940—an
the
cars
quarter of
with
1941
sales
of
dealers
first
nine
months
of
of
31.4%.
within the
•
•
Net
during
of
Retail
amounted to 305,554 cars and trucks.
236,849
units
in
This
for
the
corresponding period a
Sales, to dealers in the United States
2.9%.
by
of
States
nine
to
within
consumers
of
months
1,718,395
were
in
units
33.6%.
the
United
States
for
;
time
the
the
1941
cars
retail
and
corresponding
sales
trucks.
period
to
This
of
consumers
1940—an
in
the
United
States
established
a
for
the
record
new
sales
for
to
year
time.
all
increase
date
Earned
of
the
relation
and
year
Net
aries,
1941
fact
Pref.
for
quarter a
value
year
the
for
for
the
nine
This
months
of
first
the
nine
to
net
and
of
1941,
months
of
with
the
deliveries
for
of
of
program
of
the
Less
made
was
paid
months
the
not
the
For
the
purposes
for
223.512
28.4%. xFor
the
for
first
the
third
nine
of
quarter
months
of
1941
1940—an
the
employees was 302,064, compared with 238,549
period a year ago—an increase of 26.6%.
disbursed
Pavrolls
for
average
in
the
of
as
1940,
During the third quarter of 1941 hourly wage earners in the United
States worked an average of 39.1 hours per week.
This compares with
an average of 38.5 hours for the same quarter a
year ago—8n increase
1.6%.
For the first nine
worked
per
months
of
week
were
months of the
41.1,
increase
compered
of
8.2%.
current
with
The
38.0
year
in
increase
average hours
the first nine
over
a
year
ago
the weekly earnings of these employees was greater than the
per¬
centage increase in hours worked due to overtime premiums paid and
In
increase
Financial
of
10c.
an
Review—The
nine months might be
hour
in
operating
wage
rates
results,
effective April
sales
and
net
28.
6,323,446.
4,634,592
4,161,213
.4,065,689
.jV
.,
91,539,787
36,686,365
75,008,607
22,871,982
..
;
4,011,511
.
57,030,766
27,222,630
66,773,971
21,215,453
17.187,969
12,378,495
8,393,978
16,434,024
has been elected a director of this company to
Curtiss James.
F. E. Weyerhaeuser succeeds
railway's executive committee.—V. 154, p. 431.
Arthur
fourth
'
for
1940
1939
1938
$151,'879
$150,784
$133,724
57.333
44,463
48,879
40.C21
30,954
19,279
23,868
18,638
1,498,388
1,259,833
1241,460
1,126,149
475,331
339,362
357,243
287,278
232,753
158,499
155,825
116,060
income.—
1—
...
.
income—
p. 431.
Gross
1938
$96,136
$86,415
26,979
5.804
♦5^46
3,665
*2,031
19,641
*32,838
income.—
1—
from
from
ry.
railway
879,966
309,654
431.
p.
860,465
40.883
49,277
*190,106
income.—
154,
'h-
1,263,571
railway.
oper.
♦Loss.—V.
quarter,
1939
$116,989;
31,821
Jan.
Net
taxes
1940
:
$136,622
oper.
ry.
-Earnings-
1941
from
Net
above,
these
V
1941
$187,690
J.
902,559
32,577
13,872
♦193,588
*228,322
-
Surplus
••
Months
Net
•1941—9 Mos.—1940
-W
$
U-
Guysborough Mines, Ltd.—Earnings3
Tons
Ended
1941
metals produced—
-
operating costs—
6,968
$71,036,
33,403
>
--
iWi
1939
7,573
$31,783
.'
t
1940
5,992
income from
Development and
.vv
Sept,'30—
milled-.
ore
$61,487
<40,943
49,409
Operating profit w—
Non-operating revenue
Total
income
'
'
*Los§.Av.
2,344,208
7,032,623
7,032,623
43,500,000
43,500,000
119,625,000
119,625,000
45,844,208
45,844,208
126,657,623
126,657,623
153,
1
—i;.
550.
971
$21,516
8,250
*$1,619
430
$13,662
'
$21,086
•
Havana Electric & Utilities Co.-^Accumulated Div.—
directors
account
of
made
Corp.
in
have
declared
accumulations
payable Nov.
15
to
of
Haverhill Gas Light
held
dividend
a
the
on
holders
6%
record
preceding quarters.—V. 153,
by Gen¬
Period Ended Sept. 30-
stock—$5%;
$20,545
$21,912
*$1,619
•
;
p.
e>
285
Profit before "write-offs".—
't
"
2,344,208
ji'i $21,627
*$1,619
—
-
—
Opcrating
of
75
1st
cum.
Oct.
per
share
-
stock,
on
$100,
par
payments
were
242.
p.
Co.—Earnings1941—Month—1940
revenues
cents
pref.
Similar
28.
Net
or
49,653
148,958
1941—12 Mos.—1940
335,623
339,798
924,430
accrued-
45,670,990
2^!
126,168,867
45,458,932
surplus of companies
in
which
substantial
a
but
not
more
than
,
held.
1
Assets—
'■/
78,601
marketable securities
147,398,078
acceptances
.V
2,000,40-1'
i ko
(net)
ton
onn
152,327.200
Inventories
352,113,838
Investments, in
—r,__^
investments
Miscellaneous assets
>/--—-"-a
—
—
1.836.327
42,785,105
trial
of
44
-j.
•
35,000
$60,392
.762 K Vr: 563
$59,863
j—_
u
$59,829
v
41,769
39,312
Publication, Inc.—Stockholder Wins
from
Judge
Clement
L.
were
for
15
months,
gave
AWr<
directors
;
before
222-page
a
-
whom
the
fl
«
/I
and
-
A
i
aawm
officers
aC •"
of
iUn
the
1
TTn«
Hearst
was no
has
case
decision,." It'"held that
transactions, which extend back over more than
to be rescinded; that Mr. Hearst, his executives and
11.789.210acted In good faith and there
?Reatiaesta°e'CplantseanUd1eq*ui^e^;;^IZ~.:.!.;,4a4!382!783w/;.40o!838:s77
Shinn,
the
1*1 i
1
40,412,
;; 7,836.313
$4,783
542.
d'spatches
Superior
on
198.225,333
222,794.017
35,000
$60,625
-
v
m
nci
81,852,052
246,^33,705
subsidiary, companies not
consolidated
7.783,870
';
-
2,917
.•,./vUiZv/;/1..;J,: /;———•*•
— v::
Lbs Angeles, Oct; 23," state:., Decision was
handed down today (Oct. 23) in a stockholder's suit against William'
Randolph Hearst and several of his corporations filed by Samuel Mann.
a stockholder. •
"
;
1.700,238
7,633.708
.
V,
trade
$95,392
Suit—
Press
200,000,000
700,049
,WV(W,W
7,881
$95,625
$4,827
-
Hearst Consolidated
218,241,185
.....
Notes receivable
receiv. ~&
declared
,.
^
10,796
$7,744..
$3,899
p.
/ $87,511
$
:
notes
$84,828 ?:;
CO
CO °l
charges—.
154,
V>
958
; -
2,917
——
—V.
•
$6,785
■
1,232
income
Net
'•
'<■
$6,860
accruals
res.
income
Interest
$5,627
—
Dividends
1940"
109,014,978-
securities:
Gross
•
50%
107,848,186
States Government
Sight drafts and C. O. D. items—
Other
88,401
v
1941
Cash
Accts.
7,013
Retirement
.
-
Other
31.775
7,187
Balance
Consolidated Balance Sheet Sept. 3Q
Tax
33,883
506,028,120 450,030,831 506,928,120 450,030,831
surplus includes' $35,229/333 at Sept. 30, 1941, and
at Sept. 30, 1940, for net earned surplus of subsidiaries
consolidated: also $1,679:467 at Sept, 30, 1941 and 1940, for earned
United
$557,655
359,767
2,967
operating revs.—
Non-oper. income—net_
125,584,235
Note—Earned
is
342,090
3,268
Net
$33,753,823
interest
$549,203
27,790
_\
dividends
Earned surplus at end
of period
not
$44,555
Operation
148,958
123,565
capital stock
cash
paid
49,653
29,463
Maintenance
-
>
$45,545
Taxes
cap.
^
^
1
:
j
..
i.
^
Consolidated
M
l
«
.
ten
.
been
none
years
organizers'
Inc'
'
i
Publications
fraud.
v
aterSt iste"tlmn chaTged
a
1941.
income
for
summed up as follows: Sales increased from
1938
railway—
oper.
154,
From
such portion of the net in¬
could not be remitted because of foreign
.
1940—an
Sept.
5,140,667
railway
from railway
Net
con¬
com¬
treasury:
Common
and
wages
,
10,682,076
railway
oper.
ry.
Not
amount
shown
as
Provision
Short-term—marketable
salaries during the third quarter
of 1941 totaled $153,944,515, compared with $107,321,799 for the corre¬
sponding period a year ago—an increase of 43.4%.
For the first nine
months of 1941 total payrolls amounted to $498,961,619,
compared with
$344,895,688 in the corresponding period of 1940—an increase of 44.7%.
the
of
of
number
,
1939
September—
paid
series
nine
corresponding
"
t.
5,443,972
Provision for taxes,
ser.-
stock
cap.
in
defense
increase
;
11,323,532
from
Gross
received
,
with
•'J-' I
;
1940
Gulf & Ship Island RR.
of
profits
or
___—
Motors
Pref.
the
first
of
Dividend-—;
include
>
stock
accrued
on
to
•
an
provision
excess
includes the
1941
1941—3 Mos.—1940
accrued
eral
of
to $247,700,000, representing 13.6%
of the total net sales
value.
yv /
:■ v; v.
^■
Employments-There was an average: of 286,936/ employees on the
corporation's payrolls during the quarter under review.
This com¬
to
1941
and'
income
profits taxes.
in
does
Net
—V.
551,699,110 495,489,763 632,196,987 575,615,066
divs.
amount
or
total.
amounted
year
$1,195,751,699
52.1%,
for
the
24.7%
or
current
sales
increase
1940—an
year
deliveries
*32,891
12,162,776
railway
Net from railway—--—
plants, and equipment.
of employees'
savings
employees of certain foreign
foreign
first .nine
Gross
estate,
tTo
from
from
the
Motors
amounted
in
pares
S.
excess
income
cash divs.
or
with $275,791,610 for the/;
70.2%.
Of these net sales
$115,900,000,
compares
of
current
compared
of
quarter
amounted
.
increase
ago—an
third
defense
sales
$1,818,352,012.
of
the
stock—$5
Tot.
there was a shortage of General Motors cars
during the major part of the current calendar
$469,261,152,
143,117
43,165
Seeger
late
From Jan.
account
on
$
Common
substantial part of the model year.
in value by the corporation and its consolidated subsidi¬
excluding inter-diyisional transactions, for the third quarter of
months
,
U.
accrued:
;■
a
to
G.
the
Net ry.
surplus before
cash
sales
national
first
that
demand
to
amounted
same
in
for
dividends
Less
of passenger cars registered for this period reached a new
48.7% of the industry.
The record was attained notwith¬
standing
Net
1^9,172,490
through
General
280,051
;-99,761
Green Bay & Western RR,- -Earnings-
surplus at be- .
"
-1
ginning of period--.- 508,701,181 479,892,733 471,021,153 446,442,576
Motors Corp.'s
✓
*
proportion of net Inc.
42,997,929
15,597,030 161,175,834
this writing, due to conditions prevailing abroad, as to
pro¬
by overseas manufacturing subsidiaries.
competitive position of the corporation's 1941 models, as measby its percentage of new cars and trucks registered by private
high
Net
matur.ties.
of
1941,
1,506,359
1941
September—-
Gross
General
percentage
in
real
.
consumers
26,512
1,714,791
•
Earned
in
with
compares
The
August,
of
reversions
class
1940
year
■
13,749,944
7,003,925
lncome_^_
oper.
Mr. James on the
;
•
duction
used
ry.
succeed
$2.83
provision for
above
1,874,912
346,109
.
44,175
11,959-
>
New Director-
43,165,399
$3.56
Period End. Sept. 30—
.v.:-,';;..",.
Overseas sales of cars and trucks produced in the United States and
Canada for the third quarter were 30.810.
This compares with 23,029
units for the corresponding period of a year ago—an increase of 33.8%*.
For the nine-month period such sales amounted to 96,573 cars and
trucks, compared with 86,727 units for the same period of the previous year—an increase of 11.4%,
No information is available at the
„
43,377,453
$0.31
Statement of Consolidated
dealers
the first
For
1,285,194
43,165,393
fund
30.7%.
sales
United
122,288,825
$0.94
v
railway
railway
Walter
come of foreign subsidiaries
exchange restrictions. '
quarter of 1941 amounted to 333,273 cars and trucks, com¬
pared with 343,373 units for the third quarter of 1940—a decrease of
the
no
The
third
the
154,292,169
^
-
railway-
from
from
6,883.665
13,302,475
amortization
before
income
makes
887,820;
183,595
have
from
Net
129,172,490
6,883,665
$30,000,000 provided in the first six months of 1941 for special
tingencies, including possible additional taxes.
These taxes were
puted under the provisions of the Revenue Act of 1941.
year ago—an increase of 29.0%.
during the first nine months of 1941 amounted to 1,633,912 cars and
trucks, compared with 1,249,883 in the first nine months of 1940—an
increase
-161,175,834
of
,
United States
"31,280
par
Net
2,294,555
taxes of $205,993,000 for the nine months of
1941
181,329
.1
,12,836
440,166
from
Gross
sh.
Notes—Provision
compared with 1,358,157 in the
increase
by the corporation to
compares
for
1,785,113 cars and trucks,
monhts
nine
third
amounted to 343,085
no
,.
129,241,355
15,597,030
subsidiaries,
^Includes
in
the nine months of
'$122,276,000 for United States excess profits taxes.
dealers, including overseas
plants but excluding
.
the
sales, on
Sales
the
to
Canadian
ui ts,
units
amounted
161,249,107'
40,703,374
stock—
investment
withdrawn
during the third quarter of 1941.
This compares with sales
for the third quarter of 1940—an increase of 32.3%
259,370
15,621,117
of
depreciation and
tLess
-
1938
.
>
stk.
per
common
6,266
2,745,953
income_>^»
oper.
1939
,
198,468
J
rallway_„_
railway
.
dividends received from subsidiary companies not con¬
solidated, after all expenses incident thereto, and after providing $13,181,513 and $38,685,283 for the third quarter and the nine months
ended Sept. 30,
1941, and $11,217,496 and $33,439,534 for the third
quarter and the nine months ended Sept. 30, 1940, respectively, for
are
and Value—Total sales
Units
from
trucks
and
of
earned
-Earnings-
1940
.
i
42,227
;
railwayNet ry. oper. income
From Jan. 1—
'Including
product.on by overseas manu actur.ng
of
com.
limited by^the amount of merchandise
that their acceptance compares very favor¬
ably with that accorded the new offerings during recent years—indi¬
cating that in ail probability the problem in the months to come will
be to disiriuute available products as equitably and intelligently as
possible,
in
-
Net
52,472,000
43,377,446
nupiber
shs
acceptance of the corporation's 1942 models has not yet
been evaluated on a particularly broad front, due to the lack of time,
Sales
•
.y •
205,993.000
on
stock—
outstanding
Amt.
the
shipments
'
.
40,502
;
Income—
September—
sales.
preliminary indications
ry.
Gross
12,577,000
2,294,555
earned
-
Grfeat/ Northern Ry.—-Earnings—-
76,700
'
Corp.'s
Average
of
well under way by the early
the record of motor car sales to dealers
change irom one model to another.
Dealer
sales to consumers, in turn, are
available
28,786
pref.
common
August
Hence
of
9,800
:
series
Amount
model to another which
and early September.
one
of
terminated
Production of the new models was
part
16,544
ex-
1941
.
'15, 1940, and dividends of 50 cents were paid on Oct. 15,
16, June 15, March 15 and on Jan. 15, 1940.—V. 154, p. 542.
167,769
and financ al records of the third quarter of the
*/ normally
...7
7,409,000
y
and
of net inc._ 42,997,929
stk.—
of
$5
10,569,000
43,022,353
Mot.
propor.
Divs.
by expanding production for the program of national defense.
year
S.
shares.
.
,
Nov.
Cr501,000
paym'ts.
U.
1,875,366
declared a dividend of $1 per share on the common
value, payable Nov. 15 to holders of record Nov. 1. Divi¬
dend of 50 cents was
paid on Oct. 15, last; $1 was paid on Sept. 15,
last; .50 cents paid in two preceding quarters; $1 on Dec. 16, and on
189,366,824
.
2,151,000
income
General
377,839,893
58,267
profits taxes— 37,633.000
Net
the
Both the statistical
for
$Represented by
,7236,979
Gorham Mfg. Co.—$1
provided
bonus
cess
month
82,822,897
27,705,132
L "
t
'
.
from
Directors
7,891,671
' r
___
for. income and
con¬
a
bonus
450,030,831
•Loss.—V; 154, p. 431.,
divs.
invests.
tAmounts
§Prov.
is
&
1,888,613
7
750.
& Florida Ry.
railway-___i7%^
Net. /rom
„
181,475,153
7-^ V
employees'
fund
on
savings
1,888,613
jan.-1—'
From
•
4,758,465
erats.
limiting factors which always must exist, I What is now to
the transfer of production normal to a civilian economy
to that demanded by the defense economy, and to a constantly increasing degree.
*
'
sumer
from
Net
'
profit from op-
tint,
as
1940.
p."
154,
railway____
Net ry. oper,
-
*
1,510,203 r; : 1,042,413
from
stock,
to
happen
September—
-.
15,000,000.
•
received
Net
187,536,600
435,000,000,
,506,028,120
-
.
value.—V.
par
Gross
r
,
less
39,518,864
187,536,000
435,000,000
———
,
'/Georgia Southern
•
existing
course,
preferred stock.*—,
($10 par)
stock
Jh ,1041 'gnd $406,728,515 in
1,285,194
1,633,912 > ;
-
K
79,574,635
em-
cos.
24,179,302
52,841,187
v-
.
1,785,113
^ :236,849 '7
78,064,432
subsid.
26,435,576
Total
1^97,595,704 .1,422,764,1.43
*134,321 shares of common stock, and 39,722 shares of $5 series
^ preferred stock, no par^v tAfter reserve for depreciation of $429,547,170
.
v
7
^
(net)
earns,
I
of
reserve
Interests in preference stock of
subsidiary company
res..
Remainder
Equity in
Common
Minority
469,261,152 275,791,610 1,818,352,012
\ "7
77'-."7.
invests.__
conting.
-
3.057,775
jy-'X-y.y,
foreign subsidiaries—:——
special
5,644,063 v
3,293,065
r
.'
"
259,370
<
•'
305,554
'
to
(including
•
.n,
$25,000,000)
tool
l941-~0 Mos;—1940
7"*"
•
7
.
333,273
ployee benefit plans
measured in value, further expansion is likely as a result
trend toward advancing prices.- This for the reason
that we have reached the point where our economic resources in
ay;
practical sense are being generally employed, giving consideration, of
1
Allocable
excess' -7
an
special
deprecation
miscellaneous:,,
to
S.
sales—value
"
the
719,814,791"
-11,329,726
:
and
Eaffiedr sufplvis
:>
S.
sales
Pos. Josses under
■
although,
7,409.000
25,674,304
Contingencies
~
of
2,294,555
lia¬
Deferred, income
.
343,085
V;V"
Net
substantially $18,000,000,000 as compared with the period
just preceding the inauguration of the program of national defense.
While this indicates a tremendous expansion in the physical volume
of production, part—although not a great part—is the result of some
"increase in the prite level., It is hardly to be expected that equally
large increases in the volume of physical production are possible,
■
miscellaneous
10,569,000
Employee benefit plans wJ-i—
•
•.
.
v
*7,--
dealers—U.
in-
an
partly, offset
construction
the
consumers—U.
Gen.
.
$90,000,000,000,
period,
new
operations
Retail sales by dealers
assure
as
not
and
overseas
ments
of
crease
and
2,294~555
^•:
bilities
at
' V1941—3 Mos.7-1940
t/j.:-.'!',"., ;
:..V'''Vy:
i"77
sales
In
and
incl.
if the trend of industry activity
and the economy as a whole is following a pattern which it might be
expected to follow in view of the forces to which it is being subjected.
It was pointed out in the second quarter's report that at that time
practically all indices measuring activity within the various areas of
the economy continued to move upward—new all-time records havings
been registered in many instances.
National income payments now
appears
to
.*'
Cars
dealers
♦Profit
The
'
Motors
to
v
Quarter's Operations
charged
Trucks—Units:
purposes.
Third
during the
expenditures for
in
amount
General
In addition, it is continuing its
own
engineering efforts whereby the important savings already contributed
through research and engineering may be still further expanded.
/ -k
■'-•'v
' -'.'V vy;i V •: • 'V *
•
capital
warranties,
v4,833,657
~
capital< stock_
.
"
:I:
Motors will continue to cooperate
the
Period End. Sept. 30—
that the policy behind the sacrifices now demanded of everybody should be to maintain the relative position as among producers
within industry.
That is to say, the policy should not be to use the
emergency as a means of arbitrarily readjusting the competitive • po¬
'
disbursements
$23,660,456
believes
>
compared with >;•: Employees' savings fund
Dividends payable on pref.
24.8%;
And on a-*
$2.83 -in 1940 to, Employees'- bonus-
as
or
increase, from
an
Capital—Net. working
amortization.
And it is doing its part to the very best of its ability
evidence by the tacts presented in tn.s report.
But General Motors
as
$161,175,834,
was
was
Taxes,
Working
over
part in the defense program
not only proposes to do its
part, but more.
•
1941
incfease of $32,003,344,
1941.
dividend
V
.
of
there
basis
V^R^e*v?s:
else-
as
dealers.
that
accepted.
employed
workers
of
individual
relatively smaller percentage of merchan¬
compared with
as
fact
favor
in
General
17,000
merchants, should receive
.
work
months
Sept.,,. 30,
1941,
amounted to $494,638,847.
This compares, with $477,940,113 at Dec. 3l|
1940, and $457,061,151 at Sept. 30, 1940.
The -increase of $16,698,734 ",
in net working capital during the first-nine months of 1941
is ac- counted for principally by an excess-of -$35,006,967-in net income over
.
.
nine
share
common
v
«
first
$129,172,490 in 1940—an
,
,
Saturday, November 1, 1941
?
*
Total
....
/
1/697^595,704'
,;,
,
.
•/«. -j
1,422,764,143
Due-to^^ the-complexities
many
of
the inter-company, transactions
and
-corporations-•.formerly • withto-the• Hearst structure, lawyers
/
•
/^
-
the
were
-
865
/unable ta figure the gross amount of :the awards to the stockholders
Hearst Consolidated:-'.This vwill';be calculated on the basis of a
V formula set forth in the decision. Whether the awards will, aggregate
"»
'more or less than a million dollars has not yet been figured.
'W,';
:
direct
•
'
:—
1
5,615,958
5,623,309
99,335
1,248,480
143,017
taxesi
tayes
628,336
v
97*229
-
Operating
re¬
220,135
1,118,913
245,994
operat.
income
$308,123
revenues-
$339,889
25
Gross
income
$4,175,140
'
■
$4,186,995
•
962,500
962,500
14,363
167,866
166,426
$2,610,536
$247,010
$3,056,629
$2,854,420
'i
•
'
income
Net
$1,386,473
'253,844
Net
Net
Surplus
Shares
stand
:'
(no
Earnings
'.
out--: i v.
.,
pari
;
"
surplus:
earned
Total
138,350
for
1939
loss
Marketable
.
'
1
against closed banks-Accounts receivable -——
/Claims
:■/ Inventory
——
'
charges
j: Deferred
income
12,500
12,500
531
30.958
385,245
2,221
—
377,030
Net
payable
accrued
3,715
Taxes
9,632
8,812
8,452
340.563
316,180
Dr503,542
Dr503,542
:
_
Reserve
Earned
income tax
for Federal
surplus
——
/stockholders-...-—
to
Distribution
v■
•
Household Finance Corp. (&
Period End. Sept. 30—
Gross inc. from opers—
;
$742,409
Balance
income
Gross
10,854,873
1,183,373
$7,278,740 $10,245,936
5,234
11,263
$7,283,974 $10,257,199
.
437,347
309,893
610,357
contingencies
for
125,000
225,000
200,000
taxes:
Normal
Excess
980,000
profits tax
2,634,403
1,744,200
225,000
2,088,000
surtax
&
tax
960,000
v
.
$209,693
$2,161,807
bonds
56,250
56,250
675,000
9,333
105,625
163
359
$79,302
6.919
5,395
4,503
4,364
$4,159,374
675,000
2,205,370
$4,691,568
$5,609,857
Net
$6,188,485
5%$ preferred dividends
dividends
Common
Earnings
675,000
900.000
2,211,911
,
3,657,923
93,226
$1,085,640
Net
$8,491,444
79,545,670
84,905
47>216
and in banks
hand
on
:
receivable (net)_of Canada war loan bonds
notes
in Dominion
etc—,
Other receivables,
and improvements
equipment
642,981 -
(net)
79.371,215
75,970,218
18,279,865
9.556,056;
19,067,749
19,202,150
1,958,134
1939
2,252,038
78,589
624,756
the
$88,812,216 $82,244,583
—.—J——--—-
the
88,706,975
25,373,384
71,719,896
68,942,616
payable:
v--
85,602,178 '
15.379,949
16,140.093
16,015,638'
16,276,051
8,517,990
9,334,042
thrift
•
.»•
*
plan,
■,
Miscellaneous
1940
1939
564,867
462,903
262,576
181,685
91,842
233,987
167,861
147,984
90,827
railway
5,180,889
4,512,857
4,240,659
1,520,059
1,360,993
812,750
524,386
r.
-
'
••
*4
Total
Oct.
filed with
24
the
1
'■•••"
—
SEC
a
registration
.
Illinois
to
the
company's
follows:
.
%
Bonbright & Co., Inc., N. Y. City
Paine, Webber & Co., N. Y. City
$2,875,000
2,156,000
Mitchum, Tully & Co., Los Angeles
719,000
18,432,475
697,194
11,235,992
least
$88,812,216 $82,244,583
30
redeemed
are
days'
redeemable
notice
orn'or
after
1,
at the
option of
following
the
Oct.
at
before
1,
1945, 108y2%;
and
Incl.
Oct.
1,
thereafter and
thereafter
at
par
Approved—
the
amount of
dividend
such
will
%
be
Corp.—Exchange
1943,
the
.
..
.
been
has
appo'nted
Agent—Sus¬
agent
exchange
for
Home Products
share of American Home Products for
Vitamin.
Exchange
has
suspended
from
dealings
this
154, p. 656.
1941—9 Mos.—1940
1941—12 Mos.—1940
$11,451,977 $10,539,018 $14,797,689 $13,751,352
4,938,089
4,589,857
3,795,082
3,461,648
1,489,539
1,149,517
1,253,334
934,134
817,414
786,166
585,857
628,934
30—
expense
—
1,905,708
1,184,193
2,215,914
1,584,314
1,046,951
915,752
1,356,166
1,177,578
$2,865,045
997,500
113,288
$3,414,358
$4,011,816
$4,432,671
1,301,222
1,330.000
1,789,035
41,075
163.544
131,221
212,619
2,551
7,077
2,551
deductions-
5,777
22,967
41,059
28,765
57,383
Net, for dividends.™
$1,573,524
$1,902,332
$2,295,354
$2,380,875
(incl. Fed. inc.)—
expense
for
Int.-,
etc.*-
Co.,
on
152,154„
166,855
misc.
provision for Federal income taxes was required for the
1940, as, in computing taxable income, costs of refi¬
nancing are written off in the year incurred, while, in the company's
accounts these costs are amortized over a period of years, with the
Note—No
calendar
year
approval of the Public Utility Commission.
The provision for Federal
taxes on the above profits for the year ending Sept. 30, 1941,
income
would
normally have amounted to $786,209 as compared with $596,251
12 months to date.
The management believes
liability for excess profits tax.
•
1
actually set up for the
that the company has no
Consolidated
capital,
Balance
Sheet,
Sept.
$82,545,738; cash,
30,
1941
$787,513;
,
notes
'
receivable,
"
12,000 shares
9,000 shares
3,000 shares
after
expense
debt—Cr
Other
as
Stock
company
41,075
debt
of
and
discount
notes
Amortization of premium
property
at
prices plus accrued int.:
If
109V2%; thereafter and incl.
thereafter and Incl. Oct. 1, 1947, 107V2%; there¬
1949, 107%; thereafter and incl. Oct. 1, 1951,
Incl. Oct, 1, 1954, 105 Va % I thereafter and Incl.
Oct. 1, 1957, 104Vi%; thereafter and incl. Oct. 1, 1960. 104%; there¬
after and incl. Oct. 1, 1963,
103%; thereafter and incl. Oct. 1, 1965,
102 Vi% ; thereafter and incl: Oct. 1, 1967, 101 '£%; thereafter and incl.
Oct. 1. 1969. 101%; thereafter and incl. April 1, 1971, IOOV2 %; and
Oct.
.
bonds
The
that
of 1
Vb
Curb
Sept.
Assets—Fixed
36,619
"
Co.
revenue
Amortization
.
619,696
<
End.
gross
Avail,
statement
Telephone
Standard
18-,000,000
1,600,000 shares of .no par value; issued and outstandless 2,592, shares in treasury; 1940, 737 389
shares in treasury, at a stated value of $25 each .(sub:ject ,to reservation lor stock ownership plan—1941 and 1940, 80,000
.shares)V.' 154, p. 543,.J
737,389 shares
'Cshares' less 90
of
improvements
Bonds
600,858
of
rate
York
underwriters
as
*411,513
Vitamin
Trust
Int. on promissory
corporate purposes.. r
,
>
and the amount of securities to be taken by each
other
for
The
106% ;
Pi- ♦Authorized
«line—1941,
and
12,129,242
—J
,>riy•'-' *'
stock
common
additions
14,500,000
and
are
963,782
*211,091
*10,234
8,937,036
Jersey Central Power & Light Co.—Earnings-
Taxes
Registers With
Telephone Co.
18,369,925
—_
„——————____
•'
of
1,039,529
*183,485
of International
Maintenance
Form
for
937,218
983,006
notified
expense—generalOper. exp.—merchandise
1,077,361
852,409
18,000,000
—
—.————
174,823
be
will
Oper.
432.
42,005
stock
Capital surplus^
surplus
962,299
154,393
;V\ 883,746
& conting.
imssubsidiary company—
preferred stock ($100 par)
J Earned
shares
as
2,188,598
railway™,
income
154, p. 335.
New
period
Total
3,884,136
2,075,470
1,187,003
income...
-
95,997
company's parent, General Telephone Corp., will be used .toward
following securities:
$5,750,000 3%% first mort¬
310
8,440,424
1938
509,087
-
2,460.172
959,797
14,000,000
Minority interest
'Common
^
4,134,710
current liabilities
Serial loans—banks (non-current)
Res. for Canadian e^ch. fluctuations
5%
482,850
70,216
8,335,478
company's capital stock, par value $1.—V.
Co.—Earnings—
1941
retirement of the
well
j„—;
Dividends payable
:
;
370,480
—
;
189,521
10,189,796
oper.
share
each
bonds, series A, due June 1, 1970, at l05'/a% ; 17,093 shares of $6
preferred stock, at $110 a share, and 1,108 shares of $6
preferred stock owned by General Telephone Corp.
The
balance of the proceeds will
be used to purchase from the parent
1,459 shares of common stock,, of, Central Illinois Telephone Co. and
14,161,300
and others, pursuant to
Federal and Dominion income, excess profits
aftd capital stock taxes———1—_
•
;
18,648,220
:
officers
994,782
120,384
208,686
69,385
1—
railway
at the
Corp.
cumulative
$500,000
1938
1939
1,028,182
186,566
International Vitamin Corp. to issue stock of American
9,033,359
cumulative
Banks
Employees,
.
$500,000
(due currently)—;
loans—banks
Notes
from
ry.
1940
965,354
313,650
income
oper.
from
Manufacturers
gage
LiabilitiesSerial
r
1941
1,241,357
International
proceeds from the sale of the securities, together with $105,000
from the sale of 7,000 additional shares of common stock to
The
$188,526
pended from Curb-
of
$5
of
shares
$461,684
1,590,514
railway—619,192
on
$27,951
to capital surplus and that the amount of such dividend so
shall be restored to capital surplus from the first available
earnings after Dec. 31, 1938, after providing for 1939, 1940 and 1941
dividends heretofore declared and paid.—V. 154, 751.
1938
1,868,976
income—
2-4866,
$5,750,000
—
$148,884
charged
charged
A-2) under the Securities Act of 1933, covering
3%% first mortgage bonds, due Oct. 1, 1971; 24,000
cumulative preferred stock (no par), and subscription
'receipts rfor the preferred stock.
(No.
73,9 04,045
112,600
518,446
Interest or Federal income taxes.
tBefore de¬
but after provision for Federal income tax.—
Interest on bonds™™
Company
44,494
194,446
&c._
railway
stockholders
10,445,067-; 10,372,540
Vtt to
I'.'H
1940
1,260,899
Illinois Commercial
1940
$7,637,193
115,092
16,421
SecurltW and Exchange Commission has approved payment, out
capital surplus, of the quarterly dividend of 87 V2 cents per share
on the $3.50 prior preferred stock of this corporation, payable Nov. 1,
1941, to holders of record at the close of business Oct. 20, 1941.
Concurrently with the receipt of the dividend, the prior preferred
received
Total
ry.
$7,941,379
2,389,374
railway——
p.
144.005
of
SEC—
1941
Installment
82,552,221
3,008,954
income—
oper.
154,
35,396
14,171
—
Retirement
Consolidated Balance Sheet, Sept. 30
Assets—
ry.
p.
Net
2,975,115
$8,752,833
railway-.—-U
from
Net
—V.
t$416,218
76,594
International Utilities Corp.—Dividend
2,625,573
railway—
from
Gross
1941—9 Mos.—1940
t$79,768 *$1,168,629
*$432,095
The
$8,689,860
Net ry. oper. income.—
From Jan. 1—
$6.41
$5.54
$4.74
-
Corp.—Earnings—
inc.,
taxes,
From Jan.
1938
2,903,345
railway
from
Net
$737,836
interest
Federal
from
Gross
9,386,688
$10,568,383
Illinois Terminal RR.
900,000
$1,094,674
152.
154,
Net
10,381,087
3,716,563
2,729,581
1941
-
September—
3,685,758
$113,216
1941—3 Mos.—1940
-
profit
Net
1—
from
346,439
$99,713
September—
from railway
414,342
2,053,108
154, p. 432.
Gross
29,869
379,971
3,064
.
railway
oper.
3,540
36,801
32,111
46,198
a
dividend of 26 cents per share on the
15 to holders of record Nov. 5.
Dividend
paid on May 15, last; 20 cents was paid on Dec. 23,
previous payment was the 15 cents dividend disbursed in
prof,
The
$7.17
Note—The company's proportion of the net income of the Canadian
subsidiary included above for the nine and 12-month periods ended
Sept. 30, 1941 and 1940. amounts to $210,425, $175,625, $170,195 and
$227,062, or approximately 5.06%, 3.74%, 3.03% and 3.67%, respec¬
tively, of the consolidated net income for those periods.
common
ry.
—V.
of
share
stock
per
from
Net
$1,114,144
"
Gross
.
railway.
from
Gross
5,822
income
1—
oper.
$1,506,756
was
•V.
$1,49*9,982
1939
2,044,639
ry.
22,249
$153,557
1
declared
and interest,
3,096
V.
$1,388,101
1940
from
From Jan.
2,075,700
225,000
of subsidiary company
238,218
83,810
Net
System—Earnirigs-
3,030,174
Net
$1,091,895
23,070
'Loss.—V.
Earnings of Company Only
225,000
$1,483,686
2,373
Products Co.—26-Cent Dividend—
Steel
bond
for
Net
1941
from
$151,184
International Great Northern RR—Earnings—
V-
$144,472
3,920,596
from
$145,895
<
preciation
$2,293,185
$973,759
—T—
9,971,508
Net
791,632
960,589
.121,299
12,750,227
Gross
1,551,082
1,053,589
deprec. and
plant expense
exc.
675,000
8,081
September—
432,649*
116,537
.115,668
'
432.
j—
for
4,355
$143,470
.....
railway..— 102,537,773
Net from railway
30,229,635
Net ry. oper. income
19,376,240
$9,245,881
$2,844,116
198,477
127,650
for*
Prov.
432.
p.
; V 288,163
1939.—V. 152, p. 2707,
Prov.
$2,288,830
5,356
414,342
From Jan.
13,630
182,794
Office
518,700
$2,156,451
from
Gross
$9,232,252
and
excess profits taxes—
Minority int. in reansi
income
Dominion
Invest,
581,300
245
railway....
Net from railway
Net ry. oper. income
1,058,257
.-Uu
and
idle
1,245*743
43,800
September
Gross
9,952,405
859,668
$7,977,911
—
paid
Federal
Cash
1,208,782
50,000
$209,451
Illinois Central
Subs.)—Earnings—
7,321,900
$7,973,682
4,229
cents
Prov.
re-
—i—
154,
279,938
$4,088,357
$148,975
have
erations
76,000
107*500
period
—V.
861,713
credits-
income
Interest
■
349,800
76,000
3,986,656
}■■
34,437
Period End. Sept. 30—
Gross profits from op¬
applicable to
preferred
stocks
for
^
8,008,852
Net Inc. from opers.-;.
Net
613,400
Dividends
1941—9 Mos.~1940
1941—12 Mos —1940
$16,844,247 $15,460,308 $22,284,182 $20,242,914
(Operating expenses ——
for losses on in¬
stallment notes receiv.
Prov.
51,000
303
Net iftcome
Prov.
Other
1,936,023
.
—V. 153, p. 990.
4,679,887
stock, payable Nov.
common
12
428,709
$383,389
rents-
deductiqps
Indiana
Directors
'219,675
32,618
charges——
p.
871,285
262,056
•
$472,022
income
154,
976,151
25,309
519,879
__
income
March,
2,065,508
struction-credit
the
$765,085
// Total
oper.
income
fixed
—V.
550,047
103,765
113,653
Income-'
ry.
Total
1940-
$6,339,096
deductions
&
304,078
3,080
fac.
Miscellaneous
9,000
5,717
—-
dividend—.-,
for
Reserve
$6,701,441
& jt.
Total
Interest charged to con¬
3,507
9.000
Accounts
Net
Other
1940,
$594,719
112,200
revs,
mort.
on
int.
Other
$408,913
292,678
„
from ry. oper.
rev.
Equip.
t$670,848
182,968
(net)
Gross income
$900,000
$900,000
($1 par)——
stock
$391,191
36,478
RR.—Earnings
Railway tax accruals-—
W
$143,167
income
Interest
Labilities—
Cap'tal
$47,884
1941—9 Mos.
1941—Month—1940
$1,253,540
$1,022,881 $10,963,261
85,209 /si, 47,272
676,872
equipment—_
'Before depreciation,
$742,409
$765,085
Total
1939
182,555
—
operating
Other
828
198,070
30,159
of
1,610
.
A
1,901
263,404
•
.
—
Net
Federal
retirement
50
25,109
Industrial Brownhoist
appropriations-
serve
$605,811
30,256
432.
p.
Other
1941—12 Mos.—1940
1941—Month—1940
$605,722
....
"i
$41,205
operat. income
154,
Net
£
41,800
for
■".-'r.v.
50
Transportation—rail
Co.-—Earnings—
profits taxes
taxes
Property
^
703,618
783,109
$656,496
32,771
;
-Traffic
of
taxes
excess
Other
2,490
1,276
oper.
Railway oper. revenues.
of way & struc.
Federal
for
Provision
15.955
1,041
—.
Cash.
272,614
of
__
taxes
rMaint.
subs.)
1940
$531,195
$1,190,788
—
revenues
Provision
531
...
$59,678
272,614
and advances—.
securities —
(incl.
-'-"y
1941
-
profit
$58,975
(net!
assets
Capital
'•
Operating expenses, ex¬
cluding direct taxes-
1940
1941
Investments
a
,
Operating
Assets—
it
as
Idaho Power
30
Balance Sheet Sept.
lease
income
; Malnt.
took
formal
Period End. Sept. 30—
oh
abandonments.
<
Co.—Ordnance Plant Dedicated—
'♦After depreciation, "interest and Federal income taxes.
tLoss.
Note—No provision is required for excess profits tax.—V. 153, p. 990.
$272,332
#311,594
in
1940 and $59,772
providing $7,126 in
•After
Car
Earnings for Quarter Ended Sept. 30
'Net
$133,982
-
$316,180
$340,563
Sept. 30
/
v
,
.
place
.
$32,817
78,549
$73,043
93,454
Indiana Harbor Belt
27,000
-278,777
,'$151,592
$74,026 •-)
Period End. Sept. 30—
$20,000,000 naval ordnance plant operated by the company
Cr49,313
$6,760
309,420
.....
$111,669
27^000
27,000
$15,452
325,111
1938
.
$1,309,429
$2,539,342
Visitors to the new
defense project viewed 14 enormous buildings,
containing over a million square feet of floor space, now 95% com¬
pleted.
Production has already started on the Oerlikon 20 mm. anti¬
aircraft machine gun,
which experts say answers the dive bomber
menace
for ships at sea.
In full production, the plant will employ
7,000 workers, over 4,000 of whom will ;be highly skilled machine tool
operators and mechanics.-
$1.61
*$59,817
//
' 27,000
Balance, surplus.
Darned surplus Dec. 31
•
1939
1940
*$33,760
1
*
paid
Dividends
$2.44
1941
$42,452
.
tax
inc.
.-Refund, of Fed.
-
685.749
685.749
$2.10
Co.—Earnings—
earnings
$2,741,551
334.
,p.
"fighting unit" of Uncle Sam's Navy following
dedication at Centerline, Mich., near Detroit, Oct. 28, by Secretary of
'the Navy Frank Knox.
An inspection tour by Secretary Knox, Presi¬
dent A. E. Barit Of the company, and high Navy and Hudson officials
preceded the dedication attended by over 1,000 workers now employed
at the naval ordnance plant, as well as 400 guests, including Wash¬
ington officials and business leaders.
profits tax.—V. 153, p. 693.
'
Sept. 30—
9 Mos. End.
Net
685,749
The
its
$587,825
'
$1.65
Holly Development
.?•?
;.v'-t':*
.
685,749
._
share--—
per
'Includes $250,000 excess
t
.
:
.
315,078
330,762
$1,158,144
$924,643
$618,318
_____
—
common
.
315,078
Hudson Motor
$1,926,300' $1,355,981
253.844
253 844'
514,312
514M2
514,312
Common
226,443
501,232
$1,692,799
253,844
514,312
—
pref, dividends-dividends
Conv.
154
for
—V.
for
$1,913,186
183,005
$2,534,491
$2,775,546
207,124
245,950 "T
Cash discount,
etc.i.^- y
634,568
♦1,143,122
Federal and state taxes
:
revenues.
properties
Operating
to.
V Balance
—V.
Gross income,
'
.
$1,439,605
-
'J/j
$213,844
applicable
preferred
stocks
the period
.
$1,310,705
$167,480
rev—
revenues-
operat.
Rent
$3,983,346
80,208
■^::;;vi4,O06y;i
income
Net
$341,581
80,208
bonds
V*)i
'«
Dividends
$1,902,816
10,370
$2,524,616
85,920
$2,451,217
83,274
$2,631,783
143,763
profit-
Operating
Other income
1941—9 Mos.—1940
$1,441,009
1,404'
$167,643
26,369
,
/
Corp.- -Earnings—
1941—Month—1940
$151,740
163
148
-
—-
Operating expenses
$3,956,977
; 11,855
1,692
$308,148
:
mort.
on
Other int. & deductions.
y.y V>5
a
the
'
Interest
;
to
1,422,164
Net
.
offered
Sept. 30—
Operating
Net
redeemable
is
be
revenues
Uncollectible oper.
appropriations-
Other
to
are
Indiana Associated Telephone
l.iTs'iii
1,168,512
stock
least 30 days' notice at $109
bonds
Period End.
582,628
102,016
Property retariment
serve
423,722
81,083
■
The
Federal
for
excess profits
Other
the-stockholders of Consolidated a recpvery
against American Newspapers, Inc., the Hearst Corp. and Mr. Hearst
.; of
the difference between the court's valuation of these properties
'.and the price paid, with interest at-7% from time of payment. ' The
court added it found .that
Mr. Hearst "in good faith believed that
'••••« the newspapers sold were, worth at least the price paid and that thCir
purchase would be advantageous to Consolidated."—V. 154, p. 431.
^
HersheyChocolate Corp. (& Subs.)— Earnings— . :; 3 Mos. Ended Sept, 30—1941 i '
1940
1 1939
1938
Gross profit on
sales_..$4,285,572 $3,871,671 $3,868,325 $3,147,934
; ,'i'.Shipping- expenses.™..
877,298 " • 729,347
696,405
665,944
SeU., gen., admin, exps.
776,491 • 691,107
647,304
579,174
491,539
.'4,v
Federal
Provision
/
allow
.findings
The
for
income taxes
'
.
at the option of the company
share and accrued dividends.
publ.c at 106.50%.
The price
at which the preferred stock will
be offered to the public and the
underwriting discounts or commissions are to be furnished by amend¬
ment to the registration statement.—V. 152, p. 2664.
• ; •
]
preferred
after at
1941—Month—1940
1941—12 Mos.—1940
$1,345,913
$1,206,169 $13,916,982 $12,758,754
'
taxes
Provision
The
Lighting & Power Co.—Earnings—
Period End. Sept. 30—
Operating revenues
Operating exp:, exclud.
....Judge Shinn's decision, which was a memorandum finding, set forth
that the fair market value of the Atlanta, Baltimore and San Antonio
//'papers in 1935 was $7,111,549 gross and $5,464,654 net. Consolidated
Publications paid American Newspapers, Inc., $8,297,595, plus assump¬
tion of liabilities in the additional sum of $1,646,895,
'
Houston
v
"
'•".r-of
$1; accounts receivable, $2,401,800; unbilled income, $553,526; materials
arid supplies, $1,275,680; prepayments, $67,631; other current and
accrued assets, $14,138; miscellaneous assets, $11,810; deferred charges,
$4,201,367;
company's
own
preferred
stock held,
$132,200;
total,
$91,991,404.
Liabilities—Preferred
preferred 6%
7%
cumulative
cumulative stock
cumulative stock
stock
($100
par),
$7,100,000;
($100 par), $7,030,300; preferred 5V2%
($100 pari, $7,910,800;
stock
1,053,$10,537,700; long-term debt, $42,505,000; notes payable,
discounted contracts, $212,460; accounts payable, $286,509;
Consumers'
deposits, ^ $590,560;
taxes
accrued,
$1,042,665;
interest
770
common
(no
par,
shares!,
#530,000;
accrued,' $173,771;
■cellaneous
struction,
580;
total,
miscellaneous,
unadjusted
credits,
$79,066;
$260,024;
reserves,
contributions
$7,036,981;
in
aid
of
miscon¬
$530,057; capital surplus, $1,276,931; earned surplus, $4,888,-
$91,991,404.—V. 153,
p. 992.
v
-
1
■f,
THE COMMERCIAL & FINANCIAL CHRONICLE
866
probably its $13,672,200 $6.50 (nonpar) preferred stock.
It is probable
one long-term issue will be arranged.
Negotiations, it is reported,
are
being conducted with insurance companies for the sale privately
of securities to refund the outstanding issues.—V. 153, p. 554. • \
;• •
Steel Corp.—Suit Begins—
Jones & Laughlin
will
suit
Bertha
of
several
consume
ordered
the
the
permission
suit
trial
of
stock.
-This
petition
original
the
add to
and
Gas
was
purch.,
Period Ended Sept.
$620,493
Prov. for Fed.
Other
1941—12 Mos.—1940
>
233,166
48,400
Income
$6,475,212
&
72,356
2,588,217
2,572,392
310,300
209,276
50,322
*
(interest
chgs.
,
(b)
the
amort,
2,677,952
for Fed. inc.. taxes
1,937,355
'
-
60,000
55,000
660,000
705,000
<
income
of
income
125
330
2,719
$206,446
'
:
256
$238,518
994,657
$4,886,184
_
2,434,359
1,114,590
f
sub.
a
$4,246,240
$7,034,168
,
$6,233,200
-
which
an
262
408
347
.
266
income
Interest on
Other
&
$238,784
45,000
Star
Interest on
int.
19,612
Interest charged to con¬
struction—Cr.
i
70
'}■
_——
/
540,000
'*>
$127,718
■SS-
$1,556,4(50
$159,242
Net
from
Net
744
•
ry.
$1,035,666
—
(G. R.) Kinney Co., Inc.—To Pay Preferred Dividend
preferred
the
in
stock,
"Chroncile"
Like
10.
Nov.
payable
amount
of
Oct.
share on the $5
per
(not Nov.
25
2
erroneously
as
prior
stated
holders of record Nov.
Aug. 22, May 20 and Feb. 25, last, and
25,
paid on
was
of $1
dividend
a
751)
page
Dec.
825,254
2,046,348
778,714 IS
:
Common
25,590
235,814
161,007
*107,621
18,908,458
19,477,008
17,511,928
5,959,397
4,884,592
5,026,229
4,294,833
393,522
Earned
43,407
Passenger
Other
1,013,561
590,158'
from
revl
Rev.
from
July
1941—Month—1940
$1,104,932
The
Securities
had
it
and
Commission
Exchange
rail
coach opers,
$9,668,139
.V
application of the Salt Lake Stock Exchange to
strike from listing and registration the common stock (10 cents par)
of this company.
The application stated, among other things, that
the stock was suspended from trading by the Salt Lake Stock Exchange
on
Sept. 23, 1939, of the reason that the company was undertaking
a
financing program.
Since the program has not been completed,
the exchange
filed the delisting application.
-
^uuerior
September—
from railway--^Net from railway
Net ry. oper. income
From Jan.
■
251,193
129,875
ry.
.•Loss.—V.
154,
$177,511
1,267,100
79,859
764,375
$9,336,498
92,783
2,694,571
1,750,328
1,958,948
1,153,259
780.315
153,205
728,909
*174,016
32,045
from
Net
from
Net
ry.
•
•
1,085
$57,930
$503,810
66,436
590.469
600,113
364
1,272
3,436
$87,931
$269,362
$8,870
>
and
Sheet, Sept. 30,
equipment,
1941
the
Net
from
Net
ry.
'*-V.
62,986
42,932
36,548
49,479
27,841
13,985
11,349
loans,
154,
1,235,017
1,158,403
416,694
358,498
283,135
278,066
Gross
154,
from
171,729
122,902
54,643
from
railway
From
1941
1940
1939
4,991,794
1,768,686
4,014,309
1,276,301
4,126,832
1,359,702
from
from
Net
ry.
ry.
.
income—
v
Gross
1,091,646
786,197
952,939
32,812,455
29,731,744
14,291,469
9,646,1821-,
8,583,166
6,391,969
4,909,137
4,543,490
2,119,333
8,485,525
751.
Liggett & Myers Tobao»o Co.—Guilty as Combine—
See American Tobacco
Co.—V.
9 Mos. End.
•Net
Net
Refining Co.
154, p. 751.
The
Earnings per share of
•After
After
profits
which
70
•In
1940
sale
of
for
taxes,
cents
Texas
year amounted
and
t Lockheed
income
net
A
producing
per
Aircraft
meeting
Airplane
The
properties.
share.—V.
of
shares
of
of
outstanding
the
both
by
\'A?
be
would
Lockheed
approved
$1.71
or
quarter.
tax
income
on
-
Third
154, p.
share,
per
/
provis'ons
quarter
of
i
■
resulted
from
the
earnings last
657.
on
Merger—Out¬
'*
•
but
Federal
■•'• ■',
•:
for
accomplished
every
not
,
less
through the exchange of
three shares of Vega.
The proposal
two-thirds of the outstanding
than
Lockheed
companies.
shares of
owns
slightly
more
than
Vega.
.
50%
•
.
Corporation produced $99,000,000 of aircraft in the first nine months
.
of
this
same
year,
time
on
its
of
more
than
more
than
dobule
the
output
for
all
of
1940.
At
the
which is just getting into production
bomber, produced approximately $4,500,000, or a total
$103,000,000 for the two companies.
Vega
Ventura
Airplane
Co.,
Product'on
by Lockheed during the third quarter totaled approxi¬
$41.000.000.
For the six months ended June 30, last, sales
mately
$58,005,862.
'
Monthly average output for the
for the last three months
were
average
nine months
was
was
$11,000,000, but
$13,500,000 with a peak month
of
around
$15,000,000.
Backlog of unfilled orders held by Lockheed now amounts to $279.415,000 and Vega $254,413,000, a total of $533,828,000.
•
In addition
i
up
to its
current
Ventura
bomber
its $8,000,000
factory for production of
154, p. 657.
Fortresses.—V.
production Vega is tooling
$147,000,000 Boeing Flying
The
ing
company,
its
according
outstanding
to
Studying
1,694,066
income
<
,
2,059,008
1,141,558
-
;
«
(Ky.)
—
c
the
in
income
Deben¬
is considering plans for refund¬
3Vz'/o
debentures,
due
1946,
and
such
account,
as
stock.
that
of
The
its
present
endeavor
stock
common
undertaking.
Of
is
the
of
the
intended
remaining
from banks
com¬
to
be
in
the
sums,
Assets
certain
the
of
the
accounting
staff
Its
on
of
the
/,
Kentucky Company
transactions,
books
Public
at
the
Service
.
Kentucky
company
Coincident with
$70,874,819.
Commission
of
its
Kentucky,
fixed
1937.
capital,
The
com¬
the
to
Kentucky commission, in connection with prorelating to the present issue of common stock, certain acentries intended to inaugurate a program for the'disposi¬
the
the
to
presently estimated difference between the original cost
when first devoted to public service, and the cost
thereof.
The
Kentucky, commission approved the
accounting entries, although the record before that com-
properties
company
shows
that
it
understands
that
final
a
disposition
of
the
lost
in
;
SEC
Oct.
on
issued
22
its
findings
Sale of Stock
and opinion approving
.
submitted
the
Kentucky .commission:'
//
>
<
•
•
(1)
$252,607 classified as account 107, plant., adjustments, is to
disposed of.in 1941 by charging $46,240 to depreciation reserve and
$206,367 to earned surplus.
r
.
the
by
r-
(2) A net amount of $6,547,420 was recorded in account
100.5, plant
acquisition adjustments;, of this amount, $649,281 is to be
presently
disposed of by charging $496,549 to depreciation
reserve, $3,144 to
income deductions and $149,587 to other
accounts, leaving a balance
in account''100.5-in the amount of
$5,898,139. r> ' '
■
r.
•
,
-
the public.
to
sheet
'
1941,
v'Tangible
on
stock
31,
-
Sale—The issue of 150,000 shares of
(no par) went on sale publicly Oct. 25.
Issue
The shares
Plant
follows:
as
at
original cost™0_™__
adjustments (account 100.5)
acquisition
as'of
Julv
-
•
stated
property
$63 674 843
5!898il39
priced to the public at $23.50 per share.
Vz. :^Total
:
>369,572,982
Distribution is being made through a special sales staff
.As oL:,Jdly 31,. 1941,' the depreciation reserve, (after the present
charges thereto), was $10,456,787, or approximately 15.03'r of
of the company with offices at 311 W. Chestnut St.,
utility
are
,
The following brokers also signed the
Smart & Wagner, Louis¬
ville, Ky., Otis & Co., Cleveland and J. D. Van Hooser
& Co., Lexington, Ky.
The findings and opinion of the Commission state in
part—
••
'
I:.■
*/.''--I /vv. *
company's selling agreement:
The
under
the
application
Section
hand
at
tb)
6
the
of
of
plant. including
shares
filed by the company which seeks,
Holding Company Act," an exemption from:?
common
subtracts
tion
forma
to
As
from
the
competitive
Representatives
of
'
v
are
faced
Rule
U-50
we
and
V
applications for
with
Section
was
filed,
deems
of
6
(b)
of
provides
Section
6
appropriate
investors
or
(a)
as
well.'
Application
the
act,
•
•
/'
'
Under Section
pursuant
to
'
v
;
6
.
the
consumers"
the
public
issue
interest
and
sale
or
for
of
any
and
the predion
security—
of
!
books
of
the
Kentucky company.'
•
and
Of
that
amortization
which
is
total, $2,599,623
bonds
refunded
issue
issued
bonds
refunded
$67,855
As
on
a.
straight
the
over
life
line
of
basis
the
in
the
$28 000 000
..
,,
^
we
1952
the
applicable
was
have
stated,
to
to
the'issues
refunded
September,
were
1931,
in
was
issue!
applicable
was
in?
and expense
applicable to the two
was
two
1936,' the maturity dates
and 1961; $317,169 was
applicable
maturity date of which was 1954
issues
date.
book, equity
of
which
had
been
retired
'
the
present
coi
mon
stock
a
a
as
July 31, 1941, :was stated to be approximately $16.78 per share
aggregating $14,834,945, or $16.57 per share, giving effect to
present
disposition
against
earned
surplus of
plant
reclassification i
(.
After
:
ems
the
proposed
issuance, assuming net proceeds to the company
share, the book equity would be $17.45 per share
on the
•total number of shares outstanding.
Thus, the book value of the
883,839 shares presently outstanding would be. increased in
the amount
of
$22.75
of
88
the
per
cents per
share,
$3,525,000
would
However,
herein
that the commission shall exempt from the provi¬
(a) "subject to such terms and conditions as it
in
an
$777,800
(b)
the
'■at
.
.
which the application
which
of
.
one
will
acquisi¬
deferred charges on the balance sheet of the
aggregated $4,376,217,
which Included $4 019 930
debt discount and expense.
This debt discount
process, of
in
3V2%
of
t
exemption-under Section
<
If
which
plant
date,
same
outstanding.41,821,072
the
to
„
(b)
the
the Kentucky
company, carried on its books pro
1941, in the amount of $4,852,351, do not appear
on
J. short time before their maturity
which was held after appropriate notice,
objected to the granting of the exemption from
competitive
bidding.
They filed a written request for oral argument before us
on
that issue, which request was granted and the oral argument Was
held.
We
reserved decision on the
requested exemption from com¬
Thus,
in
$1,009,000, -mature-April 1,. 1953..;-,
by
and
petitive bidding.
account.
$2,119,859
2^-As of .Sept.'4; 1936, the unamortized, debt discount
now
<■
bidding requirements of Rule U-50 (b> and
certain securities dealers in Louisville ap¬
peared at the public hearing,
6
is
$4,805.719.,
f
the
amount
outstanding, issued in September, 1936, due Sept.
1966.
The^remaining bonds of the company, presently--outstanding
the amount of
1,
has also requested us to make a finding, pursuant
(a) (5) exempting the issuance and sale of these securi¬
that
^ds
?
.
adjustment
reserve
company
unamortized
in.
,
acquisition
annual amount of $160,227,
-
company
to Rule U-50
(c),
the
.
of
31,
write-ups
dealers.
such
ties
of
..
for
The
of
expense
Licenses as securities salesmen are bing •applied;
by some seven of the Kentucky company's employees; the com¬
pany stated that it may obtain licenses for other present employees,
but it has stipulated that it will not employ securities salesmen who
are not now
employed by the company, without filing an amendment
to the application before the SEC.
.'•!
v
'"V/l, ;
at July
as
reflect
Kentucky
/
plant
depreciation
in writing off
adjustment account, the remaining depreciation reserve of
$8 336 approximately 13.09% of tangible property stated at original'cost
The Investments
the stock and plans to sell the shares tb any who
will buy, with a concession to registered dealers who sign a dealer
contract in
the amount of 75 cents per share on all shares bought';
by
the
be used
is
928
for
share
per
the
from
ultimately
/
was
6 (a) for the issuance and sale by it .of
stock. -/Company has set a price of $23.50
Section
of
provisions
150,000
sions
reports,
$11,581,000
Refunding
7,622,014
—
-
t
The
-
is
com¬
Gas
was not being made, and jurisidiction was not being
regard thereto.
'
..
' /
>
The iollbwms;^accounting entries rwere included, in those
6,008 254
3,133,174
'
—
operating
544.
&
Loew's Inc.—Reported
tures, Preferred Stock—,
Kentucky
Standard
master
,
Louisville, Ky.
and
the stockholders has been called for Nov. 21
the merger of this company and the Vega
-■"i
consolidation
be
must
i
for
$1,05
requirements,
-;V
Corp.—To Vote
Co.
share
one
of
plan
a
$1,71
capital
$745,063
was
income
J.:
special
consider
•*
459,324
-;.;.-./V:'
the third
in
cents
'.v.
■
put—
»
745,063
___
other
and State taxes
Federal
18
to
Federal
earned
was
abnormal
East
depletion
and State taxes.
provision
excess
stock—
common
depreciation,
before Federal
to
$977,538
profit after Fed. and State income taxes—
of
and
Ohio,
c.'mpany
share
common
1940
$1,306,222
—
items
shares
of
utility plant
of
mission
157,163
.
the
in
Co.
the
$7,000,000 of the $10,000,000 pro¬
with new money, the balance being
to be raised
common
150,000
to
proposed
270,552
264,965 >
its
to
$706,513
469,687
railway—
railway
Stock
1941
™™
Delaware
subsidiary
a
Power
the company of 150,000 shares of common stock .at. $23.50
and at the same time granted the company, exemption of
/(3) Of this amount/ $2,119,859 is to be
proportionately charged -to
its competitive bidding rule for utility securities.' />•V- -j/' •r depreciation reserve as units of
property are retired from plant in
The
Louisville
security
dealers
who
had
requested/> Joseph W.
service; ;the remaining $3,778,279
is fo be amortized over a
25-year
Schneider, head of the Division of Securities at Frankfort, Ky., for
r
period, in the amount of $151,200 annually, charged to miscellaneous
a
hearing Oct. 24 on registration of the utility's representatives to
Income deductions.
'
sell
stock in
Kentucky formally withdrew their request on Oct. 23.
After making these accounting entries, the properties of the KenThis removed the final encumbrance to the utility's sale of the stock
tucky company.are stated on its pro l'orma balance
per
(& Subs.)—Earnings—
Sept. 30—
profit
said
its
of
of
Approved by SEC—Local Dealers Withdraw Protest—
directly
Lion Oil
of
counting
tion
—
from
154, p.
sale
income™<;
investment
is
Approximately
non-cash
fulfillment
ceedings
1—
railway
367,788
34,722,104
p.
of
submitted
pany
1940
:
•;
$1,009,219
operating income
Louisville Gas & Electric Co.
821,957
1—
oper.
154,
1942.
sell
to
study
a
Arkansas Ry.—Earnings1941
Jan.
from
Net
1938
v
3,444,839
railway——
from
Net
v,
41,755,707
from
Net
—V.
.
railway-
oper.
From Jan.
Gross
■';
railway-
railway-
September— ,v'
its
the
of
its only
as
across
the company made a
study of the original cost of
which it reported to be $56,704,034.68 as of Jan.
1,
•
(
railway
—V.
Net
investment
Indiana
.
Lehigh Valley RR- -EarningsGross
in
be required
The
336.
p.
railway
Net
Net
■■
This
in
system
for
Prior
par), $8,954,400;
($100
September-
1,040,480
655,849
433.
p.
utility
the
carried
funded debt outstanding, $15,937,/025; audited accounts and wages payable, $677,146; matured interest
unpaid, $542,538; accrued interest, $187,500; tax liability, $276,414;
other
current
liabilities,
$605;
accrued
depreciation,
$20,983,499;
unredeemed tokens, $99,826;
corporate surplus, $957,508;-. total, $50,stock
Net
1,624,319
income
oper.
electric
has obtained $3,150,000 by borrowing
on
short
loans; the company plans to retire these bank loans t>Av the sale
in
the
future of additional
common
stock, in accordance with its
undertaking.
/
:,
receivable, $89,142; materials and supplies, $618,296;
Louisiana &
1—
railway..
shares, $100 par.
20,000
term
Liabilities—Common
ferred
100.00:
/
,
sale
part al
assets, $44,913; unadjusted debits, $334,701; total, $50,616,462.
stock
(200,00 shares no par), $2,000,000; pre¬
other
2.41/
$65,363,745
registered holding company owning also,
all the securities of Madison Light &
a
an
Louisville.
out
time of
■
$48,068,662; *cash,> $1,460,748;
.
depreciation, and amortization.
In May,
1941; at trie.
refunding of its preferred stock, the company represented
that it would raise the $7,000,000 of new money by
selling common
stock, except the temporary bank loans might be made from time to
time maturing not later than July 1, 1943,
prior and preparatory to
$334,187
64,794
$11,714
Assets—Road
125,187
86,571
railway
from
accruals
$332,511
?
1,577,360
___
_________
f
20.28
:
presently outstanding 883,839 shares of no par common
678 shares) are owned by Louisville Gas & Electric Co.
operates
$3,000,000
1,676
$53,081
notes and accounts
1938
134,591
income
Jan.
from
___________
investment,
supplied
;
1939
161,525
railway—
oper.
From
Gross
1940
1941
208,725
railway
the
gram will
723,866
156
$502,725
13,257,585.
par)_/__
no
Co., = a
registered
holding
company
a
subsidiary
of
Power & Light Corp.,
also a registered holding company.
Kentucky company is engaged in a plan expansion program
involving the expenditures of approximately $7,000,000 in 1941 arid
'
September—
shares,
The
1,056,377
<
y
32.93
Electric
1.067,019
•
debt-
deficit
616,462.—V.
Lehigh & Hudson River Ry.—Earnings—
Gross
(883,839
/ Standard
7,213,102
$57,775
debt_
fund.
on
unfund.
on
1.54
44.38
equity per share of common stock was thus 816.78 as of
1941, and. allowing for surplus charges arising through the
reclassification the amount is approximately $16.57 per share.
(except
pany
72,442
751.
p.
137,634
$1,086,278
$52,755
325
income
Gross
Interest
;;;; 1938.
1939 *
$499,498
381,549
296,307
903,815
income,—
oper.
138,315
Operating income
Non-operating income-
Int.
42.84
$29,009,000
'
company
2,810,338
1,787,471
railway
railway
from
Net
1,083,528
Balance
1—
Gross from
N4t
1940
$488,747
366,836
225,558
1941
$379,143
$9,730,576:
7.379,949
121,641
85,560
& Ishpeming RR.—Earnings—
Gross
767,003
121,573
operating revenue
com¬
1,009,000
:H™_
relatively minor compared with
The Delaware company
64,696
851,678
expenses____
prop¬
Virginia
$28,000,000
•
____
pany.
'
Net
Lake
Kentucky-West
/:/:- /•/ Z
■,
—
of
River
that
the
granted
in
21,519,800
which
; 725
61,549
6,083
$1,111,566
Operating
Net
23
the company's electric
Ohio.
The Kentucky
stock
other
.
-
Depreciation
of
and
;/
.
(Del.), which is
$9,271,077
889
67
6,277
—
we
book
stock
&
Taxes
Oct.
announced
line,
bonds, due 1966^.
stock
31.
All
1941—9 Mos.—1940
■:
$1,020,127
357
™_"—
do
protection
wholly owned subsidiaries, oile
and the other owns 41 miles
two
pipe
line connecting
*780,792 shares, $25 par;
trans¬
other
conditions
the
transports natural gas to the Kentucky
distribution system, ••
//r-'-'/\./v..Kv
21,
1941, the Kentucky company had the following
surplus
The
Railway Corp.—Earnings—
revmue_____
portation
25
Lakeside Monarch Mining Co.—Delisting—
It has
gas
produces
Total
Dec.
30, Nov.
Ky.
:_™v—■
// •Preferred
479,220
20,424,847
Period End. Sept. 30—
to
and Aug. 20, 1940, and compares with $1.50 paid
27, 1939; $1 on Nov. 10, 1939; 50 cents on July 6, 1939, and
$1.50 paid on Dec. 28, 1938, this latter being the first payment made
on
this issue since Dec.
27, 1937, when an initial dividend of like
amount was
distributed.—V.
154, p. 84.
on
on
gas
July
property
declared
and
for
or
electfitsfthd/gaA/lutility^ isiets^ /iri find around:
utility system in
substantial investment
Total
iv1938
432.
have
terms
interest
% of Total
1—
Los Angeles
Directors
2,371,188
680,160
ry. oper. income—_
•Loss.—V. 154, p. 433.
$894,812
1939
2,359,585
2,400,243
Net
154, p.
1940
1941
.income
reimburse
to
S
railway-
from
Net
520,784
*
Balance
what
is,
public
$6,232,722
railway-
oper
from
Gross
proceeds
of that plant expan¬
Earnings—
railway-
From Jan.
$1,415,596
520,784
the
natural
a
First*mortgage
September—
Gross from railway
applicable to pref.
—V.
$7,093,761
.
Long Island RR-
180,000
f
income
Net
Divs.
$4,245,893
$4,885,923
The
/.
be used
'£ Underlying bonds, due 1953,_____„.^.^___
703,500
172,915
198,
of
As
Corp
993.
program.
would
course
electric
an
capitalization;
$2,471,267
180,000
: 229,444
/:
18,984
deducts.—
Gas
153, p.
exemption
in
a
'
Lone*
of
stock
com.
4,988
$2,505,696
15,000
$206,702
v-.e
45,000
mtge. bonds- /
deben. bonds
15,000
——
with
company's
$2,466,279
-V.
Gross
owns
also has
Gas Co., which
478
expansion
involved
consumers?SS.yy/-'/I'l/vy-'./y"
pany
co.
plan
a
82-mile transmission
erties
4,694
$2,496,933
8,763
for
and
of
Balance—applicable to
—
are
appropriate
Company operate?the City of Louisville,
net
in
int.
Minority
Amortization of limitedterm investments
&
Kentucky entered an order on Sept.and it hereby is authorized' to issue
the 150,000 shares of com¬
i/Hy
VyyS.v/ /:*■; ■
Therefore, the issue and sale of these securities "are
the • purpose of financing the business" of the Kentucky
Thus, the requirements of the third sentence of Section
met/and the only question before us in connection with
application
of
Net
Property retirement re¬
serve appropriations-
depl.
in.
.
!."
721,067
i
723,001
of
$26 per- share"
.
.
lis engaged
for
deem
$7,750,311 $12,888,843 $10,561,656
2,503,413
3,360,316
3,213,866
$9,501,491
—_
'
.
than
program-
solely
6
808,701
535,922
solely
are
treasury for expenditures made in the
sion
i'"v;/'-#:
: «, 786,7001,076,451
'
etc.)
income
Deprem,
Prov.
■
Net operating revenues
Other income (.net)
stock.
less
the sale of-the securities here
the
>
$8,559,012 $13,675,543 $11,638,106
$j.0,037,413
_______
amortization,
Net
34,955
(excluding
proits)
>:of
investors
inc. taxes
taxes
excess
•
720,182
holding company, ,if
for the purpose of
registered
a
security
commission
not
Company
•<
11,221,678
3,113,754 $12,385,304 $10,481,134
445,258
1,230,239
1,156,972
$9,317,231
income
Gross
$6,810,345
$553,446
income
such
"that the company be
at
company.-;
Co,—Earnings—
1941—Month—1940
30-
____
___
credits__
Operating income
of
company
of.
sale'
the
and
sell
mon
..'-ii%
and
1940,
arid
-
Other
Operating revenues
Operating expenses, ex>
eluding direct taxes— '
:
8,313,982 ,11,878,428
8,995,335
subsid'ary
any
issue
; 16,
.V
/
exps.,
(other
taxes)
inc.
"By
•
tucky
1941—9 Mos.—1940
1941-7-12 Mos.—1940
$18,312,566 $16,427,736 $24,263,733 $21,702,812
revenue
oper:
Fed.
•
Sept. 30—
than
vV
Kansas Gas & Electric
End.
maint. & taxes
additional
it
representing 3,000 shares of the old preferred
taken under consideration by the court.—V. 154,
432.
p.
Period
Gross operating
stockholders
names
*
^financing the business of ,such subsidiary company and have been
expressly, authorized by the State commission of the State in which
/such subsidiary company is organized and doing business
:
'."••• ■*,.
The applicant is a
Kentucky corporation doing business in Ken¬
Corp. (& Subs.)—Earnings—
days.
change
to
Lone Star Gas
steel company asked Federal Judge F. P. Schoonbe dismissed.
The judge refused the request and
to
proceed.
Attorneys for the plaintiffs asked
Attorneys for the
maker that
Hubbard
H.
,;the
that
and Norman Johnson, New York,
owners of 200
shares of old preferred stock, to prevent the recapital¬
ization of the Steel company and its merger with two subsid ary coal
companies, was begun at Pittsburgh Oct. 27.
It is expected the tr.al
The
Saturday, November 1, 1941
if
total
a
paid
by
increase
the
the
subtraction
is
of
$777,800.
purchasers
book
equity
made
for
Stating
of
the
behind
the
plant
it
new
the
another
shares
present
acquisition
adiust-
i.ment account [this does not include $601,000 which the Federal
Commission
of
a
order
Ijydro
is
disallowed
as
part of
the
"actual
wav
some
shares..
legitimate original
Power
cost"
project, and ordered to be charged to earned surplus- the
being contested by the company in the Circuit
Court'of
the present shares
would increase to
$9 56 per share after the'issuance of the/additional shares netting
to the company $22.75 per share.
Thus, on this basis the book equity
of the shares of stock presently being sold would be $13.94 less than
the
sale price; on the 150,000 shares presently being sold, netting
to
the company $3,412,500,
there would be applicable $2,091,000 to
the. book value of the shares of stock presently outstanding and sub¬
stantially all pwned by .the 'Delaware company, : 7 •* >
and deferred .charges, the book equity of
Stock would be $7.32 pfer share, which
Appeals]
of
common
net
The
in
Kentucky
the
of
income
William
by the SEC.. /
1940
year
in May of this year, we will adjust the earnings
figures of its common stock to give effect to /the refunding over a
12-month 'period.
The dividend requirement on the presently out¬
standing preferred stock is $1,075,000 per annum, so that the adjusted
corporate earnings applicable to
commons/stock were $1,728,010 in
1940, $1,713,010 in 1939, and $1,501,010 in 1938..-For the 12 months
ending July 31, 1941, adjusted earnings available for common stock
were $1,697,748.
This earnings figure is on the basis of the tax rates
imposed by the Revenue Act of 1941.
This amounts to $1.92 per
share on the basis of the shares presently outstanding, or $1.64 per
shares on" the basis of the shares which would be outstanding after
,the proposed
issuance.
7
■•■-"V A
•In 1936 the company experienced a severe flood loss which it has
since been amortizing as an income deduction at the rate of $250,000
per annum.
This amortization is due to expire at the end of this
year,
at which time there will commence the amortization of the
plant acquisition adjustments account-in the amount of $151,200 per
annum. /The difference of approximately $100,000 per annum amounts
to- slightly less than 10 cents per share on the shares which will be
outstanding after the proposed issuance..
: ./ 7 .7
;«(••,:'•» .'.'-'W.
The $10,000,000 plant expansion program, which covers mostly en¬
largement of generating capacity, will of course materially improve
the company's properties and should be reflected in increased earn¬
ings, the amount of which, however, cannot be gauged with any pre¬
cision.
The
earnings figures which we have cited above do not
include finy1 allowance for such increased earnings,
,• 7 ■ 7.
If the Kentucky
Utilities Commission or the Federal Power Com¬
mission ultimately require a revision of the company's proposed treat¬
ment of its acquisition adjustment account; and order an
increased
amortization, this would have an adverse effect on the future reported
earnings on the common stock.
;
•
<
stock
is
13 '/a
issuer
The
earnings.
this
in
is
case
,
.
Interest
Kentucky corporation, operating
a
predict,
y
probelm
to
.
immediate
should
under Section
impose
.
,
questions
into
(hi.
6
Here,
informed
as
$57,497
cert a'.n
to
the
of
matters
we
account
income
Gross-sales
♦Cost of goods
$344,909
•
4,747
$1,487,311
■;
29,666
profit from oper..
Other income
.
Net
3,888
.
inc./taxes
.
Earnings
$188,342
stock
f1 "Exclusive
of
Application
Exemption
Under
Rule
U-50
by,
vided
for
prfflrtsion
that
four
U-50
Rule
that
submission
decision
general
of
the
company
and
exemptions,
to
consumers
ox
the
(or)
is
to
the
assure
receipt
of
company
general exemption pro¬
whether
the
the
For
1941
that
Other
we
find
$213,504
of
there
As
competitive
of
the
is
to
be
the
has
applicant
and that
rule,
Section
6
no
its
on
prospectus
established
as
conformity
further terms
(b).—V.
September—; •/7.
from railway
154,
p.
751.
1941
Gross
well
as
its
Net
railway-—-—
ry. ooer. income.._
From Jan.
Gross
from
Net
with
conditions
or
the
be
ry.
—V.
1—
Paid-in
surplus
Net
ry.
From
Gross
from
Net
ry.
1940
1939
1933
'8,131,941
7,074,527
2,571.062
2,057,363
1,875,989
1,628,083
<
1938
833,246
197,561
930,639
314,358
188,243
66,554
6,614,343
1,325,015
6,550,289
1,182,151
219,923
6,940,299
1,542,244 ;
63,041,375
18,291,582
16,067,076
10,440,925
56,889,835
12,086,565
7,138,815
■,
from
•
Net ry.
"
,
.1941
1,653,921
1,277,227
income
Jan..1—,
'/ '
Gross from railway.— / 26,596,266
Net from railway——
7,736,071
23,232,311
6,039,290
20,646.192
4,365,739
4,561,134
3,418,243
■
1,745,884
oper.
From
154,
p.
324,008
mortgage bonds
$3,519,053
refund, bonds
5,183
22,717
organization expenses..
/
against income
for
88,639
$2,132,255
period.
1,
Aug.
1,129,328
1940-
$3,261,583
403,895
stock.—
stock
common
on
1,160,810
109,449
—
on
charges
1,645,834
—
surplus charges..
surplus July
31,
15,719
,
for
1941.
retirements
$1,196,136
—
and
and
wear
tear
of
property.—V.
154,
337.
Nashawena
Directors
stock,
50c.
last.—V.
Mills—$1 Dividend—.
declared
have
payable
Nov.
15
Nashville
from
Net
ry.
of
of
$1
.
per
record
This
1.
and 25c. paid on May 15
V
the common
share on
Nov.
Chattanoogali & St. Louis Ry.
£
1941
compares
and March 4,
income—
Earnings— £
1940
1939
1938
1,286,498
1,323,364
1,189,913
304,082
1,664546
535)611
railway
oper.
424,927
322,573
212,595
320,407
233,018
14,219,125 /11,157,564
11,013,287
9,991,053
2,022,505
1,135,544
333,2^6
/.
Jan. 1—
From
Gross
dividend
holders
843.
p.
SeptemberGross from railway—
Net
a
to
paid on Aug. 15, last,
153,
railway
from
Net
from
Net
ry.
4,187,823
p.
income...
2,189,972
2,443,250
2,505,557
railway
oper.
—V. 154,
1,277,188
1,496,087
435.
National Acme Co.—$1 Dividend—
'
,
a
dividend of $1
per
share on the
payable Nov. 25 to holders of record Nov. 14.
Dividends of 50 cents were paid on Aug. 20, and May 16, last and
on Dec.
16, 1940; 25 cents paid on Oct. 19 and on July 12, 1940; 50
cents paid on Dec. 27, 1939; 25 cents on Dec. 29, 1938; 50 cents on
Dec. 20,
1937; 25 cents on Nov. 15 and June 30, 1937; and on Dec.
22, Nov. 20 and Aug. 20, 1936, this latter being the first dividend
paid by the company since May 1, 1931, when a quarterly dividend
of
20
have
directors
stock,
cents
declared
$1,
par
distributed.-r-V.
was
154,
247.
p.
& Investment
Commercial Credit Co.,
,
•'
v
,
.
18,055.840
2,312,935
*471,687
Co.—To Be
above.—V.
153,
p.
Sold—
1135.
Natomas Co.—Earnings—
3
Mos.
Ended
Gold
dredging
operating
Land
___
—
rentals
Discount
1941
1940
$586,435
$509,733
30—
Sept.
—
2,250
/——
—j.
v
',
4,500
27,000
—
—
24,500
6,704
'A:.—
6,875
charges.
22,052
11,814
returns———J—
$651,317
$550,547
236,202
222,152
Miscellaneous
interest
Miscellaneous
658.
$3,195,046
& exps. & redempt. prem.
of
Rock
,
Net ry.; oper, inpome-.J
857,015
—
—
;
National Bond
1938
$2,629,404
'734,469 /
407,978
1939
$3,543,852
1940
$3,679,825 $3,724,657
1,336,375 '1,616,849
' 878,326
4,255,837
railway
railway——
taxes
364,880
income
1,113,402
760,565
535,884
434*
'/VA:/vAv AA ' A'V ;>'■%: '
p.
Gross from
Net
.
,72,002,441
income
—
♦Provisions
p.
The
1939
967,308
334,816
233,002
railway—
823,059
1,555,384
1,333,865
credits
and
f
Lukens Steel Co.—Additional Interest—
Funds
1955
are
on
on
deposit
at
the
with
rate
the
Bankers
of -1%.
on.
Trust
Co.
for
compapy's first
presentation of coupon No. 4.—V.
154. p.
335.
payment
of-
mortgage 5s
/ •
Mississippi Central RR—Earnings—
J
,
September—
/
,C;
from railway—-. -
Gross
Net
McKesson & Robbins, Inc.—Judge Coxe Fixes Allow¬
ances in Reorganization Case—
/
!
1940
1941
7,987,553
1,938,606
,/j
Federal income taxes—
—
common
1—'
September—-
8,126,967
2,236,923
1,590,362
19,128,655 1712,203,710
additional interest
of
$3,367,419
$4,902,151
^
1,055,897
328,285
railway—
oper.
154,
/
income—
oper.
Jan.
from
Net
'
$13,701,267
5,519,450
417,450
•
.j
....
railway—..
♦Loss.—V.
r
A-
railway
from
from
190,129
9,125
103,028
;
revenue
income
surplus
Earned
2,022,598
349.251
September—"
$279,471
:
;—,
...
first
on
Dividend
,
Gross
,1,
13,119,514
for Federal
Miscellaneous
Minneapolis & St. Louis RR.—Earnings—
Net
543,185
income
Earned
431,624
15,000
241,500
*
247.
p.
1,388,137
719,516
—
income
Net
See
30,648,745
433.
154,
1,609,009
1,190,396
To subsidiary
operating
Other charges
180,794
1,039,222
15,000
249,932
i
—
r
...
C
Total
2,349,983
1,489,940
expenses
electric energy—
Amortization
♦
"
$126,650
2,353.548
•—.i.———•—348,218
surplus
102.7U
2,340,343
—
income
Interest
$3,367,419
$431,669
V 150,000
314,561
taxes and expenses
par)
149,045
2,766,303
„
operating
Total
24,497
•
>
-
•
—,——
—
($1
115,122
3,888,644
2,656,285
—
other -than
Net
892,489
19,021
$4,902,151
■'
contingencies
stock
Earned
imposed
4,552,404
2,715,554
228,055
4,240,983
♦Depreciation
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
.86,682,072
p.
,
35,432
,
l.i—
for
Common
198,204
—
gross
Operating
4,087
7,075
1,270,206
21,784
——_—«
for Federal taxes:—
Reserve
Reserve
—V.
■;
1938
$308,021
264,014
,/
operating property: To subsidiary-
Purchased
144,072
7,545
7,575
,
-
interest, wages,
Accrued
\
income...
.
276,702
payable
loan
—V.
railway.
oper.
154,
z
'
Liabilities—
Bank
requirements
should
25,525
629,846
850,000
1,197,252 ?/.
1,806,000
——
——
;
:
railway
others
To
11940
25,925
—i—.——
——
251,512
income
1—
1939
$420,236
1940
$441,348
367,482
gas
Rentals of
$770,806
—
charges————_—-—-
Accounts
'
railway—
from
Net
of
with
advertise¬
10,854,252
from
-J—1—
Total
Louisville & Nashville RR -Earnings-
Net
Sales
/
$253,731
assets
no
bidding
dealers
,
,V;:
plant & equip, at cost less res. for depr.
conditions,
competitive
consideration."
$557,049
surplus
Dividends on preferred
1941
«
cost
receivable
accounts
Deferred
and
the
1941
Amort, of disct.
—$174,932
at
-Earnings-
railway
railway
from
Gross
Third
receivable
accounts
Intangible assets
letters to stock holders advising of the offering,' and to.
its activities to receiving such orders .as may come to the
company offipes. .. The company has. insisted, however, that it retain
the right to
^engage actively in selling stock if it should seem to it
proper to
do so in the future.
Under these circumstances we feel
under
3,303,220
11,274,911
'A£/.- /Earnings for Twelve Months Ended July 31, 1941
Quarter
$250,717
Prop.,
brought
b dding is not "necessary
for/the protection-of investors
cpnfine
of
3,975,502
To others
royalties.
by Second
Second
—
securities
and
Inventories
the issuer is receiving adequate-consideration.
: /
desires to avoid the payment of an underwriting fee.
We
find no appropriate basis for disapproving this..
Moreover, the com¬
pany wishes to market the shares locally, which we think is in line
with the objectives of the act.
.'••yy?\r
i.b
At the oral argument before us on the competitive
bidding question,
representatives of Thojiigyille dealers protested against the company's
method of
distributing these shares.
However, the record indicates
that as a measure of cooperation with the dealers, the company was
willing if it received substantial cooperation from local dealers to put
that
and
rents
i Emergency-inventories'
Company
names
taxes,
Quarter
.■
Marketable
T>this case that
ments
5,607,149
Sales of electric energy:
quarter net income for
—
'Notes
is necessary in this case to "assure
the maintenance of competitive conditions."
Moreover, we are satis¬
fied that competitive bidding is not necessary for us to determine in
the
59,934,495
11,838,250
59,219,235
13,086,124
Narragansett Electric Co.—Earnings—
excess
;/r/.'Balance Sheet, Sept. 30
Cash
underwriting, we do not have a case where the issuer is dealing with
friendly bankers on terms which may be less .than arm's length;
and as the company is willing to sell to all who will buy, we do not'
believe
62,753,023
17,223,994
$2.24
First
—
1938
7,224,882
1,867,638
1,648,942
977,100-*
701,591
income
Provisions
$2.56
•>
L
income
1939
7,650,353
2,602,256
Net ry. oper. income—
—V. 154, p. 434.
t376,000
Quarter
Net
3,828,070
80,780,152
25,850,110
ry, oper.
From Jan.
1941 Revenue Act.
with
1940
7,443,369
1,748,857
930,865
1941
10,293,564
;
income
Net
$541,558
,
competitive
maintenance
adequate
company has
reasons stated
RR—Earnings—
from
Taxes,
$639,152
Other
-
exemption.
issue
appropriate in the public interest or
or
subsidiary
or
a
475,933
154, p. 752.
from
Net
1941 adjusted
Federal income and excess profits taxes in ac¬
third
and
»
(5).
(a)
for
question
within
holding
specific
3,901,761
864,480
1—
oper.
$930,441
12,883 *
*
.
additional taxes required
profits tax.
for
(Includes
1940.
second
abticipated
cordance
the
registered
any
with
in
The
itself
$1,516,978
13,126
..
Z/t864,700
v.-
Assets—
thereof"
ry.
Gross
-
Kentucky company has requested an exemp¬
tion from the competitive bidding requirements of Rule U-50 <bt and
(ci.
Rule U-50 -by its terms is applicable to "every declaration and
application regarding the issuance or' sale of any securities of, or
4,260,987
1,090,222
Miscellaneous interest
':•/
have stilted,
4,425,276
3,262,843
558,402
$91,260
:
depreciation,
maintenance,
of
Act
Note—First,
,
The
owned
from
Other
$0.76
—
$184,000
(Includes
Revenue
6,982,474
...
Monongahela Ry.
share of
per
common
...
September—
87,346
7,590
$0.38
$413,900
-..a—'
income
.
20,744,132
railway.—
railway
Maintenance
deductions'.j.*—,;
Prov, for Fed,
330,217
20,984,469
Pacific
Total
U-24.
we
3,572,415
$349,655
2,395
t256,000
$606,130
Gross income
Income
298,571
20,457,585
from
Total
Net
165,029
25,234,653.
oper. income
ry. oper.
—V.
$916,636
13,805
Sell., gen. & admin, exp.
742,098
154, p. 336.
Net
$1,894,113
268,030
56,108
217,696
$2,792,738
420,931
50,589
152,187
16,651
665,068
6,230
2,572,271
700,532
.7 467,829
From Jan.
$3,870,238
1,976,126
$677,171
95,705
18,703
29,032
3,227
185,595
royalties
1938
2,615,397
1—
railway.
railway.*.,.
from
ry.
Net
'
1941—9 MoS—1940
$597,007
9,123
&
and
Rents
income
1939
2,372,411
561,345
■
*
earned
to
credited
has been
$6,365,*53
$1,052,217..
151,144
16,868
63,277
of profit—
replacements.
Deprec. & amortization
Taxes (other than inc.]
•Balance
Maint.
1940
946,793
September—
from railway——
Net from railway——
$437,129
$1,424,850
1,425,090 f t 747,679
sold
*813
3,172,994
Missouri
the
'allowancesI $2,477,306
returns
:
128,444
V
'1941
.
Gross
163,531
$401,043
1941—3 Mos.—1940
Sept. 30—
less disc'ts,
776,656
460,484
7
'
Co.—Earnings-
End.
710,537
:
1,620,616
962,547
\et from railway
Master Electric
762,540
railway-
oper.
Net
•
period
548
1,655,841
1,976,091
from
Gross
for
amount
82,602
railway—..
Net
period, which
p. 434.
the
154,
accordingly
As
—V.
$600,660
161,530
117,370
28,723
—
$44,036
$22,250
company -set
Rule
ry.
;
31,674
,
14,022
90,602
v"
-
income—,
From Jan.
Gross
for
....
foregoing
liability for
surplus.—V.
d scussed,
have
from
from
?
46,879
$562,573
13,461
$35,711
311,500
,
railway,
railway
September—
Gross
Net
month of September,
1941, contains further adjustment of Federal
tax accruals for the
purpose of fully reflecting provisions of the Revenue Act of 1941 in
operations for the year to date.
Such accruals are calculated on the
basis of normal operations without regard for an extraordinary carry¬
over
tax
credit.
Total Federal tax accruals during the first nine
months of 1941 are $105,105 greater than the estimated actual tax
we will impose as a condition to our order that the
forth in or append to its prosnectus a copy of our find¬
ings and opinion or such selected portions thereof as we may approve.
The order
will also be subject
to the usual conditions provided in
and
2,433
''
income
1— 7
oper.
$91,148
"
Missouri-Kansas-Texas RR—Earnings—
310,737
$990,714
13,461
stock
Note—The
.
be
178,956
to
as
ry.
1939
$232,725
490,728 '.7; 374,146
railway
from
1938
1940
$202,333
1941
$250,682
131,319
'
56,631
♦Los$.—V. 153, p. 12817
$5
on
available
common
its
should
/■££££•334
accrued
Balance
the price.
The company is entitled to
exemption under Section 6 tbi, and our problem is whether the
price bears such a relation to the whole program before us as to re¬
quire the imposition of terms and conditions.
We are not obligated
to find affirmatively that the price is fair; we do find, however, that
the price
is not outside a reasonable range. : We conclude that no
special term or condition is required by reason of the price at which
the security is proposed to be offered.
But we do .believe that the prospective purchasers. of the stock
marily
201,524
..
RR.—Earnings—
from
Net
53,797
;
434.
p.
railway—
Jan.
Net
134,018
377,138
—J,
•,•
-
(net]
preferred stock
terms and conditions we
that matter resolves pri¬
what
is
us
358,260
$86,684 '■j $859,751
22,604 < > 271,250
„ f; 32,044
2,808
•'
3,775 /.? Cr6,116
22,604
♦9,209
oper.
Net
,:;£. 269,738
.15,542
27,315
33,664
mtge. debtserial notes
on
Dividend
utility
-
before
ry.
From
230,135
13,844 '
.
/
$61,082
income '7—1——
Net
Kentucky.
The issuance of this block of stock has been
the Kentucky commission, and the issuer plans to sell
the securities mostly in Kentucky.
There is a serious probability that the .Delaware company will be
wound up in the near future. . Whatever method were pursued, this
may greatly enlarge the floating supply of Louisville common stock
but the effect thereof on the market price pf the1 shares we cannot
The
bV
"
properties in
approved by
undertake
-•
—
deductions
Other
'
.
,
earnings
Interest on
the
these
times
from
Net
Net
$23.50
of
of
42,252
18,198
-
Prov. for retirement res.
directors ,of
of
board
the
continuation
•t
Maintenance
Spread
the Kentucky company has set a price
per share.
At this price, and assuming a
present dividend of $1.50 per share, the stock
would yield 6.38%.
There is a five mill tax on the value of securi¬
ties
imposed
on
the holders of securities
who are residents of
Kentucky, which tax is not applicable to holdings of securities of
corporations which
have 75%
of their property in the State of
Kentucky,
and thus the Louisville common stock would have an
advantage to Kentucky residents over the common stocks of nonKentucky corporation.-. "
'
"
'
As we have ptated, the
earnings per share on the common stock
including the snares to be issued, giving effect to a full year's divi¬
dends on the preferred stock presently outstanding and substituting
the $151,000
per
annum amortization
of the acquisition adjustment
account
in
place of the $250,000 amortization flood loss, are $1.74
per share for the 12 months ended July 31, 1941.
The proposed price
The
for
•
taxes—
97,470
38,069
154,
from
Net
and ex¬
income
profit
cess
1,648,771
•:
141,076
53,887
income,—
oper.
Net
$3,290,739
1,446,179 >
$3,715,181
21,574
24,609-
General taxes_r———-
726.568
1,003,790^
194,859
Missouri Illinois
^;,/v.57<129.v':,21,987
;
$287,690
122,732
o
.-7 K 147,489
Operation
•
and
$327,295
revenues
Federal
$286,241
1
778,603
railway,
'
,
,
September—
1941—12 Mos.—1940
$3,688,052
$3,268,752
income7^71&^^|,,7H;A';7 7«M$Q
Non-operating
Gross
4 $325,531
revenues
13,220
864,388
175,396
1940
1—
from' railway
Gross
7A77A A.££:.
>7Marion-Reserve. Power Co.—Earnings—
oper.
11,812
ry.
Gross
Total
5,110
♦Loss.—V.
principal officers lor varying periods, had asked an additional $92,500
and Mr. Panuch had recommended a payment of $50,000 to $60,000.
Judge Coxe awarded $45,000.—V. 154, p. 752. "
'
1
1941—Month—1940
26,507
*2,668
income—:,,
oper.
Net
,
Period fended Sept. 30—
98,299
24,227
Net
Reavls, Pantaleoni & Downey, counsel to the debtor and its
Hodges,
108,937
23,517
98,277
16,470
from
Gross
accountants for the trustee, received $108,777
substantially in the amount asked and recommended
: '
":;7 /
'7/ •'■7 77, '
' £•
£'
expenses,-
1938
111,928
From Jan.
' :
■
.
ry.
D. Leidesdorf & Co.,
S.
and
bythe SEC.
,
„
Price
.
all;
in
from
Net
an
Stimson, Putnam & Roberts, general attorneys for the
asked an additional $330,000 for a total of $452,523,
Winthrop,
stock
preferred
$200,000
Net
additional $100,000 for his
This was the amount recommended
received
trustee,
1939
railway
railway,,
from
Gross
trustee, who had
1939
its
were
Ry.—Earnings1941
September—
got $250,000, plus $1,336 for out-of-pocket expenses.
the
for
company
Wardall,
making
services,
Missouri & Arkansas
many
of
Exchange Commission,
reductions,
J.
In
Panuch
Anthony
and
recommended
approximately $2,804,000, which is to be compared with $2,789,000
and $2,577,000 in 1938.
Inasmuch as the company refunded
was
j,
of
Securities
cases
did not follow the
the reorganization division of
but where Mr. Panuch had
smaller than had been asked originally.
allowances
The
York.
New
suggestions
the
the Kentucky Company'
Earning Power of
,
of
867
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4001"
154
Volume
Allowances
totaling $803,357 to lawyers,-accountants and others
involved in the reorganization • of the company were awarded Oct. 28 '
by Judge Coxe of the XT; S. District Court for the Southern District
from
Net
ry.
From
Gross
railway—
Jan.
from
from
Net
ry.
■
1
66.713
'
*1,051 4.
*10,358
1—
railway.^
oper,.
1938
91,335
22,382
11,044
74,000
24,284
'
_,J*' •••
railway..-^
♦Loss.—V.
/
income—^
oper.
Net
1__
94,328
13,078
*469
1939
1940
1941
v
Total
.
income—
154, p. 434.
886,383
241,955
*87.012
/,;.
626,526
55,388
569,650
*3,600
121,037
14,081
(
590,180
111,136
*35,416
24,499
net
Non-operating
Federal
NetEarns,
For
tax—
.
per
the
146,644
——
income
$1,138,457,
per
expense
income
——
share
of
capital
stock
58,770
$268,471
$269,625
$0.28
$0.28
months' period ended Sept, 30, 1941, net income was
$1.18 per share, as compared with $898,607, or 92 cents
nine
or
share in the corresponding period of 1940.—V. 153,
p. 995.
•
THE COMMERCIAL & FINANCIAL CHRONICLE
868
;
New York Ontario & Western Ry.-
Corp.—Bonds Called—
National Dairy Products
that,
1960
to
pursuant
Dec.
on
which
v.
fund
purchase
deem
from
from
ry.
From
Gross
from
Net
1—
ry.
".
New
For
tion
26,068
18,255
16,942
525,563
244,972
147,473
553,619
308,614
473,113
223,652
150,500
143,113
•
»
Sales
97,590
„
Otljier
week
24,
England Gas
New
154,
year
a
agoi
•
Int.
501,553
Jan.
1—
—V.
994,774
from
Gross
Net
from
ry.
from
Net
ry.
•
income
1—
Jan.
Net
$5,230,320
1,200,000
1,200,000
112,475
267,335
.
$326,984
53,428
•
•
2,328,000
Of
tions.
V.
—
•
-
352,500
;Of.
.
,
.824,621
2,270,753
754,786
261,967
2,251,237
return
V
\
148,533
8,948
18,771
<
165,997 '
33,974 >
39;430
v
Gross from
135,855
*2,171
9,968
Net
from
Net
..
•'-
2,135,182 H 1,772,272
772,460 ■•• 489,440
813,599
557,402
-
income.
.♦Loss.—V. 154, p. 435.
-
1,769,330
470,166
497,868
...
v
.
'
.
ry.
-
-
income...
1,746,390 /
482,200
527,038 -
from
Net
from
Net
ry.
—V.
.
1—
Jan.
From
granting
order
an
application
the
2Va%
bearing interest at the rate of
semi-annually.
See also V. 154, p. 56.
1, 1961,' and
?
New York Central
of
per
,
annum
93,902
Period End. Sept. 30—
Leased
first
,
railway..
income
p. 435.
1941—9 Mos.—1940
2,360,457
1,175,204 >
850,352
'
•
589,240
Loss
-
called
been
bonds
'
-
-
v
bonds
Co.,
that
on
due Dec.
is
date
102%
115,109,132
11,968,020
102,692,368
11,312,540
$8,772,487
$93,580,760
$65,166,104
2,894,429
36,137,035;
26,714,119
1,318,231
11,296,783
10,815,153
$7,971,424
124,288
income
'♦Current
$40,102,251
1,197,669
1,314,165
36,806,813
36,052,165
t
$21,824,343
$2,735,921
$115,671
*$8,766,832
120
Broadway,- N.
p.
.Holders
in
debentures
of
earnings
cents
for
the
at
each
addition
$1941
September—
—V.
154,
$500
•
Gross
from
Net
from
Net
ry.
will
/
Net
ry.
—V.
Net
ry.
1,453,957
43,519,315
33,499,952
30,350,037
26,102,102
Net
from
18,598,137
10,342,768
9,467,438
6,796,845
Net
11,172,120
5,386,401
5,059,585
2,782,307
ry.
1941
September-
Net
ry.
•
Gross
from
ry.
—V.
1938 ;
>
154,168
281,203
135,786
174,527
79,514
3,520.484
1,869,819
1,880.800
1,809,227
2,642,663
/ 1,276,368
income—
2,515,318
985,180
income...
'
1—•
oper.
1,268,852 ,'1,250,085
972,392
621,880
154, p. 435.
.
Sales
of Ateam
Other
operat.
1941—3 Mos.—1940
$849,040
A
revenues' Y "
''To|tal oper revenues
♦Operating expenses
*
1941—12 Mos.—1940
2,588
-
54,606
,
$833,174 $10,141,427
$850,461
1,025,447
6,708,234
:
147,000
775,000
671,000
1,587,328
income— Def$555,692 Def$685,897
(net)^—
-10,151r7,164
Operating
ry.
$1,070,865
25,446
$1,734,841
income
,
Gross
income
______
Def$545,541 Def$678,733
Int, on long-term debt.
Miscell.
:
debt dlsct.
expense
Miscell.
-Net
Sales
deductions
8,350
325
M.
expenditures^.
amounted
:
.
$206,308
tq
V.' 204,350
33,402
1
r.
.
569-
39,836
'
t$114,763
tt$507,860
901,270
10.479,518
11,210,820
.
612,105
Aocrued
of
25,
totaled
States
kwh.,
an
$213,524 Y $909/902.-. $929,884
'
tBefore deducting $250,000 In 1941 and $300,000 in 1940 appropriated
for acquisition of bonds or of new property,
fProfit.—V. 153, p. 996.
■
-i
#
J.•;-..>
4;
'iV
H.*SJ
i-1-5
$3,421,059
~
'
present
1
1939
1938
$290,169
$301,907
34,631
2,861
3,029
*24,659
12,938
*19,291
2,614,662
2,427,161
2,464,697
r.
p
*99,766
*8.271
,to
*294,433
.
$85,365
Operating
taxes
———
$3,335,101
declared
extra
an
dividend
of
25c.
-
per
share
in
ad¬
paid
on
on
Nov,
June 1,
30.-1940,
and
extras
of
25c.
were
paid
on
1940—V. 153, p. 846,
declared a dividend of $1 per share on the common
Nov.- 12 to holders of record Nov. 1.
Like amounts '
April 24 and March 24, last, and compare with $2:
have
606.
1940. v
17,
4,958,640
$53,215
§$19,440 % ; g$26,954
§$85,037
virtue
of
Clear¬
Coal
lease!
4,000
Gross income
Y
period
1,426
$69,625
$671,328
419,230
$612,736
43,436
$26,189
$252,098
$208,471
allied
by
2,108 Y YY 3,588
;
for
income
101,619
■
$57,232
.
■
§ $18,524 Y
V' $ 18,144 ■-'** § $37,646
',%%%-29,147;v£>% ^ 23,413
of
companies....^
v'■*
v 112,074
VY
/. ' -2,95^^^ 17.613*
699'..\J,'H-:
3,034
97,471
p.
•
-
11 477
System—Earnings—
and
Baltimore <k
Period Ended Sept. 30—
1941—Month—1940
'''
••••(*
C
J '• *'-*!»;. $ v
v, (r,Y'-
Eastern
1941—9
$.
RR.) ^
Mos.—194(?
ty>S
»•
$'
Rr. oper.
^
Net operat. income
154, p.
436.-
$21,603
;
•
$150,479
$18,098
revenues-.Ji.
56,360,066 / 42,785,969" 447,237,^3 $47,959 2238
Ry. oper.
$135,506
expenses.—_.
38,450,311%*29,683,3921 319,314,974 24^83^34^
-
'
'Net
Oklahoma Natural Gas €0:12 Months Ended Aug. 31—
--.1941
Net
income
•Earnings
per
reserve
'l-
$9,421,698
' ; 3,308,824
3.535.737
2,479.844
2,012.744
$3.43
accruals
$3.71
j.......
common
V
I1940
$9,454,672
after retirement
from ry.
-Earnings—
v.
Operating revenues
income
revenues
share...
•550,000 shares outstanding.—V. 153, p.
4
1285.
i
.%i, -iii
«--i;
J:
Net
'
%•'•%'*
'■
Pennsylvania RR Regional,
72,965
11,740 '
and
"} J Adjusted. -.'SLoss,—V. 153,
404,265
11,883
the.
'Yi——___/
■;
tNote—Net
40,797
Federal'
depletion
depreciation
-
26,664
29,355
7.708
$62,025§$ii,732
$39,003"r §$17,575/'.;*
2,6853,204' >9 575 ' "
« lit •' '
9,575
8,331
—.
payable
income
37.201
4,810
...
income...—
Estimated
tax
1941—12 Mos.—U940
(operated
Bituminous
inc.
1941—3 Mos.—11940
allied
from
♦After ;
$85,185 %
48,194 <;
Earnings—
$4,873,604
Charges to
'
1,590
•-15,298 k~. >,•.8,091-
Sept.
5,847,922
"
•
160
<-
on
•1,203,873
full,
the
$614,162
180
and
1,606,020
companies
1941—9 Mos.- -1940
$69,785 "
.
24
Profit from operations
Payment
$36,991
,,• ■
def 734
—$3,421,059
regular
payable
paid on
Corp.
$672,918
;
revenues.
485,584
1,298.190
207,440
(Excluding Long Island-RR.
operat.
58.805
363,311
1,380.589
•
____
$5,820,968
/
Co.—Earnings—
1941—Month—1940
_—
10,300
48.981
*i__——
have
was
♦Net
expenses;
•
8.949
•'
—
$1,184,433
by
' /
,
payment
revenues^. % •'-
Operating
'
157.307 '
$1,659,236
Y/V",'.
Ohio Associated Telephone
Operating
129,777
12,775
taxes
subsidiary
oper,. rev..
•
152,190
v
profits taxes Y____——
the
tDividends
*
Uncollectible
'
Oper. exps. and taxes-
'
229.980
,
A"
1
Pennsylvania Coal & Coke Corp. (& Subs.)
successor-: to' The
Sept. 30—
55,550
245,206 ;
"
Period End. Sept, 30—
Gross earnings
—Y
2,252,119
*9.496 % *480,580
*260,673
*764,294
immediately and receive
redemption price with accrued interest to Dec. 1.—V. 146, p.
Period End.
$905,407
V
231,341
'
paid on Dec. 20. 1940, and $1 paid on Oct.
152, p. 1601.
"
r-..
1940
Qperating revenues
$905,407
—V.
-Earnings—
27,765
for
______
:
1940
99,776
—YY.
bonds
their
$3,335,101
1941
-
J____.I1
-
60,338 ;
*
'
r
surplus
Directors
the
at
City
:
obligations
at the principal office, of Guaranty Trust Co.
of New
option of the holder, at the principal office of The
Bank of Cleveland. • Holders are advised that they may
made
•
240,825
l?v
67,587
Y
:
stock
Less
or,
;
825
•_
50c.
stock,
of
increase
agreement of March 1, 1935), at 103 and accrued interest.
be
433,285
y
Patchogue Plymouth Mills Corp.—$1 Dividend—
for the
compared with
$301,912
income... >
154, p. 436.
510,044
323,595
quarterly, dividend of 25c. per share on the '
common
shares, both payable Dec.
1 to holders of record Nov. 10.1
Like amounts were paid on Aug. 30, May 31 and March
1. last. - Extra
system
as
year,
68,066
railway——'
oper.
Co.
Power
vugek last
$365,627
railway....
:
408,435
Parker Rust-Proof Co,—Extra Dividend—
dition
...
1—
Jan.
31,184
r
3,798
•
"After .depreciation, depletion and amortization of $3,420,642 In 1941
$3,65,7,199 In. 1940V;. tPar, ll.^V. 154, p.,-660. f4 \
;
"...
•
were
income.—
'
17.733
-
and
,218,389
36,263,000
corresponding
753,
45,211
17,733
Co.—Weekly Output—
Northern
the
1941,
the
1940
$2,124,651'
105,485
j.—
Long-term debt
Capital surplus
3,343,545
653,326
229,630
1941
'
1,048
liabilities
Purchase
45,417.17,28$
109,134
-
'
•
$2,364,384
_!/i
Y
568,353
..
,
_*!■__ __i:___:_..j-
64,293
3,417,090
677,620
:
*$38,490
,
30 *
receivable..^:..—,—
oblig., current :
payable
'___
Notes payable
359,641
59,522
;
Sept.
•'>"%''/•
—+
excess
97,307
r ' v
Balance Sheet
Capital stock taxes
1938
C.'
$200,811'.
"
.
x_
the
Gross
..
52,023 '
30,084 '
receivable—
accounts
income
113,288
*$31,804
*'
Sundry Income
—V.
$978,188
14,867
$43,617
io,3oo
Pur.
33,402
8,350
$28,750
lAit
10,300
Accounts
..
>
1939
3,341,938
-.
979,370
197,733
..
v'r—
894,436
..
.
•,
,$849,135,
lbs.*4 '
.
$1,764,818
135,551
14,908
municipal obligations.—____
'Liabilities^—-
29,977
979,370
244,843
46,261
.
\
....
;
———_
of"steam,
•Mainten.
:
&
—
—
deficit
244,843:
50,076
,1.
interest
of
Amort,
$1,096,311
"
$295,116
61,627'
19,017
'.
.'1,877,063%:
13,903
$7,182 -V
Y
$2,041,364
$281,213
2,469
companies
interest
New York, Pennsylvania & Ohio
RR., and the trustees of the Nypano RR. property, have called for
redemption on Dec. 1, 1941 all of the outstanding prior lien bonds
of The New York, Pennsylvania and Ohio Railroad Co. (extended under
Net
i
$4,714
,
Federal
1941
This; company,
-
i
•,
'
Federal
s
1940
&
83
399,299
1,634,397
—
Subs.)—
2,083,169
—i.
other
and
field
$10,779,745
6,739,507
(&
137,862
8,569.r-
$110,977
-in
and
will,
414,613
4- Nypano RR. Co.—Bonds Called—
57,208
346.624
!
.
tax_i
States
Total
110,461
railway-
from
National
-
Co.
47,735
;
YYY
tCommon
participation
$830,586 $10,086,821 $10,722,537
■-
1,421
1,034,563
65,000
306,590
Depreciation
Other
stamped
i
-
railway
*Loss.—V.
will
Corp.—Earnings—
Period End. Sept. 30—
Taxes
Oct.
oper.
from
York,
New York Steam
154,
1941—9 Mos.—1940
'Y'-rY'Y
of
Total
'
;
$213,827
165,140
from railway.:—
Net
1939
V
$229,932
Jan.
Net
'
149,861
railway———.
oper.
From
1940
$229,877
293,735
railway——,
from
from
From
Net
$400,941
railway....
from
Net
of
175,570
September—
Gross
•
i
3.491
assets
.
mortgage
represented
by
$61.66
for each
$500 bond.
; ;
unpaid accumulated
Northwestern Pacific RR.
Gross
-Earnings-
first
the
of
output
ended
614,882
New York Connecting RR.-
'
stock.—V.
ex-
V'Directors
30,725,000 kwh. for
18.0%.—iV. 154, p.
Net
Gross
Federal
Aug. 31 and
1,105,326
income..
753.
rate
'
-
Northern States Power
795,661
p.
in exchange r
15-year 4%> V
of
in¬
Deferred charges—*-
The
452.
,p.
$3,237,306
1,059,680
oper.
154,
of
earnings,
4,102,179
.-1,104,105
railway.
lailway
oper.'income
154
1,626,491
'
Holders
1941
railway,—:—^
from
$4,050,378
railway..:
from
105.
539,150
opet^tofcoiiiie—££/.. •
1,416,245
railway..—
City.
receive
'
•
railway-
from
$3,972,905
January 1-^
;
par
of
common
576,557. "
i
Notes
(From Jan, 1—
Gross
2,401,515
oper, income
—V.
>
<
The
20-year A'/o
preferred non-cumu-
prior
par
into
;
tubular
profit
Earned
$5,380,844
from
Net
1938
•
$1
stock.
$629,006 "$2,502,244
33,681"'
,
of
Assets—
Norfolk Southern RR- -Earnings—
railway..—
ry.
Gross
debentures
the
rate of $1.66 for each $1,000 debenture
debenture; and upon maturing coupons
799.
p.
railway—___
From
Net
1939
Commis-
new
following
amount
Refining
$158,449 '
profits
Accrued
to
Electric
1940
»
;
amount
Inventories
interest, receive a participation in earnings at the rate
of $7.50 for each $1,000 debenture and $3.75 for each $500 debenture.
week
from
$1
'$151,879'* ^
Consolidated
'
337.
New; York Chicago & St. Louis RR.- -Earnings-
Net'from
Y.
accumulated participation in
maturing- participation warrants,
at the
stamped $1,000 bond and $30.83 for each
$728,312
r
Gross
of
unpaid
Net
$1,728;469
basis of 1941 revenue act.—V. 154,
on
4%,
new
new
46,245
"
of
Wall
Co.,
&
taxes
year
$59,828,825
$5,932,848
132,911
4,071,468
$3,770,705
inc.
profits
exc.
12,465,419
*$1,251,300
_—
Fed.
tlncl.
$27,636,832
13,681,883
1,373,02K
%
4,076,431
Tptal fixed chgs.____
$46,146,942
$4,559,827
1,507,921%
deductions--—*
Net
principal
$1,003,943,,;,:
YY
♦Loss.
%
1946,^
16,107,614
$6,463,503
income
"Total ~ Income-^-—
Misc.
and
1,
price
18,616,255
1,330,227
inc.—
oper.
ry.
1,
2,064,132
11,371.203
1,267,340
Com-
reclassified
into
'
.
.
payable at office of Commercial National Bank & Trust
St., N. Y. City, and the debentures At office of Empire
are
46
bonds,
debentures, by extension also due on Dec.
for redemption on Dec. 1< 1941.
The call
September—
'/Net
issue
principal
&
tax
cess
Net
$3,040,000 outstanding
1948, and its $293,500 outstand¬
bonds, stamped under a supplemental agreement dated Jan. 1, 1935,
will,
in addition to the redemption
price and accrued int., receive
4,297,133
—
Other
of
be
9,770
United
5,291,469
$12,090,863
^Railway, tax accruals
Equip, and. joint facil.
•rents
will
;
;
the
.
& 805,818
&c.
Federal
for
Other
5,560,453
v
'
.
the
the
preferred
♦Property, plant & equipmenti_i_^_-J_-_______
763,224
1,395,571;
fr. ry. oper.
amort,
sale
Cash
Trust
13,298,878
beenv
'
2,296,353
___—
will
1941—3 Mos.—1940
income
taxes, &c.__
' for
come
8,417,239
an
rev.
shares
income
on
Prov.
8,783,148
rev._
Transportation—rail__
until
and
reclassified
^
stock $20 in
income
Prov.
677,565
31,360
"
'
-
149,146
-
'
939,750
$40,083,924 $31,862,647 $327,534,222 $269,304,442
Maint. of way & struct.
5,028,779
3,510,020
36,200,685
28,937,297
Maint. of equip..——
7,717,553
6,418,328
65,737,636
56,184,864
Traffic 1
552,280
523,269
4,937,989
5,011,269
UNet
be
goods
2,205,478
737,932
,
'
•
•
-
2,229,863
325,585
'
-
*
965,283
revenues—
Other oper. exp.
will
company
two
stock
non-cumulative
,
basis.
Producing
Interest, he.
2,791
44,739
1
this financing the corporation's
7%
10-year
the
$30,537,148 $23,232,295 $245,977,731 $195,738,619
5,466,748
4,863,246
48,596,635
43,749,501
'
made
"
818,392
-Railway oper.
and
depl.,
Stocks
mortgage 6%
ing
Lines)
1941—Month—1940
Express revenue
Other
the
preferred
operating
exp.,
Total
69,686
95,489
11
•
2,772,593
oper.
154,
have
revenue—.—
4%
share
Operating income
;
231,981
259,121
32,253
•
be
by stockkholders
preferred
of
common
1938
1939
fund bonds.
RR.—Earnings—
(Including all
Mail
for
approval
stock,
Other
•;%>
'
railway
As a result of
Freight revenues
Passenger revenue
6(4%
the
debentures, $26' in
debentures, one share of
Depr.,
private placement with an institutional investor of an
issue of $3,500,000 first mortgage 4%, 10-year sinking
,
both
fund
Gross
Oct.
22 issued
filed pursuant toNSeetion 6 (b) of the Public Utility Holding
Companv Act of 1935, relative to the issue and sale to John Hancock
Mutual Life Insurance Co. of $400,000 first mortgage bonds maturing
V
given
*
Newport Gas Light Co.—Sale of Bonds—
payable
is
shares
share
a
6'/a%
Cost.,
company
Oct.
new-securities'cannot
Period End. Sept. 30—
New York Trap Rock Corp.—Bonds Placed Privately^
Corporation has announced that arrangements have been
concluded through Smith," Barney & Co. for the sale by -
on
the
of
Panhandle
.
273,718
> 83,702
r
i
^
i
have
Earnings-
~
RR—Earnings—
1940
139,922
railway
oper,
1941
310,636
railway.*..
recapitalization
an
'
Gross
railway..—
railway—
SEC
plan- of
filing of
.
J,
.
,
September—
1938
;1939
.
,
•
,
p. 660.
-
.
New York Susquehanna & Western
Ry.—Earnings—
7
oper.
The
proposed
with-the
par'value
the
lative
computed in such return indicates that there will be no such liability
1941.—V. 153, p. 698.
W
:
<
,
on
income
provision has been made for Federal excess profits tax as
filed for 1940 shows no liability for such tax, and the credit
for
$10
sinking
$1,377,570
%•'•:
.
.
■/
.
on-
,
a
approval
number
After
for
'104,586
$1,334,929
of
reorganization,
present
$3,762,985
104,575
%■'
270,000
•
paid
was
of
like
a
1,292,500
..910,000
less premium and miscellaneous deduc¬
expense
.
.
■
$3
Corporations, the, company proposes to issue 15-year 4% i,'
sinking fund debentures in the amount of $1,106,700 and an addi¬
tional $1,106,700 of 20-year 4%
income, debentures.
Under the plan '.v
'
$319,728
'
of
Sept.; 1 and June 1, last;
1, 1039.—V. 154, p. 546. ' vY
•V
.
sioner
883,605,556 851,217,114
J'!'
1
•
.
tax'.
income
$3,233,066
vYu—.si "...
$299,973
•vf*Amortization of debt
107,525
$507,521'
•
207,392,718 216,381,922
to.———
Fed.
accruals
273,627
.
.326,078
V 1940
.
260,952
92,279
94,087
railway..
from
Gross
1941
railway.—
oper.
From
$4,545,541
300,000
23,890
-
kwhs.
on
-
'
September—
Unci.
130,173
v".
1,977,821
income...
p. 435.
Net
$831,411
300,000
expenditures
amounted
73,846
2,356,734
836,781
344,362
3,915,555
railway.—.._
New Orleans Texas & Mexico
<
Dr3,204
stock.
pfd.
electric.,
company's
after
Provided
25,820
$100,
par
Dividend
of California has approved the terms and.,/
hearing ujjjon the fairness of the plan at which all ,j
persons to whom it is proposed to issue securities in the exchange shall r
have the right to appear.
75%. of the preferred stock must approve/;
the plan.and a majority of the common. >
"'Y'.'•
'
<
,-Y.
Note—No
oper.
154,
of
fMainten.
1938
289.333
:'•
68,953
on
/;;.
railway:
from
from
4,089
$652,804
income.
Net
Divs.
of
issuance
value
1
v
1939
294,597
128,344
;
269,332
139,527
income—.
ry.
670
interest—
♦Other
Sales
1940
1941
•
oper.
Net
1,571
long-term debt.
on
stock,
15.
paid
i
oL ;
payable :>
account
(issioner of Corporations
$5,233,524
Gross income
i
t
from railway..
railway.——
Net
$651,233
$4,541,452
.
pref.
Nov.
were
$1
1, 1940, and Dec.
coincldentally
renditions
4,660,836
$830,741
*
share on
per
formJT-8 under the Trust Indenture Act of 1939. •'••%%%"••';-
/The
487,932
5,217,909
-
753.
p.
from
Gross
445,151
.
2,511,000
(net).:— -.1;
income
of
$1
r.-.«
Y The, proposed
plan
involves
the
exchange1 of >the present 6Va% -,i
cumulative ($100 par) preferred stock for new debentures,
preferred, ■.»
and
common
shares.
The
approximately
$45-' accumulated -unpaid' ;
dividend arrearages, will be preserved,
it, was stated. A-f
Associa¬
increase
kwh." for
September--
From
on
1941—12 Mos—1940
593,000
1,197,292
Operating income
:
record
of
1st
cum.
application at the San
Francisco regional office of the SEC for qualification of an' Indenture
/' 1,327,949
...
....
of
dividend
a
7%
dividends
and March
Details
$6,557,570 $28,736,770 $27,876,748
3,936,537 ., 16,466,409
15,654,388
4,041,285
700,000
fOperating expenses—
Depreciation
System
—
New Orleans & Northeastern RR—Earnings—
ry.
$6,720,467
holders
and
disclosed
116,729
109,379
revs.—.
oper.
*Taxe\
& Electric
ago.—V.
Net
revs—
oper.
to
the
Gravel Co.—Accum. Dividend—i
&
declared
on
Pacific Portland Cement Co.—Plan Announced—
251,317
"524,590
$6,440,841 $28,291,619 $27,388,816
$6,611,088
1;
Sand
have
,780,943
492,407
*338,877
1941—3 Mos.—1940
:
A'';*-. j
r
*'
Gas output is reported at 101,918 mcf., an increaset of 409 mcf,, or
0.40%, above production of 101,509 mcf. in the corresponding week a
Net
4,766,318
132,809
*586,710
Electric Light & Power Co.—
Queens
Sept. 30—
1
Nov.
V
electricity....
of
Total
v&":j-
-i
Oct.
ended
corresponding
Gross
Dec,
30,411
*63,659
Dec;., 1
4,114,328
/
*118,493
154, p. 435.
&
532,791
*80,432
395,422
201,471.
4,707,051
591,274
__
income...
York
453,121
4,671
i^
Directors
accumulations
1
railway.—
railway
oper.
Period End.
24,819
18,770
electric- output of ll,784v814 kwh. - This Is an
kwh., or 18.50%, above production of 9,945,371
week
reports
year
ry.
Other
...
:
1,839,443
the
r
the
39,569
/'/
Gas & Electric Association
England
Output—
of
from
V
38,443
1938
Earnings—
$52,890
r
income...
337. (:Vvk'
p.
1938
..
,
$56,194
21,299
railway--.—
oper.
154,
1939
1940
28,460
,
railway
■
—v.
Net
Net
New
$68,898
$62,532
income.—
Jan.
from
Net
1941
;.
railway..
oper.
from
Gross
accrue.—
Ry.—Earnings—
railway..—
116,170
[
1939
•
439,373
V. *1,746
*81,591
railway.—. ~~ 577,980
railway..
ry. oper; income__Y
From Jan. 1—
*Loss.—V.
September—
Net
to
cease
from
Net
56.
p.
Net
debentures-shall
drawn
the
on
Nevada Northern
Gross
Net
1941,
interest
date
154,
1,
from
Gross
provisions Of the indenture, it has elected to re¬
at 105%% and accrued interest, $.295,000 prin¬
cipal amount of these debentures which have been „drawn by lot.
The
drawn debentures
will be payable at the
office of Goldman,
Sachs & Co., 30 Pine Street, New York City, on Dec.
1, 1941, after
the
Ohio River
-Earnings-
1940
1941
September—
fiscal agents, on Oct. 29
Corporation, through Goldman, Sachs & Co.,notified
holders of its 3y<%
debentuies, due
Saturday, November 1, 1941
ry,
.w
;t
'
Volume
Number
154
Earnings of ,Company
;; ;,v "5
i ;•
September—
from railway:.;
'
■
;
1941
tl
Gross
Net
ry.
'
-7,888,428
Railway & Light Securities Co.—Extra Dividend—
,
H
1938
1939
Directors have declared
32,047,256
10,843,767
6,525,123
dividend
:
Net
ry.
share
per
Period End. Sept. 30—
Total
;
■jf'
436. ,;.y-
p.
cents
the
on
common
stock,
railway
thereon
.
made
•
£
$7,326,951
expenses
Net
from
Net
ry.
30,949
v,.
railway
4,206,665
13,492
*1,586,550
1,180,716
*58,818
156,940
*698,711
*1,724,126
*1,385,899
income.—
154,
346.
p.
■
operations
$2,803,617
—
Jt.
\
474,913
7,201,828
facil.
rents—net—
ry.
154, p.
338.
76,289
Dr2,203
•
,
Cr3,421
i;
,
Cr3,491
outstanding
Earns, per sh.
v
Phillips Petroleum Co. (& Subs,)—Earnings
Period End. Sept.
1941—3 Mos.r^-1940
30—
Cr31,080
.......
,
„
Less'
of
Cost
—*,
1941—9 Mos.—1940
,
products
'
Directors
t
*
common
Less:
quarterly
26,9.66,725
69,414,736
61,933,001
4,935,164
15,087,014
15,045,854
$2,700,523
788,800
$4,878,558
1,817,000
$4,325,918
for
reserves
21,980,984
'5,518,013
taxes and int.—
exps.,
taxes
Net
$2,400,335
$0.54
$12,562,598
$8,778,533
$1.97
include
not
and
includes
paid
$0.97
Federal
non-operating
and
of
income
$2.82
business
lnter-company
any
to
State
gasoline
or
Governments.
Net
the
in
rate
of
discovery.
Gross
Exploration
posed price increases before making them
and as evidence of its desire and
ry.
Office of
the
Price
price of crude oil
purchases.
Administration
to
Oklahoma
in Kansas,
-
.
effective.
intention to
addition
sanction
an
and Texas
increase
where
in
6,414,587
-
the
„
$493,338
Net
Common Dividend—
.
,
,
154,
11,
the
rates
payments
any
adjudication of relative
pursuant
thereto
to
prove
adjustment
for
These
interest
$7,741,000,
was
reflect
increases
a
compared
marked
very
meet
that
consequent
to
increase
defense
upon
currently .their expenses and obligations.
It is not
any new money will be needed for the purposes of
-
of
'
<
the
Properties—The
continue
maintenance
and
in
properties,
excellent
able
handle
to
in
the
of
view
physical condition,
no
increase
substantial
a
the
with
in
pro-,
con¬
without expansion of facilities.
The 1941 improvement
authorized by the bankruptcy
court on Jan. 9,
1941,
templated a net capital charge of $1,114,853.
Reorganization—Under
date
of
Nov.
16,
1940,
the
Interstate
Com¬
Commission
handed down a supplemental report modifying in
respects as requested by the
committee its reorganization
(the Commission plan) of July 6, 1940. and refusing to make
merce.
other
1941—9 Mos.—1940
.
modifications
7,087
,
bonds
$4,159,261
$4,389,214
$460,634
the
to
$459,853
$4,382,127
above
$3,691,060
of
306,541
2,895,012
.2,805,615
$153,312
revenues
$158,265
80,673
68,894
income-
$77,592
$84,418
$837,835
50,370
57,908
.595,843
to
the
to
first
of
treatment
prior
"special
plan
mortgage
equities"
pledged collateral and
Corporation for
by which the
Credit
the
method
allocated
was
lien
revised
general
for
its
Railroad
-change
Such
and
bonds).
The
existing
among
Commission
bankruptcy
court.
before the
In
.
plan
,
hearings and arguments
court! the committee has
vigorously
opposed
said
awards to
RFC
and
RCC
and
has
also
objected to the conversion rate specified in the Commiss'on plan for
the new income bonds and new preferred stock.
On condition of the
$773,218
531,907
.
supplying such
(chiefly against the
certified
basis
The
to
refused
committee.
new
Corporation
the
on
bonds
and
of
Finance
share
its
the
by
$3,390,000
of
bonds
$1,344,923
571,705
$1,487,115
649,280
of
such
reasons,
burden
$4,150,538
335,073
requested
award
Reconstruction
and
over
8,723
,
elimination
of
such award for "special equities" and suitable modi¬
such
conversion
rates, the
committee
asked
that
the
plan be approved.
The first of the above objections and
other objections were urged by other interests.
RFC and RSS sup¬
ported the Commission plan.
--'/I; v:
"
./j'-1!'
fication
share
RR.—Earnings—
v
September—
.■■■■?1941'
from railway
$355,691
Gross
'<
_
Net
from
Net
«
ry.
!_1_'
income.j_
oper.
56,294
Jan.
1—
Net
ry.
1939
'
of
_
The
*7,381
71,775
2,659,318
2,533,870
*177,208
26,029
2,836,349 '
v.
206.628
•
1941
September—
from railway—a..
t
2
Gross
Net
from
l
4,008
consideration
contemplated by
by
the
the
bankruptcy
Commission
plan
*447,659
.
1939
$349,731
56,127
9,278
shown
Capitalization
(Commission
Plan)
As
of
Jan.
1,
1940
a
Annual
-
-Earnings—
1940
court.
is
table:;:?';
i
Amount
:
First
and
general 4s,
Requirmts.
$5,874,000
•
$207,664
:
'
Birmingham Division -first 4s,-1970^^.^.^^^
Birmingham Division second 4s, 1970___^i.
$404,954
a
3,323,390
132,936
3,182,780
127,311
*63,305,149
2,532,206
$75,685,319
1990
$3,000,117
1938
.
Total
$304,746
fixed
interest- debt____._
^Sinking fund for Birmingham .Division first's
•<
'
32,531
and betterments fund^..:...^01
fl,125,000
Sinking fund for first -and general's—200,000
*30,886
-
m
*
,
under
now
following
Proposed Securities -or Fund—
Equipment trusts -(undisturbed)
~
.
Additions
per
.
the
in
New
*48,045
>
$542,299 i
135,353
railway.
is
2,160,999
-1203,307
capitalization
*37,902
361,237 !'.183,440
matter
The
$245,037
97,558
<
'•Loss—y. 154, P. 260, 437, 662.
-Clears Preferred Arrears—
.
1938
$337,200 7;
58,089
-v):
'
railway
railway—k.
oper. income...
from
Net
7
72,747
railway
from
Gross
In r
1940
$327,710
share oiuthe
Net ry. oper. income...
*26,028
*58,783
28,104
96,970
preferred stock, thus7jclearing- up-all .arrears on',the issue, payable
From Jan. 1—
- vi;. ;; Novi 12 to holders of-record-Nov.- 6;--In addition a quarterly .dividend
Gross from railway
,481.236
5,207,377
5,640,644'
5,281,959
A;
of 75 cents per share -was declared- on the-preferred stock,' payable Jan.
Net from railway.
1,670,173
♦1,937,696
,005,247 ?' 1,650,201
'2, 1942 to' holders of record J^ec «1Y> Ott the commoh stock, a.dividendry oper income___
1,363,616
rjl39,279
1,396,637
1,037,977
■!sV
<!lh amount of one share" off conhhbn stock of the Celotex Corp. for^r *loss
v.'154 p. 437.
br each five shares of-Phoenix Securities Corp. common stock held, was
v
; ' :
^
declared fof-payment.on*Nov.-24;it0 holders of record Nov., 12.
Last
St. Louis-San Francisco Ry.—Prior Lien Bondholders'
Jik-M previous common payment was.-fn" August, 1937.—V. 153, p. 755.
Committee Renders Report— ;
^Income:
mortgage -4 Mi sf
'*'•?'jk'rv1*1
^
",,T
40,385,885
* """
1,817,365;
*****-j"^.a.
'
$116,071,204
SSinking. fund for income
IIPreferred stock,
.
hvi ^*""y
"it
^
Total funded debti
-
$6,175,013
61,846,169
3,092,303
201,929
-
*
..
.
*
<v
Pierce Butler Radiator
-
"Chronicle"
See
Oct."30. p.
.Corp^RegisterS With SEG-r
v
"r
'
141, p. 4175.
814.—V.
as
Period End. Sept. 30—
Mail
-'43,651
revenue
revenue..-.
—
"
6,367
-
•
Express
;
revenue
5,378
—
Other revenue...
of
Traffic
'A, 724,953
-
oper.
,
Chairman)
25,876
330,417
6,053,509
753,503
702,343
last
in
part:
for
letter,
1
the period
Oct. 23,
to
since
Nov.
1941.
r. The
Payment
court
committee
entered
and the
consolidated
the
Prior
on
8, 1940,
circular
case
Oct.
11,
Net rev.
fr. ry.
tax
and
Equip,
$946,838
oper,
accruals..
joint facil.
$6,497,197
341,793
4,282,970
Total
$675,335
income
oper,
ry.
15.373
V*
171,735
171,786
$654,465
$5,663,936
3,423
1,240,909
67,134
$4,211,014
661,617
.
30,830
$555,849
$4,355,893
$3,518,567
'1179,820
deductions—
95,193
'
Total
fixed
I
charges-
Net income——
—V.
154,
p.
338.
:
.
.
$4,039,228
$5,492,201*
15,230
$690,708'
income..—-u—
Miscell.
$639,235
'
.—11"
Other income
$4,013,585
2,150,471
Cr258,202 Cr3,277,974 Cr2,176,li4
Cr466,063
rents
Net
$722,826
737,566
.
_
■:
3,392
$507,496
•
-
Pittsburgh Shawmut & Northern RR.—Earnings1939
September—
'
• ; - -1941- -r * J - 1940
from railway.'.'— ;♦
$151,246
$100,448
from railway——46,459
' " 32,947
Net ry. oper. income.—
| :, ? 29,682 ;
22,812
,
Jan.
Net
ry.
-V.
1—
railway
;v
railway
—'J- >
oper.
154,
p.
18,181-
7,299
-
-v
from
from
$73,615
17,289
,
From
1938 V.••
•
34,098
Net
Net
•
-
$98,232
Gross
Gross
-
income^—
1,141,278
v
•
233,310
620,076
679,423
886,414
;
384,036
ment
of
bonds.
Under
the
terms
of
the
of
interest due Jan.
interest
due
1,
1933, and on
account for
on
order
I..
prior
164,564
; 47,251
Def7,158
v
Net
r
from
-1940
—
-1939
""$359,330
^109;933*
v.'i
,95.072
*
$380,617
$273,756
-172,346 ;•
•'
67,608
Net
.1—;•
-
162,223 -■'
7;'" ^ 'I:
ralway—1lS v'tl,a05;547!il. y3125,1-85.5 2,438,071 •,
railwyll'irif-* '1,3901869"'-r.'838,*545 - ^734,372 .f
from
66,160
from
--Net ry: oper.'lIncbm6b^rr-4^129i6a?^f6!79,628.. >v,
I —V. 154, p. 436.
^
586,804 sii
! '
>V-' V-"
2,128,023
"410,187
380,189
bonds
has been filed with the committee) should
such bonds to the trustees of St. Louis-San
120
Broadway
(Room
1949),
New
York,
;
for " the
-
1938
■•
such
present or mail, insured,
Francisco
Railway
Co.,
>
t;
J
From Jan,
Gross
-
rl99,539
income.'— 1- 150,348
railway^.
Net ry.- oper.
L-i-"
'1941
$508", 772
respect, of
together
(in all cases
ownership certificates.
holder
,
of
such
except
bond
and
.
a,
legend
to
that
.
effect,
appro*
priately showing also the amount paid thereon, will be stamped on
-•the respective bonds.
Such bonds are then to be returned with the
interest payment^ '•
1
•
•
s
.;
■' "
-i
U\ Holders of undeposited prior lien bonds, Series A, or. Series B, in
1
•
.
"'
-
(whether or not an assent in, respect of such
bonds has been filed wfth the committee), should present or mail,
insured, "such"bond's"to the trustees of St. Louis-San Francisco Railway
fully, registered
two
shown
that
be
in
would
bonds
on
the
held
in
rate
of
shares
30
to
fund.
[The
purpose
halve
securities
new
following table,
if
sinking
common.
respect is
obtain
as
the
per
1945, and thereafter 25 shares.
[The
objection in this respect is to halve this
such
eliminated
of gross," less in any
tCumulative up
income."
at
1,
shares, of
of
2Vi%
or
against
stock
the
Allocations
by
this
made
which
special
requested
of New
fiEach
of
rate.).
by the
also
awards
the
-
com¬
'
.
Commission
shows
to
the
RFC
committee:
share
the
alloca¬
and
RCC
<,;
.
Securities
(Per $1,000 Fort Scott, prior lien
'
■
form
V
-
v.'j
/
outstanding
.
^
a
domestic corporation) with requisite
The Jan. 1, 1933, coupon, being then fully
paid, will be retained by such trustees and cancelled; the July 1, 1933,
coupon, being then partly paid will be held in trust by such trustees
I
Pittsburgh & West Virginia Ry.—Earnings—
(though not
interest
into
objection in this
are
tions
Jan.
committee's
allocations
should
&
mtge.
gen.
Commission
Income
Commission
Committee's
♦Com. stock
Committee's
♦Allocations
be
been
180
382
plan
117
254
contention
;
$169
190
V
191
B's
'
$185
&
209*'.
124
:
122
133
:
124
■
133
195
213
258
193
6.92
...244
122
255
*;
241
254
plan
3.39
211'*
has
the
at
urged
6.55
v„„
that
burden
on
3.70
~
contention
heavily
by
6.55
computed
required,
less
raised
$154
Consol;
A's
117
382
contention
committee
bear
£ 614
B's
(no par shrs.)
Commission
to
bond,
Consol.
bonds
stock
Commission
RCC
$146
plan
Committee's
"'.'•'The
A's
$614
contention
mortgage
Preferred
~
Bonds
"
Pr. Lien
bonds
plan
Committee's
consolidated
or
pledged)
or
Ft. Scott Pr. Lien
Proposed Securities
First
-
338,.-.^
September—
;
1 .v"3 "
Gross ffom irtiiwayi-™
plan
charged
common
•
waiver as to any interest on principal or on
other interest), and the amount of such
payment may be credited
against the fixed and contingent interest accrued or to accrue during
the years 1940-1941 upon the securities which may be issued under
any
plan of reorganization in respect of the bonds on which such
payment is made.
These payments are apportioned among the several
series in proportion to their respective total claims as of Jan. 1, 1940.
Payment of this interest will be made on and after Nov. 3, 1941, in
the following manner.
??!vi:''Vv'l:i'
(1) Bonds Deposited With the Committee—Promptly on and after
Nov. 3,
1941, holders of certificates of deposit for prior lien morti I gage bonds, Series A or Series B (whether such bonds be in coupon form
or
in
fully registered form)
should present or mail, insured, such
certificates of deposit for stamping to the depositary, Central Hanover
;
Bank & Trust Co., 70 Broadway, New York, together
(in all cases
except domestic corporations) with requisite ownership certificates,
v
Such certificates of deposit are to be appropriately stamped to show
the amount paid thereon and will then, with the aforesaid payment,
be returned.
"
"
(2)
Undeposited Bonds—Holders of undeposlted prior lien bonds,
Series A or Series B in coupon form
(whether or not an assent in
104,128
142,151
The
$1,125,000,
into
through
§Plus
convertible
July
than
depreciation
the
of
rate.]
the install-
the terms of the order, acceptance of this interest payment will
constitute a waiver of interest on the interest represented by
such
payment
bond
mittee's
these
less
were
roadway
$1,000
the installment
mortgage.
lien
year
issues
18%.- Convertible
purpose
1, 1933, and the bankruptcy trustees are to pay
the normal Federal income tax, if any, pursuant to the terms of the
-
262,030
**
to
1941, upon a-joint application by
representing the Fort Scott bonds
By
Railway
vious
Lien
committees
stock^=i^^i$177,917,373 ; $9,469,251
(no par, stated at $50 per share)
62,082,631
permitted, including an initial issue of $5,000,000
first and general's for the
treasury.
tOr 2y4% of gross revenues, if
less, plus in either case any amount by which payments in next
pre¬
♦Additional
?
payments are to be in full for the balance remaining
-
Total funded debt and -preferredCommon stock
,
Bonds—An interest payment will
be made on prior lien bonds from and after Nov. 3,1941, at the rate
of $11.92 per $1,000 bond of Series A and $12.58 per $1,000 bond of
Series B.
Such payments are to made pursuant to the order of the
and
5,033,435
76,944
its
Interest
the
248.543
578,649
reports
circular
of
bankruptcy
405,821
693,823
83,683
-
exp
•
J. 31,770
-
505,129
38,115
-—
Transport.—rail:Other
31,322
7
r
$2,276,530 $21,926,409 $17,410,947
151,989
1,879,013 ' 1,388,001
720,246
6,412,770
6,025,040
248,943
-
equipment—
4,947
48,414
$2;736,355
oper. rev._„
of way & struct.
Maint.
'
;•
66,864
,
,
Railway
Maint.
1941—9 Mos.—1940
$2,181,386 $20,920,991 $16,562,682
109
411,499
357,896
j
4,674 57,468
52,778
letter
1941—Month—1940
revenue—$2,614,095
.Passenger
-
'•
states
date
the
Pittsburgh & Lake Erie RR—Earnings—
.
Continuing its policy to keep the depositors and assentors informed
to its activities, the committee for the prior lien bondholder^ (John
W._ Stedman,
Freight
■
traffic
437.
p.
Rutland
'I'
.,
of 25 cents per
declared'i/ dividend 6f $9.75.
mi Oct.-28
Directors
deferred
retained
$493,338
—
income
—V.
above
certain
781
expenses
operat.
From
'
dividend
extra
an
Phoenix Securities Corp.
ai
to
expected
Condition
1,160,319
353,426
726,674
St. Louis Brownsville & Mexico Ry.
i
1940.
activity
bankruptcy trustees,
5,775,312
1,651,424
1941—Month—1940
Operating taxes
Net
if
available
net
in
reorganization,
t: 108,010
47,571
7,089,120
1,823,266
670,686
2,000,996
Sept. 30—
operat.
Payments at the
bonds pledged under
purport to constitute an
that
appropriate
and
business
was
Net
same
payment.
expenditures.
Present cash is adequate.
It is estimated by the bankruptcy trustee?
that on Dec. 1, 1941, after making the interest payments above men¬
tioned, their cash will exceed $13,500,000.
The bankruptcy trustees
Telephone Corp.—Earnings-
Operating revenues
Operating
dividend * of 50 cents per sharfe on
Stock,: both ^payable Nov. "29 to holders of record Nov.: 7.
561.
* V
t
' ,
p.
177,476
121,758
not
does
similar
makes
it
183,033
-
10,176,653
4,072,357
Operating revenues
Uncollectible oper. rev._
the. regular quarterly
to
the common
153,
declared
have
1940,
1938
'
bond.
$1,000
per
provides
great,
$1,866,000
plan
Period End.
the
interest
gram
oper.
Rochester
For the above
cooperate with
appealed
,,
«■-»*.
lExtra 'Dividends-
—V.
of
$526,829
132,833
railway—..
railway..
income—.
—V. 154, p. 333.
increased
have
costs
1939
$635,323
66,230
-
but
continue
1940
414,470
from
ry.
in
once
Commission
ment in every-way..
Directors
■;
1—
from
Net
Company Is already supplying large quantities of 100 octane aviation
gasoline, synthetic rubber raw materials, and many other petroleum
products for the national defense and is taking steps to increase
output where the need is apparent and is cooperating with the Govern¬
r
>
$686,217
1941
$1,040,106
Jan.
Net
is considered
the Government in the national defense program, the company
to
.
154, p. 662.
railway—.
oper.
From
substantially.
Reduced margin between cost and selling price is
threatening unproducer stripper well reserves with premature abandon¬
ment.
Price stimulus is essential to building the necessary crude oil
reserves to meet the increased demand caused by the National Defense
program.
The Office of Price Administration this summer requested
oil companies to first review with the! Price Administrator any pro¬
reasons
;
Fredericksburg & Potomac RR.—Earnings—
railway—.
income—
from
Net
taxes
Phillips,
decline
from
at
shall hereafter be made "in
such manner as the court shall deem equitable" and if any payment
proves to be too small,
supplemental payments shall be made.
»
<:
The • bankruptcy
trustees have continued their prior policy of cur¬
rently paying all interest matured at the coupon rates on the Birming¬
ham bends
and on all outstanding equipment trust obligations
and
of currently purchasing at not exceeding! its face amount all matured
principal of equipment trust obligations.
Earnings and Cash Position—1940 earnings available for interest
amounted to $5,362,000
(or 37.4% more than the 1939 net available
of $3,902,000 realized on gross revenues of $48,181,000, or 1%
more
than
in
1939).
For the first eight months of 1941 gross revenues
were
$39,289,000, compared to $30,538,000 in the corresponding period
in
September—
Gross
Chairman, states: During the present year, com¬
has
met
with
greater
success
in
finding additional
crude
reserves
than
during
any
like
period
of its
history.
Industry
as
a
whole,
however,
has
suffered
a
sharp
The
^
declared a dividend of 25 cents per share on the
stock, payable Jan. 2 to holders of record Dec. 10. Previously
dividends of 20 cents per share were distributed.—V. 153,
Richmond
$950,000.
for Federal taxes on income- for 1941
adequate under the 1941 Revenue Act.
pany
oil
;
.
have
See American Tobacco Co.—V.
income
1940
$The provision
Frank
,
order
too
now
.
profit
♦Does
$0.40
$1.65
.
(R. J.) Reynolds Tobacco Co.—Guilty as Combine—
Earns, per shr. com. stk.
collected
?
.
de¬
income
on
1,584,895
$0.18
•;•••■
Federal
for
Provision,
1,743,040
1,584,895
$0.98'
com.
1
1286.
p.
depreciation,
pletion,
development costs and
retirementts --t-——-7'
•
on
-
$1,065,209
?•:
'
•
1,743,040
:
,
$3,302,283
$39.06
prior lien
The
1941—6 Mos.—1940
$499,969
of
rights,
,
25-C^nt Interim Dividend—
.
sold, oper. and general
:
—
subsidiaries.]
foreign
1941—,3 Mos.—1940
$1,918,590
*After all charges and Federal income taxes.-
.
$39,511,180 $30,105,262 $101,942,906 $87,574,388
income
'
—
Shares of common stock
•
.
.
respect of which such
apply
forthcoming
bonds and Fort Scott
the consoli¬
mortgage result in payments on account of interest on the
bonds.;
The court order accordingly directs that from
the funds
so
derived there be paid
$12,41 per $1,000 consolidated
bond, Series A, and $13.57 per $1,000 consolidated bond, Series B.
$.9,392,941
[Excludes results of certain
Periipd End. Sept. 30—
profits
the
dated
Remington Rand, Inc. (& Subs.)—Earnings—
♦Net
in
bonds
should
for
consolidated
482,210
$1,259,884 $12,422,018
$1,729,099
.
681,605
,1
be
sinking fund agent, has drawn by
lot for redemption on Dec. 15, 1941, at 105 and accrued interest, out of
moneys in the sinking fund, $380,900 principal amount of convertible
2W/o
debentures, due 1952.
Payment will be made on and after
Dec. 15 at the New York office of J. P. Morgan & Co. Incorporated.
Drawn
debentures may be converted on
or before
Dec. 15, 1941,
into capital stock of Phelps, Dodge Corp.—V. 154, p.' 356.
v
deposit or
made
above
Payments on Other Bonds—The court order of Oct.
directed a payment of interest on the Fort Scott bonds in
1941,
Phelps Dodge Corp.—Bonds Called—
J. P. Morgan & Co. Incorporated, as
of
been
not
prescribed
amount
$9,844,071
82,580
income,
oper.
'
Payments—Two previous interest payments have been
bonds since July 1, 1932.
The first of these was
Oct. 23, 1939.' The second was made on and after
certificates
have
manner
4,063,569
$1,332,752 $13,100,138
$1,813,882
,
Net
cases
From the funds provided for such payments $134,364 re¬
for on Oct. 15, 1941.
-
of
payments
$1,807,665 $20,301,960 $13,907,640
989,735
operating income
rents—net
!
Equip,
„
—V.
♦Gross
Holders
...
32,162.136
all
(in
uncalled
on
Ry.
•
4,493,569
38,125,123
together
then, with the aforesaid payment, be returned.
after
and
1940.
York,
New
Interest
Railway tax accruals
*134,063
*56,795
*332,585
4,628,342
3,668,395
on
1949),
with requisite ownership certificates..
appropriately stamped to show the amount paid
be
prior lien
mained
from
revenue
railway
65,555
':.7 V'.'"'•
I 6,032,361
railway
oper.
*Loss—V.
*121,710
Net
$541,115
$627,555
139,696
$572,027
-
1—'
Jan.
from
Net
-
income
oper,
ry.
From
Gross
1938
1939 ■■■"
-
264,407
railway
railway
from
1940
'
$826,393
from
Gross
'Net
1941
will
Nov. 25,
1941—9 Mos.—1940
$5,476,060 $58,427,083 $46,069,776
4,52)5,334
——____
on
(Room
corporations)
to
are
and
made
19^1—Month—1940
operating
revenues
railway operating,
Pennsylvania-Reading Seashore Lines—Earnings—
:
Broadway
domestic
bonds
;
Total
September—
120
except
Such
value,
par
no
Co.,
interim
an
Oct. 27.—V. 154, p. 662.
Vjleadini Co.—Earnings—
eading
oper.
154,
10
and
Previous Interest
railway- 1- 446,309,081 347,189,551 300,513,224 259,649,926
railway—127,956,534 100,202,616
83,899,295
71,750,075
71,385,644
55,948,047
48,169,897
36,863,606
income
from
Net
of
extra dividend of 20 cents
an
,' boWfpayable Nov. 1 to holders of record
from
Gross
—V.
.'4
•
40,332,013
14,107,965
9,611,312
1—
Jan.
From
Only
1940
•
10,710,461
income
oper.
-
56,250,123 .42,687,076
17,917,406
13,101,437
railway-,-.
from
Net
THE COMMERCIAL & FINANCIAL CHRONICLE
4001
of
6.91
3.39
3.70
wlolc,
if
some
special
supplying
the prior lien
it
bonds.
be
award
to
RFC
redistributed
Additional
issues
and
so
as
have
other
parties.
Assents—The aggregate principal amount of
deposits
and assents as of Oct. 15, 1941, was
$63,796,050 (of which $1 407 500
are
expressed to be conditional), which is more than 54
Deposits
and
31%'
of
all
prior lien bonds outstanding in the hands of the public.
' v
*
The
committee
deems
it
urgently important for -the interests of
lien bondholders that its activities be continued and that
its
effective representation be not impaired
by large withdrawals.
1
Depositors and assentors desiring to withdraw may, however
do
.
prior
surrender of their certificate of deposit, accompanied
by pay¬
the withdrawal charge fixed
by the committee to provide
expenses and obligations.
The withdrawal charge currently
in effect is $3.85 per $1,000 bond.
The ICC has entered an
order
permitting up to approximately half of the committee's total expenses
and obligations accrued, through Jan. 31, 1941* to be
paid out of the
estate of the debtor if so ordered by the court.
The committee expects
to. deduct any such payment, -when made, from the
so
upon
ment
for
and
of
its
obligations used in
determination
of
the
aggregate expenses*
withdrawal charge
.
•
THE COMMERCIAL & FINANCIAL CHRONICLE
870
of
Earnings
Period Ended
Total
oper.
Total
operating
Net
revenues
exps...
operating inc.
ry.
Other
income
Southern Bell Telephone & Telegraph
System
1941—Month—1940
1941—9 Mos.—1940
$5,516,586
$4,038,120 $44,805,639 $34,576,468
3,809,792 • 3,182,680
32,536,343 29,193.438
1,402,860
569,918
9,036,435
2,375,248
16,813
15,601
202,203
132,503
Sept. 30i—
...
Period End. Sept. 30—
Operating
revenues
Uncollectible
—$1,419,673
income
$585,519
6,825
$2,507,751
62,656
$9,238,638
7,024
85,451
inc—
from
■
of
*
1941
$5,306,766
1,639,681
1,368,893
Net
railway
from
Net
J.
railway—..
from
railway.income.._!
Net
from
Ne*
rv oper.
—v.
154,
33,197,881
5,197,519
2,502,683
33,286,196
4,670,920
1,805,504
696.
p.
from
from
Net
ry.
$152,467
42,126
8,838
railway-—
railway
oper.
income—
Jan.
$108,077
Net
rv.
1,213,283
418,814
117,633
*174,923
*59,866
''
■:
'
*983,147
684,059
8,446,881
154,
from
revenue
from
from
d/o ,113
$7,837,952
Gross
Net
ry.
railway....
railway....:..
income..-.
$228,762
23,901
23,556
$3,143
$6,163,087
$2,899,782
205,792
railway operat¬
$883,163
income
from
way operating
Net
111,652
income
113,779
$771,510
24,202
income..
$3,104,962
1,501,799
$138,539
$4,867,081
$1,724,763
5,266
87,734
61,652
$143,806
$4,954,815
249,979
2,268,745
1—
Net
301,887
*$106,173
$2,686,070
Interest—
on
first mortgage
the
4 r'n
gold bond
have
declared
dividend
of
Dividend-
$1.50
231,108
*53,065
1940
:
1939
.
v
£
Saguenay Power Company, Ltd.—Earnings—
3,233,929
1,955,821
(net)..
Period Ended Sept. 30—
21,966,328
21,323,764
23,988,728
13,462,830
13,329,307
1941
$
2,988,199
Operating,
revenue.
Operation,
$1,385,040
211,035
—
$4,116,651
107,024
maint., adm.,etc.
than income taxes)——
,
272,687
(other
770,452
from
ry.
profit
$1,066,981
20,616
$1,087,597
$3,131,257
362,271
1,090,021
44~144
funded debt
on
interest
Other
204
.*.
Amortization of
of issue of bonds, etc.
Unrealized profit and loss on exchange.,.—
Provision for depreciation
—
1'
183,980
197,251
beginning of period
Surplus,
$668,122
3,720,538
—
3,717,295
$3,932,913
_
dividends
Preferred
68,752
of
10c.
p.
Surplus, Sept. 30,
153, p. 1140.
300
4-100
$3,706,661
_
$3,706,661
$129,797
$1,300,919
77,888
782,659
September—
Gross from railway
Net from railway
Net ry. oper; Income—.
Net
$51,909
$527,260
17,172
$95,638
$127,603
84,683
*4,745
29,138
*724
*18,068
*31,949
*585
1,031,819
901,046
1,032,198
1941,
3,390
97,043
*92,423
*213,026
*269,708
*181,510
*376,499
stock
common
now
Dividend
10.
Nov.
declared
have
dividend
a
outstanding,
of
75c.
of
$1
share
per
on
$332,976
payable Nov. 21 to holders
paid on Aug. 18, last.
was
of
12,
See also V.
1940.
152, p. 2874.—V. 154,
p.
—V.
Seaboard Air Line
Net
_
From
Jan.
Net
from
Net
ry.
78,749
112,442
Def38,658
railway
railway—
income—
46,577,845
3 4,956,431
32,093,946
29,336,272
11,943,555
5,739,871
2,209,602
5,105,646
4,016,356
7,776,652
oper.
154,
1,709,073
716,559
662.
p.
Directors
have
the
to
declared
an
extra
dividend
of
$1.25
per
share
From
&
Co,
are
running
about
30'-v
ahead
of
a
year
ago,
action
of
the firm's directors in a meeting here today (Oct. 27) indicated that
earnings after taxes will be about the same." The company's earnings
after taxes in 1940 were $6.32 a share and equaled $6.60 a share in
1939.—V. 154, p. 548.
y- -
Smith Agricultural Chemical Co.—To Pay $1.75 Div.—
Directors
mon
This
Feb,
Feb.
have
declared
a
dividend
stock, no par value, payable Oct.
compares
1,
last;
1,
1940;
Aug. I, 1938,
with
75c.
$1
$1
Oct.
paid on Aug.
29.
1940;
paid on Aug.
1,
of
$1.75
share* on the com¬
29 to holders of record Oct, 24.
per
1, last; 25c. paid
25c.
paid
on
Aug.
1939;
31.25
on
ry.
9,501,936
6,965,316
6,438,839
May
1,
May
3,664,620
1,878,568
1,712,211
1,615,058
2,147,254
704,363
639,944
540,624
income.—
280,548
255,114
$478,470
$443,076
32,939
35,625
71,518
54,000
60,000
52,500
48,000
42,000
$363,635
$334,844
$312,951
$3.06
$3.00
$2.82
.
,v;
7
33,625
$377,207
$3.04
.....
1289.
Ry.—Earnings—
1941
1940
1939
$252,161
$212,201
$242,487
69,368
39,741
82,950
40 173
14,409.
2,194,543
632,648
341,146
.
income...
-
1938
v
•
$226,704
81,461
-
v
-
50,357
50,401
1,934,790
446,306
1,752,991
1,623,365
397,399
375,887
200,333
138,634
129,084
-
1—
railway
railway..:
income...
oper.
154, p. 439.
Texas Corporation—Name
Changed—Merger-
Texas
Corp. has been merged with its subsidiary, Texas Co., and it3
changed to Texas Co., it. was announced on Oct. 24 by W. S. S.
Rodgers, President of the parent company.
.
•*
;
*;
.
Corp.—Special Dividend—
payable Dec.
output
of
,
special dividend of 10c. per< share
1
holders of record
to
Sept. 2,
on
last,
Nov.
and on. March 1,
19.
The
the
on
1940.— V.
consolidation of the
purpose
Rodgers said,
Mr.
Dividend
simplification
was
the
public
154,699,000
Co.
The
Co.—Weekly Output—
for
154,
the
kilowatt-hours,
corresponding
757.
p.
as
compared with
week
last
year,
to
from
from
To
of
Net
ry.
Jan.
1939
'$140,912
1940
27,938
*16,147
1,335,683
1,203,664
railway..——
r
190,461
*Loss.—V.
154,
*12,277
1,224,047
111,8177
*200,644
have
to-
the
stock
Gross
88,602
declared
regular
or
profit
income...
r:
3,442,774
$619,133
$5,472,214
ry.
Dr67,765
252,436
Accounts
and
$5,135,Q70 7 $1,509,321
Net
514,637
$599,839
$317,439
$1 ,370,111
on
$1.08
154,
Consolidated
Balance
Jan.
44,000
60,000
155,000
equipment at cost, less reserve.—'—
;
.
..
*Total
Liabilities— 7 V:
Accounts payable
Accrued liabilities
Purchase
J
;'"v'
-
•
other
for
possible
litigation
loss
on
...
patent
$2,341,218
6,298,046
60,000
for
...
/
-
1940
1939
1938
$3,915,807
$3,512,901
824,931
1,222,423
645,919
1,237,588
716,816
42,866,977
32,990,871
-31,449,159
30,712,103
vr
-
1
,
Common
stock
and
and
Earned
($5
Capital surplus
1
finance
companies
_j
par)——
...
14,701,540
7,804,997
7,543,080
6,167,797
2,849,302
2,863,915
1,674,025
Oii
—-
:
surplus
...
—
120,000
717,496
85,747
787,796
105,747
$.
——
6,365,315
3,526,951
4,998,630
5,451,931
3,781,430
—
*___
$27,390,722 $19,971,046
Subs.)—Earnings*—
'
•
.
1939
1938
..
•
$
.
v:,,.-
98,435,927
95,262,534 104,251,503
.79,271,762. 83,421,313
26,049,611
19,099,937
15,990,772
706,198
779,288
934,374
907,450
19,879,225
16,925,140
21,737,640
incident
-y
income..;."
income
^
v
;
veloped'leases
Deprec.
Prov.
depletion—-:.
&
for
.«•
come
Federal
1,141,481
1,104,814"
;■ 778,8-71
:
869.608
1,088,438
980,159
.
720,000
10,196,248
-
900,000
859,509
742,500
9,908,248
9,621,197
9,704,237
89,700
715,400
90,000
in*-~
taxes
*
v
' "
$4,735,800
9,790,595
...
dividends....
dividends
Earns? pep
■:
20,830,190
contingencies.
profits
Common
>
ui,
Total Income,
J__
26,755,809
Int., disc, on debs., etc.;V.:V-.-( 718,887
tProperty retirement^.; •. y594,279
Amortiz. of inv. & unde- '•/
3,504,972
common sh..*$1,27-
*Exclusive
hole losses. '
Total
,
-
....
busi-
V' 493,950
184,368
6,215,315
(&
1940
:
-v-'.
done
Preferred
240,809
Co.
1941, ;
;
•
.79,335,990
Net
:
340,670
;;
9,004,502
-
of
expenses
Estimated*
—
product guarantee..*—
with
$1,298,618
1,602,171
686,210
Reserve for possible loss on repossessions under
resale
installment
contract
and
notes
dis¬
counted
19,072
109,410,824
Other
1
claims and
'
Reserve
99,102
Operating
633,066
$27,390,722 $19,971,046
———_
obligation—.
Reserve for capital losses———I—
Reserve
7
—
money
54,jL54
751,626
V
$3,977,209
1,180,588
income
volume
ness
•;;r:V':'
■;
—
...
137,799
49,711
to..operation-■ 83^361^213
Total
696,212
505,411
6 936,204
7
i"
——
1—
oper.
.
272,911
,
bldgs. not
:;■
695,110
130,754
•
RR,—Earnings-
Tide Water Associated
....
487,138
etc...——* 993,695
in opers., less res.—
360,847
—
680,353
,
1941
9 Mos. End. Sept. 30—
,086,860
and
—
:
$5,391,748
2,048,687
railway.._i
railway..;.._
from
,611,510
155,000
and
Total
*8,866
■
from
ry.
,950,075
—_i_'_
Land
used
!
7 ,689,430
7 ,496,660
—
receivables—.—
prepaid expenses,
811
5,057
7
*$61,288
—V.154, p. 340.
1940
$3 ,227,747
reserve—'..
—
____—
1938
13,207
30
1941
:
non-current
Supplies,
Sept.
Sheet,
y- 7777/
yy y-.
hand.....
—.7
■
receivable, less
1939
34,305
262,076
340.
p.
railway."—
from railway..—!:_
ry. oper. income.^.
Net
$0.80
mortgage note receivable..
Other
in
*$69,062
376.275
^
from
Gross
$994,684
$0.25
Inventories
First
3,764,959
-
$0.47
notes
share
per
43,093
1,025,653
September—
Gross
From
share
Cash in banks and
f.Oc.
\
oper.
*Loss.—V.
$1,577,086
Dr337,144
$569,875
*
be
No
2,824,088
1,652,352
';.-i
to
time.
$106,912
"
1—
railway..—
railway.....*
Income.*.
from
Net
inc.
——
per
of
1940*
40,422
Jan.
Net
profit
dividend
$136,102
60,288
oper.
$4,401,174
$2,252,191
Fed.
for
and excess prof, taxes
telling of the
procedure
is
" " 1941 ";vV:
.
from
Net
$8,914,988
-
'
ry.
Net
Provision
extra
an
railway....
railway
from
Net
1941—9 Mos.—1940
Dr49,258
$2,287,483
Dr35,292
exp.
3,
the
quarterly
from
Net
(& Subs.)—Earnings—
End.
income
Nov.
and
divid)«id of like amount on fhe
payable Dec. 15 and the regular
1941, both to holders of record Nov. 28.—V. 154, p. 439.
From
Sept. 30—
1941—3 Mos.—1940 '■<
Gross profit from oper.
$3,496,475
$1,541,730
Sell., admin. & gen. exp.
1,208,992
922,597
Other
about
certificates
The extra dividend
September—
*221,087
*195,057
Stewart-Warner Corp.
Period
stockholders,
the
Texas Mexican Ry.—Earnings-
r
1,200,392
340.
p.
in
25,162
*7,824;:
88.866
*116,463
income
oper.
inform
or
$147,502
16,407
,
*
selling
stock.
2,
1938
$140,370
32,543
*1.065
pro¬
Pay Extra Dividend—
common
1—7:
railway
be made
in
Directors
1941
structure,
exchanging certificates after that
change will be made in outstanding debentures, he said.
■
$155,923
will
company
followed
130,529,000
increase
an
corporate
.
changes
operating companies in the
for the week ended Oct. 25,
system
.
parent and. its subsidiary,
the
of greater efficiency and
effecting of economies in operation.
change in management or policy is contemplated as a result of the
he said.
.' '
'
"
No
utility
of
motion
153,
!.
Electric
and
1
27, 1938; ?X cn
1938.—V. 153, p. 703.
318,119
$522,092
;
6,031,733
—V.
Oct.
and 25c. on May 1 and in February,
on
$187,961
on
railway....
railway
—"
from
438.
Jan.
Net
in
regular
"S.OOO
;
$197,923
and
A
—
quarterly dividend of 75 cents per share on
the common stock, both payable Dec. 10 to holders of record Nov. 10.
The company announced: "Although the gross sales of
Sears, Roe¬
buck
332,931
.
stocks
p.
from
Gross
Net
Patents, licenses, goodwill, etc.
Sears, Roebuck & Co.—$1.25 Extra Dividen
addition
8,873
Net
Plant
—V.
$873,707
264,194
Mortgage receivable
1—
from
Gross
$991,911
126,249
Comparative
195,752
44,023
cum.
class
Jan.
351,855
Assets—
$2,879,230
$236,985
"5",000
$535,948
57a
oper.
218,725
railwayrailway—....
oper. income—
ry.
1938
348,225
■
1,003
$203,973
54,000
ry.
430,237
from
Net
$3,195,955
;
23,000
$203,017
from
276,553
from
Gross
243.
348,592
"■•••
-
_.
From
938
record
$3,445,477
104
,
43,733
32,368
72,374
from
Net
1930
Staten Island Rapid Transit Ry.—Earnings—
Net
1939
1940
680
:
$246,65$
—**,
$305,062
1—
totaled
Ry.—Earnings-
1941
$5,085,215
1,289,316
"931,436
:
74,862
stock
153,
573,154
Gas
Earnings
September—
Gross from railway..—
Net from railway..
Net ry. oper. income—
$236,881
29
$279,837
Texas & New Orleans
new
Company's stock was recently split up- on a four-for-one basis.
Dividend of $1.50 was paid on the old stock on May 19, last; divi¬
dend of 75c. paid on March 13, last; and $1.50 paid on Dec. 16 and
Nov.
"
1940
$1,318,665
Profit from operations
the
$246,628
208"-
194,123
stock
combined
addition
Savage. Arms Corp.—$1 Common Dividend—
Directors
$278,949'
77,336
closed
common
361,217
kilowatt-hours
859,219
75.066
y.
24,087
'y ; 16,592
:
on
on
Gross
railway....
railway......
oper. income...
in
Earnings
$419,415
114,353
194,290.
$34,737
7
Standard Gas & Electric
*27,900
,
50,479
y
16,237
$420,146
Tennessee Central
$31,315
*.
Electric
Gross
1938
-
15,183
,
from
ry.
v .;
1939
.
73,513
16,676
756
merger,
7
$128,866
from
Gross
Net
1940
$405,377
income
Surplus Sept. 30—
per share
$1,068,228
648,813
1—
Jan.
From
1941
>■
^
,
55,643
.
292
.
class A stock..
__
also paid
was
Net
RR.—Earnings—
54,000
.
$412,379
50,349:
;
23,208
62,320
______
profit
on
Divs.
( :
-
24,889
1941
stock,
Net
San Antonio Uvalde & Gulf
64,500
;: : ; 2.700
yy.
$56,204
September—
1941
;-r
68,208
;
$439,611
$419,092
September—
1001.
472,500
-V.
•
'
206.256
157,500
_
39,328
26,460
—
profit
Divs.
$4,385,417
dividends
Common
$498,705
53,944
i
.....
other
preferred
1941—9 Mos.—1940
$1,070,928
-
..
railway:
18.5%V.
income
Total
1938
•
38,838
inc.
for contingencies— '
Total
49,962
$212,375
—
dep.
income...
oper.
Standard
J.
income
Net
87,576
profits taxes.
excess
1939
$515,712
27,171
v'
.
profit
Dividends
Co.—Earnings-
95,896
Standard Dredging
640,911
income
for
a
capi-
Surplus Jan.
110,134,431
$152,100
_.
railway
154, p.
common
549,605
and
Provision
expense
as
to Dec.
39,935
"—
Net
$1,314,019
600
Directors have declared' a
Interest
of
acrrued
bank
132,432
; v
income
Gross
1
name
$3,073,512
57,745
income
Other
other
received
on
Res.
$130,097
rev..
railway
railway
Jan.
Net
V 1940
15,510
sale
and
Loss
438.
p.
from
Net
—V.
Net
bef.
Total
$
145,182,895
Telephone
$152,700
...
revenues.
oper.
From
Co.
income
net
1940
$
1941—Month—1940
from
Gross
its
$547,754
^
50,826
exps,.
__
fr.
tax
Jan..! to Oct. 21
1940
3,809,929
September—
3 Mos. 1941 9 Mos. 1941
gen.,
tal assets
71,783,471
37,999,485
Associated
taxes
from
In
from Aug.
'
Spokane Portland & Seattle Ry.—Earnings
ry.
Transportation
included
-Earnings—
.
68,810
expenses
Gross
Net
..i.J—..
and other deuuets.. ;
2,419,386
76,088,246
......
operat. income.—
Net
(And fully owned subsidiary except Saguenay Electric Co.)
1941/"'
maintenance
and
Interest
per
Gross
be
3,319,783
100,938,666
expenses
154,
exclude
Refrigerator
there
$687,865
52,512
v
Other
.,
Taxes
&r
Interest ■'
$9,143,496
income..
oper.
operat.
—V,
share on the com¬
mon
stock, payable Nov. 4 to holders of record Oct. 28.
Previously
quarterly dividends of $1 were distributed.—V. 152, p. 995.
v'-.
a
Sept. 30-
Taxes
Fed.
revenues
Operating
Net
Sagamore Mfg. Co.—Tg Pay $1.50
Directors
85,780
2,876,258
certificates, due 1989, will be paid on that date,—V. 154, p. 799/;; ...v
....
End.
common
1941,
Swift
that
$566,542
4,877,402
$8,913,228
*$571,174
Net
1,
of
asked
tolls
Profit
income
Operating revenues
Nov.
Board
sustained^ by Stockholders, Inc.,
154, p. 757; V. 153; p.1143. " '
Depreciation
1
due
interest
business
also
2,877
5,036,073
Southwestern
799.
the
757.
p.
Operating
It
Mos.
;%•
1941
earnings
154,
,.
16,967
y
384,385
Week End. Oct. 21
Gross
the
to
Admin;
132,364
Period-
Operating
The
$487,084
-
79,226
>;■
railway operat.
—V.
that
$143,479
Operat.
$12,488,453
railway*-.
Net from railway
2,357,589
$545,324
154, p.
1938
v
5,423,672
:
1941"
railway operat.
Jan.
asked
as
1931.—V.
9
59,521
528,449
Period End. Sept. 30—'
income
*Loss.—V.
■V*
6,823,527
railway
railway
Uncollectible
Net
of
V 31,
77,7 '.V:y;
from
From
$1,786,416
250,388
1003.
p.
340.
p.
from
gross
.
head of the company.—V. 153,
as
5,239,145
$680,878
306,965
income:...
Net
1,380,198
$795,712
from
...
attached
loss
•
)
income
Gross
Deductions
tank
(
Income
1939
8,645
$
■
Non-operating
22.388,796
15,420,520'
4,450,905
'
operat¬
income
ing
$6,368,879
to act as deputy director of priorities
the Supply Priorities and Allocation,
absence,
Frank
A.
Ross,
senior Vice-
of
from gross income
representing additional profit on sale of refrigerator and
cars,., and that such profit be redetermined as value of goodw.ll
$3,215,671.
$3,240,782
32,878,214
32,937
September—
rail¬
income
railway
$252,319
1
head
Knowlson's
The .company
/
*
Southern Ry.—Earnings—
205,179
.
.
,
121,670,726 110,681,229
$739,927
>.
Gross- from-
ing
' '
•'
4
1940
'
Net
;
w..—
Deductions
t
15,282,332
*48,645
railway
railway—.;.
154,
■
*49,935
1— v
oper.
•'
■
1941
from
Gross
Total
y/.yM';- £>'•
Lines—Earnings—__
y;
oper.
from
Net
1,000,289
$859,262
Railway oper. income
railway operating
Oct.
Nelson;
Mr.'
Taeony-Palmyra Bridge Ctf.
SS
from
From Jan.
'
•...
35,663,332
September—
$3,900,071
1,674,865
;
•
The'company has petitioned the United States Board of Tax Appeals
rule against an alleged tax deficiency of $404,644 in 1931 claimed
by the Internal Reveriue Bureau.v
< * r
:■
•:^ / ••; •
■
1
167.374,090 126,789,904
56,628,289
33,340,745
railway..
Southern Pacific
from
■*
.
Net ry. oper. income.
—V. 154, p. 757.
^
ry.
Other
income
y
railway
Net
.111,350
$3
$1,104,455
245,193
1, 1940.
Swift & Co.—Appeals Tax Deficiency Claim—
Profit
ry.
operations
Railway tax accruals-
Absence—
V:
_
1—
*Loss.—V.
Net
In
President, will act
:
.
Net
Sept. 30—
effective
pay
Donald
Board.
'^3';%::
548,
p.
1941 I
1940
1939
September—
' A't y7
iiS,':, 1938
from .railway- $21,669,747 $15,949,376 $16,356,487
$14,111,900
Net from railway..
7,496,341
5,379,826 " 5,760,881
4,116,050
Net ry. oper, income..*
4,436,189
3,308,387 73,694,795
2,221,578
y>;
revenues
operat,
under
$10,952,587
9,101,406
Gross
%'y7-
Southwestern Ry.—Earnings—
^
1941—Month—1940
1941—9 Mos.—1940
$2,549,845
$1,653,203 $20,090,844 $14,721,998
expenses
1,445,390
1,313,090
12,252,891
10,821,927
operat.
without
8,632,381
$10,647,191
*68,140
■
St. Louis
Period End.
Ry.
Ry.
11,806,388
$899,484
277,569
•'
;.
1,260,934.
Gross
1,267,519
249,959
106,072
income
oper.
*LOSS-
3,263,713
of
Chairman of the
36,478,630
*$703,295
Leave
The company also announced that James S. Knowlson, President and
Board, has been given an indefinite leave of absence
..
$19,584,968
—
Takes
,V to
•
railway——
from
11,516
*22,548
■
'h
railway-
42,349,3^4
$22,453,579
taxes
*Loss.—'V.
Net
$112,458
1,806
1,008,383
4,119,148
$2,160,418
income
Gross
1938
;;; *29,218
:
4,934,786
$2,560,418
Southern Pacific Co.- ■Earnings—
3,091,671
Def26,610
1939
1,388,496
Gxpss Srom
Net
"
31,745,127
-Earnings—
1—
Prom
...
Dividend—Pres;
have declared a dividend of 25 cents per share on the
stock, payable Dec. T to holders of record Nov. 6'. Like amounts
; were paid , on June 30, last, and on Dec.
$64,802^13 $56,063,598
operat. income...
From Jan.
1940
$99,289
8,372
*23,579
1941
September—
Net
$3,993,897
759,389
461,935
•
-..V'-'-.V-."
,
St. Louis San Francisco & Texas Ry.
Gross
Net
1938
1939
$4,286,253
966,966
702,602
1—
Jan.
Prom
Gross
income
oper.
ry.
1940
$3,893,954
832,584
581,520
42,963,736
11,718,527
8,827,699
September—
Gross from railway:
$8,279,566
revenues.
expenses
operat.
Net
Only '
Company
$7,495,204
—
Saturday, November 1, 1941
■
Directors
common
$2,445,095
$9,153,187
$578,694
$1,412,648
Earnings
•
.
Net
Operating
int., etc.
Bal. avail, for
26,721
\
1941—9 Mos.—1940
$6,309,657 $65,042,906 $56,293,346
30,091
239,993
v >229;748
.
Operating revenues
Operating
Total
Deductions
rev..
oper.
25-Cent
Co.—Earnings—
1941—Month—1940
$7,521,925
—
•
.
of inter-company
includes
excess
•
»'
93,000
7,057,625
1,687,500
3,504.249
sales and
4,380,31.9
8,416,905
1,687.500
1,687.500
4,144.770-
4,777.969
"
-
$0.84
$0.42
$1.05
transactions. ' tlncluding dry
profits tax.—V. 154, p. 800.
.-
*
&
##»if »**i*niww
,
I
4
total
have
1960
New
Co.,
Net
ry.
105,360
income—
Net
ry.
for
the
14,582
■"*
for
such
'851,960
1,580.517464,341
518,034
V\
■:
comparison
,
1941
nf
.
1 Qd.1
of
.
'
■
■
■
■
amounted to $34,313,345,
third
•..»
net
quarter's
taxes.
earnings per
share
income,
V■
r
;
.
3rd Quar. -;v
1941
v,
———Ui.——
1941
1941
Earns: per : shara forcoirt stock—
'
$34,313,345 $24,814,751 $95,688,091
$3.21 ;
$2.12
$8.82
%
5,101,606
5,084,559
Net tons
15,137,436
,102.4
101.4
101.1
Capacity.—
.
IiltcrGst
s y
Se^des::::;
o.,
of discount
Amortization
V-k42,717vV:
funded debt——
on
$92,669
income
Income.
if-1 '."V'
of
the
to
••.1940
1941
and
sold
current
deducting
the
Of
the
higher operations
'\
8,703,252
to
the
outstanding Sept. 30,
preferred stock totaled
*
,
.
stock outstanding
common
while
shares,
shares.
2,179,626 shares,
1941,
Sept, 30,
were in
br6kers' names, representing a decrease of 25,236
from the 2,204,862 shares, or 25.3%, held by brokers on June
25%,
or
shares
30,
Investors'
1941.
shares,
June
30,
Of
the
with
compared
6,498,390
1941,. were 6,523,shares, or 74.7%/,
stock outstanding, 446,254 shares, or 12.4%, were
1941, an increase-of 7,944 shares over the
held June 30, 1941.
Investors' holdings of
Sept. 30,
names
shares,
438,310
stockholdings Sept; 30,
common
75%,
on
1941.
preferred
brokers*
in
12.2%
or
amounted to 3,156,557 shares, or 87.6%, of the outstanding
Sept. 30, 1941, compared with 3,164,501 shares, or 87.8 %»
30, 1941.
'
>
!
.
■'
7.
:
0
New York State brokers' holdings of common stock Sept. 30,
1941,
preferred
held
on
by
them June
1,932,432
were
June 30,
shares,
1,956,770
against
22.2%,
or
shares,
22.5%,
or
Brokers' holdings of preferred stock were 369,221 shares,
1941.
10.2%,
or
Sept.
1941.
June
30,
York State
compared
V.
1941,
30,
with
10%,
or
'
holdings of
investors'
shares,
361,665
.
stock Sept. 30,
common
,
1941,
>
14.1%, compared with 1,218,809 shares, or i
14%
June 30, 1941.; Investors' holdings of preferred stock Sept. 30, 7
1941, were 1,151,930 shares, or 32%,
against 1,171,100 shares, or •
32.5%, June 30, 1941.
7,.-:
7
Foreign holdings of Steel common Sept. 30,
1941, amounted to488,502 shares, or 5.6% of the issue, compared with 490,298 shares,/
or
5.6%, held June 30, 1941.
Of the preferred stock, 57,935 shares,
or
1.6%, were owned abroad Sept. 30, 1941, against 59,558 shares, or
1.6%, so held June 30, 1941.—V. 154, p. 800. (
1,224,430
shares,
or
,
and
current
to
betterments
and
of
;
,
,
outlays during the first
Capital
$3,042,560
prevented
month
,
of the United States Steel Corp.
amounted
3,602,811
its subsidiaries at Sept.
dividend declarations, were
the corporation
of
assets
after
with $505,800,000 at June ".*■30,. 1941, and with
v...1
"
~
1938
2:.
V
last
of
to maintain
sufficient
,
1941.
30;-: 1941,
.....
nine r.onths-C 1941 for additions
properties sold, were
less credit for
properties,
■'.«•«««'oe'rapproximately $70,500,000. Capital obligations retired during the same
3,83o,8ol;;. ■3^oio»4o:i ,'.4./+i,ou«
period amounted td $7,763,000; caphr.I obligations issued during the
1
—,n „rR
nine months amounted to $2,900,000. On Sept. 30, 1941, unexpended
:
^^ 6,521,840
operating expenses
1939
n
$4,82.8,865, .$4,579,540
$8,975,657
inc.
$60,321,120 $52,958,292 $135,882,791
present
.$453,700,000 at Sept. 30, 1940.
'■* -*
■'..
•
Net sales & commis.
goods
Y;Vv:"' ***'■
■
Sttbs:)H-Ea?rti^
:r^9 Mos. End. Sept. 30—
•:>
,Def$41,309.
$40,713
-
UnitedlCai^
.
12,575
——..
p.
——
high rate of operations and other unusual conditions, a reserve of $4,500,000 was set up in the third quarter, making
a
total contingencies reserve of $13,500,000 for the first nine months
ing
Net
—v, ,153,
of
-.51,956
taxes i/i—.
Total
Continuing the policy of making provision for contingencies attach¬
Dei$28,734
;
surtaxesi^i^iii^^i^A-^;
.
Cost
i„<w.e .M exce*., proms., w. 32.800.000 82.285,500
;
.
•
Federal Income and
Net
44,680
.
:'::4l,852;.y. 11.917
Miscellaneous debits'
'Net
State & local and social security. $22,635,620 $20,158,292 $53,597,291
.\V.*://v*A»■;-:ribiutv'di&r*'' $668 527-:>'•
i
.
and
spring
reserves
above.
Foreign Stock Holdings—
Common stock
1941,
were
_
of
coal
New
for Taxes
Provision
"ofTi
Uast
strikes
stated
,
Shipments of finished steel products
- $657,566
10,94610,961
coal
those
issue,
.(.,9 Mos..
2nd Quar.
The
accumulation of
than
626
and excess, profits
income
■
;
■
$749,794
Operating income
the
'
fnllnW-
income
Net
$6,145,411
.
i5^8;42^£487,84&
.Operating, expenses -and taxes—;.
and established a record
1941
of
stock, shipments and taxes, with similar figures for the
f
•
.
rv^v't- 1940
$6,305,217
revenue
third quarter
the
for estimated Federal
v."of 1941 follow:
:9 Mos. End. Sept; 30—
1940,
nine months of
period.
months'
for
allowance
of 1941
previous quarter, together with a composite for the first nine months
r:
•'•■■.vo.f
i Twin City Rapid Transit Co. (& Subs.)—Earnings—
Operating
A
nine
a
-i95I807:,<i-->.common
V./ 237,294 i;,; 222,785
,•
after
,
all-time high
an
corresponding
income
products during the third quarter of
for a third quarter. The shipments
were 45.1%
more than the shipments
steel
finished
of
constituted
the first nine months
54,904
1,611,954
1,749,973
589,747
2,086,599
'
e—296,974
income
439.
oper.
for
Net
154, p.
j./%*.v
—V.
25,420
1941
.
$172,475
•
railway-
from
Net
v
1938
;
$219,013
82,529
36,914
•
railway——
from
Gross
1—
Jan.
Shipments
'
1939
-
103,035
36,938
oper.
Prom
,
$210,236
$2o0,369
railway.——
from
Net
1940
:.1941
September—
; - • *.
Gross from ra'lway—
Trust
'■/::•*%/*'//V^T'*:
••
RR.—Earnings-
Toledo Peoria & Western
Reporting the earnings of corporation for the third quarter of 1941,
Irving S. Olds, Chairman, announced that the directors had on Sept.
28 declared thequarterly dividend of $1.75 per share on the preferred
stock, payable Nov. 19, to holders of record as of Oct. 31, and a
dividend of $1 per share on the common stock, payable Dec, 20, to
holders of record as of Nov. 19, 1941.
Central Hanover;Bank &
Payment will be made at the
York City —V.; 153, p. 409.
Interest.
Earnings Report
United States Steel Corp.—Quarterly
Co.—Debentures Called—/.;/,,, >
of
$189,000
3'/a'/e. sink,
fund debentures due April 1,
been called for redemption on Dec. 1 at 102 and accrued
Toledo Edison
A
871
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4001
154
Volume
United
The
States
shares
;
Corp.—Registration Effective—
Sugar
announced
corporation
that the registration statement
value, Ser es A, convertible
29
Oct.
$25
covering
200.000
preferred
stock had become effective, an order issued by the Securi¬
Exchange Commission fixing the effective date as of Oct. 12.
and
ties
The
shares
154,
new
offered
be
to
are
stockholders.—V.
of
par
preferred
and
registered -common
to
••■7:77 777".7i777;..
758.
p.
.
$992,004
$2,453,817
operating, profit;,;
deductions
;less
Net
Other
Depreciation 1.x————
——11
*1,263,761
Including
taxes
interests
Consol.
net
dividends
Cash
209,867 '
1 ■138,^21. "
profit-l;
—1—
"
\
—
;
$1,273
$0.94
Sheet
Balance
Consolidated
Assets— 7 7!.v-;..:
Cash
received (net)
;_7——-i-i—t'
value life
surrender
'
insurance—x.—-—'
subsidiaries not
in
investments
Miscellaneous
lk
"57,762
64,746
19,497
Net
loss
7 ;. 70,196
Patent
44,827
•
'•*
1941
$412,735
for
inventory
for
,
..
Total
;-
„—
'
305,192
by
no
par
Preferred
♦After
IIIIII
$48,930,524
$12,798,211
4,274,108
( *On
$34,313,345
$33,103,067
6,304,919
8,703,252
6,304,919
$19,305,174
$18,094,896
—
$3.07
$0.47
,
—'
share
com.
on
United
States
stk.
assets
Other
Earnings for
the
Investments
in
1940
Net
loss
&c
$257,955,233 $150,781,303
60,164,676
51,779,661
taxes,
*$62,897,090
43,508,271
$99,001,642
$19,388,819
Cr485,092
159
I
etc.
Provision
litigation
Patent
1,771,208
13,500,000
contingencies
for
Profit
Federal
.
Directors
<
the
Oct.
on
common
Dividends
stock,
of 20
28
.'V
declared
payable
cents
were
;•♦ Alter
.
a
i
v;
v
from
share
of, 25-cents;'per
were
Vv""As
three
dividends -of
the (common
'...'i/;, j.- *'•/ r4;
•'
stock
;
the
company
each
been
pointed out that the Revenue Act of 1941,1 recently passed,
resulted in very heavy increases in Federal Income and excess profits
taxes, that for the full year 1941: it was estimated that the increases
In taxes of
to
subsidiary companies alone (applicable to UGI)
will amount
$4,600,000, or substantially 20 cents per share/ in addition to which
the
increased taxes
ments
in
will have a marked effect
non-subsidiary
companies.
on
-
income from ^vest¬
7 /7
-\.
"It; was
further pointed out that. the .company's income from
Philadelphia Electric Co. will be reduced approximately $3,000,000 for
to reduction in the dividend paid by that company
increased taxes and other costs and the rate reduction
effective Sept. 1."
/ .•
the
year
due
resulting from
Weekly Output—
,
J, ;
.
.•*
;■*••;
^
;•
-
."
-
-
"
The
electric
output
for
•
expenses.
income.
In
following
which
the
statement
issued
was
Birmingham
hand
exhaustion .of
.
Conditions
west
area
railway
>
oper. income154, p. 440.
coast
on
Oct.
27 by
present
similar
stocks,
to those
mills.
T
$1,628,427
819,983/
a*.
621,449
990,950
679,331
15,227,633
13,750,598
-
11,191,288
10,492,332
_
6,102,346
7,467,988
from
ry.
"
6,567,759
5,368,010
1939
3,921,147
1938
3,432,180
1,074,535
1,033,763
766,686
507,861
%V :. *; /
436,907
33,494,695
31,858,219
29,072,734
13,408,223
7,237,978
6,564,773
5,073,451
7,296,357
2,075,149
1,329,919
8,624
that
mills
dependent upon a con¬
.
in the Birmingham area prevail at our
1940
3,946,426
1941
4,899,263
ra;lway_„
o
1,695,498
income—981,574
Jan.
1—
from
Net
from
Net
ry.
.
railway
42,275,455
railway——
opef.
income—
1
.
•'
oper.
From
Gross
7,892,333"
6,082,251
Ry.—Earnings—
September—
from railway
Net
,
<
!■.>'-;•
,
-
182,790
!%o-'
Listing of Certificates of Deposit Issued by the Reor¬
ganization Managers—
;.
1
'
}
/%
.
Benjamin F.
for
steel
S
(1)
subsidiaries have sufficient coal and
our
1938
$2,111,339
1,222,169
18,941,068
—
The New York Stock Exchange
approximately four weeks of full operations, after
time steel operations must be gradually reduced until complete
on
$5,432,375
440.
20,298,129
—
from
;v
supply of coal/. Since there are no facilities for stocking coal at
production is immediately affected by the strike.*
work in our coal mines is immediately resumed, this reduced
rate of steel operations in the Pittsburgh and Youngstown, Districts
will continue • for'' approximately one
week, after which time steelproducing operations in these districts" can continue at a gradually
diminishing rate for a further period of only about one week... .•
•
.-"Beginning tomorrow morning steel operations of United States Steel
Corp, subsidiaries in the Chicago District will be reduced because of
lack of
available coal- from capacity to approximately 90%.
With
present stocks this reduced rate can be continued for only one we,ek.
and thereafter at a gradually
diminishing rate for a further^pgriod
of only about seven days, when steel operations must cease.
In the Cleveland and Lorain District^ steel operations of our sub¬
sidiaries will be continued at full capacity for two weeks,
following
which there must be an orderly gradual reduction of steel production
due to lack of coal. Approximately ten days later a complete shut¬
down of our steel operations in these districts must be anticipated,
coke
p.
1—
railway-
ry.
Net
months
produced by beehive coke ovens which -aTe
'
the UGI system companies for the week
just closed and the figures for the same week last are as follows:?/
Weeking ending Oct. 25, 1941,. 111,575,387 kwh.; same week last year,
97,243,775 kwh.; an increase of 14,331,612 kwh. or ,14.7%V. 154,
P. 758.
,
; •, v, '•
•*
"*
.
Jan.
1,409,217
;r:. 818,098
Gross
"X Unless
wais
1,450,935
.
1939
$2,256,661
1,226,208
$2,445,062
.—
railway
from
Net
t$6,524,001
Nil
beehive ovens the
'
"It
$5.79
share on com. stk.__
stant
have
previously paid on the common stock this will make total dividend
payments of 75 cents per share for the calendar year-1941 which will
be somewhat in excess of the estimated income for the current .year.,
v' 1,*
26,109,756
$24,393,557
oper.
—V.
has approved 'the application listing of
certificates of deposit issued by the reorganization managers for
Wabash RR.:
Fairless, President of United States Steel Corp.:
The present strike in the coal mines of United States Steel Corpora¬
tion subsidiaries makes necessary substantial reductions in our steel-
is
i,c'v ? j:;"Si
20''cents-fper->share
18,914,757
ry.
From
$12,390,756
18,914,757
Tuesday, Oct. 28th.
This immediate reduction is due to the fact
15% to 20% of the coke used by our Pittsburgh and Youngstown
.
on-
•
r
,
1940
1941
railway-
Net
Gross
producing operations. - In the Pittsburgh and Youngstown Districts our
subsidiaries will be obliged to reduce steel operations by reason of
lack;of coal from capacity to approximately 80% , beginning tomorrow,
Dec;; 23 to holders of record Nov.'* 28.
pa*d' in. the three ■ preceding quarters and
announcing the dividend
made the following * statementi
In
$69,418,070
President Fairless on Coal Strike—
The
.
r ,\■
dividend of .15 cents: per share on
-
-
.
;
$6,235,460
from
6,997,904
$8.82
*.
nine
.1
Virginian Ry.- -Earnings—
Note—In, ascertaining
first
701,334
701,334
*
'Represented by 200,000 no par shares.—V. 154,
18,828,349
Federal, state and local taxes. (Deficit.
the profits for the third quarter and the
of
1941 with respect to inventories of certain
materials,, work in process and finished goods of certain subsidiaries,
the
"'last-in, first-out" 'inventory
method is being applied, which
means that costs of sales are
calculated on the basis of current costs
of inventories, 'instead of the average cost method used prior to Jan.
1, >1941.
The above include results of operations of Federal Ship¬
building & Dry Dock Co. up to and including Aug. 24, 1941.
ly
-
265,512
2,500^000
'1,669,843
Total
$19,388,660
9,390,315
$50,663,578
—
dividends
per
63,799
392,867
61,447
■■
Wabash
Earns,
Co.—To Pay 15-Cent Com¬
previously regular quarterly dividends
distributed.
r/';"(?L
.«
dividends
Surplus
.
Dividend—
$97,636,734
18,914,757
26,103,756
profits tax
profit
Common
269,818
2,500,000
.
September—
$95,688,091
mortgages, &c
inc. & excess
Preferred
.
'
surplus
Net
Net
^
1901, . It.
closed-end,
$57,928
140,491
821,329
'*
Gross
$182,519,349
4,545,758
82,285,500
-
-
$71,198
payable-#.
payable this'year
—
1,850I666
less res.
exp,,
Interest on bonds,
,
*
accounts
taxes,
of cap. assets,
sale
on
$5,432,375
payable next year
Accruals and reserves, miscellaneous
Customers' deposits on contracts—.
♦Capital stock
Capital surplus
&c
$197,790,557
208,203
$6,235,460
-
Accrued
1939
143,659
208,203
cost
subsidiary companies,
Liabilities—
Sept. 30
<.
187,211
Accrued
9 Months Ended
861,989
1,843,871
1,981,532
(net)
8,703,252
$311,552,524 $194,699,025
53,597,291
43,917,722
company.
United Gas Improvement
364,736
receivable
assets
$10,420,445
6,304,919
1,007,563
265,105
1,022,046
1,201,326
Current
profit
Operating
'
mon
Oct. 5,''40
$1,101,985
$1,270,406
...
obligations—
Inventories
Earned
■'f'< ;-y'■<:; . 7 •
v.
On 8ept. 23, 1941, the stockholders duly passed a resolution for the
dissolution of the corporation and in accordance with the applicable
provisions of the laws of the State of *Nlw Jersey a-certificate of
dissolution was issued by the Secretary of State of the State of New
Jersey. *
!v'l!;'Vrs ,'f.
Company
has
converted sufficient of its
assets into cash and
deposited the same with the Bank of Manhattan Co. to pay in full
the
principal at par value and the accrued, dividends on air of its
outstanding 5% preferred cumulative stock other , than the shares of
the stock held by company's sole
common stockholder, Central NewYork Utilities Corp.
All the remaining assets have been distributed
to the Central New York Utilities Corp.—V. 154, p. 664.
,
,
* ,,
r *
management
Government
accounts
and
Notes
Federal, state and local taxes.
expenses,
earnings
Depreciation, depl.,
effect that
within the,
on
non-diversified
'
—
$4,115,526
$3.21
dividends
Net
(N. J.)—No Longer Invest¬
'
Oct. 25 Issued Its findings and order to the
the
company has
ceased to be an Investment company
meaning of the Investment Company Act of 1940.
Company
was
organized in New Jersey on ; Dec, , 9,
registered under the Investment Company Act of 1940 as a
$3.75
par.
no
Balance Sheet
•
—:
Net
the 8EC
$4.02
Oct. 4,'41
stock,
capital
of
Assets—
11,553,349
1941
and 1940:
Canada,
United Gas & Electric Co.
500,000
$249,236
—
shares
200,000
Cash
2,377,766
37,685,500
———
Operating results
State, soc. sec. tax,
of
ment Co.—-
320,284
450,000
i
19
1,496,730
$5,767,254
been consolidated in the
Cinch Manufacturing Corp. and United^
Ltd.
%V /—7—4—•;
(2) The investment in the English and Australian subsidiaries, not
consolidated, has been shown at original cost and only the actual
dividends, in dollars, received therefrom, have been included in the
consolidated income summary.—V. 153, p. 705.—/,/. —7 V;//,7;
Co.
Fastener
i,8~5~o"666
profits tax
Surplus
following subsidiaries have
The
Notes—(1)
Carr
Cr61,058
4,500,000
dividends
Earns. *per
1.220.768
and $1,139,815
{Includes excess
shares.
$749,236
i_
$12,737,153
Cr233,738
res.
bonds, mortgages, &c
profit
Common
taxes.
statements for 1941
$50,546,786
$73,495,575
Consolidated
$7,080,567
—
$1,069,520
$804,720
—
$354,720
Fixed
Net
depreciation of $1,211,681 in 1941
tRepresented
1940.
In
profits
less
exp.,
on
2,562,164
1,196,342
—1,096,864
♦After allowance for
15,510,036
*
2,524,851
Capital surplus—-
Oct. 5,'40 ;
$1,523,720
719,000
taxes
taxes
♦Earnings per share
contingencies
litigation
inc. & excess
"20,148
1,220.768
—--
—
*81,908
Oct. 4,'41
Federal
before
Total
27.489
—
——
7T—_—
stock
*3,196
274
Ended—
income
profit
Dividends paid
v
261,014
,
'
tComonin
Earned surplus
49,680
440.
p.
Net
50.000
revaluation
Deferred income
1940
244,749
1,366,601
taxes
flncome
Reserve
?
381,258
i——
expenses
income
154,
earnings
Federal
assets,
cap.
-.'Profit
$262,070
•
Accrued
$78,043,071
-—
of
Federal
$5,767,254
$7,080,567
Accounts payable
410,012
railway
oper.
Weeks
40
.
4
,'. r
Liabilities—
*8,522
497,824
Veeder-Root Inc.—Earnings—
7
Net
19,051,038 -
22,109,655
&c
profit
sale
on
Provision
1,760,711
4
————'—w_—
Total
ry.
8,413
585,048
81,395
27,019
railway
♦Loss.—V.
1Q*?Q
$69,597,824 *$28,247,189
$100,152,726
Interest
-
from
Net
81,171
1—
Jan.
from
Net
30
■*
19,057,552
22,635,620
&c„
tax,
1 QdH
47,496
666,588
3,620
;7
1,897", 255
———^—
'Operating
47,342
7
—
—
♦Property, plant and equipment————--Patents (nominal value)
—
Prepaid expenses
soc
Sept.
Ended
$88,655,376
$122,788,346
Net-, earnings
Depreciation, i depl.,
44,204
consolidated-
ry.
From
/
$64,063
21,481
17^00
17,774
accounts receivable, &c.-__
Miscellaneous notes,
§tate,
sec.
Quarter
I Qdl
/
results
7;
700,000
obligations
•
Investments
Operating
i 1,280,903
1,864,991'
v
inventories
Government
the
for
i-'r•'7-!"'*:v '7',.'
'
notes—series B———7—'
tax
S.
Net
Gross
1938
1939
$88,600
725,491
1,172.842
—
Earnings
Consolidated
"7
from
$88,836
; 18,562
7,839
625,474
100,418
51,268
railway
railway
oper. income
Net
1940
1941
$103,431
17,909
9,493
from
Gross
1941.
24,
.;
•w.VX940'7v«V.
1941
$1,229,058 $1,162,806
v
Medchandise
Canadian
Aug.
$0,004
v. ——
——
Accounts and notes
30
Sept.
9 Mos.
1941 .'■■■.■
'
1941
:
——
152,594
r
7> 7777 77
..
1941
*313,250
295,047
295,919
Total payroll
*$156,470,058 $147,905,290 $430,119,861
^•"■Excludes employes at shipyard of Federal Shipbuilding and Dry
Dock Company, which has been operated by Navy Department since..
-t
'
> 2nd Quar.,
3rd Quar.
Average number of employes
*?, $288,228 ?£
183,115 r f
September—
'
'
7,283
per
stock
Cash
51,706'
..
,,
$1.51
274.673
•♦Income
U.
6,610
274,673
-v- "$462,007
$836,748
shr. of com.
$2.74
outstanding
and excess profits taxes.
Earns,
1
212,246
•
'
,
—
Utah Ry.—Earnings—
amounted
58,251
121,053.1
156,671*
*237,974-
applic. to minority
Prof.
on all authorizations for property addiii-al Ind replacements^-.
to approximately $182,700,000.
.
Employment and1; payroll statistics for' tlift ti.lrd quarter, second
quarter and first nine months of 1941 follow:
'balances
,.•:-r„
income
other
.
f
135,352.
1
168,109
185,199
;
,
■
1,844,000
First mortgage 5% bonds, due May 1, 1939
<;
.v
Detroit & Chic. ext.-first mtge. 5% bonds, due July 1, 1941
3,000,000
Toledo & Chicago Div. 1st mtge. 4%
$33,891,000
bonds, due March 1,
1914
:
:•■*/.
terminal bonds, due Jan. 1, 1954
1,600,000
Des Moines Div. first mtge. 4% bonds, due Jan. 1, 1939
3,160,500
Omaha Div. first mtge. 3y2% bonds, due Oct. 1, 1941
13,993,000 / Second mtge. 5% bonds, due Feb. 1, 1939
■:'.P (2) Certificates of deposit for following securities of Wabash Ry.
A
$12,500,000 .Ref, & gen. mtge..5V2%. bonds, series A, due March 1, 1975
15,500,000.. Ref. & gen. mtge. 5% bonds, series B, due Aug. 1, 1976
17,867,000
Ref. & gen. mtge. 4Mi% bonds, series C, due April 1, 1978
3,555,000
First lien 50-year 4%
.
15,000,000
r
The
Ref. & gen. mtge.
certificates of deposit
Wabash
5% bonds, series D, due April 1, 1980.
>
for the securities of Wabash RR. and the
and will be issued in registered form by the
154, p. 758.
V
f
deposit will be in the basic denomination of $1,000.
have been
depositaries listed in V.
Ry.
Certificates
In
addition,
of
it
contemplated
is
by
the
reorganization
managers
that
deposit of other denominations may be issued from time
may be exchanged for certificates of deposit of the
basic denomination of $1,000.
.
At the time of the deposit of any refunding and general mortgage
certificates of
to
which
time
bonds, Series A,
required to,
would
be
deposit,
election
to sell,
of
entitled
issuable
and
C, or D, any holder thereof may, but shall not be
B,
elect
stock
common
the
the
to
such
shares
In accordance with
new
under
the
company
plan,
holder,
of common
to
in
shall
the plan,
which
which
be
stock of
stamped
the
the
shares of
such
event
new
deposited bond
the certificate of
to
indicate
company
such
covered
stamped certificate of deposit shall not be subject to with¬
drawal by the holder of such certificate of deposit. •
■">.
The plan of reorganization contemplates that the new company Y..I
acquire title to the property and assets of the railway company through
;'■*:■»•''d/. /V * ■%
J >) 'M 5/ a ':-\0■ .VI J'- > f
,•
by such
.
COMMERCIAL & FINANCIAL CHRONICLE
THE
872
WestoBesferXlrhting Co^-Earnings-
foreclosure of existing mortgages, purchases at receivers', sales or
otherwise"; the exact" procedure to b&fdetermined by the reorganization
managers, and that any securities of the railroad company or the
railway company not publicly held will be cancelled in reorganization.
Period End. Sept. 30—
1
Sales,
with the consent of the reorganization man¬
acquire- any of the lines of railroad or other properties of the
company, subject to the liens of any mortgages securing
presently outstanding obligations other than the liens. of the mort¬
gages securing, respectively,"the first mortgage 5% bonds, the second
mortgage 5% bonds and the 6% debenture bonds of the railroad com¬
pany, and the refunding and general mortgage bonds of the railway
company,
provided that all such presently outstanding obligations
deposited under the plan shall be subjected to the liens of the
mortgages to be made by the new company.
'For the above mentioned purposes, the plan contemplates that the
new company will issue the following new securities:
;
:
The .new .company may,
of
electricity
Sales
of
gas..———
•
Other
15,596
revenues__
oper.
1,438,837
1,399,750
•
<t1io4^1oij^«Si'7«o^v?oi
c'Zoi'ooo
I'nio nil
Parts for control units on anti-aircraft guns—Jersey City Plant.
Spec.al land, sea and air radio equipment for the Army and Navy—
Works.
This plant has been more than tripled in the past
-
7,062,042
6,994,292
16,420
.
Saturday; November .1; 1941
i;
,
,
r
9b,0J0
Baltimore
o?»,»Aaf; ^^ vear to keen
um with this
work
and
is
military orders
handline
now
agers,-
railway
bonds, Series A__—.
~
$47,354,241
income bonds, Series A.
17,510,012
♦General mortgage 4 V* % inc. bonds, Series B
21,710,059
fSerial collateral lVzr/e notes
—
4,533,206
4&% preferred stock ($100 par)
31,106,677
♦First
Total
...
Y-y
Common stock
(no
par)
■r.
Int.
Comparative Income Account
—I
—
Miscellaneous
r
railway
Traffic
oi
way
Miscellaneous
from
Railway tax accruals
Railway operating
Net
Total
2,738,591
$8,569,534
$8,996,940
3,314,783
$4,553,345
416,837
income—
635,283
—
$6,731,620
53,511
deductions
$5,188,628
81,737
4,925,275
income
7,442,791
«
Consolidated General Balance Sheet, Aug. 31,
1941
;
Special deposits
1,527,493
;—I
receivable
:
supplies
Interest and dividends receivable
Rents
current
,
—
—
.
Unadjusted debits
.
——.
Total
-
—
stock
—V.
and
152,565,879
_
balanoes
accounts
Interest matured
.
payable
.
..
unpaid
Cr626,785
.
—
Audited acoounts and wages payable—
Miscellaneous
1-.441.168
.
—
service
,
—■
80,607
41,221
43,865
18,028
35,252
18,420
1,732,015
424,197
20o,950
1,325,027
216,729
I0o,id0
1,256,158
1,185,974
181,110
114,536
78,309
17,723
235,374
liability—
tax
*
—
liabilities.
current
459,014
railway—
railway
,
ncome
oper.
notified
was
;-Period
from
•Profit
Westinghouse
production of
the
work.
defense
to
plants
$3,173,000
A
throughout
months.
Clark
'Y:
Total
relieve
to
production
$3,228,281
166t703
50,531
448,492
295,311
$2,454,769
$12,506,437
$9,557,983
225,408
207,871
841.060
810.552
132,125
128,891
532,260
■v
9,122
81,877
61,894
and
808,395
363,079
4,129.271
2,101,887
$2,196,275
$1,745,806
$6,921,969
$6,065,664
profits taxes..
profit
income, per
share
mon
com¬
$2.84
'
—
$2.22
.
$8.78
;$7.60
'
charges
of
manufacture,
and
distribtuion
management.
tOn-724,004 shares of common stock.—V. 154, p. 664.
binoculars
'
Western Auto Supply Co.—EarningsPeriod End. Sept. 30:—
1941—3 Mos.—1940
profit
916,977
-
tEarnS/.peri share—u-i
I
.
$1.22
765,885
$1.02
.
.
$2,88
$2.13
provision for Federal income and excess profits
tOn 751,368 shares of capital stock, $10 par.
charges and
taxes.
r
Total: provision for
for. the nine months
.
Federal normal income and excess profits
tax
ended
Sept. 30, 1941, amounted to $2,576,159.
This amount includes $1,162,177 for normal income taxes and $886,160
for excess profits tax under the Second Revenue Act of 1940, as well
$527,822 for normal and excess profits tax under the Revenue Act
For the nine months' period ended Sept. 30, 1940, total pro¬
for normal income and excess profits taxes was $612,633.—
as
of
1941/
vision
v.
-
154, p.
550.
r ■
,
Western Pacific RR. Co.—Earnings—
Septemberfrom railwayNet from railway-
Gross
Net ry. oper.
From
Gross
Net
Jan.
from
from
1941
-
income—
$2,557,492
1,084,114
773,294
1940
$1,916,437
1939
$1,819,125
1938
$1,520,933
.570,613
666,007
296,988
345,831
448,923
121,792
1—
154, p. 550.
16,388,837
12,763,880
4,792,530
railway—_'
railway
Net ry. oper; income—
—V.
the
in
v.
.
.
order
of
evidence
as
the
War
sh.
per
chgs. and taxes $15,860,252 $14,583,327
iq*JQ
all-time
an
high
for
-
a
year,
income
for
356%
these
the
sponding figure
first
a
year
output
1,376,182
normal
853,045
'Y'Y
nine
to
months
the
of
$45,302,297
1941,
or
beiore
115%
•
national
provision
above
as
'
.
defense
the
for'
corre¬
further
out'
to
where time
have
start
$50,000,000
$220,000
for
first
completed
of
the
worth
mortgage
redemption
on
the
"
some
$28,000,000
of
period,
in
emergency
of
ordnance
and
>
marine
and at the expense
- 1
i
bonds
Dec.
1
3%
101
at
series
and
Irving Trust Co.
of
due
1954
accrued
New
has
interest.
York.—V.
153,
152, p. 3991.
means
more
of
than
can
paid
on
May 1 last, and
on
Nov. 9,
1940.—
697.
Wheeling & Lake Erie Ry.- -Earnings
September—
1941
Gross
Net
from railway
fronvrailway
Net
ry.
1940
$1,968,682
1939
$1,394,441
816,986
1938
$1,080,190
$1,577,452
641,102
573,058
■
337,660
income.—
1—
C
374,264
405,990
556.504
262,757
railway
Net from railway..
Net ry. oper. income...
—V. 154, p. 440.
15,680,909
12,654,698
10,205,752
7,684.675
5,872,827
4,398,842
3,166,526
•1,916.450
3,076,518
3,396,380
2,571,623
1,340,601
oper.
> From J8n.
,
from
Gross
,
Y^le & Towne Mfg. Co.
earnings from
received
5,672
______
$2,230,784
6,069
17,267
24,171
$2,248,051
$1,064,997
417,085
386,892
$384,968
$1,040,826
'
charges...
for Federal
and
1941—9 Mos. 1940
$378,899
T;
$751,761
Depreciation
Res.
-Earnings-
1941—3 Mos.—1940
$746,089
oper.
Total
'
I
Sub-contracts
way.
p.
a year-end
dividend of 62xk cents per share
payable Nov, 8 to holders of record Nov. 6.
were
139,491
131,743
income
profits
excess
473,511
See ♦
735,213
See •
$138,759
*$253,225
$1,095,753
*$678,105
—.—
gain of more than
up production, Westinghouse
companies, emergency, orders that
be saved in that
154,
taxes
a
Stock
capital
Interest
stepping
300
the
Period End/Sept. 30—
our
provide 4,400,000 man-hours of work.
case
of
called
1292; v.
Net
,
since the summer of 1940.
a
total-
A
been
we've doubled
our
backlog of unfilled
began,
this, our
program
Despite
company.
a
-
the skill of new employes through training.
»]
"Employment is at an all-time peak of 75,000,
"As
y-Y
-v.-
West Virginia Pulp & Paper Co.—Bonds Called—
V.
and
tax
over
represents a year's work at
'farmed
We
since
than
more
plants being built by Westinghouse for
of the Government.—V. 154, p. 759.
1,104,137
:
are
let in
has
will
Net
profits
...
♦The 1940 figures
not
available.—V.
after taxes, but the amount of such taxes
569.
are
are
153, p.
every ■
%, /:
materials and
-
c£TiT&
Yellow Truek & Coach Manufacturing
Subs.)—
to' release
J' Y-'
>•
Earnings—
materials com-plant to find ways
Period End.. Sept, 3019.41—3-Mos
1940-, , 1941—9 Mos.- 1940 I
One result: the
$'■
$
Mansfield Works has found ways to save 1,500,000 pounds of aluminum' Net sales
r -v'
68,335,693
18,581,088 159,707,285
58,250,701
out of next year's manufacturing schedule.
That's enough to build 130 i ♦profit from"operations
Army bombers.
;.•
and investments
9,937,599
1,338,596
23,456,961
5,278,343
Prov.
for depreciation.
"Because nickle-steel Is in great demand for shells, we are using
304,505
,233,139
.817,475
679,782
Federal income taxes.
molybdenum and chromium in place of nickel as a strengthening
1,370,138
319,697' I 3,215,015
1,091,697
Excess profits tax_._._
element in some special steels.
We have found, too, that molybdenum,
5,547,996
12*809,189
steel can be successfully used in high-speed cutting tools in place of
Net income
tungsten, another strategic defense metal.
In some cases we have
$2,714,959
; $785;780 '
$6,615,282
$3,506,889
found that ordinary paint is a satisfactory substitute for zinc coatings."
»InclUding the company's proportion of: netr profits or losses of wholly
Commenting upon the company's plan to provide increased funds
owned and controlled companies not consolidated.
' '
'
\
to meet the requirements of its sharply accelerated production schedule,
Note-'—Provisipa for Federal income and- excess profits taxes! of
"To
avoid
metals
delays
needed
for
due
other
to
shortages in
projects;
defense
.
substitute
mittees have been organized in every Westinghouse
to make use
of new materials wherever possible.
,
'
2,594,073
2,832,595
1,024,976
.
r
11,710,066
1,969,84b
10,100,475
Def436,332
550,756Def1,843,798
_
•
,
Mr. Robertson stated:
t"
<
which the company will shortly receive from theTsale
will be used to pay off $21,000,000 borrowed for
working capital, and the balance will be added to the cash surplus
of the company.
Large amounts of cash will be required during the
next few months to meet expanding payrolls, and the general needs
of expanding business, such as larger accounts receivable.and adequate,
inventories;
No additional
plants for national defense are contem¬
plated,
as
extraordinary
expansion
of
facilities
will probably
be
financed by the Government."
~ '
.
-
of
"New
money
additional
The
stock
Steam Division at South Philadelphia, Pa., is now
at work ono turbines and driving gears for more than 100 Navy ships,
including new battleships, cfuisers, destroyers and other fighting craft.
Propulsion equipment for 80 merchant vessels is also being produced at
the South Philadelphia Works.
•
.
At
$16,024,204
the
Westinghouse Nuttall Works
Pittsburgh,
.
gears
are
,
being
...
first
nine
i
months
of
1941
includes the
of
amount
the
provisions of the Revenue Act of 1941.
For the year 1940 the
provision fotf excess profits tax was made in the fourth quarter:—
y. 154, p. 440.
.
•
Youngstowu Sheet & Tube Co.—Debentures Called—
Company w!ll call in $5,000,000 of its 4%
redemption Dec. 15.
This
and
action
was
was
decided
announced on
Oct.
at
the
convertible
directors'
23.
debentures for
meeting
held
Oet.
21'
,
will pay principal plus interest to the call, date and 1%
premium on the bonds which are part of a $20,000,000 outstanding
Company
issue due. in 1948.
'
in
for the
$1,854,000 provided in the first six: months of 1941 for contingencies,
including possible additional taxes.
These taxes are computed under
company's
manufactured for 114 U. S, Naval auxiliary vessels.
-
sale-of ;
Directors have^declared
present rate of prddUction.
To
keep up with new orders still coming in, we are steadily increasing,
production, both by improving our production facilities and increasing
25,000
:
the
program.
facilities
to
Dividends of 50 cents
ago.
states:—
orders
needed.
as
propulsion
on
$773,841
Outlook Excellent—A. W. Robertson, Chair¬
the
Robertson,"
the
Wilson-Jones Co.—62%-Cent Dividend—
/i
Sales billed by the company druing the first nine months of this
year were $269,709,773, up
54%; and unfilled orders for the same
period increased, 160% to $394,861,959.
man
defense
new
addition
p.
1939
$1,755,436
1,614,697
%
increase
amounted
taxes,
W.
by
be
Payment will be made at
excess
profits tax came '
corresponding 1940 figure.
net income of $15,860,252 for the first three quarters
gain of 9%
over the
first three quarters of 1940.
a
this
Federal
the
$29,442,045—a
of
A,
provided
a
will
national
during the first nine months of this
of $450,242,292, a 72% increase over
corresponding period in 1940,
Company had
stated
-
$3.39
1940
1,321,541
1,560,011
—-
:
-
Provision
to
time,",
needed-havs. been
of approximately $400,000,000, large amounts of
required during the next few months to meet larger
payrolls and the general needs of expanding business.
No additional
plants' for national defense are contemplated, as extraordinary expan¬
sion. of facilities will probably be financed by the Government."
Mr.
Robertson reported that Westinghouse has expended approximately $48,000,000 for plant construction and
improvements since
1936.
"These
additional
facilities,"
he said,
"enabled
us
to
meet
the first unprecedented production demands on us arising from
the
Orders booked by the company
reached
funds
and used
backlog
company
"With
cash
$9,069,810
$5.46
$5.94
—
$1,410,297
year
this
at
/
new
pref. and com. shs.
on
September
the
indebtedness
534,426 additional shares of common stock.
This new money, said
Mr., Robertson, [will be
used "to pay off $21,000,000
borrowed for
working capital, and the balance will be added to the cash of the
profit by months compares as follows:
August
Cbmpany's '2 Financing;
future.
authorized
Depart¬
•••;.
1940
.
Action J Aids
-
1941—9 Mos.—1940
$36,865,098
2,168,515
1,603,881
$19,580,966 ,$14,180,423 $49,788,232
Net sales
•After
production
will produce enough
in
1941
to
develop 2.660.000 horsepower; enough power to
the machinery in- 50 steel mills.
Majority of these motors
driving machinery for defense.
•
J
;
.
Chairman.
Additional
given
was
...
♦Net
defense
Pittsburgh,
.
all
•After
also at East
voted Oct. 29 the
authorization required under the
plan to issue $20,000,000 of unsecured debentures in the
Though the stockholders auCTiorized an Indebtedness of
$50,000,000, the company "does not plan to use the balance of the
consumer
on
after all
earns,
Net
•
Net
t.Net
Coulee
for
Stockholders
dislocation
July
517,986
32,781
I
income
for
tons apiece, they
Dam project in the
company's
country is devoted
the
Army
1941
total
1941—12 Mos. -^1940
$2,404,238 $12,057,945
$9,262,672
-
disc. & exp.__
Deb. Int.,
excess
(& Subs.)
$3,394,984
—
Bank interest
Prov-
20,600,592
depreciation-
income
for
Prov.
Grand
power
-
1,000
all
be
near
of employment due to curtailment
goods.
Approximately 1,000 of the Mans¬
field plant's 5,000 employees have been furloughed in the last month
as
the
result of production curtailment orders of refrigerators
and
scarcity of metals vital to defense.
The Mansfield plant normally
produces refrigerators, ranges, roasters, irons, and other household
appl.ences.
Y■. y.
Earnings for Nine Months Ended Sept. 30
*
of
"Since
1941—3 Mos.—1940
—
to. the
produce
the
kilovolt-
year
world—108,000
Plan—
-
shell
the
hailed
effort
ment's
Federal
i.
—
shipped
Washington to
Stockholders'
Production work on this contract,
a year for 700 persons, will start
plant in August.
will provide employment for
several
for
order
Mansfield
35,312,578
-
Walker-Gooderham & Worts Ltd.
operations
Other Income
of
drive
'will
.
quarters in Cleveland.
In the hope of obtaining defense business,
Westinghouse
officials some months ago spent $75,000 to prepare
a
section of the plant to handle work of this type.
The new contract will be the second major defense project to be
awarded the Mansfield Westinghouse plant.
More than half the total
%inancial
End. Aug. 31—
already been
motors
-Receives
•
Mr.
43,618,097
$357,460,121
—Earnings—
have
State
completed this
Division at East Pittsburgh
waterwheel generators in the
for Grand Coulee.
Weighing
ants
g
Northwests
Clark said.
"We are proceeding immediately to order
machinery and other equipment necessary for this work, and will
start
training workers in December.
We hope to begin production
shortly after the first of the year,
"To
speed this project in every way possible, we are immediately
sending men who will act as supervisors in the shell-producing sec¬
tion to Government arsenals to familiarize themselves with the work."
Notification of the award was received from Army Ordnance Head¬
sons,"
758.
(Hiram)
Generator
largest
ampere
Army contract for 37 millimeter armor-piercing shells, B. W. Clark,
Westinghouse Vice-President, announced.
:
-'Yy"V"YyIYY''
"This contract will provide employment for several hundred
per¬
Net
740,359
Total
p.
The
three
plant of the Westinghouse Electric & Manufacturing
on
Oct. 23 it.will receive a $2,750,000 United States
Mansfield
The
Co.
_
—
154,
29,899
550.
Westinghouse Electric & Manufacturing Co.
.
—
Unadjusted Credits
I
Additions to property through income and surplus
Profit and loss, balance deficit—
—V.
2,244,079
.
—
liabilities
Deferred
$143,957
$163,459
46,416'
1—
$2,750,000 Army Shell Order—
155,061
Unmatured rents accrued
Other
1,967,649
104,733
96,970
—
Unmatured interest accrued
Accrued
1938
.—
1941
car
needed for the speed-up of its own and other defense industries.
The
Pittsburgh Works this-year w.U double its 1940 production of y
generating'equipment.
The year's output of generators will produce.
2,000,000 kilowatts of electricity; power enough to supply the needs
oi Boston, Chicago, and San
Diego, California."
East
1939
1940
$161,431
The^Motor Division,
Earn,
.$138,492,967
Grants in aid ©f construction——
Traffic
:
.
income—
154, p.
Net
$357,460121
-
—
Long-term debt
credit
and the
there will 'be no such liability
Yl,
Liabilities-
Capital
such tax,
19411
$234,104
combined
:
for
-
aircraftUincluding Micarta pulleys and fair leads:
the control wires inside planes—Trafford (Pa.) Works.
I '
Lighting systems for airports and seadrome lights capable of con¬
verting open waterways into landing bases for seaplanes—Cleveland
Lighting Divjsion.
'
"BesideiTlielping to bu'ld the first lines of defense," Mr. Robertson
pointed out} "Westinghouse is also supplying power equipment urgently
Ry. of Alabama—Earnings—
railway.—
from
Gross
2,759,455
'
assets
assets
Deferred
liability
no
^
to guide
1
9.554
19,737
61,575
1,287,466
—
receivable
Other
1,121,597
1.231,754
3,218,974
agents and conductors
from
accounts
and
Material
•
shows
•
Plastic parts. for
miscellaneous
and
v
,
electric power in Army planes—Small Motor Division, Lima, Ohio. . , Bomb fuses, now being turned out at a high rate—East SpringfieldWorks.
^
..j VC'.';'.'
494,628
premium
„•
Special itteters for Army a.irpianes—Newark Works.
)'r
Lightweight generators and voltage regulators to suoply and control'
;
v
$1,381,642
448,125
less
expense,
September—
Gross from railway——
Mr.
Miscellaneous
$1,282,531
153,000
avaUable in all undamaged.sections
..
6,564,992
.
$317,020
146,125
debt
1940
for
Western
in
$333,289,563
12,932,954
—•
Net balance receivable
1
$318,220
computed in such return indicates that
153, p. 708.
Assets
Investments
:
1,066,010,6,470,441
for '1941.—V.
which
Cash
:
78,425,176 352,709,959 344.873,512
provision has been made for Federal excess profits tax as
filed
to
$l,752,834Def$2,335,899
Net income—
*
$1,468,344
..
Note—No
return
from
Dr2,£»2,157 Dr4,016,189
miscellaneous
47,932
,
deductions.
ry.
260,111
2,715,785
income——
Fixed charges
$1,324,192
90,146,626
1,025,843
I 1
of
Amortization
Net
$11,712,725 $11,308,125
rents
Total
•
Net
1,629,312
168,477
'
Net railway operating
$118,716
tax
——
oper.
From Jan.
17,953,014
—
Other income
21,367
,
from
1,139.420
40,000
operations-
railway
104,322
4,926
$53,061
—
income
ry.
12,984,017
176,599
—
Transportation for investment—Cr
revenue
1,834,200
104,178
a
'
———_i——
operations
Transportation
Fed.
accruals of
■
.:
—
Net
amounted to
.jlncl.
Net
$37,376,192 $46,013,670
4,533,601
5,978,310
5,647.243
7,266,157
1.222,587
1,787,118
operating revenues
and structure
Maintenance of equipment.—
Total
Maintenance
1,834,200
26,205
one
V!
Y.
N.
,12,P^.
,458,550
;
at the
minute—'Westinghouse X<-Ray Division, Long Island City,
V.Y'"'
..Jf -Mi'OyY'' .: '
Army binoculars; one of the largest single orders for these ever '*
placed—Mansfield Works.
*"*>>■
1
i<<< Gun- mounts and other ordnance equipments—at two- new Naval :
Ordnancq Plants, built and operated by Westinghouse for the Navy, [
at.Canton,' Ohio, and Louisville, Ky. :'Y1"[ 1
Fluorescent lamps for "blabkouf plants - and -others—Westinghouse - 'Lamp Division. '■ v;"V.r
Secondary networks for" defense ^plants—East
Pittsburgh Works.-:'
These are systems Of power circuits and equipment so arranged that "
if one part of the factory is destroyed, current will continue to be" ;i
of
rate
$3,466,827
10,346
5,995
—
kwhs
1,000 cu. ft.
expenditures
tMainten.
Net
483,238
2,175,590
1,655,599
—
$3,454,798
y.
of elec.,
697,178
333,896
Express
$3,283,937
458,550 i
Sales of gas,
2,417,511
1,867,597
451,930
I
Y
Mail
$608,397
Y
1,881,400
3.042,645,
26,277
income
1940
$33,067,170 $40,240,153
Passenger
$543,883
interest—
Year
8Mos. End.
Aug. 31, '41
Operating revenues:
.Freight __
:
on
Sales
pledged under the new first mortgage.
The following obligations will be assumed by the new company:
$2,025,000 Wabash-St. Charles Bridge Co. first mortgage 4% Serial
bonds;
$50,000., Wabash-Hannibal Bridge Co. first mortgage 3.Va %
serial notes;- and $8,540,000 Wabash Ry. equipment trust 2
% certificates, Series H.
•
■ ./;■[•••.' :
Y.y yyu,;/,_.
.Period—
$3,294,283
.,v'v 4*230
long-term debt.
adv. fr. assoc.
on
Net
pledged collateral notes, to be
amount of
principal
$612,627
270
income
Gross
♦Other
will also be
agreement securing these notes there
trust
the
$4,533,205
$544,153
Operating income
loss-
r
tUnder
issued
2,100.200
3,095,282
being made in Westinghouse service plants elsewhere.
High-speed X-ray equipment, capable of examining Soldiers
now
;•
,.
[•Additional first mortgage bonds of the new company, unlimited as
to principal amount, are issuable in any series, subject to the restric¬
tive provisions of the new first mortgage.
Additional general mort¬
gage income bonds, unlimited as to principal amount, are issuable in
any series,
subject to the restrictive provisions of the new general
mortgage.
791,783
companies
598,186 shs.
—
—
437,600
-I':
—
Non-operating
♦General mortgage 4%
><»'
439,200
784,591
Depreciation
Int.
mortgage 4%
2,717,803
tOperat. expenses
ITaxes
$4,414,888 $19,882,310 $19,776,954
2,572,878
11,392,545
11,386,082
$4,485,747
revs
oper.
The
numbers
*
...
of
the
debentures
by lot by a trustee, officials sajd.—V.
to
be
called
153, p. 759.
will
-
-
'
be
-
-
selected
-
-
154
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number "4001
Course of
873
Foreign Exchange Rates
Sterling Exchange
(Continued from page 856)
;
Sir i Frederick Leggett, an authority on industrial
health problems and a member of the British delegation
to the ILO conference, said in an interview that 56
hours should be the maximum for heavy labor.
He
Pursuant to the
requirements of Section 522 of the Tariff Act of 1930, the Federal Reserve Bank is
now
cer¬
,
-
'
tifying daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the
world.
We give below a record
FOREIGN EXCHANGE RATES
"
explained
•
.
armament workers average 60
in 70 hours, impairing their
efficiency. He looked to the great number of women
available for part-time work: in lighter occupations
to solve the labor shortage.
Women born in 1913 were
called on Oct. 25 to register for war work.
The Gov¬
ernment plans to enroll all women up to the age of 31
by the end of the year.
In all, 2,151,280 women have;
been registered thus far, and most of the 575,463 inter¬
viewed are at work.
About 14,000 women are needed
immediately by the Auxiliary Territorial Service and it
is estimated that -500,000 more will be needed in the
hours
that
for the week just passed:
CERTIFIED
British
Country
and
24,
1941
TO OCT. 30,
Oct. 26
EUROPE—
$
Belgium,
Belga
Bulgaria, lev
Czecho-Slovakia, koruna
t
t
t
.
t
t
■
>■>".
4.035000
4.032500
4.032500
4.032500
4.033125
4.033125
t
t
'''.'
■■■'■>
t
t
•
guilder
Netherlands,
Norway,
krone
zloty
Portugal, escudo
leu
;
t
t
t
t
t '•••:
t
• •■■
t
t
u
t
t
t
>■"
t
Poland,
t
t
t
r
t
t
t
Switzerland,
L.
___,
'-:••■
t
t
Tientsin
aliens
engaged
ments
are
in
in
business
British
Where
Bermuda.
mad£in United States
or
+
i;"V"
■
5
+
.471600
dollar
t
■
§
.V
.250875
8"
t
t
.250875
.250875
.250875
.301513
,
.301513
.301513
.301513
t
t
.471600
t
■
.471600
t
t
.471600
.471600
.471600
*'*
Official
3.228000
New
3.228000
3.228000
Zealand,
3.228000
3.213333
3.213333
3.213958
3.213958
3.213958
3.225958
3.225950
3.226625
3.226625
3.226625
3.980000
pound
3.228000
3.213333
3.225958
Free
3.980000
3.980000
3.980000
3.980000
3.980000
3.228000
AFRICA
Union
of
South
Africa,
pound
America—
Canada,
dollar
Official
.909090
.909090
.909090
.909090
.909090
.909090
.888750
.888750
.889062
.891328
.832500
.892578
.205800
.205766
.205766
.205733
.205733
.205733
.909090
.909090
.909090
.909090
.909090
.909090
.886250
.886250
.886458
.888958
.890000
.890208
Official
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Free
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050850*
.050850*
.050850*
.050850*
.050850*
.050850*
.369800*
.569800*
.569800*
.569800*
.569800*
.569800*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.463125*
.462625*
.462166*
.461500*
.459900*
.459900*
Free
:
Mexico,
peso
Newfoundland,
Official
south
dollar
-
america—
Argentina, peso—
Brazil,
milreis—
Chile,
peso—
Official
i
Export
:
Colombia,
I
peso
Uruguay, peso
or
•
Nominal
rate,
t No
rates
§ Temporarily
available.
omitted.
pay-;
Canadian currency,
change must be given in official sterling, except to the
^Jpited States Government.
*The
Canadian
Weekly Return of the Member Banks of the Federal Reserve System
:
advanced
dollar
.
the
during
week,
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giv¬
ing the principal items of resources and liabilities of the reporting member banks in 101 leading cities from
which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks
reaching 89.38 on Wednesday. The order-in-council
stabilizing basic wage rates and providing for a cost-ofliving bonus is designated as P. C. 8253. Trade Minister
MacKinnon returned on Tuesday from a two-months
"mission to Latin America, bringing 'new pacts with
various republics, notably Agentina, Brazil, Chile and
Ecuador, strengthening the most-favored-nation basis
of
trade.
President
Roosevelt
f
Prime
and
themselves.
ASSETS
United
and
Sttaes
•:
Montreal funds
discount of 11%%
and
a
Commercial
Oct.
Gold
during the week between
discount of 10%%.
/;
22,
Imports and Exports, Oct.
and
Ore
Refined
base
bullion
coin
•
Detail
S. R.
of
Refined
New
Buillion
and
(Russia)——
Zealand
——
"Chiefly
$143,276
Peru,
Canada,
$164,657
$332,741
Venezuela,
*$2,677,484
8,925,208
By
an
amendment
on
Oct.
23
to
the
ui
Nicaragua,
General
banks
to
pose
Cash
S.
in
4,052
916
498
852
.662
2,566
408
1,413
462
261
443
357
1,149
283
139:
274
244
487
413
161
211
918
25
15
5
53
21
3
30
28
16
3
6
59
5
2
3
5
10
16
198
31
19
u;, 13
12
62
12
6
11
14
39
79
193
51
186
51
38
143
'60
15
33
24
389
113
205
88
134
178
80
96
~92
68
198
16
8
6
227
4
4
148
40
2,222
40
422
V
1
428
—
~
—
'(?
2-
26
24
43
77
42
212
36
17
42
32
69
3,594
/
7
176
400
764
276
129
1*277
221
136
114
122
816
2,016
96
765
107
70
66
265
574
114
307
186
268
185
360
•
80
35
563
113
42
V: 129
1,555
241
98
"219
"
1,667
5,187
;
■
100
13
46
177
'
"
562
154
107
27
57
29
18
83
16
200
260
229
404
287
260
615
207
1,192
68
418
76
93
43
52
71
22
24,382
1,515
11,450
1,267
1.828
698
536
3,397
5,439
229
1,129
256
748
212
194
1,004
617
9
304
21
27
28
39
97
9,458
370
3,911
488
571
440
398
1,419
with domestic banks—
2
1
3,504
vault
■
29
122
10,358
:!;■■
1,450
523
#.753
Banks
29
566
,
70
;;3,343
Govt
assets—net
Other
$
769
331
•44
8,271
U.
$
; 865
865
303
37
—
by
:
,
2,272
570
105
1,966
;
securities
Balances
Demand
deposits—adjusted
deposits
United
_
>
•
62
159
342.
545
8
19
15
111
300
292
339
15
19
31
284
619
354
652
598
1,468
192
111
142
134
1.088
20
2
13
20
465
191
487
308
.
29
License
No.
deposits:
"
37
,
banks
20
945
Borrowings
'
588
5
1
2
8
1
>19
271
15
21
50
16
23
7
7
4
5
349
1,649
218
395
103
99
428
99
64
110
93
392
.
2
T
Capital accounts
■
2i
>
252
3,902
—
—
—
1
—
~"i
—— —
789 ;:U
Other liabilities
410'
—
Mexico,
to Axis controlled areas.
Islands.
was
deposits—
44,500
$136,088
Philippine
;—
States Government
Foreign banks
-
increased
32
Such remittances
are
permitted
only if blocked dollars result from the transaction. The
strict policy will be followed in dealing with appli¬
cations for special licenses, and it was indicated that
same
an¬
States Treasury placed
of preventing the Axis from realizing free dollars
foreign currencies through remittances
other' valuable
$
1,364
i
382
-
—
Obligations guar,
San
Dallas Fr'lsco
City
2,702
.
817
-
_
Reserve with Federal Reserve
$5,549,635
3,307,612
23,461
further curbs o nremittances to persons in Axis countries
other than United States citizens, with the declared pur¬
or
apolis
433
securs.
United States bonds—
$1,114
Foreign Exchange
United
Louis
1,262
loans
Loans
a
during the week ended Oct. 22 by $17,694,211 to $2,036,623,225.
nounced
Mne.- Kansas
St.
;
Chicago
16
535
paper
brokers and dealers in secur
Other loans
;'
Imports
Gold .held under earmark at the Federal Reserve banks
Continental and Other
lanta
LIABILITIES—
Coin
$1,449,320
1941~
94
423
Time
—•____—————_—■
$149,363
421
6,556
to
for purch. or carrying
Real estate loans
— $11,602,692 > " $1,114
—■——_______>
OCTOBER 22,
:
—_——
"
Liberia
4,175
market
Other
Exports
«
,
At¬
mond
v
week
—.
Ida
ON
5;'
778
and agricul. loans
Rich¬
land
$
13,330
Loans
Domestic
.
$
1,472
Open
Inter-bank
Etal
CITIES BY DISTRICTS
Inclusive
:v.;Imports '•■■
bullion—,_
and
the
cover
16 to Oct. 22,
> >
LEADING
Cleve¬
delphia
11,212
i
bills
Treasury notes
of Commerce and
1941.
.
$
Indus,
Phila¬
York
Boston
29,618
Treasury
Department
BANKS IN 101
Millions of Dollars)
% ' New
V-
Total
Investments—total
and
Other
ended
'v;S
Districts—
Reserve
Loans—total
; The amounts of gold imports arid exports which fol¬
low are taken from the weekly statement of the United
States
MEMBER
REPORTING
V'v-';. '>-V/>>>..':
"■■■'■
Loans
.'
ranged
WEEKLY
OF
LIABILITIES
ASSETS—
price
war.
•■'■
Federal
Canada's
duration of the
.
(In
controls and other economic
dollar exchange needs were met
to a considerable extent by the United States agreement
in April to purchase $200,000,000 to $300,000,000 of sup¬
plies in Canada, but it is thought further measures may
be required.
An order-in-council published on Wed¬
nesday exempts imports of munitions and other war
supplies from all duties, sales and excise taxes for the
■problems.
AND
;
Minister
Mackenzie King are expected to meet this week-end at
Hyde Park to discuss possible coordination of Canadian
.
t
.301513
Settlements,
t
-K-
§
JL
.301513
and
subjects
t
(yuan)
Australia, pound—
Oct. 25 require the sale
by
t
t
t
t
■
.250875
which
held
s
AUSTRALASIA—
provides
balances
dollar
:-rv
(yuan)
.250875
north
dollar
(yuan)
dollar
Straits
Wednesday
to local banks at official rates of all United States
,;v.;
5
t
t
Kong, dollar
India
(British), rupee
Japan, Yen
ing note circulation, which is ascribed to the great in¬
crease in wages, bills and other war payments.
Canadian
V."
t
§
Hong
£185,000,000 of foreign exchange
of Britain's total exports.
further increase in the Bank of England's fiduciary
on
■■■■■;,.,
f
§
Shanghai
China,
one-third
issued
t
ASIA—
investments provided
Bermuda regulations
••
5
franc
dinar
Yugoslavia,
v;
t
i
Spain, peseta
Sweden, krona
could be
for a total of £324,965,000 (Australian), of
£221,485,000 is asigned to war costs. Additional
taxes of £22,000,000 ($71,060,000) are levied, with the
increased rates applicable only to incomes in excess
of £1,500.
Compulsory loans of £15,500,000 proposed
in the budget submitted in September by the Fadden
Government are canceled.
The wartime company tax
is increased more than four times, taxing profits over
16% at a rate of 78%, and the ordinary company tax
is raised from 2s to 3s a pound.
Borrowing of £158,000,000 is proposed, against £86,000,000 in 1940-41.
Pay
increases
to
the fighting forces aggregate £7,300,000
and invalid and old-age pension increases to take effect
next year will require £21,000,000.
"
...:t
t
•■:
t
on
■r-V-'"- t
t
0
.
t
t
introduced
.r
t
"
t
Atlantic
.
"■
•
overseas
budget
t
t
t
t
Australian
t
t
4.033750
t
t
4.035000
'
t
t
The
t
t
'
pengo
Rumania,
issue is thought inevitable in view of the rapidly mount¬
t
4.035000
China, Hankow dollar
A
t
t
4.035000
China, Chetoo dollar' (yuan)
to
"
4.035000
China,
amounted
t
t
000,000, or about $14,768,000,000.With improvement in
the trading position of the Latin American countries
under the international cooperation proposed in the
and
t
t
4.035000
Hungary,
their
Charter, it was pointed out, a larger return
expected from reduced but stable capital in¬
vestments.
In
1938 the income from foreign British
$
t
t
t
investments, which were,
placed by Lord Kindersley at the end of 1938 at £3,692,its pre-war
$
t
t
t
Finland, markka
France, franc
Germany, reichsmark
Greece, drachma
*
Oct. 30
$
■
'
Free
pessimistic estimates of Britain's post-war position. A
recent analysis in the Manchester Guardian states the
view that Britain is not likely to lose more than oneof
Oct. 29
Official
>>
Indian stocks because another issue was available with¬
third
York
Oct. 28
'
—i...
Denmark, krone *
England, pound sterling—
'
<
Oct. 27
...
'
1930
1941 INCLUSIVE
Noon Buying Rate for Cable Transfers in New
Value in United States Money
Unit
Monetary
Oct.24
^munitions industry before summer.
Requisitioning of Empire sterling stocks before their
earliest legal redemption dates has been widely dis¬
approved in London financial circles. The Financial
News points out that Indian, Canadian and South African
issues have been taken over, in some cases 17^ years
before maturity, and criticizes the procedure in the
out infringing on the bondholders' contract.
:
British financial experts are inclined to revise
BY FEDERAL RESERVE BANK TO TREASURY UNDER TARIFF ACT OF
OCT.
week and many put
a
amounts
countries
and
available to
made
Axis
licenses may be
Speculation
controlled
citizens
countries
under
in
Axis
special,
drastically curtailed.
by
nationals
United States commodity
a
American
of
futures
blocked
was
countries
in
ended abruptly by
Treasury order of Oct. 24 amending General License
No.
9
short
to
or
permit the release of funds only to liquidate
long positions taken before Oct. 25. Officials
explained that special licenses
fic trading purposes on
An
extension
may be obtained for speci¬
a "good reason" for
showing of
the transaction.
>'
until
Nov.
29
.u'V':"
was
granted exporters,
importers, and insurance companies for filing reports on
TFR-300, at their request, with respect to foreign
trade transactions or operations, including
any reports
(Continued on page 878)
Form
ttygawgaars
THE COMMERCIAL & FINANCIAL
CHRONICLE
Weekly 'Statement of Resources and Liabilities of the 12 Federal Reserve Banks at Close of Business' OcL 29* 1941
Federal
V
v
■■
Other
cash*
Total
Res.
notes
—
reserves
S;
V;YY..Y.;;V,
" ' ASSETS
H—'V'YYY -r-'/'YYr
Y.Y;Y.:Y
New York
Boston
,
$
Y/Y,,
$
;■ •-
Philadelphia
Cleveland
YY$
Y:
.;Y
1,212,500
8,330,759
1,321,542
Atlanta
.
4,593
1,696
566
506
275,188
28,981
56,417
16,653
18,559
——
--
,
Y) :..YYi;YY.r;\Kansa8:;- Y.>:+:
rYv/v
Chicago
;
/
515,740
20,265
810
17+777
■
v
.
City
yY:
$
'612,746.-
771
40,742
■
Minneapolis
Yyr$YYrY.,.
0,411,372
,266
'
St. Louis
.
YY^;;:YYY:YY:Y:.CY'-:i;;:'
1,659,253
13,424
—
Richmondr:
Y!'
20,559,027
hand and due from U. S. Treasury.
on
fund—Fed.
Redemption
Total
Agent at— Yv
Reserve
■;;
Gold certificates
/Y..i; ■.Y- Y- Y+.i
Ciphers (000) Omitted
Three
353,268
»
5,704
1,477,862
376,473
399
13,149
vr
.
Francisco
'
*
YYy
511,282
Y
r
508
•
iYY"663;
1.559
■
-28,382
11,702
1,507,803
—
—
San
+■
Dallas
;
-
Bills discounted:.
S. Govt, obligations, direct and guaranteed—
Secured by U„
71
.
advances
137
————
U. S. Govt, securities, direct and
guaranteed:
Y y
.
.
,'K Bonds;
120,729
Notes
i_„
<Totai U. S.
Total
bills
from
Due
172,017
566,321
215,893
.134,996.
,
93,249
298,240
.
:
111,114' Y
>
65,004
93,932
-
' >
-
76i551"
-
187,435
•
3,267
banks.
44,595
items
premises
1,956
;—
t,896
assets
Total
•
securities
notes of other
Fed Res.
Bank
169,3(48
2,184,100
securities, direct and guaranteed-
Govt,
and
66,706
—
foreign banks
Uncollected
Other
71
■■
-Total bills discounted
Industrial
>—-v
discounted
bills
Other
9,216,286
assets
1,764,279
LIABILITIES
circulation
R. notes In actual
F.
622,045 T
....
Deposits:
:YiYYYYY:
U.
;,
account
Treasurer—General
S.
909,792
account
Member bank reserve
.89,093
Foreign,
25,757
Other, deposits
Total deposits
Deferred
Other
'
1
37,381
.
1,062,023
...
52,267
availability items
liabilities,
accrued
incl.
Total, liabilities
281
dlvs.
446,319
782,058
——.—
490,577
1,736,616
CAPITAL ACCOUNTS
4,855
—
Surplus (Section 7)
4,370
11,771
5,725
Capital.paid in
4,923
10,785
533
2,121
713
(Section 13-b)
Surplus
Other capital accounts.
and
Total liabilities
Commitments
make
to
2,370
^—
capital
2,047
2,986
1,521,135
9,216,286
1,589,945
2,033,109
681,557
3,907,987
793,939
456,016
4671,058
502,099
551
accounts
industrial
:
463
2,174
1,227
1,028
1,600
395
28
1,501
23
advances.
1,764,279
3,052
Y'Y.r; "
-
•
cash"
"Other
include
not
does
Federal Reserve notes,
t Less
than
i
,
$500.
Federal Reserve Note Statement
Kansas
-
Three
Ciphers
Federal
(000)
Reserve
>
Omitted
Bank
Total
of—
New York
Boston
Richmond'
Cleveland
Philadelphia
Atlanta
St. Louis
Chicago.
Minneapolis
San
Dallas
City
.
Francisco
^
Lssued
Held
to
F.
Bank
R.
by F.
by Federal Reserve Bank
actual
In
:
376,699
31,749
1,896,314
655,000
2,000,000
7,905,175
655,300
2,001,065
'>
y:V'-V
:X
' ■
Collateral held by agent as security lor notes issued to bank:
"
•
■
.
c/rtificates
Gold
•
on
'
and due irom C.
: V •"
yyy-'
•
'hand
70,872
92,620
613,381
7,901,000
-
692,917
1,988,934
7,385,166
....
circulation
645,130
7,761,865
R. Agent—
$
$
$
Federal Reserve notesr
•
390,719
701,224
511,545
•>
'V'" ■•••*
540,000
,
735,000
.
t,
•
,
242,174
hviXu, f
i„,
123,498
;
622,045
,
I'i
\ .Vvi'
ly
.
1,620,000 + ,< .329,000
,275.000
i 450,000
188,324
V.:.-' f
V'
*
a?Treasury--^
291,166
1,554,985
249^791,
197,000
141*000;
255,000
^Y
*704,000
'•'Biigity
collateral ;Y-
Total
.'.V-,-
.
^>-
eighth consecutive week the Bank's statement
dated Oct. 29 revealed a new high record for note circu¬
The
increase this week, £ 4,799,000, raised the
total to £693,327,000, compared with £591,570,713 a
year ago. Gold holdings dropped £63,588 and reserves
showed a loss, the eightlMn as many weeks, of £5,863,Public deposits
contracted £7,581,000 while other
deposits gained £1,796,079. Other deposits consists of
"bankers' accounts" and "other accounts"; which in¬
creased £ 157,507 and £ 1,638,572 respectively. The pro¬
portion of reserve to liabilities fell off to 20.2% from
22.1% a week ago, compared with 22% a year ago.
Government securities declined £ 6,190,000 while other
securities rose £5,282,195. Of the latter amount, £866,442 represented a loss in discounts and advances and,
in securities. No change was
made in the 2% discount rate.
Following we furnish
the various items with comparisons for previous years:
increase
an
bank
• •,
'
■
reserves
from
arose
^
increases
of
$29,000,000
Reserve
000
in
and
a
OP
ENGLAND'S
Oct. 29,
1941
COMPARATIVE
Oct. 30,
1940
Nov. 1,
Nov. 2,
1939
banks
Reserve
Oct.
on
$4,600,000,000,
29
BANKS
a
were
Excess
;of
reserves
estimated
to
be
member
v-•"
<
Assets—
£
items during the week and the year
1
-
1937
were
as
'
ioiiows.
Circulation-
other
693,327,000 591,570,713 527,965,691 483,950,844 485,908,678
'
'
'
13,723,000
18,250,165
10,540,260
14,132,887
30,284,690
deps. 174,639,820 159,514,966 157,794,393 145,918,245 126,067,569.
deps.
S&nk6f5'
•
" ■
116,961,513
accounts
108,003,745 114,802,301 109,481,764
accountsGovt,
secur.
Other
secur.
57,678,307
135,992,838
31,846,403
89,435,199
51,511,221
42,992,092
36,436,481
36,632,370
130,037,838 105,336,164 102,386,164 103,413,165
26,275,257
27,666,648
31,593,387
28,570,975
SecuritiesRes.
&
2,996,661
23,278,596
* 5,633,403
38,110,000
39,151,225
53,089,301
22,033,245
notes
coin—
10,449,015
21,144,372
'
43,770,596
7,820,119
20,750,856
„
42,083,062
Coin and
reserve
1,537,617
722,938
#
1,054,992 327,722,440 327,991,740
Gold
rate-
val.
U.
or.
discounted'
—^——
S. Govt, direct,
S.
Govt.
guar,
adv.
(not
Indus,
20.2%
22.0%
31.5%
$13,000,000
Other
Total
Gold
includ.
BaVrk
Res.
Treasury
credit
2%
168S.
168s.
84s.
livid."
10,000,000
5^,000,000
84s.
11
V&.
.
w
390
Y
r:
bills
—
currency —__
bal—
res.
Money ih circulation—.
Treasury «sh
153
*;28
463
384
—
.
Mm
Other
P.
Banks
R.
——+2,000,000
2,209,000,000
+14.000,000
+15,000,000
—131,000,000
+1,237,000,000
+163,000,000
—1,545,000,000
+ 2,042,000,000
+ 22.000,000
915,000^000
J
—62,000,000
&
accounts—
2,202,000,000
+110,000,000
deposits
jj.
S.
+ 539,000,000
+271,000,000
1,880
28
54
58
22
19
Y.
246
226
963
118
117
135
046
848
™
1,890
1,451
,
155
~""e5.
*
156
299
105
1.513
1,526
1,423
366
365
363
4,755
84
4,985
6,747
1,193
1,178
1,239
81
90
41
41
Balances with dom. banks.
92
other assets—net
—
364
' Y-Y'Y^-YLiabiUties—
Demand deposits—adjusted 10,357
Time, aeposits
——.....
763
U. S. ^Government deposits.
331
93
80
286
40
281
39
„—
Res. with Fed. Res. banks,.
Cash in vault
——
-
o
T,
308
327"
43
>
264
44
■*-,,y
......
•
_
10,564 10,031
760
710
283
35
3,,47
BoTOWto°gsba-lOther
>
Government
securities
52
314 '
1,408
-
Other
,
22
?
~-~q5
391.
423
'
1,431
—
'
22
.1
455
31
""-flfl
.461
+
■*
54
117
29
845
677
<
37
157'
106
29
$
2,326
928
31
'• 290 /
1940
$.•
2,040
; 678
3,324 2,e28
—14-,000,000
10,307,000,000
3,219,000,000
12,632,000,000
Treasury notes
$
79
107
loans—'
Treasury
v
1,825
84
378
carrying: securities—' * 152
.other
.
1941 >1941
<
•••
9,678 ' 2,643
2,544
82;
41.000.000
—42,000,000
—41,000,000
+10,000,000
+ 5,000,000
—117,000,000
+ 29,000,000
2,250,000,000
22,796,000,000
bank
iY;
+1,000,000
....
,
;
Bank/credit-
Res.
5,000,0000
$
commit.—
stock
Non-member
168S.
Oct. 30, 1940.
Y
26.9%
27.3%
2%
per
fine oz—
%
2,527
Loans to-banks———i—.
.
$
i
Chicago
iuo
$
.
12,326
;
!
,
3,750' 3,755 2,889 ' 912
Real estate loans
.
Since
Oct. 22, 1941
oblig.- r 2,179,000,000
oblig5,000,000
.
to
liabilities
Bank
Bills
Member
bullion—
Propor*n; of
.
0(^ 29,1941
October 29)
4,495,732
27,350,671
.
•
/.
i
Disc't &
advances-
Since
City
Oct 29 Oct 22 Oct 30
"
V-
yyy..yY:Y.yyyyyyy;yY;YYYy:yy
other
.
■
.
.
Public
!
,
•
Increase (+) or Decrease
•
York
.
oct 30
1941
$
12,268
Loans to brok. & dealers
Other loans for pur. on
"
.
£
'
£5£tT"£d
agricultural loans
city
Oct 22
1941
* ^
Open market paper
ended Oct. 29, 1941,
f_.ii
■
■
Loans and invest.—total—
balances and related
reserve
Oct 29
,
approximately
decrease of $60,000,000 for the week/
Changes in member bank
New
****
New York
$62,000,000 in Treasury deposits with
Banks.
the
Chicago member banks
assets and liabilities op weekly reporting member
gold stock and $5,000,000 in Treasury currency,
Federal
for
nients of; the member banks, which will not be avail1
coming on ay.
credit, offset in part by increases of $10,000,-
decrease of
Nov. 3,
1938
£
v
£
£
STATEMENT
System
a e
accounts, an,d d decrease of $41,000,000 in Re-
Bank
Reserve
for the current week, issued in advance of full state-
in
$110,000,000 in nonmember deposits and other Federal
serve
pe(jerai
member banks and also for the
in circulation, $14,000,000 in Treasury cash, and
money
704,000
Below is the statement of the Board of Governors df
.
Reductions in member
$117,000,000.
257,309" " 141,000
and Chicago—Brokers'Loans
.•
During the week ended Oct. 29 member bank reserve
balances decreased
329,157 '-1 197,151
Returns of Member Banks in New^Tork
.
BANK
1,620,000 *
:
Reserve Banks
.
000.
£6,148,637
275,000
The Week with the Federal
Bank of England Statement
For the
lation.
450,000 )
735,000
540,193
* Capital
liabilities
accounts
—
—.
3,812
5—
267
1,520
3,740
J"! J—
;
r
264
1,523
296
1,498
2,283
496
74
1,050
2,247
496
V 73.
94
1.061
!
?
092
.
'
16
15
278
2,039
* 508
'
*"~15
279
261
j
THE COMMERCIAL & FINANCIAL
Number 4001
154
Volume
below:
'
-
-
.
the New York Clearing House
of business Thursday, Oct. 30, 1941.
V,,"t
Statement of members of
close
at
of
Bk.
the
,
;
Co.
20,000,000
27,343,600
626,585,000
83,767,300
a2,637,235,000
161,192,000
905,123,000
Co—
90,000,000
188,375,200
62,177,571,000
41,891,200
40,986,600
772,076,000
109,311,000
J//''
f*
;
Total
-
1941
$
$
21,000,000
75,947,300
cl,134,439,000
80,048,000
Co.
15,000,000
20,288,200
356,386,000
27,745,000
Bank_
10,000,000
109,278,000'
834,103,000
15,764,000
Irving Trust Co—
Continental Bank
50,000,000
53,997,200
745,482,000
4,000,000
4,551,600
140,711,400
$
20,297,032
20,299,032
19,280,299
20,560,029
20,525,032
20,501,030
20,466,031
10,073
13,289
14,153
14,729
14,729
15,743
16,386
16,386
15,146
341,290
267,533
250,498
243,391
252,404
269,462
267,065
262,666
235,953
20,847,639
19,631,662
20,840,851
20,789,683
20,758,431
20,733,164
20,647,234
20,580,483
20,576,084
.20,550,131
2,094
11,511
10,222
20,559,027
(Fed.
1
13,424
275,188
;
■
reserves
4,983,000
Co.—_
1941
$
20,297,032
20,362,029
fc^e^t. 3
1941
1941
$
discounted:
Bills
Central Hanover
Sept. 10,
Sept. 17,
Sept. 24,
1,-
1941
1941
1941
" 1941
Oct.
Oct 8.
89,304,000
Co.
Trust.
Manuf.
Treas.t
U. S.
Redemption ftfnd
Reserve notes)
Other cash#
9,866,090
58,607,400
.
.
hand and
on
irom
'
Oct. 15,
$
■
20,000,000
Trust
Guar.
19401
—
Co.
.Trust
ctfs.
due
38,262,000
77,600,000
1941
Oct. 22,
Assets
Gold
City Bank—
Chemical Bank &
Manhattan
Nat'l
Oct. 30,
Omitted.
,
$14,927,000
•:
Oct. 29,
Three Ciphers (000)
;
Average
BANKS AT THE CLOSE OF BUSINESS OCT. 29, 1941
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
4
;;;
Deposits
$237,725,000
$14,353,100
$6,000,000
Y
N.
of
Bank
Time
Average
Profits
Members
,
Association
Deposits
-
Undivided
♦Capital
"
.
Net Demand
♦Surplus &
Clearing House
Oct.
lull
Friday afternoon is given in
on
The following was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon,
30, showing the condition of the 12 Reserve Banks at the close of business on Wednesday.
The first table
presents the results for the System as a whole in comparison with the figures for the eight preceding weeks and
with those of the corresponding week last year.
The second table shows the resources and liabilities separately
for each of the 12 banks.
The Federal Reserve note statement (third table following) gives details regarding
transactions in Federal Reserve notes between the Reserve agents and the Federal Reserve banks.
4
the New York City
weekly statement issued by
The
Clearing House
Weekly Return of the Board of Governors of the Federal Reserve System
t
Weekly Return of the New ^fork City
Clearing House/ >
875
CHRONICLE
Bk.
Trust Co.
&
Exchange
Corn
Trust
Bank
Nat'l
First
Trust
&
Bank 100,270,000
Fifth Ave. Bank If. v 500,000
25,000,000
Bankers Trust Co.
74,070,000
4,301,800
58,079,000
85,319,200
el,218,244,000
72,432,000
Co.
1,268,700
17,914,000
2,319,000
6,000,000
_—
S.
1,920
1,610
9,409
9,597
9,274
5,154
3,999
3,545
7,762
10,971
11,069
11,517
10,884
13,605
12,419
9,772
8,193
9,570
9,273
9,087
8,902
8,964
8,896
9,701
9,681
1,406,800
1,379,200
053,600
1,406,800
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
777,300
820,300
820,300
820,300
820,300
820,300
820,300
820,300
2,184,100
2,184,100
2,184,100
2,184,100
2,204,158
2,204,071
2,203,880
2,134,100
2,207,406
2,184,100
2,201,135
2,184,100
2,204,581
2,184,100
2,197,215
47
47
47
47
advances
Y.
Trust
146,137,000
28,093,100
459,816,000
39,566,000
7,000,000
8,984,900
140,517,000
1,600,000
Co.
Public Nat'l Bk.
& Trust Co
1
777,300
.
$518,661,200 $967,515,600
S. Govt,
Total U.
sec.,
bills
Total
and
2,199,026
sec.
Due
54,481,000
110,618,000
from
Res.
47
foreign banks-
Fed.
official reports; National, Sept.
1941; trust companies, Sept. 30, 1941.
per
Sept? 30,
30, 1941; State,
47
47
47
47
notes of other
Uncollected
Bank
47
39,422
956,918
41,900
38,911
37,002
1,296,599
V 897,321
933,518
40,781
40,662
40,644
40,588
42,369
55,195
51,364
24,205,940
23,815,608
23.818,850
35,734
19;754
38,271
40,674
38,717
37,718
759,353
1,072,061
.40,983
1,433,599
40,840
896,730
41,306
45,605
55,534
44,417
44,118
44,944
1,058,511
40,732
44,406
24,162,09 4
22,852,648
24,233,845
24,550,096
23,983,78 1
24,118,649
23,932,204
7,385,166
5,548,874
7,352,047
7,350,851
7,299,505
7,255,733
7,164,250
assets ;
Total
foreign branches; a $295,876,000 (latest available
(latest available date) ; c (Oct. 30)
$2,962,000;
(latest available date); c (Sept. 30) $23,241,000.
2,206,200
'i:
993,098
items
premises
Other assets >4^
Includes deposits in
...
—40,945
banks-———
$15,844,339,000 $777,955,000
2,332,800
2,344,993
2,184,100
direct and guaranteed.
11,125,300
7,000,000
Totals
■
3.130,000
12,500,000
Co._
Tr.
&
'
guaranteed'
Notes-
10,215,700
Co.
Bank
■
direct
sec.,
Bonds
Commercial Nat'l
40,754
43,221
,
b $65,564,000
datei;
d
1,660
9,380
Govt,
and
5,000.000
Trust
♦As
1,591
6,275
Midland
Marine
N.
1,487
2,194
Industrial
U.
2,197
1,351
2,955
,
46,481,000
5,057,000
■v€'^v
1,044
3,410
bills discounted-
Total
1,587,000
d3,192,219,000
i
:
*
1,744
discounted—
bills
Other
Title Guarantee &
Trust
by U. S. Govt,
:
Nat'l
Chase
Secured
obligations, direct and
guaranteed 4
.
$95,925,000
Liabilities
Fed.
in European
following table
•The
actual
notes in
Res.
'1
circulation
Banks
U.
respective dates of most recent
statements, reported to us by special cable yesterday
(Friday); comparisons are shown for the corresponding
pal European banks as of
1939
1940
1941
£
•
'
13,290,448
13,240,448
13,273,084
1,140,505
659,405
308,748
1,184,983
733,445
333,762
1,091,831
567,597
304,023
1,165,164
711,401
378,956
1,189,409
258,814
1,188,259
1,111,359
1,126,450
709,232
Total
16,211,670
723,645
15,525,675
978,741
15,471,036 15,467,624
836,100
1,018,920
15,508,383
822,796
720,534
deposits
avail., items
Deferred
Other liab.,
15,456,361
942,331
—
—
731,908
15,500,371
1,321,876
744,984
455,691
708,465
1,143.825
•698.933
1,152,015
681,726
15.497,370 15,456,784
1,184,850
849,540
15,426,529
898,68?
incl. accrued
6,558
3,08$
23,446,132
141,015
157,065
26,785
47,921
140,970
3,473
3,950
23,559,379
26,785
47,828
141,043
157,065
26,785
47,787
141,013
157,065
26,785
47,962
141,045
157,065
26,785
47,896
23,983,781
24,118,649
2?932,204
24,205,940
23,815,608
91.0%
91.2%
91.2%
91.1%
90.9%
'91.1%
91.2%
13,580
13,673
12,709
12,586
11,487
12,994
12,872
8,339
1,111
1,214
7,337
8,056
8,223
1,342
1,507
3.396
1,953
1,863
1,225
1,095
1,175
5,057
4,388
23,860,851
24,177,284
141,259
157,065
26,785
47,935
137,678
141,248
151,720
157,065
26,839
47,165
26,785
47,896
141,173
157,065
26,785
47,789
22,852,648
24,233,845
24,550,096
91.3%
90.2%
91.1%
13,238
7,351
13,574'
2,424
4,307
4,186
22,489,246
24,162,094
Total liabilities
23,833,149 23,442,822
3,692
23,610,948 23,745,969
5,192
23,789,050
dividends
Capital Accounts
1937
1938
,r
£
£
£ /.
^
•Lf
327,722,440
i
(section
Surplus
293,710,643
3,005,700
Capital paid in
327,991,740
293,728,234
7533,409
France y
240,687,670 242,451,946 328,601.513 i
3,857,300
3,889,850
Germany a3,880,000
#365,590
*777,573
England-
13,321,390
977,178
—_
previous four years:
dktes in the
Banks of-
13,327,926
12,748,587
375,707
14,176,535
12,631,591
Treas,—-General
S.
Foreign
Other deposits
in the princi¬
fine ounce)
7,117,838
12,884,32]
914,827
account
reserve
account
British
{converted into pounds sterling at the
statutory, rate, 84s. ll^d. per
7,129,940
13,158,335
'
indicates the amounts of gold
,
bullion
7,147,456
Deposits—Member banks'
7)
141,155
157,065
';
;
157,065
26,785
2,501,300
(section 13-b)
Other capital accounts
Surplus
87,323,000
63,667,000
63,667,000
63,667,000
Italy—
16,602,000
16.602,000
25,232,000
97,714,000
97,714,000
23,400,000
93,623,000
102,867,000
■25,232,000
Neth'rl'ds
123,420,000
108,391,000
94,075.000
98,669,000
95.784,000
114,928,000
78,631,000
35,222,000
31,972,000
26,019,000
6,505,000
6,500,000
6,537,000
6,548,000
6,667,000
6,666,000
8,205,000
_
-
+■
47,898
6,602,000
63,667,000
Spain—
Nat. Bel. 132,857,000 132.857,000
84,758,000
84,758,000
Switzerl'd
Sweden.
41,994,000
41,994,000
_
Denmark-
6,505,000
Norway—
6,667,000
,
liabilities
Total
capital
Ratio of
posits
r
Industrial
697,448,702 762,741,325 1,092,001,530
this tabulation. Even be¬
obtainable from Spain and
Italy, figures for which are as of April 30, 1938, and March 20. 1940,
respectively.
The last report from Switzerland was received Oct. 25;
Belgium, May 24; Netherlands, May 17; Sweden, May 24; Denmark,
March 29; Norway, March-1 (all as of 1940)* and Germany as of Oct.
31, 1941, and France as of Aug. 22, 1941.
f
•Pursuant to the Currency and Bank Notes Act,
1939, the Bank
of England statements for March 1, 1939, and since have carried the
gold holdings of the Bank at the market value current as of the state¬
ment date, instead of the statutory price which was formerly the basis
of value.
On the market price basis (168s. per fine ounce), the Bank
reported holdings of £ 1,573.617, equivalent; however, to only about
£777,573 at the statutory rate (84s. llVid. per fine ounce), according
to our calculations.
In order to make the current figure comparable
with former periods as well as with the figures for other countries in
the tabulations,
we show English holdings in the above in statutory
■x
.
Gold
16-30
cies."
bills
bills
31-60
U.
S.
to
the
649
948
957
147
155
124
166
110
101
10,884
2,396
376
13.605
2,333
432
746
360
523
754
203
3,999
1,813
3,545
2,816
257
343
473
5,807
390
-V; .421
1423
5,520
'
10,971
2,575.
321
■
167
569
5,455
9,273
11,517
2,524
364
11,069
2,549
312
9,087
•
332
187
649
5,536
9,570
8,193
9,772
7,762"
2,569
'
8,902
170
438
5,433
,
176
471
5,429
134
274
5,716
-
391
173
984
5,767
166
958
5,812
9,681
9,701
8,896
8,964
12,419
391
direct and guaranteed-
davs
16-30
days
days
01-90
days
43,000
43,000
43,000
43,000
43,000
2,141,100
2,141,100
2,141,000
2,141,100
2,141,100
—
days
Over 90
v
Total
U.
•
2,232,800
2,184,100
2,184,100
2,184,100
2,184,100
;——
Govt, se¬
direct and
S.
curities
guaranteed
—
Issued to Fed. Res.
Bank
F. R. Agent
Held by Fed. Res.
—
by
;>
By
2,232,800
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
7,678,873
7,605,730
7,442,406
382,803
379,368
349,997
380,032
367,696
324,570
288,999
7,553,617
389,367
376,699
7,709,349
358,498
7,497,636
5,837,873
7,734,850
7,527,488
7,761,865
7,385,166
5,548,874
7,352,047
7,350,851
7,299,505
7,255,733
7,164,250
7,147,456
7,129,940
7.117,836
7,739,000
9,999
7,690,000
7,658,000
7,643,000
7,556,000
10,291
9,605
12,434
11,253
7,805,940 7,748,999
7,700,291
7,667,605 7,655,434
7,567,253
Bank-
actual Circulation-
to bank—
ctfs.
The following is the schedule
effect for the various classes of paper
different Reserve banks:
v
• • •• * ,;j
-
hand and
on
>
'
' '
J
J
'
<
;
:'
collateral
7,901,000
4,175
5,946,500
7,886,000
7,836,000
2,342
2,563
5,948,842
7,888,563
7,842,946
*-rv5),'he are certificates °BivenUbT
rp&r^'rt if leases g
tThese
y
n
7,796,000
9,940
6,946
7,905,175
U. S. Treas-
eligible paper.
Total
inVthe
shown
2,184,100
2,184,100
Federal Res. No.es—
issued
«of rates now in
at
287
m
securities,
Govt,
V\ 1 -15
Reserve banks; recent ad¬
obligations are
the table.
adv.-
adv—f
Total Industrial
due from
footnote
;
days ind.
90
Over
Gold
changes this week in the redis¬
Government
250
Collateral Held by Agent
as
Security for Notes
Reserve Banks
on
-143
139
392
415
540
5,637
adv.
days ind. adv
days ind.
31r60
In
rates of the Federal
997
f
Discount Rates of the Federal
vances
761
536
5,154
2,788
ind. adV.--~v
days
61-90 days ind.
•
Bank of France gold holdings have been revalued several
recent years; on..basis of latest valuation (23.34 mg. gold 0.9 i
fine equals one franc), instituted March 7, 1940. there are per Brit¬
ish statutory pound about 349 francs; prior to March 7, 1940, there
were about 296 irancs per pound,
and as recently as September, 1936,
as few as 125 francs were equivalent to the statutory pounds.
For de¬
tails of changes, see footnote to this table in issue of July 20, 1940.
count
8,923
669
522
378
bills
Total
1-15
16-30
in
There have been no
6,215
156
"
1
1939 and
in foreign curren¬
1,753
264
1,022
1,643
90
Over
8,401
1,444
137
572
days tills disc
days bills disc-
61-90
l/The
times
days
31-60
v,':V"'".v- 'id
(
days
disc
disc
disc
bills
Bank of Germany as reported in
holdings of the
include "deposits held abroad" and "reserves
since
of
Short-Term
days
:iv-V
'
advances
1-15
reports from many of the countries shown in
fore the present war, regular reports were not
pounds.
_
Securities—
1,062,271,038
it impossible to obtain up-to-date
Note—The war in Europe has made
Res.
make
to
Distribution
and
Bills
1,092,492,374 1,061,618,683
696,109,243 697,471,386 760,721,222
wk. 696,128,199
Prev.
Fed.
and
23,818,850
to de¬
liabil. combined
note
Commitments
Maturity
Tot. wk.
and
accounts
total res.
v
fh^Unit^^tate^Treasury for the gold taken over less to the Reserve of the difference, the differfrom the extent banks when the dollar was
certificates being worth
Is? profit by the Treasury under provisions of the Gold Reserve Act of 1934.
itselfhaving Seen agpropdatel
*
;
Discount Rates of Federal Reserve Banks
.
Rate in Effect .V.
"Federal Reserve Banks
Boston
New
1
Philadelphia
Cleveland
Richmond
1 Vi
;-«.«•
———
Louis
—-——
—
City
—-—
Francisco
•Advances
on
—-
"/:■
1V2
•
•l»/2
•lVa
Dallas
San
•l'/2
,,f
Minneapolis
Kansas
•IV2
♦IV2
Chicago
St.
••
lVa
—
—
•■v'.v"
1V2
—
— —-.
Atlanta
v;:
1
>-
i
v/;
Previous
Date
Sep
—
York
•
Established
Oct. 31
V
1%
-
Aug
Sep
May
Aug
Aug
Aug
Sep
Aug
Sep
Aug
Sep
1,
27,
4,
11,
27,
21,
21,.
2,
24,
3,
31,
3,
.
Rate
IV2
1939
IV2
1937
j
1937 i ,. \l:< 2
2
1935
2 '
1937
2
1937
2
•
1937 >
2
1937
.2.::
1937
2
1937
2 v
1937 -V 2
1937
,
...
Government obligations bear a rate of 1%, effective
Sept. 1, 1939. Chicago; Sept.
Sept. 21, 1939. St. Louis.
16, 1939, Atlanta, Kansas City and Dallas;
SSIJllew York Money Rales
rates on the Stock
Exchange from day to day, 1% was the ruling quotation
all through the week for both new loans and renewals.
The market for time money continues quiet.
Rates con¬
tinued nominal at VA% up to 90 days and 1%% for four
to six months maturities. The market for prime com¬
mercial paper has lost none of its activity this week.
Prime paper has been coming out in large volume and
transactions have been heavy. Ruling rates are 5/8%—
Dealing
in
3/4% for all
detail with call loan
maturities.
Bankers' Acceptances
The
down.
market
The
for
prime bankers' acceptances is still
continues good but the supply of
demand
prime bills is very thin.
Dealers' rates as reported by
the Federal Reserve Bank of New
and
including 90 days are xk%
for bills
running for four months, 9/16%
five
asked;
for
asked.
The bill
Bank is
York for bills up to
bid and 7/16% asked;
bid and Vz%
%% bid and 9/16%
buying rate of the NeW York Reserve
and six
months,
for bills running from 1 to 90 days.
/
.
<
THE COMMERCIAL & FINANCIAL CHRONICLE
876
which
Foreign Money Rates
/
'
..
1
*
i'
"
■
'
^
:'
'
■-
'
• 7
discount rates for short bills
on Friday were 1 1/32%, as against 11/32%
on Friday
of last week, and 1/32—1 1/16% for three months' bills,
as
against 1 1/32—1 1/16% on Friday of last week.
Money on call at London on Friday was 1%.
;
_
showed
a
Statement
that
far
so
last
City f
77 Department —77
in its issue of Oct.
(Continued from
reported
30
prices for non-ferrous metals were concerned, interest
lead;
The problem of increasing production
as
NORTH
being studied in Washington, and it is generally
higher price is necessary to bring out more metal.
at domestic mines is
conceded that
The zinc
the next month or so,
tonnages
on
Imports of
pool for November is to be increased slightly.
hold at a high levers-
will
copper
over
a
based'
and
the
company
time
pay
dull for want of offerings.
Zinc
higher. Foreign tung¬ 7..
sten ore was reduced in price by
It was announced officially yes¬
Metals Reserve Co.
The publica¬
terday (Oct. 29) that the zinc poo.
silver
was
reported:
further
tion
for
November
31%
Copper
of
the
duction.
has
been
Output
set
rate of
August
Bond Sale
DAKOTA
The $20,000 semiextension bonds
—
water main
ann.
August
in
on Oct. 28—v.
154,
purchased by the
Bank of North Dakota, of Bis¬
marck. Dated Nov. 1, 1941.
Due
serially in 20 years; optional after
p..
years.
United
to the
August,
the
imported copper
of
tune
The total
it
tons.
71,153
comprises
copper
contained
concentrate, blister, etc.
OPM has recommended to RFC
funds
that
Castle
available
made
be
to
Copper Co.,jyLami,
Dome
Ariz., for developing a low-grade
deposit to produce 23,000 tons oi
The company it
by Miami Copper, f The
property lends itself to open pit
copper
year.
a
owned
Oct.
27
52.000
52.000
52.000
52.000
Oct, 28,
52.000
52.000
52.000
52.000
Oct. 29—
52.000
52.000
52.000
52.000
Chinese
tin,
*
ply
renewed
contracts
during
Quicksilver
September for a period of 12
Offerings of quicksilver on the
months.
The new agreement in¬
Pacific Coast for delivery over
volves no change in prices, al¬
the remainder of the year have
though
a
revision
is possible
almost dried up, with the result
under the terms if conditions call
that the tone has been firmer and
for such action.
higher prices are the rule. Metal
for
November-December
ship¬
Lead '
ment
■
the industry
in
Some
look for
announcement from Washing¬
the
ton
in
the
trade
lead
near
that
in
is
was
nominally
flask, Coast basis.
per
market
in
New
York
$192—$193
The spot
higher
was
future
a
informing
at $195—$197 per flask.
higher price for instances
order to
raise
output.
Ward County (P. O*
N. Dak.
$199
was
asked
lots.
able
of
same
at the
month 318 flasks were
duced
ex¬
re¬
of foreign
short-ton
lead
quotations
continued
unit of W03, establishing the quo¬
5.85c., New York, and at 5.75c.,
tation at $24.00, f.o.b., New York,
St. Louis.
Sales of common lead
Tungsten ore, in bond,
for
the last week amounted to duty paid.
not owned by the Government's
3,133 tons.
stockpile agent, is nominally $19
Allocations for November hale to
$21 per unit.
During the last
been tentatively set and formal week
$26 per unit was paid foi
ore
50c.
approval is expected at an early domestic scheelite,
■
•'
//':
buyer's plant.
per
delivered
to
indebtedness, which has
been
completed, with the
tion
of
will
be
properties in Missouri
increased
ginning Oct.
an
increase
25.
ab^ut 15% be¬
To bring about
in output
of around
a month, the work¬
week will be extended to six days
1,700
1
tons
.♦:»
ij
about
changed.
is
1,610,966
1,258,394
12,101,356
10,202,853
matur. oblig.
+18,953
2,318,851
1,628,213
1,354,658
a504,852
534,658
603,260
0.47%
0.64%
0.78%
daily
liabilities
Propor'n of gold & fgn.
to
curr.
Figures
a
of Sept.
as
No
circul'n
note
15,
City School District,
-
Ohio 7:'7Mv7777
$50,000
Public
Owner¬
Consummation
—
Oct. 24 be
on
the
Public Utilities
natural gas ai
defense priorities regula¬
will
City School District,
bids until
u..
Silver
noon
—
W. V. Drake,
Nov. 18 for the
on
1957
1964
to
incl.
Bidder
different rate of in¬
terest
provided
that
fractional
rates are expressed in a multiple
of V\ of 1%. Split rate bids will
name
may
excep¬
ex¬
be
not
a
considered.
interest
Principal and
payable at the
quiel,
PRICES OF METALS
(J-D)
Dorn., Refy.
("E. St M. J."
form
to
Bonds
to
.
be/
limitations. Bidding 7
be
obtained
above-mentioned
from
Clerk.
the
Delivery
of bonds to be made at the Clerk*
Treasurer's
office.
A
certified
check
for
1%
of
the
bonds
bid
for, payable to order of the Board I
of Education, is required.
Conneaut, Ohio
Note
Sale Details—The $68,000
notes recently sold to local
banks,
as reported in
2V2% interest.
154,
v.
Election
The
of
On
in
report
Bond
Issue—
154, p.
786,
vote Nov. 4 on "
proposed
question of
the
743, bear
p.
v.
the
water
issuing
refunding
bonds
$68,000
was
er¬
Cuyahoga County (P. O.
Cleveland), Ohio
7
roneous.
Bond
Offering
George
—
H.
Stahler, Clerk of the Board
County Commissioners, will
ceive
sealed
(EST)
of
major
until
18
of
re¬
11
a.m.
the
for
pur¬
$900,000 3y2% series A
improvement bonds.
1, 1941. Denom. $1,-
road
Dated
Dec.
000. Due
1
bids
Nov.
on
chase
and
as
Oct.
follows:
1
$23,000 April
from
1948
to
1957
incl., and $22,000 April 1 and Oct.
1
from
of
1958
to
1967
be submitted at
may
interest,
that
incl.
provided,
where
■! 1
[\
however,
fractional
a
Bids
lower rate
a
is
rate
bid, such fraction shall be Va of
1%, or multiples thereof. Bidder
to
name
all
of
rate of interest for
The issue was
one
the
bonds.
authorized at
election
an
unlimited
as
Prin.
May
on
16, 1940, and payable from
:
tax
a
int.
and
to
rate
amount.
or
(A-O) payable at
the County Treasurer's office.
A
certified check for 1%
of the
bid
the
quired.
convertible into full registered
or
bonds.
the
Proceedings incident to
authorization of the
proper
bonds have been
taken under di¬
rection
of
Squire, Sanders
& ;
Dempsey of Cleveland, whose ap¬
proving opinion will be furnished
the
successful
bidder.
of bonds to be made
Delivery
on
about
or
Dec.
1, 1941, at'any bank in the
City of Cleveland designated by
the
purchasers,
agreed
and
Exp. Refy,
QUOTATIONS)
—Lead—
Straits Tin,
New York
—Electrolytic Copper—
Oct.
New York
Board
at
or
the
by
upon
the
of
:
bank
a
purchasers
•
County Com- 7
Greenfield Exempted Village
School District (P. O.
Zinc
.
St. Louis
St. Louis
11.775
11.200
52.000
5.85
5.70
11.775
11.200
52.000
5.85
5.70
8.25
25
11.775
11.200
52.000
5.85
5.70
8.25
27
11.775
11.200
52.000
5.85
5.70
8.25
28
11.775
11.200
7 52.000
5.85
5.70
8.25
29
11.775
11.200
52,000
5.85
5.70
8.25
11.775
11.200
52.000
5.85
5.70
Highland),
8.25
■+ 24
8.25
23
Bond
school
Ohio
Sale—The
$5,000
bonds
offered
couoon
Oct.
30—
'
-
7
prices for calendar week ended Oct. 25 are:
Domestic
copper f.o.b.
11.775c; export copper, f.o.b. refinery 11.283c; Straits tin, 52.000c; New York
lead, 5.850c; St. Louis lead, 5.700c; St. Louis zinc, 8.250c; and silver, 34.750c.
above
The
quotations
markets, based
basis of cash,
"M.
are
M's"
M.
&
appraisal
sales reported by producers and
on
New York
or
St
Louis,
as
noted.
of
the
agencies.
All prices
major
United
States
They are reduced to the
are
iri cents per pound.
In
the
lelivered
figures
trade,
at
domestic
consumers'
shown
above
are
plants.
net
quotations
for
quoted
on
a
delivered
basis;
that
are
per
pound
reduced
to
above
net
the
at
refinery
refineries
1
from
1943
Second
high
bid
was
the
to
etc i
of
to
Due to the
doing business.
arrive
at
the
A
f.o.b.
total of
0.05c.
is
deducted
from
European
is not available.
Prices
war
on
Purchase
refinery quotation.
the usual table of
standard
to
Dated
$1,000
1947
of
100.70
by the
on
incl.
for
BancOhio
Jackson, Ohio
nection
basis
made
due
Receives Bids On Water Works
Atlantic
f.a.s.
and
Securities Co. of Columbus.
"
basis.
on
1.18%.
Nov.
Is
foreign business, owing to the European War, most sellers are restrictim
f.a.s. transactions, dollar basis. Quotations for the present reflect this
about
1941
On
in method
of
1,
charges vary /with the destination, the
refineries on the Atantic seaboard, Deliverec
at
0.225c.
copper
are
basis
Nov.
delivery
As
prices
prices in New England average
Export
prices
copper
a
lV2s
lead and zinc quotations are based on sales for both prompt and future
tin quotations are for prompt delivery only.
Copper,
deliveries;
154, p. 702—were awarded to
Seasongood & Mayer of Cincin¬
nati, as l%s, at par plus a pre¬
mium of $13.85, equal to
100.277,"
v.
<
refinery,
,
V I
inside
missioners.
DAILY
daily London prices
tin, the only prices given, how¬
with
the
price
unchanged
at ever, are as follows: Oct.,23, spot, £255%, three months; £259V2;
23V2d. The New York' Official Oct. 24, spot, £256, three months, £259//2; Oct. 27, spot, £255%, three
and
the
U.
S.
quotation un¬ months, £259 ^; Oct. 28, spot, £255%, three months, £259 y2; and Oc.t 29,
spot, £255 y2, three month, £259 y2.\
'
7"
changed. r
7 V7;
market in London has been
levied
of
from 1944 to 1956 incl. and $3,000
from
Since this refunding, if
(lighterage,
During the past week the silver
Clerk-Treasurer's office.
are. .payable7from
taxes
bonds
purchase of $80,500 2% building
and
equipment
bonds.
Dated
Dec. 1, 1941. One bond for $500.
others $1,000 each. Due Dec. 1 as
follows:
$4,500
in+ 1943; $4,000
said, debt service requirements
change
'
1941.
for, payable to order
County Treasurer, is re-'
Coupon bonds will be
Clerk-Treasurer of the Board of furnished, with the privilege of
Education,: will
receive' sealed registration as to principal only, ,:
Bond Offering
now
not
Change
No
77ik Ohio:u
have been met promptly.
offerings
Joseph Lead Co. an¬
last week that produc¬
St.
at its
1,794,045
16,366,721
Other
Columbus
lowing the passage of the Galla¬
gher Act, the village devised a
plan for the refunding of its en¬
seaboard.
'
nounced
Oth.
and
as
tions
17,960
1,431,011
-266,077
"straight"
soon
Cleveland Trust Co.
Average
Tungsten Ore
its selling price
at tungsten
tion
with
318,859
16,469
V 53,856
-206,849
Committee of City Council unae
which consumers will be suppliec"
Legality approved by
Sanders% Dempsey of
Cleveland.
During the several
years
prior to 1936, the bond
house says, Brooklyn had diffi¬
culty meeting its principal and
interest requirements due to ad¬
verse economic conditions.
Fol¬
In some
small
The Metals Reserve Co. has
♦For the last week, however, the
The
Co.
.9,186,156
211,848
''
a31,610
21,740
in circulation—
agreement
an
17,334,396
Liabilities-
tween the Cincinnati Gas & Elec¬
Squire,
tire
55,170
+ 289
assets
1939
77,146
77,797
12,411,495
a!39,442
Average
ing strong conditions.
date.
Other
Notes
Withdraw
tric
Cleveland.
.
several
in¬
stances, are
not offering their ported.
7
merchandise freely under prevail¬
in
+
"77,600
•:
coin__
Investments
ship Ordinances
Minot)
Sold—It is reported b>
Art
Anderson,
Deputy
County
Auditor, that $131,000 2%% semiann.
refunding bonds have beer,
purchased at par by the State
on
price
mentioned
here
is
During
August
the
United
6%c. or higher.
In anticipation
States
imported
500
flasks
of
of a higher market, scrap smelt¬
ers
are
bidding from, 5.75 to 6c. quicksilver, according to the De¬
In the
for heavy soft lead.
Producers of partment of Commerce.
products,
checks
Cincinnati, Ohio
Bonds
The
lead
&
other
permit installation o:
the necessary equipment, resulted
in
a
statement
by Councilman
Herbert S. Bigelow, a member o:
the
committee, that he woulc
withdraw his pending ordinance
calling for • the acquisition and
maintenance by the city of the
electric and gas properties in the
city.
The ordinance was sched¬
uled to receive final reading b
City
Council on Oct. 29. Mr.
Bigelow's public ownership char¬
Bonds Publicly Offered—P. E. ter amendment, however, referree
offered here for delivery over the
to in v. 154, p. 742, will remair
next two months, pending devel¬ Kline, Inc., of Cincinnati are of¬
fering for public investment $50,- on the November ballot.
opments in the abnormal price
000
3%-5%
refunding
bonds, Colebrook
situation in the Far East.
Township Rural School
dated June 1, 1936, and du$ June
Straits tin for future
arrival
District (P. yO. Colebrook), Ohio
1, 1966.
Bonds bear 3% interest
was as follows:
Bond Election—At the Novem
to June 1, 1946, 4%
to June 1
Oct.
Nov.
Dec.
Jan.
ber
election the voters will be
1951, and 5% ta June, 1, 1966.
Oct. 23
52.000
52.000
52.000
52.000
asked to authorize an issue oi
They are callable at par. Denom
Oct. 24
7: 52.000
52.000
52.000
52.000
Oct. 25___
52.000
52.000
52.000
52.000 $1,000.
Prin. and int. (J-D) pay¬ $30,000 construction bonds.
99%, spot, w&s
nominally as follows:
Oct. 23,
operation.
^ ; | V'.V,.)/
51.125c.;' 24th,'51.125c.; 25th 51.Base-metal producers of Can¬
125c.; 27th, 51.125c.; 28th, 51.125c.;
ada, the Canadian Government,
29th; 51.125c.
and the British Ministry of Sup¬
an
exch.
&
Oct. 23,
\'T 1940
Reichsmarks
Advances
.
occupied most 75,524 tons, against 73,225 torn
of last week in digesting the rigid in September.
The quantity set
controls on
copper
consumption aside for the pool during Octobe.
announced in the preceding week. was 27% of output for August.
The
Otherwise, the market was quiet,
price situation was un¬ Bonding Fund. Dated Oct. 1, 1941.
sales for the week amounting to changed, with Prime Western at Due Oct.
1, as follows: $9,000 in
6,907 tons.
The sales total for 8%c.y St. Louis. Sales of the com¬ 1944 to 1948, $10,000 in 1949 tc
the month so far is 77,939 tons. mon grades for the last calendai 1953 and
$12,000 in 1954 to 1956
The quotation for the domestic week amounted to 3,434 tons, witr
all bonds maturing after Oct. 1.
trade
continued
at
12c.,
Val¬ shipments
of
4,980
tons.
The 1946, are subject to redemption
ley. Export copper was available backlog declined to 55,618 tons.
and
prior payment at par anc
all week at liy4C., f.a.s., with few
accrued interest on said date ant
Tin
buyers.
Because
of
lend-lease
on
any
interest payment date
and export licensing, the demand
With Singapore holding at the thereafter on 30 days' notice.
for bonded copper is shrinking tc
equivalent of about 52.40c. per
the point where Metals Reserve
OHIO
pound, trading in Straits tin in
may soon have to enter into the New York at 52c. was
greatly re¬
Brooklyn, Ohio
picture as a buyer of such metal stricted.
Virtually nothing was
During
of
Silver
land
To
at
wa.<
647—were
five
pro¬
The industry was
States
Bills
.
Oct. 23,
1941
+ 264
exch.—.
foreign
>,
Oct. 23
;
t
+
'■
issue of $7,C0C
purchase /and im¬
provement bonds offered Oct. 2V
—v. 154, p. 533—was awarded tc
the Weil, Roth & Irving Co. o.
Cincinnati, as IV2S, at par, plui
a
premium of $68.90, equal tc
100.984, a basis of about 1.30%
Dated Sept. 30, 1941, and due $1,7
000 on Sept. 30 from 1942 to 1948
incl.
Second high bid of 100.92
for iy2s was made by the BancOhio Securities Co. of Columbus
Portland, N. Dak.
Omitted)
Changes
Sale—The
Bond
school
853)
page
Assets—.
&
7;;7-"'
offered for sale
will
afloat. Tin was and one-half for the extra day.
Quick¬
now
■
Gold
Chillicothe
State and
:
centered in
week
"
STATEMENT
COMPARATIVE
thousands—000
'
"
vvfor Week
1
-
Metals—Higher Lead Price
Mineral Markets"
and
(In
"
of 289,000 marks and 18,953,000
Below we furnish the different
items with comparisons for previous years:
v ;
v
Expected Soon To Stimulate Output At Mines
"Metal
REICHSBANK'S
16,366,721,000
registered increases
marks
respectively.
quarter-month
Non-Ferrous
to
pared with the record low, 0.46%, Sept. 30 and 0.64%
a
year ago.
Other assets declined 266,077,000 marks
while investments and other daily maturing obligations
statement dated Oct. 23
loss in note circulation of 206,849,000 marks
Bank's
The
outstanding
compared with the record high, 16,917,876,000
Sept. 30 and 12,101,356,000 marks a year ago.
Gold and foreign exchange rose 264,000 marks to a total
of 77,600,000 marks and bills of exchange and checks
expanded .55,170,000 marks to a total of 17,334,396,000
marks. The proportion of gold and foreign currency to
note circulation remained unchanged at 0.47%,
com¬
marks,
marks,
,..In London open market
Bank of Germany
total
the
reduced
Saturday, November I, 1941
p.
Bond
Issue
—
In
con¬
with the report in v.
647, regarding
154,
negotiations by
the city for purchase of the Jack¬
son
Mutual Water
Company,
learn
that
we
the
city recently re¬
from banking houses
for purchase of bonds to
finance
the project.
These- offers
were
ceived
based
bids
on
though
loans up to $350,000, al¬
local
7
••
;•
press
i
*
reports
;
?{
state
71 ■)
7
m
Volume
THE COMMERCIAL &
154" Number 4001
reported price of $275,- that the amendment to the State
constitution
adopted. by
the
000 sought by the water company
was
regarded as too high by people last March to force bal¬
ancing of the State budget can¬
members of the City Council. The
not'be effective against the au¬
latter is said to have agreed on a
thority for issuance up to $15,counter proposition calling for a
000,000 in G. R. D. A. bonds.
- i
sum in the neighborhood of $200,Any
restriction on authority
1000. Bids for the proposed bond
granted to the Grand River Dam
*
issue were reported as follows:
Authority by the 1935 Legislature
;
BancOhio Securities Co., Colum¬
for bonding up to the limit pre¬
bus, offered 98.875 for 2&S, a net
scribed by the law. would be in
cost of 2.35%, or 100.65 for 2%s,
violation of the Federal constitu¬
a cost basis of about 2.44%. First
tional provisions prohibiting any
Cleveland Corp. and Barcus,
action to impair contracts, in this
Kindred & Co., Chicago, 2%%
case between the G. R. D. A. and
-maximum; Widman & Holzman,
the Federal bond buying agency,
and Walter Woody
& Heimerthat the
'
dinger, 3.05%
for 3-30 year bonds
suance
of 167 to 40.
the issue will be used for
trial
any
pur¬
industry desires to
Under the plan
there.
establish
outlined industries coming to Amount needed under the bond
the: area will be required to pay issues on December 1 will be
the Court said.
SOUTH CAROLINA
improvements, and no $200,000.
Charleston County (P. O. CharlesThe opinion stressed that when
part of the issue; is to fall back
ton), S. C.
tax-anticipation notes are issued
on property holders.
Bond Issuance Contemplated—
/
the pledge of the 1941 taxes means We understand that 'the
county
Grant County School District No.
that the same are pledged subject
may
issue $200,000 public im¬
3 (P. O. John Day)', Ore. \
to all prior pledges.
provement bonds.
Bonds Sold—The District Clerk
"The prior pledges are not set
reports that $11,250 construction forth in the proceedings because
SOUTH DAKOTA
bonds approved by the voters last if they were, in the case of Lu¬
Watertown, S. Dak.
April, have been purchased by zerne
County,
seven
different
Bond Election—F. J. Hubbard,
Daugherty, Cole & Co. of Port¬ bond
issue
proceedings
would
land.
have to
be transcribed without City Auditor, states that an elec¬
/
:
tion has been called for Nov, 10,
Pendleton School District (P. O. any useful purpose being served," to have the voters
pass on the
the Solicitors said.
Pendleton), Oregon
issuance of $20,000 airport con¬
Approval of this ruling was giv¬
for
the
■
«
Oklahoma's Supreme Court re¬
bonds, and
called that
the various agree¬
bonds; Fox,
ments
and
amendatory agree¬
Reusch & Co./Cincinnati, 2.bl%.
ments between the G. R. D. A.
Ryan, Sutherland & Co., Seasonand the PWA were made with the
good & Mayer, W. H. Zieverick of view of
completing the big hydro¬
Bonds Voted
We understand
Cincinnati/ and Pohl & Co., Cinelectric power project so its in¬ that a recent election resulted in
cinnati, 2
% for 2-25 year bonds, come could take care of operat¬
favor of issuing $90,000 construc¬
costing 2.40%; Magnus & Co. and
ing and maintenance costs, and tion bonds/
VanLahr, Doll & Isphording, Cin¬
retire the bonded debt.
It is nec¬
cinnati, 2V2%; Nelson, Browning
Portland, Ore.
essary for the project to be com¬
& Co. and Charles A. Hinsch &
Bond Sale—The $600,000 semipleted for it to obtain income,
Co., Inc., Cincinnati, 2V2 %; Stran- the Court pointed out, since the ann. assessment collection, gen¬
ahan, Harris & Co., Inc., Toledo. G. R. D. A. cannot assess and levy eral obligation bonds offered for
2.71% with a 30-year maturity.
taxes nor pledge the credit of the sale on Oct. 28—v. 154, p. 586—
The bids were accompanied by
were awarded to a syndicate com¬
State.
certified checks ranging from $3,The Court decision affirmed an posed of the First National Bank
000 to $7,500 to guarantee per¬
opinion of the Craig County Dis¬ of Portland, Harriman Ripley &
for 3-25 year
2.95% for 3-20 year
,
.
,
.
—
;
Treasurer
now
'3%
•
the
improvement of indus¬
lands in the
port district
chase and
only if
allegations
by the in 1942; $4,000, 1943; $3,000, 1944;
that 1941 tax $4,000, 1945; $3,000,* 1946; $4,000,
money
is pledged and must be 1947; $3,000, 1948; $4,000, 1949;
held
for ■> the
satisfaction >• of1 a $3,000 in 1950 and $4,000 in 1951.
million dollars in tax-anticipation Second high bid of 100.56 for 4s
notes
issued last January.
(See was made by Moore, Leonard &
"Chronicle" of Oct. 28, page 790.) Lynch of Pittsburgh.
to
$75,000 bonds by a count answer
Money derived from County
of
877
FINANCIAL CHRONICLE
by the law firm of Townsend,
and Munson of Philadel-
en
struction bonds.
Elliot
TENNESSEE
phia/rvhich approved the issue of
tax-antipipation notes and also the
bond-tissues.
This
Chattanooga, Tenn.
Bond
Tenders
Accepted
firm's
law
—
In
connection with the call for tend¬
opinion included the statement:
"There should be ample rev¬ ers on Oct. 30, of refunding and
enue collected
from the current funding bonds, it is stated by T.
taxes during the current year to R. Preston, Chairman of the Sink¬
meet both classes of obligations. ing; Fund Commission, that the
Under these circumstances, I do Commissioners purchased a total
not see how the Treasurer of the of $72,000 bonds.
Co., Inc., and Kaiser & Co., pay¬ County ,can refuse to meet matur¬ Henry County (P. O. Paris), Tenn.
Bond Sale—The $25,000 semiLima City Rural School District,
injunction sought by a protesting ing a price of 100.27, a net inter¬ ing bonds and the interest thereon
out of tax moneys on hand." The ann. county bonds offered for sale
Ohio
taxpayer to prevent issuance or est cost of about 1.10%, on the
opinion was written by Caspar W. on Oct. 29—v. 154, p. 534—were
bonds divided as follows:
$360,Bond
Election—An
issue
oi sale of the additional bonds.
B. Townsend.
awarded
to the
First National
New bonds to the amount of 000 as IV4S, due $120,000 on Nov.
$50,000 construction bonds will be
formance.
trict
Court
which had denied an
■
voters at the $1,300,000 will raise the total is¬
sued to $14,000,000.
For the first
$12,700,000 in 4% revenue bonds
North Baltimore, Ohio
issued, the PWA authorized grants
Court Hearing On Bond Issue—
up
to
$10,500,000. The power
The City Clerk reports that a
project when completed will cost
hearing will be held Oct. 30 in
a total of between $23,000,000 and
the State Supreme Court, on the
$25,000,000 apparently.
issue of $127,200 not to exceed
The Supreme Court, in its opin¬
6% interest light plant mortgage
ion, pointed out that a long line
revenue bonds.
of rulings hold that laws in force
Ohio (State of)
at the time of issuance of mu¬
Loans
Made to Counties for nicipal
bonds enter into terms
Relief
Purposes Pending
Bond thereof and the obligation of such
Financing—Many counties in the contracts cannot thereafter be in
considered
by the
November election.
»
State, including Fayette, Athens any way impaired or the fulfill¬
ob¬
and Meigs, have borrowed from ment thereof hampered or
the State's $500,000 $ "relief cush¬ structed by a change in the law.
ion fund" to meet poor relief bills An amendment to the State con¬
without paying: any, interest on stitution is a "law" within the
such credit.
These borrowers, it, meaning of the Federal constitu¬
prohibiting the passage of
said, expect to take advantage
law which pro¬ laws impairing obligations of con¬
vides
that after Jan.
1, 1942, tracts, the-opinion stated.
tion
is
of the new State
counties can issue
bonds to meet
outstanding relief
obligations.
Lawton,
C.
'
Bond
Sale—An issue of
$5,500
in 1947 to 1949,
and $240,000 as
Is, due $120,000 on Nov. 1 in
Bond
Sale
Contemplated—
;'W.fI Simpson,. City Clerk,' re¬
ports
that
an
to
electionf !is to " be
have
the voters
ing
The
Oct. 1, 1943, and $2,000 annually
Oct.
31, by H. L. Kelly, City
thereafter from 1944 to 1961 incl.
Recorder, for the purchase of
Other bids:
$11,000 4% water, series B bonds.
Bidder—
Premium
Dated Aug. 1, 1941.
Due $1,000
Glover & MacGregor,
Inc
$3,940.60
from Aug. 1, 1946 to 1956 incl.
Singer, Deane & Scribner
3,911.03
3,834.20
Prin. and int. (F-A) payable at E. H. Rollins & Sons, Inc.
Dolphin & Co., Inc
3,716.00
the office of the City Treasurer. Elk County National Bank
3,635.09
(These are the bonds that were
on Oct. 2
but subsequently
canceled because of legal tech¬
P.
nicalities.)
Elmer
sold
J.
3.000.00
Davidson
Moore, Leonard & Lynch
Ridgway National Bank
Burr
W.
H.
2,615.54
2.402.V
2.002.60
Co.,; Inc.............,..
Son & Co
E. .Powell & Co.............
&
Bond
Cowanshannock TOWnship (P.O.
Yatesboro), Pa.
Issue
Borough
Secretary,
United
the
will
sealed bids until 7 p.m. on
Giles,
by the town in
District Court
States
asking for the confir¬
mation of a plan of composition
under
the
Federal
Municipal
on
Oct. 17,
Bankruptcy Act.
Rutherford, Tenn.
Bonds
that
&T
filed
was
690.84
Roscoe, Pa.
Offering—C.
Livingston, Tenn.
Composition Plan—A pe¬
Debt
tition
2,000.00
Newbold's
PENNSYLVANIA
a
last month.
...
Okla,
Election
—
of
Bank
Ridgway, Pa.
1950
■
Bond
Woodsfield Exempted Village
School District, ' Ohio
.
Memphis, as IV2 s, pay¬
premium of $66.55, equal
$38,000 3% to 100.266, a basis of about 1.46%.
and 1951.
coupon
sewer
bonds
offered Dated Nov.. 1,
1941. Due on
Bonds Offered to Public—The
Oct. 29— v. 154, p. 586 — were
Nov. 1 in 1942 to 1953 incl.
successful
bidders
immediately
awarded to Phillips, Schmertz &
reoffered
the above bonds for
Humboldt, Tenn,
Co. of Pittsburgh at par plus a
general investment at prices to
Bonds Sold—We are informed
premium of $4,739.10, equal to
yield from 0.85 to 1.10%, accord¬
112.471, a basis of about 1.73%. by Mayor H. J. Toltz that $514,ing to maturity.
Dated Oct. 1, 1941, due Oct. 1, 000 refunding bonds were sold on
1971 and redeemable at the option May 1, 1940, but not previously
Waldport, Ore.
reported in these columns, and
Bonds Offered Y-. Sealed bids of the borough, as follows: $1,000
were
received until 8 p.m. on on or after Oct. 1, 1942; $1,000 $20,000 funding bonds were sold
1
Voted
recent
a
favor of
—
We
understand
election resulted
in
issuing $40,000 industrial
receive building construction bonds.
Nov. 18
Approved-—-The Pennsyl¬ for the
purchase of $30,000 3 %
So. Fulton
(P. O* Fulton, Ky.),
; Tenn..
Department of Internal Af¬
borough bonds.
Dated
10-year serial refunding bonds pass on the proposed issuance of fairs on Oct. 22 approved an issue coupon
Bond
Offering—Mayor D. A.
Aug. 1, 1941. Denom. $1,000. Due
was awarded Oct. 27 to the Banc-t
Rogers is calling for sealed bids
$261,000 water, and sewer bonds, of $3,500 road machinery bonds.
$2,000 on Aug. 1 from 1947 to until 2
Ohio Securities Co. of Columbus,
p.m. on Nov. 19, for the
if an application for a Federal
1961 incl.
Borough reserves the
as D/fes, at a price of 100.609,
a grant on the project is approved. Deemston (P. O. Fredericktown,R.
purchase
of
$10,500
judgment
D. 1), Pa.
option to call for prior redemp¬
Si
basis of about 1.38%. J. A. White
funding
bonds.
Denom.
$500.
Bond Issue Details—The $14,000 tion on Aug. 1, 1947, or on any
Ryan,: Okla.
& Co. of Cincinnati, second high
Dated Oct. 1, 1941.
Due $500 Oct.
funding
bonds
sold to interest payment date thereafter, 1, 1942 to 1962. Interest payable
Bond Election—We understand 1%%'
bidder, named an interest rate
of 1%%.
that at the Nov. 4 election an is¬ Singer, Deane & Scribner of Pitts¬ any or all of the bonds there¬ April and Oct. 1, in each year.
after maturing, in inverse nu¬
sue of
$8,000 not exceeding 6% burgh, at a price of 100j578—
Bidders are requested to desig¬
Woodville, Ohio
Interest (F-A).
v. 154, p. 743—mature Sept. 1
as merical order.
nate in their bids the rate of in¬
Bond
Election—An issue
of municipal building bonds is to be
follows: $3,000 in 1942 and 1943 The bonds will be sold free of
placed on the ballot. An issue of
terest to be paid on said bonds.
$26,000 water works system im¬
and $2,000 from 1944 to 1947 incl. State tax, except gift, succession The bonds are
$4,500 not exceeding 6% water
general obligations
provement bonds will be con¬
Interest M-S.
Net interest cost and inheritance taxes, and the of the
city, payable from ad valo¬
sidered by the voters at the No¬ system will be submitted to the
borough will furnish and pay for
about 1.31%.
ters at the same time.
rem taxes which may be levied,
vember election.
The maximum
the printing of the bonds.
Sale without limit as to rate or
amount,
Haverford Township, Pa.
Tusla, Okla.
maturity of the issue will be 16
of the issue is subject to approval
upon all the taxable. property in
Retires $145,000 Bonds Issued
years and the estimated average
of proceedings by the Pennsyl¬
Bond Elcetion—The City Com¬
the city.
The legal opinion of
additional tax rate, outside the 10- mission is said to have called an In 1932—Local press reports state vania Department of Internal Af¬
Charles
&
Trauernicht
of
St.
that the township has bought back
mill limitation, to pay principal
election for Dec. 2 in order to
fairs, and the successful bidder
Louis, will be furnished.
all of the $145,000 funding bond
and interest charges is 20 cents
will be furnished with the ap¬
have the voters pass on the issu¬
issue put out in 1932.
The bonds
per $100 of taxable property.
ance of approximately $4,000,000
proving legal opinion of Butgwin.
TEXAS
were issued to mature in 20 years,
Scully & Churchill of Pittsburgh,
public improvement bonds.
I V'
'
V. y. V,v' "y 'v
'
.1: ./
OKLAHOMA
although subject to call after a without charge. A certified check Ackerly Independent School Dis¬
Tusla County (P. O. Tusla), Okla. period of 10 years.
trict (P. O* Ackerly), Texas
for $1,000, payable to order of
called
soon
vania
■
'
-
Ardmore, Okla.
Election Deferred—It is stated
Luzerne County (P. O. Wilkes— The bonds aggre¬
that the election which had been
Barre), Pa*
gating $92,000, offered for sale on
scheduled for Nov.. 25, on the
County Treasurer Ordered To
Oct. .29 — v. 154, p. 743 — were
proposal to issue $560,000 road Transfer Tax Revenues To Meet
awarded to the Small-Milburn
construction bonds—v. 154, p. 788
Maturing Bonds—By the votes of
Co/of Wichita, as follows:
—was deferred to Dec. 2.
the three County Commissioners,
$70,000 exhibition building bonds
Robert Lloyd, Herman J. Kerat
a
net
interest cost of
Willow, Okla*
1.672%.
Due $5,000 in 1945
Bond Sale Details—The Town steen and Stanley Janowski, and
YY
to 1958 incl.
Clerk now states that the $3,000 with County-Treasurer John B.
Bond Sale
,
,
Borough
Treasurer,
is
re¬
quired.
(This issue was previously of¬
fered on Aug. 12 and after post¬
poning action on the bids unti]
Aug.; 26, the borough decided to
reject all tenders.—v. 154, p. 744.)
■
v
Throop School District, Pa.
Bonds Sold—The State Board
Education
is* said
chased $6,000
to
have
of
pur¬
4%-semi-ann. school
bonds at par.
Alpine, Texas
*
Bonds Sold—A
$93,000 issue of
4% semi-ann. refunding bonds is
have been
said
to
the
Columbian
purchased by
Securities
Corp.
Bond Sale—The issue of $35,000
bonds Wallis, Jr., and County Controller
of San Antonio.
Dated Dec. 15,
funding and improvement bonds
154, p. 648— Robert Bierly voting in opposi¬
1941. Denom. $1,000. Due Dec. 15,
offered Oct. 28—v; 154Jp. 648—
;
in 1945 to 1955 incl.
/ were awarded as 5s at par, are tion, the County Treasurer was
as
follows:
$1,000 in 1943, and
24 to transfer was awarded to an account com¬
dated Aug. 15, 1941, and mature ordered on Oct.
Grand River Dam Authority
posed
of Fox,. Reusch
& Co. 1945 to 1951, $2,000 in 1952, $1,$500 from Aug. 15, 1944 to 1949 funds collected on 1941 taxes to
000 in 1953 and 1954, $2,000 in
(P. O. Vinita), Okla.
meet payments coming due De¬ Walter, Woody & Heimerdinger
incl.
1955, $1,000 in 1956 and 1957, $2,Bond Issuance Authorized—The
of Cincinnati, and M. M
cember 1 under bond issues of both
State Supreme Court has upheld
Freeman & Co., Philadelphia, as 000 in 1958, $1,000 in 1959, $2,000
OREGON
1913 and 1931.
/
in 1960, $1,000 in 1961, $2,000 in
the right of the above Authority
Action of the Commissioners was 33/4s, at par plus a premium of
1962 to 1967, $3,000 in 1968, $7,000
to issue an additional $1,300,000 Cascade Locks Port District (P. O.
based upon opinions rendered by $144, equal to 100.411, a basis of
Cascade Locks), Ore.
in bonds to go with an additional
about 3.67%. Dated Nov. 1, 1941 in 1969, $18,000 in 1970, $19,000
County Solicitors R. L. Coughlin
Bonds Voted—At a recent elec¬
;
' (Continued on page 880)
PWA grant of $1,063,636 to com¬
and
Jonathan
C. Valentine in and due Nov. 1 as follows: $3,000
tion the voters approved the is¬
plete the project. The Court held
22,000 auditorium bonds at a net semi-ann; water:
interest of 1.608%. Due $2,000 sold recently—v.
j
the
*
-
system
THE COMMERCIAL & FINANCIAL CHRONICLE
878
Course of
THE
Sterling Exchange
(Continued from page 873)
V
/-;■•/;
Friday
and carpets was prohibited
Tuesday. The textile industry was blocked
On Oct. 29 the first clothing ration was
1.
Oct.
on
States
announced
Kansas
St.
quarter.
•
the
that
26
Oct.
on
Francisco
«.
90,930,305
+ 30.4
Kansas
with
cities, five days__
cities, five days
Total
All
all
cities,
five
$5,283,151,153
1,217,281,295
-
_
days
'
$7,800,518,937'
$6,634,030,413
following
Week
Ended
we
Oct.
furnish
Federal Reserve Districts
12 cities
2d
New
12
10
713,128,651
257,508,784
160,293,638
199,405,671
539,047,222
115,452,024
394,634,578
82,092,475
274,063,519
$5,156,959,015
4,039,475,245
2,909,499,944
$481,019,585
6th
Atlanta
10
"
18
"
4
"
7th
Chicago
8th
St.
9th
12th San
23.85, against 23.75. The Argentine official peso is
pegged at 29.77. The Brazilian milreis closed at 5.15,
against 4.15. Chilean exchange is quoted nominally at
5.17, against 5.17. The Chilean export peso is nominally
quoted at 4.00, against 4.00. Peru is nominal at 15.75,
against 15.75. The Mexican peso is quoted nominally
at 20.70, against 20.70.
Exchange on the Far Eastern countries is quiet. The
New York agsncy of the Chartered Bank of India,
notified
China
the
New
York
Selling
cents.
for
rates
rupees
detailed statement
our
•
Mass.—Boston
; /'•V-.: v.v *
.
i
.
Bedford
•
Conn.—Hartford
New
'
'
.
Haven
+29.6
112,784,491
137,513,918
+ 40.6
•
72,329,747
Buffalo
227,367,267
$358,143,498
$359,817,073
District—New
or
Ending Oct.
Dec. %
1,871,492
,
1939
+ 38.3
233,972,557
222,409,495
785,074
+ 44.1
800,408
658,411
+
33.0
442,815
825,077
+
29.0
3,281,300
2,234,723
+ 18.3
10,990,627
+ 34.2
v
.
+19.9
,
i
:
£241,575.
The Bank
at
7.77-\
of
during
168s.
!
13,636,831
11,474,333
+ 46.8
3,739,584
+ 26.2
12,241,300
4,047,319
12,720.200
21.9
490,433
557,955
+ 37.4
274,152,348
261,079,637
+
•
13
remained
(12
Federal
502,698
+ 78.8
7.9
670,541
737,708
+ 31.9
3,478,949,499
7,802,648
+ 23.2
3,369,104,013
8,845,921
9,611,371
+
4,446,539
+ 44.7
378,056
657,636
+ 10.2
4,775,912
.
V
Reserve
+ 23.7
+ 69.1
was
18,265,986
26,524,598
+
32.0
1,199,699
as.
in August,
fine ounces
1940.
;
436,768
1,138,078
+ 28.3
407,286
+ 15.0
1,535,668
—
1,387,468
—
Demand
i
.
'..
„
.
1,178,120
1,593.418
;
/
;
mainly
whilst
for
there
trade
were
proportion
official quarter.
•
2,860,914 '
90,383,719
i-.-wV
of
-:
the
.
Columbus
W.
was
fairly
production
market's
Price
35 cents
1,242,491
4,383,000
747,708
404,702,272
384,312,812
+27,3
2,149,239
56,052,345
102,445,359
50,998,016
2,247,705
:
....
+43.6
,
-:;l
+53.7
1
10,369,600
,
-V
:
1,907,187
+32.2
+35.1
1,834,848
89,969,085
'--9,613,500
+43.2
■
2,530,457
:
9,015,300
1,521,513
3,130,622
.
••
.77
+ 39.6
332,850,998
+ 44.7
303,349,396
637,911
+ 23.4
1,464,881
V
128,436,818
142,558,919
199,080,534
-
'v
62,938,785
>
1,986,825
111,813,824
well
silver
Federal
Va.—Huntington
267,080,779
V'U,
416,998
2,508,000
359,128
.
' 1,989,203
130,410,237
34,698,742
:•
L—
C.—Charleston
Md.—Baltimore
•
+ 26.2
/•'
3,085,000
54,678,415
•1,530,364
83,575,574
26,256,834
+ 32.2
19.943.323
2,288,000
47,602,419
1,017,747
63,582,206
19,090,007
169,764,098
+41.8
143,421,591
133,939,507
3,894,000
68,946,683
.
-
C.—Washington
787,228
*
•
'
'
*
+ 26.1
•:
+30.0
+56.0
.
.
49,316,309
,
1,091,766
70,145,195
requirements
.
'■
;
240,726,093. (
Total (6 cities)
Federal
Reserve
District—Atlanta—
.7.——..——-47*
109,200,000
w—
"
Ga.—Atlanta
Augusta
;
2,496,380
1,619,362
28,310,000
43,295,952
3,867,670
-----
Macon
.
-
Ala.—Birmingham
fine)
Market Price
3434 cents
rates fixed by the B&nk of England during Septemtir, 1941, were as follows: ;Buying, $4.03>/2; selling, $4.0216.,
——-
_*<
Mobile
.
Miss.—Vicksburg
La.—New
......
.-
V
;
•
Fla.—Jacksonville
+ 38.1
.+ 49.8
V
+ 63.4
'
+ 35.9
23,099,000
+22.6
27,258,357
+ 58.8
2,497,416
146,384
+ 54.9
3,793,710
21,635,277
3,559,907
17,288,480
57,700,000
63,000,000
1,440,591
u.-V
1,045,720
1,014,429
963,506
17,467,000
24,578,974
14,309,000
21,273,830
1,712,323
2,082,357
+ 51.9
160,751
46,657,999
'222,353-
71,381,225
Orleans
^
+ 32.3
4,469,676
24,153,486
72,900,000
1,527,771 •
1,191,916
5,913,004
33,358,599
."
Tenn.—Knoxville
Nashville
23%d. throughout
23 7/16d.
NEW YORK
.999
:
;
Richmond
D.
:;5?
481,723,225
District—Richmond—
Reserve
+ 53.0
157,878
45.151.324
40,420,451
203,902,005
+ 47.0
182,324,413
-
The official dollar
:
/
.•,—
ounce
—l
Va.—Norfolk
>
months' delivery
U. S. Treasury
this
of
1941:
——
(Per
•:':
+39.8
110,298,345
2,731,090
3,419,029
'-•
(7 cities)
Fifth
..
IN LONDON
IN
1,375,670
1,941,577
2,529,000
+ 40.4
—64.3
'
-
169,537,539
:4' 13,710,400
Youngstown
Total
(Bar silver per ounce standard)
delivery
;
•
1,091,235
934,104
441,565,565
617,111,700
Cleveland
Sixth
V.V.;
r
and
offerings
good
Quotations during September,
1,401,284
2,055,091
•
—15.8
Reserve District—Cleveland—
Ohio—Canton
"
purposes,
some
4r9 " ;
—10.6
315,447
2,251,021
372,000,000
•
1,334,572
394,000,000
+ 44.0
-
-
682,139
505,027
13,805,800
(10 cities)
Pa.—Pittsburgh
«
1,398,667
i.l,135,131
j.—TTeniion'zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Foufth Federal
S.
was
during the month, a
was
secured from the
Two
„
1,479,019
2,377,348
'
'2,125,362
'
condition^ prevailed during
month.
Cash
11,406,963
-?
■
373,759
.
535,371
V.'
.
September, prices remaining
unchanged at 23Vad. for cash and 23 7/16d. for two months' delivery
throughout the month.
It is a unique occurrence, at any rate for
modern timess
that both prices have been unchanged for a whole
maintained;
—
3,576,581,039
316,388
—10.7 :
418,000,000
602,000,000
:
-
Mansfield
SILVER
Very steady
380,380
16,272,860
24,549,948
3,380,403,965
5.5
412,760
1,460,366
468,343
—
:
fine ounces,
3,824,000
-
District—Philadelphia—
Wilkes-Barre
„
gold output for August, 1941, amounted to 1,212,708
compared with 1,225,772 fine ounces in July, 1941, and
4,126,523
v
394,136
+
3,354,632,900
4,429,682,867
cities)
■
Transvaal
The
7,360,499
4,066,510
21,382,404
,
458,528
5,228,444
,
24.6
16,567,674
36,147,785
1—
...
Total
746,249
1,113,191
3,247,459.071
20,494,821
N. J.
Philadelphia
calcu¬
lated.
V
■••30,000,000
898,691
471,195
Scranton
unchanged
fine ounce, at which figure the above amount
per
gold
174.805
"
923,588
33,800,000
4,901,432
Cincinnati
for
11,864,492
/.
.
+ 19.1
+39.5
,
6,910,475
+
Third
<
price
2,007,001
,
.
England's buying
of
2,171,694
4,009,621
1,198,416
Montclair
Total
GOLD
.
gold held In the Issue Department of the Bank of
the month of September, 1941, was unaltered at
3,448,324
12,846,100
•
37,200,000
——-
,
Newark
1941:
.7
England
805,455
3,345,585
;
'
amount
644,836
877,097
v
1,201,295
Lancaster
The
450,737
424,965
4,283,756,699
Syracuse
n.
i
1,855,571
11,806,291
!
'
York
Rochester
We
*v'."
$
+ 59.2
262,801,574
'1,427,774
Chester
Oct. 1,
1938
470,835
1,963,209
565,070
51,900,000
Jamestown
The English Gold and Silver Markets
years:
25
York—
Bethlehem
reprint the following from the monthly circular of
Samuel Montagu & Co. of London, written under date of
2,451,210,147
$
11,961,329
Reserve
..—,
Northern,
Inc.
301,128,009
Elmira
J.
65,920,668
+ 30.7
536,967
Y.—Albany
N.
97,939,119
126,289,159
$5,930,150,646
+ 29.7
) 654,405
Binghamton
New
147,387,041
"
+ 38.8
35.2
520,489
:
413,900,168
cities)
(12
Second Federal
N.
158,431,095
251,308,444
+
•
5,887,021
'
H.—Manchester
Total
133,939,507
$5,911,964,125
2,642,800,111
:_+44^
1940
...
16,207,500
Pa.—Altoona
'
158,566,671
+ 31.5
123,650,468
151,596,113
14,744,630
-
I.—Providence
N.
against- 49%; Singapore at 47%, against 47%; Bombay
at 30.35, against 30.35; and Calcutta at 30.35 against
,
483,831,523
2,644,548
-
Conn.—Stamford
,
493,034,968
+ 41.0
3,933,680
-—i
Worcester
that
Shanghai yuan closed on Friday at 5.50, against
5.50 on Friday of last week.
The Hongkong dollar
closed
at 25 5/16, against 25 5/16;
Manilla at 49.85,
+32.3
,
267,080,779
1,064,362
.
Springfield
R.
The
+ 47.0
182,665,643
'
.
•
384,312,812
+ 41.8
203,902,005
675,108
'2,979,277
363,412,951
1,131,616
•
.'
River
Lowell
New
1938
$261,079,637
3,576,581,039
404,702,272
303,.349,396
143,421,591
180,324.413
+ 44.7
169,764,098
Week
Portland
Fall
1939
$274,152,348
3,380,405,965
+39.8
■■
332,850,998
1941
.—.....
in - Boston and
showing last week's figures for each city separately for the four
%
Japan's industrial activity has been seriously disrupted
by acute raw material shortages due to cessation of
shipping, embargoes, and freezing orders by the United
States, Britain, and-the Netherlands East Indies affect¬
ing about 75% of Japan's export and import trade.
Japan is now primarily dependent on resources of the
yen-block area, which includes Manchukuo, occupied
China, and other areas under Japanese monetary in¬
30.35.
add
now
Me.—Bangor
from
fluence.
-
First Federal Reserve District—Boston—
previous advices.
The United States Commerce Department reports
City.
32 cities
We
Foreign
unchanged
are
"
Dec. %
37.4
+
Clearings at—
as
now
"
Increases of 37.4%
+ 32.0
112 cities
Canada
on Oct. 24 that buying rates for
follows: Ready, 332rupees per
United States $100; one month forward, rs. 332%, or
130.04130
cents; two months forward, rs. 333%, or
29.9850 cents; three months forward, rs. 333Vs, or 29.92891
are
"
10
Francisco
Outside N. Y.
) Exchange Committee
rupees
"
6
Total
at
&
7
10
City
11th Dallas
Argentine unofficial or free market rate closed
Australia
Minneapolis
10th Kansas
announced in Washing¬
ton, on Tuesday.
The
—
Louis
or
$368,002,675
special credit lines will be handled by commercial banks
in the United States under the instructions and responsi¬
bility of the Export-Import Bank. A credit of $6,000,000
has been granted by the Export-Import Bank to the
were
Inc.
441,565,565
"
was
1940
617,111,700
481,723,225
240,726,093
299,664,545
"
6
-
rose;
CLEARINGS
"
7
Richmond
thqt
appears
in Chicago.
3,354,632,900
Philadelphia
it
32.3%
4,429,682,867
Cleveland
it
quite close; in the Richmond Dis¬
were
clearings
$301,128,009
5th
this
\(including this city),
In spite of this substantial
of
the
"
3d
from
District
an increase of 31.5%, and Minneapolis,
29.6%. At the top of the list, Atlanta had
increase in volume of checks cleared over the
$413,900,168
4th
and
Reserve
City, with
one
$8,323,231,944
York
increase of
an
Outside of this city there wqs
increase of 32.0%.
Districts there
1941
:
Boston
was
41.8%, in St. Louis, 41.0%,
Dallas, 40.6%, and Philadelphia, 39.8%. In the remaining
+17.6
SUMMARY OF BANK
1st
has to be estimated.
cases
statement, however, which
by Federal Reserve districts.
a summary
1941
25,
detailed
located
are
York
an
47.0%
trict,
6.5
Complete and exact details for the week covered by
the foregoing will appear in our issue of next week. We
In the
Accordingly, in the above
For that week there
in order of size
+24.0
—
„
week of last year, while Cleveland had a rise of
44.7% and San Francisco, 44.0%. The next four
Districts
+ 37.8
1,389,744.333
'
same
+21.2
■
$5,244,286,080
1,300,086,489
The
Venezuelan Labor Bank,
+ 24.4
$4,360,823,960
883,462,120
$6,500,432,448
cities, one day__.
Total all cities for week...
Export-Import
deliveries to ports of destination.
+ 31.4
a
Eleven
Other
'•.
pare
+37.4
\
•
gain the results for the New York District did not com¬
favorably with those in most of the other Districts.
Only two Districts had smaller gains than New York,
35.7
+ 33.0
132,976,770
today.
week of 1940.
they
New
96,749,707
73,106,416
170,790,404
Baltimore
and stabilize their economies, the Export-
to making
the
134,056,000
124,178,907
130,941,400
163,227,437
.
elaborate
same
showed
~
Cleveland
'
..
increase of
which
+ 24.7
+
*'
•
the week enc&
38.8%, the bank clearings at this center
haying recorded an increase of 31.9%. We group the
cities according to
the Federal Reserve- districts in
+ 16.2
85,900,000
"
as
further below, we are able to give final
complete results for the week previous—-the week
the
in
+17.5
87,674,841
■•'.■C
178,283,000
■
•
35.2%, the aggregate of clearings for the whole country
having amounted to $8,323,231,944 against $6,156,959,015
351,000,000 *-++ 29.3
+ 27.7
203,252,152
259,552,338
109,342,555
.,
and the Saturday figures will not be
noon
ended Oct. 25.
per
-116,600,000
the
and
Cent
$2,803,325,919
'tf 270,638,618
until
•.
today, inasmuch
present
we
the
1940:
Detroit
Import Bank will establish special lines of credit for
Latin American banks to assume uninsurable risks inci¬
dent
In
an
1941
,
Pittsburgh
for
summary
$3,292,960,780
314,487,564
•"};, 454,000,000
City
Louis
San
cooperate with the central banks
of South and Central America in financing exports to
those countries.
In order to facilitate trade with the
Latin American countries and enable them to develop
resources
York
Boston
is arranging to
their
Our comparative
<:
A
51 •
Philadelphia
Federal Loan Administrator Jesse
out special feature.
Jones
-
Chicago
chief, George Alexandrov, "heavy metallurgical, arma¬
ment, chemical, and other industries were dispersed
far to the east, beyond the reach of Fascist aircraft,
which guarantees supplies for a long war."
Exchange on the Latin American countries was with¬
Bank
-
According to the Soviet propaganda
beyond the Urals.
■i
17.5%.
,
New
The 5-lire pieces were
virtually the only silver money in circulation.
■
/"
War factories were reported to have been transferred
from the Moscow industrial region and to be operating
United
the
to
today (Saturday)
increase for the week ended
an
Clearings—Returns by Telegraph
Week Ending Nov. 1
the
on
of
follows:
week
point system.
Shortages of industrial
commodities and food, combined with a widening gap
between wages and living costs, are increasing Italy's
economic trials.
Shortage of metals has caused the
withdrawal of the 5-lire silver coins, roughly equivalent
issued,
the last day of the week in all
country,
At this center there is
:
:
■,
available
by us,
telegraphic advices from the chief cities of
indicate that for the week ended today
Saturday, Nov. 1 clearings from all cities of the United
States from which it is possible to obtain
weekly clear¬
ings will be 17.6% above those for the corresponding
week last year. Our preliminary total stands at
$7,800,518,937, against $6,634,030,413 for the same week in 1940.
The sale of leather goods
in Italy on
'
f
based upon
European funds were frozen.
Savings up to 26 reichsmarks a month per person
left on deposit a yehr after the war, and the interest
thereon, will be exempt from taxation, according to an
offer by the Assistant Finance Minister.
Such "iron
savings" will be deducted from wages on application by
the employer, indicating the involuntary character of
■
'
cannot furnish them
the
14 when
the savings scheme.
CLEARINGS
'
"
to their foreign subsidiaries and branches.
census
of foreign-held property was ordered on
The
BANK
Bank clearings this week show an increase
compared
with a year ago. Preliminary figures compiled
pertaining
June
COURSE OF
Saturday, November 1, 1941
Total
(10 cities)
299,664,545
—
.
;
,
158,431,095
.<
\
>
■
i*
'
Week .Ending
•
.
ich.—Ann Arbor
—
Rapids
•Grand
■Lansing
u—-
...
•■•"•,
—-a-
_u,u.-
■
,
Wayne LJ2L
d.—Ft.
.Indianapolis
:
i.i
7,797,541
;"Terre
"is.—Milwaukee
-r
A.—Cedar Rapids
Des
Moines
--a
Sioux.City
?
r
+r~ • *""
11,—Bloomington
■
,
ii.-a
■
Peoria•
,
.
:
Springfield
Total
cities)
(18
L
—
•,
K.'.
333,445,766
"
1
Louis
y.—Louisville
:
.
.
11.—Quincy
\«
Total
(4 cities)
Ninth
Federal Reserve
nn.—Duluth
Paul
:
:
__
.
D.—Fargo
D.—Aberdeen
ont.—Billings
Helena
Total
Federal
Tenth
•
District—Kansas City—
Reserve
eb.—Fremont.
:
•
Lincoln
a.X.
——'
—_
__
*.
, .
City
;
Colo.—Colorado
;
•*_.—
-
Joseph
Pueblo
Total
:
;
Springs
cities)
(10
j
Worth
Galveston
Falls
__
____
La.—Shreveport
Total
citie6)
(6
;
.
San
'
Stockton
Total
;»—:-w_
cities)
(10
Outside
;
97,939,119
"*
+
26.5s
—18.3
2,564,495
2,498,522
35.3
94,875,009
86,594,186
3,122,359
2.454.240
490,171
666,849
602,302
"+•'• 4.5
•
4.5
+
Vancouver
-
'
'-r-r-
.■■"■■
:
Hamilton
Calgary
Victoria
—
—
London
-
Moose
Jaw
Brantford,^
*.
u^2r.
—
Fort William
New
Westminster
Hat
Medicine
*—
Peterborough
Sherbrookc
r
—
;
72,329,747
+ 56.5
36,644,774
+ 40.2
1,164,265
Albert
v
.
41,626,978
34,097,961
28,174.987
16,856,972 f
3,445,976
2,939,087
158,561,000 '•
'
15,405,070
13,213,732
4,529,688
2,988,919
+ 41.2
150,159,000
.
2,816,844
1,116.122
Sudbury
Total
cities)
(32
2,475,801
2,210,716
+
Discount Rates of
+
There have been no changes
of
rates
discount
any
of
+ 36.9
4.4
+
$
85,494,615
65,713,843
Effect.--
Argentina
Chile
1,
2
Jan
5,
5
Dec
1,
2Va Mar 11,
31/2 Mar
1936
Holland
3
__
4
Jly
—
3
Jan
4
Jan
4
Oct
__
.—
_——
Colombia
Hungary
vakia
18, 1933 5
__
3
Erie
•England
—
Estonia
—
Finland
—
2
Jun
Oct
1,
1936
3ya
1937 5
16, 1940 4Va
30, 1932 3Va
26, 1939 3
2,
3
—3
South Africa
1934 4'/a
Spain
i-
3
Sep
3J/2 May
_1—»4
Sweden
3
—
4
7
4%
Mar
May
the
of
close
the
Federal
of
business
F.
—
Oct. 22, 1941
$
Oct
30
1940
$
8,495,112,000
9,479,470,000
R.
852,000
1,256,000
56,417,000
57,147,000
89,382,000
by
8,388,872,000
.......
Total
6.4
S.
8,553,111,000
9,570,108,000
Govt,
.direct
and
U,.
;
2,513,616
4,394,928
8,414,022
5,542,546
411,182
S.
2,290,536
4,879,643
595,000
guaranteed
Other
bills
discounted...
discounted.
bills
advances
Govt,
470,000
595,000
'
37,000
25,000
891,000
:
1.065,000
620,000
928,000
1,096,000
......
securities,
1,096,000
1,779,000
di¬
374,859
+
+
17.2
+
20.5
670,456
8.7
1,971,082
+ 10.6
764,207
+
663,999
601,768
434,538
411,997
33.7
575,246
590,595
+
7.1
804,057
771,356
+ 15.9
1,063,095
1,082,825
+
19.0
2,538,673
2,690,670
+
6.2
477,679
57.6
816,150
+
20.7
664,601
Total bills
+ 16.3
—10.1;'
from
Due
F.
R.
566,321,000
items
Uncollected
Bank
Other
538,837
—
■
+
401,330
441,887
1,127,949
16
1,170,457
703,576,000
18,000
-18,000
18,000
2,137,000
2,708,000
1,904,000
234,492,000
251,515,000
175,426,000
........
.
10,548,000
...........
assets
10,548,000
9,750,000
11,737,000
premises
11,370,000
15,993,000
9,216,286,000
Total assets
9,397,307,000 10,476,775,000
1
cir1
'
1,896,314,000
1,888,986,000
"■■'V.-'-" ■/■■■"
Member bank—res. acct.
5,527,163,000
5,757,623,000
U. S. Treas.—Gen. Acct. X- 393,063,000
413,929,000
7,532,750,000
109,286,000
467,728,000
596,105,000
442,664,000
543,289,000
458,172,00^)
6.984,059,000
205,802,000
7,157,505,000
220,806,000
8,710,456,000
159,019,000
1,320,000
1,233,000
1,273,000
R.
actual
in
notes
culation
.
1,480,643,000
Deposits:
358,143,498
+ 30.7 v
•;
359,817,073
following will be found the comments of the
Board of Governors of the Federal Reserve System re¬
specting the returns of the entire body of reporting mem¬
ber banks of the Federal Reserve System for the week
ended with the close of business Oct. 22.
The condition statement of weekly reporting member
banks in 101 leading cities shows the following principal
Oct. 22: Increases of $325,000,000 in holdings of United States Government bonds
and $322,000,000 in United States Government deposits,
and decreases of $458,000,000 in reserve balances with
Federal Reserve Banks, $141,000,000 in balances with
domestic
banks,
$258,000,000
in demand
depositsadjusted, and $435,000,000 in deposits credited to domes¬
changes for the week ended
tic banks.;
Commercial, industrial and
agricultural loans declined
$12,000,000, and loans to brokers and dealers
declined $16,000,000.
.V " ■ VI
in securities
.
Holdings of Treasury bills declined
York
700,869,000
568,037,000
banks
Liabilities—
F.
566,321,000
se¬
banks.,;
other
of
28b,500,000
and securi¬
foreign
notes
414,369,000
201,547,000
and
ties
920,575
575,853
586,304
Govt,
direct
..,...v..+ .;
372,851
+
S.
curities,
364,774,000
201,547,000
568,482,000
U.
Total
706.017
,
16.5
+ 34.7
+
:■+:
364,774,000
.................
guaranteed
774,501
852,430
758,652
41.2
guaranteed:
................
notes
1,678,974
661,830
4-32.5
Bonds
773,603
+
rect and
;
Foreign
1, 1935 6%
1935 5
3,
Dec
fund
obligations,
U.
24.8
368,002,675
5
3.65
at
8,330,759,000
Treasury*
reserves
Industrial
+16.6
494,938
vioui
condition
discounted:
1,582,684
741,008
Feb
__
1,
4
Mar
York
hand
on
U. S.
Secured
1,615,433
892.359
IV2 Nov
Rumania
4
the
New
Oct. 29, 1941
Total
Bills
11,549,841
—10.5
637,196
Rate
1941 3
1,000,000
+
1,696,000
1,702,339
3,256,871
5
_
Portugal
shows
of
cashf
1,742,955
1,179,021
Yugoslavia,
Poland
3
May
4ya Dec
1,000,000
Notes
Other
9,042,342
+
638,179
Switzerland
___
Bank
certificates
2.3
764,838
13, 1940 4'/a
17, 1937 5
31, 1941 4ty«
12, 1940 3 Va
15, 1933 4ya
29, 1939 5 *
29, 1941 3'/a
26, 1936 2
Norway
Gold
29.4
433,164
22, 1940 4
Nov 28, 1935 3Vn
—
Java
+
"v'rV/
42,000,000
—
29, 1941, in comparison with the previous week and
date last year.
; < '•>
+
937,498
Oct
Japan
2,000,000
Assets—
+
■
889,578
in the
4>/a May 18, 1936
—3.29 Apr
7, 1936
Jan 14, 1937
Lithuania
6
Jly
15, 1939
Morocco
6J/a May 28, 1935
Italy
4Va Oct
13A Mar 17, 1941 2
Germany
3V2 Apr
6, 1940 4
Greece
6
Jan
4. 1937 7
•Not officially confirmed.
France
3
26,
13,000 000
5,130,420
919,171
Pre-'
2ya Jun
691,000,000
+
the corresponding
6,778,708
614,553
Effective
__
—__
Denmark
___
India
Czechoslo¬
'Danzig
...
+
'
following
4,929,205
2,383,701
1,844,146
;
Date
Effect
The
16,353,440
>
4,764,689
.
467.358
central banks.
Oct. 31
>
.
—
1940 2%
1946 6
1935 —
Dec 16, 1936 4
Belgium
Bulgaria
Canada
-
•*
Rate
*—435,000,000
645,000,000
figures revised
Reserve
2,528,516
•
Member Bank Condition Statement
Rate in
Country
vious
Date
Effective
Oct. 31
84,000,000
88,000,000
+
Condition of the Federal Reserve Bank
16,821,014
50,834,064
2,657,008
:
Pre-
Rate in
Country
+
+
9,458.000,000
banks
15
•Oct.
105,367,565
4,821,895
6,655,296
'-*?■, V/..";
■table which follows:
3,000,000
• + 322,000,000
Foreign banks...^
+ 12.2
580.360
centers are shown
at the leading
Present rates
2,739,000,000
—258,000,000
617,000,000
5,439,000,000
115.882,241
14.9
+ 16.9
2,044,925
Foreign
foreign
+
v
24,382.000,000
Domestic
:
%
18,144,812
22,757,057
!
+ 52.2
6,751,443
2,003,369
1938
108,034,711
+ 27.2
8,168,888
during the week in the
the
187,000,000
deposits
Redemption
|V*^
■
In the
,
47,000,000
+
deposits—ad¬
due from
1939
33.0
+
2,451,210,147
v..••
23
Dec. %
$
51,875,617
18,545,866
40,910,598
5,388,738
3,179,996
1,014,598
Central Banks
S.
5,930,159,646
5,911,964,124
2,642,800,111
38.8
c. or
227,367,267
251,398,444
35.2
+
106,768,677
90,899,271
481,019,585
.
+
+
domestic
Liabilities—
1,139,624
35.9
+ 44.0
2,909,499,944
675,075
'
12,000,000
562,000,000
with
justed
2,793,970
48.0
16.4
+
6,156,959.915
444,922
i,030,yya
—
—-—
88,000,000
—1,633,000,000
137,854,000
+
2,792,441
I75 075
Kingston
Chatham
Sarnia
726,000,000
+
—458,000,000
10,358,000,000
____
banks
Oct.
J^285
+
+
—
3,189,482
+
274,063,519
1.406,285
8,000,000
10,000,000
1
3,979,319
+ 14.7
2,630,152
1,354,429
■
57.2
+ 43.0
+
-
1,026,254
-
■
1,472,000,000
33,600,597
1,210,840
+ 39.7
:
'
Moncton
406,000,000
+
3,504,000,000 •—141,000,000
Balances
65,920,668
42,623,726
1,232,758
l-:366-091
3'tla?o9
Windsor
Prince
banks
Borrowings
oqi
i
+
Interbank deposits:
+ 40.6
■
—
33,000,000
325,000,000
+
3,343,000,000
Cash in vault
2,131,813
2,003,912
1.^15-537
1,178,450
1.323.816
-v-1»030,407.,
504,837
Kitchener
115,000,000
Federal
2,309,000
839,065
2,780,769
547,678
Saskatoon
+
—
3,753,000,000
______
with
Gov't
23.0
Zo3fll2
Lethbridge
1,000,000
258,000,000
1
deposits
+
82,092,475
vv
39,000,000
+
—
+
8,271,000,000
securities
Reserve
21,000,000
—
—~25,000~000
817,000,000
U. S. Gov't
Reserve
6,000,000
;;
2,222,000,000
U.
+41.4
5,957,165
Brandon
by
Other
4,000,000
+
—
guaranteed
Time
2,706,000
885,374
Edmonton;
Regina
Obligations
6,000,000
—
1,966,000,000
Treasury notes
U.V3. bonds.....
7.388.241
6.5
2-645,742
2'
'51?
3,098,341
John
115,000,000
________
50,952,424
+
8,^2'^o
St.
—
bills
58,826,481
7,593,847
,,
3,718,146
7*594.388
Halifax
Treasury
1,300,125
3.476,865 i
6,192,763
Quebec
+
1,262,000,000
37,000,000
'
loans.........
126,289,159
1,040,653
25,388,063
42,73
—
Ott&WA -'Uii .TrWr-^-'r^m-r-
16,000,000
433,000,000
1,537,276
+49.8
2,682,000
65,980,853
Toronto
122,000,000
535,000,000
banks...
to
137,513,918
%
Winnipeg
<
1,810,000,000
+
pur-
+ 40.8
-
>
+
4,000,000
carry-
+ 53.8
8,153,240 ;
12,000;000
securities
Other
.
589,898
for
or
+ 31.5
f;
1940
Montreal
*
ing
2,322,000,000
6,556,000,000
423,000,000
Real estate loans
Demand
^
142,312,837
138,320,658
Canada—
1,911,044
28.6
+31.0
7
1,462,943
65,276,774
1941
\
-
1,995,054
29,468,637
+
ading Oct.
•>
*
102,949
+
723,381
151,596,113
loans
chasing
81,327
116,383
2,406,233
3.,436.353
1,753,908
9.0
15.1
+
3,258,658
.v. 513,546 ?:
:
.
76 865
43.9
+
.V"2,787,205 J.'
103,006,747 f-
'
_
8,323.231,944
4,039,475,245
cities)
York
New
1:2,764,431
5,129,000,000
+
brokers and
dealers in securities
Other
V: 'I
+
agricul¬
Open market paper
787,360
• + 233,000,000
32,000,000
indus¬
and
Loans to
i
$
11,212,000,000
tural loans
2,979,195
+
,
2,340,873
"V
394,634,578
—
Total .(112
Grand
-
trial
1940'
Oct. 23,
investments
29,618,000,000
Loans
!
■
1,577,057
3,795,620
Barbara
Santa
862,246
3,490,198
+29.6
.
3.893,598
Jose
713,813
Oct. 15, 1941
;
$
and
Loans—total
2,148,064
39.6
+
,
2,476,209
3,372,116
223,894,784
—I
J
Pasadena
Assets—
Loafi^
(—)
Since
Since
23,475,572
2,502,405
942,613
+55.4
36,301,089 !:
,
San Francisco
19.1
Increase (+) or Decrease
'
Oct. 22, 1941
2,831,641
65,003,474
+
73,326,266
28,296,925
+ 75.8
•jv;; iii,897
'
i
3,343,838
33.4
*
1
76,308
Ore.—228,732-.;
Utah—Salt Lake City
26,491,187
Calif.—Long Beach
: .4,929,387
——
districts, the principal decreases being $163,000,000 in
City, $72,000,000 in the Chicago district, and
$46,000,000 in the Boston district; the total decrease at
all reporting member banks was $435,000,000.
A summary of the principal assets ahd liabilities of
reporting member banks together with changes for the
week and the year ended Oct. "2/1, 1941, follows: -
New York
,,
66,725,147
1,727,734
..
147,387,041
+
123,650,468
Francisco—
Twelfth Federal Reserve District—San
Yakima
464,000
+ 24.2
965,422
115,452,024
.
Wash.—Seattle
.
4,917,645
■
$159,000,000 in New York City, $61,000,000 in the Chicago
district, and $322,000,000 at all reporting member banks.
Deposits credited to domestic banks declined in all
—total
4,165,714 *°
_•
;___--
i-_
__
United
u
158,566,671
+ 41.0-
+ 11.2
936,755
--
•
9.4
+
2,788,638
2,250,476
91,933,304*
X'i 12,215,917
•
'2,855,000
__i——
1.279,682
i
_
Wichita
•
199,405,671
*
deposits-adjusted declined $142,000,000 in
$258,000,000 at all reporting member
States Government deposits increased
Demand
banks.
483,831,523
: $
.
641,000.- ;
3,306.699 >;
-.79,457,361 'X.
32,029,879 !
District—Dallas—
Reserve
Texas—Austin
Dallas
■'
-
__
Federal
32,573,842
583,000
" -
in
New York City and
31,953,694
26,869,347
•
4,270,023
536,886
755,862
r
.
__
L----*.
Eleventh
Ft.
—•■--rr-rr;
1
.
33,509,629
+ 46.9!
Chicago district and $81,000,000
in the
:: 88,100,000
+60.9
$100,000,000
New York City.
Commercial,
,
3,584,772
139,326,140
Wichita
Mo.—Kansas
91,900,000
•'
—-
-
.
.
Kan.—Topeka
493,034,968
—
182,665,643 1
2,849,261
45,938,683
1,913,268
-r---*---*--'
--
Omaha
,
109>838
-
'
Hastings
St.
f
,
i
———
1,375,278
+ 31.4
■■'.;■
160,293,638*
cities)
.
+ 32.3
5,815,459
-
_____
(7
801,168
-
1,510,635
•:' 1,697,301
-
1,336,906
3,383,666
970,822
0.2
1,455,353*
:
—
—
__
—
323,519,395
7
3,153,457
3,857,230
+ 44.1:
38,999,378 1
39,325,265 ■«
"■]
105,984,293
38,132,384
3,101,936
••■••'
—
________
____
307,261,545
1.4
103,700,000 f
4,106,912
—v.
383,176
539,047,222
257,508,784
-
28.5;
>—
,■
District—Minneapolis—
__
Minneapolis
St.
701,000
—-—,
+
2,972,981
,
592.553
32.0-
•
57,767,264
'
..
8,095,756
4,294,529
—11.3
;
l: 1,286,572
•r>
1,471,900
',62,740.520
......l—..-'".5
_——
nn.—Memphis
8.6
+
■
136,300,000
—-i._—
—
.
1,400,678
1,080,180
8,379,289
+ 27.7
*':.
4.274,874
'
1,295,136
4,480,373
18,412,211
+ 12.9
-
1,669,772
16,386,000
5,432,164
19,526,907
+ 19.9
309,880:?
955,430
1,575,220
.7
25.1
+
1,139,178
19,955,000
+ 11.9
1,448,203
9,586,505
4,076,811
713,128,651
*
+
95,314,977
2,312,035
/
■
+ 36.9
+ 29.7
•
1,469,181
>
'¥
6,231,385 a!
19,957,192 ;
.Eighth. Federal Reserve District—St. Louis—
"o.—St.
2,776,821
,1,214,521
1,166,411
7.+ 70.2
,i
20,578,000
2,558,414.:
Rockford
'
+ 33.4
,;
—:V...—481,481^
v,-4,216,412
^
Holding of United States Government bonds in¬
in all districts, the principal increases being
creased
298,144
277,184
109,973,535
1,715,666
-428,367,931.;
Chicago
Decatur'
+ 49.6
1,386,000
4,604,089
i''-.-' .409,062
•
1938
11
--f
+ 48.3
2,092,105
23,934,266
'v 1,573,409
12,241,666
,
1939
-
263,559
2,863,496
,■
:
V
125,694,618
26,680,000
"\!'!
—-I.—
...
Bend
South
banks.
25
*
394,288
186,408,358
' 4,125,708
if:' 2,359,349
' 2,348,513
—
_
Oct.
Inc. or Dec. %
1940
»
.
$
<
;
Detroit
1941
I
Clearings at—
-'V:.*-■'
Seventh Federal Reserve District—Chicago—
879
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4001
154
olume
City and $25,-000,000 at all
Holdings of Treasury notes
$26,000,000 in New
reporting member banks.
declined $15,000,000 in the
Chicago district and $33,000,000 at
all reporting member
Other
deposits
Total
.........
deposits
.......
availability items
including
Deferred
V
610,248,000
1
Other ..liabilities
dividends
accrued
liabilities
Total
.
.
9,087,495,000
.
51,772,000
(Section
f)
......
(Section 13b)
Other capital accounts
...
TOc%taia accounts'1 "d
total
of
reserves
9,216,286,000
53,326,000
7,070.000
1,109,000
13,488,000
^>070,000
13,495,000
....
51,085,000
56.447,000
in
Surplus
Ratio
9,268,530,000 10,351,391,000
Accounts-
Capital
Capital paid
Surplus
.....
13,864,000
9,397,301,000 10,470,775,000
to
1.
and F. R. note
liabilities
combined
....
commitments to make in¬
deposit
dustrial
t "Other
own
advances
cash" does
Federal
Reserve
463,000
......
not include
*
:
"
/
94.5%
93.9%
463,000
721,000
94.5Re¬
Federal reserve notes or a bank's
bank notes.
'
„
for ths
gold taken over from the Reserve banks when the dollar was, on Jan.
31, 1934, devalued from 100 cents to 59.06 cents, these certificates be¬
ing worth less to the extent of the difference, the difference itself
having been appropriated as profit by the Treasury under the provi¬
•
These
sions of
are
certificates given by
the Gold Reserve Act
the United States Treasury
of 1934.
*
•■■■■"
880
'i"1-
•
.
Commissioners Court, authorizing
their issuance, the County Judge
Department
(Continued from
in
tional
turing
in
tional
in
15
Prin.
years.
and
int. payable at the First National
Bank, Alpine.
Legality approved
by
the Attorney
General
and
Messrs.
Dillon,
Vandewater
&
Moore of New York.
Bexar
County School Districts (P.
San Antonio), Texas
Bonds Sold—The State Board of
Education
is
said
to^
have
pur¬
chased at par the following bonds
aggregating $37,000: $7,000 Com¬
School
mon
$30,000
District
Common
No.
3,
School
and
District
No. 5 bonds.
Breckenridge, Texas
Bonds Approved—It is reported
that the City Council on Oct. 14,
approved an
issue
of
$521,000
3 xk % refunding bonds. The bonds
have
been
submitted to
the
At¬
Dec.
1, 1941. Denomina¬
the
as
the
bidders
of the State. Due in 6 years. Said
the purchase by the County
Sinking Fund, of 3% general fund
refunding bonds, dated May 15,
1939, due on May 15, 1959. I If, in
the judgment of the said court,
period of time being (as nearly as
practicable) equivalent to the life
quired by the
use
The
annual
it shall be to the best interest of
will
3, at 10:30
the county, the court wil purchase
bonds so tendered to the extent
of
the
various
nearly
such
with
accumulated
8.
Reagan County (P. O. Big Lake),
Texas
Bond
Issuance
Deferred—It
amounts
levy
for
bonds
not be
issued
as
the
will,
the
on
the
approved
offering
...
said
;
v
given
here
on
Oct. 25—v. 154, p. 743.)
is
Dec. 30, 1940, may
1941.
WISCONSIN,
Ashland
would
"Press"
of
Oct.
the bonds.
An
bonds
is
street
said
to
improvement
have
been
of
similar
Oct.
on
27—v.
154, p. 649—were
Halsey, Stuart & Co.
Inc., and the Fort Worth National
Bank, jointly, as 2s, at a price
of 101.09, a net interest cost of
'awarded
to
about 1.92%.
Due
on
Dated Oct. 15, 1941.
April 15 in 1943 to 1966.
El Paso
County Water Control and
Improvement District No. 1 (P. O.
Election—We
of Education.
May 15, 1941.
1942 to
Due
on
Dated
bonds
volume
which
now
tion
Seagraves, Texas
Bonds Sold—It is reported that
of
C.
Chicago,
bonds
W.
to
McNear
purchase
at two
&
Co.,
the
an
election
has
interest rates.
000
.
3% %
bonds.
road
$125,-
improvement
r
Bonds
Sold—A $90,000 issue of
semi-ann. refunding bonds is said
-to
have
been
purchased by McClung & Knickerbocker of Houstton, as l3/4s, at par. Due on April
10
in
1943 to
water
and
bear
sewer
refunding bonds
rev¬
3V2s and
as
interest
able
clause
should
Cornwall,
Bond
3%
to
We under¬
Texas, State of
at
the
of
rate
the
on
the
market
C.
incl.
3%.
Due
—
In
a
er,
Kell¬
City Clerk, is calling for sealed
surprise announcement on Oct. 25, and oral bids until Nov. 10, at
8 p.m.. (CST). for the purchase of
Charley
Lockhart,
his
serving
sixth term as State
Treasurer, re¬ $80,000 street improvement bonds.
and
Governor
Coke
R
Interest rate is not to exceed
immediately
named payable M-N.
Dated Nov.
James
of
Cameron,
Mr.
have
been
pur¬
Jesse
Lockhart's chief clerk for several
years,
to the post.
Mr. Lockhart
$1,000.
Due
$6,000
15,
Nov.
in 1946 to
1941.
15, as
1949
to
1955
Rate
of
interest to
and
Denom.
follows:
1948, $8,000 in
$6,000 in 1956.
told the Governor his poor health
forced his resignation.
be
in
a
mul¬
tiple of y4 of 1%, and must be the
for
same
VIRGINIA
sewer
system
construction
bonds
Nueces
^
The Clerk
of the School Board
states that the second
highest bid
was
chased at par. r.vv-
County (P. O. Corpus
Christi), Texas
the
int.
entire
issue.
payable 5; at
Prin.
the
the
to
successful
bidder.
Treasury
of
an
offer $198.02 premium for
must be unconditional and
panied
Bonds
stand
(P.
O,.
sched¬
improvement bonds.
Orange County,
(P. O,. Orange),
T exas
.-
Sealed
Tenders
Invited—Pur¬
suant to the orders of the
County
a
certified
Bills
Sold—An
Treasury
the
Royal
to
issue
bills
two
may
heads
and
the
city's
i
f
|
J
outstanding
which the average rate
of interest is approximately
4V2%,
there would be given in exchange
on
bonds
Securities
Corp., of Toronto, at 1%.
Due in
to
bearing
for
run
interest
35
"For
the
banks,
frozen
per
to
the
interest
|
J:;
.
debts
I
serial bonds, bearing
3vk % and to be re-
new
deemed
i
years
4%
at
s
annum.
was
three months.
at
\{
period of 10 years,
exchange.
v
over a
3V2% improvement bonds, to
in
Approved
that
jl
JI
I<
—
aside
000
4V2%
school
Oct.
27
v.
obliga¬
tion bonds. Interest rate is not to
exceed
4%,
payable
semi-an¬
nually.
,
,.
;
ann.
Sale—The
non-taxable
v.
sale
154,
at
p.
auction
basis
a
Oct.
1
of
the Milwaukee Co. of
702
p.
about
1941
from
1942
was
—
high
bid
5.40%.
due
and
to
1951
Dated
April
on
incl.
1
Second
m^de by the Do¬
was
minion Securities Corp.,
the price being 95.
Montreal,
Sale
improvement
Oct.
27
bonds
154,
v.
—
The
—
p.
awarded to A.
E.
Toronto,
at
price
basis
about
of
of
consists
serially
due
a
in
semi-
im¬
Oct.
28—
awarded
to
Milwaukee,
interest
$31,000 4%
offered
702
of
3.98%.
years
serially in 10
a
—
were
100.16,
The
issue
bonds
and
a
due
$10,000
Second
years.
be
and
required
fixed and uniform
budget each
This
would
year
to set
sum
in
that
in
|s
bonds
were
I
would
propriation
est and
for
T.
Rene
T.
Rene
were as
'
follows:*
'*
-
Rate Bid
Corp.............
99.53
eclare, Ltd..
,.....r......
Leclerc, Ltd..,..............
99 28
East
99.28
Angus, Que. I
Bond Sale—The $90,000 4% im¬
provement bonds offered Oct. 28
—-v. 154, p. 702—were awarded to
Savard, Hodgson & Co, and the
of
the
going
annual
1961
Nov.
on
incl.
T
1
<
from
1942
to
inter-
towards
redemption
"Those
of capital.
holders
of
;
present i
carrying an interest rate
than 4% would receive
\
in cash half the premium on their
|
present holdings
calculated
4%
maturity of the Ij
|
basis to
new
the
Of
jj
Indebtedness—
Agreement
On
Debt
Reported
Reached
Refinancing—Following
the Montreal
"Agreement
of
task
in
the
refinancing the
Montreal's
bank
funded
debt,
than
a
dollars,
has
of
a
and
gigantic
City of
frozen
totaling
somewhat
quarter of a billion
been reached after
negotiations between
bondholders' committee and the
Quebec Municipal Commission, it
was
reliably learned yesterday.
?
"Calculated to set the city on a
stabilized
financial
next 35 years,
basis
Ji
interesting to note, "says the II
"Financial
Post"
Canadian
no
a
'
Distribution
It is
on
bond."
of Toronto, that
public body has as
in servic-
many currencies to pay
have
fallen
One
of
sold
was
the
Many
are
in
into
German
Montreal
j-
J
|
hands.
last
III
V
issues
distributed
to
investors
in Holland and interest is
payable
in Dutch guilders.
; ,
About 38% of the city's debt is
payable in Canada; 8% in Canada
j
I
I
j
;
and
States,
"/v;'.;'"-
j
1
;j
jl
on
principal
!'
maturities May 15, 1940, after the
banks
refused
to
accommodate
..Montreal, Que.
report appeared in
H
greater share would go.!
a
Montreal defaulted
•
'
ap¬
England; 32%. in Canada and
Bank Canadienne Nationale, both the United States; 2% in Canada,
United States and England; 2%
of Montreal, jointly, at a price of
in Canada and
Holland; 18% in
98.77, a basis of about 4.15%.
Dated
Nov.
1,
1941
and
due England, and .27% in the United
serially
|
gradually paid there
less
be
the
enemy-occupied ' territory,
and
probably some of the debentures
Securities
for
the
the plan is sched¬
!
;
period more
interest than principal would be
paid out, while as the outstanding
of
Montreal.
Other bids
j
the
years
ing its debt as Montreal.
Montrel debenture holders
Bidder—
P
1
for 35 years,
mean
•
to);;
high bid of 99.62 was made by
Banque- Canadienne
Nationale,
Dominion
J
•);
early
higher
Ames & Co. of
$21,000
20
the
would
bonds
Drummondville, Que,
months
highway
535—were
154,
offered
to Garneau, Boulanger.
Quebec, at a price of 96.12.
Ltd. of
more
Hudson),
$52,000
on
bonds
$20,-
awarded
We under¬
provement, series F bonds offered
for
—
its
The issue of
—
"Gazette" of Oct. 23:
City Council re¬
cently approved an issue of $28,000 water plant mortgage bonds.
Bond
cordia
Chandler, Que.
•;;-h
Bond Sale
.*
meet
furnish the principal required for
the
annual
redemptions,
Con-
years.
QUEBEC
for
the
Bond Offering — Sealed bids
will be received by A. A.
St. Croix County (P. O.
Raven,
Wis.
Secretary of the Board of Com¬
missioners, until - 7:30 p.m. on
Nov. 3, for the purchase of
$5,000
marine elevator, general
15
by lot.
"To
ma¬
.
i
would be given in
Rockcliffe. Park, Ont.
accom¬
check
Platteville, Wis.
WASHINGTON
following bonds aggregating
Port of
Camas-Washougal
; $2,000,000, is to be submitted to
Camas), Wash.
the voters at an election
$1,375,000 road
improvement,$500,000
city;county hospital, and $125,000 park
by
Charlotte.-
Bond Election—The issuance of
8:
"For
and
Ont.
$125,000
sold'
The
10% of the amount thereof, pay¬
2y4s, tendered by R. S. Dickson & able to the
Village Treasurer.
Co. of
the'
uled for Nov.
to
To¬
1951,
stated,
was
operate as follows:
bonds,
new
Bond
—
to
Co., of
1942
Hamilton,
3%,
■
is said
from
sold
was
it
under
|
*
„
,
bonds
&
municipal
at a recent election by a wide margin. The bulk of the
blank bonds shall be furnished by
$25,000 not exceeding 4% water cost of this
project is being sup¬ the purchaser. A certified check
combination
tax
and
revenue
plied through Federal funds.
for not less than 2% of the par
bonds
were
approved
by
the
value of the bonds, payable to
voters.
■
;
Phoebus, Va.
X'^'S
the City Treasurer, is required.
Bond Sale—The
$24,000 coupon
1 Lorenzo Independent School Dissemi-ann. school refunding bonds
y^yvy
Minong, Wis.
trict (P: On Lorenzo), Texas
offered for sale on Oct. 27—v.
154,
Bond Offering—Grace N, Bos,
Bonds Sold
C. R. Woolsey &
p.
535—were awarded to C. F.
Village Clerk, will receive bids
<Co. of Lubbock, are said to have
Cassell & Co. of
Charlottesville, until 10:30 a.m. on Nov. 3, for the
'*purchased recently $9,000 3%% as 2s,
paying a price of 101.139, purchase of
$6,000 514% semisemi-ann. building bonds at
a basis of about
par.,
1.88%. Dated Dec. ann.
village hall building bonds.
1, 1941. Due on Dec. 1 in 1942 to Dated Nov.
i
Marlin, Texas
5, 1941. Due $400 from
1961.;
'
Bonds Sold—An issue of
3*v-Nov. 5, 1942 to 1956 incl. All bids
$160,i
Pitfield
bonds
new
for
Bnnd Offering—James F.
New Treasurer Named
that
J000 street improvement refunding
Concordia
plan,
treated
would
improvement bonds
W.
Tenaha,
and
—
Ont.
Sale—An issue of $48,000
ronto.
Offering
1952.
Bonds Approved
"The
be
The city will also retain the call¬
—
y
since
years
ture
enue
City
Narrows, Va.
A Treasurer's office. Issued
subject
Jefferson County Water Control
Bonds Voted
At the election to
the favorable opinion of Chap¬
j: and Improvement District No. I
held on Oct. 21, the voters
ap¬ man & Cutler of
Chicago, which
V
(P. O. Groves), Texas
proved the issuance of the $57,000 will be
furnished without charge
stand
issue
ONTARIO
Stevenson
[Hockley County (P. O. Levelland),
y.]
Texas
Sold-r-An
semi-ann.
signed
-
I
f
j
f
Bills
par
,.
issue cf
(Dominion of)
Nov. 7 for the purchase of $15,400
,
an
I
fiscal year and will be about two
One hundred eighty-five of the
Moss, Moore & Cecil, and Rausnew bonds will bear interest
at
cher, Pierce & Co., both of Dallas
the rate of 3V4%
and 151 will
jointly, have purchased $87,000
Bond
mit to the voters
"The enabling legislation, it was
reported,' calls for a* start itt tfte
refinancing as of May 1, which is
the beginning of the city's 1942-43
"A portion of the 35-year bonds
would be redeemed each year at
called
Bond Election—It is stated by
the County Judge that an election
has been called for Nov. 8, to sub¬
1952.
Bond Offering—The City Treas¬
urer will receive sealed bids until
understand
been
Nov.
a
f
-new
Texas
yW'-; bonds increase, effecting a still
Contemplated— lower rate of interest.
15, to submit to the
It is stated by Lem Hill, Secre¬
Officials state that the city, by
voters an issue of $1,000,000 water
and sewer system revenue bonds. tary, that an issue of $14,500 not calling in the present bonds, and
reissuing them, will create a sav¬
exceeding
5%
sewer
revenue
Floyd County Commissioners Pre- bonds will be placed on the mar¬ ing of $29,000 in interest.
f
cinct No. 1 (P. O. Floydada),
ket next month.
?;' ?
Cudahy, Wis.
f
:
Texas
that
'for
to
are
outstanding at a rate
May 15 in of 3V2%, and accepted a proposi¬
1971. ;
to
after¬
'
ap¬
33/4s. Due from Oct. 1 1942 to 1959.
El Paso), Texas
Bond
State Board
telegram
tomorrow
defaulted
t
school bonds offered for sale
by
caucus
on principal of some of its bonds,
$45,000,000 Treasury bills was
The default brought the Quebec
sold on Oct. 30 at an average yield
Municipal Commission into conof 0.546%. Dated Oct. 31, 1941 and
trol of the municipal administradue Jan. 30, 1942.
tion.
-
ann.
Due serially
Treasury
ordinance
a
that
of
,
$13 0,000
learned
city council will
by
Canada
as
assume
negotiating for
where they will also hear
noon,
15
providing for the
issuance of $376,000 waterworks
Robstown, Texas
•.
revenue bonds,
supplanting bonds
Voted—The issuance of
Bonds
-
•
they were voted reported as follows on the latest
contingent upon the Legislature step taken toward the
refinancing
enacting certain laws whereby the program on waterworks bonds:
State
of the
convened
special
building
the
further
was
members
be
the issuance of $26,000
Refunding Ordinance Adopted—
The
handled
body.
"It
on
Ashland, Wis.
„
imparted to the civic
committee at
v
v'
\
supplements; the
report
be
A pre¬
details of the arrangements con.supple-,
WPA funds," is re¬ template#;^
"At the moment,
ported to have been exhausted. '
according to
Bond
Offering -<• The
Districl yesterday's information, three sets
Secretary states that he will re¬ of lawyers are preparing the draft
ceive bids until Nov. 10, at 1.30 of enabling legislation to be in¬
p.m.,
for the purchase of
the troduced at the coming session of
above iy2% bonds.
Dated Nov. I, the provincial legislature.
mented
annual tax
of
who
the
said to have
gymnasium and armory
bonds by a wide margin.
vious $66,000 bond issue,
in
together
payment
notice
be
'
(P. O.
election
an
are
to
a
special
meeting this morning with L. Eu¬
gene
Potvin, chairman
of
the
Quebec
Municipal
Commission,
Wis.
Bonds Voted—At
Oct. 20 the voters
second
being called in at the next re¬
torney-General for approval.
proved by the voters at a recent demption date of Dec. 1, 1941, was
unanimously
adopted ' Tuesday
.Crosby County Road District No. election.
evening by the City Council.
<
2 (P. O. Crosbyton), Texas
Sammorwood Rural High School
At
a
special session recently,
Bonds Sold—A $25,000 issue of
District No. 2 (P. O. Wellington), the council acted to call in
$376,|3y4% semi-ann. road construction
Texas ' !■.•i;1,'"--- 000
in waterworks revenue re¬
bonds approved recently by the
Bond Sale
The $10,000 4% funding bonds for the
purpose of
^voters, has been sold.
semi-ann. building bonds offered
reissuing the bonds at a lower
for sale on Sept. 8—v. 154, p. 40— rate of interest.
Denton, Texas
The council, at
Bond Sale—The $135,000 semi- were purchased at par by the that time, voted to call in the
■
Stoughton),
outstanding
an
and interest.
(This
Wiley Taylor,-County
Judge, that the $360,000 road im¬
provement bonds that carried at
on
School District No. 3
ac¬
maturities
with
practicable)
as
interest
stated by' J.-
the election
be
of said bonds.
bonds, be met by
11
to
Stoughton and Dunkirk Joint
after date of issue and will
year
(as
improvements
commence
funds,
available
but'the"'court
uled
executive
.
expressly reserves
the right to reject any and all
tenders.
Such tenders must be
considered firm through noon on
of
Saturday, November 1, 1941
as
0.75s, paying a premium of $11,
equal to 100.021, a basis of about
0.74%. Dated July 1, 1940.
Due
on July
.1, 1945.
r*'
desire
may
provisions of the laws
a.m.,
Nov.
O.
Dated
receive sealed
for
877)
page
1972; bonds
in 1952 to 1956, are op¬
five years, bonds ma¬
1957 to 1966, are op¬
10
years
and bonds
in
1967 to
1972, are
maturing
optional in
under
he will
that
tenders until Nqv.
in 1971 and $12,000 in
maturing
tions
states
State and City
:
*
■
THE COMMERCIAL & FINANCIAL CHRONICLE
the city further. Default climaxed
several years of financial deterio-
I
ration. The city continued to pay
interest on its debt and met serial
debentures, but defaulted term
obligations.' At April 30 last the
city had defaulted $13,600,000 of
funded
debt,*
all
payable
;
in
Canadian currency.
Because of the
of the
tion
involved
nature
i
plan and the wide distribu-
I
of
debenture
holders,
con¬
siderable delay is expected to
cur
oc¬
before the plan is finally con¬
summated.
r
-
-
@FedFRASER